Split testing and its advantages

It is imperative that you employ testing process with any of your procedures especially in business. This is so you could legitimately tell the actual results of your employed methods, which is definitely impossible to do with just mere guessing. The following are the few advantages of split testing:

It helps to learn about your average conversion rate from time to time, but it is way better to know exactly which of the particular methods or techniques led the most of your conversions. I had been devising several ways of measuring my conversion for a time already and the most I could do is to track my sign up rate. I automatically thought it’s the best way of doing things. However, on the course of doing this, I discovered one particular method to double my productivity within a short amount of time. I was sent an invitation for a free webcast. And I noticed that the company who sent me the mail was using an entirely different format and structure with the one I had been sending with my webcast sign up. Their structure follows an order and they chose not to personalise their mails. Mine was the complete opposite of what they practise. I thought I was doing it the right way because it was supposed to be the standard and the best, but this time I really want to find it for sure if indeed it is true.

I employed the technique called split testing, which entails and prompts me to split my subscribers roll into two select teams. I sent my original email structure to the first team, and to the second team the new structure. And all I needed to do is just wait for the number of sign up for each of the 2 groups. The result shocked me, the new structure got more sign up than the old one and what really shocked me is that it got more than double the number of sign up. The effect was really convincing that I readily switched my strategy. I’m not saying that you pattern your email after a generic style, nor would I say that my new style now will work with your own business. Everything else is still heavily dependent upon the involved factors such your type of business and your target audience. Whenever you have any new ideas, you do split testing and find out for yourself if that certain idea works. And then do not cease from collecting new methods and keep testing them until you acquire your most desired results.

You may start now by thinking of your own business and its particular details, which one you want to see some improvements and which one needed change. Then apply split testing method to help you track which of the ideas work for your benefit.

Getting to know Innovation and Renovation; its significance and uses

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I was basically amazed just how two talented artists, whom I just met recently, use discarded objects to come up with an entirely genuine and creative artwork. It made me think about the wonderful creativity it projects and under what category does it fall, is it innovation or renovation?

I know one designer who uses as her medium the second hand ordinary jackets and then literally transform them into a fashion creation covered with intricate silk designs. While I also happened to know one other artist who rather uses old watches and uses them to create beautiful accessories and jewellery. These two people really evoked something inside of me a feeling of amazement and inspiration that I have not felt for a long a time. I do not even care if they use existing discarded objects to create their masterpieces. In my own line of work, I often see creative pieces come out from junks. They have created an exemplification of true genius. But will it make a huge difference if creativity sprouts from an idea that already exists? How about all the other things that come out beautifully from something ordinary that presently exist. Things like articles, marketing strategies and techniques that have its starting point from other people’s work. Not all people will agree that it is an example of creativity; they do not believe that it deserves recognition as a work of originality and arts. The idea of using the strategies and techniques of others and improve on it I believe is a creativity in itself. I believe it is an example of how creative people are that they even make things greater that are already great. I guess this is a law of nature, evolution. What we see in front of us are basically a result of constant improvement. Nothing comes out from nothing; it must start from something that already exists. I am honestly amazed by the kind of transformation that it produces and the feeling it evokes that witness it. Businesses are no different, strategies and techniques come out from something that already exists. I myself felt that I am constantly recycling the works of others. I used other people’s work to launch my new ideas and continually improve what others have already formed. Now I see that I have not actually made something out of nothing. Like all the others, I had been recycling.

How about you, have you had this moment as well when you start doing things trying to improve on others’ work and ideas? Let me hear your part of the story. Share your experience with us.

Joint ventures: Secret to growing a business

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Joint venture is a mutual agreement between two businesses with a shared vision and goals. If it is executed well, it could dramatically contribute to your business’ growth.

Do you consider it essential that your business will keep growing at a steady rate? Does it matter that your business could readily keep up with the changes of economic landscape to ensure your business’s longevity and sustainability? Do you have what it take to answer the demands of the market?

To answer the above mentioned questions only mean that you have the lofty goal of seeing your business soar and grow on your watch, and one of the best things you could do is to enter into a profitable joint venture with a company who shares the same character as you do. This concept may be acceptable to others for all the potentials it entails, while for others it bespeaks of doom. To some, it is an opportunity to have so much to gain from, while to others it is a risk not worthy to try at all. Well, it’s a natural reaction, because indeed joint ventures are tricky, it can make or break your growth. But if only it is done accordingly, it could greatly contribute to your success in general.

On a personal note, I love the idea of joint ventures. Under its guise, I have formed the most fruitful business relationships which consequently impacted a positive growth both to my personal life and my business. Michael Masterson and Mary Ellen Tribby have a few suggestions to help some of our entrepreneur friends in choosing their prospective partners in joint business ventures:

Strength – you have to find a strong partner, one with strong business components that complement to yours.
Mutual gain – you to find a business partner with a capacity that you consider equal. It is detrimental in the long run if your venture started on an unequal ground.
Limited scope – Make the extent of your venture proceed in a gradual process.
Trust – your venture must be founded in trust, first and foremost
Simplicity in agreement – the complex the agreement the more ground for misunderstanding
Amicable settlement – you should have an agreed way out if ever things will not work out in the near future.
Goodwill – Both of you must have the intention to help each other to achieve your common goal.
Timing – Timing is everything. Put things into order first before you take the initiative of forming a venture, this will help you avoid confusion and disarray.

Joint venture could literally help you achieve a successful and fulfilling business; at the same time you will have the opportunity to forge a gratifying relationship with your venture-partner. The above mentioned fundamentals will help you get the best out of this business idea.

If ever you have had any experience with business venture, please feel free to share your experience. We will be more than glad to hear anything from you.

5 ways of gauging the success of micro business

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There may be no clear standards in how to gauge business success, but there are simple ways to track tangible measure of progress within a business. The following are my 5 ways of measuring the success of micro business.

It’s not easy to come up with criteria to define business success. We all know too well that success is fairly dependent on the level of happiness the owner feels regarding the performance of his business, and happiness does not necessarily mean huge income. Therefore I carefully outlined the criteria so as to include contentment as well as the financial performance of a business.

Continuous lead generation

Some business owners gauge their success not simply by the amount of volume of people patronizing their business but by the number of new leads they are about to generate every single day. By keeping your vision to generating more leads no matter how many are already patronizing your business, you will keep your focus on the continuing improvement of the quality of the services you offer.

Conversion rate of leads to customers

The very reason why we make extended efforts of generating leads is for us to ensure that a continuous stream of customers will be realized. It takes a very good management and marketing approach to achieve a high conversion rate from a mere prospect into a loyal customer. By measuring your conversion rate, you should be able to understand the trend and will aid you in crafting and improving your methods for the benefit of your business.

Productivity

The next gauge for success is productivity. It talks not on how many tasks you were able to perform but it is more on the number of tasks done that really matter. In business you do not necessarily have to do everything to succeed. You only have to define the things that are important or are instrumental to your core values and then perform those tasks with utmost quality. Identify the 20% of the most important to you and then focus your energy and resources on those 20% and then slash out the rest.

Health cash flow

A healthy cash flow is a determinant of a healthy business, and a healthy business is an image of success. Your business is basically ran by cash, so you need to pay a detailed attention to your cash flow and make sure it is in its right order otherwise your business is headed to its demise. So to avoid complications, prioritize your cash flow

Return on time invested

Best of all, for a business to be truly successful, you should be able to tell that you are getting more from it than your original investment. For having a business, you should also have time to reward yourself and the people you love with the blessings that you got from running the business successfully. I believe these sums up the entire measurement of running a successful micro business.

Improvise and never cease searching what works for you and your business, in the long run you might just find out the true measure of success.

Improve the chances of your small business by using financial benchmarking

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Financial benchmarks can have a dramatic impact on the performance of your business. You may use it to broaden your competitive edge, thus, giving you better opportunities. Let me help you by giving you a few pointers about financial benchmarking.

Definition of benchmarking

If you have a business, and you are actively employing strategic methods and techniques for its improvement, you will really find it helpful to track how things are fairing against the business trends in the community. You may need to evaluate your business performance having other businesses as a backdrop for comparison from time to time. Financial benchmarking will do exactly just that.

Advantages

It helps you craft better strategies to make your business come out as better equipped and prepared to meet the challenges ahead. It will aid you in enhancing your methods of placing your business in a position poised for greater opportunities. Moreover, it is also a big help in budget preparation.

Resources

Nowadays, information is readily available for the benefit of the researchers. In fact, benchmarking data most of the time is available for free in all the major government and private institutions. Moreover you could ask for any more additional information from your accountant to help you out. But you need to remember that financial benchmarking only works out on businesses that are considered equal in capacities and size. Otherwise, there might be distortions in its data results.

Data measurement

You have to know and identify the specific data that you wish to make comparisons with; this is so that you could easily extract the measured data available. Without the proper identification, there is no way of ensuring the accuracy for benchmarking. To do this, you must also be able to name the data that are essential in your business to aid you which particular data to be measured.

Practical uses

If your benchmark data says you are renting way higher than the average rent within your community, then you might have to address it by resorting to certain methods that are called for in this kind of situation.
If the data provides that your shipment cost is considerably higher than the rest, then you might ask the forwarder company for a discount or look for a forwarder that costs cheaper.
Or if you find out that you are lagging in sales, you might just need to reinvent your marketing efforts to augment your revenues generated by your sales.

How to think with an entrepreneurial mindset

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Excellent entrepreneurs stay ahead of the game all the time. They tend to outthink their closest competitors with such class. They do this with ease and calm, and it is definitely worthy to learn their ways.

I knew a savvy entrepreneur, David, who was in the business of making bricks, who happened to found a fierce competitor in the person of Goliath, a big company. Goliath, with an intention of putting David out of business, deluged the local market with his bricks at a ridiculously low price. Imagine their surprise when David’s business flourished instead of being inevitably ruined. What they do not know is David has an entrepreneurial mindset. He has a spirit that does not easily give to a challenge no matter how great it is. Davis all the while has been purchasing the bricks of Goliath under the guise of his other business, and selling the bricks back to Melbourne at a hefty profit.

David exemplified an entrepreneurial mindset in the given scenario; a mindset that could easily craft various innovative ideas to get through a challenging phase. It is an imperative skill to develop so as to ensure the business’ future sustainability. Below are the basic ways that could help anyone develop this precious skill:

A. Conceptual thinking

This is something that cannot readily be counted. It is a fundamental need but one that do not take a tangible form. It means that you must possess certain qualities before you can develop an entrepreneurial mindset, and these are Faith, Self Esteem, Positive Thinking and Vision among other things.

B. Business knowledge

This is more like the tangible requirement of achieving entrepreneurial mindset. This covers the sum of your collective learning about the business. I believe that the reliance of some of the major companies on business thinking constructs an avenue for the soloist with greater opportunities.

C. Creativity

In every great endeavour, creativity is one essential ingredient. Creativity encompasses all and is not limited to artists. It is inherent in every human being to possess this quality, to create great ideas and putting them into great use.

The comfort zone

Everyone is particularly blessed with any of the three qualities. You do not necessarily possess the three but may be comfortable under a single premise of any of the three. There might be instances when moving out to other zone is called for, and soloist I believe are better prepared for it than anyone else.

Zone for entrepreneurs

The best zone so far is when you achieve to have the overlapping qualities of the three, or at least near to it. This may be rare but neither is it improbable. It does not come naturally though; it is a sweet product of consistently racing after it, og continually giving your best shot in anything that you do or perform. This is the zone indeed that is worth aiming for. This could keep you ahead of your competition. To be called the head of the pack. You become the leader, one who out smart and outthink anyone in your league. This is the entrepreneur zone, where only the elite of the elite are found.

If an entrepreneurial mindset helped you in any way, please let us hear your story that may we also hear f your success.

Seven simple facts of China’s growing economy

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I just came back from China, and would say that it has shown an overwhelming growth in every sense of the word over a short time span. Below are seven simple facts about their economic growth that I have come to witness during my recent visit.

1. Robust economic growth

Everywhere you turn your eyes it will be met by astonishing progress in every angle possible. Infrastructure projects are really overwhelming. Construction ventures are ever present. In almost all aspects of economy, China is really achieving rapid and consistent growth. China has recorded an 8.5% yearly growth which is by itself a feat. Indeed its economy is making an unquestionable impact that resonates to every country in the world. It is a kind of impact that made them independent from the clutches of power of United States.

2. Noticeable achievements in different fields

The stimulus package of $586 billion has revved up economic activities back to its usual form. And the results are seen in so many varying ways that can be noticed in:

Major cities around China such as Shanghai and Beijing are given magnificent improvements. Most facilities in those cities are of International standards comparable to some of the best place around the globe.
Second class cities even went through an impressive make over at all sense, gaining impressive investments along the way.
English language are now used and spoken in particular by the youth
The services they offered now are of comparable quality already with some great places abroad.

3. Increased consumption volume

Its population are increasingly consuming so much during the past years. This truth can be best seen in the streets of major cities. This however could pose a challenge for China, they should think ahead of addressing the ever increasing need of its own population while maintaining its fast-paced growth.

4. Leading renewable energy producer and user

China has been utilizing renewable energy resources to meet its domestic energy demand. Among its widely used energy resources are Solar and Wind which are evident in its usage in many of its public places. In fact, China makes use of the solar energy way greater than all the other countries in the world combined.

5. Significant increase in opportunity for private business sector

China has been extending an impressive effort of increasing the opportunity for private business sector to flourish in its system.

6. Relevant improvement in manufacturing quality

My visit made me see the many changes the Chinese government undertook to improve its quality standards in manufacturing. The world market is demanding a high standard and China took on the call.

7. Australia is ignoring China’s growth is not taking China seriously enough

Many Australians do not seem to share the same opinion as businessmen from other countries do; that China is making its way to become a global influence. Australians are not giving the Chinese much attention as they deserve, the result of which is losing many key business opportunities for which we could competitively offer especially in areas that we really have a distinct edge over the others. We have the capacity to make opportunities over these changes, and I am hoping to see a more aggressive plan of our government to put things into action the soonest time possible.

Six simple keys to earning while being creative

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Do you live by the rules of an artist? One who views himself as free from the clutches of commercialization of creativity? You can stay being creative while you make your way to earning big.

Most people with creative inclinations do not subject themselves to the bounds of business intricacies. They refuse to make compromises, and would rather starve than make simple amendments. They are masters of their own craft, unrelenting, and sometimes incredibly stupid. But when you already have mouths to feed, this carefree principle is not going to work for long. I have found out that you can earn as much as you want while maintaining the quality of your creativity. Here are a few steps that worked for me when I pursued to be creative and at the same succeed in earning:

1. Tone down your tendency for perfectionism

It is totally fine to strive for excellence in your work, however there are times that you need to tone down a bit. Creative people sometimes take longer to do one thing done because of the endless revisions. I remember when I first had a few of my assignments, I rewrite things a couple of times before getting satisfied. I have this tendency to make all things work perfectly, without glitch. However, later on I realized that this is taking me nowhere. I cannot keep on making perfect write-ups to please all that read it, because I cannot please everybody no matter how much effort I put into my writing to make it seemingly perfect. Do your works extremely well, but do it according to your own accord and not so much because you want people to perceive it as perfect. This way, you could have more freedom with your creativity less the pressure.

2. Get some fresh air outside, meet people

The downside of extremely creative people is they tend to be a loner, an artist living in an island kind of persona. They have no regards to show their works of art. Association is one of their least priorities. However, if you wish that you make money out of your creativity, you must put off this tendency. You have to meet people that could throw a favourable influence to make you gain some sales over your work. Make and build relevant relationships. Connect with an audience, and not very long from now, you will find it gratifying to be creative and at the same time being able to socialize at a certain level.

3. Be motivated

You have to identify your own motivating factor. You have to transcend your creative juices by utilizing it for a greater good. Keep your motivations on the run. Focus on something that has meaning as to why you do what you do.

4. Make plans

Every endeavour needs a plan. A predetermined goal will keep you in check why you are doing what you do now. With your plans, craft some achievable yet challenging goal that could get bigger once broken and reached.

5. Have a discipline

A good measure of discipline could enhance and encourage creativity rather than foil it. Creativity needs to be developed with some touch of personal discipline so that things are in its right order. Artists wait for their “AHA” moment before they start their work but disciplined ones can start their job anytime which is a lot more productive.

6. Stimulate your creative juices

Discipline helps a creative to put things in its right order, but it may not necessarily stimulate his creative juices. To do this, one can indulge in an activity that can accelerate an artist to achieve creative stimulation. It may differ from one artist to another, but the goal is perfectly the same, keep the creativity coming and at an optimum level.

Share to us your experience of utilizing your creativity while at the same time making generous pay out.

NLP: way to go for excellence through modelling

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Some people are just so awesome to excel in a particular area where others are constantly struggling on the same field. Let me show you how to use modelling to experience the success other people experience.

Excellence can be learned and created, and this is exactly the concept being propagated by (NLP) neuro-linguistic programming. Modelling is one of its most successful proven strategies that help people achieve excellence in their endeavours. Modelling is a strategy that replicates the system of other successful people. The system you employ in your life determines the quality of your living, so if you wish to change and uplift you life’s quality then you also have to change your system, and what better way to do it than replicating the successful methods of successful personalities. Each person is believed to possess equal capabilities to meet the needed daily tasks. The different results are determined by the differences in their character that stimulate them to excel in their chose field of specialization. In a team of salespeople, you will indeed be able to identify those who give up so easily, those who are less enthusiastic of what they do, and those who make it to the top consistently.

The entire team’s performance could have been influenced favourably replicating the behavioural frame up of the top performers. The attitudes of the top performers are really making the difference. Their routine the whole time during the sales performance is their key to excellent results. The external factors may have contributed to the trend of the results but it was the internal factors that have the greater influence, such as:

The mindset of the sales people, their personal mental projection sometimes called internal representation
The level of emotion that they maintain the whole time, like whether they are optimistic or sceptical about the sales pitch
Their physical bearing
The strength of personal resolve and belief in what they do

Even if presently you cannot name a single individual of whom you want to pattern yourself after, for sure you have a number of incredibly great people in your life that you really look up to and want to replicate his behaviour and achievements. It’s not that hard really because in a lifetime, you are really bound to meet someone that will touch your senses and make you believe that you can be something greater than you already are now. You can even apply the virtue of modelling after yourself. To understand the concept of modelling, it might have been better to make an example out of your own experience. Let us try to look into your past and evaluate your past achievements and let’s try to replicate those moments:

What exactly was my state of being inthe course of the event?
What makes this event important?
What kind of emotion did it evoke in my part?
What body language did I exemplify?
What process did I go through in my planning of the event?
What is its significance in connection to my personal goals?

Write down your answers and carefully remember each of it. Recall the process you took for you to achieve excellence at that moment and then find a way for which you could tap to its richness every time a similar occasion happens.

Creating an environment to foster creative ideas

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We need to be loaded with fresh ideas every single day to keep our motivation at an optimum level. Most of the time these ideas do not readily come when summoned, sometimes it needs a special circumstance for it to visit our parameters. To foster fresh and creative ideas, an idea-conducive environment is basically required.

I have come to believe that to ensure our business survival, we need to never cease from generating relevant ideas. It fuels our inherent need for activity. For being useful and relevant in a society we belong to. Generating ideas keep us moving forward in a platform that ensures success and contentment. Ideas are dynamic product of thoughts that have primary practical uses for the conceiver. It directs the path upon which to tread. It is a life giving water that wets our weary existence, without it, things begin to die. You really need to identify exactly your stimulating factors in producing ideas, because ideas are the true answers to our dilemmas. You have to be able to tell which could stimulate your creative juices. A fresh idea is as important to our life as the water is to a plant. When I asked people around about the influences and environment where and when they feel creative, their varied answers really astonished me. Here they are:

“When I’m Motorbiking”

“When I’m in the bathroom”

“When on vacation”
“When I’m interestingly reading”
“When I ride my bike”
“In the swimming pool”
“When I paint”
“In a relaxing environment”
“When I spend time with my family”
“In the Opera house”
“While showering”
“On the road walking”

None of the respondents ever said he felt being creative when they were in the office behind their desks. I have never anticipated this but somehow this is an eye-opening result of my mini-survey. This only means that we need to create an environment that allows us to tap our creativity. A revolutionary idea states that “when you have so much to do, all the more that you should spend more time getting yourself to relax”. I agree with that idea, and the explanation about that is not even nearly complicated. By getting to a place or circumstance where you can think clearly, you allow the creative faculties of your being to help you finish your work efficiently and effectively. You are tapping the powers of your own creativity.

Ensure then to spend greater amount of time with people, circumstance and place that could literally enhance your creativity. You have to make a balanced work-leisure equation. Enhance the one without compromising the other.

You may start gradually until everything else comes naturally to you. Generate better and fresher ideas by extending the time you allot to the particular stimulants. And the success you will taste is far sweeter than the usual course.