Published on: 17 April 2019
Last Updated on: 22 April 2019
Building a portfolio in today’s competitive corporate environment is a tough challenge for professionals. After all, you need to stand out from the crowd in order to land your dream job. So the question is, how do you make sure you set yourself apart from your competitors in the industry?
Staying Ahead of Your Competitors in the Corporate World:
Everyone has their own competitors to live out with. Whether you’re a doctor, artist, musician, or a business owner, you will come to a point where you need to stand out and draw your market’s attention. Moreover, the corporate world is like the complex rollercoaster ride, where you can skip your job or play some other trick, to reach to a level much higher than your previous one.
Therefore, you need some effective strategies to stay ahead of your competitors in this world where change is a constant thing.
The following are some tips you can use in order to develop a more competitive edge from your corporate competition. Also remember that no trick is the short cut, talent, wit, and hard work is going to pay you for the long run:
Develop your strengths to better skills to become your best self. Do not stop acquiring skills and practice whatever you learn so you can turn them into qualifications. You can opt to take a masters in business administration online if you don’t have the time to go to a traditional university. With the right skills set, you can get your dream job in the company you want to work long term.
Focus on your personal branding. One of the most important factors in an individual’s professional portfolio is a personal brand. If you have strong branding, it’s easier to showcase your potential to employers and companies.
You can blog, join podcasts, attend conferences, and accept speaking engagements to get your brand out there. Creating a trend is not so hard these days. Create your own story, own character, and own trademark, and you already be considered as a brand.
For example, McDonalds’ clown is the mascot of the brand, therefore the brand is not only famous physically but digitally too. The character’s humble and funny habits have portrayed the brand as a good and humble brand. Now we know why we think of McDonald’s, whenever we feel like having burgers!
Research on the areas your competitors lack and work on them. What do you think is your edge from your competitors? What are the potential deficiencies that made you stand out from them? Work on those areas and take over the competition in the corporate world.
Provide insights whenever you can. The secret to a successful corporate life is sharing your knowledge and expertise. This will boost your personal brand while increasing your connections. One of the best way to let know of your professional caliber to your community is via Linkedin.
Linkedin not only gives you recognition in your professional field but also finds you great opportunities to enhance your lifestyle. Whether it’s in the office or on conferences, build rapport with people to improve your reputation.
Professionals, business owners, and organizations need to look for continuous improvement in order to remain relevant in their industries. If you work with talented people and continue learning, it’s easier to stand out and conquer your corporate goals.
Don’t just be hardworking and intelligent; know how to take on challenges and turn them into opportunities. Remember, it’s a dog eats dog world out there – equipping yourself with the right mindset and skills is important.
Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.
As the owner of a translation business, you know firsthand just how much a good marketing strategy can make or break you.
However, your current advertising strategy often makes you feel like your company is getting, well, lost in translation. You need to make a change as soon as possible.
But you're just not sure where you should start when it comes to updating your marketing plan.
In this post, we're sharing both print and digital advertising tips that you can't afford to miss out on.
When you're ready to dominate your target market and outrank your competition in the search engine results, keep on reading.
Start with Your Website
Especially when you're running an international business, you need advertising tips that can reach everyone on the globe -- at the same time.
In short, while a strong website is important for every company, it becomes even more essential for brands who need to reach people in different time zones and across different languages.
In other words? Even though you're running a translation business, it doesn't change the fact that nearly 3/4 of consumers say they prefer to read content in their first language.
Start by looking for the right tools and plugins that will automatically change your site's language to the language of the user.
But don't stop there.
Having an intuitive and branded web design are also key digital marketing tips. This matters because people will stay on a site they find easy to use for much longer than average.
Pop-ups, autoplay features, or just sites that take forever to load won't cause them to click away after three seconds. This helps you rise in search engine rankings.
First of all, ensure your site loads quickly and completely on desktop and mobile devices. Use menu options at the top of your page to help users find exactly what they're looking for as fast as possible. If you're blogging (more on that in a minute) make sure you've taken the time to properly categorize your past posts.
Above all, keep your homepage engaging and organized, like on this website.
Finally, don't forget to include your company's contact information on not just the homepage, but every page of your internal website.
Remember that consumers won't always come to the homepage first. Don't make them hunt around on your site to find out how to get answers to their questions or sign up for your services.
Blogging and Guest Posting
Now that we've covered how your website will drive more customers to your translation business, let's talk about how blogging can increase your site visitors by around 300%.
We understand that blogging is a lot of work -- and, if you have to hire professional content services to write your posts for you, it can also be expensive. So, why is it worth it?
First of all, it helps to increase your authority and brand recognition within your target market. By providing information-based (as opposed to sales-driven) blog posts, you strengthen consumer trust in your brand.
Plus, blogging also tells Google and other search engines that you update your entire website more often than companies who just have a static site.
This means that you'll be able to outrank your competitors in the search engine results. Plus, you'll also have more indexed pages (AKA, pages that have been read and categorized by Google.) This also helps you get higher up in the search engine result pages.
Blogging also gives you an amazing opportunity to connect with your target market and shorten your overall sales cycle through the use of keywords.
By naturally including keywords (what people type into search engines when they need a translation business) in your content, your website will show up in front of people who are ready to buy exactly what you're selling.
But blogging alone isn't enough. You also need to get into guest posting. This is one of the best online advertising tips because it gives you the chance to broaden your market and increase your brand awareness at the same time.
Write articles and blog posts for popular online journals, websites, and even forums that are relevant to the translation industry.
Other Key Digital Advertising Ideas
Of course, your digital marketing strategy shouldn't begin and end with site design, blogging, and guest posting alone.
There are a few other digital marketing tips you should take into consideration, too.
Make sure that you claim your third-party listings on platforms like Google My Business, and fill out your profiles as completely as is possible. This is especially helpful when it comes to connecting you to your target market.
Those third-party listings are also important because they allow your customers the chance to leave online reviews for your business. While having a testimonials section on your website is a good idea, most consumers feel that third-party site reviews are less biased.
Make sure you frequently read and respond to these reviews -- yes, even the bad ones. You want to prove to potential and current clients that you take their input seriously.
Social media is also essential in the online marketing world.
However, especially since you're a smaller business, we suggest that you conduct some market research to find out which platform your customers spend most of their time on.
Focus your efforts there first, and then expand to other platforms. If possible, aim to post three times a day: morning, noon, and night.
Finally, never underestimate the power of an e-newsletter. Not only will this allow you to let your leads and current customers know about new product offerings and flash sales.
E-newsletters can also help to build up a personal connection between you and your market. You can feature employees of the month, tell customer stories, and even ask for feedback in survey form.
Offline Advertising Tips for Your Translation Business
Yes, having a strong digital marketing strategy is incredibly important for your translation business. However, it doesn't mean that you can completely ignore print marketing or offline marketing in general.
Now, let's take a look at some seriously effective marketing ideas that don't require an Internet connection.
Host an Event
One of the best ways to get your name out there is by hosting an event in your local market.
You don't have to spend a lot of money in order to increase your brand recognition -- you just have to focus on inviting the right people. Invite other local businesses to a dinner at an international restaurant in your area, or host a "language night" at a local school.
Focus on event spaces that have a global feel -- even having a "movie night" where you show a popular international film could work.
We suggest handing out promotional products at these events. This way, even if attendees don't need translations services now, they'll know who to call when they do in the future.
Don't Underestimate Mailings
Relying on the cousin of the e-newsletter, paper mailings, to get the word out about your business is still an effective marketing idea.
People love getting "snail mail," especially as it becomes rarer and rarer. Whenever possible, hand-address your envelopes to increase their open rate.
When you send out mailings, think outside the holiday card or business pamphlet alone. Instead, consider including things like a magnetic calendar, so that customers can have your company in their heads all year long.
You could also include a paper card with a discount code.
The same goes for simply including a physical coupon offering them a percentage off of your services.
Also, slip in a few of your business cards, and handwrite a note on the back of them. You may also want to create a branded letterhead or stationary, in order to increase your brand recognition.
It's all about building a personal connection between you and your leads.
Grow Your Translation Business with These Tips
We hope that this post has helped you to better understand how to market your translation business both on and offline.
Remember that conducting thorough market research -- and knowing when to ask for the help of a professional marketing team -- will take you a long way.
Looking for additional advice about how to build your brand? Want to ensure you're creating evergreen content that your market will love sharing on social media?
Want to understand how good web design increases your conversions and grow your traffic?
Our blog can help you to learn all of that and more, so keep coming back to us for more advertising advice.
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Knowing your business's accurate value can be helpful if you plan on selling your brand someday. However, the fear sellers have in getting the best possible price is understandable.
Selling your business is one of the most significant events in your professional life. While this brings some caution, it should also be exciting as you move on to your next adventure. Before you start the process, it's a good idea to use a valuation calculator to get an idea of how much your business is worth.
Gathering as much information as possible about your business is essential. Preparation is key. With that in mind, here are 6 key tips to help you value your business correctly.
Tips To Help You Value Your Business
Here are some ideas that can help you understand the valuation of your company:
1. Understand Price-To-Earning Ratio (P/E)
It is typical for businesses to use the price-to-earnings ratio to understand their value. This tip works best for companies that have an established profit track. The P/E will be higher if the business has high-profit growth.
Let us take an example — if your company makes $500,000 profit after taxes and you utilize the P/E ratio of 4, it means your business will be valued at $2,000,000. The P/E ratio will depend on the growth ratio of your company. For instance, start-ups will have a higher ratio because they are high-growth businesses. On the other hand, high-street companies, like real-estate companies, will have a lower P/E ratio.
Since P/E ratios can differ extensively, no standard ratio can be used to value all types of businesses. In most cases, the valuation between 4 and 10 is used as the standard.
2. Cost Of Entry
This tip is quite simple — this is the total cost of setting up a business similar to the one being valued. In this case, you will have to consider every factor that helped the business get to where it is today. This involves all the costs, tangible assets, building a customer base, recruitment, etc.
Next, you need to think about all the money you can save while setting up the business. For instance, the costs you save by using cheaper material alternatives or setting up the business elsewhere.
To get the entry cost, you need to subtract the latter (saved money) from the former (the cost of setting up the business). This is your valuation.
3. Valuing The Business Assets
In the case of established and stable businesses, these companies often have a lot of tangible assets that can be valued. Some great examples, in this case, include those in the manufacturing and property businesses.
You will have to start working out the company's NBV (Net Book Value) to start its asset valuation. In most cases, these assets will be recorded in the accounts of the business. Next, you simply need to make a few other adjustments like depreciation, etc., to determine the assets' actual value.
4. Discounted Cash Flow
This is a complex way of determining the value of a company – it is all about making reliable assumptions about the future of a business. In most cases, this particular method is used by companies with more predictable and stable cash flows. For example, utility companies.
As you can guess, this tip will help you understand the value of the business by estimating the worth of the future cash flow today. Adding the dividends forecast will help you figure out a valuation for the next decade or so.
5. The Rule Of The Thumb
There are a handful of companies that deal with the buying and selling of businesses. Therefore, it only makes sense that these businesses utilize certain standard methods to determine the value of their companies. They are based on other things, apart from profit.
When selling a business, it's important to identify the target market and understand their needs, such as business owners who will buy a business, in order to position the sale effectively and maximize the value for both the buyer and seller
Let us take the example of retail companies. The value for these businesses is derived from other factors like the number of outlets, total number of customers, business turnovers, etc.
6. Non-Measurable Valuation
As we have said in the beginning, the worth of a business is exactly what the other person is willing to pay. In this part, even intangible assets can be considered.
If your company has a better relationship with your suppliers and/or customers, it will be more valuable. If the buyer does not have a stable team to grow your company, you can also add a strong management team for additional value.
Conclusion
With the help of these tips mentioned in this article, you should be able to approximately evaluate your company. To further help with your valuations, there are useful business valuation tools online.
For an online business valuation tool, you will usually need to provide some basic data about your company, which will then be measured against the standardized benchmark to provide you with an accurate company valuation.
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How Business Owners Can Protect Themselves if Their Business Fails
Starting a small business is an exciting yet challenging endeavour. The thrill of creating something from scratch and potentially achieving financial freedom is exhilarating. However, many aspiring entrepreneurs find themselves entangled in debt and financial complications. This scenario can be avoided with careful planning and innovative strategies.
Personal debt, especially when related to your business, can become a looming threat that hampers growth, causes stress, and can even lead to the failure of your venture.
What Are The Risks Associated With Personal Loans?
There are risks and uncertainties associated with personal loans. When you are taking responsibility for the entire money (not of your own), you are unquestionably at risk. Here, we discuss some of the things that are associated with personal loans.
Personal debt in business may drag businesses towards the corridor of risks and uncertainty. They must ensure that the business makes the best use of the resources to stay ahead in the competitive framework of business. This is the reason moving into personal debt can be extremely difficult for one to manage in business.
Taking Too Much Loans
When you are running your own business, it involves your sole risks. Sometimes, the lender goes for a loan that enters the periphery of risks and uncertainty. It may invite issues. Therefore, you must go for a big amount but not too big to manage. With a lump sum loan, you will always be in the corridor of risks and uncertainty.
Damaging Your Credit
When you are applying for credit, the banks always look for your credit score before giving you the loan amount. With one single missed loan, it can completely damage your credit score. Since you know that the credit score heavily impacts your financial DNA, you need to keep it in check. So, you need to ensure that you do not damage your credits. Developing a good understanding of it can indeed help you manage your loans.
Getting Stuck With the Fees
A loan may seem perfect if it has a competitive interest rate and in quite a strong term. Many charge hefty fees for the origination of the loan amount.
At the same time, some charge extra. You may fall into a debt spiral if you try to build up a tendency to take bulk personal loans.
Tips For Small Business Owners To Avoid Going Into Personal Debt
Here are some tips for small business owners to avoid going into personal debt when they're just starting out:
1. Separate Business And Personal Finances
The first mistake that many new entrepreneurs make is mixing their personal and business finances. This not only complicates accounting but also puts personal assets at risk. By setting up a separate business bank account, you can easily keep track of business-related expenses and revenues.
To get a more nuanced understanding of how to separate these two entities effectively, check this website for detailed guidelines and tips. Also, consider consulting a financial advisor to ensure you're taking the right steps in keeping your personal and business finances distinct.
2. Have A Detailed Business Plan
A well-crafted business plan can serve as your roadmap, outlining crucial elements like market research, financial projections, and operational plans. It provides a clear pathway for your business and assists you in avoiding unnecessary expenses that can lead to debt.
Most importantly, a robust business plan can help you attract investors and secure loans, which are safer and more structured ways to raise capital compared to using personal credit.
3. Budget Wisely
Being a business owner means you have to be proficient, not just in your area of expertise, but also in managing finances. Create a realistic budget for all aspects of your business and stick to it.
A budget will allow you to allocate funds for different parts of your business, prevent overspending, and help you identify areas where you can cut costs.
4. Consider Alternative Financing Options
Personal debt often accumulates when business owners use their credit cards or savings to finance their business. Before doing this, explore alternative financing options like grants, crowdfunding, or venture capital.
These options not only help you avoid using your personal credit but also offer the opportunity to validate your business idea in the market.
5. Build An Emergency Fund
Having an emergency fund for your business acts as a financial cushion in times of unexpected expenses. Whether it's for replacing faulty equipment or covering costs during a slow business period, this fund can be a lifesaver.
This way, you won't have to rely on personal savings or loans to keep your business afloat during tough times.
6. Monitor Cash Flow
Cash flow is the lifeblood of your business. Effective cash flow management ensures that you have sufficient funds to operate and grow without relying on debt.
Utilize accounting software and, if possible, hire a professional to keep tabs on your cash flow. This will help you make informed decisions about your business and minimize the chances of falling into debt.
7. Be Cautious With Credit
While it might be tempting to use a credit card to make quick purchases for the business, it can quickly lead to accumulating debt. If you must use credit, opt for a business credit card and limit its use to essential expenses. Always pay off the balance in full every month to avoid interest fees and the potential for accumulating debt.
Conclusion
Starting a small business doesn't have to mean plunging into a pit of personal debt. By separating your personal and business finances, budgeting wisely, and exploring alternative financing options, you can significantly reduce the risk of financial complications. A well-crafted business plan, an emergency fund, and a close eye on cash flow will further solidify your business’s financial foundation.
Remember, the best businesses are not necessarily those that started with a lot of money, but those that managed what they had effectively. Be mindful of your financial choices, and your business can thrive without compromising your personal financial health.
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