Keys To Generating Repeat Online Business

Among some of the ways a small business can generate repeat business online include: 

 1. Firstly, provide excellent service or produce the best product on offer. Even in the event of an error, irrespective of who is at fault, be genuinely concerned and follow up to rectify the situation to the client/customers highest satisfaction. Every other thing you want to do hangs on this principle. In essence, nothing can take the place of good professional customer service and support throughout, from the first point of contact to after sales service and beyond.


2.  Include coupons to customer orders or purchases as a way of appreciating their business.

3. Keep finding various individual and bundle discounts that can be sent along with your weekly or monthly newsletters to your clients.

4. Create coupons and discount packages for clients who refer friends, families, colleagues, neighbours, etc.


5.  Contribute to discussions  via social network such as Twitter and specific publications that focus on your area of business.

6. Offer your customers the choice of creating online profiles their own membership groups offering group packages for a client and his or her network of members as well as products based on their profile choices.

7. Appreciate customers and clients in every possible way. From the use of appreciation cards, to compliment slips, to simple email expressing your appreciation after the transaction if fully executed.

You can find more ideas  in my book "THE BUSINESS YOU CAN START - SPOTTING THE GREATEST OPPORTUNITIES IN THE ECONOMIC DOWNTURN". Order your copy now via my website http://www.vikebusinessservices.com/Book.php, www.Amazon.com, www.Amazon.co.uk or get the eBook edition on Amazon Kindle.
Save money as you make money with the above tips.

Let us know your thoughts and other ingenious ways that works for you

Investing as an option - Foundational Principles for Successful Investing III

This is the final part of this subject. If you missed the 1^st & 2nd parts just go to the archives on the right hand side of your screen to access it. Enjoy the reading.

Understand that investor psychology exists. Implement a strategy based on avoiding the mistakes others have made.

Perseverance is a virtue above all others. Let’s now explore the ground rules for successful investing:

1. Be your own investment manager. Advisors and stockbroker can help but should not do it for you. Only you know what your temperament is, what your real needs are and only you are motivated by your own best interests. Besides who best will be in the position to make the best judgement without haven to be influenced by sales commissions. It is also more fun to do it yourself. In the words of Jack Welch “Control your own destiny or someone else will”.

2. Look for opportunities and do the opposite of what everyone else is doing. “I buy when other people are selling”. J Paul Getty. Take a contrarian view to investment markets. Warren Buffett chooses to put it this way, “Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can’t buy what is popular and do well”.

3. To emphasise a point earlier stated, do not be put off by investment jargon. Master it instead.

4. Keep up to date through reading the financial papers and searching independent investment research websites. “Investing without research is like playing stud poker without looking at the cards”. Peter Lynch

5. Discussing investments is stimulating. Condition your mind to talk to others about investing, especially people who are more experienced and knowledgeable than you are.

6. Diversify and do not have all your eggs in one basket. Confront risk and then reduce it through spreading your investments. Haven said that it is important to note that “People who are high-level investors are not concerned about the market going up or going down because their knowledge will allow them to make money either way”. Robert Kiyosaki

7. NOW is the best time to start investing. Do not wait for the markets to improve. If the share market is filled with gloom, that is the time to buy. Warren Buffet likes to put it this way “We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful”. 

8. Make good quality shares the core of your investment strategy. Then you can rest easy when you invest in more speculative areas.

9. Always consider tax implications of making investments but never let tax minimization be the main objective. The fundamental rule is to think in terms of after-tax returns.

10. Do not be greedy. Discipline yourself to cut your losses with bad investments and cash in when you have made a reasonable profit.

11. Be patient. Rome was not built in a day. Most of your gains will not happen overnight. Forget the ‘dot com’ type stories because they are not typical. What was the eventual outcome anyway? Similarly, you may not become wealthy overnight, but you will over time.

12. Never invest in anything you do not understand. If a particular investment sounds too good to be true, it usually is. “Don't invest in anything that you don't understand. Do your research first”. Paul Clitheroe

13. A very wise way to start if you haven’t planned so already is, ‘Pay yourself first’ out of your monthly income. Remember “It's not your salary that makes you rich; it's your spending habits”. Charles A. Jaffe. Allocate at least the first 10% of your monthly income to build up your investment capital. By doing this you will force yourself to become an investor and the long term benefits will be enormous.

14. Choose stocks for the right reason, and not simply because they have performed well in the past. Ask yourself whether you are investing in what is comfortable and familiar to you rather than what is best for you. As stated above, it is of course of paramount importance that you understand what you are investing in, but the extra effort required to learn about a new share and a new sector could be worthwhile.

Mastering the above principles will be a surest path to becoming a successful investor. Absolute discipline is the key. Set clear goals and stick to them. Do not be concerned about the “buy and hold” strategy (buy the shares and then lock your investment away in the bottom drawer and forget about it), which used to be accepted as the thing to do. If you set yourself a target of, say 10% (profit or loss), get out when the price hits that level. Whether this is six months, six days or six minutes after the original deal. Patience is indeed a virtue, perhaps now more than ever.

You will rival so-called professionals and will sleep easily at night knowing that money is the least of your worries.

Finally I will leave you with these three quotes. I love quotes because they say to me what I would have used many words to carve out. 

“Don't limit investing to the financial world. Invest something of yourself, and you will be richly rewarded”. Charles R. Schwab

“Financial peace isn't the acquisition of stuff. It's learning to live on less than you make, so you can give money back and have money to invest. You can't win until you do this”.
Dave Ramsey

“You do things when the opportunities come along. I've had periods in my life when I've had a bundle of ideas come along, and I've had long dry spells. If I get an idea next week, I’ll do something. If not, I won’t do a damn thing”. Warren Buffett 

Investing as an option - Foundational Principles for Successful Investing II

Lets explore further the part 2 of the above topic. If you missed the 1st part just go to the archives on the right hand side of your screen to access it. Enjoy the reading.

Some psychologists have suggested that there are four psychological elements to investing:

First of which is known as Anchoring, this is where investors assume that, in the absence of better information, current prices must be about right. The mindset is that, for example, in a bull market each new high is “anchored” to the last record and history becomes an irrelevance. Thus the laws of probability and long-term averages simply go out of the window in a blaze of irrational exuberance.

The second element is that of Prospect theory. This suggests people become much more distressed at the probability of a loss than they are made happy by an equivalent gain. People are therefore more inclined to taking more risks to avoid losses than to realise gains. Faced with sure gains they become risk averse, but faced with sure losses they become risk takers.

Market over- or under-reaction is the third element. It is where investors put too much emphasis on recent news at the expense of other data. That is the basic reason why share prices tend to rise too much on good news and fall too much on bad news (which we are very used to these days with the technological advancement), until the right level has been established.

The final of the four elements is the Regret theory, or the emotional reaction to having made an error of judgement. This may be due to a situation where a stock they have purchased has gone down or because they didn’t buy a stock they were looking at which has subsequently gone up.

Question is ‘How do you avoid these pitfalls?’

In answering the above question is also the question of ‘how can you tell whether a particular investment is right for you’? One of the surest ways is to have a sound investment strategy and also become familiar with the language used in the financial industry. You need not shy away from making your ‘Money work for you’. 

Keeping your money safe by putting it under the bed or keeping it in the bank will not help either? It is very necessary to understand the risks involved in investing. In the words of Warren Buffet “Risk is a part of God's game, alike for men and nations”. Risk is synonymous to any business for that matter (with even banks failing all around us), set ground rules for successful investing. A number of ground rules in investing have been in use overtime and has stood the test of time. These rules are echoed time and time again by some of the shrewdest investors of our time. 

With time, patience and effort you can become a successful investor in all the areas that present opportunities to you. Just have it in mind that there will be times you will lose money. I any case “You only have to do very few things right in your life so long as you don't do too many things wrong” – Warren Buffet. 

Third and final part will follow shortly ................

Investing as an option - Foundational Principles for Successful Investing I

It’s interesting to always hear people talk about starting a business but never consider investing as an option. I understand there are many definitions out there with some technical financial terminologies one might have to grapple with. However among the surest and simplest definition I have ever come across is “Investing is laying out money today to receive more money tomorrow”. Warren Buffett (Third richest man in the world, according to Forbes rich list 2010)

Among the many options under consideration is share investing. Until recently share investing was considered to be purely in the domain of the wealthy. The few who considered it as an option saw only a few ways of doing so easily. Many folks, who had money and wanted to invest, left it to the professional stock brokers.

However, deregulation of the financial markets in the last two decades has changed all that, from the introduction of new investment products to changes to the tax systems.

Trading in overseas stocks, cash management trusts, instalment warrants, exchange traded options, dividend imputation, reset preference shares and endowment warrants to name a few were almost nonexistent. 

Currently about 50% of investors are “mums and dads” investors who either own shares directly or in managed funds.  Many however have unfortunately been “burnt” in recent years, partly because they did not understand the risks of investing in financial markets.

It’s become a common mantra to hear governments around the world hammering home the importance of people taking control of their own financial future. Government funded pensions are under pressure making it unsustainable and unreliable to provide an appreciable standard of living for the pensioner.  Not saving and investing could potentially cause a significant decline in your retirement living standard.

When we get to be asked the question who wants to retire with a few millions? Almost everyone screams out a a big 'I' for an answer. But the question we need to ask ourselves is "How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case". Robert G Allen

Lets consider the average life expectancy as a basis for this analysis. It varies from continent to continent and even from nation to nation. Let’s assume for a moment that an average life is about 80 years. If a person retires at 60 years of age, the savings they have accumulated in the 40 years of their working life will be needed to fund 20 years or more of their retirement.

Deregulation of financial markets, interest rates and currencies means that the market determines the value of investments and not government decrees. This provides opportunities for investors who have done some level of study of investment options to build wealth and for unwary investors to lose wealth. I couldn’t agree much with Benjamin Graham who said “The individual investor should act consistently as an investor and not as a speculator. This means … that he should be able to justify every purchase he makes and each price he pays by impersonal, objective reasoning that satisfies him that he is getting more than his money's worth for his purchase”.

You must understand the opportunities and risks. The ground rule is that if you want to be a successful investor in financial markets, you must educate yourself about investing. Even if you put your faith in a licensed investment advisor, not all are competent. It is essential that you understand how the financial markets work so that you do not put your hard earned money in the hands of an incompetent advisor who is only interested in the commissions available. 

Before you start throwing up your hands in the air. Am not saying you need to know everything about investment. Am simply saying "Don't invest in anything that you don't understand. Do your research first". Paul Clitheroe. And like Warren Buffett rightly said "Why not invest your assets in the companies you really like? As Mae West said, "Too much of a good thing can be wonderful". In another interview when asked what he likes to invest in, he responded "I like to buy things I can understand. I do a lot of research on things". 

To be continued ....................

Watch out for the concluding part.

Failure and Innovation

Many up and coming entrepreneurs feel that they cannot start a business without a great idea. They believe it will be impossible to succeed without a completely new concept, as the market will already be cornered by established businesses. Loosing sight of the fact that in every decade, generation or century, fundamental changes in the nature of consumption create new demand patterns that existing enterprises can’t meet. Only by venturing into uncharted territory can they achieve their dreams. This is the fallacy of the great idea and exactly what has plagued many in failing to chart this great optional path to success.
However “just as energy is the basis of life itself, and ideas the source of innovation, so is innovation the vital spark of all human change, improvement and progress”  Ted Levitt.

Research has shown that there is a sharp contrast in the attitudes to business failure in the US and Europe and this is often cited as one of the reasons for the more entrepreneurial, innovation lead culture across the oceans.

Founder of Craiglist - Craig Newmark was dismayed by the attitude to failure he found when he visited the UK in 2009.  “In Silicon Valley, failure is just a normal phase of one’s career” he commented on his blog. Contrast this with Europe where 57% of people would not invest money with someone who has failed in the past and 47% would be less inclined to buy goods from someone who had a blot on their business career.

These differences in attitude have a huge impact on the number of startups. At any one time around 10% of the US population are engaged in the process of setting up a business whereas the figure is around 4% in the UK and only 2% in France.

Innovation and entrepreneurship by their very nature require experimenting with new ideas, many of which may not see the light of success or even the hope of getting it off the ground.

Everyone fears failure, but innovation depends on it. Woody Allen - an American Actor, Author, Screenwriter and Film Director, once said “If you're not failing every now and again, it's a sign you're not doing anything very innovative.”

A fear of failure can stifle the creative process in two ways. 

Firstly, the stigmatisation of failure makes people reluctant to try new things. This can be a big problem in both new and established business as people will play safe and stick to the status quo causing stagnation.

Secondly, people who fear failure will persevere at a failing project too long. In his book (The Dip), marketing guru Seth Godin argues that successful people fail early and fail often. The secret is to learn from the experience and ensure that the next project does not make the same mistakes. Alongside the learning experience that failure can bring, it also pushes us out of our comfort zone and forces us to do new things.

After getting fired or made redundant, you may not know what you will do next, but one thing is for certain, things will be different and you will have to improvise. The experience can either be a crushing blow or an exciting opportunity.

In 2008 J K Rowling, author of the Harry Potter novels, gave a speech to Harvard Graduates entitled ‘The Fringe Benefits of Failure’. Before becoming a world famous novelist, Rowling suffered a series of setbacks. Looking back now, she feels that her failures allowed her to strip away the inessential and concentrate on the one thing she was good at, writing.

In her speech she said:

Failure gave me an inner security that I had never attained by passing examinations. Failure taught me things about myself that I could have learned no other way… …The knowledge that you have emerged wiser and stronger from setbacks means that you are, ever after, secure in your ability to survive.

I believe that such is the story behind the scenes of many of the successful people we read about daily and pay to see. The problem of some people is that they haven’t failed enough in their various careers and consequently are stuck in dreary but well paid positions. A few failures along the way might have freed those people from the fear of the unknown and given them the permission they needed to think big. Globalization and technological advancement has handed to this generation great momentum to the speed of innovation in the last couple of decades. As Bill Gates rightly said “Never before in history has innovation offered promise of so much to so many in so short a time”. 

My final conclusion for today is that for any nation, group or individual ‘Innovation is the central issue in economic prosperity’ - Michael Porter. 

Life will hand over a blank check if you dare to try and try again. You stand to lose if all you do is  keep peeping out of the window of life crying out  ......... , “There’s a lion out there! If I go outside, I might be killed!”....... . That’s a wise piece from the book of Proverbs.

Tell us what you think (Comment below) and follow us (click on the Follow button at the right hand side of this post) as we explore ways to "get out there and start something".

JUST A TIP: Ten foods to feed your face younger

Ten foods to feed your face younger

Nutritionist and food expert Rachael Anne Hill shares the top eats for fresh, vibrant and young looking skin.…

Posted By Rachael Anne Hill, Wed 08 Sep, 2010 11:41AM BST ADOPTED FROM YAHOO LIFESTYLE

Each year we spend £3.8 billion on products to keep us looking young but according to researchers at Monash University in Melbourne, Australia, who studied more than 400 adults living in Australia, Greece and Sweden, it is the food you put in your mouth, not the creams you put on your skin that will be your best weapon in the war against premature ageing  - so here’s our guide to the top 10 wrinkle-preventing foods.

1. Blueberries
Researchers at Tufts University analysed 60 fruits and vegetables for their antioxidant capability. Blueberries came out on top, rating highest in their capacity to destroy those skin-wrinkling free radicals.   They also contain anthocyanins, substances which have been shown to be highly effective at strengthening the collagen in the skin preventing it from sagging. 


2. Avocado
Studies show that substances in the pulp of avocados can actually trigger DNA to produce more embryonal collagen, the type we start our lives with, and which produces smooth and wrinkle-free skin. 


3. Cabbage 
Cabbage, along with other members of the cruciferous family of vegetables such as broccoli, kale, Brussels sprouts, radish and watercress are all packed full of age-preventing phytonutrients.  Eat at least one serving of these vegetables every day cooked as lightly as possible to preserve their goodness. 


4. Watermelon
Both the flesh and seeds of the watermelon are nutritious so try blending them together in a food processor and drinking as a juice. The flesh contains vitamins A and C – both essential for healthy, glowing skin.  The seeds also contain selenium, essential fats, zinc and vitamin E, all of which help against the free radical damage that causes premature ageing and heart disease.


5. Mackerel
Mackerel and other oily fish such as trout, salmon, fresh tuna and sardines are a great source of both protein and essential fatty acids – two of the most important building blocks for the healthy renewal of skin cells.   Eat one to two portions of oily fish a week.


6. Liver
Liver is an excellent source of both iron and vitamin A.  Vitamin A enables the body to produce more keratin, a substance that helps to protect the skin from the elements.  Iron assists the circulatory system to carry beneficial nutrients to all cells and take potentially ageing waste products away. 


7. Soya milk
Soya milk is a great wrinkle preventer as it contains lecithin, which is a good source of the rejuvenating vitamin E.  It also contains choline and inositol which has been shown to be effective in slowing down the ageing process of the skin.


8. Brown rice
Brown rice, oats, whole wheat cereals and wholegrain breads are rich in fibre which help to prevent premature ageing by ensuring your body can process the nutrients from your food as efficiently as possible  - and when your digestive system is working well, your whole body will radiate health and vitality.  The fibre in wholegrains also helps to stabilise blood sugars, stem cravings and prevent over-eating.


9. Nuts and seeds
Nuts and seeds are a great source of zinc which helps to prevent premature sagging and wrinkling of skin by keeping its support structure, collagen, strong.  They are also packed full of selenium, essential fats and vitamin E, all of which help against the free radical damage that causes premature ageing of body tissues.


10. Oranges
Oranges are part of the citrus family which are all jam-packed with vitamin C - one of the best nutrients you can take to help repair and heal damaged skin tissue.   In fact, citrus fruits are so full of anti-ageing properties that according to a recent study carried out at the Smell & Taste Treatment and Research Foundation in Chicago even the very smell of them can help us appear younger!  Researchers asked 37 men and women to estimate the age of a series of models in photographs while wearing masks that were infused with the various aromas and found that the smell of grapefruit or other citrus aromas resulted in the men perceiving the women to be six years younger than they really were!