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How To Nurture & Grow Your Business In 2020

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Do you know that growing a business is much like losing weight? Yes, it’s that difficult but it’s also that much rewarding. See it like this, when you start your business, just as with trying to lose weight, you have a lot of focus and many goals. You start off really strong. However, as you go along, you experience frustration because of the challenging process. Then comes a plateau where you go back to old habits. Soon enough, when you don’t meet your goals, you panic and lose focus altogether. 

Don’t wait for a magic pill – both for your business and losing weight – because there isn’t any. What you need is a systematic process that will make it easier for you to identify the cracks in the system. You can then create the pathways where you can progress. With informed decisions, you can take more aggressive steps so you can achieve bigger successes. Here are the key steps on how you can nurture and grow your business this year. 

Make Honest Assessments

As an entrepreneur, you need to focus your energy on getting nearer to achieving your primary goals. To do this, you should first outline what your biggest priorities are as well as the impact that you expect from them. After that, assess where you are spending much of your time on. 

Are you working on projects that truly align with these primary goals that you’ve set? If you can examine this part honestly, you’ll be able to see where things are not aligned. You can then begin to build a more effective strategy. 

Work on Your Strengths

Too often, when entrepreneurs assess their businesses, they look at the weak points. However, it may not always be in the best interest of the company to do this. What you can do instead is to look at where you’re great at. What are the opportunities for growth on the parts that you’re succeeding? 

While it may be tempting to focus on getting new clients, you can focus on the clients that you already have. This may be where the future growth of your business lies. So, don’t spend all of your time, effort, and resources on client acquisition. Instead, work on deepening your relationships with your current customers. 

Take Risks

It may be tempting to be on the safe side and try to avoid failure as much as possible. This move is a logical one and many entrepreneurs prefer to take this route. It’s hard to keep a business afloat with failure being highly likely. 

But instead of being governed by fear, change your perspective. Whether you take risks or play it say, the odds are still going to be against you. So, make the move and take bigger risks. You’ll find that the odds are not any worse really. But the rewards you may gain can be exponentially higher. 

Strike the balance between being a risk-taker and being financially responsible. Trust your gut while examining all the available data that you have to make an informed decision. It’s the best way that you can create avenues for success in your business. 

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Development

Make Use Of Tech Tips To Improve Your Productivity In 2020

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Another year means we’ve got plenty of new opportunities to improve the way we work. With the many lessons that we’ve learned the previous year, we can now make adjustments to our strategies so that we’re more efficient and more productive. To help you with that, here are also some tech tips that you can use and apply in your work so that this year will be more awesome for your business. 

Use Data To Gain Better Insights For The Business

You can only manage what you can measure. We’ve heard this saying before. But you should also take note that measurement means looking into the right data. One factor of great productivity is the availability and your ability to manage data. 

Data becomes valuable when you know how to use it to make well-informed business decisions. With today’s technology, you can analyze huge amounts of data. You can use a good analytics platform so that you can get meaningful results. And with these results, you can make changes to the strategies that you are using in your business. 

Organize, Prioritize, & Execute

Proper organization of tasks is still an important component to achieve high productivity. To make things much clearer, have two sets of lists for your tasks: one for professional and one for personal. Also, do a daily to-do list and a weekly to-do list. In the process of organizing your tasks, you will also be able to prioritize them. You’ll be able to decide on which day of the week you’ll execute those must-dos. 

Task organization can be done both with just a pen, paper, and calendar or you can use one of the many systems and platforms online. The benefit of doing this digitally is that it is easier to integrate the tasks into your calendar and your collaborator’s calendars. You can send notifications and other important reminders through emails. When you’ve organized your tasks, you can then see which ones are taking the most of your time. You can then assess your workflow and adjust from there. 

Invest In The Latest Technology For Your Business

In our world today, you have the option to hire the best talents from every part of the world. Geographic barriers are no longer a limiting factor when it comes to collaborations. Now, we can communicate in real-time through instant messaging or video calls over the internet. Platforms for collaborative projects are available as well. You can monitor the progress of a project, who’s doing what, and what else needs to be done. 

To make sure that all these tasks that are being done remotely are superb, you need to invest in the latest technologies. When you can combine great talents and advance tech devices, software, and tools, you can be certain that you will see a boost in productivity. 

Takeaway

It’s vital to work on the productivity of the workforce because it affects the profitability of the business. The best part about strategies for productivity is that there is no single set of rules to follow. You can make adjustments according to your needs. You can use and apply some tips while disregarding others that don’t work for you. What’s important is to continually learn and tweak your productivity strategies.  

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Black Business Owners With A 760 Credit Score Are Denied For Business Loans

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Despite having high credit scores and a reliable income, Black business owners face business loan rejections from banks. 

Based on data provided by the U.S Federal Reserve reveals that Black business owners are frequently denied for loans more than any racial group. 

Among the affected businesses are Freddie Lee James Jr., also known as “sauce man,” and his wife Deborah are one of those owners who have been denied. The couple shared that despite bringing $200,000 of annual profit, banks would still turn them away. 

 “We have 750-760 credit score; we pay all our debts. We don’t have no problems with that. But they were saying that the sauce business is not generating enough capital to their standards,” Freddie said.

Reports show that Black-owned businesses are twice as likely to be denied compared to white people. On the other hand, people say it’s generally hard to get a loan. Galen Gondolfi stated that discrimination and racism in loans only exacerbate the issue for African Americans. 

On A Different Perspective 

Banks are still businesses and are often heavily regulated to avoid risks, said Dell Gines, a senior community development adviser for the Federal Reserve Bank of Kansas City. 

“They have to be very careful about the businesses that they lend to because having bad business loans is one of the leading causes of banks actually going out of business,” Dell Gines stated. 

African American entrepreneurs can face several obstacles; these include the lack of intergenerational wealth and lack of knowledge about how banking systems operate. Gines also believes that racial discrimination only broadens the gap. 

“Let’s say, hypothetically, there’s no discrimination in the banking industry; we would still probably have disparate outcomes because the system itself hasn’t prepared us to utilize the banking system effectively. Then, when you layer on the levels of discrimination that research has shown… when you combine those two, that’s why you see these kinds of disparate outcomes,” stated by Gines, who is black.

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U.S.-China Tech Conflict: What To Expect In 2020?

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The tech conflict between the United States and China won’t be cooling down any time soon as we enter 2020. The US president’s campaign against major Chinese tech firms has been on the headlines. But China is also been banning many US technologies. There is a political pressure over collaboration for international research and western tech companies and organizations are affected. It seems like 2020 is a year where we’ll be seeing technology globalization at risk. 

One major part of this divide is what’s called the splinternet. It is where governments can use mass-scale tech filters so that they can choose what will only be available to the citizens. For example, countries such as Saudi Arabia, Iran, Russia, and China can restrict access to certain sites, services, news, social media, communication platforms, and content sharing. But this is only the surface level of the issue. 

It is ironic that even though content censorship is now more widespread, much of the technology platforms actually have maintained a global lock. A majority of the operating systems that we use for desktop and mobile and mainstream applications have their influence from US standards. Almost anyone in the world can easily go anywhere and simply switch on their devices and connect. A few decades ago, there were competing standards. The US, Europe, and Japan were pursuing different directions. 

There are two news items at the tail end of 2019 that illustrate the risks that are being faced by technology standardization. The first one is when Huawei when it restricted access to US technology. The biggest telecoms equipment manufacturer might be forging its alternative to the Android services and software which is the standard. Android software is being used by over 2 billion people all over the world. 

Now,  it’s going to be the first time in over a decade that an alternative to the Android and iOS will rise. Huawei has a huge market with 42% in China and 25% of Russia. It can very well succeed in developing this alternative. 

A few days ago, China announced the completion of the alternative to the US GPS satellite navigation system which is the “Beidou” which means the Big Dipper. It is not simply a competitive alternative. It is strategically disconnecting from one of the core US technologies. China also stated that the 35 satellites of Beidou will not only match but also exceed the standard GPS network. 70% of the smartphones in China are equipped to utilize the network. China has a joined-up approach where the network can be used to further drive 5G services as well as adoption. 

China is set to increase its influence and independence this year 2020. The US seems to be loosening up its grip on some of the key standards in place. Some key players in the US will also be facing risks in losing material market share. Nothing is ever really fixed. We might see some political brakes being applied through trade deals. New approaches to tech security may also be on the rise. Wherever we may go from here, in a year’s time, the flexibility when it comes to decision-making will diminish for politicians. 

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