How to Show Your Business Integrity

In business, integrity is important quality you need to possess. Of course it is also important to have for those who are not involved in business because integrity is a good quality that can help you become a better person. It is also a quality you need to achieve long lasting success in life. Integrity means you don’t allow yourself to take a shortcut to achieve your goal. You will remain in your honesty and principles. That’s why it is quite challenging to build this kind of character within. There are many distractions and temptation to compromise your integrity such as needs and greed.

Showing business integrity the right way

In running business, integrity is important element to possess because it what can help you to grow successful business in the long run. There are many shortcuts here and there you can take but those only offer temporary success. Meanwhile, integrity is not something to compromise. It is strongly related to honesty. Remain honest when running a business is challenging because you have various obstacles including money, competitors, market, and many more. So how to show entrepreneurial integrity in you:

Stay true to your commitment

When running a business, you make your own business plan, promise your customers to deliver the  best products/services, and many more. You show your integrity by meeting the commitments without fail. When you compromise the commitments, you lose integrity. When your customers feel you that you didn’t meet your commitment in delivering quality product/service, you will lose them automatically regardless of the excuse you made.

Treat everyone with respect

People with integrity will always treat others with respect regardless of the position or differences. Nobody likes to be the receiver of disrespectful acts. It is important to treat people without discrimination. When you can respect others unconditionally, you will receive the same respect. You need to learn how to be courteous as well as considerate. For example, you manage a group of people in your team, they must come from different background, culture, discipline, and personality. You have to treat them with respect if you want the team to work successfully and effectively. Differences are not something to argue for. Instead, differences in skills and qualities can help complimenting one another in the team.

Persistent and consistent in maintaining moral code

You set morale code since the beginning so your customers expect you to remain consistent on it. If you fail to maintain your morale code, your customers won’t hesitate to run into your competitors that they think is better than you.

Maintain trust and honesty

It is challenging to maintain trust and honesty in working environment especially when everyone has different agenda. That’s why it is important that you have integrity to build trust in your relationship with your teammates as well as customers. Trust is not something you can build overnight. It is built gradually and surely. Honesty is as important as trust. You don’t have to be afraid to remain honest to your teammate, business partners, and customers.

It is challenging to maintain trust and honesty in working environment especially when everyone has different agenda. That’s why it is important that you have integrity to build trust in your relationship with your teammates as well as customers. Trust is not something you can build overnight. It is built gradually and surely. Honesty is as important as trust. You don’t have to be afraid to remain honest to your teammate, business partners, and customers.

Creating Positive Work Environment When Running Your Own Business

When you run your own business, you are required to create and manage a solid, reliable team to help you reach your goals. It is not easy to manage different people with different personalities, skills, and tendencies. However, you can do it smoothly when you can create positive work environment. When your team feel happier and more comfortable, the more productive they can be. Their motivation will soar instead of deflating. Therefore, creating and maintaining positivity in work environment is one of the most essentials to build successful team for your business in the long run.

Tips to create positive work environment

There are many ways you can do to encourage a positive working environment. You don’t have to start with expensive ways. Instead, start with something simple but effective. Here are some ways you can do.

Creating Positive Work Environment When Running Your Own Business

Create positive and effective communication practice

This sounds simple but one of the most issues in the team is often related to communication. Misunderstanding and miscommunication are the most cause of dispute. Thus, it is such a great way to foster positive and effective communication practices so the team can understand each other better. When the communication is positive and clear, it is easier to manage.

Be more appreciative to your team

Your employees need to feel motivated and appreciated for what they have done. You don’t have to give your employees expensive gift to show your appreciation for their achievement. A simple thank you or nice job is enough to make them feel valued and appreciated. This simple gesture is even more meaningful when you do it sincerely.

Be more willing to listen

You are the owner of your business but that doesn’t mean you can control everything to your liking. What you believe is not always good for your business. Sometimes, you need your teammate’s opinion to make better judgment or ideas. Encourage your teammates to open up and speak up more ideas. This is also one of the ways to show appreciation.

Spread positive mood in work environment

You can create positive work environment by simply spread positive mood. For example, you can smile more, greeting your team happily in the morning and say farewell when the work hours end. This can make you look approachable. Thus, your teammates will be more eager to engage with you.

Do not criticize your teammates in public

Nobody likes to feel humiliated in front of many people. Thus, it is highly advised to criticize or correct your employees in private. Not only does it save them from embarrassment, but it can keep the respect they have for you.

Do not hesitate to have fun

Running business is already stressful. It will even be more stressful when you keep on serious face all the time. It can affect the mood of your other teammates. Therefore, try to crack some jokes during a break so you can cheer up your employees. Do not hesitate to laugh and be the happy you as long as it doesn’t break professional work ethic.

Handling Conflicts With Business Partner Effectively

Partnering in business can be advantageous for your business because it means you get more support to grow it successfully. When you have partner in business, you get extra hand so you can achieve the goal more efficiently. However, partnering will only work if you can find the right person.

That’s why it is important to be thorough before choosing someone to partner with. Keep in mind that there are some red flags you need to be aware of when looking for business partners.

Handling business conflicts

Make sure you choose based on expertise, skills, and personality. Your business relationship won’t work if you are partner up with someone who have issue with emotional management.

How to handle conflicts with your business partners

Conflict are sometime inevitable in business relationship because you are different individual after all. However, conflict can be resolved using the right way.

To prevent conflict, you have to make clear clause from the beginning because formal agreement can be a guide of how to make the relationship work. And if you are interesting to know more of the tips to handle conflict that happens in your business relationship, read along the full explanation below.

Establish good communication by being open and honest to each other. When you keep something crucial behind your partner, it can aggravate conflict.

If it’s already happen, you need to communicate it the right way. When conflict happens, it is easy to have the urge to keep talking without the need to listen to the other. However, it is important to keep your emotion in check during conflict and be more willing to listen.

Listen to each other will create deeper understanding of what is actually happening. You will be able to find the root of the problem and find the solution together.

When there is problem arise, solve it as quickly as possible. Do not delay until it explodes. You need to address minor problems that arise in your business relationship. Immediate action can prevent from severe damage for the business.

This needs to be communicated in the beginning of your partnership. Thus, your business partner also have the same understanding that any issue will need to be addressed immediately.

It is also highly recommended to solve the conflict without the involvement of personal and emotional attachments.

Those will only make conflict appear bigger than actually is. If you feel like your head is still clouded with intense emotional turbulence due to the conflict, cool yourself down first before addressing the issue.

You can take a breather to calm yourself so you will be able to think rationally. This way, your emotional feeling won’t cloud your judgment.

If the conflict is too hard to be solved by you and your partner, you can ask for the third-part for help. This doesn’t make the both of you to appear weak. This is necessary if you want to avoid severe damage especially to the business.

The third-party should be neutral so they can contribute honest, fair opinion about the problems causing the conflict. Other’s perspective can be helpful because there is no particular emotion or motive behind.

Why You Need Professional Website for Your Business

We are living in digital era where everything can be handled using digital devices, tools, and whatnot. It gives advantage for us because it makes life easier. It also benefits business owners as marketing can use digital approaches. If you are running a business and still ignorant of the advantage of digital marketing, you will lose more opportunities to grow successfully with your business. One of the most digital approaches for marketing strategy is to create professional website for your business. It is one of the most effective marketing strategy as well as branding. 

Benefits of creating professional website for your business

Everyone from various background and discipline can run their own business. You can use your own strategy to achieve your goals. However, you need to keep up with the dynamic of the market. Online presence is one of the factors that can help your business to grow faster and being recognized effectively by larger audience. Here are reasons why you need professional website for your business.

Map Geographical Location of Your Customers

In order to reach out your customers, you need to know where they spend their times. Most people spend their time online. They search information online and like engaging within online community. You can take advantage of this by creating your own website so you reach out larger audience effectively and engage with them. Your professional website will also help your customer to reach you more efficiently.

Get Recognised Easily

You need your business to be recognized by audience so you can introduce your products and services effectively. One of the best place to let them know your presence is online platform. It has unlimited audiences from local and international. Granted, your business will have better visibility. By having professional website, you need to make the most of the visibility by using SEO strategy. This way, your website will end up being the top ranks in the search engine. This means your website receive more exposure and your potential customers can reach you easier.

Nurture Existing Customers

Professional website is not only to attract new potential customers. Remember that you also need to nurture your existing customer so they stay satisfied with your products and services. Your professional website can be the great place and bridge to nurture relationship between you and your existing customers. You can always ask their feedbacks so you know the dynamic of their needs change. You can conduct a live chat or survey polls to know what’s on your existing customers’ mind. 

Read More: Maintaining Good Relationship with Your Tenants for Smooth Property Business

Build Credibility and Reputation

Professional website is also like a tool you can use to build your credibility and reputation. Those are quality needed to make your business grow successfully. When you create professional website and it is well managed then you gain trust from you customers. It also shows how dedicated you are to your business and customers. With well-built professional website, you can also create positive user experience, making your customers happy anytime they click on your website. Besides, you will generate more leads and customers through professional website that is well-built.

How to Save Your Struggling Small Business

Running your own business means you should be ready to face the risk. One of them is your business to be struggling during a crisis. There are various reasons on why your small business ended up struggling. Financial crisis is one of the most common factors. However, it doesn’t mean that you have failed already. You still have chance to get it back in line with some efforts and strategies. Besides, experiencing ups and downs in business is common for business owners. Business is not for the weak anyway.

Getting your struggling small business back in line

There are many forms of how your business is struggling. What you need to do is stay calm and find the right solution to get it back in line. Of course, it is easier said than done because many business owners failed to do so. Remember that your finance is one of the most crucial factors in getting back your struggling business. Here are some tips you can consider:

How to Save Your Struggling Small Business

Finding the Root of Problem

The first thing you need to do when your small business is struggling is to find the root of the problem. Even if you are struggling to find one, there must be one when you search enough. Most of the problems is rooted from financial plan. Thus, you can start digging the problems from there.

Never overestimate

One of the most common mistakes in financial plan is that when business owners overestimate the income of the business they run, be it net income, profit, etc. at the same time, they underestimate the expense. Both are not supposed to do when running business because they can lead to disaster in your financial setting. Remember that business is about game of number. It is important to calculate everything thoroughly and carefully so at least you get estimation the closest to reality.

Control Spending

The money that you earn from running your own business is meant to be spent. You should spend it and that’s the how the cash flow works. However, do not spend all of it or do not spend it too much.  Instead of making random decision on how you spend the money, it is much better to make budgeting of business expense. Thus, you will know what your priority is and you know where to spend your money. Budget management is important because the unexpected is possible to come so you always need to be prepared with the cash in your business account.

Keep Track on Financial Life

Manage your writing business financial life. This way, you can keep track of your business expense. You will be able to see where the problem lies that cause your business to struggle much. While finding out the cause of the problem, you can start arranging and managing your finance to the better. Remember that you need to make positive cash flow so your business will stay afloat in the long run. From the beginning of running your business, make sure that you don’t mix business and personal finance because it can cause so much troubles than you expected.

Mortgage Default in Property Investment

Mortgage is common in property investment business and it is related to financial circumstances. You see, not all investor can afford an investment property. Thus, they turn to lenders such as banks to borrow money so they can purchase property they want to invest.

It sounds simple but lots of investors are a little scared of mortgage due to its interest rates. However, mortgage can be really helpful if you choose the right one. Thus, it is highly advised to not being rush in choosing the right lenders that offer the best loan contract and credit policies.

About mortgage default in property investment business

Lots of people only focus on the rates when it comes to mortgage. However, there is more than that you should focus on. Before signing loan contract, you need to make sure that you understand every term and condition so you know what you are committed to.

Of course, the possibility of rising interest rates in the future is terrifying for investors and that is one the most common reasons why they are so stressed about it.

Things to know about mortgage default in property investment business

It is also important for you to understand about mortgage default just in case something bad happens to your property investment business. You see, sometimes bad things are inevitable. Before it even happens, you need to have exit strategy so you won’t suffer from severe loss. There are various reasons of mortgage default.

The most common reasons is a death in the family. This is unpredictable and inevitable at the same time. Another impact of this situation is financial burden that is carried by the remaining families such as funeral service, burial, cremation, etc. If the person who passed away has partner, the remaining one should move to a single home which cost as well.

Next common reasons of mortgage default is separation or divorce. When a property is owned by couple or spouse, it can cause mortgage default. Finding the right solution for this matter can be tricky. This reason also takes the longest to deal with especially when the separation is on bad term.

The financial burden is hard to decide because both parties usually have their own arguments. Another common reason is unemployment and sickness. When you stop working, it means you don’t have income. It means you won’t be able to fulfil loan repayment.

These situation are also unexpected so that’s why you need to do your best choosing the right loan contract from the start.

There is bad situation in property investment business regarding to mortgage. It is when investor spend their 30% or more of their pre-tax income on property loan repayments. This situation is not good for investors. However, lots of investors apparently have experienced this type of stress. Of course, it doesn’t mean all investors will experience it.

However, investors that borrowed too much to start off are likely to experience this. They tend to be in more unfortunate situation when there is even small rate rise. Mortgage stress is different from cash flow downturn. The situations and the impacts of both are different in various sense.

Should You Sell Your Rental Property Located at Travel Spot?

Should you sell the rental property you have had that located at travel spot? It seems to be the hard question and I believe that many of us will have our own arguments.

And at the end, we won’t really know the answer ’till you are deciding what the best thing to do. And no matter what your decision will be, that can be the best for the time. No more hard thinking but you will find some days or weeks ahead if you are going to regret your decision or not.

Should I sell the rental property at travel spot?

As the travel spot is great for almost any available businesses, selling the rental property can be important decision you have made in your business career.

It is not really easy no matter how logic you are trying to think and no matter how many references and business consultants you have visited. Selling the rental property at travel spot is also means that you are going to sell the existing values it has along with its future potentials.

So that, you’d better think twice or even thousand times if you are going to do so.

So, why the other businessmen are selling their rental property?

We have never truly know what happened to someone or what the business goals they are trying to achieve. Sometimes, people are doing things because they will need more money to build new business they love, paying the taxes that have not been paid, getting too many troublesome in maintaining the rental property itself and many more reasons.

If we have got the reasons to build the rental property at travel spot before, then I think that we will also need the reasons why we need to give it away to the other businessmen.

The next reason that will also supports the first reason on above is that the other people may have a major life event. It could be the marriage, moving to a new workplace, accident where I hope you won’t get this one and many more.

So even though rental property is a professional business, there will always the reasons that it will also be affected by the personal excuses.

The other may also just have got the new better sources of passive income. Basically, we are doing business to gain money. That can be the first value for many of us. And when there will be another sources that are better than rental property, then why not.

Selling the property may not the first choice you can get. You can still develops the the business to support the destination it located. But when you will combine some professional and personal reasons, if you think that you can’t holds it any longer, then hands it over to another business deal can be your solution.

There two questions to remind you whether you will sell your rental property or not. Both are; What the advantages for you? and what the possible things you could regret in the future?

You can also start by thinking about the “what if” questions to digging more about the decision on selling your rental property at the travel spot. You’ve got this idea, haven’t you?

In case if you won’t sell the rental property, you may want to get some inspirations and insight through out the various type of property business at the public beach. It may will help you to make a decision.

Important Reason to Start Your Graphic Design Career in Bali

Mostly, many people are considering Bali as only one of the world’s travel destination. But today, I will also recommending you to start your graphic design career journey in Bali for one of important reason.

If the other cities in Indonesia are good for running business, than it will also be the perfect place when you are doing it in Bali. Either you will be a graphic designer in an agency or offering your graphic design Bali services to the businessmen, you are welcome when you are starting them both in Bali.

The one and only important reason that I mean to telling you is that; Bali is providing you the customers from around the world. Just name the country you have in mind, there will be those people who came from the state you are going to spell out.

Now the main question related to that is: How come it is so important?

Important reason to start graphic design career and business in Bali

The first thing comes up in my mind is that, when you can get more customers from different countries, cultures, religions, etc, you will also learn about the graphic design “taste” from different people.

You will not only meet one point of view for an issue but there will be some or even more. That will enrich your knowledge and experiences as well. You will learn how to deal with them, what kind of design concept will be accepted and many more.

And since there will be more people from the other countries, you barely can meet such condition at the other locations in Indonesia. Bali is truly differentiates itself by that for long time.

Next advantage you can get is relates to your salary. Jakarta as the capital city of Indonesia may have a higher salary of almost any jobs, so do for the graphic designer. But, Bali is considerably is pretty much high for that as well. Ever since the graphic design is important for businessmen, the services then become much appreciated as well especially by the foreigners.

Starting your graphic design services in Bali is also easy. You can be a freelance after work and start your own business empire and many of customers are actually looking for the freelancers that they can meet directly and see if they can trust you or not.

That will be a good way to avoid taxes as graphic designer since doing that will be out of track for the government access. You are truly under the radar especially when you are getting customers through online, I think there’s still no tax for that online earning.

Through the clients that you have been met at work and as the freelancers, you are actually have been expanding your own business network. By the times, your have been well known by many businessmen while getting new clients occasionally. Therefore, if you are truly the graphic design enthusiast and want to start and take your career to the next level, you may want to try it in Bali.

But it all will be your decision. The other cities are also good for your starting point. But certainly will be far different with Bali especially the international market it has.

Understanding Tenant Market to Make Better Property Investing

Growing your property business may need you to pull your teeth. It is challenging but worthy. Managing property business requires you to handle lots of things.

Some of them hold the key to your success such as tenant market. Of course your property is your asset that you should make the most of it. Thus, purchasing investment grade property is a must from the beginning. However, your investment grade property won’t be a use if it is not tenanted.

You can pay your mortgage if your property is far from being vacant. Your tenants play a big role in maintaining your healthy cash flow after all. Thus, it is just reasonable to understand more about tenants market.

Seeing from tenant’s point of view

You should make your property desirable in the eyes of prospective tenants.

You should find out what the renters really want of ideal living condition.

Understanding tenant's point of view for better property investing

You also need to figure out what they really want from a prospective according to their lifestyle preference. Here are things you should know about tenant market:

  • Desirability is one of the most important point in tenant market. You should know what your tenants desire for their prospective homes. This will lead you to understand more how to make them happy and content. If your tenants are unhappy, it is easy for them to walk out. In contrast, they will be happily staying longer and prolonging their lease if they have ideal living condition that match their lifestyle preference. Of course it is challenging to find out what the tenants really want because every individual is unique in their own way. It will be easier to create desirability if you have target in the tenant market.
  • Aside from finding out what the tenants really want, it is also important for you to find out things that can piss them off. Tenants find it frustrating to have unresponsive landlords or property manager. They also find it annoying when they are restricted even for doing small changes to the property such as painting their room the color their want. You may also need to know that in the tenant market there are pet owners who are unhappy when they are not allowed to have their pet living with them in the property. By knowing what can make tenants run away, you can make more reasonable lease agreement and tenancy rules.
  • You need to find something you absolutely should have in your rental property. There are some things that you should have no matter what happens if you want to attract tenant market. They include large living space, well-appointed kitchen, air-conditioning and heating, convincing security system, nice out door space, etc.
  • You also need to know that neighborhood or location of the property can help you attracting tenant market. Thus, make sure you choose property located in safe neighborhood with good access to public transport. It is even better if your property offer great proximity to workplace and shopping amenities because that’s what tenants want in general.

Maintaining Good Relationship with Your Tenants for Smooth Property Business

Owning rental property requires you to deal with many things such as financial issues, maintenance, updated property market, and of course tenancy. All these things can be overwhelming and put you under a stressful situation.

That’s why it is always recommended by experts for landlord and rental property owners to hire property manager. However, there is a limit of what a property manager can do for you to keep your business flows smoothly. You also have responsibilities to keep everything neat and well, includes maintaining good relationship with your tenants.

What can put your relationship with tenants in jeopardy?

With property manager, sometimes rental property owners forget that they still have responsibilities to do and keep a good term with tenants is one of them. Remember that not only the property is your asset but so is your tenants.

They are invaluable asset you need to keep. Thus, it is important to know the things that can put your relationship with your tenants in jeopardy and more or less risk your rental property investment.

Poor communication due to emotional outburst

Poor communication skill can hard the relationship with the tenants in emotional worst way

There are many things that cause misunderstanding. One of them is poor communication due to emotional outbursts. Sometimes, tenants have their own problems that when they have minor complaint about your property, they take it out the wrong way.

And sometimes, you react the wrong way too. It can create tension that can lead to misunderstanding. Therefore, it is recommended to stay calm when you have a little dispute with your tenants because anger won’t solve anything.

Instead, you can try to explain the issue calmly so it can be solved efficiently without straining your tenant-landlord relationship.

Mistreatment from both parties

Respecting personal right is what you and your tenants should keep if you want your relationship stay for a long-term. However, sometimes there are problems relating to it.

For example, your tenants don’t take a good care of the property so there are many things to fix. On the other hand, you showing up unannounced in front of your tenant’s door is considered disrespectful as well. Therefore, you and your tenants should show mutual respect to each personal rights.

You should make sure that your tenants treat the property like it’s their own by taking good care of it. On the other hand, you should also show your respect by give a notice prior to your visit.

Unfulfilled promises

As a landlord, you have responsibilities to listen to your tenants. When something need to be repaired, you can’t just promise your tenant to fix it then forget about it. You need to fulfill your promise because it is your responsibility as property owner and landlord.

If you don’t want to have problem in the future regarding to promises and agreement, make sure to write everything down. Thus, you will be able to find the right solution when problems arise.

Aside from unfulfilled promises, your tenant-landlord relationship can be put in jeopardy due to different expectation. Thus, make sure to provide hospitable accommodation for your tenants.