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How to Run Your Business in Auto Pilot Mode and Scale?

In the business world, everyone likes to remain free and run business in autopilot mode. Imagine the situation –

What would happen if you took a week off or a month off or even three months off, away from your business, what would happen?

Would you come back to find your business more profitable? or would you come back and say, where’s my business?

My business has gone, just complete chaos.

But my dear friend, you can overcome the above situation and run your business in auto-pilot mode and even scale your business. Let me share with you what I have learned from one bestselling book – The E-Myth.

Business Systems

How your Business can run in The Auto Pilot Mode and Scale?

The world’s number one small business guru and the author of the book “The E-Myth”, Michael Gerber talks about that. He shares insights about Why Most Small Business Don’t work and what to do about it.

He says that –

  • Most entrepreneurs are not entrepreneurs.
  • They are technicians with an entrepreneurial seizure.

Meaning suddenly they are working a job, they’re doing something, and then the entrepreneurial bug just bites them, and they’re like, you know what, I can do better than this, that I should go out there and start my own business.

And what happens is then you have a plumber starting a plumbing business, or a chef starting a restaurant business.

So they understand the technical aspect of a business, and how to do the technical work, but they actually don’t have the necessary skills of a business owner or an entrepreneur on how to actually run a business.

So then what ends up happening is they get busy and busy, busy, busy, and doing it, doing it, doing it, doing it.

And they never understand how to build a business.

What Michael talks about is that most entrepreneurs, spend way too much time working in their business, but not on their business.

To build a business that runs without you, on day one, your intention must be to build a business to sell.

Even though you may never sell the business, on day one, you need to plan to sell, you need to structure your business in such a way that, hey, if I’m going to sell it someday, what would that look like?

Right, what do I need to do differently?

Well, one thing for sure that you know, you can not just be the one that’s doing and doing and doing. 

That’s just driving the business.

Yes, in the beginning, you have to be the driver for the business, same as me, but later on, what does that actually look like?

  • What does the end product look like?
  • Meaning what does your business look like when it’s done?

That’s correct, you have to have a picture, what does your business look like when it’s completed?

When it’s finished, when someone can step in and actually take over, even though you may never sell the business, but what that means is if you could build your business in that way, that automatically makes your business more valuable.

So when you do want to retire, when you do want to have a successful exit, cash in, you could do that, even though you never do that just by thinking and structuring and building your business in a way that is sellable, it makes the business more scalable, it makes the business more efficient, that gives you more freedom, freedom to do whatever you want.

Maybe you want to use your free time to start another business, maybe you are a serial entrepreneur just like myself, who started multiple brands or businesses. 

Another thing you can do is focus your time on building your investment and taking some of the profits and growing your portfolio, or maybe just want to spend more quality time with your family, but now you have a choice you’re working in the business not because you have to, but because you want to because you enjoy it.

But you know that you can also step away if you want to as well, that’s what we need to do.

You see the nature of business, technology and people and the world that we live in, it means that there’s always a degree of unpredictability that is very, very normal, but most challenges, most problems in business usually are not one-off events.

So if you find yourself solving the same problem in a business again and again and again, and again, usually it is a sign of a lack of business system in your company.

As a CEO of your company, you don’t want to confuse what you don’t want to do with what you need to do.

Yes, I am a visionary like yourself as well, I like a big picture, I get it.

But someone, it could be you or someone within your organization better know how to create systems.

One of the most powerful mindset shifts that you need to have, is instead of asking what I need to do, ask yourself, how do I solve this problem not once, but forever?

You must realize that business is an intellectual sport.

To create a different result, we have to think differently.

That means that we have to ask ourselves a different set of questions.

So let’s talk about exactly what is a system.

Regardless of what business you’re in, there are best practices,

they’re the best ways of doing something that has the highest chance of bringing about a particular result that you want consistently.

So if you look at the best practices and you identify those steps and you break it down into things and in ways that could be written down, that could be illustrated, that could be documented, that could produce those results again and again, that is a system, it’s that simple.

Think of it like baking a cake, right. 

If you want to bake a cake, you want to have the same flavor and same taste all the time, right. There is a recipe that you know exactly what ingredients and how much ingredients and how long you want the cake to be in the oven, right?

There are steps into doing this and you could illustrate the whole process in a recipe, in a checklist, or maybe even a grocery list of where to get those ingredients in order to create that cake consistently, you to have that consistent performance and outcome.

Well, that is a system, it’s that simple.

Don’t overcomplicate it. 

And in business, there are many, many, many forms of systems, I don’t want to go into too much in-depth because that would be a long post.

I’m just going to give you the most basic level, three types of systems.

#1 Hard System

Hard System means something visual. (Things you can see) Your logo is a hard system, right, if you walk into a store in McDonald’s, you see a certain theme, the decoration that is a hard system, a uniform that is a hard system.

If you are a web designing company, your template, is your hard system.

If you are a digital marketing company and you built funnels for people, that funnel template, that is your hard system.

Something that you could replicate and duplicate for other clients.

#2 Soft System

Then number two, you have what I call soft systems.

Soft systems mean what something sounds like (things you can hear), for example, it could be how you greet a customer, how you handle complaints, how you sell, how you upsell, how do you cross-sell, how you communicate with your prospects,

your closing script is a soft system.

Now, every single time your salesperson gets on the phone and just says whatever he feels like, aah, I’m just, he’s just winging it, well, that is not a system and depends on his mood, someday he closes well, someday he doesn’t close so well.

That is because you’re not giving him a system to follow.

Now, I’m not saying that you have to give him a script to follow word for word, and he’s talking like a robot, but there should be some standard questions, some standard script that you know, kind of an outline that he’s going to follow every single time he gets on the phone and closes somebody, that’s a soft system, that’s how you get predictable sales.

You don’t want, if you have a team of salespeople, you don’t want all of them close differently.

Yes, they have their own little style, but they should all follow the same soft system.

#3 Information Systems

And third, you have information systems. When I say information systems, I’m referring to your standardized processes and reports.

So if you have your KPI report, your key performance indicator report, that is a form of soft system, your training program, that is a form of soft system.

For example, with any organization, there is a process of onboarding like training. Additionally, there is a process, any new hire go through a process that immerses them into the culture, core values, mission, what are products, how the department operates, and how we do things so that we don’t have to manually train someone all the time.

They’re going to go through this process, there are different assignments and they get themselves trained.

Because think about this, people come and go and that’s life.

But the jobs that people do will remain even though those people are no longer with you.

Isn’t it a lot easier to find someone to fill that position, if you have systems in place, someone could hit the ground running, versus what most business owners do and this is what I used to do, I made that mistake?

That when someone leaves right, their capabilities, their skill sets all go with them, and now you have a void.

Now you need to start from scratch, you hire the person, you spend a lot, a lot of time training that person, right, very, very costly, versus every single time someone leaves your company, it creates a huge burden, it creates a massive amount of chaos, that you got to clean up that mess and you got to go in every single time to be the hero to save the day, you do not want to do that.

Think about this, how most business owners operate.

Think – How Mukesh Ambani operates its business? 

Reliance – Reliance is a big giant.

All big business operates through a system. That’s the reason if the owner of the business goes on leave for a few days still business runs.

How? The system would run the business and people would run the system, that’s how you build a business that runs in autopilot mode without you a business that scales.

Building a system, and establishing a process is a challenge for every aspiring entrepreneur. 

They don’t know how to shift from an entrepreneur to a CEO.

If you want a proven path of exactly what you need to focus on at every stage of your business growth, and also, how do you shift from the entrepreneur to the CEO?

How do you wear the CEO hat? Get in touch with me at contact@moneyexcel.com.

I have proven steps, processes, and systems for every business owner. I am sure I can help you to run your business in autopilot mode. 

4 Easy tips to safe trading in FOREX

Forex trading is perhaps the largest financial market in the world and is currently seeing a boom in the Indian market. The Forex market is worth more than $2.4 quadrillion (as per last data in 2019) and has a daily average turnover of around $6.6 trillion. These numbers will sound overwhelming and so is the volatility in this market. The sudden ups-and-down can drive traders on a psychological roller coaster ride. That is partly why trading is no cup of tea.

Let us understand what is Forex Trading

In simple terms, the foreign exchange market is a decentralized platform where banks, firms, and individuals can trade currencies. Forex acts as a hub for the different currency markets around the globe. It is one of the leading marketplaces with the highest trading volumes worldwide. These high trading volumes create extreme volatility in the price charts of different currencies. It is also a major reason why most people are attracted to forex trading as the opportunities to trade for a profit rapidly increases with those price fluctuations. Nevertheless, the possibility of losses is also much more likely in the forex trading market.

Trading in the forex market can help you earn profits if done diligently with decisive strategies in place, but a lot of people might not know how to do it correctly. So, here are 4 easy tips to keep in mind while trading. These will help you in construct smart strategies, giving you an edge over others. Also, these tips will improve your consistency and can help you to get access to a funded trading account.

forex trading how to

4 Easy Tips to Safe Trading in FOREX

#1 Risk appetite

Always trade according to your risk appetite. The possibility of losing some or all of your initial capital is what is called the risk factor. Since risk and reward go hand-in-hand, it can also boost the likelihood of gaining a profit, if done with a solid strategy in place. Moreover, there are certain factors that should be taken into account while trading, like the leverage ratio. Never put your money into an investment that you cannot afford to lose. Leverage is the concept of using borrowed money to increase an investment’s return. It increases your market exposure even with a limited number of assets. Nevertheless, it’s never a smart idea to take on too much risk in forex trading, thus you should only trade with money you can afford to lose. Risks and returns are mutually exclusive, the higher the risk, the higher the probability of reward and vice versa.

#2 Timing is everything

The trends impacting the value of financial instruments change rapidly, so timing is everything in this market. It is essential that your trading decisions, from placing an order to shifting your stop loss, are executed expeditiously. Any delay could rob you of your gains. Ergo it is crucial that your source of trade is not only reliable but swift. Vantage a global multi-asset brokerage firm provides users with lightning-fast execution in the trade.

#3 Safe position

While there are thousands of blogs on the internet talking about profitable forex trading in India, the foremost aim of every trader should be to build a safe position in the market.  For the same reason, there are a variety of factors that should be focused on while trading, such as managing FX risk, placing your trades correctly, considering pivot points, conducting thorough research, and maintaining a strong understanding of market conditions—the list goes on. The currency market is a vast space where market sentiments change rapidly. To make sure you are making the right decisions, you need a one stop source to learn about the market, where you can read your charts and place your trades concurrently without disrupting your trading journey. It might also be a good idea to take on something like this forex funded account challenge, using a simulated trading account so that you can get an idea of what a day of trading looks like without actually risking any real money.

#4 Leveraging tech

The need to visit the stock exchange offices to verify the changes in the foreign currency market has long since passed. With the development of new technologies, traders can now get real-time market data on asset prices, and can benefit from greater efficiency and effectiveness in the trading process. For example, Vantage offers a reliable trading ecosystem that is user-friendly and provides fast execution, so  customers can trade on their own terms more quickly and easily. Their Vantage app allows people to trade over different market segments (like forex, crypto, indices or shares), from wherever they are. The App’s ultra-fast execution, stable performance, and round-the-clock dedicated customer service support ensure that with Vantage, traders can make the most of the market opportunities.

Vantage’s ever-improving network helps users to succeed at every stage of their trading journey, by providing them with the essential markets, tools, platforms, instructional resources, and customer support they need to trade. Speed is everything in the market. The more quickly traders respond to the shifting market, the better positioned they are to seize any potential trading opportunities. In that respect, Vantage has created a robust and comprehensive trading platform, with highly efficient processes, for users to enjoy a swift and efficient trading experience.

Trading in the foreign exchange market can be both tempting and risky. It offers a wealth of trading opportunities because of price volatility, but only if you fully comprehend the market. However, there are some aspects of your trading style that you will only discover and encounter after you start trading.

The more time you spend in the market, the better you will be able to understand and manage it.

Credit Card Hidden Charges – My Experience

A credit card is one of the most used financial instruments. Many of us are using credit cards. The credit card gives multiple benefits if a credit card is used wisely. If you are also using a credit card or planning to use one, you should be aware of hidden charges that are applicable to the credit cards. There are many hidden charges applicable to the credit card. I have discovered that hidden charges are up to extent that credit card company offers reward points and for the redemption of reward points you need to pay charges. Recently, I had a bad experience with credit card hidden charges. It was ICICI Coral Life Time Free credit card and I have canceled that card.

So, here is my experience with ICICI Coral Life Time Free Credit card Hidden charges.

credit card charges

Credit Card Hidden Charges – My Experience 

ICICI Coral Life Time Free Credit card is claimed to be a credit card with a lot of privileges. 

ICICI bank says on their website that – “ICICI Bank Credit Card entitles you to earn Reward Points on your transactions. Rewards, India’s largest Reward Programme, has powered ICICI Bank Rewards to bring you a suite of exciting rewards for your everyday spending. You not only earn Reward Points when you use your ICICI Bank Credit Card, but also earn additional points from Reward Partner Brands for the same purchase.”

However, I discover that promotion and marketing are done for this card based on reward points. The reward system is hopeless. Not only that ICICI Bank charges extra money for redeeming points. In my case, it so happened that charges were equal to the amount of redemption. This means no benefit to the customer for the redemption of points. 

Not only that, when it comes to redeeming point customer has to run from pillar to post or in other word struggle a lot. I had done a lot of struggle in redeeming my points. They have kept another website for redeeming points. You need to call customer care to get the password of that site. In short, you will end up losing a lot of time and energy. 

Recently, when I redeem my points earned on ICICI coral lifetime free credit card, I feel cheated. I have redeemed the point and given an order for the water bottle. I received the water bottle via courier.

After 1 month I got my credit card bill, while checking the bill I found additional charges for the redemption of 99 INR + GST charges. Not only that for every time when redemption is done this charge is applicable. 

While asking ICICI credit card customer care they said these charges are part of our terms and conditions and it is mentioned on the website. The word of the customer card executive was customer have mentioned in our terms that every time customer redeem their points we will charge 99 INR + GST for redemption. 

Incidentally, I have done redemption two times so, I got charges of 2 redemptions in my bill. It is not about paying 99 INR + GST but it is about customer service and not only that prospective customers are approached with reward points and for reward point redemption only customer has to suffer and pay money.

Why? 

I could find only three reasons for it.

#1 My casual approach to reading terms and conditions while opting for a credit card.

#2 Hidden charges can be applied on anything and everything on a credit card and One should be aware of that.

#3 Most of the customer care services offered by bank/credit card companies are outsourced and they don’t care for the customers.

Key learnings –

So learning is – Few credit card companies like ICICI impose Hidden charges on their customer to make extra money. So be aware of Hidden charges by the Credit card company. Make sure to read the terms and conditions and understand them before buying any financial product.

5 Tips for Sending Money Abroad From the UAE

Because of the high number of expat residents in the UAE, there is a great demand for money transfer services. The UAE handles the second-largest number of outward international remittances of any nation in the world. 

As well as for business, personal outward remittances to family and friends in Asia, Europe, the USA and elsewhere are common. This means international money transfer services are well-developed, seamless, and usually great value for money, wherever your cash is heading.

Here are a few things to know if you are about to send money out of the UAE, whether you wish to transfer money online or in person.

sending money abroad tips

5 Tips for Sending Money Abroad From the UAE

#1 Choose the right service provider

More often than not, an international transfer is not a one-off transaction. If you are supporting family overseas, for instance, a child studying at college, you are likely to make regular payments. 

This means that it pays to do some research and choose the right provider from the get-go. You’ll soon see there’s a range of factors that will affect your experience. The rest of this guide will help you with a few things to look out for cost, mode of transfer, reliability, and speed. You should choose a service that offers Instant Money Transfer for quick delivery. Verify exchange rates for the best value, and always double-check recipient details. Opt for secure methods and be aware of any fees involved to avoid surprises.

#2 Calculate and consider costs

The cost of each transfer is going to have an enormous influence on your decision, so make sure you shop around. 

In the UAE, there is a universal set charge for outward remittances. According to the World Bank, this fee is one of the lowest in the world, making this a good place to be sending money from. Any difference between fees for sending money overseas is down to the country you are sending money to or the ‘corridor’ through which you send it. 

The ‘corridor’ may involve more than one bank. Sometimes one or more intermediary banks are used to handle the money on the way to its final destination. This usually influences the transaction fee. Your recipient’s bank may also charge a fee which could be payable by themselves. Be sure to check for this. 

Also, be aware that those banks and institutions that offer free remittance may be overcharging on the currency conversion to make up for the difference. So, your recipient may be worse off if you send money with one of these services. You should be able to check the currency conversion rate alongside any fees before you send. 

Finally, the type of service you use will also influence costs. More on this later.

#3 Use the right type of service

There are several types of service, and each one has its pros and cons.

Online money transfer services are popular. You will recognise some of the big international money transfer companies; they are household names. However, more local companies offer the same service. Transferring money online through one of these companies is usually pretty economical. However, you may prefer to use a company with branches you can attend and more visible customer service.

Sending money directly from your bank is usually an option and often the most convenient way to send funds overseas. You usually have the choice to do so through online or telephone banking or by visiting a branch in person. However, using your own bank could turn out to be a lot more expensive. This is often because banks set their own exchange rates and will charge fees on top. 

A wire transfer service often offers convenience alongside lower costs. Using an expansive network of banks, agents and branches means they offer a quick and easy service. They have a presence in malls and on high streets, meaning you can get in-person assistance. Just turn up with cash, bank or credit card, fill out a form and make your payment.   

Wire transfer services are the most popular option and around 75% of UAE expats use them. Sometimes they offer services banks and online facilities do not. For instance, they can enable you to send cash directly to someone’s front door. 

#4 Check for reliability

No matter how much or how little you intend to send, you want to be absolutely sure that your funds will arrive safely and quickly. So, don’t look only at the price. Be sure that the service you are using is reputable and reliable.

Whatever service you choose, check online reviews and the guarantees that they offer. You may trust your own bank for everyday banking, but it may still be prudent to check reviews of their international money transfer services, as this is not their specialty service. 

If you plan to use a wire transfer, can you see who they partner with? It could be safer to use services that make use of companies like Western Union.  

#5 Plan for the timing

Transfer times can differ a lot between service providers. The transaction can be completed in less than an hour or take a week. If it is important to get money elsewhere quickly, such as in an emergency, then you will need to prioritize this when you choose an organization or bank.

Be careful to time your transfer well. Try to avoid major international holiday times like Christmas and Eid. There may be national holidays in both the UAE and the destination country you wish to avoid, too. Timing your transfer badly can slow payment down considerably. Be as organized as possible and work out the optimal time in advance if you can.

Keep an eye on exchange rates as well, as these can vary widely. If you transfer money regularly and frequently check rates, you’ll soon work out better and worse times for international transfers. 

One final tip is to always ensure that you have the recipient’s details 100% correct. You can save yourself a lot of stress and hassle if you make a habit of double-checking every detail of your transaction. 

Sending money overseas from the UAE should be absolutely hassle-free and inexpensive

If you haven’t had a great experience before now, then be sure to shop around and check out some of the most popular money transfer services, or get recommendations from friends and family.