To begin with, you should clearly determine the choice of the goal that you want to achieve by investing. Either this is earnings, or simply the preservation of monetary resources. As a rule, investors solve this issue by choosing two directions at the same time – they get the maximum income with the necessary capital protection.
An indispensable component of the success of a future investor is an absolute order in financial affairs. To do this, you need to create a financial plan and create an investment portfolio , as well as open a bank account.
In order to start investing, you don’t have to be some kind of super financier, but it is vital to study the basic work of the stock market – analyzing behavior, collecting and understanding the information received, as a result, making the right conclusions and making the right decisions.
To comprehend fundamental and technical analysis, which at first glance are quite simple, but to what results in one or the other will eventually lead, no one will ever fully understand.
It is necessary to decide on the method and style of investment, which, by the way, depend on the chosen goal. Trading requires quite large expenses, while the classic passive method requires minimal spending. The choice is yours!
Control over all formal actions in the market belongs to brokers. Naturally, their services differ in price. For a novice investor, it is best to use the services of a “cheap” broker, so to speak. Over time, when you acquire the necessary experience in working with him, you should pay a decent commission for one simple reason – your income will depend on any of his advice.
Allocate a portion of your capital to purchase various securities. The total should include expenses for securities, bonds, and intermediary services. It is worth noting that this amount will directly depend on the style you choose.
Excessive emotions shown by you can lead to a deplorable state of finances. Patience and endurance are the keys to your investment success.
You cannot save: 5 steps to save your business during a crisis
Saving your business during and after a deep crisis does not only mean reducing costs or getting support from the state.
It also means updating some processes, saving resources, and getting great feedback from your employees.
1. Preparation of the plan and
Regardless of whether you decide to put your business on a “pause” until better times or find new ways to attract customers, you need a PLAN.
- For example, in the baseline scenario, you may need to retrain or transfer some employees to a new area of work, if, for example, some services or products (temporarily or permanently) are no longer in demand. It is necessary to determine for yourself who and in what time frame should do this, what is needed for this.
- On a more pessimistic standpoint, you may have to simulate optimal downsizing or downtime clearance (with 2/3 wages paid).
- In the optimistic scenario, for example, an expansion of the assortment can be considered – as a rule, each deep crisis leads to a change in demand patterns. Perhaps you have already noted for yourself some trends, new products or services that have already begun to enjoy greater popularity among competitors (for example, online services that you have not provided before?).
2. Conservation of resources
Resources here include not only material ones – for example, equipment and supplies. It is equally important to take care of the safety of data and developments, which you will definitely need when the market starts to recover.
If you had to temporarily refuse the services of some services or specialists, provide for the protection of valuable data for your business on a reliable medium or in the cloud with good technical support: you will need reliable protection against hacking and the ability to quickly unpack data if necessary.
It is very important for a businessman to maintain the loyalty of key employees , since their competence can play a critical role in returning key customers and market share when the crisis is over. Therefore, it is important to build effective feedback with your key specialists and consultants.
3. Work on customer loyalty
For example, during the forced self-isolation due to the coronavirus pandemic, clients of many beauty salons were simply physically unable to receive the services they needed. But this does not mean at all that it is impossible to remind them of yourself from time to time by sharing useful tips on self-care at home on social networks or on a corporate website, stories about new procedures that, after the end of self-isolation, can be tried in your salon, etc. .d.
If you are temporarily unable to accept orders in the online store, you can disable the function of adding an item to the cart . But it would be a mistake to disable the site altogether or stop promoting it. You can reduce costs – for example, the business owner himself can participate in the formation of interesting content to attract visitors, saving on copywriters.
It is also very important to maintain feedback with clients: make calls, conduct surveys, communicate in social networks with the aim of finding out if clients have new needs that you could satisfy?
4. Supply chain analysis
It’s time to find out how the crisis has affected your suppliers. You may have to look for a replacement in advance, or you may have the opportunity to “bargain” for yourself with better terms if your suppliers are forced to reduce prices to retain customers.
It is also possible that there are new opportunities for cooperation with old or new market players, participation in partnership programs or charity events that will increase the loyalty of your customers. Explore them!
5. Improving risk management
Effective risk management itself is an essential part of the success of any business, regardless of its size. When the amount of revenue and, accordingly, the daily routine decreases, there is time to finally dismantle the “Augean Stables”, which had not been reached before.