Archive

For November, 2010

International Business Etiquette

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As businesses become increasingly more global and bringing people of all races, cultures and backgrounds closer, learning the skills of proper etiquette on an international level is one of the most important elements for business success and growth. The ability to appreciate and respect cultural differences can be very helpful in understanding why people act in certain ways and gives you a better understanding on how you should act while conducting business or attending social events with them.

Each country comes with a set of rules and traditions. In recent news, President Obama was criticized by some critics for bowing to a Japanese Emperor. They argued that as President of the United States, he displayed an act of “weakness” because in America, all are considered created equal and therefore on equal playing field. While others said the bow was not the problem, it was that he bowed and shook hands with a Japanese Emperor. Sources at the White House said the President was following protocol. But the best etiquette approach in this case would have been to follow the lead of the host.

Examples like the above show how significant it is to know what to do and when to do it when dealing with diverse cultures. The last thing you want to do is offend someone you are trying to share ideas and conduct business. As a young girl, my lack of social etiquette knowledge resulted in several embarrassing hours, but turned into a lifetime commitment of striving to always put my best foot forward and to help others accomplish the same. Etiquette is not a fad that will go away over time. In fact, I believe that as we become more global in the way we do business and interact on a social level, knowing proper etiquette has never been more

One of the first things you need to understand is that culture includes areas such as a country’s norms, values, behaviors, food, architecture, fashion and art. One area of culture that is important for international business people is etiquette.

The English dictionary defines etiquette as the rules and conventions governing correct or polite behavior in society in general or in a specific social or professional group or situation. Basically, what is the common practice of behavior in which a person of another country greets conducts business and entertains.

As a business professional, part of getting prepared requires not only the details of the meeting or presentation, but also the social aspects of the meeting. For example, do you know the proper way to introduce yourself and or your colleagues? Introductions may only last a few moments, but they set the stage for the rest of your time with the person’s whom you will be conducting business.

Business Cards: Back to Bring More Punch

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Business cards are among the essential marketing tools many people fail to take advantage of. For just a small investment, you can conveniently tell the world who you are and what products or services you offer. With the right information and design, your cards can be an influential door opener and reminder. When done well, your card will be your silent vendor. It is, therefore, important that you are conscious of what your card will say about you and your business?

When designing your business card, it is crucial that you consider your message. After all, your card will be what people will use to remember you. So, it needs to be enticing, readable and complete with all the important contact information.

You need to spend some time and consideration on the layout of your card in such a way that it captures all the necessary information in such a small space. You can use business card templates and create special design and position of details. You search through some online web sites as they offer free templates that you can use. You simply have to download the template and incorporate your design in it.

In some cases, a folded card is the best choice for you. However, it is essential to know that many people don’t like cards that are in unusual in size and shape especially those that can’t be easily kept in a rolodex or a business card holder.

Ideally, unusual cards are catchy and exciting, but often they are not rightly appropriate to a business. But there are exclusions such as foil stamping, embossing, or die cut. If these printing options will make your card look more compelling, then use them. The use of vibrant colors should also be moderated as oftentimes the color can overpower your details. Just keep it straightforward and you can easily make your card forceful.

A lot of cards now have photos as this give a sensitive feel to your card. If you want to include a picture in your business cards, here are some things consider:

Keep in mind that there are people who do not like a photo on your card. There are some people who will assess you based on your appearance, so be sure to put only the best picture in your card. A high quality picture can personalize your card and make you more available to them.

Basics content of a business card:

Front side: it has to contain your name, business name, logo, mailing address, phone numbers, email address, and web site address. Back side: it should contain details like who you are, what you do, your mission statement, products or services you offer, a site map, and other valuable information.

Tips in content writing:

Make sure that your content is easily legible and convincing. As much as possible, stay away from unusual fonts. Stick with the simple ones. Ensure the details you include are organized and makes logic in the design of your card. Make sure that your name is huge enough for people of all ages to read.

It is alright to have several cards for different businesses. You can consider having a personal and professional card if you can afford it. Just be sure to create the right design to ensure your card will be effective.

Quick Advice Articles For Sellers – Valuing Your Business For Sale

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Should I get my business valued? Even if you feel that you are confident you have a reasonably good indication of the value of your business, by getting a second or even third opinion will help to either confirm or reassess your own thinking and valuation of your business.

Having an accurate, rather than an estimated valuation will put you in a strong position during the negotiation process and will give you a solid grounding on when to make the right market decisions during key points of the selling process. Knowing the true value of your business can only improve your ability to sell it and give you the confidence to follow your convictions in any negotiations over sale price.

Can’t I value my business myself? Nothing says that you cannot decide to go with your own valuation when placing your business up for sale however you must consider whether your valuation is based on objective facts or more on a hunch.

There’s a whole array of points to consider before getting a true market value. Turnover, gross and net profit and cash flow will all influence the selling price, not to mention the ‘goodwill’ value of your business which in many cases is the most important factor of all. Is your business in a prime location? How is the economic landscape and what competitors do you have?

Unless you have a great deal of experience in this field, self-valuations can invariably be way off the mark! It pays to get a professional in to look over your accounts, understand your business and then give you an objective point of view. It could save you a lot of time, money and disappointment.

Who should I contact to get a business valuation? Good question. Business transfer agents (brokers), accountants and chartered surveyors can all help you with a business valuation. If you are looking to sell your business then it would pay to speak to a broker, seeing that selling businesses is their specialist field.

Valuations provided by brokers in many cases do not cost you a penny! However there is always a catch – most brokers will expect you to sell your business through them in return for a valuation so check the small print beforehand if you intend to go it alone.

It may also be wise to get a second opinion to see if the valuation stacks up. It’s also good for your own peace of mind. If you have an accountant already in place, let them know of your intentions and ask them to give you their opinion and valuation of your business. They will have seen the detailed figures so they will know exactly how much money you make!

How is a valuation calculated? A broker will usually rely on their knowledge of the local market and their experience of previous comparable business sales to give you an accurate estimate of what your business is worth. They will analyse your businesses financial and geographical position as well as demand for your type of business on the marketplace.

In some cases, they will already have a number of potential buyers who have registered an interest in buying a business such as yours.

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