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How to improve your management skills?

Whether you just got promoted and need some training or you already have been a manager for some time and just want to improve your work, there are many skills that might need improving. 

We have found some tips which can help you to do better in your job as a manager.

 

1. Know your team

It is important for you to know who you work with and build good working relationships with them. Each of them has their own strengths, weaknesses, skills, motivations, etc. And knowing those things and how they prefer to work will be better for you as a manager because it will increase employee engagement and build trust. 

 

2. Communicate your goals and share the big picture

Goals establish a structured environment and clear objectives to work towards. It will also help to increase creativity and initiative. You should use the SMART technique (specific, measurable, achievable, relevant, timebound) to set your goals so that it will be clear for everybody.

 

3. Admit mistakes and offer solutions

It’s clear that even a manager will be bound to make mistakes but the important thing is that you can admit them. As people like to say, vulnerability equals strength. Acknowledge the mistakes you made and learn from them, that way you can teach your team to not make the same mistakes.

 

4. Be organised

There’s nothing worse than having a manager who is not organised. It goes against the job’s definition, how will you be able to manage your team if you’re not organised. It will reduce stress, increase productivity, and prevent workers from feeling overwhelmed. 

 

5. Present Yourself With Confidence

Every manager will have some of these characteristics in common: they’ll be curious, confident, optimistic, self-aware, etc. Confidence is one of the main characteristics so even if you don’t have it, just fake it. Your manner will reflect on your team and affect their performance.

 

6. Good communication

To get things done with your team by working, you need good communication, it is the main key. If you want to get good communication skills just follow the 7 C’s of Communication (clear, concise, concrete, correct, coherent, complete, courteous) that way you’ll get your message through clearly.

 

7. Decision-making

You need to be careful when making decisions especially when they’ll have a big impact on the company. Bad decisions are usually made when they’re rushed or when financial problems are the only aspect used.

 

Becoming a better manager won’t happen overnight, you’ll need to work for it and train your skills but it will be worth it for the results.

 

#business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness

 

Whether you just got promoted and need some training or you already have been a manager for some time and just want to improve your work, there are many skills that might need improving.  We have found some tips which can help you to do better in your job as a manager.   1. Know your team It is important ...
business Business

In-house accounting vs outsourcing accounting!

When a company starts to grow, their financial requirements grow too. Therefore, owners are forced to find someone who will take care of that seeing as they don’t have that accounting know-how and skills. 

The big question for the owner now is: will he hire an in-house accounting staff or will he go for outsourcing to an accounting company, which many companies consider is the better choice toward excellent financial management. 

Many businesses tend to find it a difficult choice between in-house staff and outsourcing. Therefore, to understand the difference and pros & cons of both, read through this article.

In-house employees

 

Benefits

Direct information: Whenever the in-house accountant has a problem, he can go directly to the client and ask them for the information that he needs without having to wait for an answer and vice versa too, the client or owner can go ask his accountant if he has doubts about anything.

 

Niche or unique needs: An in-house accountant will be concentrated on your company’s problems as he will be highly specialized. 

 

Direct access: At any time, you’ll have direct access to your accounts from wherever you are. You won’t have to wait for an answer from another company. 

 

Drawbacks

High costs: You need to be aware that if you hire an in-house accountant, you’ll be bringing another full-time employee on payroll which will make it more expensive. You’ll have to pay his salary and maybe even other expenses. If you hire another employee, there will be additional costs such as insurance coverage, paid time off, office space, office equipment, holiday pay etc. 

 

Time consuming: Do you know how much time and work goes into hiring a new employee and the whole recruiting process. Seeing as you want a competent person, you’ll have to post about the job opening and interview new candidates. When you find that new person, you’ll have to bring them into the company and train them on the systems and procedures.

 

Wasted work hours: Let’s be honest, it is clear that an employee won’t perform optimally throughout the day, there will be water-cooler conversations and that means that you’ll be paying someone and that person won’t be 100% productive.

 

Low quality of work : It is not a simple job, the accountant needs to be updated on mathematical skills, pay attention to detail and have industry experience. Naturally, an in-house accountant doesn’t have the same experience as an outsourced team, therefore he will face quality issues and maybe even costly mistakes. Those mistakes will be at the cost of the company because they don’t have insurance.

 

Workload: An in-house accountant will be faced with workload issues. They will either not have enough work to keep themselves occupied or they will have too much work and will be unable to keep up and you’ll be obligated to hire another person to help out which means it will cost you even more.

 

Outsourced Accounting Team

 

Benefits

Price: Comparing to an in-house accountant, this will naturally be less expensive because you won’t have to pay for a salary but you’ll be paying for the service

 

Industry knowledge and experience: An outsourced accounting team is a team of specialists. They have a big variety of expertise in the accounting industry seeing as they have many years of experience.

 

Insurance: In case there is ever a mistake with something, accounting firms have insurance that can cover those mistakes, which an in-house accountant doesn’t have and therefore the company itself will pay for the mistakes and it’ll be their own fault.

 

More services: By choosing a company to do your finances, you’ll have even more services available. Most companies also can provide for services such as tax returns, insurance, coaching, consulting, etc.

 

Access to systems and tools: An outsourcing accounting team will evidently have systems in place. They clearly know and are familiar with the necessary tools in the accounting world. It will be a good investment because they’ll have the right software and they know how to work with it.

 

Drawbacks

Time: Unfortunately, given that the outsourced accounting team isn’t directly with your company in the building, they’ll always have to wait for the answers of their clients and won’t always be able to move forward with their work. Even getting certain documents, they’ll have to wait for them to send it, and that will take more time.

 

To conclude, it is evident that there are more benefits and it will be more practical and efficient if you choose an accounting outsourcing company. You’ll need to find the right system to make sure that you are prepared for whatever might come into your company.

But still, it might change according to the needs of your company. Ultimately, it’ll be your choice.

 

#accounting #luxembourgaccounting #accountingfirm #funds #bookkeeping #accountant #finance #accountingservice #accountingtips #payroll #tax #outsourcing #luxembourgfinance

When a company starts to grow, their financial requirements grow too. Therefore, owners are forced to find someone who will take care of that seeing as they don’t have that accounting know-how and skills.  The big question for the owner now is: will he hire an in-house accounting staff or will he go for outsourcing to an accounting company, which ...
business Business

Successful new Product!

Step 1: Market study

Every day new products and services come to life but still many of them don’t work out and fail in the end and that is because the creators don’t know the market. Doing a market study can be the thing that will make your product successful, and it shouldn’t be ignored, it will help your product launch to hit “the right buttons” in the client and will make sure that it will satisfy the customers’ desire.

So before launching your new product, consider these 5 steps of market research:

 

1. You should know your market and your competition.

With a product launch you should know your competitors, and what products and services they are proposing. Though you might think there’s no competition for your new product, you need to think like the client and consider what they could buy instead of what you’re preparing to offer. Check your competitors’ marketing materials, and estimate how your new product will compare against what’s available. Where will you shine? Which companies or products are the biggest threat to an effective launch?

 

2. Target your customer. 

To get the best results for your marketing with the minimal price, it’s vital to focus on those who are most likely to buy from you. Maybe they are at the moment thinking about buying a similar product and will appreciate your new product’s added features. The best clients realise they have a need for your product, have the capacity to buy it and have already shown a willingness to purchase (perhaps by buying from the competition). Usually, it is easier to fulfil an existing need than it is to create a new one.

 

3. Plan your unique value proposition.

What is the reason as to why people want to buy from you, compared with the competitors? What are you offering that makes you stand out? Not only does your new product or service have to be outstanding and meet your customers’ wishes and needs, but you must be able to explain why and how it does so. This is your Unique Value Proposition, and an easy way to find one is by talking with customers and see what they value and want.

 

4. Establish your marketing strategy.

At this point, you should already know your market and how you should sell your product or service.

What channels should you use — via retailers? Catalogues? Online? Using multiple channels is, as most marketers know, a crucial step. Nowadays, online marketing is one of the most popular ways to promote your product so make sure to be informed on that.

 

5. Finalize your marketing campaign.

When the day comes to launch, you should employ advertising and public relations to maximise the effect of your new product launch. Media relations, for example, can help you get articles and publicity. Just make sure that your product is completely ready for purchase — because if the product isn’t in stock when the publicity hits, you risk that consumers may be disappointed and lose them.

You shouldn’t forget about your market research, especially in the first few weeks, you’ll want to watch the results of your campaign and solve the problems of your strategy and focus on what works best.

 

Step 2: Create a product

The difference between successful and bad products happens during product development. Many inventors have great ideas, but the ability to transition those ideas to salable products, might be harder. You can master to create your product into something that will sell, arrange testing, and develop into a successful enterprise. 

 

1. Design your new product.

To start off, you need to find out what you’ll produce and analyze what your customers will be needing in order for your product to not fail. What’s missing from the marketplace? What do people want?

 

2. Collaborate with designers and come up with multiple options.

It is already a good start to have your concept but you’ll need someone to help you with the design, depending on your skills you might need some help. 

A good innovator fabricates a great product to satisfy a consumer’s need. A great innovator comes up with five options. Try to study the issue that you’re trying to fulfil from different directions, considering about as many alternative ways of solving the issue. Don’t be pleased with just a single model to work with, try to find more, in case a model should fail.

 

3. Create a prototype.

Once you’ve found some good ideas and collaborated on designs, get a working prototype together and start testing it out. Depending on the nature of the product, this might take some time, or maybe in the best case scenario it will be quickly. 

Perhaps, you’ll also need to find funding for your prototype maybe by presenting the idea to investors. 

When you have your prototype, you’re ready to start developing and testing.

 

4. Test your product in the market and your overall approach.

How will your product come off when your clients use it? In the end, the customer’s reaction will define which features to emphasise and which marketing approach to use, so product testing is vital. The most simple product test is to have a research participant try a single product and fill out a survey on the key performance indicators. Another test is to go into the various sensory qualities (appearance, flavour, etc.) and try sophisticated video recording and observational techniques.

Don’t forget to test your marketing message and marketing materials too. You’ll be spending a lot of money on advertising, so make sure your ads, publicity and packaging will be well-received by the customers. You might want to do traditional focus groups to small intercept studies or more importantly online research. 

 

5. Check your product’s lifecycle.

Finally, if you’ll start to see points of diminishing return that means that you should start to change your marketing campaign, verify the packaging, modify the product itself, or even start thinking about what is in store for your next big idea.

 

#business #businessgrowth #strategy #entrepreneur #entrepreneurship #startup #businessowner #consulting #motivation #success #marketing #setup #structure #leadership #luxembourgbusiness

Step 1: Market study Every day new products and services come to life but still many of them don't work out and fail in the end and that is because the creators don't know the market. Doing a market study can be the thing that will make your product successful, and it shouldn't be ignored, it will help your product ...
business Business

Advantages of setting up your company in Luxembourg

Luxembourg is often chosen when setting up a company. Its particular geography is not the only reason to consider when setting up a business in Luxembourg.

If you are considering setting up your business in Luxembourg, you will consider these 8 advantages:

Political and social stability under a parliamentary monarchy

– A high standard of living where Luxembourg ranks first in terms of GDP per capita even before Switzerland, the United States, Japan and the Emirates. In addition, Luxembourg also has a high growth and low unemployment rate (around 5%).

– A population of 590,667 inhabitants and 47.7% of its inhabitants are of foreign nationality and speak different languages such as French, German, Luxembourgish, English, Dutch…

– Perfect for data centres because of its geographical location and low electricity costs. It is the ideal location for technology companies, video game companies and e-commerce companies.

– Exemplary fiscal and social competitiveness: 

Weekly working hours: 40

The social security rate for employees is 12.45% and for employers is 12.16%. The combined social security rates vary between 25.72% and 28.25%, which is one of the lowest rates in Europe. 

– The corporate tax rate is 15% of the operating result for income below €175,000 and 17% for income above €200,000 

– The basic municipal business tax is 3%. 

– VAT (value added tax.):

Super discounted rate: 3% for food (including restaurants except for alcohol) and some products and services such as shoes or children’s clothes, transport of persons.

Reduced rate: 8% for hairdressing, certain works of art, flower sales…

Intermediate: 14% for printed advertisements and made-to-measure clothing;

Normal: 17% for all other goods and services

Luxembourg is often chosen when setting up a company. Its particular geography is not the only reason to consider when setting up a business in Luxembourg. If you are considering setting up your business in Luxembourg, you will consider these 8 advantages: Political and social stability under a parliamentary monarchy - A high standard of living where Luxembourg ranks first ...
business Business

9 reasons why technology is no longer a want but a need.

It is clear that businesses nowadays can’t survive without technology. They are dependent on it. It is the key for the operations to run smoothly and efficiently. To have a good workflow, businesses need to implement advanced technologies designed for business operations. Innovation nurtures businesses and they need technology to survive no matter what size your business is. The main goal of technology in business is to have growth and improve operations. 

 

Here you can find  9 reasons as to why technology is no longer a want but a need:

 

1. Improved communication

Businesses count on different applications and communication software. Progress in communication and in information technology have helped companies stay connected around the clock, accumulating their efficiency, productivity and the abilities to react when complications occur.

There are so many from which you can choose for your company, for example phone services as they provide quality voice with consistency or video conferencing, instant messaging, etc. If those communications are efficient, motivation increases too because employees will be well-coordinated and well informed about the tasks.

 

2. Globalisation

Clearly technology makes it possible to have a broader reach in the international market. Nowadays it is possible to do business anywhere in the world, e-commerce has grown so much over the years. Due to technology, production networks are easier and less expensive. It is so quick that real-time trading and collaboration is possible.

 

3.Improved security

Nowadays, it is easier to keep important data safe and less unprotected to vulnerabilities. Every owner should place measures and shields in order to detour cybercriminals to easier targets and also by intensifying the security of their online accounts with important information and data.

 

4. Optimized management

Technology makes it possible to have a broader reach in the international market. Nowadays it is possible to do business anywhere in the world, e-commerce has grown so much over the Technology is already changing resource management and ultimately will transform how we work. It doesn’t matter what your company is, business size or primary activities, technology allows chances to optimize management and production. Small businesses can now compete with bigger companies in operational efficiency due to technological material and digital tools.

 

5. Efficiency

It is clear that technology increases efficiency of the business. Because of artificial intelligence, businesses can benefit from different things like for example chatbots that will be representatives of the company and answer to clients. All in all it will save you time and effort.

Moreover, employees will be equipped with the latest equipment to work as efficiently as possible and the results have been better than never. It can help you cut or eliminate duplicates, mistakes and delays in the workflow, and also help you speed up by automating tasks.

 

6.Unlimited amount of knowledge

There is no limit when it comes down to technology. The supply of information is endless and so easy too, just by going to a website and searching for the things that you are looking for. Plus, it is good for the company because that way you’ll be in a better position to deal with customers and see what your competitors are doing and stay close to them to adapt to the latest trends.

 

7.Increased staff engagement

Technology makes some things possible such as telecommuting and collaborating with each other by sharing important files and essential information. Also, it is proven to be a stress reducer because technology reduces workload when the tasks are completed. 

Moreover, it increases flexibility, workers will be able to stay connected to work with their phones and can perform their work tasks from anywhere they like and when they want.

 

8. Necessity for expansion

Through automation and AI, technology has become the most vital element behind the success of every company. Even though it is a big-ticket in terms of money, the value it brings finally surpasses the high cost. Besides, the purpose of the latest technology grants the company a competitive edge, which makes it a better business than the rest of the competition in the market. This enhances the image of the brand and upgrades its perception among the clients, which is crucial for expansion.

 

9. Increase the capacity of the business

Technology makes it possible for businesses to reach more clients in less time than they normally would, meaning that they’ll be able to serve more clients than before. Furthermore, it is easier for companies to coordinate with their suppliers in case they need supplies to restore their inventory.

 

As you can see, there are several reasons as to why businesses should prioritise their technology solutions, it is a good investment.

 

#businesscoaching #businesscoach #business #coaching #businesstips #entrepreneur #businessgrowth #businessowner #motivation #success #lifecoaching #entrepreneurship #businessstrategy #leadership #businessdevelopment #smallbusiness #businessmindset #growyourbusiness #luxembourgcoaching #luxembourgbusinesscoaching

It is clear that businesses nowadays can’t survive without technology. They are dependent on it. It is the key for the operations to run smoothly and efficiently. To have a good workflow, businesses need to implement advanced technologies designed for business operations. Innovation nurtures businesses and they need technology to survive no matter what size your business is. The main ...
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