Category Archives: Business & Property

The Importance Of Having Enough Cash For Your Business

The Importance Of Having Enough Cash For Your Business

In business, you should always ready to face the unexpected because it is unpredictable world to get involved in. You don’t know when your revenue is going to take a hard fall or when your business is going to be viral all of a sudden. The key is to always have a steady plan to keep your business afloat while also preparing for the exit where you are also ready to pivot when necessary. And one of the most important factors to be prepared all the time is to have enough cash. 

How to have enough cash for your business

Having enough cash is needed for your day-to-day business operation because you need to pay some expenses. However, cash is also important for when your business is not going well. it is like how the pandemic has affected businesses and only those who have enough cash with flexibility to pivot who can stand strong until now. Here are some tips for you to have enough cash so your business can survive even during the unexpected:

Review your assets

Throughout your entrepreneurial journey, you might have bought many different assets, thinking that it is better than having cash with you. However, it is important to review all your assets and see if they really help generate revenue or just a burden for your business. For example, you need an asset of a property that doesn’t generate any revenue yet you have to spend money to maintain it. It is not the kind of asset you really need. Hence, it is more recommended to consider converting them to cash. You may use the money for daily expenses or to reinvest in more profitable assets and uses. 

Consider equipment leasing

You might think that buying equipment for your business is better because it will become your asset. Also, you might think it can save more money than leasing. However, it is not always the case because sometimes, it is more beneficial for you to lease equipment than buying them especially when your business is not stable enough in gaining steady revenue. If you lease equipment, you may be able to spread your money for other areas that will help generate more revenue for your business. 

Maintain liquidity through reducing overhead costs

Consider cutting or canceling all nonessential recurring payments to maintain liquidity. Just like the tips earlier, it is best to not own a property that doesn’t give any benefit for you at least earning passive income. If your office for example is no longer used by you and your employees because you can do your work efficiently from home then you may consider selling or renting it out.  It helps a lot in reducing monthly expenses. 

Aide having enough cash, it is also important for you to regulate your its flow. You need to make sure that your liquidity improve by syncing up your revenues and expenses while also reducing account-related overhead. You will see how much better your business has improved once you have good cash flow. 

Secrets to Push Your Bali Villas Seminyak to Rank Higher in TripAdvisor

Secrets to Push Your Bali Villas Seminyak to Rank Higher in TripAdvisor

TripAdvisor is one of your best friends — and one of your most annoying foes — if you manage vacation rentals in Bali. In popular destination like Seminyak, for example, your Bali villas Seminyak will have to compete with hundred other private villas, guest houses, hotels, and resorts. You will see hundreds of these vacation rental owners and managers list their property in TripAdvisor rentals, and here’s where the business competition begin. 

Understanding the Magnificence of TripAdvisor Rentals

TripAdvisor Rentals reaches millions of potential guests across the world through a family of international brands, including FlipKey, Vacation Home Rentals, and more. TripAdvisor has the capacity to establish trust with travelers like no other site, with 500 million+ reviews and 390 million monthly users, allowing owners and property managers to earn the reservations their rentals deserve. And that’s exactly why you need to start taking TripAdvisor seriously if you want your Seminyak villas to stay on top of its competitors. 

Why TripAdvisor Ranking is Important for Your Bali Villas Seminyak Business

A high ranking as an experience provider demonstrates that you are a trustworthy company with a solid reputation. If you can consistently receive 4 or 5-star internet reviews, your business will perform better when compared to similar businesses in your area. You can find out if you’re meeting customer expectations – and where you can improve – by asking guests to leave online evaluations.

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The Secret to Rank Higher in TripAdvisor

The Secret to Rank Higher in TripAdvisor

How do you crack the top 10, or perhaps the number one slot, in Seminyak area? It’s as easy as asking for reviews to boost your business on Tripadvisor. Really, the key to boost your Seminyak private villa in Bali is through getting good reviews, and here’s the formula. 

Get Guests Review Your Bali Villas Seminyak in Your TripAdvisor

Tripadvisor serves as a virtual recommendation system, allowing users to obtain real-world reviews from any web-connected device. People are skeptical of businesses they haven’t heard much about, which explains why having recommendations from prior visitors is so important. Unlike other sorts of businesses, tour companies are unique. Travelers read reviews to assist them decide whether or not to make a reservation. 84 percent of respondents believe that reviews have the same importance as personal recommendations. 

Get Quality Reviews 

TripAdvisor prefer Bali villas Seminyak with reviews containing useful informations. uality evaluations include thorough, firsthand accounts of the experience, as well as advice for future visitors. Guests value a smooth experience, which continues after the booking is completed.

Encourage visitors to provide feedback by asking insightful questions and cues that elicit their emotional response to the event. Responding to guest reviews on the platform can help you improve your Tripadvisor score.

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The Quantity of Incoming Reviews to Your Seminyak Vacation Rental

The more favorable ratings you have, the higher your ranking will be. Because a higher number of positive reviews indicates a good experience, you should encourage guests to post 5-star evaluations. The Tripadvisor ranking methodology considers the overall amount of reviews while determining your position. Your tour company will be compared to another similar company in the same area.

How Recent is Your Reviews

The algorithm of TripAdvisor prioritise the age of reviews. The newer a review is, the more weight it carries. A review written before the COVID pandemic, for example, will not carry the same weight as one written during COVID-19. Recent evaluations appear to be frank, honest, and pertinent to readers. These reviews are more likely to reflect what readers may expect if they book today, according to readers. Guests are also more likely to believe a current testimony than one that is months or years old.

What Corporation Can Do To Contribute To A Better World

What Corporation Can Do To Contribute To A Better World

Corporations indeed have great influence over the world. We find variety of technologies to make our life easier, producing goods that are useful for our everyday life, delivering our necessities, and employ millions of people. However, not many people realize that profit and planet can coexist. When it comes to making change for a better world, people look to the government to make it happen. Meanwhile, corporations also have role and responsibilities to solve big issues in today’s society. 

Can corporation contribute to change the world for the better?

It is possible for corporations to partake in efforts to change the world for the better with the right motivation. Climate change, poverty, world hunger, diversity, inclusion issues, and inequity are some of the issues our world are suffering today. And with the power and influence corporations have, it is possible for those issues to be solved together. 

Is it possible for corporations to put the people and planet first?

Many people doubt corporations could play significant role in making the world a better place to live in. And the very first reason is that business is business. Every corporation aims for profit and sometimes it is not aligned with the concept of humanity, environmental awareness, etc. However, it is not something impossible either to realize. 

Corporations who can see the values of putting the people and planet first are there. We have seen during the pandemic how some of corporations around the world show their empathy and humanity. They sacrificed some of the things they would profit them for the sake of doing the right thing. And the result was amazing. They still made a heart profit while taking care of their struggling employees and clients during crisis. And this is a culture every corporation should start to adopt.

Establish corporate culture that brings positive changes to the world

Positive corporate culture promotes compassion, equity, protection, helpfulness, and fairness. And all these qualities are what the world need for a better change. Every business operation will be more conscious because of the awareness of protecting environment. Diversity and inequity issues will be solved with fairness and equity a corporation implement within their corporate culture. 

Changes needed at corporations

Furthermore, it is important that the change to make the better world should start from the change at corporations. There are many things corporations can do to help make it happen such as bringing humanity back to the workplace. Promote positive work ethic not only between shareholders but especially between employees. It is important to prioritize employees while still earning profit. 

Also, it is possible for corporations to earn profit without harming the environment. There are so many ways for them to gain profit and harming the planet is cheapest alternative they should no longer use. Sustainable business is what we all need today and corporations can play their role well if they want. It is time for new era of business with positive corporate culture that contribute to make positive change to the world. 

Top 5 Worsts Mistakes Owners of Private Bali Villas Can Do

Managing vacation rental and private villas in Bali can be very rewarding—when yo do it right. You get to meet new people from all around the world, make money, and have great investment. However, simply having a villa in Bali and treat it just like a side hobby is a recipe for disaster. Here are five worst mistakes an owner of villa can do that can drag your business to failure. 

Taking the “Get Rich Quick” Mentality When Managing the Private Bali Villas

Top 5 Worsts Mistakes Owners of Private Bali Villas Can Do

While vacation rental do give you lucrative income, doing so for the quick money will only get you failed. One of the most common (wrong) assumptions new vacation rental owners make is that they can just buy a home in a popular area and expect hordes of guests to come to their door.

Unfortunately, creating successful villas and vacation rentals business in Bali is not a short term engagement. It takes lots of time and energy. And if you adopt that long-term sustainable mindset, you recognize that small steps in the right direction eventually add up to make a real difference. 

Lack of Multi-listing Distributions

With so many online travel agencies (OTA) accessible to visitors, such as international listing like Airbnb, Booking.com, HomeAway, or Indonesian locals like Traveloka, Tiket.com, RedDoorz, and OYO, don’t restrict yourself to just one. Ideally, your vacation rental should be featured on numerous online travel sites, including the main OTAs. This improves visibility, allowing you to optimize your vacation rental’s availability, and maintains it booked during peak and off-season seasons.”

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Not Asking Reviews from Past Guests’ Experiences

Not Asking Reviews from Past Guests’ Experiences

In many industry, customers will always turn to your reviews to see what previous customers has to say as a social proof. Vacation rental is not an exception. Many private villas in Bali lose potential guests despite of having gorgeous images, magnificent descriptions, and fantastic amenities because they fail to obtain significant positive reviews of their property. 

Having more reviews will not only improve your search placement, but it will also help you present yourself as a competent, experienced, and trustworthy host.

Not Taking the Best Photos of Your Private Bali Villas

Imagine browsing through an OTA and scrolling dozens of Bali private vacation rental listed in the website. Which one will you click firsts; the one with brilliant photos of the rental or the one with bad photos?  Like it or not, many customers skips listings with bad images because it’s not attractive and does not indicate good hospitality. So, do invest in professional photographers that can capture the best of your rental!

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Bad Hospitality in Your Bali Villas

The last and most fatal mistakes for any owners of holiday villas in Bali. With tight competition of Bali villas, lack of hospitality would only get your villa sank to bottom. Being a host entails much more than simply accepting reservations, bookings, and payments. Being a host or property manager is all about giving your visitors a memorable and pleasant experience.

Make every effort to be the greatest host you can be – before, during, and after your visitors’ stay. Respond to any requests as soon as possible (no matter what time of day or night), be available when your visitors require you, and have a professional demeanor at all times.

Areas You Can Automate When Growing Your Business

Today, the word automation is not so unfamiliar anymore. With how rapid the world changes, there is a need to automate some areas of your business in order to save time and energy. Although we should admit that automation is still viewed as intimidating thing by some people. When it comes to automation, many people still imagine a job-snatching robots. However, the reality of it is less intimidating than that. 

Changing perspective

It will be easier for you to accept automation with different perspective. Instead of seeing it as a rival to outplace, think of it as invaluable tool to save your most precious resource, which is time. Work does consume your time and energy and automation can help a lot. And here are some of areas most people don’t think of to automate when growing business that can actually help your business to work more efficiently:

Financial analytic

Data analysis especially to your business’s finance does matter because you can only make the best decision when you are provided by reliable data and information. It is how you can measure your steps with your business growing. By automating financial analytic, you will receive more accurate and relevant information. It will specifically helps a lot if your business has multiple revenue streams. By automating financial analytic, you save tour time while having actionable information. Hence, you can move your business more swiftly. 

Group meetings

This is kind of rare to hear from business automation. However, it just makes sense to automate group meetings since they can soak up your time significantly. Hence, automating them can help a lot in making your business move more efficiently. Automating group meetings doesn’t mean automating the event itself. It just means you can set them using scheduling apps to automate regular meetings. Hence, you don’t have to repeat the preparation again and again. By automating the schedule, you only have all important indicators integrated smoothly with your shared meeting docs. 

Employee’s performance evaluations

It is even more rare to hear an organization automating their employees’ performance evaluations. However, this process of evaluation often soak up much time and if automation can be applied to this area as well then why not? What you can automate from this area is the organization and metrics used to evaluate by digitizing forms. Through this automated structure, you will be able to evaluate your employees in unbias way. The forms or scripts are meant to be given to both sides. Hence, there is transparency which makes it easy to understand.

Digital contents

While it is true that you have to be authentic when it comes to content delivery, there are elements in this area you can automate. Automating digital contents can help a lot in saving time and energy. Let your AI write articles itself. However, give it only shorter and less important writing tasks. Or, you can also use it to build a base where you can take off of with your own words. Hence, there is no concern for the quality. 

Tips How To Pivot For Business Owners

Running a business requires you to be a fast thinker and problem-solver. There are problems you can solve without your presence. However, there are some of them that require you to be there in person. The situation like this can be very challenging especially during pandemic where working from home is the new policy. Brick and mortar business has experience huge impact from the pandemic. Only those who could pivot quickly  were the ones who survived. 

Tips How To Pivot For Business Owners

Pivoting when unexpected things hit your business

Running business won’t always be about sunshine and rainbow. In fact, it is a path where you likely will find various obstacles on daily basis. You can predict and calculate what challenges or problems that may arise when you make a plan or decision. However, it is often that unexpected things happen while running business. The real and fresh example is the global pandemic. No one expected that to hit 2020 yet it still happened. Hence, the ability to pivot is truly essential regardless of the situation. In fact, it comes in handy when your business is hit with the unexpected. Then how to pivot quickly?

Have your mental ready for the change

Business is an uncertain world but one thing is certain; change. It is something inevitable in business regardless of the pandemic. Even if there was no pandemic, your business might have been hit with another form of the unexpected such as health problems, divorce, pregnancy, etc. Hence, it is essential to be mentally prepared for those situations. 

Train your brain to build your future vision

You need to be clear on what you desire in your business and life. Then, practice to connect to that vision using all your senses daily. Your vision will show what it will look and feel when it becomes reality. Then, you can journal it as if it is truly happening now. If you face a stumbling path, try to re-imagine your life in that perspective. Once your brain is trained to this practice, you will be better at adapting to new situation. 

Have your finance ready

Make sure that your business doesn’t rely solely on one income stream. Try to find some ways that can help you bring in more income. Find new sources that can help you build your own financial security. Find a way to earn more income that doesn’t require you to seek out new client. Diversifying your offerings can help a lot when something unexpected hit your business. Instead of being caught off guard, you will be ready to face the situation because your finance is steady. 

Be open minded and let creativity guides you

When you are open-minded, you have more flexibility in you to pivot and adapt even if the situation is scary. Sometimes, the situation is so hard that you need to experience massive hurt while pivoting. However, your open-mindedness and creativity will help guide you to find the best solution for the situation. You will find your success again even if it hurts in the process. 

The Idea Of Co-CEO Strategy To Help Your Business Flourish Even More

The Idea Of Co-CEO Strategy To Help Your Business Flourish Even More

The majority of CEOs work with every department of their company from marketing to relationship management. Many of them choose to delegate the tasks as the solution for the abundance of works they have. However, you can also consider another solution, which is to divide. Co-CEO strategy is not unfamiliar approach in business and corporation world. 

Co-CEO strategy to let your business flourish

Using co-CEO strategy means cutting your tasks in half. It sounds appealing because then you can have more time to do what you do best and slow down. Also, it can increase your sales and double your growth. As tempting as it sounds, co-CEO comes with its risks. One of the key drawbacks of it is a loss of control. You have to be ready to lose some of your control over your company. 

Co-CEO strategy needs to be done carefully with well preparation and good plan. There might be some clash here and there of this strategy with your own leadership style. However, it is the process of transition and remember that co-CEO doesn’t have to be permanent thing for your business. 

Define your core value 

Define your core value

If you are interested with this strategy, it is important to define your core value first. You need to ask yourself what traits you value the most. Also, you need to know what values you seek in a counterpart. It is like coming back to find yourself but it is fine because that can be the process of your self-growth.

Communication before everything else

It is impossible to avoid some clashes when working with different people. However, communication is they key in any relationship even the professional ones. Hence, you need to consider how to cultivate a shared language used with your co-CEO as well as employees, competitors, and client base. You need to fully commit to a united front to make this strategy turn out fruitful. 

Regular check-ins

Regular check-ins and performance evaluations should be a regular thing in joint leaderships. Even though you and your co-CEO already know what responsibilities each of you are entitled with, communication needs to be established well. Without it, there will only be disconnection. Schedule conversation regularly to build and maintain good communication. 

Define the complementary skill sets

It is also crucial for you to define the complementary set skills your future co-CEO must have. You don’t have to find someone who has exact traits as you. It doesn’t matter if they have different traits as long as they are something you value. Differences are not bad and you can even used them to complete each other. 

Cost benefit analysis 

Conducting a cost-benefit analysis is just as important. You need to know if you can afford to pay a second CEO salary. You need to know what kind of payment, compensation, or incentives you can afford. You need to review your financial situation because it can affect the overall of your business operation. Make sure to consider both the benefits and drawbacks of using the co-CEO leadership strategy  for your business and everything it involves. 

Building Customer Loyalty During Pandemic

Building Customer Loyalty During Pandemic

Shopping habits have changed since the global pandemic hit. Many customers change their buying behaviors to adjust with the situation. Online shopping has increased significantly since people have to stay at home following the guidelines to minimize spreading of covid-19. Safety has become the main concern when it comes to buying activities now. Many people are no longer feel safe to visit brick and mortar store. However, you can still encourage customer loyalty even during this global pandemic. 

How to build customer loyalty even during global pandemic

Feeling connected is one of the most important element to build trust. When customer feel connection with your brand, they won’t hesitate to buy your products or service and keep coming back. Here are several ways you can consider to build customer loyalty:

Win customer loyalty from customer service

To gain loyalty from your customer, you have to start with excellent customer service. Providing excellent customer service will make your customers feel safe doing business with you. You can improve customer service by responding to your customers quickly, finding solution for their problems immediately, empathizing the struggles your customers are having during this hard time, and so on. 

Start a personalized service

Start a personalized service

Deliver personalized service to each of your customer. Personalization is key to successful business. It can help customers feel more valued and special because they receive relevant contents to their interests. To personalize service, you need to find out your customers’ interests on individual level. Use the right system to record and collect data of each of your customers’ information. It can be challenging indeed to personalize service to each customer. However, it will pay off. By personalizing service, you will be able to simplify purchasing decision for your customers making them having great experience. 

Build customer community

Create a community where your customers can connect with each other. During this global pandemic, the feeling of disconnectedness is real. Hence, you can create a safe space where your customers can share their stories, struggles, or tips with each other. You can build community that focus on the challenge or common interests your customers share. You can start a group in social media platform such as Facebook or Twitter. You can set up virtual events or meet ups to accommodate your customers. 

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Planning a customer reward program

Planning a customer reward program

Customer reward programs can be a good idea as well to build customer loyalty during this pandemic. However, this strategy may need more preparation and plan. You have to make sure that the programs work both for your customers and staffs. Make sure to connect this program using proper system so it will be easier for customers to sign-up, track, and claim their rewards. 

Use customer feedback to build their trust

Every customer has their opinions. Even though some customers sometimes prefer to be more of a silent buyers, you can always collect feedback from those customers who tend to be more active in voicing out their thoughts. Use their feedback to improve your service and personalize your offers. Feedback is not only meant to be received but you also have to make changes to improve your business and gain more loyal customer base. 

Three Most Popular Investment Types in Indonesia

Have you started to prepare funds to start investing? Of course, after struggling to save, now is the time to invest the funds. Investment is very necessary if you really want financial freedom for your long term financing. The earlier you invest, the better the long-term results. This is also influenced by the composition effect. However, you must of course also choose wisely which investments to make. You can choose which ones are valued for you! Read well my friends!

In economics, an investment is an immediate expenditure intended to increase, in the long term, the wealth of the person who engages it.

Three Most Popular Investment Types in Indonesia

Term deposits

Term deposits are bank deposits with a higher interest rate than ordinary savings. Term deposits have a clear maturity date. If you want to withdraw deposits before the due date, there will of course be a penalty. However, if your deposit is properly within its due date, then you have the right to withdraw funds without penalty. The more money you deposit, the more money you deposit, the more interest you will get. Term deposits are often viewed as a low-risk and relatively safe form of investment. Besides, making deposits is also quite easy and straightforward, so that many newbie investors start investing with deposits. The downside to deposits is that you won’t be able to receive your money for a set period of time. So make sure you have some reserve money for your emergency fund.

Precious metals investment, one is what is called gold investment

Investing in gold or precious metals could be considered one of the more classic types. This investment has been popular among Asians from ancient times until now. Gold will generally experience price increases in response to certain events that cause the value of paper investments, such as stocks and bonds, to decrease in value. The price of gold can also fluctuate in the short term, but its value is maintained over the long term. Seeing this, of course, gold can be an investment worth considering. However, you must be prepared to provide a safe place to store any gold or precious metal you have purchased. Make sure there is gold, don’t worry about sleep, for fear of losing gold.

Real estate investment

Has a similar function to the value of properties generally continue to increase from year to year. This often makes property a popular choice for long-term investment. But keep in mind that in addition to the profits, the lost property investments are also very striking. One of them is where you are going to incur high costs and where you will need a lot of money to buy a property. In addition, the purchased property will also require maintenance to maintain it so that it has a high sale value for the next several years.

The Importance Of Franchise Businesses Now

The Importance Of Franchise Businesses Now

Running business during difficult times can be very much more challenging. Lots of businesses have been struggling to survive during the crisis caused by the global pandemic. Not many businesses are able to survive. Some of them have been closed down for good. However, there are also other businesses that can survive and thrive successfully. Some of them even scale their business well and thrive during this difficult time. What about the idea of franchising? Does it have bright future to thrive during economic downturn like this?

Franchising during economic downturn

Successful franchising is possible even during economic downturn. In fact, there are many benefits and opportunities that can be gained from franchising. In fact, many economy experts even said that franchise businesses will have more important role after 2020.

Giving more job opportunities

Franchise businesses open more job opportunities. Franchise businesses usually have stable system as well as consistent products and services. Thus, they are able to stay open and remain profitable. These kinds of franchise businesses usually don’t really have to reduce their workforce. Hence, they operate smoothly even during difficult time like this. The more franchise businesses are opening, the more job opportunities arise.  

Solid corporate system of success

Solid corporate system of success

Franchise businesses also have opportunity to provide their franchisees a solid corporate system of success. Hence, franchisees will not be left alone to figure out what to do to make successful system. They have good support from the franchisor. They are already delivered well-structured systems that are already proven to work just well by the franchisor. Rather than trying a do-it yourself exploration with business, making a franchise is considered less risky. 

Solid team to rely on

Franchisees are not facing financial crisis alone because they have solid team to rely on. They can share best practices as well as techniques so they are able to face unexpected situation like the crisis today. They have ore opportunities to do better during financial downturn than independent businesses owners. 

Lower expenses for better handling on financial downturn

Franchisees have more benefits because they have lower expenses hence they can deal with financial downturn well. They purchase inventory through larger network so they can keep their expenses down. During crisis, making expenses down is important. It is significant element to survive the crisis. Franchisees also have solid back up in the form of technology and software provided by franchisors. It makes them easier to track down their purchase better as well.

Established brand names

In business, name brand has significant role because it is what to contribute to public or customers’ recognition. Franchisees don’t really have to think about name brands anymore especially when they have been part of a national franchise brand. It will be easier for this kind of franchise business to attract customers especially when their name brands are already known for their quality and consistency. 

The recipes of successful franchise include strong organizational and communication and skills. It doesn’t mean opening franchise will guarantee a success. However, it does have opportunities due to solid system that has been proven to work well, hence more potential for success.