General Article

A Study on Business Simulation Games as Marketing Learning Tools

The comprehensive study on experiential study of business simulation called “Games as a Marketing Learning Method” which included Training Managers Management Marketing Skills was conducted by Mario Martinez Tercero and Francis Blasco. The study displays the effectiveness and viability of the use of business simulations in order to train the marketing professionals. Elgood Effective Learning, www.chris-elgood.com, is a fantastic supplier of business games for various types of development needs for all business sectors.

Business Simulation Games vs Traditional Models

The use of marketing-learning programs involve business games that were introduced using a MMTv6 model in order to prove these techniques related to experiential learning was in fact superior compared to the standard utilised methods in regards to training the marketing managers.

Based on the “Theory Of Experiential Learning” by David Kolb, the global bases “business management” study on simulation games was carried out in order to prove that the use of an experiential process in playing these business-simulator games assists marketing managers on learning the fields much faster, gaining experiences and practice in the ways not possible when compared to traditional types of teaching models.

Both authors of this study wanted to explain the new techniques in order to display how important it is to understand these findings as well as to show up definitive results that can be obtained through the use of the training approach in regards to using business-strategy games.

Abilities and Skills of a Potential Manager

This study endorses previous impressive findings in association with 5th year communication students that came from the School of Information Sciences from the Complutense University of Madrid. The random selections of the participants was used to make sure that the controlled groups were starting off at a levelled off knowledge field. This was followed by a placement testing to derive information on learning retention. These controlled groups were offered the traditional lessons while the experimental groups use the business-game learning exercises.

The results from these researchers found that “qualified” marketing managers require specific abilities and skills in order to accomplish their market associated tasks effectively. This also includes the abilities to analyse in an accurate way, projects, people and different situations. These managers should have the right skills in problem solving and a capacity to make decisions.

Managers should also have propensity that is firm for teamwork, relationship building and interpersonal communication. All the above mentioned skills were improved and enhanced when utilising business-simulation games in the form of an educational-tool and when using these tools to assess and analyse abilities and skills of a potential manager.

Experimental Group vs the Control Group

The verification process that was used for this experimental group is SPSSv14. The results which confirm the 1st BH1 (Basic Hypothesis) were revealing. The test measurements had been based on the problem solutions. Values of solutions provided in regards to the test participants are measured by the profit amount acquired by a company which was made on decisions that were instituted by a student … Read More

3 Invoicing Tips for Freelance Writers

Many freelance writers lead an eclectic professional life. One week, you’re writing promotional pitches for a locally-focused fast food chain; the next, you’re producing in-depth articles on the dangers of unhealthy eating. Furthermore, collecting payments from multiple clients can often prove confusing.  This is why writers are encouraged to utilize a number of practical tips when sending out payment requests. Putting the following pointers into practice will ensure that you’re able to collect client fees in a timely manner.

1. Be Prompt

Many writers are hesitant to send out invoices right away, as they feel it will come across as pushy. While this concern is somewhat understandable, it’s also very misguided. Most clients want freelancers to send invoices ASAP, since this enables them to process payments right away. The longer you sit on an invoice, the more likely you are to inconvenience a client. With this in mind, make a point of sending out all of your invoices within 24 hours of completing your jobs.

2. Be Professional

Even the self-employed need to exude an air of professionalism when dealing with clients – and this is particularly true when it comes to invoicing. For this reason, it’s highly recommended that you use a professional template from http://www.aynax.com/ when putting together your invoices. The right template will enable you to succinctly break down the various tasks you performed, as well as how much time was spent on each task. This will ultimately make it easier for clients to understand exactly what they’re being charged for.

3. Be Even-Tempered

If a payment isn’t processed on the agreed-upon date, it behooves you to remain even-tempered. Flying off the handle and firing off a nasty email may make you feel better in the short term, but it may wind up costing you an important client. More often than not, late payments are the result of simple clerical errors and missed emails, so remember to maintain an air of patience and understanding when contacting a client about an unprocessed payment.

As is the case with any gig-based profession, freelance writing can be a tough way to earn one’s livelihood. However, if you’re able to attract a steady stream of regular clients and possess a solid work ethic, eeking out a living in this field is certainly doable. Whether you’re currently struggling as a writer or have a fair number of clients on whom you can rely, the pointers discussed above are sure to prove helpful when it comes time to collect payments.

 … Read More

Can translations help my business grow?

In the era of globalisation, internalisation and technology developments, a cross-border business isn’t unlikely anymore, even for the SMEs. What just 15 or 20 years ago was only available to the business giants, can nowadays be a reality for all types and sizes of organisations.

Still, expanding business abroad is by no means an easy task. There are several factors which can directly or indirectly influence your company’s success; from legal, marketing to social and cultural aspects. As you can imagine, these factors often penetrate and influence each other and differ from country to country. Nonetheless, one factors remain exactly the same across all countries and cultures, and that’s language. People prefer to be approached in their native tongue; whether it’s your marketing message or legal correspondence, speaking to people in the language they fully understand can in many cases be extremely beneficial.

Translation services play an important role in the international business for many years now. Due to globalisation, a growing number of business owners decide to approach foreign markets and customers based abroad, whether it’s digitally or by a physical presence.

In fact, over 90% of people who regularly shop online say, that they feel more inclined to a purchase if the information about a product or service is provided in their mother language. That’s a huge number, but it simply means that if your competitor offers similar services to you, but allows their clients to read about them in the market’s first language, you’re most likely to lose potential business.

For business owners, deciding which content and material to translate when expanding abroad can be quite a difficult decision, especially if they do not have any previous experience working with a translation agency.

Marketing material

Translating your marketing material such as brochures, leaflets or even business cards can be a very significant step to acquiring new clients in a new, Foreign market. As previously mentioned, a vast majority of people are more likely to commit to a purchase if the information about a product or service is available to them in their native language. Therefore, making sure that your marketing material is accurately translated can often be key while expanding abroad.

Legal content

Before approaching new markets, it’s important not only to be aware of the country’s laws and policies, such as tax laws, customs laws, import restrictions, corporate organization or labour law, but also to make sure that all of your legal content and material is reliably and accurately translated. From contracts to terms & conditions to other significant information, in order to effectively communicate not only with your clients, but also with your partners, you must work with a translation agency specialising in business translations.

Translate your website

Nowadays, it’s possible to approach clients abroad without even leaving the office. Technology allows consumers to browse and purchase goods from all over the world and business owners to expand their business onto new, international markets with the help of digital media. In many cases, the very … Read More

How to Start a Thriving Business Even with a Bad Credit?

After conducting a research and discovering the perfect business idea based on a niche that shows great potential, you feel you are ready to get started. The problem is you lack the capital to execute your plan, and neither do you have any savings to rely on nor potential investors to act as your stepping stone. And to make it worse, your credit is in bad shape that no bank or online lender would consider offering you a loan.

New businesses are prone to facing bigger obstacles

Getting a small business loan is a tight spot for entrepreneurs with a bad credit (score ranging from 300 to 629) but for new business, the experience is a total nightmare. Most banks begin by evaluating any would-be borrowers using a scoring model that considers the credit score the most important factor.  Therefore with a bad credit, you reduce your chances of scoring highly on the model, more so if your company is a startup.

While most online lenders are eager to offer small business loans to merchants with bad credit, these loans are only available for small companies with an established track record. In most cases, startups less than a year old will not qualify.

Go for nonprofits and microlenders

For startups, nonprofit organizations and microlenders may be the best source of funds since they normally have a different craving for risky businesses than traditional banks.

In fact, you could win a rather good deal despite the expensive funding that comes with Bad credit business loans. Most nonprofits and microlenders are geared towards assisting minority entrepreneurs, women, or any business-minded fellows from low-income communities.

Even with a high-risk credit, no nonprofit or microlenders would offer a loan as high as 20%, it can only go as high as 9 to 10%

How to better your chances

To make the grade, create a solid business plan and most importantly, show signs that you’re making an effort to fix your bad credit and that you’re strong-minded to have your finances set in order.

  • Take even the smallest steps to fix your credit

A bad credit may be contributed to by a number of factors. Maybe you are struggling with a huge credit card debt which you have failed to settle on time. In this case, the best thing to do is to set your finances right. If you’re lagging behind, nobody will be willing to offer you a loan. The lender wants to see you working hard to meet your obligation.

  • Show how serious you are about it

For example, negotiate a plan to clear a credit card bill, or to settle your collections account, and then prove to the lender you can stick to that plan. This way you can get on a payment plan using your credit card and bear out that you can make payments on time for several months. By doing so, you can get to convince a micro lender into supporting your company. They will be ready to work … Read More

How to Apply for a Business Loan in India: 3 Easy steps

A business loan application can have many stumped but it needn’t be like that. As a business owner, the ability to acquire loans as a source of fundraising is a critical aspect that propels growth as well as sustenance. In fact given the current economic climate, loan applications have been made easy enough as approvals also come rough sooner rather than later. This is provided everything is in place and the lender whether it is a bank or a non-banking financial institution is satisfied.

To make understanding this simpler we have broken down the process into 3 easy steps.

How to apply for a business loan in India:

Step 1:

The first thing that the applicant needs to determine is the eligibility. Even before you go ahead with the application in any shape or form it is important to research and assess whether your current business or the business proposition that you have in mind qualifies for a loan. Eligibility requirements might vary slightly for different lenders but for he most part the basic criterion remains standard for almost all. This includes

  • Age limit (varies between 21 to 25 years minimum and 55 to 65 years maximum)
  • Business that is already in existence should be profit making for the last two years
  • A good credit score
  • Proven records of cash flow in existence and a minimum annual income of Rs.150000 (this will also depend upon the amount of loan that is being applied for)
  • Collaterals in place

In addition to this there might be some additional requirements that might be specific to the institution and their processes. These need to be considered at the research stage.

Step 2:

The second step in the process of how to apply for a business loan is to get all the documents ready. While some basic documentation remains the same through most institutions, again, there might be slight variable differences that apply from institution to institution. For e.g. non-banking lending institutions might not be so rigid about certain documents while banks might be. A basic list will include:

  • Proof of identity
  • Financial statements for the last couple of years including profit and loss statements, income tax returns, cash flow statements etc.
  • Proof of Age (PAN Card)
  • Business plan- the business plan is extremely critical for a new business when applying for a loan. The business plan needs to contain detailed information about the idea, the profitability model, the growth plan, the marketing strategy as well as numbers with regards to staff and assets purchase. For a business that is already in existence, the plan can include the vision for the next five years, what is it that the funds are required for and what is it that they will be used for.

Assemble all the paperwork and get your documents in optimal shape before moving on to next step.

Step 3:

With the basics taken care of, the next obvious move to locate a relevant lending institution. There are a few factors that come … Read More