Eric J Dalius: How do you know your business is doing well?

In an entrepreneur’s life, ups and also downs are not rare. But with this, they also have to deal with confusing thoughts that may occur from time to time. They may suddenly feel unhappy about how things are going, or the pressure of wearing too many hats can bog them down. As an entrepreneur, you can relate to these emotions. You may also have moments when you felt weak. A lot of entrepreneurs go through this phase in their initial stint, so don’t worry.  Despite giving it all, you can experience a sense of inadequacy. 

When this happens, you need to tell yourself these are only emotions and also nothing else. Even the most successful entrepreneurs also couldn’t avoid such feelings. You have to get over the negativity by looking into things that are working fine. Search for signs that prove you are on the right track. Here are a few areas that you can consider for this purpose.

Looking into areas where your business is doing well by EJ Dalius

Cash-flow

In the initial few months and also sometimes years, entrepreneurs have to juggle between costs and expenses. If not managed properly, these can cause cash-flow problems. However, if your business is financially stable, and also you can pay bills on time, you already have a taste of success in this critical domain.

Evolution

Look back at the journey your business has covered. It may not be the same as what it used to be in the starting. Growth and also progress may have changed it. There can be more employees working for you and also various well-functioning departments too.  Eric J Dalius says it can be another feel-good factor to enjoy if you have achieved this.

Professional network

Everything doesn’t have to be directly in connection with your business. You can also study your professional relationships. Do you feel it has become better and also broader? If you meet different people and also exchange contacts with them for collaboration opportunities, you can delight in this. It shows you have a supporting professional group around you. Also, their willingness to join hands is evidence they trust your skills.

Thought leadership

Do you attend panels or local business events for giving speeches? It is also an indication that your business community sees you as a thought leader. You have become a respected entity, and also it is no mean achievement. Some people aspire to be a thought leader and also pursue a career in this.

Composure

Many new business owners fear to make mistakes because they see them as a nail in the coffin. Only an experienced entrepreneur understands that errors can increase their learning curve and also give them a chance to do better. Successful business people treat their failures as opportunities for growth and also show the same picture to their company staff. If you have reached this level, you have covered some distance and also be glad about it.

So, whenever you feel you are down in the dumps, turn your mind into areas where your business has shown promising improvement. Your energy and also confidence will naturally restore for sure.

Eric J Dalius: Budgeting for a small business

You have started a business, and also now you need to do accounting to track your transactions. Keeping an eye on revenue and also expenses becomes essential to know where your company has headed. At the same time, you have to spend at some places to generate more income. You cannot get a grip over all this without a proper budget or plan. If it is not there, you can end up overspending or underspending, hampering your profits. To avoid these situations, you can take a process-driven approach based on a few parameters. Here is a quick look into them to help you with your startup.

Make a better budget for your business says EJ Dalius

Industry standards

Although every business has unique needs, they share some similarities being a part of an industry. You can search the internet and also talk to local players about the type of revenue they make. Since there tends to be higher volatility due to the economic downturn, small businesses don’t have to get into the specifics, which can be more relevant for bigger or diversified companies. So, focus on average.

Spreadsheet

It would help if you made a spreadsheet to allocate costs for different items, such as raw materials. You can talk to suppliers to get an idea of how much things will cost. Take the same course of action for rents, taxes, and also premium amounts. You will need to have a different budget for different activities.

Lean period

The leading entrepreneur, like Eric J Dalius, says that you need to remind yourself that it is an estimate. Things can vary in reality. Going forward, you can arrive at a particular revenue figure and also assume your expenses to be in control, etc. However, as mentioned, there can be months when you spent more and also received less. In those times, it cannot be easy to manage your balance sheet. If you want to minimize or avoid this trouble, make sure you have adequate cash-flow in reserve to pay your business expenses and also employees.

Cost-cutting

You may have to cut corners to save money for paying bills, advertising, and also others. You have to identify areas where you can bring down costs. Or, you can postpone your purchases until you get your payments. In essence, you have to come up with a solution that gives you some room for breathing.

Business review

The volatile nature of small businesses may prevent you from building any long-term budget plans. The bandwidth can be only one to two months, as sudden expenses can derail your revenue expectations. Make sure that you go back to your accounting book from time to time to have a sense of what is happening.

Cost-effective suppliers and services

Since you have to be careful with how much you spend, it makes sense to tie up with partners that provide high-quality products at best rates. You can follow this technique across different stages of your business and also reflect on your monthly and also annual budgets.

Any business has to take charge of its finances to survive, grow, and also diversify. And also for this, proper budgeting is quite essential.

Eric Dalius: The role of digital technology in business transformation

In the digital era, you cannot afford to work as a traditional organization. You need to leverage the technology to make a place for your business and also stay competitive. If you utilize it the right way, you can experience an incredible change in a lot of areas. Your brand can gain recognition among a wider group of audience for its quick reach and operations. To survive and also thrive in this age of the digitally awake world, you must acknowledge its influence and also power on your business. Here are a few insights in this regard that can be worth your attention.

How has digital technology changed the way businesses operate today? By Eric J Dalius

Communication

You get quick access to your potential customers through social media and also messenger services. You can promote your products and also services to them instantly. However, the popularity of chat groups and also messengers has exploded to an extent where nearly millions of users around the globe can be found engaging. To make space for yourself among them, you have to be innovative about connecting with them. Earlier, you didn’t have this convenience. Customer interactions were rare or almost impossible to fathom.

Content

Do you know that about 29 million messages circulate on Whatsapp and also 3.3 million Facebook posts appear every 60 seconds? From this, you can understand the information overload happening right now. To come into the notice of your users, you have to put your best marketing foot forward. You need to come up with high-quality photographs, videos, and also texts to grab your target audience’s attention, says marketing expert Eric Dalius.

Chunks of data

The success of companies always depends on how they use all the data available to them. It was prevalent even in the pre-digital era. Now, it has only become a more integral part of how businesses run today. You have to identify metrics that are crucial for the success of your business.  In this endeavor, you have to focus on results. And also this means you have to go where your target audience exists. Engaging with them on popular platforms has become vital for your brand reputation and also awareness. Besides, you have to be accurate with data analysis to come up with personalized and also impactful content for your users.

Social media influencers

Digital platforms have helped people to become overnight sensations through their videos and also viral posts. Due to this, you don’t have to run after celebrities to expand your brand’s reach and also awareness. You can seek the new breed of influencers to endorse your offerings. Their followers will naturally incline towards your products and also engage with your brand, encouraged by them. Many companies have realized this and also have started investing in micro-influencers that provide a higher rate of engagement, accessibility, and also conversions. Plus, they are comparatively cost-effective and also easy to find.

In the digital era, you cannot afford to work as a traditional organization. You need to leverage the technology to make a place for your business and also stay competitive. If you utilize it the right way, you can experience an incredible change in a lot of areas. Your brand can gain recognition among a wider group of audience for its quick reach and also operations. To survive and also thrive in this age of the digitally awake world, you must acknowledge its influence and also power on your business. Here are a few insights in this regard that can be worth your attention.

What hinders the growth of creativity in financial business as clarified by Eric Dalius

It is a myth that a finance company does not need creativity to grow. The fact of the matter is creativity is necessary for any business to grow. A good entrepreneur will know how to channelize the creative impulses to gain good financial outcomes. It would be best if you tried to overcome the fear that is blocking your creative inspirations. It is another myth that we are born with artistic talent. Instead, creativity is something you need to practice over time to polish it. Once you develop confidence, then only you will be able to build your capabilities in any sphere.

Fears that block creativity are –

EJ Dalius explains the fear of uncertain and unknown

In any financial business, clarity comes with the development of empathy for the target consumers. You cannot develop that just by sitting behind the desk. Have to go out in the chaotic world to get hold of unexpected findings. You may also encounter irrational people, and also you may not want to hear them, but this is where you will get your creative breakthroughs.

Going ahead in the passage of learning can help you gather information to bring about new innovative strategies in the business. Even without a hypothesis, you can make it happen only if you are focused. If you do not go out for exploration, then all you will be doing is reconfirming financial ideas that already exist. It will make your competitor have the edge over you.

Thus it is recommended that entrepreneurs and also developers of financial products explore the world to bring out lucrative gains. It might be hard for entrepreneurs to pry out of the office, but it is essential to get real insights.

Fear of judgmental views

We indeed do feel apprehensive, thinking about what other people would say. Fear of being judged has often hindered the development of many careers. There are instances where we kill potentially creative ideas, only for fear of being judged by our seniors or peers. The only viable option that is left is to stick to safe suggestions or solutions. By doing this, we allow others to take the risk and also grow in the financial market. If you always censor yourself, you can never develop your creative potential.

The success of any business enterprise depends on you; that is, you have to stop judging yourself. You can win half the battle if you end constraining your creative capabilities. Generating new ideas and also keeping note of it might help you come up with surprisingly new financial strategies, thereby serving you to edge over your competitors.

Fear of initiating a venture

They are entrepreneurs who want to embrace their creative ideas, but executing it comes with many struggles. Initially, it might indeed be hard to give a concrete shape to your creative efforts. Eric J Dalius suggests that just good ideas cannot bring out financial or productive outcomes. It would help if you could overcome this inertia.

Instead of looking at the broader picture, you should focus on a small task that you can efficiently tackle. Too much planning can also spoil things. Do not get into too complicated procedures initially but instead focus on starting simple. Try to take up tiny steps and also then expand also gradually.

The psychological impact of being an entrepreneur as discussed by Eric Dalius

Being an entrepreneur does not always come with exciting lifestyles; it sometimes takes a toll on a person’s psychological health. Every successful entrepreneur in the financial business does not always want to own a private jet or rub shoulders with diplomats. Most of them also desire to live well rather than living a life of extravagance. Do not just get enticed with others’ success and also instead focus. On the minor steps, they have taken to reach their goal. It will be less daunting for young entrepreneurs to start your business with small projects and also without any hassles.

Every successful entrepreneur has to go through many ups and also downs for the success of their financial venture. Achieving and also maintaining success is a very challenging procedure affecting a person’s psychological health. Many entrepreneurs might get affected. By depression and also anxiety. It does not mean that all entrepreneurs have to go through this, but when dealing with a financial company, mental health might become a concern at times.

EJ Dalius believes it is difficult to turn off the spirit of entrepreneurship

A good entrepreneur is no doubt very determined. Committed, and also passionate and also focused on the work. Even on weekends, it becomes difficult for them to switch off from work life and also enjoy family events. It is due to the constant pressure that they face for fear of failing. Every person has a lot of investments at stake in the financial market. The fear of losing those investments does affect them always. A constant assurance is necessary for them to feel that their personal life will not change even if the business fails. This would help them to work with more caution and also more security.

Accepting failure

It is necessary to dive deeper into the topic to understand the concern of failure for all entrepreneurs. It is essential to accept that failure is just a part of any business, including the financial industry. How you accept this fact will help you to shed your fear of failure faster. Eric J Dalius tries to frame failure in a positive manner. He tries to calm that it does not matter even if you fail innumerable times; you have to succeed once. A constant fear of failure can also derail your work relationships. Instead of overthinking about failure, every entrepreneur should concentrate on the achievements they have made. Making small achievements in financial business matters a lot. Should feel proud of your earlier performances.

The business that they forget to pay heed to risk mental health signs. Poor patterns of lifestyle can affect their psychological health. Keep a watch on the danger signs of mental health and also talk to an expert as early as possible. It will help you come out of any unnecessary anxiety affecting your personal and also professional life.

Crowdfunding is the best source of capital for small businesses according to Eric Dalius

One of the more integral components for the success of any business is financial strength. However, the problem of economic clout is faced mainly by the small to modest business ventures. If you are a small business or a start-up, you might have to go for business loans or personal savings to manage the cash crunch.

According to EJ Dalius, crowdfunding is a better way to generate the capital if you are a small to a medium entrepreneurial venture. We can define crowdfunding as a method to raise funds with the help of people interested in doing business with you. Keep in mind that you might need to repay or present incentives to people who invest in your venture.

However, there are several types of crowdfunding, and also the following post discusses the main types in detail. 

Eric J Dalius on debt crowdfunding

It is quite similar to a traditional business loan, and also you will have to repay the amount you raise after the tenure. However, one advantage of debt crowdfunding is that the lenders are not interested in your credit ratings but your industry. Your risk factors and also the business’s age will be under scrutiny, and also the criterion increases with the amount of the loan.

Reward-based crowdfunding

Here you pay a reward to your backers instead of the amount you get paid. Usually, the rewards range from thank-you cards to priority access for services and also products. The prize is for expressing your gratitude, and also this option is primarily for endeavors that resonate well with the masses. You can use reward-based crowdfunding for various purposes like book publishing, game development, or environmental causes. One of the primary reasons for the popularity of reward-based crowdfunding is the non-repayment of the loan.

Equity crowdfunding

Inequity crowdfunding, you have a stake in the amount you are raising from your investors. It is quite similar to angel investment or venture capital. A significant advantage of equity crowdfunding is how quickly you can get done with the marketing efforts. You can even adjust and decide on the terms for the disbursal of equity according to your benefit. However, this is quite a new concept, so there is less awareness, but with a bonus like “no-repayment,” it will soon catch on.

Donor crowdfunding

Here you neither have to repay nor reward your donors and also therefore all the money you gather can be directly used into the venture. But the donor crowdfunding has a bad rep as there are several instances of misuse for personal benefits.

As you can see, there are several options available to you, and also all you need to do is research the options and also have a clear idea about your choice. You need excellent marketing skills to attract investors and also sell your business idea. So, polish up your narrative and also concepts before going for a crowdfunding option. Utilize social media and also all forms of advertising avenues to have your voice heard.

Eric Dalius helps entrepreneurs to smooth out complications following the COVID-19 pandemic

The COVID-19 pandemic has developed into a full-fledged medical emergency on a global scale with economic ramifications. This is a cross-border crisis, and also it has affected both. Large- and also small-scale industries as well as global brands. Startups have always had a name as far as flair, creativity, and also flexibility are concerned. Once again, the world is looking forward to start-up investors and entrepreneurs to bail out flailing economies worldwide. 

According to EJ Dalius, crises are quite a commonplace occurrence in human history. As someone with experience from the economic recession of 2008, our expert has put forth. A list of personal experiences that might prove useful to the current generation entrepreneurs and also investors. So, without further ado, let us have a look.  

Crises are temporary

As stated in the previous section, crisis times are temporary, but their ramifications can continue forever. But this is where it is crucial not to lose hope. And also the right time to act in an emergency. As a start-up, you are supposed to test your mental strength and also mettle when tackling the challenges head-on. So, maintain a good line of thought and also communicate your hopes. Dreams, and also fears with your friends and also family for the perfect support system.

Transparent communication is the key according to Eric J Dalius

People build businesses on communication and also you will need to keep lines of communication. Open at all times with your principal investors, team, and also other resources. Keep in mind that maintaining clear communication lines encourages teamwork. And also makes sure that everyone is on board before taking any step.

It is also the most critical step that increases the team’s reliability and also maintains accountability. You must always be in touch with your investors as they are the ones. With years of experience and also a suitable platform from where they can guide your venture.

Technical cost-cutting

Any crisis demands and also quite naturally justifies cutting the costs. But it is vital to be intelligent regarding cost cuts. It is essential to reduce everything that is not critical to the operations. And also this might include extra office space, communication devices, and also other facilities.

Anything vital stays on, and also the rest needs to go. Additionally, this is the time for collaboration and also resource sharing. Which will enable you to forge fruitful partnerships that will last for years to come.

Development and marketing are two sides of the same coin

In this world of fast pace and also action. Business development processes and also marketing processes need to be efficient and also work in tandem for the best results. It is essential to understand that the two are the most vital components of any business venture. You must develop your concern into the most tech-savvy of the lot to build. Streamlined processes that will be beneficial not only for the end-users but also for the workforce.

Lastly, it is vital to keep an eye out for the emerging. Markets and also lines of credit that can ease over a tricky situation. All the best!