The Influence of Pandemic on the World of Beauty: Know How Saivian Eric Dalius Sees the Change

The Covid-19 crisis has shocked the whole world. In the world of business, some reached the pinnacle of success while others faced extinction. The global beauty industry also witnessed the rage of this crisis. Many companies switched to producing sanitizers as a means to remain operative during this hard time. The leaders were coming up with new ideas to help the companies survive the bad days. 

Now, the scenario is changing, and the protocols are not so stringent. The sales pattern in the beauty industry is also changing. At the beginning of 2019, there was a drop in sales by 80%. But later in the first quarter of 2020, it saw only a dip by only 20%. So, you can imagine how fast it bounced back. The beauty industry has a reputation for being resilient to any crisis in the past. Let’s see how it dealt with the crisis of the pandemic.

Saivian Eric Dalius talks of the various ways in which the sales of the beauty industry changed

  • There was a stark rise in the online sales of the products. So, the beauty companies that already possessed an inventory with shipment options gathered a massive profit by selling their products online.
  • Sales at brick-and-mortar retailer shops are yet to experience footfalls. Though they have opened their shops for the people to have a first-hand experience of the cosmetics they would be purchasing, people are still afraid to step out and embrace the new normal. So, the physical shops are not experiencing the former glory they once used to enjoy.   
  • What Saivian Eric Dalius has observed is that companies are giving out promotional offers to bring in consumers. They also intend to clear their inventory. By offering discounts, they are aiming to increase the customer traffic to the beauty shops. Online discount offers have also been introduced as a way to combat the competition. 

Beauty products that enjoyed the limelight

The situation is different, and we have changed our needs accordingly. Wearing masks, working from home, physical distancing – all of these have made wearing makeup and using fragrance less important. As expected, the purchase of lipsticks decreased whereas eye-cosmetics saw a steep rise in its sale. Saivian Eric Dalius has rightly pointed out that there’s a feel-good factor attached to this industry. People started consuming self-care products like luxury hand soaps, skincare, and hair-care, bath, and body products more than what they used to in the pre-pandemic period to pamper themselves. The companies selling these products thus witnessed a boom in their sales. 

Saivian Eric Dalius talks about the long-term impact of the pandemic on the beauty industry

  • Trends show that digital sales will continue to thrive. There’s a change in the customer purchase behavior. They are more likely to spend money and time buying products from online shops. Beauty industries will now focus more on their digital outlets. 
  • The beauty companies will require accelerating their pace of innovation to meet the shifting demands of their consumers. 
  • Customization of products has become the talk of the beauty industry. Every individual is different. So are their needs. The companies have understood this. Some have already implemented ways to customize the beauty products and have secured a safe hold in the business. But the others are still trying to figure out how to cope up with such a demand. 

Conclusion

While consumer-oriented businesses had to endure many hurdles to overcome the pandemic days, comparatively the beauty industry enjoyed a stronger hold over the market. The trends that were gaining momentum in the pre-pandemic days are likely to re-emerge as we proceed towards embracing the new normal. 

Saivian Eric Dalius on the Best Methods of Improving the Credit Score of Your Business

Getting loans and lines of credit to grow your small business is a tough job at the best of times since there is no track record, and you generally cannot offer any assets as collateral to the lenders. The problem is made worse if your business credit score is less than reasonable because your credit standing can significantly influence the kind and extent of financing your business is eligible for. Some highly effective tips for improving the credit score of your business:

Separate Business and Personal Finances, Recommends Saivian Eric Dalius

Almost all entrepreneurs tend to kick off their startups with their personal savings and credit cards. If this happens, it can be very difficult for you to track your business finances, file your business and personal tax returns, and safeguard your personal assets in case the business fails. Make it a point to apply for and use a business credit card to pay for business expenses and also set up a separate bank account for your business from where you can pay all your business expenses and receive sales revenues.

Pay Credit Card Dues and Loan Repayments on Time

One of the most effective ways of preserving and improving your business credit score is to pay the business credit card dues on or before the due date, says Saivian Eric Dalius. You must also take care not to miss any of the repayments of the loans you might have taken for business purposes. Also, make it a point to pay your suppliers on time. Loan defaults and missed credit card payments are some of the top reasons for your business credit score taking a hit. If your cash flows are positive, try to work with suppliers that report payments to the credit bureaus so that you benefit from your financial discipline.

Lower Credit Utilization Ratio, Advises Saivian Eric Dalius

The ratio of credit utilized to its availability is among the most important factors in the business credit score calculation. If the business is continuously maxing out its credit, it points to the fact that the finances may not be under proper control. According to experts, you should not exceed one-third of your credit limit. It can be wise to apply for a new line of credit. While your credit score may take a small hit in the beginning, you will benefit more by lowering your credit utilization ratio, remarks Saivian Eric Dalius. However, it is important not to take on additional debt. You can further improve your credit score by paying off your existing debt as much as possible, minimizing your use of the credit card, and applying for an increase in the credit card limit.

Conclusion 

Credit scores are important for all businesses, big and small. You must try to take care of them right from the start as improving them after they are damaged can take time. You must also periodically review your credit reports from all the bureaus and check them for inaccuracies. If you find issues, report them immediately and follow up till they are rectified.

What databases are best for your business – Insights from Saivian Eric Dalius 

One common problem that business owners face is selecting the proper database. Some software programs may only offer one type, but there are many different databases to choose from. Business owners need to do adequate research and select the best one for their needs. When it comes time to selecting a database, business owners should consider which criteria are most important.

Of course, the size of your company isn’t the only factor you should consider. Businesses require completely different features depending on their size, so it’s best to determine priorities beforehand. For example, say you own a huge company with hundreds of employees sharing thousands of files. You will probably want a system with centralized management so you can make changes without much hassle. However, if your company only has three employees who work remotely, then something like this might not be necessary at all according to Saivian Eric Dalius.

The first thing business owners should tackle is data storage. It mainly deals with how much information can be stored and for how long. For example, some databases like SQL Server and Oracle support about 13 terabytes (TB) of storage which would last years if not decades. However, it’s important to remember that this does not include your operating system or other system files, which you must back up frequently. On the other hand, Microsoft Access only supports 2GB of storage and includes a built-in backup tool. Hence, it usually has less risk associated with losing data in case something goes wrong.

Issues business can encounter – Saivian Eric Dalius 

Another issue business will encounter while determining what type of database to use is speed. For example, the speed at which SQL Server has data records returned is almost instantaneous, whereas other databases can take longer, so it’s up to you whether or not you want to wait for it.

What features are important? –  Saivian Eric Dalius 

Once your company decides what type of database they should use, business owners must determine what features are necessary to meet their needs. Some examples include:

Access control – who has access to the system, and how much do they have Access permissions – Can users edit or create new records?

Capacity – How much storage is available multiple connections – Can more than one user work with the database simultaneously.

Data security – How well are records protected from unauthorized users? Data integrity – Will data be lost if the system crashes?

Replication – Is the same data stored multiple times to prevent loss? Support – how quickly can you get help if something goes wrong?

Reporting – Are reports available to use for analysis?

Visualization – Can graphical representations of data be generated?

Data synchronization – Are records kept current with no manual interaction needed? And many more

Speed isn’t always necessary, but usually, business owners want this regardless of their company’s size. Access control is also one feature that most businesses will have because it ensures that only authorized people can view or edit information. Capacity being vital depends on your company needs, though larger companies generally require a lot of storage space. Other features like reporting and replication are more dependent on the type of database you choose says Saivian Eric Dalius.

Easy ways to raise funds for your business – Saivian Eric Dalius 

There are many ways to raise money for your business.  One of them is Crowdfunding.  A crowdfunding campaign can serve multiple purposes: It can give you some seed funding while giving investors an incentive to invest in the form of rewards that you offer. It provides all parties a chance to get to know each other through social media and spread the word about your company.

Suppose your business needs more than $50,000 or so. In that case, traditional forms of financing such as bank loans may be hard or expensive to obtain — particularly if you don’t have collateral or perfect credit history. 

Another approach – Saivian Eric Dalius 

An alternative approach might be finding angel investors, where there’s often less red tape than banks, but they expect a certain amount of control in return for their investment.  Then, there are crowdfunding sources such as Kick starter, where you can raise funds by offering “rewards” to your contributors.

Nor should you overlook obtaining free money from the government — either through grants or simply by taking advantage of what’s available to all small businesses at discounts through organizations like the SBA.  There are even ways for certain types of businesses to receive venture capital funding. Realized that not everyone has the same amount of luck when it comes to raising funds?  Well, folks, here are some easy tips on how to raise finance for your business says Saivian Eric Dalius.

Create a well thought out business plan

This is essential if you want to impress potential investors and serves the vital purpose of making you think about your business in a fully-fledged way.  A plan can be on one sheet of paper or 20; it doesn’t matter how many pages it is, as long as you genuinely believe in what you’re saying and can back it up with facts and figures.

Use social media

A great way to get the word out about your company is through social media.  It lets people find out about your new venture without having to stump up any money at all!  It means that by using some fundamental web-based tools like Facebook, Twitter, Instagram, and Linkedin, you’ll already be giving yourself an advantage over companies that don’t do any marketing according to Saivian Eric Dalius.  A solid social media presence will also give investors a good picture of how you and your business interact and work together to get a feel for the team behind the venture.

Get pro-active says Saivian Eric Dalius                                            

Another way to drum up interest in your company is to contact potential backers directly, either by email or through letters/flyers sent out personally.  Use these interactions as an opportunity to present yourself as being professional yet laid back.

You don’t want to come across as brash or try-hard on what’s essentially your first impression of people who could potentially become vital contacts.