Does Your Business Need A Contingency Plan?
Every business, large or small, new or old, needs a contingency plan. When you are an entrepreneur, there is always a certain amount of risk associated with any kind of business. This is why you must have a contingency plan, irrespective of the size of your business. Having a contingency plan keeps you safe from unforeseen circumstances.
Let us take a look at what a business contingency plan is all about and how to create one for your business.
What is a contingency plan?
It is the alternative route that your business will have to undertake if the situation is not favorable or unfavorable situations are impending. While contingency could also mean a good thing like sudden inflow of money that was not expected but it mostly implies negative circumstances. These circumstances could affect the financial aspect of the reputation of your business. A business contingency plan will ensure that your business stays afloat and it is equipped to deal with situations of all kinds.
How to create a contingency plan?
The only two things that you require to create an effective contingency plan are planning and a good deal of research. Here are five steps that you could follow to create one for your business.
- Identify the key risks
Identify the key risks that could plague your business. Meet and interact with each and every team member to find out things that tend to be stagnant or a negative influence on your business. You could also hire a risk consultant to find out the potential risks.
- Identify the priorities
This is the second step in creating a contingency plan and it will ensure that risks are managed more effectively. Identify the resources that your organization must always have and cannot run without. These resources will remain functional despite cutting down of other.
- Drafting the plan
While drafting the plan, consider the resources that pose the biggest threat to the organization. Towards the end of the plan, including the smaller threats as well. The plan should also contain ways in which the normal functioning of the organization can be resumed.
- Live up to the plan
Keep your plan updated as and when changes are made. This will ensure that the plan is maintained and every team member is aware of their next step.
- Trade online
One field that can keep the influx of money consistent is trading online with the help of trading bots. This will help with the payouts even when the business is not earning enough money to do so.
Use Of Social Media For Business
Social media is the most powerful tool to make our business grow better. Because we can see many of us are using the social media accounts and we will always be busy in that too. So, if we give some advertisement about our business in social media, it will easily catch the eyes of many people and this will help us to grab some new clients and hence we can improve our business steadily. This will really make a great change to our business. It helps us in many ways for the development of our business and let us see what are those ways and how the businessmen utilize it for their growth.
- Brand positioning:
The social media really helps us for brand positioning because when one customer starts having business with us and give out their comments on social media, it will make many of the other people to have business with us. So, we can easily make the footprint of our business products in the market. The reviews the clients give about us are the most important tool for the development. So, try to offer the clients good products and reach the maximum heights soon in the business field.
- Sales booster:
When we give an advertisement or marketing about our products in social media, the reach will be high and the people will see it very shortly and they will like to reach us to have business with us. It will definitely help to boost up the sales and productivity. Because when the demand increases, obviously the sales will increase and when the sales increase, the productivity should increase.
- Business partners:
When we have an account in social media, we will have a lot of friends and even many famous businessmen. We can make a conversation or chat with them and try to have a partnership with them for our business. Because business partnership helps in many ways of running a business successfully. So, use it in a correct manner and grow our business rapidly.
The popularity for our business will get increased when we social media because many clients who do business with us will give a judgment about our business in their accounts and it is definitely a bliss for us to grow better. Even the bad comment and review will teach us the ways where we are lagging and what should be done to make it perfect.
Thus conclude that social media helps us in many ways for our business but we should keep it in mind that we should never misuse it at any time.
Three Areas Of Risk In Trading Overseas
While there are several advantages to trading overseas, there are also a number of risks involved. The trick of the trade is to understand the areas of risk, when they could be triggered and to have a contingency plan if the risks pose threat to your business. The first step is to know which areas are risky and what you could do to mitigate these risks.
Here are three areas that need special attention.
- Product risks
When a risk is posed to the products you are buying or selling then it is known as a product risk. It could range from price sensitivity to problems in product demand, issues regarding competitors and product packaging etc. If your business involves exporting of things then you must find out what the market demands and whether your products can meet those demands or not. Market research is an important aspect of exporting.
Also, keep an eye on what your competitor is up to. You could make changes to your product and prices in order to stay ahead in the competition. Your overseas business will only be productive and profitable when you also include the cost of exporting and other charges like tariffs, insurance, freight, fluctuations in the rate of exchange etc.
Yet another thing to keep in mind is the cost of transportation. This is often ignored and not taken into consideration. Later, it could end up becoming an additional cost that you never considered and pose a risk to your finances.
- Operational risks
Operational risks are not emphasized as much as other kinds of risks are. These risks include inefficient systems, human errors, issues in internal procedures etc. There are a few effective ways of handling operational risks and they are listed below:
- Take a look at the process of production and ensure that it is efficient. This could include machinery, proper use of raw materials and use of manpower. This will significantly cut down costs.
- Always have an emergency plan in place. This could include a number of things and one of those things is trading online with the help of a trading robot. This could generate profits on a daily basis and the entire system could run on an automated mode while you look after your business needs. The money that comes from the profits could help rebuild your business if it faces financial losses.
- Have a business plan that takes into account all that you have projected for the next ten years.
What do you know about the founder of Ethereum?
Ethereum Code, the automated trading robot brings to mind the second most popular cryptocurrency in the world currently – the Ethereum.
Ethereum is a blockchain technology that creates ether the actual cryptocurrency; it is similar to bitcoin in the sense it can be used for buying and selling but there ends the similarity. Ethereum is powerful and more robust and advanced blockchain technology that can be used in a wide range of applications right from renting a car to more serious issues like overcoming corruption and delays in fund disbursement during natural calamities and disaster.
If you are worried that you are not technologically savvy then you will be happy to know that Ethereum is not restricted to only the technical or highly skillful people but is open to the public too.
Who created this interesting technology with the potential to change the world the way we know it today?
Creator of Ethereum
Unlike bitcoin whose creator is the anonymous Satoshi, there is no confusion on who the creator of Ethereum is.
Just 24 years of age, Vitalik Buterin the Russian born cryptocurrency researcher is the father of Ethereum. His innovation has a market cap of over $30 billion today with the promise of moving higher. Vitalik’s name features as one of the most successful entrepreneurs under 40.
The seed for this technology was sown in 2013 but at that point in time, the young lad did not have the required resources to turn his dreamt into a reality. But we are in the 21 century where lack of means is no more an excuse to turn your ideas to profitable realities. Crowdfunding came to his rescue and Vitalik got his capital; he completed his project by 2015.
Even as a child Buterin’s skills astounded everyone. He was one of the few gifted children who can add three digits numbers in absolutely no time at all. Buterin was always interested in math, programming, and economics. He has, in fact, won the bronze medal in international Olympiad for informatics in 2012.
Role in Bitcoin Magazine
He was introduced to bitcoin when he was 17 and he never lost interest in that. He became the co-founder and leading writer for the Bitcoin Magazine in 2011. This is the first significant written work on bitcoin and other cryptocurrencies. He has also contributed several research articles on blockchain technology and cryptocurrency in several other magazines.
He has also contributed as a developer to other open source projects.
Binary Option Apps – Review of Mobile Trading
Among the active traders, the mobile app is becoming popular for the preferred access point. Based on this brokers are developing the quality mobile applications with the Operating System, android or i phone. People who are trading by using smartphone or tablet means they can look forward to the platform focusing their attention towards the best mobile trading apps. Binary.com, IQ option, specter AI, Option field, Race option are considered to be the best binary options trading.
Do you need an App?
You may need the App depending upon your preference to the trade. Mobile App will not be suitable for you if your work is confined to the desktop. If your trading is to be on the go it is wise to use the well-experienced brokers. By using the best binary apps you will be able to access your platform and account in your device. The accessing of data should be simple, safe and mobile friendly.
In everyday life of people, the mobile tools are headed to the Google play store. They are found to be the gatekeepers of ios. Before deciding on the platform for your trading activity and spending time and money on it you have to ask yourself whether it is the right platform for you? To clear this there are certain key factors you have to measure in your platform. They are payouts, assets lists, trade types, regulation and speed and ease of use.
Comparing binary trading Apps
Based on the capability of your mobile device you can able to access all the functions you are getting on your desktop by using the best binary options apps. A specific version for android, ios and windows will be mostly used which gives the benefits for every platform.
Brokers will be telling that their platforms are found to be the best designed for user-friendly. Demo account with the binary trading app is considered to be the best one. You will be able to access without giving information about the bank card details, email address or any other personal information.
A practice app
Another useful role is performed by the demo account which makes you get grip and dummy trades on the go. You can get the useful information regarding this by simply using your mobile to access videos and the resources.
Account access and usability
You may be able to shift easily from the desktop to mobile and can track your trading platform. Deposits and withdrawals are sometimes considered to be a problem when using weak apps. To avoid this you have to use the best applications for the account management.
Online Trading And Its Benefits
Online trading is nothing but buying and selling of the most common financial products like stocks, commodities, shares, etc… It is open to all and anyone can do this trading from home sitting comfortably. There is no rules and regulations for doing this trading business. We can even learn the techniques of trading from many websites and also read the advice given by the professional traders. There are many new software brokers available online for doing trading with ease. What the reading software need is the initial deposit amount and a very strong internet connection. The online trading has many benefits and positives in it. That is why many businessmen are utilizing it to earn a lot of money. Let us take a close at the benefits of online trading and try to get profit from that.
- Less expensive:
The online trading can be done with very fewer broker fees. It is very less expensive when we compare with the method of traditional trading. Because in traditional trading, the broker fees will be very high and cannot afford all the businessmen. But the broker software is not too expensive.
The traders can easily have a track on the trades they buy and sell. So, we can easily get to know how much we made it today and I what ways we can improve ourselves.
The traders can conveniently do trading at any time they wish to do. There are no restrictions on time limit, as everything is online here.
- No middleman:
There will be no need for any middlemen interference as all the things done here are online and there is no need of having any direct communication with the third parties.
- Quicker transactions:
The traders can do transactions very quickly and so it will save the time of the users. That is why many traders go for online trading without doing traditional trading.
As everything is online, the online trading has the overall control over the traders and the transactions they do with it.
Thus conclude that online trading has become viral among the traders and the traders yield more profitable returns by doing online trading with the help of many online trading robot software. This software will help the traders in many ways and it will even do trading in the absence of the traders. The traders can also reach the customer support team when we have any queries about trading at any time.
Basics Of Contract For Difference (CFD) Trading
The contract for the difference is an alternative for the traders who are involved in the short term trading of stocks and the assets.
What is CFD?
It is considered to be a tradable product when you are going to buy or sell this product on the margin rate and by collecting or paying the difference. CFD is a derivative whereby during the transaction the assets cannot be owned. It is a transparent financial instrument having equity, index, interest rate products or bonds. Generally, the CFD is not suitable for the new traders as it is considered to be a volatile you have to get thorough knowledge about the margin, risk and the complexity involved in it.
How do you trade CFD?
The principle behind this trading is the same as that for forex or any other trading except with this CFD trading one cannot own the assets during the transaction. This name contract for difference itself suggests that during trading you will get the price in a difference between the entry and exit of the trade.
Advantages in trading CFD
They have a significant advantage in trading the stock. They are
Usually, the traders are involved in the short-term investment or intraday trading as it has the margin. As the fee structure and the broker’s margin are considered to be high, it is very expensive for trading long term.
Depending on the product or the market, the amount varies from one broker to the other. In this trading, traders can achieve 50% and ROI can be obtained on their margin. So it is easily attracted by the traders who can face the risk to get this profit.
About 2 to 20% margin is required by the brokers depending upon the volatility and the instrument. Large size trade can be done by CFD, by means of purchasing expensive stocks. T his advantage makes this CFD more popular among the traders and brings new opportunities to the market.
4) Exposure to global markets
Variety of markets is offered by CFD providers by using only one account and there is no expensive data or fees.
Retail brokers add the fees for trading more quickly.
Equity positions can be hedged cheaply and quickly by using CFD.
All the trading platform are similar and it has the same function, but it depends upon the usability of the traders. Trading on software is found to be easier and familiar one.
A new guardian: Multisig
After the emergence of cryptocurrency, the digital coins have got widespread popularity as a payment mode. But for a novice coin user getting scammed while money transferring is also very common. The transaction once done cannot be reverted back in case of digital currency and once it is confirmed it is permanently recorded in the blockchain, so there is plenty of scope for a person not to turn up again after receiving the money. To counteract this drawback multi-sig wallet emerged for the user security.
In Bitcoin, saving the coins in the wallet for futures transaction is common; normally the wallet has a private key and one public key to get operated to give these wallets more security multisig wallets are brought into the digital market. The multisig wallet has three private keys instead of one private key to confirm the transaction completion. The three private keys are stored respectively with sender, recipient and an escrow agent, to make the transaction successful at least two keys has to be used. Now a question may arise why to trust an escrow agent in this volatile digital world. The answer is very simple; he is the registered entity of the Bitcoin community who has the power to resolve the dispute that may arise regarding any transaction. The different individual who holds these private keys are known as cosigners.
Miutisig wallets are presently widely used by the bitcoin users, it can be created in many different ways. A bitcoin user can define how many signatures are required to complete a transaction. In a multisig wallet it is essential for cosigners to sign the spending transaction for example if there are four cosigners then at least two of them must sign the spending transaction to confirm the transaction. Electrum and Armoury are the two popular wallets used by the crypto traders. To hack the transaction the hacker needs to hack both these private keys if he wants to steal the money. If he wants to successfully steal the account the hacker needs to have at least three private keys out of four cosigners, which is practically impossible.
The multisig wallets give protection to the private keys which are vulnerable to hacking. The most interesting part of these keys are they can be stored in different platforms and if any of the platforms get hacked the user need not have to worry about the wallet, it will be still secured by the multisig wallet. Click find out more to read more about this.
Understand Basic Investment Strategies
The best strategies for investments are those which work best for each individual investor. It’s just like a food diet. For each individual, the strategies that work will differ. If you have decided on an investment strategy and if it’s working for you, it is best you stick with it and don’t get distracted by others. You need to find something which will last long for you and can help you earn return consistently.
In case of investing in digital currencies, if you are new to the market, you can use the assistance of automated trading systems that are easily available online. These trading systems will guide you to choose the investment strategies that fit your preferences. All the reviews of the different trading robots can be viewed here.
Below mentioned are few of the investment strategies one can adopt to build a profitable portfolio.
Investment strategies to adopt
Fundamental analysis- The most basic and oldest form of investment strategy is the fundamental analysis. It is primarily been used to analyze and research the stocks. It is the strategy which involves analyzing the financial statements to choose the quality stocks. The data derived from the financial statements are used to compare the present and past data of a business with others in the industry. After the analysis, the investor comes to a conclusion whether the stock is good to buy or not.
Technical analysis- It is just the opposite of the fundamental analysis. The investor who uses this strategy uses the charts to recognize price patterns and the market trends of the recent times in order to predict the future trends and patterns. In other words, the particular pattern will be able to show the trader certain signals called as indicators of the future market movements. He takes a decision on the basis of these indicators.
Buy and hold- The investors who adopt this strategy believe to give time in the market. In this case, the investors will buy the securities and hold in for longer periods as they believe that the returns in long-term will definitely be reasonable because of the volatility of market conditions in short-period. This strategy is opposed to timing the market wherein the traders buy and sells the securities within a short period. In case of buy and hold strategy, the investors do not have to trade frequently when compared to other strategies.
Taking a Wise Decision In the Stock Market
Stock markets are typically considered to be very much volatile and are subjected to global and national influence. Hence, it is essential to conduct thorough research while you indulge in stock trading. Before you arrive at any decision, it is prudent that you have done enough research to validate your decision. While you trade in stocks, the decisions should not be taken in a hurry. You cannot be guaranteed to earn a profit if you adopt a carefree investing style.
If you are trading in digital currencies, then you need not have to worry so much about the research part as there are many automated trading robots that will conduct research, analysis and take a decision on the basis of the parameter set by you. All you have to do is to set your preferences so that the trading robots can take decision accordingly. Once you have logged in, the robot will do trading for you.
Importance of conducting research
The research is needed to answer the below-mentioned questions:
Company portfolio- Before a decision on the company stock is made, you need to gather as much as information as possible with relation to the organization such as operating structure, records, company’s history, how it performs in an unpredictable market, etc. All these information can be attained from the website of the company or the corresponding sites.
Competition- There is never a case in which a certain company will be the only player in the market. The research will help you in knowing the competitors well, their market value, growth rate, how those organizations stocks are performing in the market and so on.
Company’s history- Research will help you to know all about the history of the company and how it has performed earlier in the market. Annual and quarterly reports will show the company’s market value and its net worth along with the earnings.
Financial stability- Each and every trader or the investor should know about the information about the company’s balance sheet. They should be fully aware of the assets and debts of the company. The few questions should they should know about are:
- Is the organization debt-ridden?
- Are the organizations debt-equity ratio is favorable?
- Does the organization get any additional sources of financing?
Once you get a clear idea about the following questions, you can decide whether to go ahead and buy the stocks of that company or not. You have to keep some dedicated time to conduct the research and put in a lot of effort.