The Role Of Big Data In Your Small Business

The internet has accelerated the way we run businesses today. Even though it has come in just relatively short time, internet has become one of the most impactful tools for running business. Internet is useful to collect data and help you make more informed decision, run predictive analytic, as well as enhance your customer experience. That is how impactful big data for small business. Therefore, it is necessary for small business owners to learn how to digest big data and turn it from valuable insight to actions. 

The Role Of Big Data In Your Small Business

Big data for your small business

Big data is a collection of massive and complex information that stream at an incredible rate. These large sets can come from wide range of sources with the amount that can be hard to comprehend for humans. Therefore, we are relying on advanced data processing software to help digest the data and make it usable.

What big data can do for your small business

Using big data, you can get insights on a number of things including customer patterns and behaviors. With big data, you can identify new growth opportunities and new industries by examining customer information. It also allows you to create automation and workflow tools to automate the right actions based on the data itself. 

Through automation, you can improve productivity of your small business. Automation reduces the number of responsibilities placed on employees so it saves time and energy. This way, employees have more opportunities to achieve more sophisticated roles in the company. Also, automation helps decrease the risk of error so the fewer mistakes that tend to be made.

Help mitigate asset risks

By having big data, you are able to mitigate asset risks because you gain needed information to do it successfully. Your big data software program help you to determine the operational risks for each options. It provides predictive analytic which allow you to become more informed when making decision. This way, you have the options with the lowest risk, aiming for biggest opportunity.

Research your competition

Using big data, you can research your competition and find out what types of marketing campaigns that will work for you. However, you need to be mindful when using big data to research your competition because there is a risk of violating competition laws. 

Find out what’s trending

To establish customer base, you need to attract clients by understanding what is popular in the market today. Big data helps you to identify trends in real time. It helps you decide what kind of strategies to make and what actions to take to attract more customers and clients based on the trend happening. 

Improve marketing tasks

Big data can also help improve your marketing tasks, allowing your staffs to handle advertising and various mediums more efficiently. Big data is used for automated ad campaigns that are considered to be effective for increasing engagement. It is because the ads will become more targeted and only the prospective customers who fit a specific profile that will receive the ads. 

Wooden House Private Pool, An Holiday Experience In Bali

Looking for a place with a tropical climate like Bali is the perfect escape destination. Bali is not only famous for the island of a thousand temples, but also for the island of a thousand villas. Villas with modern concepts to wooden houses are the right choice for relaxation.

Wooden House Private Pool, An Holiday Experience In Bali

Wooden house with private pool

Not only synonymous with natural and warm nuances, but a simple beautiful wooden house can also give the impression of luxury and expensiveness. Wooden houses can also create a beautiful feel so that they are suitable for adoption in homes in tropical climates.

Bali does offer villas with various concepts. It might look really scary. Will your villa with a wooden house concept be comfortable and safe to live in? Bali contractors are getting better at building wooden construction combined with elements of other materials such as making glass windows, glass doors, or concrete. With the right techniques and designs, wooden houses can look modern, and minimalist, and have an urban style that fits life today. 

The advantages of a wooden house as your vacation villa

Energy saving

Choosing a wooden house, for villa owners, will save a lot of energy when compared to houses made of stone, concrete, or brick. In addition to being a good temperature insulator, wooden houses also work very well at absorbing sound. So, the wooden house will feel warmer, quieter, and suitable for relaxation during your vacation.

Environmentally friendly

With natural base materials, wooden houses are one of the most environmentally friendly home products compared to other non-natural building materials. In addition, the wooden structure also actively helps the absorption and storage of carbon dioxide in the environment around the wooden house.

Sturdy and Strong

Despite having a light weight, wooden houses still have a very strong durability. A wooden house made of high-quality materials will have a usability that is not inferior to a house made of brick or concrete.

Villa with a wooden house concept offers an extraordinary attraction for foreign tourists. No wonder many Bali construction companies under foreign owners carry the concept of a modern wooden house. Villa with a wooden house concept and private swimming pool facilities are comfortable for you. The demand for modern concept villas or houses in Bali is very high. Not a few tourists and foreign workers who stay in Bali for a long time even decide Bali as a second home.

Ways To Determine Your Small Business’s Value

Ways To Determine Your Small Business's Value
Woman writing in notebook at work desk photo, public domain CC0 image.

Knowing the value of your small business is important especially if you plan to sell it or look for investors. Calculating business’s value ca be tricky but it is not impossible for you to get the most accurate numbers. Estimating the economic worth of your business can be challenging especially if you are not financial expert. So how can you figure out what your business is worth?

Most common reasons for valuing business

People value business for many different reasons. However, the most common reasons include the selling business, planning on selling stock in the company, trying to attract investors, a bank loan, simply understanding business’s growth. Therefore, you can estimate and calculate your business’s value even if you don’t have any particular reason. It is beneficial to know what your business is worth for your own knowledge. 

Business valuation for investors and buyers

For buyers and investors, business valuation is vital so they can make the right decision with the information. They also need the value to be in a form of valid evidence so they get better understanding of how much money is reasonable to invest. Improper valuation of business should done properly. Otherwise, it can lead to various financial issues in the future such as upset investors, unimpressed buyers, and damaged reputation. 

Methods used for business valuation

To valuate your business’s worth properly, you need to use the proper methods. There are two common methods used called Discounted Cash Flow Method and Comp

Tax-Saving Tips Small Business Can Consider

Tax-Saving Tips Small Business Can Consider
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Running a small business can be stressful because you feel there’s too much on your plate already. You have to take care of marketing, payroll, product development, distribution, and taxes. It is important that you gain some basic knowledge of the tax system so you know what you have to do to file it right. Even though there is no replacement for an expert, at least you know the importance of filing tax properly. 

How to save on your taxes

It is understandable that with small business you are trying to build, you have not year afford to hired a professional to handle your taxes. However, there are more alternatives for you to have pain-free filing process. For example, you can consider using accounting software to guide you. And here are several tips you can consider as well:

Pay attention to your adjusted gross income

Your adjusted gross income is useful for saving on tax because it directly impact the deductions and credits your business is eligible for. Hence, it is strongly advised that you check with your accountant or tax partner for specific guidance on how to calculate this plan for tax season. 

Know how you spend your money

To maximize your deductions, you need to know how you spend your money throughout the year. Tracking down your expenses is also beneficial for managing your cash flow. Hence, organize and track receipts to make it easier for you to log deductions correctly and accurately. Also, having those receipts will be useful is your business is audited. It is what you can use to report properly with valid proof. 

Avoid penalties from late payments

Your tax can become a heavier burden when you also have to deal with penalties due to late payments. Therefore, avoid last minute payment because it only brings in more problems to deal with. Get your documentation together early in the year and to avoid potential unforeseen expenses as well. To help you cover tax payments and avoid late fees, you may consider short-term working capital and business tax debt loans. 

Consider restructuring your business

The type of business entity you choose will have its own taxation policies and deductions. Hence, it is recommended that you choose mindfully of what business entity to establish before launching. If you have already built your own small business, you can consider revisit your business structure every few years to see if there is a need for reclassifying it. If it is going to meet your goals and financial bottom line, then the idea of restructuring your business entity might be for the best. 

Consider using software

Aside from relying on accountant or third-party tax partner, you can also consider using software to help you make tax preparation and filing process more easily. Using the right software, you can reduce the likelihood of errors. You can choose filing software with features that help ease your work on filing. It is considered as one of the most efficient ways to complete a tax return especially for small businesses. 

Is Pool Worth the Investment for Your Villa Rental in Bali?

Is Pool Worth the Investment for Your Villa Rental in Bali?

Installing a pool is something that every homeowner who wants to increase the value of their luxury villa rental in Bali. Especially because every villa in this island virtually have its own private pool. A swimming pool provides a secluded place to relax and is frequently thought to significantly boost a rental’s value. A pool will almost always add value to your home, both in terms of raising its value and in terms of improving your personal value. Your guests would most likely appreciate it, however, the logistics can be challenging. Is a pool a suitable long-term investment for your rental property, or will the maintenance costs become a liability? Should you add a private pool to your villa rental Bali just because everyone else is doing it too?

Keeping Up with Your Competitor

Every holiday spot is a little different from the next. Rentals with pools abound in places like Bali, so it make sense if you want to catch up to your competitors. Booking a vacation home with this feature makes sense for most visitors who are there to swim, tan, or have a drink by the beach. If you want to stay competitive in a luxury villa rental market in Bali, you should consider a pool-equipped house.

Finding a rental with a pool in other places, on the other hand, can be challenging. This amenity will set your property apart if you’re lucky enough to get one. Additionally, guests will be willing to pay a small fee per night for this premium service.

Adding the Desirability to Your Luxury Villa Rental in Bali

Adding the Desirability to Your Luxury Villa Rental in Bali

Travelers come to Bali to relax and have an ultimate tropical getaway. And what is a tropical vacation without days lounging in the pool? Having a pool or spa in your vacation rental Bali is a luxurious addition. The majority of people associate having a pool or spa on their property with summer events, BBQs, and relaxing in the water. It might be a gorgeous rooftop pool or a vast pool in the ground.

More Vacation Rental Business Insight:

The Hidden Cost of Buying Villas for Sale in Bali: A Must Know

A Pool Need Regular Maintenance Regardless of Use

If you’ve ever owned a luxurious villa rental in Bali with a pool, you’ll understand how important it is to keep it in good shape. Every time a guest leaves, you or a cleaning service you employ will need to remove any debris from the pool. For this service, a cleaning service may charge an additional price. Depending on the type of pool, long-term maintenance will seem different. A chemical pool, for example, necessitates continuous monitoring to ensure that acidity levels are maintained while still providing crystal clear blue water.

Even if your pool is too cold for guests to enjoy, you’ll have to pay for its care. If you own a vacation rental in the Kintamani highlands or Mount Batur Bali, for example, guests will most certainly be unable to swim due to the cold weather. That means the pool will cost you money for the most of the year while adding no value to your property.

Think of the Design of Your Swimming Pool

Consider which pool style will suit your needs the best. Examine how the pool’s design will effect the types of guests you’ll have a second time. A large shallow step, for example, would be useful if you host families with kids. You might also want to install a kid pool if your target market largely include travelling families. If you’re catering to business travelers, a lengthy pool would be a nice idea to allow for a few laps in the morning before heading to work. Within your means, try to cater to as many different types of guests as possible.

More Vacation Rental Business Insight:

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Liability in Times of Accidents

Hopefully, dozens of people will be able to enjoy your pool without any problems. However, as a vacation rental owner, you must be prepared for the worst. If a guest is injured while using your pool, you could be held personally liable. To place yourself in the best possible situation, you might speak with legal specialists and insurance providers.

Things That Can Destroy Your Brand

Providing impressive products and services must be the goal of every business. It is what leads to profit for the business indeed. The problem is, there are other factors outside products and services that can cause problems in your attempt for achieving success. It is the relationships between brand and consumers. Just like any other relationship, it should be nurtured constantly to last long. Problems will arise inevitably because your brand will not always be perfect. The key is how to solve the problems and responds to what consumers need and demand appropriately. 

Angry couple claiming and shouting to an office worker

Excellent customer service is vital

The key for long lasting relationship between brand and consumers is customer service delivery. When your brand is able to deliver excellent customer service, it is highly likely for consumers to stay loyal to your brand. They know that you will always have their back even if you have problems to solve. Therefore, a problem in maintaining solid good customer service can be the cause of your pitfalls, ruining your brand and its online presence as well. 

Things that ruin your brand and its reputation

There are things that can ruin your brand and its online presence. Most of them are linked strongly to your customer service, such as:

Broken products or services needing constant customer service assistance

If your products or services need customer service assistance constantly, there might be bigger problems you need to find. It is probably something is broke, or that the instruction is not clear enough. It is also probably because consumers don’t expect what they are receiving. Make sure to evaluate your products and services while giving solution to your consumers. Avoid giving vague responses and don’t aggravate your consumers even more. Assist your consumers to properly learn what your company offers.

Poor employee training

Your employees, especially those who are in customer service departments are like the face of the company. They are the ones who constantly interact with consumers. Improper training to the employees will lead to customer service disaster, ruining the reputation of your brand. Hence, make sure to properly train your employees on how to deliver excellent customer service. If your employees don’t understand the use of social media, train them until they are skilled. Or, choose more experienced employees who understand it better for efficiency. 

Using no strategy in managing social media

Social media is a platform that is considered to be one of the most effective to boost a business and brand’s reputation. However, social media is like a double-edged sword. It can make or break your brand’s online reputation if not handled well. Hence, make sure to use social media with the right strategies. 

Appoint someone who understand well how social media works. Make sure that you always know what is happening around your brand and the world outside of it before trying out new strategies. A careless error will be imprinted in social media history so be mindful when managing your brand’s social media handle. Use social media to boost your brand’s reputation and increase networks.

How To Stay Ahead Of Your Competition

Staying ahead of your competition is important to ensure a successful business. Every business goes in the world must have already known this and that’s why the competition is getting tough each day. However, it is not so easy to do because it is more complicated than it seems to beat your competitor. Also, you have to do it fairly and legally if you don’t want to get into trouble. 

Happy businesswoman crossing finish line during race business competition

How to lead a successful business and beat your competition

There will always be competition in every market even if you think you have a unique niche in the industry. The main purpose of beating your competitors is to increase market share. And the way you do it is not by crushing your competitors to the ground but by nullifying their effects in the market. And here are some useful tips to help you stay ahead of your competition:

Identify and solve the pain points of your customers

You and your competitors might have a shared target audience. The way to beat them is by addressing the needs of your shared target audience better than your competition can. Be more proactive in identifying the pain points by asking them open-ended questions about what they want while using your products or services. Then, help solve the pain points by providing solutions with the best explanation that your customers can understand clearly. Remember to solve your customers’ issues rather than just sell products or services to them. 

Use storytelling and specialization

You need to build a unique niche in the market to stay ahead of your competition. And you can do it through storytelling and specialization. It is because it is almost impossible to have no competition at all. However, you get closer to it if you can build a niche. Storytelling is a great way to build emotional and more personal connections with customers. It helps build relevance between your brand with your customers. With specialization, your prospects become easier to target, resulting in a good retention rate. 

Consider setting competitive pricing

Even though pricing strategy is not the most effective alternative for businesses to stay ahead of the competition, you may consider it to some extent. Make sure to make thorough calculations before setting the price point. You need to determine the ideal price point first while researching which competitors offer the best value. Make sure what you are going to offer brings more value to the table. Hence, it doesn’t matter if you set a higher price if it brings more value to your customers. 

Do not be afraid of changes

Flexibility is one of the best weapons for a business to grow successfully. With it, you will be able to pivot according to the situation that requires. In business, change is constant and you will get nowhere if you are persistent with something that brings zero impact to your business. Try to identify which model your business may need to be changed and see what other alternatives you can execute for more successful growth, ahead of your competition.

How are Bali Contractors Boosting The Local Economy?

The development of villas, resorts, or hotels in Bali is increasing considering the high number of tourist arrivals who need accommodation during the high season. Balinese construction requires high precision considering the different soil structures.  You must exercise caution when hiring Bali contractors or builders to construct your home, villa, resort, or hotel. There are far too many builders, contractors, and subcontractors who add no value. They only add to your anguish and frustration. Working with these people or companies is nearly impossible. 

bali villa construction with green concept open space

It makes no difference whether you work with a repair or maintenance contractor, a general contractor, or a builder. It is preferable to hire a dependable construction services company that will never let you down, or even better, work with a contractor guild. A guild of contractors is made up of well-known companies and individuals who are knowledgeable, experienced, and trustworthy.

Bali Contractors & Construction’s Issue

The truth is that Bali has issues with its water, waste management, traffic, and power supplies. Local communities are being pushed aside in the name of progress, or are being ignored in terms of opportunities, and education needs to be revamped. With such a rapid pace of development, it would be easy to overlook some of the basic construction projects in Bali that are necessary for long-term growth.

The issues are serious, and all stakeholders must work together to address them so that future generations can continue to enjoy Bali’s beauty, growth, and success. The construction of villas, hotels, and resorts with the concept of green construction is an attraction for domestic and foreign tourists. Aside from construction, other business services experienced reasonable growth, including Health and Social Activity services.

Investor awareness of the accommodation needs of local and foreign tourists. Carrying the concept of green construction is able to keep Bali more sustainable. 

How to choose a Bali construction company?

There are numerous benefits to hiring a building contractor from a guild. To begin, many contractors join forces to form a union, and these are typically large business firms. It is preferable to do business with them rather than with a small local night-flying operator with limited experience, qualifications, and goodwill. Remember that a guild is a team, and its members will come from all walks of life and companies, with varying levels of experience. 

You can be confident that your job will be completed by experts, no matter what it is. They will have prior experience with both large and small jobs. In other words, you can find the best contractor for your specific project. When you hire building contractors from a guild, you can be confident that the materials used for your project will be of the highest quality. It makes no sense for them to use low-quality materials to increase their profit margins at the expense of their reputation and goodwill. The loss will be significantly greater than the gain. This is why Bali construction companies, investors, and local peoples just need a change of mindset.

The Idea Of Taking Personal Loans To Fund Your Business

The Idea Of Taking Personal Loans To Fund Your Business

One of the most challenging things about running your own business is finding the right funding. It is because insufficient funding is a roadblock to success. Many entrepreneurs decide to get a loan to fund their business especially during the initial stage. It is a decision with its own risk regardless how common it is in business world. What about personal loan? Is it safe to take out personal loans to fund your business?

Using personal loans to fund your business

It is possible that you use personal loans to fund your business especially if you have a clear path and understand the risks. If compared to business loan, personal business loan has higher risks. However, personal loan is easier to get without too many requirements involved. Some small business owners decide to take personal loans when they are unable to obtain business loan. 

Finding the right lenders

Be more selective and careful with the choice of lenders. You can get personal business loan from banks, credit union, or online lenders. Or, you can also get it from a loan marketplace or crowdfunding website. Many of these lenders provide online applications that only take few minutes to complete. Be mindful in choosing the lender and consider many factors before choosing one such as fixed interest rates, fixed loan terms, etc. 

Finding the right lenders

Personal business loan is easy to get

One of the most common reasons many small business owners use personal loan to fund their business is because it is easier to get. The lenders only look at your personal credit score, income, as well as debt-to-income ratio. They don’t pay attention to the business you are doing. They don’t even need to know your intention with the money. If you are credit-worthy, you will be approved. This is different from how business loan works. The health of the business is the main thing the lenders pay attention to. 

Lower interest rates

Another good thing about personal loan is lower interest rates compared to business loan. If you have high credit score, a personal loan can be a cheaper solution for your financial problems. Meanwhile, the terms of business loans always revolves around your personal credit score and your business’s financial health. It will be harder to get business loan if you have struggled in the past. 

Flexible use of personal loans

Personal loan is also more flexible in term of use. The lenders don’t care much about what the money you are going to use for. As long as you can pay it back, then the rest don’t matter. Most lenders don’t have tight restriction with the money use. Hence, you have the freedom to do everything you need with the money. 

However, be mindful of the risks of taking personal loans as well. For example, taking personal loan means you already mix business with personal life. The loans maximums are also lower. Not to mention that you need a personal guarantee which means putting your asset at risk. 

Selling Your Private Villa in Bali

Selling Your Private Villa in Bali

If you’ve been in vacation rental industry for quite a time, you will know how vacation rental platforms like Airbnb, VRBO, or Homeaway has revolutionized the way we travel and now invest in the previous ten years. With between fifteen and twenty thousand villa postings in Bali alone, the short-term rental market has become extremely competitive. Though vacation homes are good investment, it does need dedicated time and energy to keep the property fully booked. Some people probably just cannot keep up with that—and decided to sell their private villa in Bali. If you plan to sell your villa, here are things to keep in mind to ensure you get the best result. 

Take professional, high-quality photos

Take professional, high-quality photos

When potential buyers view high-quality, distinctive photographs, they are considerably more likely to exhibit interest in your private Bali villa. It’s best to hire a professional photographer to take compelling photo that engage potential buyers. The top photographers will gladly talk to you about your brief, offer advise, and, in the end, capture the photos that will attract the ideal buyers to your property. While taking your own images is great for Airbnb as a platform, professional photography is required when selling and can make a significant difference in the value customers perceive and hence the amount they will pay.

Consider putting your furniture up for sale as well

You can sell the current furnishings to the buyer as part of the home transaction if you wish. When the new owner lists their Bali house on Airbnb under their own name, they can use the exact setup and photos you used. While some customers may wish to rearrange items to suit their own tastes, others may embrace the opportunity of saving costs on furniture.

Clean up your villa

Clean up your villa

Tidy up your private villa Bali. Vacuum the carpets inside and do any small repairs, such as repairing broken hinges and replacing damaged tiles. Try to make it appear as good as it did when you first bought the house. Buyers want a blank slate to visualize how their own items will look in the property, so paint the walls white or another neutral hue. Take some time to clean up the outside of the house as well.

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Use reviews from past guests

Great evaluations have the same impact on people that great photographs do on people. And, because over 7% of complaints are related to guests having trouble checking in, receiving insufficient support, or feeling betrayed by the host, you’ll have a lot more positive reviews of your property that are directly relevant to your potential purchasers.

Gather your finest Airbnb reviews, especially ones that mention your home, and include them into your promotion. Reviews can validate the value and potential of a Bali property in the same way that guests validate the value and potential of a villa rental.

Work with local agent

Work with local agent

Work with a real estate agent to sell your private house in Bali. They should be not just a real estate agent; but people who specializes in holiday homes and property sales. Your real estate agent should be aware that selling a vacation home differs from selling any other type of property, and should be well-versed in the area.

Sell in the busiest period of the year

Determine the busiest season in the community where your vacation home is located. During the peak season, when buyers are hunting for homes in the region, list the property. Summer is, in most circumstances, the busiest season. Selling during the busy season means you’ll face more competition, but you’ll have a better chance of selling faster and for more money due to the higher buyer-to-seller ratio.

More Villa & Business Insights:

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Arrange pricing strategy

Price the home in comparison to similar villa for sale in Bali. Your real estate agent will have information about this. Look for houses that sold with the same amenities as your three-bedroom property with an upgraded kitchen. Look for any tiny variances that make a difference, such as the amount of bathrooms.

Share your contacts of house helpers and more

Be courteous. Share your contact information, as well as any contracts you have for services such as handymen, cleaning, and housekeeping supplies. Many purchasers would appreciate not having to go out of their way to acquire new assistants and being able to leverage your existing relationships with them.