Business

When moms and children get into business together.

Published

3 years ago

March 29, 2022

Regarding mother-daughter business partnerships, there are numerous built-in advantages: familiarity, understanding, history. But possibly most of all, there is trust.

“You can assume how they will act and engage with other people and trust they will act in ways that’s consistent with your own integrity,” says Rebecca Reuber, professor of strategic management at the Rotman College of Administration in Toronto.

And while relationships – whether business or personal – are rarely without almost any conflict, the security between a parent and kid means there is substantial motivation to create it work, equally in and out of the office.

“Because the household connection is just a long-term connection that that you don’t desire to damage, there is an incentive to help keep the partnership a pleased one,” Dr. Reuber says.

Vancouver-based Métis entrepreneur Teara Fraser is combined with her child Kiana Alexander-Hill in three different corporations. She says that every challenge is a change of some ideas, including deepening their mutual respect.

“We are friends,” Ms. Fraser says. “We are alike in many ways, but in addition different, each with unique skills and strengths. Kiana is involved with everything I do.”

A natural development

Having obtained the running enable for Iskwew Air (the Cree term for the woman) 3 months before the COVID-19 pandemic began, Ms. Fraser utilized her twenty years of knowledge in the aviation business (she’s also a pilot) to release the flight as lead government officer (LEO).

Meanwhile, Ms. Alexander-Hill provides a team lead, people for Iskwew Air, getting her skills as a professional MBTI (Myers-Briggs Type Indicator) practitioner and management facilitator to construct and help the airline’s team.

“I did not actually know I would work with Teara, but it was an all-natural development of our family,” says Ms. Alexander-Hill. “Mummy is just a successive entrepreneur. She always has ideas.”

As the first Indigenous girl to release a flight in Canada, Ms. Fraser is devoted to adjusting to the male-dominated flight business, concentrating on approaches to decolonize and decarbonize for the following generation. “Many times, it seemed difficult,” she says. “But I’m here and I’m hopeful.”

Equally, women are devoted to sharing their understanding with their community. “When you have understanding and obtain understanding, you might also need a obligation to accomplish great with that understanding,” says Ms. Fraser.

Ms. Alexander-Hill is LEO of The Raven Institute, a management teaching party applying Indigenous practices. Ms. Alexander-Hill oversees the team, including Ms. Fraser, dealing with different organizations, including Indigenous children across Canada. Both women also run The Indigenous Lift Collective, a non-profit presented in 2018. The collective was a lifeline for all Indigenous women entrepreneurs through the pandemic; they achieved every Sunday via Move to master, enjoy and offer help to one another.

“A huge element of what we do is on the basis of the deep regulations of reciprocity,” says Ms. Alexander-Hill. “We share our activities to greatly help others.”

Dealing with new tasks

Dr. Reuber says that in a few mother/daughter business relationships, moms should understand how established firms work, and children should bring new ideas of how they might work differently. That is the event with the homeowners of Sensorium, a newly-launched online marketplace for non-alcoholic wine, alcohol, and tones, started by Vancouver’s Kathryn Hepher with her two children, Sarah Hepher-Tejuco and Fiona Hepher.

As an alcohol-free person, Kathryn sought out libations without liquor but discovered several choices in Canada. She did, nevertheless, find various recipes while exploring markets in the U.K. and Australia.

“I was concluding my 2nd stint of pension from my corporate job and I did not want to publish a new resumé or begin job interviews,” says Kathryn, COO at Sensorium. “I approached my children with the idea to begin an import business.”

The timing was right for equal daughters. “I’d never thought about entering business with my mom and cousin,” says Fiona, “but it was an instant yes.” With a history in company, advertising, and design, she was ready for a new challenge and needed the role of innovative director.

The group did four weeks of teaching to analyze their skills, advantages, regions of growth, and conflict resolution. With Kathryn getting 30 years of corporate living to the collaboration and Fiona getting her advertising and design experience, Sarah brings anything similarly crucial, Fiona says. “Sarah is the stuff who holds people together.”

Sarah, a government administrator at Sensorium, says it was a change going from being an employee to being among the bosses.

“Making the move to learning to be a co-founder was daunting,” she says, introducing that business progress courses served her gain confidence.

The group had to put away some familial behaviors within their new tasks as co-founders, such as, for example, Kathryn’s endearment by referring to her children as “the girls.”

“We chose to leave that for after hours,” says Fiona. They have also created a system to rapidly talk with each other utilizing a pink hole for when anything is incorrect and a natural spot when all is well.

Conversation and self-confidence

Namely, like any business connection, mother/daughter partnerships can provide possible problems, says Dr. Reuber. For example, the sensation of the requirement to keep discussions positive can be an issue when it prevents sincere conversation about business issues.

Different problems can be related to expectations Dr. Reuber provides, such as, for example, regular office hours, salaries, and the role of spouses in the business. Additionally, there are dilemmas of succession – what goes on if one of the family members moves away, becomes incapacitated, or wants out of business? Open conversation is necessary right from the beginning, Dr. Reuber says.

At Sensorium, Fiona Hepher says that all of them want what is best for each other is bits of help. “We have 30 years of dynamics between people and the present day resources to steer them,” she says.

Equally, Teara Fraser and Kathryn Hepher claim they are delighted to work well with their children and that the business enterprise connection has been a pleasant learning experience. Ms. Hepher says it’s been satisfying to see her kiddie’s problem with the position quo and be pleased showing off their expertise in the boardroom.

Business

Post-Purchase Customer Experience – Why It’s the Key to Retention and Loyalty

Published

4 months ago

February 6, 2025

Tina Gondolin

In today’s fiercely competitive marketplace, securing a sale is just the beginning of the customer journey, not the end. Post-purchase customer experience has emerged as a pivotal aspect of not only retaining clients but also building unwavering loyalty.

Once the transaction is completed, a new chapter unfolds—one that can either transform a one-time buyer into a lifelong advocate or reduce them to just another statistic in the sea of disengaged consumers. Every interaction a customer has after the purchase, from personalized follow-ups to seamless customer support, plays a crucial role in shaping their perception of your brand.

As the dust settles on their initial decision to buy, it’s the ongoing experiences that will ultimately determine whether they return for more or drift away into the clutches of competitors. Understanding and optimizing this journey is not merely an option anymore; it’s a necessity for businesses striving to cultivate lasting relationships in a world where choices abound.

The Path to Loyalty: How Post-Purchase Experience Shapes Customer Relationships

Source: reverselogix.com

The journey to fostering customer loyalty begins long after the initial purchase is made; it is intricately woven into the fabric of the post-purchase experience. Picture this: a customer who eagerly anticipates their delivery, receiving a thoughtful follow-up email that not only confirms shipment but also includes tips for maximizing the product’s use—this simple gesture cultivates a sense of connection.

Afterward, a timely survey asking for feedback demonstrates that their voice matters, transforming a transactional relationship into a dialogue. Each element, from personalized recommendations based on their purchase history to dedicated customer support, deepens trust and enhances the emotional bond.

In this ever-competitive landscape, understanding that retention hinges not on the initial sale, but on the entire journey afterwards, can unlock the secret to creating lifelong advocates for your brand.

Beyond the Sale: The Critical Role of Aftercare in Customer Retention

Source: globalresponse.com

In the whirlwind of commerce, where transactions often take center stage, one critical aspect frequently slips through the cracks: aftercare. This pivotal phase begins the moment a customer clicks “confirm” on their order, extending well beyond the point of sale.

It’s not merely a follow-up; it’s a commitment to nurturing the relationship, a chance to reinforce the connection established during their buying journey. Think of aftercare as the secret sauce of customer loyalty—personalized messages, helpful tips, and timely support can transform an ordinary experience into an extraordinary one.

Customers who feel valued and supported are more likely to return, not just for the products they cherish but for the community and service that accompany them. In a landscape flooded with choices, businesses that prioritize aftercare don’t just sell products; they cultivate loyalty, turning one-time buyers into lifelong advocates.

Conclusion

Source: youngurbanproject.com

In conclusion, the post-purchase customer experience is a critical pillar in fostering retention and loyalty among consumers. By understanding and enhancing this stage of the customer journey, businesses can build lasting relationships that go beyond a single transaction.

Effective post-purchase marketing not only reinforces the value of the initial purchase but also encourages repeat business through personalized communication and ongoing engagement. As companies strive to differentiate themselves in a competitive landscape, prioritizing the post-purchase experience will prove essential in transforming customers into brand advocates, ultimately driving sustainable growth and long-term success.

Business

From Trader to Business Owner – How to Build Your Own Trading Firm

Published

5 months ago

January 3, 2025

Tina Gondolin

Transitioning from a trader to a business owner is a thrilling journey, a leap from the exhilarating chaos of the markets into the strategic realm of entrepreneurship. Many traders, fueled by their passion for the financial world, dream of establishing their trading firm—a bold move that promises both independence and potential prosperity.

Yet, this path is strewn with challenges, requiring not just deep market knowledge but also formidable skills in management, finance, and strategic planning. How do you go from analyzing charts and executing trades to overseeing a team of traders and making critical business decisions? In this article, we’ll explore the multifaceted process of building your trading firm, offering insights on everything from legal considerations to cultivating a strong company culture.

Prepare to navigate the nuances of this transition—where the fierce nature of trading meets the intricate art of business ownership. Your journey begins now.

Identifying Your Niche in the Trading Market

Source: udemy.com

Identifying your niche in the trading market is an essential first step on your journey from trader to business owner. Start by reflecting on what truly captivates you—whether it’s forex, stocks, options, or commodities—and the unique strategies you’ve developed through experience.

Tools like depth of market software can play a pivotal role during this process, offering detailed insights into market trends and liquidity levels, which can help you pinpoint areas of opportunity. Dive deep into market trends, analyzing which segments show potential for growth and profitability, while also considering the competition.

Don’t shy away from experimenting; this phase often involves trial and error, as you test different trading styles against varying market conditions. Additionally, leverage your existing knowledge to carve out a specialized area, perhaps focusing on a demographic or asset class that isn’t saturated.

Ultimately, the key lies in blending your passion with market demands, creating a distinctive offering that speaks to both your interests and the needs of prospective clients.

Creating a Business Plan for Your Trading Firm

Source: www.getwork.co.uk

Creating a business plan for your trading firm is not merely a formality; it’s the foundation upon which your entrepreneurial dreams will stand. Begin by defining your vision—what kind of trading strategies will you employ? Will you focus on equity markets, forex, or perhaps cryptocurrencies? This clarity will inform every aspect of your plan, from your target market to your operational framework. Next, conduct a thorough market analysis to identify your competitors and potential clients, ensuring your unique selling proposition shines brightly amidst the noise.

Financial projections are crucial; outline your startup costs, expected revenues, and break-even analysis to illustrate the viability of your venture. Don’t forget to address risk management—how will you safeguard your capital against market volatility? Each section of your plan should weave together, showcasing not only your ambitions but also a pragmatic approach to navigating the complexities of the trading landscape.

This document is your blueprint for success; invest the time to make it comprehensive and compelling.

Legal Considerations for Starting a Trading Firm

Source: luxalgo.com

Establishing a trading firm entails navigating a labyrinth of legal considerations, intricately woven into the fabric of financial regulations. Aspiring business owners must first determine the appropriate business structure—whether a sole proprietorship, partnership, or corporation—each carrying its legal ramifications and tax obligations.

Securing the necessary licenses and permits is paramount; depending on your trading strategies and the markets you operate in, you may need to register with regulatory bodies like the SEC or FINRA. Additionally, compliance with anti-money laundering laws and data protection regulations will shape operational protocols, safeguarding both your firm and clientele. As you forge ahead, consulting with legal professionals proficient in financial regulations is not just wise—it’s essential, ensuring that your firm not only thrives but does so within the bounds of the law, avoiding the perilous pitfalls that could threaten your entrepreneurial dreams.

Conclusion

In conclusion, transitioning from a trader to a business owner by establishing your trading firm is an exciting yet challenging journey that requires careful planning, strategic decision-making, and an adept understanding of market dynamics. By leveraging essential resources, including cutting-edge tools like depth-of-market software, you can enhance your trading strategies and gain valuable insights into market trends.

Building a successful trading firm involves not only honing your trading skills but also developing a solid business framework, fostering a collaborative environment, and staying agile in a rapidly evolving marketplace. With the right approach and commitment to continuous learning, the path from trader to business owner can lead to remarkable growth and fulfillment in the world of finance.

Business

How the Rise of AI and Automation is Impacting the Accounting Profession

Published

6 months ago

December 13, 2024

Anita Kantar

The adoption of advanced technologies is reshaping how businesses handle financial processes. Tools powered by artificial intelligence (AI) and automation are transforming traditional workflows, introducing both opportunities and challenges for professionals in finance.

Accountants must now adapt to thrive in a landscape dominated by innovation.

Key Points:

Automation reduces manual data entry, boosting accuracy.
AI enables predictive insights for better decision-making.
Technology frees up time for strategic tasks.
Skills in data analysis and AI tools are essential.
Ethical considerations are critical for implementing automation.

Automation and Its Role in Streamlining Financial Tasks

Automation tools have become indispensable for reducing repetitive and time-intensive tasks. Functions such as payroll processing, tax filings, and financial reconciliations can now be completed faster and with fewer errors. Businesses looking to optimize their operations rely heavily on platforms like those recommended by Accountancy Capital for sourcing qualified professionals. For more information visit their website www.accountancycapital.co.uk.

By eliminating the burden of repetitive tasks, automation allows accountants to focus on advisory roles, providing higher-value services to clients. This shift highlights the need for upskilling to remain competitive in a changing landscape.

Source: rvnatech.com

How AI Improves Decision-Making in Financial Management

AI tools analyze vast amounts of data to identify patterns and trends that humans might overlook. This capability enhances decision-making, particularly in areas like forecasting and risk assessment. For example:

Predictive analytics ─ AI can anticipate cash flow trends or market risks, giving businesses a proactive advantage.
Fraud detection ─ Algorithms flag irregularities in real-time, reducing financial losses.
Expense optimization ─ Automated systems recommend cost-saving measures based on historical spending patterns.

Leveraging such capabilities requires an understanding of technology, coupled with expertise in interpreting results for actionable insights.

Challenges Created by Technological Advancements

The rapid adoption of AI and automation poses challenges for professionals, including:

Skill gaps ─ Transitioning from traditional methods to tech-driven workflows require upskilling.
Job displacement ─ Roles focused on manual tasks are at risk of becoming obsolete.
Ethical concerns ─ Decision-making algorithms may introduce bias if not properly monitored.

Mitigating these challenges involves ongoing education and embracing continuous professional development.

Source: runeleven.com

Skills Accountants Must Develop to Stay Relevant

The changing landscape necessitates a shift in core competencies. Key skills include:

Proficiency in data analysis tools ─ Knowledge of software that integrates AI is crucial for staying relevant.
Soft skills ─ Communication and advisory capabilities remain vital, even as technology handles routine tasks.
Ethical awareness ─ Understanding the limitations and implications of technology ensures responsible implementation.

Combining traditional expertise with technological fluency is the key to long-term success.

Benefits of Automation for Accounting Firms

Automation tools deliver measurable benefits for firms, including:

Efficiency gains ─ Faster processing of routine functions, reducing turnaround times for clients.
Cost savings ─ Automated workflows lower operational expenses.
Scalability ─ Firms can handle larger client bases without increasing staff.

By adopting technology thoughtfully, firms can maintain a competitive edge while providing exceptional service.

Source: mcgowanprofessional.com

Ethical Implications of Adopting AI in Finance

AI’s growing role introduces ethical concerns that professionals must address. Bias in algorithms, privacy concerns, and transparency issues are common challenges. Firms must establish guidelines to ensure that AI tools align with ethical practices. Regular audits and accountability measures help maintain trust.

Future Trends and Opportunities in Financial Automation

Looking ahead, technologies like blockchain and machine learning will further transform financial practices. Accountants who embrace innovation will find opportunities in consulting, compliance, and strategic planning. Staying informed about emerging trends ensures readiness for new developments.

Conclusion

The rise of AI and automation is not just reshaping workflows but redefining the role of accountants altogether. By investing in upskilling and adopting tools thoughtfully, financial professionals can transition from traditional roles to strategic advisors, ensuring continued relevance in an evolving landscape.