Category: Uncategorized

Studying Business: Techniques to Help Survive Your Exam

The importance of your business exams cannot be stressed enough if you are planning on graduating and getting your final industry qualification, the exams are notorious for their length and intensity with many saying that they are the hardest exams that they have ever done before. I don’t mean to stress you out with the harshness but it would be unwise to downplay the situation from what it is. Taking your business exam is a crucial part of your career and a bit of stress could provide you with the motivation that you need to be successful.  

 

If you are looking for ways that you can help revise what you need to know in order to ensure that you are fully prepared for this intense exam then you will be glad to know that there are a number of things that you can do. A lot of what makes up effective revisions is ensuring that the sources you are using are reliable and clear in what they are trying to say, with something as complex as a business in particular it can be easy to lose the information in what is generally a lot of unnecessary jargon. 

 

Study Guides

When it comes to studying for any exam it is always going to be a good idea for you to invest in the relevant study guide that is provided by your independent examination board, doing this means that you have access to all of the relevant information and topics that you are going to be tested on. Rather than wasting time looking over things that are not going to come up you can simply check the study guide and expand upon the given topics if you wish to get some extra points for context on the subject.  

 

If you are entering your first year within your business study then you will definitely need the cfa level 1 study guide which is filled with all of the relevant examination board topics that will be covered during this study period. They may be expensive but if they can help get you onto the road to success in both your educational and professional lives I would argue the price is worth it, but if you are looking to find study guides at a more affordable price point why not try buying secondhand from an online retailer as many people give them away when they no longer need them or have finished the course.  

 

FlashCards

 A great way to ensure that you remember all of the information that you need when it comes to your exam revision would be to split things up into categories and put small segments of the information onto individual flashcards. Using a single word prompt on one side to help you remember what is on the other side you can very quickly memorize large amounts of information in a very effective way, flashcards are portable too so that you can continue revising on the go and no matter where you are.  

 

Audio Books

A great way to ensure you are doing effective revision for your business exam would be to switch up the way you are taking in the information, by listening to relevant audiobooks and having the information spoken to you rather than reading it yourself is actually very effective for many people. If you do not have access to any audiobooks why not record yourself or a friend reading out your notes so that you have another extremely portable and effective form of revision that can also be quite a relaxing way of doing things.  

 

The Business of Law: How do Law Firms Actually Make Money?

The world of law is a seemingly confusing and cut-throat world. Lawyers are known for being cold, ruthless, and calculating. Because they have to be. In a courtroom, there is little room for error. Especially when you hold another individual’s fate in your hand.

Aside from being a tough field to work in, is it also a very lucrative field. The common image of lawyers is them on the top floor of a skyscraper, sitting in a massive corner office decorated with luxurious ornaments and a decanter filled with the finest scotch.

Shows like Suits definitely play into this idea, glamorizing the field of law and those who practice it. But a common question that we see circulating is this: How do Law Firms actually make so much money?

There are a number of different methods that a law firm uses to turn a profit, and a lot of them are very lucrative. So we are going to dive into each and break it down for you.

 

Investors

The quickest method for any law firm to get a large injection of funds is by securing investors. These investors are non-lawyers who simply want to earn a cut of the firm’s profits for themselves, without doing any legal work.

Like any company, investors buy a percentage of the firm, meaning they are partly an owner. A lot of smaller law-firms will go through the investor route to make sure they still regain control over their firm while still bringing in investor funding.

But what about lawyers who invest in a firm?

 

Partners

If you have watched any legal TV show, you will have heard this term a lot. Partners. Ever notice how most law firms’ names are a collection of the head lawyers’ names? That is what being a partner gets you.

Similar to investing, a partner gets a significant stake in the firm. They become part owners. And with it, their name gets put on the sign. In the legal world, this is a huge mark of honor and status.

But becoming a partner isn’t easy. A random lawyer cant walk into a firm and simply become a partner. Firstly, they have to be invited by the other firm partners and investors. This is why becoming a partner is so important for lawyers, it essentially means you have reached the top of your firm.

But you have to pay. Becoming a partner involves putting up a considerable investment. This amount is significant, reflecting the change in salary and power that lawyers will get with their new position.

This brings in a new wave of funds for the firm, covering their expenditures and allowing them to keep functioning. This doesn’t happen often, so it isn’t a law firm’s main source of income.

 

Retainers

There are generally two types of law firms. Those that operate on a case by case basis. And those that work on retainer. A retainer is, simply put, a massive down payment made by a client for legal services.

Much like hiring a car for a week, a retainer is paid upon signing to a law firm and it means that the firm works for you. Any charges you incur from their services are deducted from your retainer.

This is a favorable method of income for a lot of firms. It provides the firm with a solid cash injection all at once. And for a lot of clients, such as massive corporations or powerful celebrities, they will blow through their retainer quickly and continually top it up, providing a constant source of income for the firm.

 

Cases

This is the most common and well-known method for a law firm to make money. Legal fees. When you hire a lawyer from firms like Boise DUI you are paying for their legal services. Most people assume you have to have a lawyer represent you in court, but this isn’t true. You are allowed to represent yourself. This is how lawyers get away with charging a premium.

A lot of firms operating on the public level will offer what is called ‘No-Win No-Fee’ which essentially means you don’t pay them anything unless you win the case. When that happens, they often take a percentage of your pay-out from the case.

A lot of firms adopt this method as it brings in a lot of clients who need help but can’t afford it. It also puts their firm in a positive light, which is a fantastic marketing strategy.

As a side note, not all lawyers will work for a private firm. Some will work for companies directly, in their legal department. And others will work for the state.

You will have seen in most TV shows when someone is assigned a lawyer for their case, or the district prosecutor goes up against someone on behalf of the state. These lawyers get paid by the entity that hires them and most of these entities will get their funding from more traditional methods.

So, there you have it. Law firms are no different from most businesses. They have a variety of methods available to them to turn a profit. The big difference is their line of work is complex, rigorous, and stressful. Being a lawyer is tough. But the rewards for it are numerous.

We hope this guide has given you some insight into the amazing world of law.

The Modern Consumer: How to Know if a Review Site is Credible

We live in a world where you don’t just have a single option for one product, there’s a competitive market of manufacturers trying their best to reinvent and improve a number of everyday options. Due to this, there is an influx of products and very little to help a consumer distinguish between all of the options available on the market. Because of this, over the last few years, there has been an increase in review sites that have individuals collect a selection of products and give their opinions on which one they believe to be the best of the bunch.

 

These review sites are incredibly helpful as they make the process of choosing your latest purchase much easier, however, they do come with a slight issue. It can often be difficult to distinguish whether or not a review site is credible, as it can sometimes be the case that a review is just a paid promotion. However, do not worry, we have put together these following tips on how to know if a review site is credible.

 

Links

Links can be a big indication of whether or not a review is credible as they often indicate whether or not the reviewer has done their research. This doesn’t necessarily just mean a straight link to the product purchasing site, but one in which all the features and specifications of a product are included. This allows the consumer to fact check anything the reviewer has said and also research further. It also shows that they have actually looked into the product and aren’t just relaying a given list.

 

Layout

If someone really cares about their reviews, it will show in the quality of their site. Credible sites are often those that have had a lot of effort put into them, as unless it is a legitimate site, the creator wouldn’t really care about formating. There are a few things you can look out for in order to measure up the quality of the site, such as the inclusion of images. Another indication of legitimacy is whether or not the creator has put in place steps of convenience. For example, you may notice that reviews on theo-theo all have a navigation section to make it easier for the user to look at products. Once again, this extra effort put in by site creators shows that they care about their review website and so indicates a sense of credibility.

 

Lack of focus on one product

Though it is not extremely common, there are a few review pages out there that are put together simply to promote a single product. A good way to differentiate between a legitimate site and one that is dependent on paid promotion is whether or not they heavily focus on a single product. An easy way to see whether or not this is the case is actually really simple, look at the paragraph size. If the review of one product is marginally bigger than the rest but has no distinguishing features, then the site may not be entirely credible.

 

Fact check

One of the best ways to check whether or not a website is credible is to do a bit of research. Fact checks any information that they have given in the reviews, such as specifications and price. Also, look up the review site itself. A credible site is likely to have a lot of views, as that site’s opinion will be trusted much more. If you can’t get an indication of whether or not the site feels legitimate from just looking at the site itself, feel free to Google it. If someone isn’t happy with the reviews a site Is given they are bound to complain about it online, so make sure to check out reviews for the review sites themselves.

Know Your Staff: 5 Tips To Better Understand Who is Working For You

When it comes to running a business your employees are a vital part of its success, you should have a level of trust with those you employ and as an employer, those who work for you should be able to trust you. Before starting the employment process you should take advantage of the information that has been provided on applicants’ CVs, if you have been provided with references then it would make sense to contact them in order to get a clearer picture of who you are hiring.

 

Thorough Background Checks

The best way to understand who is working for you would be to take advantage of any prior information that has been provided about the candidate, there are a number of ways that this can be done such as contacting previous employers and ensuring that all of the legal documentation is in order. Things like work permits and potential criminal records must be checked before employment is considered, there has to be a level of trust between the employer and employee when it comes to the legalities and you could use a comprehensive article on employment background check to ensure everything is in order.

 

Group interviews

Group interviews are a particularly useful tool in finding out someone’s work ethic and how they interact with others, as opposed to conducting individual interviews to gain an insight into who is working for you. A group interview is sometimes much more effective when it comes to finding out someone’s attitude and how they work with others as this is a vital factor to your business success, teamwork is vital to your business running smoothly so you will need people who know how to enforce this mantra effectively.

 

References

As previously mentioned references from previous employers are vital in gaining a better understanding of who is working for you, references are the contact numbers a potential candidate leaves on their CV from the places they have worked at previously. Taking advantage of references and taking the time to contact them is one of the most effective ways of better understanding who is working for you as you gain an insight into how well they have worked in the past, it is also extremely useful to get a second opinion from a professional source about the candidates work ethic.

 

CV

One of the most effective yet often overlooked ways to gain a better understanding of who is working for you would be to take a thorough look at your employee’s CV. A CV shows in detail what the employee considers to be their best attributes when it comes to working, this provides a useful insight into how a candidate perceives themself and how they feel their past work experiences have impacted them. Employers are often overwhelmed with applicants for any vacancies that they don’t take the necessary time to look at someone’s CV and read the valuable first impression that has been provided.

 

Solo Interviews

Although group interviews are very useful, the classic solo interview can be a less daunting process which encourages a more relaxed interaction. The group setting may put extra pressure on the candidates that encourage them to be less open and authentic, a solo interview shows you are taking the time to get to know each candidate on a more personal level and could be considered one of the most useful processes in getting to know your potential employees. Overall a solo interview provides much needed one on one interaction between an employer and candidate that helps form a trusting relationship.

5 Things to Consider When Starting a Family Business

Starting a business is one of the most rewarding things you can ever do. Beyond simply being a solid investment, running a business builds character, boosts confidence, and offers a chance to do a lot of good for the community and the world as a whole. And some see it as a perfect opportunity to build something for their family. Family businesses have been a staple of local communities across the western world for generations. They build lasting relationships and are full of charm and character. For anyone looking to create something that they can run with their family, there are a few things to take into consideration.

 

The Idea

The most important part of any business is the idea. Before you do anything else you need to know what you want your business to actually be. This is also one of the more fun stages of company development. Here you can really stretch your creative muscles as a family and decide what sort of business you all want to be a part of. Some of the more common family businesses include craft stores, restaurants, and cafes or perhaps something more obscure like artisan watchmaking.

 

Start-up Capital

The sad truth of our culture is that everything is run on money. You could have the greatest idea in the world for your business, it won’t mean anything without some serious start-up capital to back it up. There are many ways to go about getting this, be it through a loan from your bank or simply saving up, but it is something you need to consider and look into before you start doing anything. And make sure you are staying smart when it comes to money. Do not borrow beyond your means or go through any illicit channels.

 

Inheritance

This one is something that a lot of people in family businesses seem to overlook. Inheritance plans need to be in place way before you even open to the public. And this is for a number of reasons. The main one being, if you died, it needs to be clear who is going to inherit the company. But there are situations where you could be declared unfit to work or placed in a state of coma in which case the inheritance information would be vital. Places like inheritancelaw are perfect for making sure everything is sorted and above board.

 

Community

The key aspect of a family business is the community it is placed within. If you are at the center of a major city then chances are your small family business is going to fail when it is competing with massive name-brand corporations. Small, family-run companies often tend to do better when placed in smaller town environments. In these settings, it is more common that everyone knows each other. This is going to work to your advantage as people are more likely to spend their money at a shop if they have a good relationship with the owner. This leads neatly into the last point.

 

Relationships

This covers both your relationships with your customers and your family. Depending on who is going to be working at the restaurant, you will want to set up your marketing and décor in accordance. A husband and wife duo will suit a nice, romantic atmosphere better. A father-son team will suit welcoming, vibrant colors. Consult some marketing experts and find out what is going to work best for you.

Keeping on the good side of your customers is always a positive. If you build strong relationships with them you will guarantee they will return but also find they act as free marketing for your venture.