Sliding Dollar, Sliding Economy??

Hard times for Entrepreneurs, with the US Dollar reaching an all time high of J$126 to US$1 Jamaica entrepreneurs and business persons are feeling the burn. The floating exchange rate as we know is set to freely float based on the supply and demand of the currency.
As the dollar slides Jamaica entrepreneurs those especially in the export/import industry or even those just doing business online are feeling the pinch this is the alarming graph which basically describes our position over the pass five years.

Jamaica currency Decline over the past 5 years

There must be some advantage to this drastic system, a few examples of the Floating exchange rate are;

Advantages of floating exchange rates

• Protection from external shocks - if the exchange rate is free to float, then it can change in response to external shocks like oil price rises. This should reduce the negative impact of any external shocks.
• Lack of policy constraints - the government are free with a floating exchange rate system to pursue the policies they feel are appropriate for the domestic economy without worrying about them conflicting with their external policy.
• Correction of balance of payments deficits - a floating exchange rate can depreciate to compensate for a balance of payments deficit. This will help restore the competitiveness of exports. There is a link to Figure 1 below which illustrates the operation of the automatic adjustment mechanism under a floating exchange rate system.

As an entrepreneur living under this system, I must say I am worried this is deeply affecting my business and many others, this has cut many profits whilst still raising the prices. 

These are some of the views of local citizen that were posted on different sites about the topic

"Our dollar in quicksand. Is there a plan?"

"Come on Minister Audley Shaw, step on the brakes and halt the slide, as you promised you would do."

Networking part 4: Closing the deal

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Closing the deal is normally, the least stressful part of this interaction once your approach had gone correctly the closing the deal now becomes a matter of when. Closing the deal means that at the end of this conversation you have now made a new relationship with a potential prospect and you have exchanged contacts with this person.

Now this process has no ups and down once you approach was right and it is fairly simple. 

Once you have the contacts it is now for you to move on with the relationship where it can benefit you. 

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Networking part 3: How to Approach a Prospect

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Knowing how to approach a networking prospect is just as important as every word you say during this encounter. Networking prospect in some cases should be approach they same way you approach a client as the main reason for this encounter is to sell yourself to them. 

Now this is  5 ways in which you can start a conversation. 

1. Start with a great handshake this will immediate let the person know you are confident, independent and maybe someone they want to have as a contact. Confidence is something persons are drawn to and one you have persons will immediately be interested in you. A great handshake also commands the conversation it puts the person at ease and know its for you to introduce yourself.

2. Begin with a question, this will start off the conversation just fine and have something to break the ice after highs of introductions then conversations normal goes up or down from there, asking a question then gives time to think what is the move and opens the room for limitless conversations.

3.Show some interest and give compliments, persons are always okay with a compliment a compliment not only lets the person feel good but it shows interest and likability. Showing interested by also bringing up something you know about the company the person works, asking for clarification on one of their policies or something will be a big plus to the prospect that type of interest will let the person know you know your stuff and is well knowledgeable.

4.Develop your elevator speech, this is your 3-5 minute introduction of who you are, where you are from, what business you do and how you think it will benefit the prospect. Your elevator pitch will open a door for many questions and a ongoing conversation, there will be much to talk about and a mouthful to share. In the event you do  not have a business of your own develop a pitch about yourself who you are, what you want to achieve and the type of business you see will take you there. This method is sure to open some room for a great conversations.

5.Ask your mutual acquaintance for an introduction, getting someone to "talk you up" is never bad this will break the ice and is a good conversation starter. When you are introduce by someone else it also opens room for a bigger conversation as all the pressure won't be left on you, your acquaintance will also be there to ask questions and make you feel a big more comfortable knowing you have backup.

Come back  Wednesday for Closing the deal

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-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

-Learn from the Pros

-Become a Pro Networker and never miss another lead

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Internship Position (Est. 2-3 month)

Internship Position (Est. 2-3 month)

Available to work 12-15 hours a Week

Flexible

Excellent Communication skills

Between the ages of 18-25

Qualification

Currently pursuing some business major (Business Administration, Entrepreneurship or related field)

Some tertiary education preferred

Preferably student at (UWI, UTECH, UCC, NCU or recognized institution)

Send resumes to info.bmogul@gmail.com

Heading "Internship position"

Networking Part 2: How to set Networking Goals

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Setting Networking goals is basically the same as setting business or life goals. An individual must always go into a networking event with a set of goals, 

       For eg. You are seeking a particular job 

       Network with at least 10 persons

       Get 8/10 business cards

        Find out what are the specific skills you will need 

       Find out how to preparing for getting work in the sector

       

When you have goals or objectives when networking its sets you on a track that will enable success, knowing  what to do and how to do is always helpful. When setting goals you must know what are your reasons for attending a particular networking event once that is known it will be much easier to set achievable goals that will lead to you closing the deal.

As a business person I've seen where persons have complete frozen due to the pressure of networking, which is very critical as a business person or just anyone wanting to reach somewhere in life. Having your goals laid out and knowing your purpose is always a confidence boaster in these situations.

Come back Tuesday for How to approach a Prospect

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Join our Advanced: Become a Pro Network Membership

-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

-Learn from the Pros

-Become a Pro Networker and never miss another lead

Register here:

Cost: USD$5.99

JOIN NOW CLICK HERE

Networking Part 1: Creating meaningful networks

4 Key Steps to Networking Successfully

-Creating meaningful Networks

-Networking Goals

-How a approach a prospect

-Closing the deal

Creating meaningful networks

At any networking event once you are there, there is always a unlimited pool of prospects to engage with but a popular mistake people make is knowing who to talk to. The person you want to engage in long conversations with is something on your list, "Dont tell me you came to a networking event without a list" you dont need to know who will be at the event because you should know what you want to get out of this event. How to create meaningful networks, knowing what your business about is essential, that is how you will be able to create meaningful networks and come prepare with your list do not just go around talking to any and everybody, have a tailored list of persons you are interested to have as contact that will benefit your business. Ever so often when business events are held you go around and talk to as many perons as the night permits but leaves an impact on NONE, creating a impact is key in getting this person to actually remember who are. Meaningful network prospects are those few whom you have made an impact on or they have made an impact on you. 

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When creating a meaningful prospect make sure you have something to SAY, something sensible to say the least. I can tell you that in my experience I have met some big names and after the introduction I froze and had nothing else to say, mind you the other person could have continued the convo but when you are at the bottom and they are on top it is up to you to prove yourself to them and to start that conversation and keep it flowing as you are the one who needs this contact.

So when your next networking event comes around make sure you know what you are going into this event looking for, how to start and continue the conversation and turn that contact into a meaningful lead.

Come back Monday for How to set Networking Goals

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Join our Advanced: Become a Pro Network Membership

-5 Meaningful and Pro filled sessions

-Learning how to Network like a PRO

-One on One Online Sessions

-Learn from the Pros

-Become a Pro Networker and never miss another lead

Register here:

Cost: USD$5.99

Join Now CLICK HERE