|
Finance tip: Investing
Growth vs. income. An investment is either generally geared towards growth, or towards income. If it’s a growth investment, the idea is for the it to grow in size over time, and be worth more than it was when you bought it (to potentially then sell it). A great example of this would be equities/shares. An income investment, on the other hand, is one where the principal investment doesn’t really grow much, but it kicks out income to you (the investment holder) on a regular basis. Examples of this would be bonds that pay out a specified percentage/amount monthly or annually. When you’re looking to invest, be clear on which type of investment you’re actually wanting. As a general rule of thumb, people tend to have more growth investments when they’re younger, and then sell or switch these into income-type investments when they’re older and closer to/in retirement (as this provides them with a regular income to live off of). One big difference between the two types is perceived risk. Growth investments are generally more risky, as while they can increase in value, they can also decrease substantially. Income-type investments, while not growing at any mad rate, are generally a bit more secured/guaranteed, and therefore less risky. You do, of course, get hybrids of the two (such as a share that pays dividends), but that’s a story for another post…
Business tip: Sales
Dealing with rejections. In any sales environment or business, there will always be times when customers tell you ‘no’. What you do with that ‘no’ is the difference between average sales-people and great ones. First of all, don’t let it get you down – rather see it as an opportunity to learn. This way, you don’t react negatively to getting ‘no’s’, and you stop being afraid of them. Ask them what their reason is for turning you down – this is a great opportunity to find out what makes that particular customer tick. If, for example, it’s clear that they haven’t understood you, ask if you can try and simplify it for them. If they say that they don’t need it now, ask them when they think they would. If it’s not a product that they require, ask them if they know someone who might need it. The examples are endless. If they’re very rude or cold about turning you down, try and make light of it. Having worked in direct sales before, and having been turned away abruptly, I would say “Thank you for giving me a chance to work on rejection – you were great!” Often, they couldn’t help but be caught off guard, and having broken the ice, they ended up buying! Also remember that sales is often a numbers game. There are people out there who want to buy what you’re selling, and every ‘no’ just means that you’re one person closer to your next ‘yes’... So embrace the ‘no’!
|