Why I'm Digging Google+

I am not a huge fan of social media. It's something I do because I should, but Google+ is changing my mind. I started one several months ago and have ended up checking it and interacting with it almost every day. G+ has some features that make it a lot easier to use and more intuitive for me, plus I can customize it in ways that you just can't with other social networks. Here's what I'm really loving about G+ and why I willingly use it for more than just business.

8 Reasons Why Google+ is Awesome

Communities

You can use the search function to search anything you like, including communities. Communities are a great way to follow interests and find people who share them in a way I can understand. I'm looking at you Facebook.

Circles

I can create as many circles as I want, which helps to keep track of my contacts. Plus, when you want to post something that's only relevant to one group, you can choose to only share it with them. Makes it a lot easier not to spam people with content they don't want to see.

Fave, Share, Comment

Now you can interact with posts and share them easily. You can choose to +1 something, actually comment on it, or share it. When you share, you have the option of adding your own comment and you can post to your page, select circles or even repost to one of your communities.

Track activity on your posts

This is especially useful for businesses, you can easily see who is interacting with your posts. Plus the share options make it easier than ever to interact with them.

Easily use several accounts or pages

I have multiple accounts - personal and business - and all it takes to switch account is to click your top right icon and pick the account you want to deal with. No signing in and out, just one click. It makes it really easy to get everything done in one go.

Intuitive page design

I find everything on G+ really easy to read and see. It looked a little like the new Facebook layout to start, but I find the way the page is laid out easy to interact with, plus it populates very quickly.

Alerts at the top for activity

Like any other Google feature, all you have to do is click the bell icon and it shows you immediately everyone who has added you to a circle, interacted with your posts, or messaged you. No fishing for information.

You can still use hashtags, but in a useful way

Unlike Twitter, where is still don't really get hashtags, you can use them on G+ in a way that not only makes sense but also allows you to easily see what's going on. For example, I just participated in a Thursday link round-up meant to get to know other bloggers by using #growingcircleshop. When you click the hashtag, you can see everyone's post in a simple layout so that you can interact with everyone that's used that hashtag. Twitter's hashtag list is just plain weird and I hate interacting with it.

Last year, I heard a lot of talk about how Google+ was doomed to fail and that no one was going to use it. Now, I actually think it's going to be a major contender - not just because Google is pushing it, but because they're making it so easy to use across multiple platforms. They're making it so easy it's going to be hard not to use it soon. My advice is to set up your account now and start enjoying the benefits. Add me to one of your circles so we can connect. Now get going!

Using Coupons the Lazy Way

So You Want to Coupon But Don't Have the Time or Patience...

That's okay! I see shows like Extreme Couponing and I am always in awe. There are some incredibly talented and organized people in the world who know how to work a deal! However, I am not one of those people nor do I have the desire to be. All I want is to get a discount on the things that I buy, make a little money on the side, and do it in less than 15 minutes a week. The ideas I have offered below can take as much or as little time as you feel like spending, so it's really up to you how much you want to save. I also have referral links for any of the websites mentioned below, so just send me a message if you want to sign up.

Over the years, I've tried a lot of options to see what worked. Many were too complicated or took too much time. Many just didn't offer me the options I wanted. So I've worked out something that is simple for me to do and often results in multiple ways to save or make a little money for very little effort. Below are screenshots of these sites from my own personal accounts. If you are busy then you know what it's like to come home and realize that you've run out of milk right when you need it. Shopping can be a chore so I don't like to spend too much time worrying about it, but I do want a deal. Here are my suggestions. Let me know what you think of this lens and what your tips are!

How I Stack My Coupon Savings to Maximize Earnings

The Basics

As I mentioned before, I have been working for years to find a solution that I feel is rewarding and not too difficult. Here is what I have come up with. I use what I like to call the stack method. For me this means using multiple opportunities to save on the same items. This maximizes my earnings for buying things that I already buy.

The Basics

To start, I follow the same advice you hear from any frugal shopper: don't buy anything you won't use just because you have a coupon! It's good advice for life. Instead, you can make your list based on what you would like to eat for the week or based on what is on sale according to grocery circulars. It depends on how much you like to plan and check sales.

The second step is to use a rewards credit or debit card. Only rely on a credit card if you can pay it off every month. If you are responsible, this is a great way to get rewarded for making purchases you already plan on making. If you have several (like many people), make sure to sign up for the monthly categories for shopping at specific types of retailers and take advantage of the rewards.

Use what you buy! I am very guilty of wasting things - food, cleaning supplies, pet supplies, the list goes on. Those of us who are Americans are especially guilty of this. Trying to be more mindful of how we use things is good for the wallet, the planet, and my delicate constitution! I am slowly getting better through years of consciously working on it, but I always have room for improvement. Now, I see what's in my pantry and under my sink before rushing out the door.

These three steps set the groundwork for all of my savings. I consider buying exactly what I need and getting rewards for it to be the base layer for savings. From here, I use a few more websites to quickly get the most out of my spending.

Step One: No Clip Coupons

I discovered SavingStar.com about a year ago and have never looked back! Savingstar is a really simple website that allows you to register your frequent shopper cards for your favorite stores and automatically reimburses you for buying items on their list. The coupon amount gets added to your account and you can put it in your bank account or redeem it for gift cards. I have never had a problem redeeming my cash. If you find a deal you like, all you have to do is click "I Want This" to have it automatically load to your card. You don't have to print or clip anything! Easy right?

I can use this to buy or substitute anything on my list in just a few minutes and it is next to no work. I love that I don't have to worry about more paper getting lost in my purse, folding over barcodes, or things not scanning properly. Just swipe your card at checkout and bam! Just visit savingstar.com. It's free and takes less than 10 minutes to create your full account.

Stack Auto-Coupons with Printable Coupons

Reward Sites

Want a big tip? If you use Savingstar, most of those same deals are also offered with extra coupons if you use Swagbucks or Mypoints. Discounts tend to have a schedule and shelf life that makes it easy to stack them, so if you find a deal on Savingstar that you like there is probably another coupon you can use to save even more money. That means you get a double deal without even trying. All you need to do is search the websites to print them out.

What's even better than that? If you redeem coupons using reward sites, they will award you 10 points for every one you use. For example, if I use a $1 coupon I printed from Swagbucks, they also give you 10 cents. That is a total of $1.10 - 10 cents each time!

This is a great deal on some items. When I run out of cereal, I browse around SavingStar to see what is on sale. When I find something I like, I just click a button to load it to my card. Let's say that it's for 50 cents. Then I might go to Swagbucks to see if they have an additional coupon. Look, they do! Maybe this one is for 40 cents, so I quickly print it out. Once redeemed, they award me 10 cents. So my cereal was $1 off without even trying. Then I get rewarded for using my credit card. It doesn't get any easier than that.

Pros: Get good deals quickly.
Cons: No search feature that lets you search to stack coupons.

Find a Coupon Website

If you want to find a coupon website, throw a rock. There are a million out there. My favorite ones are those that also offer other things such as shopping discounts, paid surveys, or paid games. The two that I use are Mypoints.com and Swagbucks. They both have lots of ways to earn and save money. Not to your taste, simply pull up a search engine a do a search for coupon websites. You should be able to find one you like within minutes.

Use Reward Shopping Links

Shop Through the Right Links for More Savings

Want to use another level to stack your savings? Use reward shopping links. There are several ways to do this, but it works best when shopping for retail goods.

Shopping Sites

These websites reward you with points for shopping through the links on their shopping pages. Again, Mypoints and Swagbucks are my go to for this, but another great site it Ebates.com. When I'm prepared to buy something online, I just quickly glance through these sites to see who has a savings link or who offers the most.

Credit Card Rewards Center

Make sure you use a rewards credit card for a start. Also make sure you sign up for the monthly specials attached to that card. Now, for bonus points, see what discounts your credit card company is willing to offer. This is great if you don't feel safe using a shopping site or would like to cash out a rewards bonus for a particular card. Most card companies have a center once you sign in online that shows you what stores they offer the discounts through, so always make sure to check before you check out!

Last Check!

One last thing! Always search online before you buy. There a many websites that only deal with online codes for shopping. Make sure you're not missing a free shipping, BOGO, or free item with purchase offer by checking these sites. Many of them also offer discounts for first time customers so it pays to shop around.

Go All The Way!

Use Your Manufacturer Coupons and Frequent Buyer Cards

If you are a creature of habit, you probably buy the same things week after week. I try to take advantage of this. Businesses are always looking after their bottom line too, and the best way for them to do that is to keep customers happy and recruit more of them. Since everyone is online now, simply go to the manufacturers website and sign up for the newsletters. They often send coupons and alerts right to your inbox. Also, carefully check packaging when you buy these products to make sure you're not throwing anything important away.

Now, if you are like me and tend to rush out the door to get things done then you know it's hard to remember where you put those things! Since I'm known to hurry and can never remember where I've put my own head, I made a specific spot for coupons, reminders, and everything else. I print them out or clip them immediately and then stash them in a dedicated folder in my car. I keep it in my center console so it's out of the way, but always next to me when I'm about to dash into a store. I try to remember to check it one last time before I go and am almost always glad I did.

In the same vein, I also keep all my rewards and frequent shopper cards next to that same folder. I hate when I get into my favorite coffee or sandwich shop where you have to buy 50 to get one free, only to remember that my last 49 punches are on a card hidden behind my desk! As you can see, I have quite a few. And if we're being honest, I have a lot more than the picture shows. Having them with me when I go out has saved me a lot of regret and frustration.

Frugal Finds

Here is a collection of websites that focus on the art of being frugal.

The Dollar Stretcher: The Dollar Stretcher is a site that I have been getting emails from for years. The website is full of reader supplemented tips on easy ways to live more frugally.
Frugal Living @ About.com: Another great reference site for frugal living and how to find great deals.
Fabulously Frugal: Saving money can seem hard since it takes quite a bit of the glamour out of life. This site is great for adding in a little shine by helping you focus on your goals without giving up everything.
Broke Grad Student: While no longer a grad student, this blog offers great stories about the journey to pay off grad school debt and enter the "real world" in all it's costliness.
Man Vs Debt: This is a no-nonsense blog from a straightforward guy who is all about simplifying his life to do what he loves and shedding the financial baggage along the way.

The One Week Budget: Learn to Create Your Money Management System in 7 Days or Less!

by Tiffany The Budgetnista Aliche

Learn to save in a hurry!

Pick Another Checkout Lane, Honey: Learn Coupon Strategies to Save $1000s at the Grocery Store

by Joanie Demer, Heather Wheeler

Want to start scratching more than the surface? Start here and get lots of tips in one place.

Deal Alert: 100 GB of Onedrive (Skydrive) for $1

If you have joined the Skydrive/Onedrive crowd, you know how useful having your documents, songs, and pictures synced to multiple devices can be. You receive 7 GB upon registration and that has worked well for me when it comes to my school folder. However, I don't have enough space for much else. Enter Bing.

I've been using the Bing Rewards program for several months now. I set my goal for the $5 Swagbucks reward and it takes 475 points for me to redeem it as a Gold Member. This effectively makes less than 100 points on Bing = $1. It's a great deal for anyone who searches a lot, which I do for school and general curiosity.

Now Bing is working with the new Onedrive to offer a rewards opportunity that probably won't last long. Right now, you can redeem 100 points for 100 GB of Onedrive space for an entire year. That same subscription costs $50 a year on the Onedrive website. That's a huge savings on money you earn just for searching! I just snapped up my reward and have been able to load my entire photo album, the rest of my documents, and some music to my Onedrive account.

Sign up for your free Bing Rewards account now to start earning on your web searches and take advantage of this huge deal on Onedrive.

Amazon Prime Costs Going Up

As many of you may now be aware, the cost of Amazon Prime Membership has increased from $79 to $99 per year. Over the last nine years, Amazon has kept the price steady despite rising costs for their massive shipping operations. For anyone not aware, the Amazon Prime program is a yearly subscription to the worldwide company Amazon.com. It allows free 2 day shipping on all Amazon distributed products, one free ebook per month, thousands of free streaming TV shows and movies, as well as a few other perks.

Amazon's business structure was initially deemed not worthy of investment as it expected it to take four to five years to turn a profit, which it finally did in 2001. Since then, it's insisted on cutting prices as far as possible and amassing a huge audience mostly due to reputation. For a company that is known for throwing in more perks than they can afford to gain loyal customers, there is talk that the price increase for the Prime program will include more perks in the future such as streaming music. I would not be surprised if that were the case.

I'm not sure if there has ever been evidence that the Prime memberships have made or lost money for them since we're not sure of how many people are using the program enough to cover its cost. However, since reputation is more important in the online world than for a brick and mortar business, I doubt that Amazon would do anything to risk its reputation on the increase if it was not necessary. Therefore more perks are very likely. Also, it's been speculated that the increase could actually increase since people may increase the number of orders through Amazon to justify their membership cost for shipping. However, whether this will cover the cost for Amazon is another matter. It will be interesting to see how these changes will pan out in the near future.

Thank You Thursday

It's easy to get so caught up in getting ahead that you forget to give back. So here's today's selection of people who help restore your faith in humanity.

John Cena Grants 400th Request for 'Make-a-Wish'

Tutor Pays Off Lunch Balances for Dozens of Students to Have Full Meal

Best Budget Calculators on the Web

Life is full of unanswered questions. Luckily, none of these financial worries should ever be a question again.

Check out the budget calculator round-up on The No-Pants CEO.

How to Make an Extra $240 a Year with Swagbucks Accelerator

Swagbucks Accelerator

Swagbucks has a new feature for its users called Accelerator. This program has two levels and allows active Swagbucks user to earn a matching dollar amount for up to every point they earn, up to $30 every month! Okay, I admit that I was a skeptic. Paying money to make money is generally against my religion when it comes to online sites, but I really sat down to think about this one. I rarely make less than $10 a month with swagbucks so the idea of matching at least 700 swagbucks a month gave me pause.

This is my personal account. As of this picture, I've been an Accelerator member for two days.

Do the Math

For the Accelerator, if you pay $4.99 a month, they will match up to 700 points per month. Each point is one cent so really this means that if you pay $5, they will match up to $7. Break that down further: You earn 700 swagbucks ($7) + they match 700 SB = 1400 SB ($14). After the fee, you've made an additional $9 a month - $108 a year. If you use Accelerator Plus, you can earn up to $20 a month or $240 a year.

Is This a Good Deal?

Are you a Swagbucks member? Okay, now do you actually make at least $7 a month. This is a very easy goal to meet, but if you don't make at least the fee amount, you will lose money. If you are active like I am, then it's easy money. I decided to start off with Accelerator at the $4.99 level and have already made back my investment. The picture above is what the Accelerator tab looks like so you can track what you've earned and figure out how much more you need to get your investment back.

Why Swagbucks?

Swagbucks is quickly becoming my go to site to earn extra play money. Between surveys, coupons, games, searches, and shopping - there are lots of ways to earn for things I'm already doing. I make pretty decent pocket change and have gotten a lot of free products or been paid to try new ones. Not bad for something I do in my spare time. The picture above is from my personal account to show what the Accelerator tab looks like once you become a member. It makes it easy to track. If you're interested, you can sign up for free by clicking here. Check it out and see if Accelerator is right for you. Already using it? Let me know in the comments!

The Extra Ordinary Give - Maximizing a Communal Giving Day for Your Nonprofit

My nonprofit just participated in The Extra Ordinary Give - a full 24 hour giving marathon that represented 260 nonprofits, schools, and community benefit organizations in the Lancaster County. This year was a hit, raising more than $3.2 million dollars. There are many days of giving around the world and here is are 4 ideas on how to maximize them for your organization.

Lancaster County Community Foundation About Page

Craft Your Ask

Prepare a marketing piece that includes the event, all the particular, and your organizations specific link if provided. Make sure you can print it, post it, email it, and get it where it needs to go. Send it more than once. Create a reminder piece based on the first ask. People are busy and they won't remember your date no matter how much you want them to, so tell them to mark their calendars, remind them, and ask them to share it with friends.

Shout it from the Rooftops

Once you've got an email, give it to everyone you know. Send it to your mailing list of course. But never forget to get your supporters behind you. Tell your staff, board of directors, volunteers, and monthly givers to spread the word to everyone they know. Post it on your social media pages. Put it in your email signature and mention it while you're on the phone with clients and vendors.

Show and Tell

For yearly giving or annual events, it may be enough to just ask. However, days of giving sometimes have extra perks.The Extra Ordinary Give had a $25 minimum gift. That is an easy target to hit, but don't forget to show people what they get for that. Does $25 pay for meals, vaccinations, or hospital stays? Say so! Does each $1 invested in your organization leverage $5 in the community? Say so! And if there is a match being awarded as part of the giving day, you better tell them that too. Knowing that the money you donate could be matched is a great incentive to pull together communities.

Say Thank You, Thank You, Thank You

Lancaster County Community Foundation Thank You Page

Don't forget to follow up. This is a donation like any other and it requires letting people know that you have received the money and love them for it. It's also the time to give them receipts for their taxes and ask them to join your mailing list. Let them know if you have social media accounts to like and if you have any upcoming events you would love to tell them about.

Bonus: Live Blog The Day

Got the staff or volunteers? Get them to live blogging. Spend some time building up the day the week or two before the event and let everyone know that you will be "live" during the event. Start early and get people pumped. Let them know your progress and how many more donations you need to meet your goal. Thank people for donating and ask them to take one more step and tell a friend. Remember those show and tells you crafted before? Let them know that you've raised half the money for a children's program or you are 80% of your goal to increase safety in the neighborhood. Seeing your progress makes people feel involved and it is more likely that they will give an extra gift to get you there.

5 Ways to Save Half an Hour Today

You've had enough. Long days at work, a sink full of dishes and a houseful of people - you're run off your feet. Isn't it time to relax?

Here's a few tips for moving from work mode to zen that you can do today. These help you focus on priorities and let the small things slide. Leave your own tips in the comments and don't forget to share with someone who could use an extra 30 minutes.

Source

Skip A, Go Directly to B

Do you already know this? Is there a way to cut out steps and still get it done? Do it. I've already covered a lot of my coursework in my MBA by working, so why "refresh" myself when I can learn something new and get my reading done faster?

Ask for Directions

You could probably figure out how to migrate your server, set up your calendar, or set up an event on your own. But why waste more time fiddling with it when you can just ask an expert or go to Google? If you find yourself spending more than 5 minutes trying to figure out a relatively simple problem, drop everything and look it up.

Get to the Point

If you have a main goal to achieve, stop spending time solving or researching ancillary ideas right now. Get to the heart of the matter and let that knowledge inform the rest of your decisions. You will end up making them all faster.

Find Something to Outsource

We all have strengths. If you're like most people though, you spend more of your energy focusing on your weaknesses. If someone else can do it better, let them. Whether you pay for it, swap for it, or beg for it, let them take it off your hands.

Piggyback with a Partner

You are not the only one in the world working on the same project. Find someone else who is in the same boat and work together. You'll get twice the work done in half the time and improve a relationship in the process. Work project, losing weight, internet investing, school work - all things that many people are doing and are much more fun together.

So. You Want to Start a Business? - A Book Review

If you are looking to start a business and really need something to sink your teeth into, I would definitely recommend buying So, You Want to Start a Business?: 8 Steps to Take Before Making the Leap. This is not your typical overview - this is a very in depth look at all the areas you need to think about when deciding whether to start and all the points that need to be addressed. Amazon reviews give it x stars from x people, so I'm not alone. Now let me tell you why.

It covers all the bases including your attitude

Some books focus on whether you have the salt to be an entrepreneur. Some focus on how to open a business in a specific industry or how to write a business plan. These are all great things. However, this covers all your bases, applies to any industry, and provides a lot of helpful insight into how to think about being in business. Many times, this is a mental game and you have to be prepared to think like a success. Get out of your own way, cater to the right customers, don't get blinded by your own products. These are all hit on throughout the book and shine a bright light on them.

It's easy to read and reference

This book is also laid out in a helpful and easy to read format. The chapters are broken into meaty chunks.

Can you be a successful entrepreneur?
Basic rules of business success
What is a good business opportunity
How do you choose the right customers?
How do you design your product?
What is the right price for your product?
How can you overcome customer inertia?
How to manage your business
How do you find and keep good employees?
How do you manage growth?

I think you can immediately see that they have included that some other books miss. These are complemented by helpful Business Rules that pop up throughout the book and all 55 of them are compiled at the end for easy reading. There is also a conclusion section that lists all the lessons learned by chapter. They are serious about you being able to find what you need quickly.

Top 10 Business Rules

If you are serious about exploring a business, then run to buy this book. It provides timeless advice that you can rely on to help you grow.

SQ4R Study Method - Study Smarter Not Harder

Calling all grad students, college students, fervent learners, or anyone forced to do large amounts of reading! I feel your pain. Your time is valuable so learning how to get the most amount of information from a book in the least amount of time is paramount to your success. Let me help you learn How to Study by teaching you to read your textbooks like blogs posts. It's a lot simpler than you think.

I am currently in a very text heavy semester of grad school. I remember sitting through undergrad courses that would teach you how to be a college student, which were both boring and sort of insulting. However, now that I'm buried under accounting text, I need to rethink how I approach it since I've never had to worry about my reading time before. So I need to work smarter, not harder. To do that, I've started to use the SQ4R method.

What is the SQ4R Method?

Chances are you just used it to start reading this post without even thinking about it. We have trained ourselves without help to read blog posts this way. The idea is to arm yourself with knowledge before you even start reading so you can direct yourself to the biggest points and walk away with know-how in less time. Here are the components of the method.

S stands for Survey

Review the text for the purpose of what you're reading and to review the main points the author is trying to make. Skim the main topics in the back of a chapter, a synopsis of a book, and don't forget the chapter or paragraph headings. Blog posts are named up front and generally have a starting paragraph that explains what it will discuss along with paragraph headings.

Q stands for Question

By reviewing, you are able to form questions about what you are going to read. We're reviewing the SQ4R method now and you can see that I've spelled out what it means for you. A question you may have while you read is how well does it work and how can I use this for myself? Dollars to donuts I've read a million blog posts about the same topic, so I'm looking for something I don't already know. Now use the same thinking to get through text.

What are the 4 R's?

Read (1) the material actively to search for the answers to your questions.
Write (2) your own summary of these with the answers.
Recite (3) it to yourself like you're explaining it to someone else.
Review (4) the material at least once in the next few days.

How can I use this?

The answer is obvious if you are in school. However, most of us have to learn new skills for our jobs or take a certain number of hours to keep or obtain our certifications in our fields. After a long day at work, do you really want to spend the rest of your night studying? Neither do I. This method is one way to get you there faster with useful notes that will keep you from re-reading everything you didn't pay attention to the first time around. For more helpful techniques that apply beyond school, I recommend How to Study - a very highly reviewed book that has stood the test of time. Now that I need a better way to think through school, it's come in handy. Pick up a copy for yourself or for the learner in your life.

Buy now in paperback or on Kindle

Economics Buffet: Currency Pegs in 5 Minutes

Currency pegs are one of the basics of understanding how currencies interact with each other. The most notable of these is the gold standard. Everyone pegged the worth of their currency to how much gold they kept in reserve, leaving merchants to do what they did best and facilitated trade with terms everyone could understand and rely on. It created a simple system that helped to increase international trade.

Definition of 'Currency Peg'

A country or government's exchange-rate policy of pegging the central bank's rate of exchange to another country's currency. Currency has sometimes also been pegged to the price of gold.

Also known as a "fixed exchange rate" or "pegged exchage rate."

However, now that we've move away from the gold standard, currency pegs can be more confusing and carry many political and trade ramifications with them. Here is the (very) quick and dirty on what an overvalued or undervalued currency peg may mean and some famous examples. Click on the linked text for source documents.

Click for source

Undervalued Currency Peg

China pegged their currency against the US dollar in a fixed exchange rate. With currency markedly low, this opened up Chinese exporting to a very large scale and audience, allowing China’s economy to grow at a remarkable pace. This has caused complaints from foreign competitors that they lose business due to the low prices of Chinese goods. However, many other foreign businesses have profited from the low cost of good and through them consumers have gained as well.

A 2011 article in Reuter’s claimed: The department said it concluded China did not meet the U.S. legal definition of a currency manipulator due to the appreciation of its currency -- known as the yuan or renminbi -- since June 2010 and recent Chinese statements that it would continue to promote exchange rate flexibility.

It did not escape these accusations in 1992 or 1994 when the US did give them a currency manipulator label, making them one of the last countries to receive that label more than 18 years ago. As of April 2013, the renminbi hit a record high against the dollar, yet their currency is still significantly undervalued and they are under political pressure to rectify this. With Chinese currency appreciating, the cost of their goods is expected to rise and they may lose an advantage to their exporting sector. With costs of exports rising, it is also affecting importers of good with increased prices. More flexible currency exchange would start to position the renminbi as a true world currency given the growing strength of the Chinese economy which will have a number of unknown affects for global trade and policy.

Overvalued Currency Peg

An overvalued currency is one where the exchange rate is higher than others. A strong currency reduces the appeal of exporting to other countries due to goods being more expensive. However, it lowers the cost of imports allowing people to benefit from a strong currency to gain access to foreign products at attractive prices. Domestic demand for certain goods might be lower due to the consumer cost being higher than comparable imports, again giving the advantage to foreign firms at the expense of domestic companies. There is a conflict at times between people who want a strong currency, yet also want their local businesses to thrive. Many times, these two things cannot coexist.

An example of a developed country currently suffering ill effects is Australia. Right now the Australian dollar is seen to be one of the most overvalued in the world. When hard economic times hit, it is harder to recover with such a strong dollar. Australia is starting to take action to depreciate their dollar to come more in line with international standards (Greber, 2013). By doing so, they will be able to increase internal growth and hopefully bolster their slowly struggling economy.

Branding Vs Sales: Online Marketplace Issues

Okay, long story short, I'm helping to build out an online marketplace. I've been reading the reviews of online sellers when they compare online platforms and one of the big issues that comes up is the lack of branding opportunities offered by the larger sites. Now, I think this is a very valid complaint, however I also believe that a business will probably miss out on a lot of sales through going it alone. Small businesses, for example, generally don't have the time, money, or know-how to brand effectively and this pulls those resources away from actually making money using the draw of a larger host site. So let's present the argument, shall we?

The ultimate showdown. Seriously, don't question my themes
too much here. Click picture for source.

Branding or Sales?

For any small business owner or marketing guru, you will know the power of branding. Getting your name out there and connecting your message to your name in people's mind is money in the bank. Managing that brand can also be a beast. Since your brand is your image, anyone posting inappropriate messages on social media, using the wrong logo, or using your name can be detrimental to your reputation. But what is the priority of branding compared to your sales? That will depend on your focus and what you hope to accomplish. In the world of online marketplaces, which you choose will depend largely on what your product is. Especially for small businesses this can be a fine line to walk.

On one hand, cash is king and driving those sales in a marketplace geared towards sales using the power of the host site can help do that. However, once you get that sale you're next goal is getting a second sale, then a third from the same dedicated client. Chances are you were found randomly out of the sea of competitors. This is both good and bad for you. You were the best of the best for that purchase. Problem is unless you really drive home not only the value of your product but the value of your company, you may not be the best for their next purchase.

Now on the other hand, having the control to shape the user experience can be powerful. If you attract them to a handsome shop that is easy to navigate and allow them the opportunity to view the value of your brand everywhere then you might not only get them hooked but start to build the seed of brand recognition in their minds. The problem is getting them there in the first place. The marketplace - online and in person - is awash with a sea of similar companies all vying for their attention. So you may create a repeat customer but that's assuming you can snatch them in the first place.

This doesn't have to be an either/or scenario. You can quite easily take advantage of both approaches to take advantage of the benefits. But you're a small business right? Do you have the time? Especially if this is your side gig, you might want to seriously think about which approach might get you the best bang for your time and money so you can focus more.

Build Your Brand

If your product is something that is highly unique to you or your process, then going it alone might be a viable option. If what you do is truly irreplaceable or there are few competitors - think high end art, jewelry, fashion... yachts - then you can focus on drawing attention from marketing efforts in ads and publicity. It is much easier to build a fanbase for a highly sought after product or something that is not as easily found. Then you can vogue for all your worth and build a customer experience that's valuable or just build up your own name. It's easier to point people towards your own art showing than your storefront banner in the middle of the gigantic interwebs free-for-all.

Focus on Sales

Now if you're in retail, let's be real here: you are probably not unique. Not really. Yours might be the only product of its exact kind, but there are lots of nearly similar items that can be substituted. Some people don't like to hear this, but recognizing this fact will get you a lot farther a lot faster. I say throw yourself in the mix right away. Are there replacements? Yes, but find your advantage and work the shit out of it. If you make a mean Christmas stocking, then that free gift wrapping and holiday delivery option is going to hook someone. Once you get them, stand out by doing what you do well and asking them to come again.

The other consideration is capacity. Marketing is key for driving sales in the first place, but the size of your operation will dictate how much time you can spend on that. Be realistic about this guys; it takes more time than you think. Letting someone else draw people in for you saves yourself a lot of work, not to mention the money you might throw into other advertising efforts.

Tips for Working a Hybrid

Okay, yeah it's a liger. What hybrid were
you thinking? Click picture for source.

Offer them something they can't find by staying on the host site. More than likely, that's where they will find you and make their first few purchases. However, you can control your brand and make a higher margin selling on your own without the fees associated with most sites. The bottom line is that they won't see value in your own site if it's the same thing. So offer your most special pieces on your own. Make it easier for them to place custom orders or buy in bulk. Offer gift-wrapping options or the ability to create baskets of related items as presents. Offer free gifts, discounts, or frequent buyer programs. If you make it a special experience with value that speaks to them, then you can draw them in and still make sales from everyone else that you can't make a repeat customer. Just make sure you have the time to spare to do it right that won't detract from your quality of product or customer service.

Wednesday Links 8-14-2013

Since I'm still wading into the deep end of foreign exchange markets and international trade, I decided to round-up another best of for small businesses looking to go international. Did I miss anything? Tell me in the comments!

Interested in working abroad or finding groups to help connect with once you're overseas? The U.S. Department of State has a huge list.

According to the SBA (Small Business Administration), 97% of the United States' exporters are small businesses and 96% of the world's market reside outside of the U.S. They provide tips and a brochure to help you take your business international.

Here, the Washington Post gives you a brief 5 step guide to expanding into international market. According to them (as of 2012), small and medium-sized businesses only account for 70% of those exporting which is still a huge number. Go get your share.

And in case you missed it, get a crash course in the history between Japan and China in case you were looking to invest, and another one in the history of exchange rate schemes. Great for looking like you were aware during class or actually watch the news.

China V Japan: A brief history of conflicts and how it affects trade

Today, we're going to have a little history lesson. In the last few weeks, I've reviewed extensive articles about China as they are a great topic to discuss international business for my classes. However, one of the assignments we had was to review the history between China and Japan to analyze their current trade relations. Now, I don't know about you, but I really had no idea about the difficulties and even animosity sometimes displayed between the two. Guys, it's there and it's a bid deal.

If you know your international politics and history, feel free to go make a latte. If you're like me and didn't have a clue, let me give you a very brief overview of the framework. In a nutshell, Japan was a dick during WWII and China remembers, especially since Japan keeps bringing it up in the most insensitive ways possible. Add to that they are still fighting over islands, trade restrictions and whatnot and you have some very unhappy campers. So here is your PSA because I'm willing to bet that other people are just as clueless as I was.

China furious as Japan reopens war wounds - click for article

It is sometimes hard to see anything but the problem directly in front of your eyes. However, many are reminded, sometimes at the worst possible moment, that the past is never dead. The repercussions of history still have a hold on relations between people long after they are done. Such is the case between Japan and China. World War II marked a period of aggression between the countries that is still affecting political relations as history is being interpreted through modern times in regards to the past.

During World War II, Japan occupied parts of China. While there, they murdered thousands of people and some were buried in mass graves. The Chinese built memorials on these spots to commemorate and honor their dead whilst remembering the atrocities committed during the great war. Some refer to it as the War of Japanese Aggression, much like the war of northern aggression in the US referring to the Civil War. The specter of WWII still hangs over the relations of China and Japan despite the time that has passed. Many in Japan are torn on their views of the war. While some believe that Japan is still militaristic in their views, others believe that Japanese youth are raised to view their society in a negative light. Growing up and being told that you are responsible for the past is a heavy burden to bear. You may be more familiar with the German struggle, as was I, where many don't feel responsible for the past but yet they carry it on their shoulders and in their society. This puts the younger generation is a tough spot.

Alternately, the Chinese are dealing with being the “losers” of history. With Japan being a large partner of Western countries, much of their involvement in the war is lost to Western societies, many of whom may not have been aware of the extent of the dealings between the two countries. Decades later, many Chinese have come to terms with history, but many others are reluctant to entirely forget. This point was resurrected again with the implementation of new textbooks in Japan. The part of Japan was greatly downplayed in regards to participation in the war, and many Chinese take great offense. They have no control over these textbooks and are looking at the beginnings of a generation that will never know the full extent of the Chinese casualties and the lasting impression it made on their society. This is certainly not the first time that history has been written by the victors and the Chinese are another in a long line of forgotten victims in history.

How does this rift affect them now? In both cases, most would agree that another war is unthinkable as would be discontinuing trade. Neighbors in such close proximity help to boost each other’s economies as Japan has profited from China’s extreme rise during their decade long recession. Nevertheless, trade between the two countries could be as difficult as political relations have been. There have been a number of incidents between the two trade partners over the years. With China at such an advantage as far as the economy, Japan is in an awkward position. China is one of their main export partners, more than tripling in trade since 2000, and any trade disagreements hurt their economy. In addition to these historical challenges, China and Japan also have geographical and elemental rights disputes to contest with. Finding some common ground seems to be one way to start moving in the right direction.

In this video, they discussed a textbook that combined the history of three major Asian countries into one cohesive unit. As they said, it is not the history of one country but of all of them that is what really happened. I think being more aware of the impact to the region as a whole and trying to navigate these sensitivities is a step towards working together. Businesses are nothing more than a group of people with a common goal and economic interest. It is important to play to the human aspect of that in regards to these political and historical incidents. However, business also has the advantage of having a common goal for both the Chinese and Japanese businesses on both ends: making money. With this common goal, they have more incentive to work together favorably to achieve mutual satisfaction. This also opens the door to relating to each other on other levels. By utilizing this advantage, firms can start to overcome these issues on an isolated basis until their respective governments can move towards mending them on a larger scale. Or one would like to think.

China And Japan Are On The Brink Of War; Beginnings of WWIII? - Click for article.

Not only are there problems on a larger scale between politicians and larger businesses, but on the consumer level as well. If you read this article, you will see that consumers are also taking a stance and in some cases boycotting products (here over geographical rights). This hurts businesses, relations, and ultimately the economies in both countries. I don't think holding hands and singing is likely, so these problems will probably need to start from the top. As history has shown us around the globe, governments are not great at getting over themselves and learning how to work together.

I feel that there is still a lot of rocky ground to cover before any kind of solutions are attempted. But what do you think? Do you have additional insight into trade or historical relations that you'd like to pitch in? Have an opinion? Let me know down in the comments and be sure to send this to anyone who either needs a shot of international know-how or who actually knows what's going on and would like to contribute.

Wednesday Links 7-24-13

It's been a while, huh? I have been doing quite a bit of good reading here lately, but much of it is textbook-related which is a little harder to share. However, I'm ready to come back to Wednesday Links! This week is all about tips for getting your business up and running on the net and how to take it global!

Actually, I had to watch this video below for a class. Granted, it's a bit dry, but I didn't know the U.S. Commercial Service even existed, let alone what they did. I thought this was some great information to pass on if you are thinking of going global because this is a great resource. Make sure to check it out and let me know what you thought!

What is the U.S. Commercial Service and how can they help you go international? (video above)
Dropshipping: The Easiest Way to Sell Online and some tips to get you started
42 Timeless Ideas for Attracting More Visitors to Your Website - Think Traffic consistently gives great advice that you can act on today
3 Steps to Getting Started With Social Media - The Social Media Examiner is a go to blog for marketing professionals and you can learn a lot just by surfing around for a few minutes, so here's something to get you started.

3 Reasons Why Talking a Good Game is Hurting Your Business

No one likes a bullshit artists. Now, a healthy amount of self-confidence is a good thing. It's something we all strive for and encourage in others. However, we all know that one guy, or that one business, that just takes it to a whole new level. If you talk the talk, then you've got to walk the walk. Here's the top three things than can happen if you turn into that guy.

3 Reasons Why Talking a Good Game is Hurting Your Business

Source

Customer's Tune You Out, or Worse, Call You Out

"We pride ourselves on customer service..." Oh yeah? How about the fact that it takes me 15 minutes every phone call to get to a real person and they still can't answer my questions? Been there? I bet a lot of us have. So when I see that same company tout their fantastic customer experience, I get mad. Red hot, tell all my friends mad. And so do other people. When you are already sub-par at something and your customers know it, you don't throw gas on that fire. Put up or shut up.

You Offend Your Employees

You can't kid a kidder, son. So preaching to the choir is a move that makes us scratch our heads. In good companies, perfection is a goal that we're all working toward. In bad companies, having the top dogs praise themselves to the skies is infuriating. We talk to other people in our industry and we see all the chinks in your armor. Don't tell us how great we are as a company when we're taking yet another pay freeze or fluffing our stats again, thanks.

You Become An Easy Target for Skeptics

If your employees don't call your shit, your skeptics will - especially if they're your competition. Remember all those customers and employees who talk about you behind your back or in the forums, yep. So does your competition. You just served yourself up on a plate and now all they have to do is prove it to everyone else. This puts you on the defensive, which is never a good place to be when you've only got one leg to stand on. Remember the difference between confidence and overconfidence? Yeah, we bet you don't have the numbers to actually back up all those claims you made. And now is the time you actually need them.

Source

Friends don't let friends become the butt of jokes (if they can't get an endorsement deal from it). If you recognize any of the above signs in a company that you love or coworker you don't want fired, find a hotline to call. Has anyone else had to deal with this, because I know if can't just be me! Tell me below in the comments.

Economics Buffet: Currency Exchange in 5 Minutes

So lately I have been buried in grad school and learning a lot of new things, most of which hurt my head. However, I'm lucky that what I chose to study is also something I find fascinating so I'm excited about all the new opportunities to share information. I also recently bought "30 Second Economics" that I think is a fantastic idea. The book itself is cheap, but the Kindle version is even cheaper so make sure to snag that one if you've got the technology. If not, don't worry you can still buy the hardcopy.

I've got so much additional reading and research done that I think would be really valuable for you all, so I'm going to start breaking it down into pieces that can help you make smarter decisions when investing, traveling, planning for your future, and just generally understanding all the mumbo jumbo in the business papers.

So let's start with the last century, eh?

A brief history of global currency trade in the last 100+ years

The Gold Standard

Gold has long been a perceived source of value. Precious metals, bartering, and other agreements work well in systems with little outside trade. However, the increase of global trade necessitated a more formal system. The Gold Standard provided a simple solution to this. Each country would set the level that their currency could be converted into a weight of gold. This allowed more fluid movement of currency for trade due to each country buying and selling the appropriate amount of gold in reserve to back their currency. This system lasted from 1876 to 1913.

WWI to WWII

This simple system was interrupted by World War I which greatly restricted the movement of both commodity and currency trade. Trading countries tried to work on a modified gold standard in its stead, however the exchange rates tended to fluctuate more widely. This caused many people to start currency speculating. As the US currency started to devalue, they tried to adopt a stricter modified gold standard. While the USD was still convertible after World War II, many currencies were not.

Post WWII to Nixon

This led to the Allied Powers to meet at Bretton Woods in 1944. On the agenda was how to create an international system for currency and trade as well as how to rebuild after the devastation of the World Wars. The result was the creation of the International Monetary Fund, aiding countries with balance of payments and exchange rate problems, and the World Bank, which drove reconstruction and economic development. All member countries would fix their currencies in terms of gold, but were not required to fully back it with reserves. Some fluctuation was allowed, but large fluctuations would need to be made formally.

After WWII, global economies shifted greatly in levels of recovery, with many growing rapidly. As countries quickly grew and fell in power, so did their currencies, causing the Bretton Woods system to prove ineffective. With the US continually running at a deficit in the balance of payments, confidence in the US dollar fell. In 1971, President Nixon suspended the purchase or sale of gold. After a second devaluation in 1973, it was clear that a fixed-rate system would also not work.

Floating Currency Exchange

Starting in 1973, currencies were allowed to float in relation to each other. This caused wide fluctuations in value between currencies, largely affected by current political and ecological events. Currently, there are a number of systems at work within the world, with many countries at least partially "floating" their currency in relation to the market.

Present

Well, that's the questions isn't it? Some countries are freely floating currencies, some are partly floating/partly managed, and some are still pegged in some way. So what do you call it? Can we try the Funky Chicken?

Hear me out. It's like at a wedding when this stupid song comes on. Half our relatives will trudge onto the floor because everyone else is and they don't want to be the party pooper, so they manage to funk their way through it with varying levels of enthusiasm. However, there's always to opposite ends: the insane cousins, drunk uncles, and uninvited exes. These are the ones that refuse to set foot on the floor and the ones who OWN the floor. That's what it's like now.

Funky Chicken. I called it.

So what do you think?

Have any strong ideas on which system was best? What do you think about where we're headed now? Let me know if the comments below.