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- Bank of Starbucks? The Coffee Brand Becoming More Like a Bank
Some may be surprised to hear that McDonald's, which is known for its fast-food menu, is in the real estate business. You might also be a bit confused when you find out that Harvard and Stanford are more Hedge Funds than Universities. These organizations have ventured into these businesses in different ways. Like these companies, Starbucks, the popular coffee chain is becoming more like a bank. You read that right, a bank, where you keep your money. However, Starbucks has never explicitly mentioned any plans to become a bank. Starbucks has been able to grow its market share exponentially by appealing to a wider range of consumers and providing an experience that is more in line with the customer's lifestyle as well as competitive pricing. Howard Schultz, the CEO of Starbucks, is one of the most successful businessmen in the world. He decided to transition to chairman in 2000 and Orin Smith was appointed as CEO. When Howard Schultz left Starbucks, it had around 3000 stores and Orin Smith set a new course for the company towards faster growth. Starbucks has become a household name and part of the American culture. From 2000 to 2007, Starbucks grew more than four times and over the course of those 7 years, Starbucks opened around 1,500 new stores a year. In 2007, the company had its best sales year with 6 billion cups sold. Over the years, Starbucks has grown so much that it has resulted in a phenomenon called the “Frappuccino Effect” where real estate prices increase significantly when a Starbucks is nearby. This phenomenon has been noticed in many cities worldwide. Source: David Perell on Twitter More than a cup of coffee. Starbucks is leading the industry with its innovation and foresight. Starbucks hired its first chief technology officer, former Adobe Systems Inc. executive Gerri Martin-Flickinger to lead its technology team and launched the Starbucks loyalty card. The company has been at the forefront of technology since the beginning and is now focusing on digital because it is a more efficient way to make and sell coffee. To ensure that its digital vision is properly executed, Starbucks has put in a lot of effort to develop its own app. Since 2015, this app has been responsible for a remarkable 30% of the company’s total sales. The restaurant and food industry has been transformed by the popularity of loyalty apps. They allow people to enjoy rewards without any major work - just by simply using their phones! Starbucks is transforming the way consumers pay for coffee. They now offer a more convenient alternative to cash and credit cards with their app that lets users add money to their Starbucks account, which allows consumers to redeem free drinks. It may not be the most genius way to ensure that your customers keep coming back but Starbucks is one of the most popular reward apps in the industry. Source: Starbucks Considering Starbucks is a large company with a loyal following, it motivates customers to keep some of their money in Starbucks accounts, knowing they will use it someday. A total of 41% of U.S. and Canadian Starbucks cardholders make purchases with their cards. User balances stood at $1.5 billion at the end of 2019. Even though 1.5 billion dollars isn't a large amount, it represents a significant amount when you realize that more than 3,900 banks across the US and Canada have less than $1 billion in assets. MarketWatch looked into the data and found that Starbucks customers had around $1.2 billion in cards and apps at the end of 2017. This is higher than the deposits held by Customers Bank ($780 million) and the Green Dot Corporation ($560 million) by the end of 2017. Source: MarketWatch Starbucks has generated $1.5 billion in new revenue from customers who have unknowingly provided the coffee chain with a 1.5 billion dollar loan, at 0% interest. In order to earn free profits, Starbucks can invest that money in the market or spend it on expanding into new markets. There is actually more to it than it seems. It is estimated that 10% of this money will be forgotten or lost and never be used - referred to as breakage. Its annual report shows that in FY 2019, 2018, and 2017 respectively, Starbucks earned $125 million, $155.9 million, and $104.6 million in breakage income. Starbucks itself has never explicitly stated that it wants to become a bank. When you consider how well the company is doing with its prepaid card program and its mobile app, the idea that you can one day open a bank account while ordering your Pumpkin Spice Latte becomes less bizarre. Starbucks, on the verge of change? Korean bankers are worried that Starbucks will indeed launch into financial services in a few years, according to a recent report from The Korea Times. Korean banks have expressed concerns that if Starbucks does enter the financial industry, it will be too big of a threat to them and they will not be able to compete. According to them, the cash the coffee chain has brought in is what concerns them most. Industry experts see Starbucks becoming involved in asset management by way of its prepaid cards, along with currency exchange, loans, and insurance. Bankers might also have been concerned about recent strategic moves. In 2020, Starbucks partnered with cryptocurrency trading platform Bakkt to create a global consumer app that lets customers and merchants buy, sell, store, and spend digital assets. The app, according to Bakkt, will allow merchants to 'free up capital' as well as build direct relationships with their customers. Concluding thoughts on Starbucks as a bank Large corporations are not just looking to make a profit; they are also looking to change the way consumers interact with their financial services. If Starbucks officially ventures into banking, the world of banking would be completely different in the future. This will greatly affect the financial landscape, and it will be interesting to see how this coffee chain changes banking for banks and other financial institutions.
- 4 Actionable Tips For Business Writing
Writing is vital to success in the professional world, and it's easy to boost your results with a little creativity. Unfortunately, it can also be tough to know how you're really communicating with your audience. According to Lauren Brodsky, four steps can enhance your writing without spending any extra time or money. People often overlook important information due to their busy schedules. That's why it's always worth abiding by the rule of prioritizing the most important content earlier in sentences, paragraphs, and documents. Over time, you can improve the clarity of your sentences by using active verbs. Search for passive words like "being" and "has been" to see how much these are disrupting the flow. Once you identify those words, rewrite sentences into a present tense. For instance, passive voice is typically associated with words and phrases such as "was used," "were done," and "had been completed." On the other hand, an active voice would be more likely to use words like "used" and "completed." Active verbs are verbs that help you write concisely and clearly. Good business writing should be engaging, not just technical. Using jargon in business writing indicates that you are trying to speak to a subject matter expert, and may alienate the target audience. Always write for a “smart novice audience” – a smart audience, generally, but may not know specifically what you are referring to. The goal of clear writing is to make your audience feel understood and cared for. There are many ways to do this, but it is critical to know what your audience knows, cares about, and fears to write to that point. One way of doing this is by using a question-and-answer format. This can be used in a variety of ways. One example is when you are providing advice on how someone should go about something that they are confused about or scared of. You can use this format as an FAQ-style article where you answer questions from readers in the context of the passage on how they should handle their problems with the information provided in the passage. You will be more likely to get their attention this way. Adapted from “4 Quick Tips to Improve your business writing” by Lauren Brodsky.
- 7 Financial Buzzwords You Probably Haven’t Heard Before
Financial lingo and jargon are phrases or words in the financial industry that may be difficult to understand for someone who has never been exposed to it before. Here's a list of seven lingos/jargon for your reference. Photo by nappy from Pexels 1) “Sleeping Beauty” Sleeping beauty is an investment that has been in a dormant state for a long period of time and may be considered to be in default or in the process of default. Similarly, Sleeping beauty bonds are a type of bond which can only be issued by the U.S. Treasury. The U.S. Treasury issues by law one sleeping beauty bond to any investor who invests $100,000 or more in Treasury securities. 2) “Wacky Investing” Wacky investing is a term used to describe investments that are too speculative and risky to be considered safe. These investments typically have a low chance of success, but the risk is worth the reward. Wacky investing strategies can include investing in penny stocks, shorting stocks, investing in cryptocurrencies, and more. This term was originally used by the US Securities and Exchange Commission (SEC) in the early 1990s when it was trying to regulate the booming investment scene. Wacky investing typically involves high risks and high rewards with little chance of success. 3) “Eat Your Own Dog Food” Back in 1988, for the first time, Microsoft asked its LAN manager to use one of their products internally. The e-mail came with the title “eating your own dog food” and started a trend that continues to this day in the tech industry. This led to the start of practice where companies test the product or service by letting employees use them before releasing it to the world, known as “eat your own dog food” or dogfooding. Famous products like Gmail or Facebook’s react feature, are all result of dogfooding. The idea of eating your own dog food has been around for a long time. 4) “Suicide Pill” In order to have a chance of staying afloat, many companies may resort to desperate measures. When the company is on the verge of bankruptcy, it may be forced to seek out measures that make it look less desirable. This could include taking on mountains of debt or offloading key assets. Suicide pills are one such tactic. In most cases, smaller companies with no desire to get ripped apart by the industry's biggest players will seek protection from a bankruptcy court rather than merge. 5) “Cockroach Theory” The Cockroach theory, also known as the Law of the Unintended Consequence, is a theory in which it is believed that there are always more bad things lurking than you can imagine. The theory states that in any given situation there will be at least one other problem that you didn't even think about and it will be worse than anything you originally expected. This was a popularized term in Nassim Taleb's book The Black Swan and has since been associated with a wide variety of different situations. Similarly, the Cockroach theory in finance indicates that, when a company announces negative news to the public, there may be more negative news to come 6) “Bucket Shop” A bucket shop is an unregulated, speculative trading firm that usually operates out of a single room or small office. The firm does not require a license, pays commission only on profits, and often targets inexperienced traders. At any given time, there are usually dozens of traders in the small room taking turns to trade stocks on voice-activated machines provided by bucket shops. These traders receive an initial deposit from investors and then use margin transactions to generate returns for their clients after which they are paid their commissions according to profit-sharing ratios. 7) “Pump and Dump” Pump and dump is a trading strategy that is based on the hype cycle theory. It involves buying a stock after it has just been introduced and then waiting for the price to rise. After the price rises, one rapidly sells their shares. Pump and Dump investing was first introduced by William J. O'Neil in his book "How to Make Money in Stocks" as a way for people to make quick profits without taking any risks. It has since been used to describe any short-term behavior when buying or selling an asset. This strategy is illegal in most countries and it can be harmful to investors because of its volatility. The short-term gain from a pump and dump is often offset by losses incurred later because of price falls when making trades at higher prices. Pump and Dump strategies are usually seen in penny stocks such as stocks from companies with low market capitalization or a small number of stocks traded daily.
- Berger Paints used Pakistani Truck Art to Help Find Missing Children
In 2019, Berger Paints, a company that makes water-based paints, partnered with Pakistani truck art to use the artwork as part of their search for missing children. In Pakistan, where truck art adds color and humor to the roads, some truckers have replaced the traditional vivid paintings on their vehicles with realistic portraits of missing children, hoping to bring them back. Driven by the truckers' desire to do something about a recent surge in kidnappings and a lack of progress by the government in solving them, they began displaying portraits of missing children on their trucks. Truck art scene in Pakistani cities and beyond A truck art scene has been thriving in Pakistani cities since 1978. Artists paint, sculpt and install works of art on trucks. This movement started in Lahore has spread to different cities like Karachi, Islamabad, Peshawar, Quetta, and many more. Artists use the tradition of truck painting as a platform for expression. They paint graffiti-style pieces of art to protest against social issues or celebrate their love for hip-hop music or culture. Art is a creative medium and many artists use it as a tool to spread awareness about important societal issues. As a part of its Truck Art Child Finder campaign, the popular art medium is used to inform the public about how to report such crimes. It was launched in 2019 by Roshni Helpline and international paint manufacturer Berger Paints. So far, seven children have been rehabilitated through the program. (Image Source: Arab News) Roshni Helpline 1138 is a toll-free helpline launched to help the victims of child trafficking. Every year in Pakistan, over 3,000 children go missing and many more are kidnapped for the purpose of being sold to childless families or placed on the streets to beg. The idea to use truck art to find missing children came from filmmaker and rights activist Samar Minallah, who believed the familiar art form would have more outreach than missing person posters that could be easily ignored. According to Minallah, truck art is a popular and beloved medium among Pakistanis. He quoted “when it comes to missing children, the "talaash-i-gumshuda" (search for those who have gone missing) signs painted randomly on walls won't suffice.” According to Minallah, one of the biggest challenges the project faced was persuading the drivers to use their vehicles for unconventional purposes. Approximately 3,000 phone calls were received, of which 500 resulted in serious leads. As a result, seven children were successfully reunited with their families, and the trucks proved to be an effective way to reach remote areas where traditional media is ineffective. Berger Paints is a company that has been in the business for more than 40 years. The company was originally known as Berger and Company, but it changed its name to Berger Paints in the 1960s when it expanded its product line and added modern paint formulas to serve homeowners. It is a captivating case study about how one brand solved a huge problem in society.
- Nostalgia Marketing: How to get people ‘Back to the Good Old Days’
What is Nostalgia Marketing? Nostalgia marketing is a form of marketing that uses nostalgia to create feelings of warmth and familiarity. In other words, nostalgia marketing is a type of marketing technique that involves the revisiting of the past and brings back old memories. It can be done through various ways like by bringing back an old product, introducing a new product with old features, or organizing an event for the older generation. It provides them with emotional satisfaction which in turn helps them invest more into the products or services being offered to them. Photo by Dmitry Demidov from Pexels Moreover, nostalgia is used in order to appeal to people’s sense of belonging and to evoke emotions that are usually linked with personal memories. This means that nostalgia marketing can be used by brands in order to promote their products by connecting them with the customer’s past memories and experiences. Examples of nostalgia marketing are: 1) Spotify In 2016, our favorite media-streaming service—Spotify—introduced a new spokesperson to the market in the form of Falkor and Atreyu from the hit movie “The NeverEnding Story”. To revive the nostalgia of the original campaign, the company got original actors to play their characters again. The video is effective because it's specifically made for millennials who are most likely to use Spotify in the first place. Using "The NeverEnding Story" soundtrack in the ad helps to engender feelings of nostalgia amongst this audience, which in turn might compel them to use Spotify 2) Nintendo The video game industry is perfect for nostalgia marketing as data has shown millennials to be the most responsive. With so many games being released from the 80s and 90s that were largely played by this generation, it’s no surprise that they respond best to nostalgia-based advertising. Nintendo has always been good at making fun, family-friendly games and it makes sense that they would want to use nostalgic marketing to reach those people. This new NES is one way to do that. They are taking advantage of an idea that the rest of the gaming industry has only recently started realizing: by tapping into their past, you can also tap into their future. The release of the miniature NES was intended to give customers a chance to re-experience the reasons that they fell in love with Nintendo right at the beginning. The NES Classic Mini may not be an exact replica of the original, but it’s a great way to satisfy your craving for nostalgia. So whether it’s a break from the ever-changing marketplace or you just want to take a trip down memory lane, it’s worth checking out. 3) Motorola Razr Before smartphones became popular, one of Motorola's most popular cellphones was the Razr. Despite it having a number-based keyboard and small screen, people loved this phone for its sleek design & simplicity. Motorola's redesigned Razr became a popular product in 2019, with people giving it rave reviews on YouTube. It was the nostalgia of an old phone combined with modern features that made it so successful. Background to Nostalgia The term “nostalgia” has Greek roots, meaning “painful or longing remembrance” and the word was coined by Swiss physician Johannes Hofer in 1688. This longing recollection often elicits another emotion, joy, which is why most people use the term “nostalgic” and not “nostalgic-painful.” What is the Difference Between Nostalgia and Retrospectives? Nostalgia is a feeling of sentimental longing for past events. Retrospectives are a way of remembering events, places, and people that someone has experienced in the past. Furthermore, nostalgia is often associated with childhood memories or things from the past that one misses. It's not always clear whether it's the person or the event being missed whereas retrospectives are memories about what happened in a certain time period before an event in history, such as World War II or September 11th, 2001. They can be used to analyze what happened during this period and to help prevent similar events from happening in the future. The Value of Nostalgia Marketing Nostalgia marketing is a trend that marketers are using to generate revenue. The power of memory is something that marketers are taking advantage of in order to draw customers back into their business time and again. Nostalgia marketing is really popular because it can help marketers reach out to their target audience more effectively. According to a study by Accenture, among the top-performing companies in the world, 43% of them use nostalgia marketing as one of their strategies. Photo by Bruno Cantuária from Pexels Nostalgia marketing is also effective because it helps connect with consumers emotionally. It creates a sense of connection between the brand and its customers, which makes them more likely to buy from the company and create content that's related to their products or services. For most brands and businesses, nostalgia has always been an important part of brand identity in one way or another. But there are some brands that have managed to make nostalgia into a marketable product. Benefits of Using Nostalgia Marketing Boosting customer loyalty: Nostalgia marketing appears to be effective in increasing customer loyalty by instilling a sense of belonging and value. Creating brand awareness: Nostalgia marketing creates brand awareness by reminding consumers of the emotional value they have to the brand. It delivers an experience that helps to remind consumers of the quality and integrity of the product. Enhances customer retention rates: By encouraging customers to reminisce about past experiences, nostalgia marketing can help increase customer retention rates. 4 reasons why nostalgia marketing is effective for brands today Nostalgia Marketing is a strong marketing technique that is used by many companies to keep their products relevant. Here are four reasons why Nostalgia Marketing is effective for brands today: 1. People are nostalgic about the past Nostalgia marketing is effective because people enjoy reminiscing about the past. Memories are powerful and when people feel nostalgic, they are more likely to purchase products that remind them of the past. 2. Nostalgia taps into emotions and helps to reduce stress Nostalgia can be an effective way to deal with stressful situations. The happy memories of the past can help tame a stressful mindset. 3. Nostalgia can be sentimental and bring a sense of belonging to the consumer. Nostalgia is defined as "a sentimental longing for or wistful affection for something from the past." Nostalgia can be particularly common among people who identify with a certain era, whether due to their own personal history or their family's history. It may be triggered by people, objects, memories, and events that are reminiscent of the time period. 4) Nostalgia marketing helps consumers recall old memories with a brand and creates new ones with the brand. Nostalgia marketing is a lucrative form of marketing in which consumers are motivated to purchase a product that reminds them of an era in their life. This type of marketing is successful because it creates connections between brands and consumers, allowing them to recall old memories with the brand, and create new ones with the brand. Concluding thoughts on nostalgia marketing When it comes to marketing, advertisers have two options: either they continue to re-invent themselves in order to stay relevant or they keep playing it safe and re-use old ideas. A recent study revealed that nostalgia marketing is a more effective strategy than inventing new concepts. Nostalgia marketing is more touchy-feely and emotionally engaging, which makes it easier for customers to connect with the brand. As technology progresses, marketers will need to be more creative in order to stay afloat. Companies will need to focus on creating customized content that addresses their consumer's needs instead of relying on mass-produced content that might not work for everyone.
- What is Sustainability and How it can benefit businesses and consumers?
What is sustainability? Sustainability is defined as the practice of harvesting resources at a rate that does not exceed the rate of regeneration. National Geographic defines it as "the ability of natural processes, and human-made systems, to endure, adapt, and remain functional over time." In other words, sustainability is the idea of living on earth without degrading its natural environment. It's about taking care of people, their economic needs, the planet, and our communities. This means that we need to find a way to meet human needs today without compromising the needs of future generations or our planet. For example, if we use too many resources now without giving any thought to our children and grandchildren or the future of our planet, we will have nothing left for them and they will not have anything left to pass on for us. To sustain ourselves in the future and ensure survival, we must be mindful of how many resources we use now and how much natural reserves exist on our planet. We also need to consider how many people are still living below the poverty level and what their needs are so as not There are three main dimensions of sustainability: Environmental, Economic, and Social. These dimensions are interconnected and they must be taken into account to achieve a sustainable society. The environment includes all-natural resources that support life on earth like air, water, soil, and living organisms; therefore it is important to maintain these resources for future generations. The economic dimension deals with maintaining a balance between production and consumption of goods while maintaining profitability for all stakeholders in an enterprise; Finally, the social dimension focuses on providing equal opportunities for all people regardless of their gender, ethnicity, or other aspects that may discriminate them from others. Why is sustainability important? Sustainability is important because it ensures that we are living in a way that won’t compromise future generations. Sustainability also helps to retain natural resources for future use, and protect the environment from various types of environmental abuse or neglect. Sustainability has become a buzzword as more and more companies are adopting it to drive innovation and growth. Businesses need to focus on their short-term goals and think about the future. Without considering the long-term consequences, businesses may find themselves in a tough spot in the future. To make it work, there needs to be buy-in from all levels of an organization from the top down. Management needs to communicate clearly about its sustainability goals and how they serve the company’s interests and that of its stakeholders—especially investors, customers, employees, and suppliers. Why is it important to sell sustainable products or services? A business can be sustainable with its products and services by eliminating waste, minimizing resources, and minimize greenhouse gases. Reaching these standards can be difficult for a company to do, but when it does happen, the company is sustainable. The best way to assess if a company is running sustainable practices is to ask about its materials to make its products and whether it is recycled. A sustainable business will strive to minimize the environmental impact of its products and services by taking proactive measures to ensure that its operations are eco-friendly and lessen the use of resources. Sustainable products have a greater impact than their non-sustainable counterparts. They are better for the environment, and they are better for the economy. Some of the benefits of sustainable products and services include: Reduction in energy use Decrease in greenhouse gas emissions Reduction of water pollution caused by chemicals or heavy metals We have already seen a significant increase in the number of people that are concerned about their impact on the environment. This has led to more and more people looking for sustainable options when they shop. When you provide these sustainable options, your customers will be happier and therefore they will be more likely to buy from you again. Consumers want to buy products that have a higher chance of being environmentally friendly, but they don't have all of the information they need to make an informed decision. For instance, the average person throws away 2.5 pounds of clothing every month. In contrast, less than 10% of clothes bought are donated. This number will only grow in the upcoming years, as brands release more and more products with unclear or misleading labeling. Brands need to be more vigilant in providing the best possible labeling and instructions on these labels about materials used for production, the hazards they pose, and how to handle them in a safe manner. What are the benefits of being a sustainable company? 1. Improve corporate image and reputation The benefits of sustainable business practices are more than just a good environment. It will also improve the company's image and reputation. Sustainability is becoming a key part of how businesses are viewed in the marketplace. Consumers care about how sustainable companies are and what they are doing to help protect the environment. With advances in technology, it is easier than ever for these companies to implement green initiatives that make their company environmentally friendly and efficient. A study by Weber Shandwick and KRC says that "the most sustainable brands have an average 60% higher brand value than their non-sustainable counterparts." The study found that consumers care more about sustainability now than they have before. Sustainability has the ability to be a tremendous competitive advantage for any company, as it can make them stand out from the crowd. For example, it can attract customers with environmentally-friendly products and services, and it can motivate employees by creating an environment that is employer-friendly for those who are concerned about the environment. Companies in the future will be measured by their sustainability practices and not just by their profit margins. A sustainable company is more successful because they focus on making an impact in all aspects of life. Some companies have made use of the triple bottom line which is a way to measure the sustainability of a company. Some of the benefits include creating more awareness for the company, increased job opportunities, and better profitability for the company. They also have access to more financing opportunities and they get positive press coverage which can increase customer loyalty. 2. Protect the environment for future generations The main goal of a sustainable company is to protect the environment for future generations. It does this by minimizing their use of natural resources and making sure that they are not releasing any harmful chemicals into the environment. A sustainable company does not use up all of its natural resources in order to make as much profit as possible. They do this in order to preserve the earth for future generations. The best way that a company can do this is by reducing its need for energy, water, and other natural resources. They also try to minimize the materials they are using, which will reduce waste and pollution. This would also mean lowering their carbon footprint which would help protect the environment from climate change. Sustainable companies are environmentally responsible by reducing their waste and pollution, and they promote environmental awareness by educating the public about the consequences of a non-sustainable lifestyle. A company that is sustainable will ultimately be more profitable since it will be able to save on costs like recycling, transportation, and packaging. They are also less likely to have an impact on the environment if there is a natural disaster or other emergencies. 3. Reduce environmental pollution costs to businesses Companies that are more committed to sustainability tend to have lower environmental pollution costs. This could be because they implement sustainable practices such as recycling, reducing energy consumption, and implementing green supply chain solutions. A sustainable company is one that is aware of the environmental implications of its practices. These companies are essentially reducing the environmental pollution costs to businesses. Environmental pollution can be harmful not only to humans but also to animals and plants. It can cause the death of marine life and increased levels of asthma in human beings, which are detrimental to society and the economy. With an increase in global temperature, climate change has become a major problem that needs to be tackled, so it's important for businesses and corporations too. A company needs to evaluate how much they spend on pollution and whether it is worth continuing with that level of pollution expenditure or if they can reduce it by changing the way they do things. Furthermore, businesses need to take into consideration not only their environmental pollution costs but also whether or not these expenditures result in profit for them at all. 4. Attract sustainable customers and investors who share your values People are more likely to buy products from a company that has the same values and cares about the environment, even if they cost a little more. If you want to be a sustainable company, then it is important to make sure that your employees are taken care of as well. This will set an example for sustainable behavior and help with retention. One of the major benefits of being sustainable is that it attracts customers, investors, and suppliers who share your values. Customers: Customers are attracted to companies that have a sustainable mindset because they know they will not be supporting a company that has an adverse environmental impact. Investors: Investors are also attracted to companies with sustainability because they know they will be investing in a company that is committed to being a good citizen in their community. Suppliers: Suppliers are also attracted to businesses with sustainability because these businesses show that they care about the environment and can ensure that their supply chain is environmentally friendly. 5. Save resources (water, energy) which will eventually reduce the cost of operation It's not just environmentally aware companies striving to reduce their carbon footprint; it's also about the reduction in costs. It will be inevitable that as renewable energy becomes more accessible, and technology continues to advance, there will be companies who invest in sustainable business practices. Companies are now being judged not only on how they treat their employees but also on how they treat the planet. Sustainability is seen as a way of reducing costs and increasing profits over time. For example, construction companies need to take this into account when building new facilities or renovating existing ones, because the green building movement has sparked a revolution in both residential and commercial construction. How can consumers become more sustainable? Consumers want to do their part, but feel overwhelmed and don't know where to start. There are many ways that individuals can make changes in their lifestyle to have a more sustainable environment. These changes can be as simple as using reusable shopping bags, adding a water filter, or planting a garden. We as consumers should consider our purchases to be investments. We should not just buy something because it is cheap or on sale instead think about what purchase will be beneficial for us as well as for the environment in the long run. Sustainable living is about reducing your ecological footprint. The easiest way to do this is by lowering our energy consumption. There are a number of ways we can do this: Buy an energy-efficient fridge, washing machine, dishwasher, and vacuum cleaner. Install double-glazed windows and insulation in your home. Insulate and seal your hot water pipes. Turn off the lights when you leave a room. Concluding thoughts on sustainability Achieving sustainability is a goal that many companies strive for. However, it is not always easy to do this. We should stop thinking about sustainability as one aspect and instead think of it as something that touches on every facet of the business. Achieving sustainability will require a change in the business models, the design of products and services, and our consumption habits.
- Circular Economy: Business Model of the Future
What is the Circular Economy and Why it Matters? The idea of a circular economy is to design products and production systems that keep materials and energy in the loop, so they can be used again without entering the waste stream. This is a concept that has been around for decades. The first mention of it was in 1712 when Nicholas Georgescu-Roegen, an economist, wrote about the need for recycling our resources. In 1991, Dr. Walter Stahel coined the term Circular Economy to “describe an economic system where raw materials are used again and again or are recycled into other products without coming to rest as waste.” In 2009, the Ellen McArthur Foundation called for business leaders to implement changes at their companies in order to help reach this. Image Source: MediaCity The Circular Economy is the idea that waste is minimized by keeping resources in use for as long as possible. The Circular Economy provides a vision of what a sustainable economy could look like. It's not just about recycling. It's about the full loop - producing less waste, saving resources, and changing the way we consume. As the global population and urbanization continue to grow the demand for power, water, food, and other natural resources also increases. Additionally, as more people move into and live in urban areas they bring with them a corresponding increase in waste production. With these challenges in mind, it is important to consider the implementation of a circular economy that can offer creative solutions. A circular economy is an economic system that tries to reduce the negative environmental impact of making things and delivering them to consumers. It does so by looking for ways to use as much of a product as possible - by designing products from the ground up and using every bit they can. The Promise of a Circular Economy The promise of a circular economy is to have less waste, increased resource efficiency, and decreased environmental impact. A circular economy is one in which resources are moved through the economy in a sustainable fashion by reducing waste and pollution. The focus of this system is on designing products for durability and reusability while recycling the materials from those products so that they do not go to landfills. In the last few years, there has been an increasing number of initiatives to create a more sustainable economy. Some of these initiatives are based on waste, like the circular economy. It is a system that aims to keep resources in use for as long as possible. This system is different from the traditional linear economic model, where we extract raw materials from the earth and use them up in order to make products that only have a short lifespan. The linear economic model means that we produce things at high volumes and then produce new things once they become obsolete. This creates a lot of waste and pollution, which would be significantly cut back if we used circular principles in all our transactions. The promise of a circular economy lies in its ability to cut down on pollution and resource depletion by creating well-managed The circular economy model can be applied to many aspects of life, including production, consumption, and end-of-life treatment of goods. Examples include: sustainable manufacturing practices; closed-loop supply chains; product redesign for remanufacture or disassembly; the sharing or leasing of durable goods; design for dismantling, reuse, or recycling; cradle-to-cradle design principles (reduce, reuse, recycle); extended producer responsibility Benefits of a Circular Economy and Advantages Over Current Models A circular economy can be seen as an alternative way of approaching production and consumption to the linear take-make-waste model. Advantages of the circular economy include lessening ecological footprints, saving on resources, and generating more jobs. A circular economy is a sustainable economic system that reuses and recycles valuable materials. The goal is to create a business model where nothing is wasted, including raw resources, products, and energy. In this system, there is less pressure on raw materials which means that the need for mining will be reduced. This also means that there would be a smaller ecological footprint due to manufacturing processes. The circular economy also creates more jobs because it relies heavily on recycling and repurposing what already exists. Challenges of a Circular Economy The transition from a linear to a circular economy presents challenges because it will involve changes in our economic models. The current capitalist model is based on expensive, mass-produced goods that are replaced when they wear out. The circular economy has many challenges to overcome before it can be fully implemented in society. The first challenge is convincing companies to change their mindset from a linear to a circular process. Another challenge of the circular economy is that it takes time for materials to be produced into new products. In order for more companies to adopt a circular mindset, there needs to be more education about this type of economic model for both employees and customers alike. In order for material production time-frames to decrease, we need better technology in a place like better recycling equipment and more nuclear waste storage sites as well as better infrastructure in countries with less developed economies so they are able to join What are the steps towards achieving a circular economy? 1. Resource Productivity: Improve efficiency with resources for better, more sustainable use of materials and resources throughout their life cycle. 2. Capacity Utilization: Maximize utilization to save on costs and eliminate waste. 3. Distribution & Collection Systems: Create systems that are efficient, equitable, and responsive to change; promote reuse and recycling as preferred means of disposal, rather than incineration or dumping. 4. Societal & Institutional Systems: Restructure policies and regulations to incentivize resource productivity, capacity utilization, and distribution system innovations. John Elkington once quoted "Circular economy is the next industrial revolution, it will reinvent our way of life. It is unstoppable." There are 6 ways to implement circular economies in the workplace: 1. Create circular value chains by using less energy, fewer materials, and less landfill waste Circular value chains are chains that have been rotated back to where they started. They provide a way of reducing the number of materials used and energy consumed. They also cause less waste from going to landfills, which is good for the environment. With this circular model, manufacturers can keep items in circulation longer and use them more often. This will result in less material being produced and more items being reused or recycled when they are eventually disposed of. As consumers, we should be mindful of the products we purchase and how they are manufactured in order to reduce the amount of waste produced by our lifestyles. The circular economy offers a solution to the waste that is generated on the manufacturing side of a business. It provides a way to reuse and recycle materials, minimizing the amount of waste generated. The use of products that are recyclable or reusable reduces the amount of garbage that ends up in landfills. The circular economy is an emerging model that can help businesses minimize their environmental impacts and better manage resources. The circular economy is based on the idea that resources are not designed for disposal 2. Collectivize your recycling process for waste separation, reuse, recycling, or disposal The recycling process is the process of transforming waste materials into new materials and objects. There are four main types of recycling; collectivize, reuse, recycling, and disposal. Collectivizing separates recyclables from other trash so they can be reused or repurposed. This is done by sorting different types of waste and gathering them in one place for pickup or for an on-site collection station. Reusing involves making new products from old products which reduces the need to extract raw materials from the earth. Recycling is a process in which wastes are transformed into new products like paper and plastic containers which saves natural resources such as trees, water, coal, and oil that would otherwise be used to make those products. Lastly, there is disposal where recyclables are collected together with To get a jump start on your recycling efforts, make it easy for everyone in your company to sort their recycling by placing bins for waste separation near each production station. You can also use a labeling system or color-coded bins to make it easier to tell which bin is for paper, plastics, metal, or other materials. When you put the circular economy to work for you and your company, there are a number of significant benefits. For starters, waste is eliminated and products retain their value for much longer. Plus, the entire process is more efficient which means it's less expensive to get started. 3. Use products that are easy to refurbish and design durable goods Designing durable goods will not only generate less environmental waste but will also save companies money. Design durable goods: designing durable goods will not only generate less environmental waste, but it will also save companies money. Reduce the amount of work done on the product: in order to make a more sustainable product, we should reduce the amount of work done on the product so that it doesn't need to be replaced too soon. Design for recycling: products should be designed with recycling in mind and made from recyclable materials whenever possible. The circular economy is a strategy for designing and producing goods and services that use renewable resources, eliminate pollution, and greatly reduce the use of raw materials. This strategy relies on the idea that it is not enough to create products with less impact but also essential to design and market durable goods with longevity. One example of a circular economy in practice is to use products that are easy to refurbish and design durable goods. This will help to reduce the amount of waste and makes it easier for the company to recycle its goods. For example, Dell Computers has a computer takeback program where a customer can bring in their Dell laptop, desktop, or monitor and the company will recycle it for free. 4. Develop products with better service life or modular goods The average lifespan of a product is already dropping, and it will likely continue to decline as we move forward. There are many benefits to developing a product with longer life. For example, the consumer can get more use out of their purchase before they need to switch to something new. The environment will be less burdened with resources that could have been used in the production of new products. The true cost of replacing products is not just the price you pay for the product, but also the amount of energy and materials that it takes to make them. There are many benefits to developing products with a longer life span and modular goods. One such benefit is that it reduces the number of raw materials and energy needed to manufacture goods, which in turn reduces the financial and environmental costs. It also decreases the amount of waste that is generated during the lifecycle of the product. Another benefit to this strategy is that by using modular goods, companies have the opportunity to continue to sell goods even after an initial production phase. This provides a sustainable stream of revenue. For example, designing products with a longer lifespan means that manufacturers will have to produce fewer products. This means less raw material is needed, less energy is required to manufacture goods, and less waste is created. Companies can also use modular goods for the same effect. Instead of making a product that only lasts for one use, manufacturers can design products that can be deconstructed and reused. 5. Recycle old equipment into new ones instead of disposing of them Electronic waste is a big problem. People are disposing of old gadgets without realizing the harm they are doing to the environment. The chemicals in these devices can leak and contaminate drinking water, soil, and air quality. The recycling process can be a lot more profitable and less harmful to natural resources than just dumping them into landfills. The circular economy is a model of sustainable economic development that is based on the principle of "closing the loop," ensuring that every component and material in a system gets used in a way that maximizes its potential life span. This system aims to maximize efficiency, reduce waste, and create more social and economic value within the sustainable economy. The harmful effects of disposal are damaging the environment and causing more pollution. It's best to recycle old equipment into new ones instead. This will not only help save the environment but also give people a way to reuse their old goods and make more money from them. 6. Educate your employees about what you're doing in order to foster change The circular economy is a system that aims to create less waste and more efficiency. It does this by encouraging recycling, reuse, less consumption, and innovation in order to make the most out of every resource. This process can be beneficial in many ways for companies as well as individuals. By educating your employees about the circular economy you are not only improving their awareness of sustainable living but also giving them the tools and knowledge to be more resourceful. Final thoughts A circular economy has been proven to be a sustainable way for businesses to operate. It reduces dependency on non-renewable resources like fossil fuels, increases our natural resources while also allowing us to reduce the amount of waste produced and pollution created. The circular economy model proposes a solution to the growing issue of sustainability that many companies are now facing. The model argues that our consumer culture's current linear economic model is unsustainable, as it produces less and less waste. In order to fix this problem, a circular economic system would be created where goods and materials move in an unbroken loop, where we constantly reuse what we have.
- How to avoid plagiarism in academia
What is academic plagiarism? Plagiarism is defined by the Merriam-Webster Dictionary as “the practice of using another person's words, ideas, or another original creative expression without giving credit to the source.” In other words, academic plagiarism is the act of using other people's work or ideas as one's own without giving credit. It can be done in several ways, including paraphrasing, using direct quotes or unattributed quotations, and presenting someone else's work as an original idea. To avoid plagiarizing, it's important to ensure the correct use of evidence and sources in your academic thesis/paper. By incorporating these properly, you can build upon the work of others and appreciate their contributions. Why academic plagiarism is a growing problem? The International Journal of Academic Integrity (IJAI) reported in its 2017 issue that there was an "increase in the rate of academic misconduct," which includes plagiarism. Recent research shows that academic plagiarism is a growing problem, with up to half of college students admitting to committing some form of plagiarism. In order to combat this growing problem, institutions need to implement preventative policies and educational campaigns that educate students on the importance of proper citation as well as how not properly citing can cause future problems. Photo by Charlotte May from Pexels These are the four steps you can follow to avoid plagiarism: 1. Make a note of your research sources. Research is an important part of any project and it's sometimes difficult to keep track of all the sources you consult. Students should be careful to record the source of information for each piece of information they are using in their research and papers. One way that students commit plagiarism is by simply forgetting where an idea came from. Here are some ways students can avoid this mistake: Keep a running list of the sources you are using in your paper If you find yourself forgetting where a source was originally found, write it down and make a note in the list If you are not sure whether something constitutes plagiarism, ask an adviser or professor Avoid this pitfall by keeping your notes organized and compiling a list of citations as you go. Keep track of every source you consult, including books, journal articles, magazines, and websites. Furthermore, you can easily go back and check where you found a phrase, fact, or idea that you want to use in your paper. 2. Use your sources to summarize or quote (and add your own perspective). If you want to share an idea or a bit of information from a source, you'll either have to paraphrase it or quote from the original text. Paraphrase your content Do not copy-paste text from the source, but restate the idea in your own words. Make sure you understand the idea(s) of the reference source well before paraphrasing. To avoid plagiarism, you should make sure your text doesn't sound too similar to the original. You can find good paraphrasing examples here. Example: Original text: New platforms like Over the top have resulted from consumers' growing desire for adapted content. Paraphrased: The growing urge of the consumer to emphasize more on adapted content has given birth to new platforms like Over the top (Malewar, 2020, pg 89). Use Quotations When you quote another paper, it is important that you put quotation marks around the text. It is also imperative that you follow the quotations exactly as they appear in the original paper. You should not use different punctuation or change any words in the original sentence. Example: Malewar (2020) defines facilitating conditions as, “availability of the technical infrastructure and support for using OTT video streaming platforms” (pg 93). It is appropriate to use quotes when: A definition introduced by the original author is used by you The original text cannot be rephrased without losing its meaning Ensure that the author's words are maintained in their authority and style When it comes to writing, paraphrasing is a controversial topic. Many people tend to believe that quoting is the universal best practice, but there are also those who believe that paraphrasing is an equally effective way of presenting the information. This debate has been going on for decades. In actuality, both strategies have their own ups and downs. 3. Provide a citation in-text and reference list for the original author. Whenever you quote or paraphrase someone else's work, you have to cite their work within the text. It often also includes where the published work was published and a page number. Full citations help your readers find the sources you used in your paper, while in-text citations (such as for quotes) are required by style guidelines. There are many different styles of citations, and each has its own rules about how to use them consistently throughout a paper. It is important to apply one reference style consistently within your work. Harvard Reference Style example In-text citation: One of the reasons for this growth is the increase in high-speed internet penetration and mobile consumption that has led to the emergence of new business models (KPMG, 2019). Reference list: KPMG (2019). India’s Digital Future. [online] KPMG, KPMG, p.18. Available at: https://assets.kpmg/content/dam/kpmg/in/pdf/2019/08/india-media-entertainment-report-2019.pdf [Accessed Oct. 2019]. 4. Before you submit, run a plagiarism checker. There are a lot of ways to prevent plagiarizing, including using plagiarism checkers. These scanners scan your work and compare it against databases of published materials to find out if there are any similarities between what you're writing and something that you didn't write yourself. This tool provides an easy way to find any places where you may have missed a citation, left out quotation marks, or included a paraphrase too close to the original text. After fixing any potential plagiarism mistakes, your essay will be in perfect shape. If you don’t have an access to any paid plagiarism software, you may refer to this post by Scribbr where they curated a list of free plagiarism tools. Concluding thoughts on how to avoid plagiarism As discussed above, plagiarism is not just a problem in academia, but it is also a problem in other fields such as journalism. In order to avoid plagiarism, it is important to understand that you are not just copying someone else's work; you are also stealing their knowledge and experience, which is not fair. So then what can we do to avoid plagiarism? According to Dr. Markovits, it is important to "avoid the temptation of cheating." He went on to say that one should make sure that you have an original voice and cite all sources in order to avoid plagiarism.
- Key points to ensure a successful business strategy
Strategy refers to a plan of action or purpose-designed to achieve a specific goal. It is a process of thinking and acting that helps an organization achieve its desired goal. The strategy involves making choices about what businesses to enter, what products to make, where they should be sold, what marketing tactics to use, and so on. A successful business strategy is one that helps companies achieve greater profitability, growth, and longevity through identifying their different stakeholders and articulating their purpose in the market. Furthermore, it is often overelaborate and over-complicated. It is simply about understanding where you are now, where you are heading, and how to make the most of your situation. It's about knowing who your audience is and how to reach them. Photo by Mark König on Unsplash Business strategy can be divided into two different types: strategic management and operational management. Strategic management focuses on how the company will grow while operational management deals with day-to-day operations, such as marketing and customer service. Essential elements of strategy The strategy has three essential elements: development, implementation, and selling. Development is the process of researching your audience and their needs before transferring your ideas into a workable strategy. Implementation involves making the strategy happen by providing specific tactics including how-to's, training, and support for employees or persuasions. Lastly, selling is a fundamental part of business strategy. As long as you are selling something, you have the potential to make revenue. Whether it is a product or service, it is important that you understand the importance of selling in your business's strategy. The need to choose a distinctive strategic position on three dimensions: Who to target as customers (and who to avoid targeting) What products to offer How to undertake related activities efficiently. Strategy in action Strategy refers to the ideas and actions that companies use in order to gain an advantage over their competitors. In order to make the best decisions possible, you have to understand the three key dimensions of strategy: who, what, and how. When creating a strategy for your product, it is important to know what the needed activities are to make that strategy successful. In order to better understand how to execute a strategy successfully, you have to analyze your target market. Key points to ensure a successful strategy: • Ensure that your strategy creates a unique strategic position. A strategic position is a unique place that a business occupies in the market. It is made up of who your customers are, what your value proposition is, and how you can do this efficiently. To ensure that you have a unique strategic position in your market, know who your customers are and what they want from your product or service. • Make distinctive, tough choices. The key to becoming distinctive and meaningful is making difficult choices, and integrating those choices into a self-reinforcing system of activities. The combination of these choices can help create a "system of activities." The best strategy is always the one that makes tough choices and creates a self-reinforcing system for success. • Understanding your organization's culture and values is a must. It's what creates the behaviors of your employees, leads, and every other person involved in achieving your objectives. When you have an overarching goal for every individual piece of content or project, it becomes easier to determine how you want them to behave. Then by supplying measurable incentives for those behaviors established by the values aligned with each, we can offer a clear path for a thriving business. • Gain people's emotional commitment to the strategy. Find a way to get people emotionally invested in the outcome of your strategy as this is essential for any strategy to succeed. Any strategy, however brilliant, will fail without the necessary buy-in from others. • Remember, understanding is not the same as communicating. The greater importance of a strategy can be inferred from the various ways it supports the organization and also the individual. For example, having a strategic plan is an important tool for any business because it will provide a clear outline of what to do in the short-term, medium-term, and long-term. For the business strategy to be effective it needs to be clearly explained and give an idea of the importance of the strategy for employees/the board. • Do not overlook the knowledge-doing gap. The knowledge-doing gap is a well-known phenomenon. Individuals tend to do the urgent thing and not the important ones. There is a gap between what they know and what they do. Remember, what gets measured gets done. • Do not believe that 'strategic' means important. It's easy to misunderstand the word 'strategy'. This is often seen as related to the importance and only being for top staff. An idea can come from anyone at any time, anywhere • Keep your business strategy dynamic and flexible. Ideas will always come up over time and may have to be adjusted for a particular circumstance or point in time. Get as much information about the 'who-what-how' of your business question continuously and check your ideas regularly. So, give your people freedom and autonomy to respond and to adjust, without waiting for permission or instructions. So, give your people freedom and autonomy to respond and to adjust, without waiting for permission or instructions.
- What is Economic Moat and how to find one
What is an Economic Moat? An economic moat refers to a sustainable and enduring competitive advantage that companies can use to maintain profitability over the long term. An example of an economic moat would be a brand name, intellectual property like a patent, or control over distribution channels. The term was coined by Warren Buffet. Just like a medieval castle, the moat serves to protect those inside the fortress and their riches from outsiders. 3 key elements of the economic moat are: 1) Cost advantage - In this case, it is a cheaper cost per unit to produce or buy than its competitors. 2) Barrier to entry - It can be as simple as large fixed costs, limited availability of resources, or high capital costs. 3) Network effects - This is where other participants within the market that are reliant on each other for success and benefit from that success indirectly by getting what they need from one another's A company with an economic moat is less likely to be disrupted by a competitor. This is because while there are multiple companies competing, the company with an economic moat can take advantage of its lead in the market and maintain it. Economic Moats creates barriers for competitors and makes it harder for them to enter the market. This gives a company more time to plan ahead and develop new products before competitors even enter the market. It is difficult to target the richest market for your product or service because of the sheer number of competitors. The key to finding a low-competitor market is understanding what the customers are actually looking for and understanding their decision-making process. In order to find a low-competitor market, the company needs to do some research and understand the decision-making process of their customers. This includes observing how they compare products in their minds and what factors are most important in their decision-making process. The richest markets for a company's product or service might not be where they expect them to be, so it's important that they do some research before deciding where to manufacture. The concept of an economic moat is associated with the idea of creating a competitive advantage for a company. The economic moat is created by blocking out competitors from entering the market and cutting off their supply chain. Companies like IBM and Coca-Cola successfully maintained their economic moats by utilizing a variety of strategies such as Coca-Cola patented its secret recipe. Businesses that establish an economic moat for themselves have a competitive advantage over their peers. They are able to charge a price premium for their products or services and maintain profitability without much competition. Furthermore, an Economic Moat is created by a company leveraging its size, technological advantages, and market power so it can retain its dominance in the industry. Businesses need to be able to create an economic moat in order to stay ahead of the competition. Here are 5 ways your company can build an economic moat 1. Create and deliver high-quality products or services that customers are willing to pay. In this competitive market, it is important for businesses to make products and services that stand out from the rest. When these companies focus on high-quality products or services, they will not only succeed but increase their chances of achieving success in the long run. 2. Enhancing customer experience Today, customer experience has become a differentiator for many brands. Companies are realizing that their customers want more from them than just a product. Loyalty programs are one of the best and most effective customer-focused features. They are an opportunity to get more out of the customer and give them something back in return. Loyalty programs have been around for decades in the retail sector, where they were first used to encourage repeat visits by providing discounts on future purchases or offering other incentives to customers who visited stores multiple times a week or month. The idea became popularized by programs like McDonald's and Target's Red Card, with consumers having to present their card at the register before being able to purchase items at a discounted rate. 3. Build a proprietary technology In order to build its own proprietary technology, the company needs the right skillsets and knowledge. This means that if the company is not skilled in programming or engineering, then it should get itself hands-on by learning how these technologies work or simply invest in existing companies that do it well. This is one of the most effective ways to establish an economic moat and create a sustainable competitive advantage. 4. Invest in Intellectual Property Some companies make it their mission to invest heavily in developing intellectual property that can offer them a competitive advantage over their competitors. Companies that invest heavily in developing intellectual property usually have a significant competitive advantage over their competitors. Such companies are more likely to succeed if they focus on a specific niche and target customers that love the product. There are many industries in which companies make an investment in developing intellectual property. There are many advantages of having a strong intellectual property such as increased customer loyalty, brand recognition, and better product differentiation among other benefits. 5. Find profitable niches This way allows you to explore new markets without as much competition or risk of failure as with general market entry where you’re competing with established brands from other industries. The only way to stay ahead of the competition is by finding a profitable niche that has not been filled yet. Here are some ways you could do that: Identifying customer pain points and then creating solutions for them Focusing on high-value customers through their objections with qualitative data Connecting your business with other businesses through mutually beneficial partnerships Concluding thoughts An economical moat refers to a company's ability to maintain its competitive advantage. This is achieved in many ways, for example through the ability to execute on processes that are difficult for competitors. As companies work towards becoming more efficient they generate information that can be used by consumers in making purchasing choices. This creates a situation where companies have to compete on price and quality which can be very difficult for smaller businesses or startups without an economical moat.
- Productivity tool: Get hooked to WorkFlowy for Getting Things Done
We are living in a golden age of productivity. There are a million and one apps promising to help us do anything and everything we could want. The problem is that there are too many tools to choose from, so it's difficult to find the right tool for the job. With so many apps out there promising to be the best productivity tool, it's no wonder you're feeling overwhelmed. Managing daily tasks to managing projects has become difficult and adds to stress. In this post, I have shared my favorite application that'll help you finally say goodbye to your never-ending to-do list. and get more organized in life. What is WorkFlowy? WorkFlowy is a web-based outliner and productivity software that helps you manage your projects and tasks. It features a drag and drop interface with an unlimited number of hierarchical lists, which are all synced with the cloud. You can also set due dates, and reminders and attach files to your entries. WorkFlowy can also be used as a task management tool. It does not have the complexity and features of other task managers, but it has a user-friendly interface and the ability to create lists that contain other lists. How to use the WorkFlowy effectively 1. Use the Templates Feature WorkFlowy has a feature called templates that can be used to save time. The templates are made with a specific purpose in mind and will allow you to get things done quickly. Templates can be used for any list type, from grocery lists to meetings, from project management, and email management. The templates can be set up by the user to generate any type of node (document) needed. They can be as specific as individual documents or as general as templates for different kinds of content. With templates, you don’t need to start from scratch when you need a document created, you don’t have to recreate the wheel every time. Furthermore, with WorkFlowy's template library, you don't have to worry about forgetting or losing your template; you can just look it up in the search bar. 2. Create a checklist for all tasks Every day you have a set of important tasks that need to be completed. Whether it's your job or personal life, it's important to keep track of your progress. A checklist is a useful tool that can help you do this. A checklist can be simple or complicated, depending on the needs that you have. A basic list could include items such as: going to work, going grocery shopping, and doing laundry. On the other hand, more complex lists could include items like being mindful about how much time and effort is being spent on a task before starting it, taking breaks throughout the day when needed, and checking in with others periodically to see how they are doing. WorkFlowy is an easy-to-use checklist creator that makes it possible for individuals to create, track, share and collaborate on checklists. Here’s an example: Determine your task list Put the tasks in order of priority and duration Figure out what needs to be done before you do other tasks Consider what else you need to know in order to do the task 3. Break down projects into smaller tasks and sub-tasks using the indent feature The indent feature is one of the most helpful features for breaking down projects into smaller tasks and sub-tasks. An indent feature is a helpful tool for breaking down projects into smaller tasks and sub-tasks. When you indent, it helps you stay on top of your project and organize yourself better. When you are working on a big project, it's easy to get overwhelmed. The indent feature can make the process easier by providing a hierarchy structure that allows you to visualize the completion process. Indenting can help you break down your document into logical sections and create an outline with a hierarchy structure. To indent a node, simply press the TAB key on your keyboard and to outdent SHIFT + TAB. Overall, it makes it easier for you to see what needs to be done, how long each task will take, and what step comes next in your project. It is also helpful for keeping track of the progress of each task. 4. Use hashtags (#) for better organization Tagging items allows you to keep related items together for quick reference. For example, if you tag a node with "ToDo," you can easily filter all the nodes that have #ToDo mentioned. The tags feature can also be used to organize posts by date, topic, or the person you are sharing with. The best part is that you can organize your thoughts with tags, which let you see everything you’ve marked with that tag in one click. This makes organizing things much easier, especially when your WorkFlowy document starts to get large. Type a @ OR # before any word and then clicking on that tag will only display items containing that tag. Here are some suggestions to use tags: When will you do stuff? Use #now for tasks you want to complete today, #soon for tasks you want to accomplish in the next week or so. @ tags are used to keep track of who is doing what. It becomes easier to allocate tasks by simply @Name What is the priority? Use #important for items that will have a big impact and #urgent for items that are time-sensitive. 5. Share the node with access control. One of the most powerful features of WorkFlowy is the ability to share part of your WorkFlowy with anyone at any level of the hierarchy. The recipient can add the shared item into their WorkFlowy and make it visible to a subset of items. Any changes made are synced across your devices. You can share a bullet point with others by hovering over the bullet and clicking the 'Share' option. The dialog box will open, allowing you to enter an email address for the person you are sharing it with. Click ‘Add to add them to the list of shared people. You can even share with more than one person. Concluding thoughts on Workflowy WorkFlowy is an organizational tool that is simple and easy to use. It's a tree-like structure for organizing your thoughts, ideas, tasks, and projects. You can create nested lists with bullets, checkboxes, or text. You can also assign dates and tags to items in the list. WorkFlowy also employs useful features like syncing across devices so you can access your lists wherever you want. If you are interested to use it, click on this affiliate link.
- 6 reasons to use Paperpile reference manager for Google Docs and Microsoft Word
References can be a hassle to manage. From finding them to organizing them, you probably spend more time referencing than you do the actual writing. Reference management software, also known as citation management software, is a valuable tool for researchers. These types of applications help scholars and students organize and manage their references. To begin with, these tools make it easier to store, search, and cite research sources used. Furthermore, it helps save time by keeping track of citations, organizing references for publication or presentation, and avoiding errors caused by manual citation entry. Which reference manager should students use for essays? A reference manager program is software designed to help manage bibliographic citations. Not only can these programs save you time in searching for and formatting references, but they can also help you organize your thoughts and ideas. Among the best reference managers for students is Paperpile, which lets you digitally store your research. It also has a variety of citation styles to choose from. Introduction to Paperpile Reference Manager Paperpile is a smart reference manager for Google Docs and Microsoft Word. It can be used to keep track of citations in a document, extract images for use in other documents, automatically generate bibliographies, and export as various formats for submission or archival purposes. Source: www.paperpile.com Paperpile will also save you time when you are checking sources and formatting your document. It is a great tool for students who need to do research and create term papers. It is also useful for professionals in various fields because they can find the information they need within seconds. It is a good idea to have Paperpile installed if you are writing content on Google Docs or Microsoft Word because it will make it easier for you to find the correct information, cite it, and avoid plagiarism. 6 reasons to use Paperpile Reference Manager for Google Docs and Microsoft Word. Paperpile is a reference manager that is great for students and professionals alike. It has a clean and intuitive interface which makes it very fast and easy to use. It also synchronizes data across your devices, so you can start writing on your computer, continue on your tablet, then finish on your smartphone. Here are 6 reasons to consider: 1. Easily manage all your references and sources: PDFs, Word Documents, and online articles. Paperpile has many features that make it easier to manage all of your research and writing tasks. You can organize your references by title, author, date, tags, or project. You can also add notes to individual items and tag them with keywords so that they are easy to find. Paperpile also lets you import PDFs directly into the library and search for specific words or phrases in a large body of text. The features of Paperpile are not limited to its ability to store thousands of references. It also has a powerful PDF reader built-in which displays all the pages of one PDF file on one screen so you can navigate through it quickly and easily. 2. Get paperless: Download PDFs and annotate while you're on the go PDFs are a necessary tool in the professional world. They offer many benefits such as convenience, portability, and accessibility. However, they come with some drawbacks. It can be difficult to keep track of changes to a document without distributing frequent versions or to have editing privileges on a document without jumping through hoops. Annotation is an excellent way to keep track of changes made to documents, but it's difficult to do so when PDFs are stored on hard drives. This is where Paperpile comes in! It makes it easier than ever before for professionals who use PDFs in their day-to-day lives. The app allows them to download the PDFs they need and annotate them while they're on the go. Paperpile's note-taking tool is perfect for highlighters and lowlighters alike. You can highlight or underline key points, draw arrows, make notes, etc. Bottom line: Paperpile is an excellent app for staying paperless while on the go with your mobile device. 3. Securely store your PDFs on Paperpile and access them from anywhere. Paperpile's secure storage ensures that you can store sensitive files on the cloud while having absolute control of them. You can read or share files with others in the privacy of your own workspace without worrying about breaches. Paperpile has end-to-end encryption so you're in control of who has access to your documents. You have the option of storing any documents in Paperpile's cloud or on your own device for ultimate privacy and security. It ensures that your files are private, secure, and always available. 4. Instantly add citations and bibliographies to your docs. When writing an academic paper, it is important to use the appropriate citation styles to match the format of your research. There are many different citation styles that can be used but it is always advised to adhere to the style that your university follows. Paperpile provides a way for you to organize and add citations to your work. You can also import PDFs into your library, annotate them, and export them as Word documents with a bibliography. Paperpile is more than just a tool that helps you organize your work - it also helps you cheat on the time-consuming part of writing - finding sources. If you're using Paperpile, all the hard work of finding sources is done for you. All you need to do is enter the name of the source in Paperpile's search bar or select it from its extensive list of databases - and Paperpile will automatically provide a citation for it in whichever format is needed in your document - APA, MLA, Harvard or Chicago style. 5. The best PDF reader for mobile devices, iOS, Android Paperpile is available on all devices and has a great PDF reader. It also has an app for iOS and Android devices. It allows you to store PDFs and notes on your phone or tablet so that you can access them anytime, anywhere. 6. Intuitive interface that's easy to learn. Paperpile is the best app for managing papers, with its intuitive interface and powerful features. It is an advanced app that works for everyone - whether you're a student, a professional, or someone else who needs to manage their references. It also provides a clean interface that makes it easy to search for and organize your references by title, author, or any other keyword. You can also save your entire collection of references in one place with unlimited storage! Apart from the above reasons, here are a few more: 1) Paperpile provides citation suggestions for the document that you are working on when you start typing an author, journal title, or article title. 2) If you are not sure of the correct citation format, Paperpile provides guidance on which format to use with examples. 3) After adding a citation, Paperpile automatically updates your bibliography or reference list in your document so that all the details are accurate for future use. 4) If you want to make changes to a citation after it has already been added, this can be done very easily through a changelog within the application itself. Concluding thoughts If you wish to try Paperpile, sign up for a free 30-day trial. If you find it useful and want to buy the subscription, use coupon code Tausif_Mulla_20 to get a 20% discount on the annual package. For academics and students, the pricing is $2.99 per month. It offers value for money when compared to other reference managers such as Mendeley, SciWheel, Endnote, and more.