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How To Upgrade Your Textile Business This New Year

The New Year is the best time to upgrade your business, so you may have a lot on your mind to step up your textile company in 2023. But growth should always happen strategically with proper planning and preparation. With the New Year just around the corner, you should keep your growth checklist ready to get the best results without spending a fortune. Planning is even more crucial in a competitive industry such as textile manufacturing, where others will also have a growth strategy. Let us share a few valuable insights to gear up for an upgrade to your textile business in 2023. 

Go the extra mile with existing customers 

This one is a no-brainer because retargeting your existing customers is far easier than acquiring new ones. Check the changing customer expectations and realign your product and service offerings to take their experience a notch higher. The good thing about impressing the existing customer base is that you get more than a sales boost. These buyers act as brand advocates and recommend your products through word of mouth, broadening your reach further. 

Find a niche 

Finding a niche for your business is another great way to upgrade it in the New Year. Although it narrows your market, you can actually win more customers with less effort. Moreover, the competitive pressure goes down because you have to compete with fewer brands in the same zone. The great thing about targeting a niche is that you can establish a stronghold over the market and retain it for years ahead. 

Follow the industry trends 

Another surefire tip to give your textile business a winning edge in 2023 is to follow the industry trends. For example, screen and digital printing are in vogue, so you can consider adding them to your portfolio. But remember to find reputable textile printing ink suppliers to deliver top-notch products to your customers. Focus on building long-term vendor relationships to get great deals on raw supplies. 

Research your competitors 

The textile industry is rife with competition, and staying ahead of the rest is the only way to survive and thrive in the tight market. Experts recommend researching your competitors to understand their strengths and weaknesses. You can seek inspiration from their strengths and capitalize on their weaknesses to propel your products and brand in the market. Although researching other businesses seems like a lot of work, the effort is worthwhile. 

Embrace sustainability 

Upgrading your textile business this New Year should also be about being more responsible. Going green with sustainable practices can set your brand apart because consumers are more eco-conscious than ever. Besides reducing your carbon footprint, sustainability can help you prevent waste, save energy costs, and even get tax credits and incentives. Moreover, it can enhance the reputation of your business in the long run. 

Upgrading your textile business in the New Year need not be about investing in new technology and expensive equipment. You can embrace these easy steps to modernize and expand on a budget and make the most of the momentum in the future. 

The Benefits of Using Online Surveys

Customers are always evolving. Just when you think you have gotten the hang of their needs, they can change abruptly! This is why one of the best ways to stay relevant and competitive in the crowded market is to tailor your products and services to meet their needs. The tricky bit is knowing precisely what your customers want at any given time. Well, online surveys are an excellent way to clear the fog around your business and steer you in the right direction. Here are five key benefits of using online surveys for your business research.  

They save you time and effort  

Imagine sifting through hundreds of survey questionnaires and trying to analyze the data within the forms. The beauty is that AI-powered data analysis takes the tedium out of your work by completing the process within mere minutes. These nifty tools will collect the data and present it to you in a digestible manner so that you can decide what next steps to take.  

Online surveys are cost-effective 

In the olden days, businesses would have to hire a telephone operator or an interviewer to conduct in-person surveys. Today, the cost of operating an online survey is nearly half as much as it used to be. All you need to do is invest in an excellent survey-making tool, which will do the heavy lifting for you. The next step is to share your survey questions online, even with respondents halfway across the globe.   

Boosts customer satisfaction  

At the end of the day, you will use the data you gathered from your survey to tweak your business to meet clients’ needs. This is part of a host of survey research strategies to attain profitability and achieve your organizational goals. Once you get the answers you were searching for, you will be better positioned to win back disgruntled clients and retain existing ones.  

They promote anonymity  

One of the reasons clients love participating in online surveys is that their identity will remain hidden. Your customers will give more honest answers about your brand when they know their comments will not be traced back to them. These genuine responses will help you make informed choices and address potential issues and red flags within your business.  

Increased convenience for everyone involved  

Modern client loves to do things at their own pace. Online surveys allow the respondents to answer the questions as fast or as slowly as possible, taking their time to think through the answers. They can also respond from anywhere, as long as their device is connected to the Internet. Since you can always get back to an online survey at any time, the respondents will be more inclined to complete it because they won’t feel rushed.  

Final remarks 

In a nutshell, online surveys are essential in helping you undertake quantitative and qualitative research. Once you know how to develop and ask the right questions, you will eventually crack the code and get on the highway to success. Now that you know a thing or two about the importance of online surveys, it is time to use them to improve your business! 

Lito German: Bringing Filipino Brands to the Middle-East

SandBox Middle East is the largest Filipino-owned import and distribution company for grocery items in the entire Gulf region. It is the exclusive distributor of several legacy brands like Delimondo, Arce Dairy, B Coffee, and Frabelle Snacks, as well as upcoming Philippine brands like Plantation Prime, Pacquiao Coffee, and GreenFood.

At the same time, SandBox is the marketing and distribution partner of PDLT Global, the largest and oldest telecommunications company in the Philippines, for its proprietary platform named BayaDIRECT. This service allows Filipino expats living in the UAE to directly pay for their Philippine-based bills, mobile subscriptions and purchase e-gifts and vouchers for their families back home – all in the convenience of strategically located payment centers across the Emirates.

The Steadfast Leader

Since childhood, SandBox Middle East CEO Lito German was always fascinated with Marketing thanks to the influence of his father, a renowned spin doctor and advertising guru. So, as Lito grew up, it was no surprise that he pursued a career in Public Relations and Marketing.

I started in the family business for the practical reason that my parents insisted that they get their money’s worth after paying for my education”, he says with a smile.

“I had taken this as a given anyway, as I had spent a lot of my free time during my university days hanging out at my father’s PR and Marketing agency, being a casual observer and learning the ropes”, he explains.

Eventually, Lito jumped from the agency side and from working for the family business, to the client side after receiving an offer to join the BMW subsidiary in the Philippines as its Marketing and Communications Director. This step spearheaded Lito’s 15 year-long career in the automotive industry.

“Through the years, I was privileged to work across continents for the world’s leading car brands such as BMW, Toyota and Lexus. It was a magical ride”, Lito recalls.

Later in early 2021, Lito made another leap of faith by joining SandBox Middle East, a Dubai-based import and distribution company primarily focusing on various food and grocery items from the Philippines.

“For me, the main challenge of any CEO is being able to jump into different positions seamlessly and authentically, depending on what’s required by the moment. These days, I find myself switching from being a cheerleader to being a coach, from being a referee to being the squad captain. I stand in front of my team when there’s trouble ahead, beside them when there’s work to be done, and behind them when there’s praise and acknowledgment due,” Lito says.

A Fundamentally Different Organization

“We are not just traders we’re brand builders,” Lito emphasizes. As a Filipino owned and operated organization, we care about the brands we carry–more so because we grew up with most of them,”explains Lito. He adds that he was surprised to find that most of the importers and distributors of Philippine-made products in the Middle East have little or no connection at all to his country. “Most of the time, they view our country’s products as mere commodities to sell at the highest possible margin,” he says.

As opposed to that, Lito explains that SandBox Middle East carefully curates brands that they distribute, in order to present the very best products that the Philippines has to offer to a wider audience. This is the reason why his organization invests heavily in marketing efforts to create appreciation for Philippine products beyond its captive audience of Filipino expats.

A Breakthrough Year

Lito feels that 2022 has been a breakthrough year for the company. Not only has SandBox widened its product range by adding several brands like Plantation Prime and Veega, it likewise expanded its sales channels by reaching out to new markets across the Gulf region. A major milestone this year was also achieved with the launch of the BayaDIRECT payment platform, in partnership with PDLT Global.

“2022 strengthened our belief that we have what it takes not only to perform, but even to lead in the Big League,” Lito added.

Getting Ready for the Future

SandBox Middle East continues to aggressively expand to several markets across the Gulf region as evidenced by its recent start of operations in Qatar and Bahrain. At the same time, the company is diversifying beyond its offerings of processed food and grocery items by launching more BayaDIRECT payment centers across the entire Middle East through strategic partnerships with money exchange and remittance companies.

Additionally, it is launching specialty retail stores that offer direct B2C sales of its top-selling products, while serving as BayaDIRECT payment centers. SandBox Middle East intends to initially set up its stores in the UAE starting at the end of 2022, with the mid-term goal of establishing its retail chain across the entire GCC region.

MAKING IT HAPPEN: Tia Latrell is Founder, Owner, Floral Artist and Designer of Latrell Flowers, LLC

ENTREPRENEUR SCORES IN THE START-UP GAME: Tia Latrell is a detailed and passionate Floral Artist and Designer that strives for excellence in every piece of her work.

Latrell Flowers provides floral artistry for all occasions, specializing in crafting custom floral arrangements.

Tia Latrell of Latrell Flowers began her business in 2010 in Baltimore Maryland as a sole proprietor.

Latrell Flowers began their operation in their Maryland home basement.

Tia Latrell of Latrell Flowers always knew what her vision was and aspired to obtain and operate from her self-owned storefront location, along with many other goals that she has brought to life.

All of these goals did not manifest without unspeakable hardships.

Latrell Flowers started as a floral artistry company providing custom floral arrangements for all occasions.

After four years of Latrell Flowers operating as a sole proprietor, Latrell Flowers began its operation as an LLC.

Roughly a year into Latrell Flowers becoming a LLC, they expanded their services.

BRANCHING OUT: Latrell Flowers began to customize sports items for all occasions.

Tia Latrell of Latrell Flowers always had a vision of working with sports teams where not only the flowers of Latrell Flowers would be showcased, but Tia Latrell always knew that her creative idea of customized bedazzled balls would give her a fighting chance of being recognized by the NFL, particularly the Baltimore Ravens being that Latrell Flowers is based in Maryland.

Latrell Flowers also had aspirations of working with various NFL Teams which she has also brought to life.

In 2016, Latrell Flowers partnered with the Sports Marketing Company for the Baltimore Ravens Sports Players where the Custom Made Floral Designs and Custom Designed Bedazzled Footballs and Sports Paraphernalia of Latrell Flowers have been displayed and featured with the Baltimore Ravens at various celebrity events.

The Custom Designed Footballs have been featured on the Nest which aired in the year 2016 on ABC2 News with Baltimore Ravens Wide Receiver, Steve Smith Sr.

Latrell Flowers worked closely with Baltimore Ravens Wide Receiver, Steve Smith Sr. and was honored to work on behalf of various Steve Smith Sr. affairs, and various Baltimore Ravens Events.

Latrell Flowers was most honored to service the Retirement Party of Baltimore Ravens Wide Receiver, Steve Smith Sr. with Latrell Flowers Custom Floral Arrangements, and Steve Smith Sr. was presented with a Latrell Flowers Custom Designed Bedazzled Diamond Football.

A TRACK RECORD OF RECOGNITION: The Floral Designs of Latrell Flowers have graced various forums and stages.

Latrell Flowers was honored in being the Floral Artist for the year 2011 for the largest Funeral Home Directory, Funeralhomes.com.

And holds the 2015 Trailblazer Women’s Award for Women in the New Era Making a Difference in Today’s World for Leadership, Commitment, and Inspiration

In the year 2016, the number one Educational and Entrepreneurial Resource Magazine for Minority Young Adults, B.O.S.S. Magazine featured Latrell Flowers in issues 28 and 30.

Latrell Flowers was also the winner of the 2016 Global Influential Businesswoman Awards and is featured in the Acquisition International of England and Wales as the Best Small to Medium Enterprise Businesswoman of Baltimore.

Latrell Flowers was also the 2016 Businesswoman Elite Awards Winner of Maryland from Corporate America Magazine, the Voice of Wall Street. Latrell Flowers was recognized as the 2016 – 2017 Best Woman Owned Florist of Maryland and was awarded for Excellence in Custom Flower Designs.

In the year 2017, Latrell Flowers introduced their New Women and Men’s Apparel, Accessory and House-ware Line. In the year 2017, Latrell Flowers was also recognized Globally by Acquisition International as the Most Outstanding Customized Floral Designs & Arrangements – Maryland.

In the year 2018, Latrell Flowers received a Global Excellence Award being named the Most Trusted for Wedding Floral Designs and Arrangements – Maryland by Acquisition International of the United Kingdom, the voice of modern business.

In the year 2018, Latrell Flowers also made numerous appearances on Radio One Baltimore, where their wide range of services were showcased, and their steady involvement in the community was highlighted.

In the year 2019, Latrell Flowers partnered with the Baltimore Ravens Former Safety ED Reed Foundation and was honored to sponsor the “Ed Reed Placards”, for the Ed Reed Hall of Fame Golf Tournament.

In that same year, Latrell Flowers added many more accomplishments to their Brand. Latrell Flowers became an Ambassador for the Peoples Shark and Star of ABC’s Shark Tank, Founder and Creator of FUBU, “Daymond John.”

Latrell Flowers became an Ambassador for the USA National Best Seller, “Powershift”, by Daymond John with Daniel Paisner.

In the same year of 2019, Latrell Flowers was named and received recognition as one of “Baltimore‘s Best Flower Shops for Flower Delivery”, by Flower Delivery Reviews based in Canada.

Latrell Flowers was then chosen to establish and operate an Amazon Storefront as an Amazon Influencer.

After the success of becoming an Amazon Influencer in 2019, and establishing a full service Amazon Storefront, Latrell Flowers was faced with unfathomable back to back family losses.

Through the Grace of God and faith, Latrell Flowers remained determined and diligent in continuing with the operation of business after the loss of her father in 2016.

After the third family loss we were going into the year 2020, and little did we know that the world would be faced with the unthinkable pandemic.

The world soon shut down in every sense of the word. Throughout that turbulent and trying time, Latrell Flowers continued to remain steadfast in the safe operation of business.

It certainly was not without heartache, pain, strain and an insurmountable amount of stress. It was only through faith that Latrell Flowers continued to persevere throughout the unimaginable pandemic and revamp operations in order to continue business.

Like the saying goes, there can be no success without turbulence leading to triumph.

THE BIG APPLE: In the World changing year of 2020, the efforts, diligence, operation and artistry of Latrell Flowers did not go unnoticed.

In the summer of 2020, Latrell Flowers and partner, Cynthia Hudson-Laney was chosen for a Live Billboard Promotion in New York City’s Times Square.

Latrell Flowers was displayed on four Live Billboards in New York City’s Times Square.

That was the fuel that was needed for Latrell Flowers to continue in the fight in the year 2020.

Tia Latrell’s motto is every detail matters because you never know who is watching.

Not long after the Time Square Billboard Showing of Latrell Flowers in September of 2020, Latrell Flowers was Spotlighted by BBB Greater Maryland.

The article reads:

“Today we would like to shine the spotlight on Tia Latrell, who is a proud African American business owner! She is the founder of Latrell Flowers and strives for excellence in every piece of her work.

In the same month of September 2020, Latrell Flowers, LLC was honored for our sponsorship to be included in the Founders Walkway at the “Ed Reed,” Baltimore Ravens Hall of Fame Inductee St. Rose Public Park located in Ed’s Hometown of St. Rose, LA.

 

What Are the Best Compound Interest Investments?

If you are interested in learning more about the best compound interest investments, you have come to the right place. You can learn about various investments, from savings accounts to stocks.

What is compound interest?

Compound interest can be a beneficial tool for saving and investing, and knowing how it works can help you make better decisions for your money. The formula for compound interest is quite simple, but the amount of interest you earn can vary.

The most apparent benefit of compounding is that it can be leveraged to make you more money. Compounding is the process of adding more and more interest to a deposit or loan. You can also find accounts that allow you to compound the interest every day, such as a 401(k) or savings account.

The amount of interest you will earn depends on how much you deposit and how frequently you compound the interest. Generally, your investment grows more rapidly as you increase the time you leave the money in the account.

Certificates of deposit CDs

Certificates of deposit (CDs) are safe investments that offer higher interest rates than savings accounts. They also provide a guarantee of receiving a certain amount of interest for a specified period.

When deciding which accounts are best for your needs, make sure to consider the following:

A CD is a certificate of deposit issued by a bank that guarantees the investor a specific interest rate and duration for a set amount of money. However, the actual APY, or Annual Percentage Yield, will vary.

The higher the APY, the more return you will earn on your money. This can make a big difference for more significant amounts of money. Online banks and credit unions offer the best rates for most people.

Another advantage of a CD is keeping money out of your reach for a long time. Most have a minimum opening deposit of $500.

Individual stocks

Investing in individual stocks can be challenging. You must understand your risk tolerance, research the companies, and manage your portfolio. It can also be expensive to diversify. But the benefits of compounding interest can pay off.

One advantage of investing in individual stocks is tax control. This means you can avoid paying capital gains taxes on your investment gains. However, it would help if you kept an eye on the overall economy. For example, suppose you have a portfolio with a high concentration of individual stocks. In that case, you may need to sell some to keep it properly diversified.

You need to have a strategy for buying and selling shares. This is important because individual stocks can be very volatile. The price of a share is influenced by many factors, including the company’s performance and market sentiment.

Real estate

Compound interest is one of the best ways to grow wealth. This is because it is an investing strategy that takes periodic profits from an investment and puts them together to multiply returns.

Real estate is an excellent place to invest for compounding. While it differs from earning high interest on your savings account, it is a great way to achieve capital growth without actually investing your own money. Using real estate to compound your earnings can result in significant wealth in the long run.

When it comes to compounding in real estate, there are two main strategies. The first is called the cash flow strategy. It involves using the money you earn from a rental property to buy another. Buying more properties can lead to exponential growth over time.

High-yield savings accounts

The best high-yield savings accounts offer a higher interest rate than traditional ones, which can help you reach your financial goals. You can find these accounts at banks, credit unions, and online banks. You can also link these accounts to brokerages.

The Federal Deposit Insurance Corporation (FDIC) insures these accounts up to $250,000. While the rates vary, these accounts usually have an annual percentage yield (APY) of 1.50% to 2%.

The rates can be adjusted based on changes in the federal funds rate. These changes are typically a result of the Federal Reserve raising or lowering its rate.

Some of the best savings accounts offer no minimum balance requirements, while others require a small amount. Some high-yield savings accounts even provide ATM cards.

Some financial institutions require you to keep a certain amount of money in your account to avoid penalties. In addition, the interest rate may be compounded daily, weekly, or semi-annually.

Conclusion

Investing in the right compound interest investments is wise if you want to increase your net worth. While most people think of stocks and bonds as their go-to investments for generating high returns, many options exist.

The best compound interest investment is the one that produces the most money in the long run. For this reason, it’s essential to start investing early. The sooner you start, the faster you will reach your financial goals. The power of compounding interest is one of the main reasons many people choose to save for retirement.

Unleashing the Power of Technology

Prasad G Palla is a technology executive bringing new business strategies to life through the application of people and technology. With over two decades of experience in technology at leading global enterprises and early-stage companies, Prasad now serves as the Chief Technical Officer at Mahindra First Choice Wheels Ltd, which is India’s largest used auto platform business organizing the market by demand and supply. Presently Mahindra First Choice has the largest pan-India used car retailing network and several fast-growing partnerships to procure used vehicles efficiently.

Since the start of his career, Prasad has led several digital transformation initiatives across multiple companies to leverage technology for new solutions and enable data-driven decision-making. He has also managed technology teams across 8 different countries and set up a 200+ engineering team in India, which consistently ranked among the most motivated teams in multiple internal surveys, with a lesser attrition rate than the industry standard.

Prasad started his career with i2 Technologies and went on to serve several other companies like Microsoft corporation, Talisma, Ocwen Financial Solutions, Informatica, Avagmah, and QS Quacquarelli Symonds. He played a key role in the core company leadership at Informatica, Avagmah, and QS. In 2013, he moved back from the U.S. to India to establish Quark Science and Technologies, a science education company to provide world-class science education at affordable prices for lower-middle-class Indian students. However, after spending two years on his venture, Prasad moved back to the technology sector and joined Avagmah as its CTO.

Currently, at Mahindra First Choice, Prasad is a part of the management committee and the group-level Technology Leadership team for the 19 billion Mahindra Group of Companies.

“Mahindra is one of the most respected brands in India and has the highest levels of trust and integrity as part of the work ethic. I relish working in such an environment,”- he said. “This company is at an inflection point and has started a journey to leverage technology to become the dominant player in the market. This is an exciting opportunity for me as the CTO of the organization.”

Over the years, Prasad and the products he managed have received several awards, including, SIIA CODiE Award, Startup 50 best technology award, Informatica R&D Innovation Prize, Informatica Cloud- Excellence Award, Informatica Cloud- Extreme customer focus award, Informatica R&D labs award, Truss Award etc.

Serving the Growing Automotive Sector of India

Mahindra First Choice Wheels is one of the key companies of the Mahindra Group, which is a $19 billion conglomerate. It operates in after-market services of the automotive sector and is mainly focused on the used car industry, which is a largely unorganized sector in India, with a market size of around $23 billion.

Mahindra First Choice is working on organizing the used car market by aggregating demand and supply by leveraging technology.

Currently, it has the largest pan- India used car retailing network, large and fast-growing partnerships to procure used vehicles efficiently, and the major share of the enterprise solutions market for banks, NBFCs, OEMs, and insurance companies.

Mahindra First Choice now offers various services, including used car sales and procurement, E-commerce for new and used vehicles, support for launching electric vehicles, yard management solutions, auto inspections, an auction portal for sales and procurement of vehicles, India Blue Book, and Carandbike, a major Autoportal in India.

Creating a Sustainable Model

Currently valued at $23 billion, the used car market in India is projected to grow at double the rate at a CAGR of 19.5% till FY 2026-2027. Key factors contributing to this massive growth in the next few years are the rising middle class and the growing youth population. This massive growth in the used car market has prompted multiple organizations to enter the sector. However, the primary issue with the used car market in the country is the lack of organized players. The unorganized and Semi Organized participants take up nearly 45% of the total market share, and Consumer to Consumer sales take up 35%, leaving only 15% market share for the organized sector, which often leads to a highly supply-constrained market. This also means there are no set standards for vehicle inspection, and the price of a car gets determined in an ad-hoc manner with little or no clarity. In most cases, buyers are robbed of the satisfaction and excitement of getting a fully certified car with a detailed inspection.

So, Mahindra First Choice strives to transform the used car landscape in India by making transactions simple, efficient, transparent, and equitable.

“Most of our competitors do not have a good revenue model and rely on investor money to scale operations and become profitable. This might not be a sustainable model in the current macroeconomic environment,”- explained Prasad. “Mahindra first choice has multiple businesses that are generating revenues and can create an organic growth engine for the company to grow in a reliable and organic way. It is also backed by Mahindra, which inherently adds trust to the customers.”

Looking at the Future

Mahindra First Choice aspires to become the most customer-centric auto tech company. As the CTO of the organization, Prasad is working on creating a series of digital transformation steps to integrate the islands of technologies and operations and create an efficient suite of applications, built technology platforms that allow for agility for operations and automate a lot of repetitive tasks, standardize the data definitions and build a data platform for data-driven decision making at every stage, and develop the teams into agile and self-managed squads to speed up development.

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