Georgetown Heritage Business Developments In Penang

A new kind of energy fills Georgetown City of Penang Island these days. The elegant 19th century shop lots are buzzing with life and activities. New business trends related to heritage living style have sprung up everywhere around the city area.

There has been renewed business interest in the areas since the listing of Georgetown as a UNESCO world heritage site two and a half years ago. Both small time entrepreneurs and more established investors are putting cash in conservation projects. Old heritage houses and shop lots have been transformed into chic eateries, boutique hotels, and charming home stays.

A classic cafe example is ‘Kopi Cine’, which is located at Stewart Lane. This delightful cafe serves Penang style coffee as well as Italian cappuccino. ‘Amelie Cafe’ in Armenian Street is another heritage cafe investment, which serves local delights prepared from fresh market ingredients. The new generation of investors are not merely pumping funds into prime real estates, but have shown deep respect for heritage and culture.

The buffer zone area has also been livening up with the establishment of ‘Hotel Penaga’. This hotel is located in the surrounding areas of Hutton Lane, Transfer Road and Clarke Street, which is a pre-war terrace of fifteen shop units. It has been beautifully restored into a boutique hotel and maintains the character of the heritage zone, while meeting the highest modern expectations for visitors, who particularly wish to experience the heritage style of living accommodation.

Investing in the heritage city of Georgetown may seem like a good idea, but it is not a simple task. The dilapidated condition of many of Georgetown’s old shop houses call for restoration and renovation. Such costs are often double the cost of the initial purchase price of the dilapidated property. But luckily these factors have not discouraged investors, comprising local Penang citizens, Malaysians from other states, as well as foreigners, from investing in heritage estate developments.

Georgetown’s heritage listing has also proved to be a huge investment opportunity and a big boost to Penang’s economy. Penang is now globally recognized as a selected destination for tourist to visit. This has also upgraded the Penang’s status as a healthcare or medical care destination. More visitors from neighbouring countries are now coming to seek medical treatment in Penang. Medical tourism enabled many people to get the benefit of high quality medical treatment with more competitive cost in medical expenses, while going on a beautiful and tranquil vacation.

The cost of getting the treatment done elsewhere aboard has confirmed to be comparatively more expensive, whereas the same medical treatment cost in Penang can be much lower, by as much as 50% of the cost abroad. Patients can get the best possible treatment available in Penang. Penang medical professionals are highly efficient and well versed in English.

Penang may be small but is full of life, and have been voted as one of the top most livable place in the world.

Home Business Development – Having Your Own Website

In my first article, where I talked about having a auto responder system, I stated that building a business online is like a Jet climbing to it ideal cruising altitude. In a jet you plan the route, in business you develop a plan, a jet takes off, a business launches or opens, a jet climbs, and a business is developed.

I also stated the companies you can join as a home business should be tools within your business. They are the product tool. Then I talked about the importance of communicating effectively with your customers, and discussed auto responders as another needed tool.

In this article I am discussing the importance of having your own online business presence. The way this is done is by having your own website. This is not the free website you may get when joining a business opportunity program, but your own website with its own hosting service and domain name.

Your own site allows you the control to adjust your marketing pitch, develop contact lists, and market more than one item if you want.

Having your own site also makes your product or service more visible or unique to a customer. Let’s say you are working with a MLM or Network marketing business and they provide you a website to get others to sign up on. Everyone in the program has the same site, this is not unique, and you cannot customize it. But if you had your own site you can create a new way to tie the product or service to a customer’s needs. Another way you can work the site is to list benefit of the product or service without actually mentioning it, then ask them to provide contact information if they want more details. When they provide the information send them to the programs website to finish the sell. If they do not purchase the item you have the contact information so you can remarket the product or another product to them. Many times it will take several exposures to a product before the customer will act on the offer.

It is not recommended that you use a free service when hosting a business website. These services are good for personal websites but should be avoided for a business. The number one reason I have for not using these types of services is they usually require or place their own ads on your sites. You do not want to promote some one else’s products on your site unless you are getting some type of payment in return.

When choosing a hosting site look at the following :

Reliability
Customer support
Hosting space allowed
Bandwidth limits,
Options Available
Payment methods.

There are a number of good services out there. The service I have had the best performance with is from Godaddy. It has many options and plans you can work with and you can start out with the minimum and upgrade later as your needs change.

Choosing the correct hosting service for your website is probably just as important as your product or service. If your site hosting is not reliable your site will not been seen, and therefore you will not get the sales conversions.

How to Unearth the Hidden Potential in Your Business

“In the middle of difficulty lies opportunity”. Albert Einstein’s statement is an exceptionally noble approach, and exemplifies that business potential may indeed lie in its threats and weaknesses. For the business to prosper and grow entrepreneurs must realize that regardless of how successful they become they will still be far below their optimum potential, and must therefore meticulously find and exploit their enterprise’s true potential. This requires a shift in paradigm thinking and a congruent change in the entrepreneur’ attitude towards the dangers and weaknesses of their business.

Converting limitations and disadvantages into opportunities results in amazing outcomes at every step in the operation of a business and of its performance outlook. Decisions are made and actions are taken based on the hard reality of the business not obscured by tomorrow’s challenges or the lure of the urgencies of the present.

While not every business has a hidden potential and can develop limitations and restraints into opportunities, businesses that have no potential or fail to search for their potential cannot grow or survive. So, how can you unearth the hidden potential in your business and develop its opportunities?

You start by asking yourself questions like:

What you are fearful of, what do you see as a danger to your business, and how can you use it as an opportunity?
What are the restraints and weakness that contribute to the vulnerability of your business, hinder its full effectiveness, and hold down its propensity for profitable results?
What are the inconsistencies in your business?

Most entrepreneurs are fully aware of the restraints, vulnerabilities, and limitations of their businesses but seldom ask questions. They are likely to believe that nothing can be done to change their circumstances. They fail to realize that to convert restraint into opportunity requires innovation with flexibility and diversity to exploit the new possibility by investing in its development.

While inconsistencies are a way of life for growing businesses, chronic imbalances can drain the business of its productive resources way beyond any results they can produce. If the imbalance in resource allocations is in support activities or control measures, the remedy is to cut out whatever causes the imbalance. Concurrently, identifying the area with excessively large productive effort often indicates a major unused potential and requires major changes in the nature and structure of that area of the business.

We traditionally identify areas of inconsistencies and imbalance with excessively large productive resources incapable of producing sufficient outcomes, within the business in the marketing and research & development areas. The cure in these areas is determined by careful analysis followed by radical redefinition of the business in its entirety or integration into new products or services with adequate utilization of the resources and efforts needed.

More serious cases of imbalance we encounter are companies that are the wrong size- typically too small- for the market they are serving or for the management they need. For these cases a unified business review and performance program that converts the disparity between the business size and the management it requires by scaling the management down to the size appropriate to the needs of the business.
Needless to say, that unearthing and attaining the potential of a business is psychologically taxing on all concerned and requires great effort from the various aspects of the business and its management.

Therefore the role of an external coach or consultant is of paramount importance in the soul searching process of the organization and in the unearthing of its hidden treasures that are disguised as imbalances in the form of a weaknesses or a threats.

Entrepreneurs need to work systematically on maximizing opportunities by looking within not without! And by asking questions like; Where are the imbalances in our business, and what are the opportunities for the greatest economic outcomes? They can start to maximize opportunities by focusing the available resources on the most attractive possibilities and devoting them to obtaining the greatest possible results. This followed by successful business planning based on exploiting imbalances and maximizing its prospects by uncovering its potential and developing real opportunities that can increase the propensity of the business for survival and growth.

Why a Lifetime Membership Will Benefit Your Business Development for a Lifetime

Maximizing on lifetime membership is the most sustainable method to drive growth value for any business. The total amount of value derived from customer’s engagement to a business is really enormous. Maximizing this lifetime value is possible if only one can measure it. Through measuring, it is possible to track advancements over time. Customer value should therefore be measurable to realize business growth. Some of the advantages of customers’ lifetime membership include the following:

1. Drums up support for strategic acquisition.
Lifetime customers create channels under which many other customers are obtained. A business thus acquires a larger market as compared to one which has no lifetime membership. A larger market sustains a business over rough times, this is because customer influx is maintained throughout the year. Lifetime membership forms a web of consumers who ensure that profits are made. Acquisition cost will always rise in the global economy. It is thereby cost effective for one to retain current consumers rather acquisition of newer ones

2. Customer relationship management.
Growing customer loyalty and reducing churn. This is as important aspect as it ensures tailored marketing, promotion and communication to customers. Optimization of consumer loyalty and value. The business is forced to take a lasting approach for creation of value rather than promotions which maximize revenue for single shopping trip. Promotion of all products rather than being choosy is that it maintains a consumer base. Eroding a brand value can cost a business at the expense of customers.

3. Increased profit margins.
For any particular business, customers will always account for the largest share of profits, even if they are few. Majority of profits will be raked from customers while other sources of income come second. This means that a business has to brand constant customer loyal. This cannot be similar to those who only shop around.

4. Emphasized customer loyalty.
Lifetime membership should have a long term loyalty. This intangible asset has been consistently proven to advance a business. Successful enterprises monetize on this asset over long periods in order to have a market. Loyalty can be rewarded through discounting and offers.

5. Bigger value creation opportunities.
Lifetime membership point towards creation of powerful opportunities, like expansion of market or acquisition of other complimentary services instead of smaller opportunities. This is since the higher limit of the value one can generate from a single consumer will be greater than the higher limit of a basket full of goods.

6. Advertisement and promotion
Lifetime members can promote a business to a higher level. Some businesses have lifetime membership to media houses. The media house has the responsibility to extend its favors through advertisement and promotion of their product. In so doing, the business is widely recognized and appreciated. These elements act as the marketing strategies that ensures the business stays in line.

All in all, lifetime membership should be recommended due to their due advantages over timely memberships. Other benefits include discounted publication, free conferences, corporate benefit subscription, Insurance, Financial services and technology offers.