Highly Effective Ways to Motivate Employees.
Employee motivation is key to an organization's success. It's the level of commitment, drive, and energy that a company's workers bring to the role everyday. Without it, companies experience reduced productivity, lower levels of output and it's likely that the company will fall short of reaching important goals too.
HERE ARE 10 WAYS TO MOTIVATE YOUR EMPLOYEES IF THERE IS NO OPPORTUNITY TO RAISE THEIR WAGES.
1. Recognition/Attention.
When your employees accomplish something they have achieved something. Your recognition is an appreciation for that achievement. Most managers don't give enough recognition. Recognitions stimulates work interest and employee loyalty.
2. Applause.
This is a form of recognition but a very specific form. Physically applaud your employees by giving them a round of applause for specific achievements. Where? When? The answer is wherever and whenever. At meetings or company-sponsored social gatherings, a luncheon, or in the office. At the end of a shift, before a shift, and whenever possible in the middle of a shift.
Using plaques or trophies is another effective way of applauding your people. Although "wooden applause" is often successfully used in the form of Employee of the Month plaques, more creative ideas are sorely underutilized. Take the time to be creative, matching special accomplishments with unique awards.
3. One-on-One Coaching.
Coaching is employee development. Your only cost is time. Time means you care. Remember your employees don't care how much you know until they know how much you care. Whenever you recognize and encourage people in "public," it acts as a natural stimulant for others who are close enough to see or hear what's taking place.
4. Training.
Training can help employees understand how their work fits into their company's structure, mission, goals, and achievements. As a result, employees can become more motivated and excited about their work as they understand how what they do matters to the success of the organization.
5. Career Path.
Your employees need to know what is potentially ahead for them, what opportunities there are for growth. This issue is a sometimes forgotten ingredient as to the importance it plays in the overall motivation of people. Set career paths within your organization. If you do this you are sending a very positive message to everyone that there are indeed further career opportunities within your organization.
6. Job Titles.
When you talk about job titles you are tapping the self-esteem of people. How someone feels about the way they are perceived in the workforce is a critical component to overall attitude and morale. Picture a social gathering that includes some of your staff. The subject of work inevitably comes up. Will your people be proud, or embarrassed, to share their title and workplace? The importance of feeling proud of who you are and what you do is monumental. Be creative as you think of possibilities for titles. Have your staff come up with ideas giving them input into the titles. The bottom line, you are dealing with pride...and pride enhances a positive attitude...and a positive attitude is a foundation for continuing success.
7. Good Work Environment.
A recent industry study shows just how inaccurate your results can be. Employers were asked to rank what they thought motivated their people and then employees were asked to rank what really did motivate them. Employers felt "working conditions" was a nine (or next to last) in terms of importance. What did the employees say? Number two! Working conditions are very important to the way employees feel about where they work.
8. Leadership Roles.
Give your people leadership roles to reward their performance and also to help you identify future promotable people. Most people are stimulated by leadership roles even in spot appearances. For example, when visitors come to your workplace use this opportunity to allow an employee to take the role of visitors guide. A great place to hand out leadership roles is to allow your people to lead brief meetings. Utilize your employees' strengths and skills by setting up "tune-up" training sessions and let one of your employees lead the training. The best time to do this is when new people start.
9. Time Off.
Implement contests that earn time off. People will compete for 15 minutes or 1/2 hour off just as hard as they will for a cash award. Put goals in place (padded of course) and when these goals are reached by individuals, teams, or the entire staff, reward them with time off. Allow early dismissals, late arrivals, and extended lunch periods or additional breaks.
10. Theme Contests.
Overall the most successful contests seem to be those affiliated with different themes. Holidays, anniversaries, sports, and culture are examples of ideas to base contests on. Sports, without a doubt, provide the largest opportunity for a wide variety of contests.
What is risk
Risk is a measure of uncertainty. It is an uncertain event that could have a positive or negative effect on your business. A risk is a potential problem that might happen or not. The more uncertain you are about an asset value the riskier it is.
Risk Categories
Information
a) Unknown risk is a risk that can be uncovered after careful evaluation of the project business, and technical environment.
b) Predictable risks are risks that are extrapolated from past project experience.
c) Unpredictable risks are risks that can and do occur but are extremely difficult to identify in advance.
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Management and administration are both important functions that support the success of any business or organization.
Management
Management is a managerial function.
Management is actually a subsection of administration, which has to do with the mechanical and ordinary surfaces of an organization’s operation. It is different from managerial or tactical work. Management is used by business enterprises. Management transactions with the employees. The administration is above the scope of the management and exercises control over the finance and permitting of an organization. Management makes the conclusions within the limitations of the framework.
Management consists of a group of managerial persons, who influence their dedicated skills to fulfill the objectives of an organization. Management decisions are shaped by the values, sentiments, and sentiments while of the managers. In management, technical aptitudes and human relation management attitudes are crucial.
Management is focused on managing resources, in particular people, and how they are utilized by an organization in order to achieve a common goal or outcome. Management consists of actions and plans whereby administration entails setting objectives and policies. Management aims at managing not only people but also their work. Whereas Administration focuses on how best the resources of an organization can be utilized.
The management style of an organization can also change with the removal or installation of a new Manager/Leader. Administrative policies or procedures however are slower to change and may remain in place for many generations of management.
Management is a technique that incorporates the processes of sorting out, staffing, arranging, driving or coordinating, and controlling an association to perform the objective or target. Resourcing incorporates the sending and control of HR, budgetary assets, mechanical assets, and characteristic assets.
Management consists of a group of managerial persons, who influence their dedicated skills to fulfill the objectives of an organization. Management decisions are shaped by the values, sentiments, and sentiments while of the managers. In management, technical aptitudes and human relation management attitudes are crucial.
Management is focused on managing resources, in particular people, and how they are utilized by an organization in order to achieve a common goal or outcome. Management consists of actions and plans whereby administration entails setting objectives and policies. Management aims at managing not only people but also their work. Whereas Administration focuses on how best the resources of an organization can be utilized.
The management style of an organization can also change with the removal or installation of a new Manager/Leader. Administrative policies or procedures however are slower to change and may remain in place for many generations of management.
Management is a technique that incorporates the processes of sorting out, staffing, arranging, driving or coordinating, and controlling an association to perform the objective or target. Resourcing incorporates the sending and control of HR, budgetary assets, mechanical assets, and characteristic assets.
Administration
The administration is a determinative function.
The administration makes the important conclusions of an initiative in its entirety. If one were to determination the status, or position of the administration, one would find that it entails owners who invest the capital and receive revenues from an organization. Administrators are usually originated in government, military, spiritual and educational organizations.
Administrators are usually originated in government, military, spiritual and educational organizations. The decisions of an administration are shaped by public opinion, social and government policies, and religious factors.
The administration makes the important conclusions of an initiative in its entirety. If one were to determination the status, or position of the administration, one would find that it entails owners who invest the capital and receive revenues from an organization. Administrators are usually originated in government, military, spiritual and educational organizations.
Administrators are usually originated in government, military, spiritual and educational organizations. The decisions of an administration are shaped by public opinion, social and government policies, and religious factors.
Administration typically has a role in all management decisions, whereas not all administrative decisions require the input of management.
The administration is focused on setting and creating policies and procedures. Management however is more likely to deal with the broader functions of an organization and how tasks are executed.
Administrative functions typically are more defined, whereas how managers act and operate in an organization can differ from person to person.
The administrative functions of a business can often be guided or influenced by legislation or law. Whereas how a manager chooses to guide or lead their team is often a function of their experience and the company culture.
What better way to start the new year by evaluating your projects and get them running on the right track. Growing your business can be stressful and challenging but there are ways around it that can help you build an authentic audience for a positive result.
There are six ideas to help you grow your business in 2109. Taking your blog or business website to the next level is always a good idea. I am working on some of this and I want to share with you all some helpful tips that will help you grow your business in 2019.
Redesign your website
A good and easily navigated website is key to good customer service. Redesigning your website can be a breakthrough for your business, which includes monetary and service wise.
To read more about redesigning your website. I have put together 7 reasons why your website needs a redesign.
Add relevant contents to your website
Running a business is totally different from adding content to your website. There is strategic content that drives traffic to a website. Understand what type of content drives traffic to your business website and capitalize on creating those types of contents. There are a lot of content creators online with worthy services who can help in directing your business to the right audience.
This includes the way photos on your business website are edited, the colour scheme, arrangement, and patterns. Instagram and Facebook happen to be some of the most used business apps and as so interacting with your followers and asking catchy questions can help build both trusts and capture better productive attention.
Today, there are lots of apps we use on our mobile devices, both on the Play Store and the App Store. We are happy to download them, especially if the app offers free downloads with no charge. Some apps are relevant and helpful, while others are just used to generate income. Either way, whichever way you want to go in 2019, here are some reasons why you need an app for your business.
In 2019, creating an app for your business can help your business move to the next level, prepare your business for a massive benefit, and channel it to the right gate.
Note: Not all businesses need an app. Make sure you do clear research before creating an app for your business.
Generate additional sales.
Apps encourage repeat orders. If you have an app on your phone, it pops up reminders asking you to check out new offers, keeping you up to date on what's going on.
This also involves a download number and payment to use the app, depending on how compelling the app is.
Ads on your app.
You can benefit from the advertising revenue generated from the clicks.
Wonder why some apps have so many ads running? This is because the app is also hosting beneficial advertising campaigns.
Build a better customer relationship and stay in control.
Apps allow business owners to create a direct relationship with customers.
You are more likely to retain customers once you know who they are, where they are, and how to reach them.
Enhance the customer service experience.
Many websites do not look so great on mobile screens.
But mobile apps are purpose-designed for small screen sizes, so they are easier on the eye and simpler to use for the customer. This is more comfortable and can create a bond between customers and your app.
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Hi , In the first chapter of "Where to set up a cryptocurrency exchange", we talked about some of the most important factors to consider when analyzing, comparing and finally choosing the most suitable jurisdiction in which to establish your crypto exchange. If you did not have the chance to read it you can do it here.
In today's chapter we will get to the point and discuss the key factors of some Asia-Pacific jurisdictions. The following is not an exhaustive list but for this series we have only considered those jurisdictions that offer certain regulatory certainty.
Japan
Japan has been a pioneer in the adoption of Bitcoin and, in general, cryptocurrencies and was the first country to regulate the sector.
In April 2017, the Payment Services Act was reviewed to accommodate this new business model. Japan’s regulations are perhaps, the most complete and demanding worldwide.
Exchanges are subject to registration and need to obtain a Virtual Currency Exchange License with the Financial Services Authority (FSA).
The regulations apply not only to any entity that establishes an exchange in Japan but also to any exchange that accepts customers who are Japanese residents.
The minimum capital required is JPY 10 million (approximately 93,000 USD), although in practice what the regulator cares most about is that the operating capital is adequate for the size of the exchange and the expected cash flow.
To be eligible, the exchange must have reserves of at least JPY 50 million (approximately USD 500,000).
There must be strict compliance policies and sound KYC/AML systems, the appropriate compliance staff and the appointment of an external auditor.
The security systems and protocols will be carefully analyzed by the regulator to ensure the highest cybersecurity standards.
If the company is formed by foreigners they should hire Japanese personnel, especially representatives who will be in charge of communicating with the regulators.
The preparation process for the license application usually takes from six months to 1 year and the JFSA will approve or reject it within a period of 2 months.
Japan may be the best option for those who are looking to establish an exchange in the most developed cryptocurrency market in the world, have sufficient resources and qualifications to do so and do not mind facing a high tax burden (Japan's effective corporate tax rate is up to 34.60%).
Labuan
Unknown to many, the Labuan International Business and Financial Center is a reputable free trade area located in the Federal Territory of Labuan which is off the coast of the state of Sabah in East
Malaysia.
Labuan is one of the major financial hubs of Asia due to its pro-business policies, low taxes and compliance with international standards on due diligence and transparency.
Labuan companies may elect to pay a 3% tax or a RM 20,000 fee on their trading income. Investment profits are not subject to taxes.
In a circular sent on June 28, 2018, the Labuan Financial Services Authority (LFSA) expressed its interest in attracting "Innovative Financial Services" to the region including businesses involved in distributed ledger technology and cryptocurrencies.
To begin with, the exchange must have the appropriate measures to manage the risk related to money laundering and the countering of terrorism financing and it will be subject to the requirements and regulations issued by the Bank Negara Malaysia and the Labuan FSA.
A crypto exchange business must be approved by the Labuan FSA and must apply and obtain a Money Broker License.
In addition to the AML measures, the applicant must demonstrate that it has the adequate capital to carry out the business, the appropriate internal policies and controls, including the protocols and systems for cybersecurity risk management, and governance expertise.
The LFSA will conduct a fit and proper test to all the promoters of the business and management team members.
The minimum capitalization is RM 500,000 (approximately USD 120,000) and the business should have some type of commercial substance in Labuan. This can be achieved by establishing an office there.
The entire licensing process can take 4 to 6 months.
Labuan is an interesting option for those who wish to set up a regulated exchange that accepts fiat currencies in an advantageous fiscal environment. In addition, although banks are quite selective, it is possible to open bank accounts for exchanges in both Malaysia and Labuan for entities incorporated and regulated in the free zone.
Abu Dhabi
The regulator of the Abu Dhabi Global Markets Free Zone, the Financial Services Regulatory Authority (FSRA), published a legal framework for crypto businesses on June 25, 2018.
The framework introduces, as a regulated activity, Operating a Crypto Asset Business (OCAB), which includes cryptocurrency exchanges.
Regulated crypto exchanges must be compliant with KYC/AML & CTF and consumer protection regulations and is subject to technology governance guidelines.
Crypto Asset Exchanges are regulated in a similar manner to "Multilateral Trading Facilities" and are required to have in place the proper market surveillance protocols, settlement processes, transaction recording, transparency & public disclosure mechanisms and investment exchange-like operational systems and controls.
Exchanges must request authorization and will be granted a Financial Services Permission to carry out the regulated activity of OCAB.
An OCAB will be required to hold adequate capital resources, similar to Recognized Investment Exchanges.
The FSRA may decide at its discretion the amount of capital required according to the size, scope and complexity of the exchange, but at least it must be equal to 6 months of operational expenses plus an additional buffer amount of up to another 6 months' operational expenses.
The application fee is USD $125,000 and there is also an annual fee of USD $60,000 and a levy on the average daily volume between 0.0006% and 0.0015%.
Exchanges that include cryptos that are considered securities will remain subject to the relevant regulatory requirements and will need to obtain another license as a Recognized Investment Exchange or Recognized Clearing House.
There is no foreign-ownership restrictions, nor corporation tax on companies established in the Abu Dhabi Global Markets Free Zone. The banks established in the Free-zone are considerably open to accept regulated businesses dealing with cryptocurrencies.
Thailand
Thailand has completed a very comprehensive regulatory framework for businesses involved in digital assets, including the publication of two royal decrees, several regulations of the SEC and announcements from the Bank of Thailand.
Under this regulatory framework, digital asset exchanges operating in Thailand must be incorporated in the jurisdiction and obtain certain licenses which involve both the Securities and Exchange Commission (SEC) and the Bank of Thailand (BOT).
Keep in mind that Limited companies in Thailand must be incorporated by at least three promoters and foreign-ownership is restricted to 49%. Among other restrictions, a Limited company in Thailand must maintain a ratio of 4 Thai employees for each foreign employee.
There is an exception. Companies promoted by the Board of Investment (BOI) can be exempted from the foreign-ownership/foreign employee restrictions and in certain industries, such as technology, can enjoy tax holidays for up to 8 years.
Nonetheless, obtaining the approval of the BOI can be cumbersome and the process can take more than 6 months. Technically, a company developing software such as an exchange may be eligible but there is no precedent in the crypto industry and therefore approval is not guaranteed.
In addition, after approval by the BOI, an exchange should secure the permission of the SEC and the BOT which could add another 5-6 months before you will be able to finally start operations.
Among other requirements, an exchange must capitalize the company with THB 50 million (approximately USD $1.5M) for a centralized exchange and THB 10 million (approximately USD $300,000) for a decentralized exchange.
The initial fee to obtain the license is THB 5 million (USD $150,000) and the annual fees are 0.002% of the total trading volume.
An exchange must withhold 15% of the profits of their users (capital gains tax) and each transaction attracts a 7% VAT. Besides being a considerable economic burden for the user, it is also an operational and accounting burden for the exchange itself.
A properly licensed exchange should not have any problems opening a local a bank account, both to hold customer funds and for day to day business operations.
In short, Thailand can be a valid option for those who want to exclusively target the Thai market and provide trading, deposits and withdrawals with Thai Baht. However, foreign-ownership restrictions, time and tax burdens may make it less appealing for most.
Philippines
Exchanges in the Philippines are regulated by the Monetary Board and are considered Non-Banking Financial Institutions (MORNBFI).
Exchanges must obtain a license from the Bangko Sentral as a Remittance and Transfer Company (RTC) and register as a Virtual Currency (VC) Exchange operator.
With this license, an exchange can provide services with both cryptocurrencies and fiat currencies.
Exchanges must also be registered with the Anti-Money Laundering Council and are subject to cybersecurity monitoring which covers storage and transaction security requirements as well as key management practices to guarantee integrity and security of transactions.
Foreign-owned companies in the Philippines must be capitalized with at least USD $200,000 and must be incorporated by at least 5 incorporators, each of them having at least one share in the company and the majority must be Filipino residents (3 of 5). Foreigners can keep most of the shares.
Companies in the Philippines are subject to a corporate tax of 30% and a 30% withholding tax in the distribution of dividends to non-residents, in addition to other local taxes.
However, if the exchange is set up in the Cagayan Economic Zone Authority (CEZA), a government-operated economic zone in the northern tip of the Philippines, it may be enjoy a more advantageous tax regime subject to a tax rate of 5% of gross income in lieu of all local and national taxes.
CEZA is known as the Fintech hub of the Philippines and is attracting a number of foreign businesses (mainly from Hong Kong). The free zone announced that it is granting a maximum of 25 licenses to virtual currency exchange operators.
The exchange must commit to invest a minimum of USD $1 million over a period of 2 years and have at least one administrative office in the Philippines.
The cost of the license can be up to USD $365,000 and each transaction made in the exchange will be taxed at 0.1% of its value.
Australia
Exchanges in Australia need to be registered with the Australian Transaction Reports and Analysis Center (AUSTRAC) and are subject to the anti-money laundering and terrorist financing laws (AML/CTF).
To obtain a permission to operate, a digital currency exchange must demonstrate that it has the proper systems and controls in place to minimize risk and comply with compliance and reporting obligations.
In addition to proceeding with typical KYC procedures, regulated entities must monitor transactional activity and inform the AUSTRAC of transactions that exceed USD $10,000.
Exchanges must be incorporated and have an office in Australia and appoint an external auditor.
The AUSTRAC is considerably demanding when granting licenses. Only those with a solid team formed by the appropriate personnel, enough resources and expert compliance systems will be eligible.
If the exchange holds customer funds it must obtain a financial services license.
The required capital is USD $50,000 plus a 5% reserve according to the size of the exchange.
Several requirements apply if the exchange holds USD $100 million in assets. It is usually recommended to have at least USD $10 million of reserves before submitting an application.
Singapore
Singapore is a hot spot for the fintech sector and perhaps one of the most business friendly jurisdictions worldwide when it comes to innovation and new technologies applied to finance.
As far as cryptocurrencies are concerned, Singapore has attracted a large number of players in the sector, especially after the crypto ban in China.
Cryptocurrency exchanges in Singapore are not regulated per se, although they are obliged to comply with AML/CTF requirements, verifying the identities of their clients and reporting suspicious transactions to the Suspicious Transactions Reporting Office.
In accordance with the Monetary Authority of Singapore (MAS) guidelines, only exchanges that provide trading of tokens are considered regulated securities specifically by the Securities and Futures Act (SFA). In this case, they must request the approval, recognition or exemption of the MAS to operate as Regulated Market Operator (RMO).
Currently there is no exchange registered as an RMO.
Exchanges incorporated in Singapore that want to support fiat currency and provide fiat wallets could potentially be subject to obtaining a Stored Value Facility License. However, in practice, currently, there is no Singaporean exchange supporting fiat and it might not be a viable option because the difficulty for a crypto business to open a bank account in Singapore.
However, Singapore can be an interesting option for those exchanges that do not want or do not have the resources to obtain a license and do not plan to accept or support fiat currencies.
Exchanges in Singapore have been facing difficulties getting and keeping a bank account, at the time of publication. Most likely, the exchange will have to bank elsewhere.
The Bottom Line
If you are planning to launch an exchange, you need to surround yourself with a team with the appropriate qualification and enough experience in cybersecurity, finance, legal matters, among other areas.
You need to have the necessary capital and resources to do so. If you are looking to be regulated, licensing processes are demanding and you will need a sound project and the right plan to achieve it.
Each jurisdiction has its upsides and downsides, and the cost and requirements to be regulated can represent a barrier for many. However, there is a clear trend of increasing and more rigorous regulatory supervision, and being already regulated will not only help you to mitigate legal uncertainty, also oblige you to meet the highest standards and provide an optimal service.
If you are not ready to go through a licensing process, adhere to the best practices and prepare your business to meet requirements.
Whether you are setting up a regulated or unregulated exchange, or funding it via ICO, at Flag Theory, we can help you set up a sound corporate structure choosing the most advantageous jurisdictions and legal entities according to your requirements, priorities and goals, obtain licensing and bank accounts, as well as assisting in compliance matters. Contact us, it will be our pleasure to assist you.
To your freedom, privacy and wealth,
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