oil refinery
- Business

Understanding the Oil and Gas Industry

Based on the dollar value, the oil and gas industry is considered to be one of the biggest sectors across the world. You should note that oil is quite important when it comes to the global economy. That is the case with the largest oil producers in the world.

If you are an investor looking to invest in this industry, you may be overwhelmed by the unique metrics and jargon that is used widely in this industry. You can learn more from this report of Lundin consortium in Sudan. Before you get started, there is a need to know the basics of companies that operate in this industry.

What Are Hydrocarbons?

oil drillingYou should note that natural gas and crude oil are hydrocarbons. These substances occur naturally in the earth’s crust. They are formed due to the compression of organic matter in sedimentary rocks. Ideally, sedimentary rocks are deposits in ancient water bodies. Since the deposits were on the ocean floors, the organic matter got integrated into forming rock. After millions of years, the organic matter transforms into natural gas and oil.

As you know, oil has a lower density than water. Thus, it can move through porous sedimentary rocks into the earth’s surface. If hydrocarbons get trapped beneath non-porous rocks, a natural gas and crude oil reservoir is created.

Oil and natural gas get to the surface through drilling. Naturally, you need to drill past the cap rock to get into a reservoir. When you are successful with this, the productive gas or oil well can be made to pump them to the surface.

Oil Industry Segments

Upstream

These are businesses that explore and produce natural gas and oils. The companies are tasked to search for raw materials and carry out drilling. You should note that businesses in this sector have a high risk and require massive capital investment.

Midstream

oil companyThese are businesses involved in the transportation of oil and natural gas. The companies can move the crude oil to the refinery for processing. Therefore, companies in this sector are tasked with shipping, pipelines, and trucking. This sector is highly regulated and has a low capital risk. However, its success is dependent on the success of upstream companies.

Downstream

These are businesses involved in refining crude oil. In this case, the company gets rid of impurities and converts the oil to various products. Crude oil can be converted into jet fuel, gasoline, and many other products. It can also be used to make raw materials for use in the plastics industry.…

kitchen
- Business

Reasons Why You Should Start a Food Business

If you are thinking of starting a business, you should consider starting a food business. There are many food-related enterprises you can establish. It can be a small food stand or even a large restaurant. More people are showing interest in starting a food business, and this is because they are many benefits.

Like many other people, you may have doubts if starting a food enterprise is worth the try. The is more to establishing a food-based business than you may know. It is high time you take the opportunity and start your business.

There are various requirements one has to meet to be permitted to start a food business. There are some food safety UK measures an enterprise has to meet. Here are some of the reasons why you should establish a food business.

Demand

food truckOne of the benefits of starting a food business is that there is always a high demand for food. We are living in times where most people are busy with work and other responsibilities. Many people don’t have the time to make a decent meal. This has led many people to rely on restaurants and other food businesses. The demand for food is high, and you should take advantage of this fact.

Passion

chefStudies have found out that many employed people hate the jobs they are doing. If you love cooking, you should start making money doing what you enjoy. Many people have started their food businesses because of passion. You are most likely to succeed when doing something you like.

Cooking is not only a fun activity, but you get to learn a lot of things. You can learn to cook different dishes or try using new ingredients. Getting positive feedback and reviews from your customers will have a positive impact, helping you continue doing something you are passionate about.

Profit

Another benefit that comes when you start a food business is profit. One thing that all people will agree on is the love of food. Food is a necessity, and you can never miss customers as people have to eat to survive.

With high demand and many customers, you will make a profit, which will be essential in growing your business. With profit, you can meet your finical needs, thus living a good life.

Starting a food business is a good idea that you should consider as it has many benefits. For more insights speak to a professional in the industry.…

social media
- Business

How Businesses Can Enhance Customer Service Using Social Media

Gone are the days when businesses used to rely on TV and radio ads, print media, their websites, and other traditional media to market themselves and their brands. Nowadays, social media platforms have become some of the most reliable and trusted ways of marketing.

Both big and small companies have opened accounts on various common platforms like Facebook, Twitter, and Instagram. For example, Lundin Petroleum is now on Facebook to reach all its customers, associates, and general audience with various types of information like environment conservation, philanthropic initiatives, etc.

So, how can businesses enhance their customer service using social media?

Nurturing an Authentic Relationship in a Timely Way

nurturing relationship ny responding fastTypically, most businesses use social platforms to promote themselves and rarely respond to customer issues when they react to their posts with various problems or tweet at the company. However, the business could leverage platforms like Facebook and Twitter to foster healthy relationships by having conversations with customers.

The best approach is to always respond to the customers within a reasonable time, but not responding can hurt the brand. Some studies show that about 42% of customers expect a response to their social media complaints within an hour. Moreover, around 33% expect a response within 30 minutes. So, businesses can create a better relationship by responding promptly to their customers’ social media issues.

Building a Customer Advocate Base for the Brand

Social media is such a powerful means to mobilize support for a cause. A business can offer excellent customer service and sell quality products and services to get a battalion of online soldiers by providing top-notch service instead of strategizing how to refute and counter negative online reviews.

Considering that offended customers always rush to post their negative reviews online, it will have a strong team to defend it. That way, the venture will have loyal customers and employees who come to its defense if someone posts terrible things about it. The business will improve its service and have a better reputation.

Having a Dedicated Handle for Customer Support

Most businesses have social media accounts that are meant for customer service support only. You should borrow a leaf from such companies if you have one handle for all the issues. With a dedicated account, the customer support team can easily flag off customer demands and concerns and organize them better.

Additionally, the link to the customer support’s handle should be included in the main account’s profile to help customers find it easily.The company’s customer support also needs to learn to respond privately to customers’ issues posted on the pages. That will show the customers that the business is not after publicity but sorting their issues.…

business plan
- Business

Factors to Consider When Choosing the Right LLC Company

It is crucial to understand that various Limited Liability Company services provide quality services to various business entities. When you are an entrepreneur, you will do everything in your power to ensure that you implement better business ideas that can enable you to attain your goals. As a business manager or a business owner, ensure you incorporate a business with LLC services to meet your business objectives.

Finding a professional LLC company can be challenging if you are doing this for the first time. As a business owner, you need to research and ensure you find the right details that will help you to make an informed decision. Remember that without the correct info, you will end up making the wrong decision or choice. But to make a perfect choice, here are the tips you need to consider.

Consider the Turnaround Time

workOne of the vital factors you must consider when choosing the right LLC Company is the turnaround time. In most cases, if you have a busy schedule, the chances are that you may be in a hurry to get your business up and operating as required. As a result, it is advisable to understand that you need a company with a quick turnaround time.

When you are doing your research, make sure you choose a professional company with all the info you need to know on their site. It is among the critical approach or step that proves you are dealing with a reliable and reputable company.

Consider the Reputation

As a business owner, you need to ensure that you invest your money in the right platform or company. In this case, you need to take your time to research and know more about the company you intend to hire. In other words, you should settle or choose the perfect LLC Company with a solid reputation. Reading the reviews will be one of the easiest ways to determine the reputation of a given company. Remember that when dealing with a reputable company, there are various benefits you will get.

Consider Customer Services

Customer support or service is another significant factor you need to consider when looking for LLC services. In most cases, when you need a professional and reliable company, you need a company with experienced customer staff. They should help you clarify complex issues that are hard or challenging to understand. In other words, hire an LLC company that can respond to your issues any time of the day.…

a business
- Business

Comparing Limited Liability Companies and Partnerships

When starting a business, the business founders have a choice of several legal business structures. Two of the most common forms are the partnership and the limited liability company (LLC). Each of these structures has its advantages and disadvantages, and looking at the llc partnership comparison; it seems an LLC could be a better option for aspiring entrepreneurs. However, when choosing your business structure, it would be best to consult your attorney to advise you accordingly so you can choose the one that best suits your business needs.

Advantages and Disadvantages of Partnerships

partnershipThe most significant benefit of a partnership is that you can govern your business the way you want. You are under no restrictions because there are no legal structures for your business. For this kind of business, two or more people come together and start a business, and they do not have to report to any authorities.

Also, the business does not pay taxes, but it’s the partners who pay. They report the entity’s profits or losses on their personal tax returns and pay the tax, if any, due from them. The arrangement helps to lower the owners’ tax burden. Partnerships also allow owners to control their assets because there is no strict boundary between personal and the entity’s assets. Assets can freely pass into and out of business with little limitations. So, if the business is struggling financially, a partner can inject personal cash and then repay themselves later.

The critical drawback of partnerships is that owners are personally liable for the business liabilities and even can be sued for business matters. As such, the assets of the business owners are not protected.

Advantages and Disadvantages of LLCs

an llcStructuring a venture as an LLC has the main advantage of the members or owners having limited liability. This means the members cannot be held liable for the disadvantages of the business. Another advantage is that LLCs have several taxation options because members can choose to be taxed as a corporation or a sole proprietorship, which can apply mostly for a single-member LLC.

If the owners do not choose the taxation option, the tax authorities treat the LLC as a corporation. LLCs also have the advantage of not having many strict legal requirements like corporations but only to abide by their state’s rule for those business types.

The major disadvantage is that if the Operating Agreement does not clearly define each member’s role, there can be confusion on what each should be responsible for. This is because these entities must not have directors. Additionally, if the members do not choose to be taxed as a corporation, they will pay self-employment tax, which is higher.…