Contributed Posts – The Big Words Blog Site

4 Risks Your Business Faces and How to Avoid Them

“If you run a small business then you need to do what you can to avoid risk as much as possible. If you don’t, then you may find that you end up setting your business up for failure and this is the last thing you need.”

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To focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. While starting a business can be one of the most rewarding things your can do, there are risks involved. Understanding those on the front end can increase the chances of your long-term success. The following contributed post is entitled, 4 Risks Your Business Faces and How to Avoid Them.

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If you run a small business then you need to do what you can to avoid risk as much as possible. If you don’t, then you may find that you end up setting your business up for failure and this is the last thing you need.

Security and Fraud

Some of the risks you may face include data branches, cyberattacks and embezzlement. Intellectual property theft is also a major issue. These are examples of how security risks are growing for businesses. The volume of online transactions and trends such as remote work are pushing remote processes onto the cloud. Although there are some technical aspects to this, the risk level usually comes down to processes that are managed by humans. You need to make sure that you have rigorous protocols in place so that you can make sure that everyone has a solid understanding of the data they are handling, and how to keep it safe. If you can educate your team, then you’ll reduce a lot of risk.

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Compliance Risk

Are you familiar with the laws that you have to follow? The legal landscape is changing all the time. Laws that relate to taxes, occupational health, equipment certification and more, are always being updated. If you are ignorant to things like this then you won’t have a valid defense. The nature of your business could change over time as well. This brings a new set of risks and compliance regulations that you have to meet. If you are expanding your team and if you are hiring new people then you will probably need to comply with new laws. If your company has moved from offline sales to online sales then you will need to comply with new data security laws as well as privacy protection.

Operational Risk

Operational risks can be internal, external or both. Some examples include a natural disaster that could damage your physical premises or your equipment. You may also experience a server outage that causes tech problems for your team. The power going out can also cause disruptions, so it is imperative that you do what you can here to tackle risks like this. One thing you can do here is outline any proactive measures you can take right now, while also having a backup plan, should things go wrong. If you can do this then things will work in your favor.

Financial Risk

Financial risk is often caused by several factors. This could include market movements, foreign exchange rates, price fluctuations and more. If you want to help yourself here then you need to ease cash flow issues while taking out insurance from an insurance broker. Diversifying your income is also a good idea, as it helps you mitigate economic risk while also limiting the amount of loans you may need to take on.

Of course, navigating the business world can be difficult, but there are things you can do to try and limit your risk while ensuring that you get the most out of your business venture.

Unexpected Business Costs You May Have Forgotten

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“While your business plan may be written and your finance secured, there are more things to consider. One really common mistake made when launching a business is related to costs.”

Buffer

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Businesses are complex things and are not all about generating profits. A major part of successfully running one is managing the expenses. The following contributed post is entitled, Unexpected Business Costs You May Have Forgotten.

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The process of launching a business takes time. There’s a heap of things you need to think about. With so much to do, it’s easy to forget a few details. While your business plan may be written and your finance secured, there are more things to consider. One really common mistake made when launching a business is related to costs.

You may have planned thoroughly, but things can easily slip through unnoticed. One thing you may have missed is hidden costs. Launching a business requires investment, which you’ve probably sorted. You may have completed your financial projections and cash flow forecasts, but did you remember the following often forgotten business costs? Check you haven’t missed anything important on the list below:

Insurance Costs

Insurance costs are a major expense to consider. While you may know that you need to buy insurance coverage, you may not realize how much. Business insurance can be complex. There are many aspects to it, and it’s easy to overlook the extent of coverage you need. Workers compensation insurance is an example of this. The workers compensation insurance cost can be higher than you realized. This is a nasty surprise to receive when you believe you have all your finances planned out. So, speaking to a specialist insurance company that can advise on the best value cover for your business is wise.

Software Fees

Pretty much every business now depends on software to keep it running smoothly. But this essential software can be an afterthought. Shopping around for the best company software won’t always be cheap. There will likely be extra charges involved you hadn’t even realized. So, discovering the extent of your software needs and how much they’re likely to cost can be a shock.

Comparing prices will help you save money. But, you also need to be sure you’re getting the right product. This is where it’s helpful to take advantage of the trial periods many software companies offer. This will give you the chance to figure out if the software suits your business needs and is able to deliver value for money.

Professional Memberships

Being a member of a professional body can be valuable for your business. Accreditation can help you to win the trust of potential customers. Plus, it’s a great way to ensure your business is taken seriously. Being accredited can be a worthwhile investment and boost your business and its reputation. But there’s no escaping that it’s expensive. You will need to take time to weigh this decision up before committing to this often overlooked cost.

Shrinkage

The final hidden cost you may have forgotten about is shrinkage. Shrinkage refers to the products your business cannot sell. This could be because of damage, theft, or simply inaccurate stocktaking. Working on reducing shrinkage is a major focus for many businesses. It’s easy to see why it’s so important. This is a tricky cost to factor in as it can vary greatly. So, it’s best to simply try to reduce shrinkage instead.

These 8 Habits Could Be Ruining Your Mental Health

A key focus of my blog is Health/Wellness. Arguably the most important aspect of your personal health is your mental health. Sometimes we do things that hurt our mental health. The following contributed post is entitled, These 8 Habits Could Be Ruining Your Mental Health.

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If you want to protect your health as much as possible then you should know that these 8 habits could be sabotaging your efforts. If you want to start taking better care of yourself today, then this is the guide for you.

Perfectionism

Pursuing excellence is certainly a great habit to have. It’s important to do your best when trying to achieve an important goal. After all, doing something perfectly will increase your chances of success. If you try to be perfect all the time however then this may end up undermining your efforts. Psychologists have said that perfectionism can be positive but at the same time, it can also be negative. Habits of negative perfection involve you setting standards that are far beyond your reach, or being unhappy with anything other than perfection. You may also find that you have a preoccupation with failure and that you feel as though you are unworthy.

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Poor Posture

Sitting up straight can easily reduce your symptoms of anxiety. It allows you to sit with confidence and it also helps with self-focus. If you have a poor posture then you could be harming your spine, and causing extra tension in your muscles. Over time, this can lead to stress which is very bad for your mental health. If you want to do something about this then make sure that you sit up straight and that you focus on maintaining a healthy spinal posture. If you can do this then you will soon find that you end up feeling better in no time at all.

Guilt

If you feel guilty about leaving your family because you have to go to work, or if you feel bad about leaving your job because you have family obligations then over time, this will impact your mental health. If you leave this unchecked then you may find that you end up in a constant cycle of guilt. This will stop you from being able to give your full attention to either task. If you want to do something about this then you need to cut yourself some slack. You need to avoid magnifying problems and you also need to stop yourself from claiming responsibility for problems that had nothing to do with you. You are not a bad person if you make a mistake either, and if you can remember things like this, you will soon find that it is easier to benefit your mental health overall.

Not Exercising

A sedentary lifestyle is really bad for your waistline. It’s also very bad for your heart and your mental health. Regularly exercising may ease depression as endorphins are released. This also boosts your immune system while helping you to feel better in yourself. Bad exercise habits however, are all too easy to form. They can impact your mental health more than you realize. Some of the negative impact of exercising is you exercising irregularly or not exercising at all. You may also find that you end up exercising to the point of exhaustion, or that you adopt a bad form. Engaging in only one form of exercise is also a bad idea, so make sure that you avoid this where possible.

Failure Mindset

Everyone has negative thoughts now and again. It’s also possible for you to experience feelings of failure when things go wrong. There is nothing wrong with this, if it is only happening on an occasional basis. If your mental health isn’t great however then you may find that this ends up interfering with your own ability to succeed. Ugly thoughts often tell you that your life is bleak and that you have failed at everything you set out to do. They can stop you from sleeping at night and it can also stop you from being able to move your life forward. If you let your continual thoughts carry on then thinking them may become a habit. Feelings of failure can inflict a lot of damage on your mental health, leading to anxiety and depression. If you want to do something about this then one thing you can do is remind yourself of your success. What have you done well? What has worked in your favor? If you can give some thought to things like this then you are bound to reap the benefits.

Overusing Social Media

Overusing social media can contribute to feelings of anxiety and poor self-esteem. Mental health issues often arise from overusing social media. Using too many social media sites can also be damaging to your health. Studies have been done and they have found that if you use a lot of social media platforms on a daily basis then you may be at a higher risk of both depression and anxiety. Overusing a smartphone is also a bad idea. Using a smartphone can be a rewarding activity, because messaging systems, apps and more can all trigger very positive feelings. Using your smartphone habitually is a good thing, but if you use yours all the time then this can impact your mental health. You may find that you become addicted to compulsively checking for notifications and this is the last thing you need. Compulsively using your smartphone can lead to chronic stress as well as anxiety and depression too.

Regret

Regret is an emotional state. Everyone has some regrets in their life, whether it is not getting married when they could have done, or taking a new job. Regret should not be a daily habit though. A lot of people find that they make a habit of regret and they put it into daily practice. From this, you may end up experiencing depression, anxiety and sleep problems. Don’t spend all of your days ruminating over things that you regret, and instead, take steps to benefit yourself by focusing on the things you do have going for you. If a lot of your regrets stem from alcohol usage, then it could be a good idea for you to go to alcohol rehab. That way you can work through all of the feelings you have, and this can work in your favor.

Poor Sleep

Sleep is often a source of emotional resilience. If you do not give your brain and body the chance to switch off then you will never be able to recover from the hardships of the previous day. Sleep also helps you to prepare yourself for the challenges of tomorrow. If you lose sleep for one or two nights then this can lead to feelings of grogginess and grumpiness. You may also find that you can’t focus and that your mental health suffers as a result. If you want to do something about this then make sure that you take steps to benefit yourself by allowing yourself to sleep well at night. If you find it hard to switch off then build a good sleeping routine by reading a book before you go to bed, or by watching television. If you can do this then you are bound to reap the benefits and you may even find that you can relax more at night too. Consider investing in some aromatherapy candles, or diffusers. Relaxing essential oils are great if you want to unwind and they are also very good if you struggle with stress on a daily basis. Remember, if you do want to make a bigger change, you can invest in a new bed, or some new sheets as this will help to boost your mental health if you have had a very long day at work and need to relax in a comfortable environment.

Tips to Prepare and Save Money For The Future

A key focus of my blog is Financial Literacy/Money. One of the most critical parts of your life is your money management. There are further keys to being successful with money, one of which is saving. The following contributed post is entitled, Tips to Prepare and Save Money For The Future.

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The world is filled with uncertainties, particularly financially, there is no end to unexpected payments which arise over the course of a year, from mortgage rises and car breakdowns to medical emergencies.

Unfortunately, there is no way to avoid these, but having a robust savings strategy will mean these payments do less damage to your accounts. With all forms of savings, the key to success is consistency. Saving money isn’t just about restricting spending – it’s about adopting a long-term mission.

Here are some tips to help you build a substantial savings account to account for everything from rainy days to long-term investments or even some much-needed therapy shopping.

Cutting Unnecessary Expenses

Unluckily for all of us, saving always starts by trimming expenses to free up funds. How frugal you choose to be is up to you, but make sure to scruntize your monthly expenditure thoroughly. Ask yourself the following questions:

● Are there any subscriptions you hardly use?

● Can you cook more at home instead of dining out?

● Are there any cheaper alternatives for your daily essentials?

It may be worth considering setting yourself a budget, though the success of this strategy varies from person to person.

Automating Your Savings

● Setting up automated transfers from your main account to your savings account ensures consistency, making it easier to stay on track with any financial goal.

● By determining a reasonable percentage of your income to be automatically transferred to your savings, you ensure that your savings grow without much thought on the matter.

● The key here is finding a reasonable percentage. There is no point setting a very high number each month, as it is likely you will scrap the plan in order to maintain your lifestyle. Many people use the 50-30-20 rule when it comes to finances. This would mean saving 20% of each of your monthly payments.

● Alternatively, you could leverage direct deposit options given by your employer. Many companies allow paychecks to be split between your accounts, meaning part of your wage can go into the savings account immediately.

Exploring Different Types of Savings

Though ISA’s and fixed-rate savings accounts are the most commonly used, they may not be the most effective option for you. If you are serious about saving, be sure to explore your options, several other types of savings accounts cater to specific goals and offer varying interest rates.

They include but aren’t limited to the following:

● High-Yield Savings Accounts: These typically offer high-interest rates and are an excellent choice for short-term goals and emergency funds. This is because their rates are variable and fluctuate with the current state of the economy.

● Money Market Accounts: These accounts offer higher interest rates while allowing limited debit card usage. They do, however, feature a minimum balance requirement.

● Certificates of Deposit Accounts (CDs): This type of account offers a fixed interest rate for a predetermined period. They’re perfect for setting specific goals, but accessing funds before the account matures may result in a penalty.

Keep in mind there are plenty more options to explore, from the gold ira rollover, to peer to peer lending, each one has its own strengths and weaknesses.

Final Thoughts

Follow these tips and begin your savings today! The most important thing to remember is that when it comes to saving, doing something is always better than doing nothing.

Hosting Your First Conference: Some Tips

Three focuses of my blog are Creating Ecosystems of Success, Financial Literacy/Money and Business/Entrepreneurship. Conferences key events for multiple stakeholders. If you’re hosting a conference for the first time, you want to execute it seamlessly. The following contributed post is entitled, Hosting Your First Conference: Some Tips.

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Hosting a conference can be a really exciting and fantastic thing to do, regardless of what line of work you are in or what you are doing with your business. But it will require that you are planning for it properly, and that is something that you need to make sure you are doing as effectively as you can. Here, we are going to discuss what you can do to host your first conference more successfully. If you bear the following in mind, you should find that it is much more likely to work for you.

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Decide On A Theme

Coming up with a theme is both really important and quite easy to do, but you will find that you need to really work at it if you want it to be right for your conference. There are many ways to theme such an event, including being on-brand with your business and opting for a standalone theme that is going to stand out. However you do it, just make sure that you are happy with it if you want it to succeed. It will really make a considerable difference.

Put Together A Conference Team

You’ll find that having the right people around you can help a lot too, so this is something you need to think about here as well. So you’ll need to make sure that you have a team beside you who can help you out and who have the necessary skills and talents to succeed with your conference. Whether you do that all in-house or you make use of a company like Catalyst Event Solutions, you’ll find that it’s going to really help you to put together a successful conference.

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Budget Everything

You will of course need to pay for your conference and everything that needs to happen in it, so that is something that you need to think about too. If you are aware of how much it’s actually going to cost you, that is something that will help a lot. You should budget every last detail of the conference as closely as possible, so there are no big surprises when you see the bill at the end. If you can do that, it’s going to help you to keep everything on-budget, and that is obviously always helpful.

Find the Perfect Venue

In one sense, a conference is really only as good as its venue, so you need to make sure that you are thinking about this too. Having a good venue will help ensure that your conference is going to be as enjoyable as you would hope, and not just enjoyable but effective too. So make sure that you look around for some great venues in the area – you will hopefully be able to find one that works for you and helps to make your conference a true success.

Those are just some of the main ways to make sure you are hosting your first conference in the right way.

Helping Grandma Through Her Final Days

A key focus of my blog is Health/Wellness. A key to life is family and a central figure in most families is the grandmother. As we all get to the end of our lives, most people need help and grandmothers are no different. The following contributed post is entitled, Helping Grandma Through Her Final Days.

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CC0 Licensed Image Courtesy of Pexels

As a loving grandson or daughter, helping grandma through her final years is a great way to ensure she feels safe and comfortable when the inevitable time comes. From just visiting to sitting down and talking about the good old times, here are some ways to make it easier.

Getting Affairs in Order

It’s often the case that older people have things they need to sort out before they pass if only to make sure there are no disputes. This often includes will writing and estate management of money. But how do you go about this? Well, you can help Grandma do it herself. But to make sure there are minimal issues, it is best to reach out to professional and reputable elder law firms that can guide you through the entire process or even do it on your grandmother’s behalf.

Visiting Makes a Huge Difference

According to some surveys, 1 in 3 people aged over 75 often feel lonely. It can be scary to visit an elderly relative, such as a close grandmother, in the final days leading up to death, but it shouldn’t have to. Additionally, any grandparents would be more than happy to see those they love when they don’t have long left. If you aren’t sure what to say but feel like you must help, you can ask if there is anything that needs taking care of and even discuss funeral plans.

Helping Grandma Through by Making Memories

Visiting with your grandmother is treasured enough by you and her, and you can reminisce about time past. But there’s also nothing to say that new memories cannot be made that immortalize the time spent together. And today, this is easier than ever, considering new technology. Smartphones come with a pretty impressive photo and video software these days, and both are very easy to use, without having to be a pro capture grandma before she goes,

Sitting Down and Talking

Visiting will be appreciated by an older relative, especially if they don’t have long left. But how is this time best used? Well, just sitting and talking is one of the best uses of dwindling time toward the end. Elderly relatives love to speak about when they were younger, their achievements, and, of course, children and grandchildren. The most compassionate thing you can do is indulge in this final act and listen to what they have to say because it will be missed when heard no more.

Being There to Say Goodbye

You will feel an enormous amount of guilt if you miss the chance to say goodbye to your grandmother when you have the chance and don’t take it. There is hardly anything that requires better use of time than to say goodbye to a dying loved one and maybe the birth of your child. In addition, having loved ones around when they pass makes it easier for your grandma. And you never know, but there may be something she wishes to say to you before she goes.

Summary

Helping Grandma through her final years takes some dedication and compassion. You can help get her affairs in order, make new memories before she goes and be there to say goodbye.

Playing It Safe: Why Insurance Is A Business’ Best Friend

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Insurance is not only a key pillar in life, but it is also a key component of your business. It can be the difference in your business succeeding or failing. The following contributed post is entitled, Playing It Safe: Why Insurance Is A Business’ Best Friend.

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We’ve all heard the expression, “Hope for the best, but prepare for the worst,” right? Well in business this means taking out insurance policies as protection against potential risks – which brings us right back around to this blog post’s focus on this unsung hero of entrepreneurship: insurance! Get ready – here comes risk-free growth in business!

Photo by Vlad Deep on Unsplash

Protect That Cash Flow

Money makes the business world go around, and nothing throws a monkey wrench in its wheels like unexpected expenses. From natural disasters and lawsuits, to broken equipment costs and broken trucking accidents causing casualties – insurance is there to provide relief in such instances. Did trucking accidents cause casualties? That’s what insurance is for. The office floods and ruins all the new computers? Insurance can help with that too.

Save Yourself Some Stress

Business emergencies can be very stressful experiences. But knowing your operations are insured will relieve at least some of your tension during an already chaotic situation. Insurance protects against sudden financial strain so you can focus on getting back up and running more easily – so if you’re looking for some added peace and quiet (who doesn’t?!), consider purchasing at least one policy today!

Plan for the Future

Insurance can be seen as an investment for the future of your business. It serves as a safety net that gives your financial protection in case of disaster and can make your company more desirable when selling it as having insurance can make even the riskier company attractive to potential buyers.

Give Your Employees Peace of Mind

Your employees are an essential asset to your business. Without workers’ compensation insurance in place to offer protection and provide peace of mind to them during a working day, their focus may suffer significantly. Workers’ comp insurance will allow your team members to rest easy knowing you have their backs – giving everyone some relief at nighttime!

Trust Me, Your Customers Will Thank You

When things go awry in business, the last thing you want is for customers to bear the cost. By having appropriate insurance in place, customers know any issues will be taken care of without incurring extra expenses; making it win-win for both of you!

Attracting Big Fish

Do you want to partner with larger businesses or clients? Many will require that you have insurance before even taking a meeting – meaning not only does insurance protect but it opens doors!

Avoid Legal Complications

Insurance can often be more than a smart choice: It may also be legally mandated. Liability and workers’ compensation insurance are both required in many areas by law, making compliance an invaluable way to avoid unnecessary legal trouble – just think of all those awkward courtroom scenes!

Conclusion: It’s a No-Brainer, Really

While insurance may appear like just another expense for businesses, it should actually be treated as an essential tool. Insurance protects cash flow, offers employee peace of mind, helps present you as credible to customers and attracts larger clientele. So don’t wait: get insured now so your business can flourish safely!

Organizing Your Writing In The Workplace: Top 10 Tips For Enhanced Productivity

Three focuses of my blog are Blogging and Writing, and Career Discussions and Workplace Discussions. Your ability to write is one of your most critical skills. It is critical in the workplace and you want to use it to maximize productivity. The following contributed post is entitled, Organizing Your Writing In The Workplace: Top 10 Tips For Enhanced Productivity.

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Image by Cytonn Photography on Pexels

Effective communication in today’s fast-paced work environments is of utmost importance. Writing professionally organized emails, reports, memos or presentations not only shows professionalism but can increase productivity as ideas flow more easily while saving time and preventing misinterpretations of messages – this blog post contains 10 useful tips that will ensure your writing blends into an office setting seamlessly.

1. Assess Your Audience

Before creating any content for publication, conduct an extensive assessment of who your target audience is. Take their needs, preferences and understanding into account when crafting messages tailored specifically for them; whether that involves writing technical reports for colleagues or client proposals – taking this step will make writing much more successful and productive!

2. Craft and Outline

Outlining is at the core of organized writing. Before beginning to draft your piece, take some time to brainstorm key points and structure in an outline that helps keep ideas organized logically while remaining easy for readers to follow; this roadmap keeps thoughts focused and prevents divergences as you compose.

3. Employ Clear and Concise Language

Time in the workplace is of utmost importance, so no one wants to waste it reading lengthy sentences. Opting for concise language which effectively conveys your point will save yourself and others valuable minutes; aim for simplicity without diminishing its message’s essence.

4. Present One Idea Per Paragraph

In order to enhance clarity and avoid reader disorientation, aim at presenting one concept at a time per paragraph. When changing topics or concepts, begin new paragraphs as visual cues for your readers that something has altered.

5. Integrate Headings and Subheadings for Effective Organization

These elements serve two functions. Readers can quickly locate information they seek while significant headings provide focus for writers composing each phase of a project.

6. Proofread and Edit

Grammar and spelling errors can quickly undermine an organized writing piece’s effectiveness; to ensure readers receive clear messages while helping transform ideas into impactful writing pieces, be sure to proofread and edit before finalizing a work. Not only will proofreading/editing ensure readers enjoy ease of comprehension for reading purposes but it can help transform those thoughts into impactful works that engage readers as well.

7. Bullet Points and Lists

Bullet points and lists offer an easy-to-understand format, helping readers absorb key concepts quickly. Furthermore, lists allow us to present multiple ideas or options at once.

8. Take Full Advantage of Technology

Take full advantage of technology! There is an abundance of writing tools and software out there which can assist in organization, revision and collaboration – including grammar checkers or project management platforms which streamline writing processes while increasing overall productivity. You may want to use resources like zoho writer which can be a huge help!

9. Set Up A Review Process

An effective review process should always be in place when working on important documents or projects such as thesis or dissertation submissions, to make sure fresh eyes spot mistakes more quickly while providing constructive criticism that helps develop organizational writing styles and structures more successfully.

Make sure someone from outside your department carefully reviews the document or project in question so as to offer valuable constructive criticism that could enhance organizational writing styles and structures further.

10. Review Your Writing Style Guide Regularly

Maintaining consistency within any workplace setting is of utmost importance; to promote it effectively in yours, consider developing and adhering to a writing style guide which sets forth grammar, punctuation, tone and formatting standards that all writers in your organization abide by when writing across teams or individually for consistent practices and improved team writing results more quickly together than separately.

With consistent styles as an outline to work from team writing can produce results faster together than independently.

Final Thoughts

Organization of your writing in the workplace is an invaluable skill that will mark you out as an effective communicator. Knowing who your target audience is, outlining content carefully, using clear language and employing impactful persuasion techniques are just some of the keys to successful workplace writing! Apply these tips, and watch as both personal and financial benefits accrue through increased written communication! Enjoy happy writing!

How To Sell Your Small Business For The Highest Value Possible

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. For some entrepreneurs, the goal is not to own a business indefinitely. In many instances, the goal is to ultimately sell it. The following contributed post is entitled, How To Sell Your Small Business For The Highest Value Possible.

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The secret to good entrepreneurship is learning when it’s time to let go. Some of the wealthiest and most successful business people on this planet made their careers by making companies and selling them for way more than their initial valuation. With these profits, they invested in other things – like new business ideas – and the cycle started again.

If you own a small business and might be inclined to sell it, how can you do so for the biggest value possible? We go over three core ideas that’ll ensure you get as much money as you physically can.

Step 1: Sell at your peak

You’re never going to get a good valuation for your business if you sell when things are rough. You need to demonstrate clear evidence that your business is successful. This means financial records showcase your profit margin is getting wider and wider each year.

It’s like buying and selling stocks – you want to sell when the stock price is at its peak. The same goes for your business; when you feel as though you’ve reached a ceiling or are performing as best as you can, that’s the perfect time to sell. You’re selling a successful company that generates profits, meaning loads of entrepreneurs will be interested. This level of competition creates more value for your company as they all want a piece of it.

Step 2: Pick the right time

While this may sound similar to the first point, it comes at it from a different angle. Yes, the right time is when you’re at your peak – but what about the economy? Is it a smart idea to start selling businesses during a recession?

No. The ideal time is when the economy is in a good place and there’s a thriving market for businesses like yours. The second half of that line is very important – when the market demands are in favor of a company like yours, you can secure a massive sale price.

Step 3: Find the right way to sell

Clearly, selling a business is a huge endeavor that requires lots of moving parts. As a result, the only way to sell it should be through a legitimate business broker.

Brokers will help you get more money from your sale as they can handle negotiations with entrepreneurs or other businesses. They’ll also have a catalog of potential buyers that may be interested in what you’re selling. This is beneficial as it means the sale process can go a lot faster. It removes worries that the economic climate might change or your business may start dropping off before you sell it. If you want to sell quickly and get the best possible price, a broker is where it’s at.

Saying goodbye to your first business will feel very emotional. But, this is just the start of your journey. Or, who knows, it could be the beginning of an early retirement. Maybe you get so much money from selling your business, you no longer need to work anymore. After all, that’s the dream, right?

Focusing On Financial Viability To Support Longevity

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. There are numerous important aspects to running a business beside the revenue generation. You can give your chance the best prospects for succeeding by paying attention to them. The following contributed post is entitled, Focusing On Financial Viability To Support Longevity.

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Improving the financial viability of your company is vital to help you survive a range of economic factors including, but not limited to, inflation, changes in consumer demands, political unrest, wars and the threat of cybercrime, to name a few. Businesses that can prepare for the future and account for any changes and fluctuations in the landscape can support growth and longevity; however, this isn’t possible without first securing your financial viability and ensuring that you are well-placed to withstand anything thrown in your direction.

Accounting

Staying on top of your accounts is vital. Every business owner knows this. Poor cash flow and accounting are leading causes of business failure.

Daily records of transactions, incomings and outgoings will help you to see where you are right now. At the same time, accounting diligence can give you a more comprehensive oversight of your financial position, potential risks, and compliance, amongst other things. This is all vital information to help you make the best financial decisions going forward.

Improving Branding

To make your business future-proof, you need to offer something no one in the market is or a better quality of service or product than your competitors. Strategically increasing prices in line with quality standards can help you to focus on improved branding and reputation, thus cementing your standing in your industry. While raising prices can be a risk, it is a calculated one that can pay off if you have the standards to back up the cost increase.

Manage Debt

Debt can be useful in helping the business achieve its goals, expand, and develop what they do. However, too much debt can be damaging. Check if you can pay off your debts sooner rather than later or refinance what you owe to get better rates so you can preserve your cash flow for the business without putting it all at risk.

Manage Assets

You need to monitor the assets you own, their value, and their depreciation rates. Do you know how much cash is held in your assets? You must also know how quickly they are turned into liquid assets to support cash flow if required. Once you know this, you can determine if you need to hold onto them or sell them and invest in newer models and equipment.

Prioritise Cash Flow

Earlier in this post, it was touched upon about staying on top of your accounts. However, prioritising cash flow will help you to maintain good standing and financial viability more than putting other methods in place. How much you hold in liquid value you can easily access will help you make the right choices and ensure you aren’t hitting any stumbling blocks regarding your finances, putting you on the back foot.

Financial viability is about ensuring you know exactly where your business stands financially, how to prepare for changes in the industry, how your company can adapt and where all of your money is held. This information will support you going forward and allow you to make the right decisions and changes to support future plans and growth.