Category: Contributed Posts

Easy Ways To Save Money To Start Your Own Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the challenges to starting a new business is raising the money. There are several ways to approach this problem. What are some simple ways? The following contributed post is entitled, Easy Ways To Save Money To Start Your Own Business.

* * *

When you’re starting a business, the first thing you need is a great idea that has the potential to sell. The next thing you need is money. You can come up with all of the great ideas that you like but you’re never going to get anywhere without startup capital. At some point, you’ll need to go to investors to get some cash to build the business. But people aren’t going to put their money behind a business that hasn’t proved itself yet. You need to get things going and start building a bit of a customer base before you can realistically approach investors. If you’re lucky, you might have that kind of money sitting in your savings account but most people don’t. If you’re serious about starting this business, you’ll need to take some drastic steps to get the cash together. These are some of the best ways to save up money to start your own business.

Image From Flickr

Slash Your Budget

You’re never going to get to where you want to be without making some sacrifices. If you’re going to put together that kind of money, you need to be brutal with your budget. All of those luxuries that you normally enjoy are just eating into the cash that you could be saving for your new business. Write a new budget that covers all of your essentials and get rid of any extra luxuries. That doesn’t mean you can never enjoy yourself again but every time you think about spending money on something frivolous, look to the future and consider your business.

Earn Some Side Income

Your job might not be earning you enough to save for your business. If that’s the case, you need to find some ways to earn more money. Looking for a better paid job is one option but if that doesn’t work out, there are plenty of other ways to make money. If you know how to make a lot of money fast through side hustles, it’s a lot easier to save up the startup capital you need. You could do anything from becoming an Uber driver to trading cryptocurrencies. Whatever it is, just find as many ways as possible to bring in extra cash on the side.

Cut Your Startup Costs

You should have a goal amount in mind when you’re saving. Look at what the rough startup costs of your business will be and that will give you something to aim for. Things will be a lot easier for you if that bar is a lot lower, that’s why you should think about cutting startup costs for your new business before you even start it. Running it from home is one of the best ways to do that because you cut a lot of overheads like office space and lots of employees. If you plan a way of running your business on a barebones budget to start with, saving up the cash you need will be a lot easier.

Saving up for your own business is hard, but if you’re dedicated enough, it’s absolutely possible.

How Can You Better Protect Your Business?

Two of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. With most business enterprises today being digital and utilizing some form of technology, new security needs have been created. The following contributed post is thus entitled; How Can You Better Protect Your Business?

* * *

You’d like to think that if you would just work hard and get a stroke of luck, that your business would thrive. Alas, that’s not really the case. It’s a complicated world out there, and any number of things can go wrong! As such, it’s imperative that you’re treating your security just as seriously as anything else connected to your business. But since you’re an entrepreneur and not a security expert, it’s unlikely that you’ll know where to begin. We take a look at a few helpful pieces of advice below.

Source: Pexels.com

Set the Procedures

Taking a proactive stance is much better than a reactive stance, when it comes to your security (and, now we think about it, most things to do with your business). So take a look at your business, and identify its vulnerable spots. There might be weaknesses that you’ve never even thought of before which are leaving you open to attack; this is common with things like data security, which is a big concern at the moment. If you don’t know what you’re looking for, then you can work with a security expert. You can’t know how to keep your business safe unless you know where the danger is.

Hire the Right Staff

Your staff is the backbone of your organization. Alas, they may also prove to be a threat to your business, if you’re not hiring correctly. The vast, vast amount of crime that is committed against a business happens internally; that is, the staff are taking advantage of their knowledge and ripping them off. While there’s no way to completely limit the threat, it’ll be severely reduced if you’re checking that your staff are as trustworthy as they say they are before you hire them. Always follow up with the references they give you, and perform additional security checks too.

Systems in Place

There are plenty of modern systems that can incorporate into your business that’ll help to keep it safe, in a number of ways. For example, if you have CCTV cameras positioned around the edge of your business, then there’ll be a visual warning for would-be thieves to stay away (and, of course, they’ll also come in handy should anything be taken). An advanced protection system, like the one offered at www.apsmontana.com, will also provide added peace of mind that all of your alarm systems are in full working order. It’s all about putting all the protective pieces in place so that everything can run smoothly.

Get Covered

But what if something does go wrong? Try as you might, you can’t stay safe all the time. Accidents and other issues do happen! When they do, it’s important that the impact they have are kept to a minimum. You can do this by getting full coverage insurance. It’s not the most glamorous thing to buy, but you’ll be glad you did if something goes wrong – it might just be what keeps your business afloat. Don’t let one accident undo all of your good work!

Spend Less Time Doing The Business Tasks You Hate

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When starting any business enterprise, it’s important to be able to effectively manage your time so you can focus on the tasks that need your attention the most and not spend time tasks that don’t need it. The following contributed post is thus entitled; Spend Less Time Doing The Business Tasks You Hate.

* * *

Image Source

Whilst there are certain to be tasks within your job that you enjoy doing, there are also likely to be tasks that you dread – this could be anything from accounting to making phone calls. Fortunately, there could be ways to make these tasks easier and less daunting. Here are just a few ways to spend less time doing the tasks you hate.

Delegate them

If you have employees, one way to deal with these tasks could be to simply delegate them. Obviously, you want to ensure that your employees are capable of doing these tasks – if they’re not trained in this area or if they’re just as busy as you, delegating this task could be unfair and could result in it being done badly. There’s an art to delegating and the best employers know how to get the right balance. You should treat employees by giving them tasks they want to do from time to time. At the same time, you should also take on some of those difficult jobs to inspire your employees to do the same – if you’re not prepared to get your hands dirty, your employees may start to wonder why they should be expected to do so.

Outsource them

Another way to free up these tasks could be to outsource them to a professional that isn’t an employee. This could mean parting with a little extra cash, however by hiring a professional, you’re certain to get the job done competently. You can outsource practically anything nowadays. A few common tasks include office cleaning, marketing, accounting, IT support and legal support, however you can also outsource other tasks such as planning business trips, making phone calls and even answering emails. Always read testimonials and reviews before choosing a company to work with so that you get the quality service.

Automate them

Some tasks may be able to be performed by software. For example, it’s possible to build rotas and monitor work progress using software. It’s also possible to use software to automate invoices and bills – if you click here you’ll find one such programme. Such software may require paying a subscription fee, but this could be worth the added efficiency. You should always do your research before choosing software – this could include reading reviews online, attending software demos or downloading free trials.

Consolidate them

There could be tasks that can be streamlined to make them easier. This could include storing all your information in one place such as choosing one insurer with an all-in-one business package or going paperless so that all your files are digitally stored in one location. Whilst having lots of different options may save you money, it can sometimes make life confusing and could be making various admin tasks more gruelling.

How Technology Is Freeing Up Entrepreneurs’ Cognitive Resources

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship, and Technology. Like every other facet of life, technology has changed the entire landscape of business. Many of our new technological innovations have freed up the minds of entrepreneurs from the simpler tasks and are now allowing them to focus on the more critical aspects of their enterprises. The following contributed post is thus entitled; How Technology Is Freeing Up Entrepreneurs’ Cognitive Resources.

* * *

PxHere

Entrepreneurs have to think about a lot of things on any given day. Some of those things are profound and uniquely human, but a big chunk of it is formulaic and not particularly exciting. What’s interesting, however, is that technology is increasingly taking over much of the grunt work, freeing up entrepreneur’s cognitive resources.

Over the last couple of decades, technology – especially digital technology – has improved enormously. But not, with the advent of artificial intelligence, we see the emergence of machines which can perform cognitive tasks. For a while, smart software has been able to do things like reading handwriting – helpful for keeping a record of expenses – but today’s AI is moving far beyond that to do more sophisticated things, giving business leaders more time to focus on the things that matter.

Distributed Computing

Take the cloud, for instance. Managed IT services mean that businesses no longer have to worry about providing their own IT solutions. All that’s required for most companies today is an internet connection and a few notebooks connected to the network. In many cases, it’s no more sophisticated than a setup you might find at home. All the servers, admin, security and updates get done automatically, off-site by professionals who have a deep understanding of what they’re doing.

The role of the cloud shouldn’t be underestimated. It means that entrepreneurs don’t have to wrestle with IT issues in the same way as they did before. There’s no need to troubleshoot networking problems or do anything of these non-business critical activities. Founders are free to pursue the ideas which matter most to their business – they can deal more directly with their customer’s needs.

Artificial Intelligence

Artificial intelligence helps too. Although powerful applications of the technology are still relatively new, they’re helping those at the top of business automate much more of the dull, day-to-day stuff that needs to get done to run a business. Accounting apps, for instance, have made it so that small businesses no longer need to spend hours filing away receipts or calculating VAT. Instead, it’s all done automatically by the app with minimal user input using AI technologies. AI is also helping businesses with their customer service, with things like chatbots on their websites. Chatbots can provide customers with timely information on a range of issues without ever having to use the resources of real people in the business. These automated, website-based programmes can answer most questions.

Other technologies, like RSS feeds, are also reducing the difficulty of doing research. Articles posted straight to one’s feed reduces search time and conveniently provides updates.

The Long-Term Trends

This trend of freeing up entrepreneurial time for the most creative and high-value-added activities is set to continue. Economists at the University of Oxford suggest that the majority of formulaic work – stuff that can be broken down into a series of tasks – will be automated by smart software over the next twenty years. Thus, technology, in their opinion, will reduce the value of doing rote work and increase the earning potential of entrepreneurs with creative flair.

Making The Most Out Of Your Entrepreneur Skills

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Being an entrepreneur requires a different set of skills than being an employee. Before becoming an entrepreneur it’s helpful to know what those skills are, and even are starting your business activities, it’s important pay attention to those skills and intentionally grow them. The following contributed post is thus entitled; Making The Most Out Of Your Entrepreneur Skills.

* * *

Life as an entrepreneur is never going to be dull, wouldn’t you agree? Your mind is constantly buzzing with fresh ideas, new approaches to things or even the next step on your business journey. However, there are always you can improve things so that you are living your best entrepreneur life. You may be wondering how you go about doing that? After all, the main impression of any entrepreneur is you either have the gift, or your don’t. However, there are ways you can improve your life as an entrepreneur, making things easier on yourself and even advancing your business in some way.

Many people choose the life of an entrepreneur. They enjoy the thrill they get from creating something out of nothing. They are money magnets, always wheeling and dealing and able to turn their hand at anything. Some people envy them. However, one thing that people don’t think is that the life of an entrepreneur is hard. These things come easily don’t they? But that is where they are wrong. It takes work, dedication, and a lot of hours slugging away to make things a success. The thing that does come easy is the passion. But if you are hoping to make things a little easier on yourself as an entrepreneur then read on to find out more. I have shared with you what I think could help you make more of the entrepreneur skills that you have.

Image source

Improve your general business knowledge and skills

Perhaps you feel that you may have more that you can learn regarding business practices. It might mean that you choose to do things a little different, perhaps having a different approach or process to implement into your own business empire. You could take on a business management course, or even be very specific such as focusing on areas like marketing. Courses such as that can really enhance your skills and make you more confident in new trends and different ways of doing things. Other ways you can improve your knowledge is through networking. Heading to seminars and being around people in a similar industry or share similar interests can really help your business and you.

Be open minded to where technology can help you out

There is so much great technology out there these days, that you definitely need to be open minded to know exactly when and where it can help you out. Let’s start with the basics and the advancement of smartphones and tablets. Now as an entrepreneur you can be on the move and still working wherever you are. You might also want to think about the smoothness of transactions between technology and your servers and this is when server movers could be beneficial to your business. Other advancements in technology has to be in terms of how quick and easy you can reach people nowadays. Thanks to the digital platforms of a website and social media, you can be up and in business i a matter of hours. Having the right strategies in place to ensure that your business is seen, from a decent social media marketing plan to ensuring the content you use is optimised for search engines, can both be extremely beneficial to help you build a successful business life.

Image source

Change your attitude towards business

Your attitude could be your biggest hindrance. It can be your biggest asset or your worst flaw. A bad attitude is never received well. People don’t respond to negativity, and they certainly don’t respond to frustration and disrespectful attitudes. However, an attitude can be your biggest saviour in business, especially if you are prepared to put in the hard work and graft that is required of you. Sometimes you need to be able to ensure that you as a person come off in the best possible light. No matter what you do, first impressions still count for a lot. It is just these days you are able to make a first impression without needing to be face to face with someone. Think about what you say, how you act, and how you portray yourself online to ensure that you do all that you can to have the right attitude.

Have a more positive outlook on life

Positivity breeds positivity and having this sort of outlook on life can really help you as an entrepreneur. Naturally, you should be a fairly positive person anyway, many entrepreneurs are, but it can dwindle from time to time if things aren’t going your way. Many famous entrepreneurs believe in the power of positivity and things like the law of attraction so it might be worth acquainting yourself with some positive affirmations. Ding this daily and having the right affirmations and outlook on life can actually make you a much more productive person in other aspects of your life. It is about being proactive and having the tenacity to go out and get the things that you want out of life.

Look at the nitty-gritty of your business model

Finally, look at the nitty-gritty of your business model and see if there are any improvements to make. Things like a change in social media strategy, a different marketing campaign to sink your teeth into, or even something like a change within ranks in your business model such as offering other team members different roles, so you get a fresh set of eyes on different departments. You may also want to think about the benefits of outsourcing. It can be so tempting to want to do everything yourself, but this can often mean that you don’t complete tasks, or perform them with mediocrity. There is always something you can do, and your business is always there to be improved. Which helps you to grow and succeed in other ways. Doing this regularly can often ensure that you don’t miss out on potential opportunities.

I hope that this helps you to make then most of your entrepreneur skills and to make the most out of what you have available to you for yourself and for your business.

Business Finances: Simplified

Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Keys to successfully running any business or enterprise is: sound money management, control of cashflow and control of expenses. The following contributed post is thus entitled; Business Finances: Simplified.

* * *

Pixabay (CC0 Licence)

As a business owner, you will likely find there are countless demands on your time. However, there is one demand that is undeniably the most important of all: sound financial management.

The financial state of a business is, after all, the dividing line between business success and failure. While it is undeniably important to think about the future, plan for growth, assess your competitors, keep your staff happy and so on and so forth, without good finances underpinning your company, all of these tasks are rendered irrelevant. Finances are everything… but they are also incredibly complex.

This is far from an ideal solution: the finances relating to your business are important, but they are also confusing, detailed, and in need of constant nurturing. It could be argued that dedicating all your time to good financial management would mean you had relatively little time to do anything else – so how can you cope with the demands of the rest of your business, and managing the finances of that business?

There is, thankfully, an answer to this question: you simplify your business’ financial management; and below, we’ve put together a few ideas that can help you achieve this goal.

#1 – Reduce the number of companies you make payments to

A standard business could find themselves making payments to individual providers for the following products:

● Gas
● Electricity
● Your business cellphone
● Internet service
● Business insurance
● Liability insurance

This means that – at a minimum – you may find yourself juggling six different providers just to establish the basics of your business. That’s six different companies you have to research prior to purchasing, six different account numbers, six different provider terms and conditions, six different customer service phone numbers to remember in case things go wrong, six different monthly direct debits – and that’s just the bare minimum.

Such a scenario is all too common, and it is the enemy of simplified finances. Instead, look for providers that offer a range of services; you could buy your cell phone plan and landline from the same company, click here to find out more about companies that can provide more than one type of business insurance, and group together your utility needs under a multi-fuel account. These measures would halve the number of companies you have to research and deal with, greatly simplifying the management of your outgoing costs as a result.

#2 – Note every single purchase you make

Pixabay (CC0 Licence)

Imagine a scenario where you use your business credit card to make a stationery purchase. You’re busy, so you make the payment, tuck the receipt in your wallet – or archive the receipt email, if shopping online – and move on with your day, assuming you’ll record the transaction in greater depth at a later date.

There is, of course, a chance you’ll do just that – but running a business is demanding, and there’s an equal chance you’ll forget to do so. This means you’re effectively storing up a problem; a moment when you’ll study a bill, or go through your tax-deductible expenses, and be completely unable to recall the transaction. In the best case scenario, you’ll be able to find the receipt and track back, but even then, you’ve still spent more time than necessary on a small task.

Instead, record the following details about every purchase you make for your business:

● The amount of the payment
● The payment method you used; i.e. debit card, credit card, or cash
● The purpose for the payment
● The payment recipient
● The date of the transaction

You can then set a reminder on your phone to input the transaction into the relevant records and file the receipt for safekeeping as soon as is convenient.

#3 – Schedule account debits for the same time every month

If recurring outgoing payments debit from your account throughout the month, life can get confusing very quickly. You may find that you have to run the numbers and check you have the funds you need to cover future payments every time you wish to make a non-recurring payment or debit, which is far from ideal.

To avoid this, set up all of your recurring payments for a single day every month – ideally the first, as this remains the same date every month. You may find that you need to pay more for the first month on a new payment plan to change the dates, but this is well worth doing in order to achieve a more streamlined approach in future.

#4 – Use a “traffic light” system for financial tasks

Pixabay (CC0 Licence)

When managing your business finances, it can often feel like you have a plethora of tasks demanding your time – you have to make payments to suppliers, manage your receipts, balance the books, issue customer refunds, and many more besides. If you’re feeling overwhelmed, implement a “traffic light” system.

To do this, start by making a list of all the financial tasks that are demanding your attention.

● Red: tasks that must be completed as soon as possible, with potentially severe ramifications – such as fines or fees – if they are late.
● Amber: tasks that must be completed as soon as possible, but that will not result in financial ramifications if they are not completed immediately.
● Green: tasks that are important, but that are without a pressing deadline or a set point at which they have to be completed.
● Any task that does not fit into one of these three categories should be set aside to be perused at a later date or potentially discarded entirely.

When every task is assigned a color, you can then begin to work through them in order of priority: red, then amber, then green, accomplishing as many as possible in the time you have available.

In conclusion

Pixabay (CC0 Licence)

For your business to succeed, your financial management has to be excellent – but without consuming your entire schedule. If you give the tips above a try, you should find that you’re able to streamline your finances and exert positive control, while still managing to leave plenty of time for other business-related tasks. Good luck!

Looking To Grow? You Have To Let Go? How You Can Work With A Remote Team Effectively

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. With today’s technology, many workers are working remotely. There are certain keys to working with remote teams. The following contributed post is thus entitled; Looking To Grow? You Have To Let Go? How You Can Work With A Remote Team Effectively.

* * *

Picture

Growing a business these days means having to find ways to cut financial corners. If you’re someone that’s on the road constantly, remote work is an essential cornerstone of a developing company. Many businesses use remote workers now, but for all of the pros and cons associated with remote working, if this is essential right now, how can you work with a remote pool of workers effectively?

Don’t Confuse Brevity With Clarity
When we looking to maximize our effectiveness and we need to communicate with remote teams via email, we can feel that the fewest number of words possible is the only course of action. But, we can confuse brevity with clarity. You have to think about getting your point across, not just so your workers know what to do, but so you can avoid any bounce back. A lack of clarity will result in more confuse responses which will triple your workload and reduce your productivity for that day, meaning you will have to work hard to catch up later in the week. Regardless of your type of work, whether you’re growing a digital agency, a pool of bloggers, or an e-commerce business, if you have remote workers that have to be firing on all cylinders, you have to ensure that you are able to distill exactly what you mean into a message so that it leaves no stone unturned. This is a fine art.

Breathing Space
The anxieties that creep in when we’re running a remote team is that we, very simply, have no idea how our employees are working. There are ways for us to ensure they are on the right track, regular meetings, either in person or via video call work perfectly fine, but part of the draw of remote working, especially when you are starting up a business, is that the employees have some sense of freedom. They are working from home, so they are able to do things, within reason, their own way. The temptation can be for us to breathe down their necks a lot more and metaphorically look over their shoulder. But you have to think about the overarching productivity. If you are constantly pinging messages to an employee to check on their work, you’ll have to think that this will invariably slow them down. This is why it’s better for you to instigate communications first thing in the morning or the end of the working day. It all depends on the feedback you have to give, but working at home comes with its own unique set of challenges, and we have to think about this, because if we are sending numerous little emails, messages, and we are one step away from picking up the phone and speaking to them, the number of little tasks that they have to do throughout the day that purely involves messaging you back could slow them right down and impact you at the end of the week.

To work with a remote team, it requires the ability to say what you mean, but let them work in their own way. In many ways, you are relinquishing a lot of control, but if you are looking to grow, then you have to let go.

 

Vital Signs: Essentials To Keep A Healthcare Startup Functioning

Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. The healthcare industry is booming today and many healthcare startups have been started. As with any enterprise, it’s important to know how to survive in your chosen sector. The following contributed post is thus entitled; Vital Signs: Essentials To Keep A Healthcare Startup Functioning.

* * *

Picture

The healthcare industry is booming. And it’s hardly a surprise; a service that provides support to every single one of us in our hour of need is naturally going to reap the benefits. But when there are so many healthcare startups nudging for space at the proverbial operating table, so many can fall by the wayside. In order to keep a healthcare company functioning, what are the essentials we need?

A Solid Workforce

Now with the necessity to outsource certain processes, the notion of a solid workforce can seem as old as the hills. But it’s a fundamental of any great business. Regardless of the procedures that you outsource to contractors and various freelance workers, a solid workforce can still be nurtured. It isn’t to do with who you hire, but the culture you nurture. We know that the healthcare industry struggles with retaining its workers, which is unsurprising due to the high levels of stress involved, but if you go into this with the knowledge that you are going to be firefighting multiple blazes at once, and you reinforce the notion of a solid workforce that bandies together, this will be the tie that binds in every aspect of your company.

Working With The Right People On Their Terms

Understanding your place in the supply chain is invaluable. Having an understanding of the knock-on effects and problem-solving supply chain issues as they come up is even more important. And this, in many ways, goes back to the team you have around you. Specialists are numerous in the medical field, which can mean that each individual doesn’t feel that they need to work as part of a unit, but this is where you come in, and your management expertise helps to bring the entire unit together. Taking this ability to work with various strands of the pecking order and making each piece of the puzzle work together as one is an essential skill that the best entrepreneurs have. You may not have deep-seated knowledge of the medical coatings that provide lubricants and hygienic support to the equipment, nor may you understand any aspect of a tracheostomy, or even if the word “Mayo” makes you think of the word “sandwich” instead of “Clinic”, if you have the ability to work with people on their terms, but still keep track of the bigger picture, this is how your startup will continue to function.

The medical industry is bound by rules and regulations, but we need to remember that it’s a business, and so, many the aspects need to be treated as such. But what really makes a healthcare business succeed isn’t just the, pardon the pun, clinical approach to business, but it’s about understanding the overarching importance of the human factor. It needs to continue to function for the people that need it. Patients, customers, whatever you want to call them, they are the bread and butter to keep you functioning. And this means, as such, you have to work hard on the reasons to entice them. This goes back to marketing, promotional materials and the like. It’s important not to treat a medical business as its own entity; it is, after all, a business.

Save A Sinking Business This Year

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key to running any business is understanding how to ‘course correct’ and make the necessary adjustments in your operations when necessary. The following contributed post is thus entitled; Save A Sinking Business This Year.

* * *

Image

If you are either working for or own a business who is struggling to make ends meet, it can feel as if all hope is lost and the idea of saving a business like this can seem out of the realms of possibility. However it is not impossible to save a sinking ship even when on board, and today we are going to have a look at how you can do it.

Sell

The first thing you will want to think about doing if your business is failing is to sell things you no longer need and let go of staff to save as much money as you can. It might mean you have to downgrade the office and work from your own house for a while, but the money you can save here will be used later on to help you get back on track and dominate your industry once more.

Increase cash flow

Cash flow is of course always going to be the be all and end all of business, and you might think if you are struggling to sell your products that increasing cash flow will be a mammoth task. However, from a simple point of view, if you can sell product you will make money, and you can use https://businesslineof.credit/ and other methods to increase cash flow by reducing the prices of your products or offering bulk buy discounts for people. It will never be totally ideal but it is better to have cash flow than nothing at all.

Save on office rental

Office rental is likely one of the biggest costs you are incurring each month to keep your business alive, but this isn’t always a necessary cost and it can be doing you more harm than good in the long term. Think about moving to a smaller office space or taking up some spare desks in a new office and this can make a big difference to your profits each month and mat just be your saving grace. You can find co-working spaces in mot big cities and have a look here for more info: https://www.manchesterdigital.com/co-working-space

Outsource

It is sad to admit, but a lot of the time the biggest costs you will see in your business are the employees who work for you every day. The idea of having to let employees go is never nice however it is something which sometimes is necessary for the security of your business venture. You can think about hiring outsourcing companies to come and do things like marketing and finance and this will be much cheaper than paying someone a full time wage.

Save on everything

Need paper? Get recycled paper. Looking for a desk? Find one on eBay! There are so many ways you can save on every day items when you come to run a business and taking the time to research and locate the best deals might be just what you need to bring the business back from the brink of failure.

You Need to Keep Your Technology Up to Date: Here’s Why

Three of the key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurshp and Technology. A major component of running any successful business today is properly leveraging technology and making sure that it’s up to date. The following contributed post is thus entitled; You Need to Keep Your Technology Up to Date: Here’s Why.

* * *

Image Credit: Unsplash

We all keep saying that technology is at the heart of every business – from your website to your business processes, technology keeps the world going round. But if this is really the case then why do so many businesses make do with ancient computers, outdated systems and lacking security systems?

The main reason is this: laziness. New technology might cost a lot but given the return on your investment, this shouldn’t be a stumbling block for most businesses. No, laziness is holding lots of businesses back but there are a few things that might get you out of your seat and into action!
You Don’t Have to Go It Alone

Though you might be worried at the prospect of new technology, any IT support company will be able to get you set up and running on a new system really quickly. They will also be able to offer you constant access to support so that if anything goes wrong, you will have someone to help fast.

Generally speaking, the latest technology is easier to fix up faster for 2 reasons: 1. it is already much faster than other technologies and 2. technology is always evolving and many programs are now updated regularly. This means that even if there is a problem, it is much more likely that a fix will be available.

If you want to keep your business open 24 hours a day, the right technology is crucial.

Increase Your Productivity

Technology has always been about increasing productivity by improving efficiency. From the first machines that took workers from their living rooms to the factory floor, technology has made work faster and cheaper to produce – no matter whether that is writing a blog or building a car. And with ever more creative technologies appearing on the market, you have a lot to take advantage of.

When it comes to upgrading your technology, you have 2 choices: to keep up with the crowd or to get ahead. Keeping up should be the bare minimum you do but getting ahead of the crowd could be the difference between being part of your industry and leading it. As any business owner knows, the more productive you are and the greater your efficiency, the better your reputation will be and the more likely you are to attract star talent – even better!

Impress Your Clients

It’s not just prospective job candidates who will be impressed by your use of technology – customers and clients are always looking for the companies who are pushing the boundaries of their industry. Even in businesses where you might think that technology would take a back seat, it can have a great impact – just consider the way that the internet has changed the retail industry.

The key is that your technology should be used to demonstrate to your clients that you aren’t just forward-thinking, but you are considering every aspect of their experience with you. The more innovative you are in finding technological solutions, the more impressive your business will look.