Financial Literacy and Money – Page 72

Can Small Businesses Work Internationally

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Many people want to establish small businesses domestically, but what about internationally? In some instances this can work but there are some considerations. The following contributed post is entitled, Can Small Businesses Work Internationally.

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Expanding and growing your business is always an important part of its lifecycle. The larger you can make your venture, the more money you will be able to make, and this is an aim that most companies share. Of course, though, many businesses find themselves struggling when they restrict themselves to a single country. Working internationally can solve this issue, though there will always be some challenges that come with this approach. To help you out, this post will be exploring some of these issues, giving you the chance to overcome them before you even start.

The Law

The law can be a tricky customer for small businesses, and working in another country will only make this harder. Not only do you have to follow the rules in your own country, but you will also have to follow any rules that come from the places you’re selling to. This can create problems if these laws contradict one another. Getting the help of a lawyer that understands international law will be a good way to approach this.

The Language

Next up, it’s time to think about the languages spoken in the countries you work in. You can’t expect your customers to deal with communication barriers like this, and you need to find ways to be able to talk to them. A bilingual answering service can often be the best tool to use when you’re trying to solve problems like this, and you can find other services out there that will make it easy to handle affordable translations. This can cost a small fortune if you hire someone for the job.

The Culture

The culture of a country can make a big difference in the way that you market your products. This can be seen when you compare adverts in countries like China to those found in the USA, with elements of each culture shining through in their marketing efforts. This shouldn’t be too hard to nail down, but you may need to start posting to more social media accounts, ensuring that you can reach out to all of the places you’re trying to sell to.

The Competition

Finally, as the last area to consider, it’s time to think about competition. You will always have to compete to sell your services, though this can be much harder when you’re having to deal with local companies in different countries. Hiring a dedicated marketing company can help with this, taking the pressure off of your shoulders while ensuring that all of the work that is done will have a positive impact on your company.

Selling products in different countries will always be a challenge. No matter how hard you work, you will always come across issues that make the whole thing harder, and you need to be prepared to take them on before you get started. This will be a trial, but the results could be well worth it for your business.

The Best Advice To Keep Your Vintage Car In Tip-Top Shop

A key focus of my blog is Financial Literacy/Money. Many would argue that a car is a liability and not an asset. A vintage car though if maintained could be a valuable item for resale at some point if you maintain it properly. The following contributed post is entitled, The Best Advice To Keep Your Vintage Car In Tip-Top Shop.

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While some people prefer a brand new set of wheels every couple of years, others have a different attitude – why fix something when it’s not broken? You may feel nostalgic about a certain car, and want to keep it going as long as possible. Or perhaps you prefer the look of older cars. Maybe you’ve got a classic car or antique beauty you still want to take for a spin! Older cars can be great assets if they are well kept. Taking care of your vintage car means much more than simply keeping it looking aesthetically pleasing and today, we’re going to give you the best advice on how to keep your vintage car in tip-top shape!

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Regular servicing

All cars need servicing at least once a year, but with your vintage car you’ll have to do this much more often. Many of the internal mechanisms on your car will be very old – perhaps even older than you – and will need regular check ups to ensure it continues running for as long as possible. Speak to your mechanic about the possibility of using arc spray to aid the prevention of wear and tear, and generally to help keep your car together for longer.

Lots of waxing and buffing

The paintwork on your vintage car is going to be more susceptible to damage, so you’ll need to take extra care of the paintwork. Waxing and buffing the paintwork on your car will help protect it from general damage when driving it around.

Use your car!

One mistake that many vintage car owners make, is leaving it in their garage or on their driveways for too long. They then struggle when trying to take it out for a spin. Taking your car out for regular drives will help keep all of the components working to the best of their ability.

Source car parts wisely

Vintage cars are going to be harder to source parts for, especially if the manufacturer doesn’t make parts anymore or worse, isn’t in business. Shop around for car parts to find the best quality parts for your car. Many vintage car owners have purchased parts for their car that actually depletes the value in the long run! Speak to a professional before buying parts to avoid this happening to you.

Tuck it in at night

If you don’t have a garage at home, it’s advisable to tuck your car in under a protective cover to help prevent weather damage ruining the paintwork. You can find car covers easily online and fairly priced too.

Keep an emergency fund for repairs

Finally, you should consider keeping an emergency fund for repairs on your vintage car. As mentioned earlier, it’s harder to source parts which could mean repairs will be much more expensive. Your mechanic may need to charge more than a ‘modern’ car for repairs and part sourcing too, so it’s always useful to have some spare money to ensure your car is back on the road in no time!

The Raw Truth: Making Big Bucks From Startups Takes Time

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Whether you’re the business owner or the investor, a lot of money can be made from start companies also known as “startups”. The truth however is that these ventures in all likelihood won’t started generating significant cashflow early on. The following contributed post is entitled, The Raw Truth: Making Big Bucks From Startups Takes Time.

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A few companies start generating profit immediately. But almost always, the most financially rewarding enterprises make practically nothing for the first five years of operation. There’s a long ramp between setting up the firm and actually getting a return for all that hard work.

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Take Square, for instance, a company heavily involved in payment systems. The firm, operated by Jack Dorsey of Twitter fame, was lambasted by investors in 2013 for failing to make any money. That year it lost nearly $100 million after taxes and depreciation, and many thought it would fail. Furthermore, the company had already been operational for four years, meaning that such losses were even more difficult to bear. Investors wanted to see a return, but they weren’t getting it.

Just a couple of years later, though, all the doom and gloom disappeared. The company turned things around. And now, it is part of practically every investor’s stock portfolio. You can’t afford to leave it out.

What happened? Essentially, Square spent the first five years of its existence looking for long-term profit opportunities. It didn’t try to satisfy investors by the quarter. Instead, it made decisions that were costly but would set it up for market dominance in the future. These bold decisions then attracted more investors who kept the enterprise afloat until it started making money.

It’s not the only example, either.

Amazon

Jeff Bezos founded Amazon in 1994. The company increased its sales to around $150 million by 1997 and over a billion in 1999. Unfortunately, it wasn’t making any money over this period. In 2000, the company borrowed billions from investors but had less than $350 million in cash on hand at one point.

It took the firm until 2003 to turn a profit, but it was a weak result. Many people believed that Amazon would never make any serious money.

Bezos, however, had a plan. He decided to invest all additional revenue into the firm to develop its technologies and systems. Eventually, it became the market leader, able to do things other eCommerce brands couldn’t. Ultimately, it came to dominate the market, even managing to beat out rivals like eBay.

Tesla Motors

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Something similar is happening with Tesla motors. The company began in 2003 and yet it didn’t manage to turn its first profit until 2013. After that, it continued to make losses, only making serious money towards the tail end of 2019. That’s a long time to wait!

According to fintech industry experts, something similar is happening in their sector. The InsurTech Accelerator, for instance, provides security for firms with a long ramp. The hope is that the sector will see success stories similar to those of Amazon and Tesla.

Making big bucks, therefore, takes a long time. When you reinvest profits in a firm, you’re essentially compounding your advantage (as you might with a stock portfolio). The longer you leave it to take money out of the company, the more it’ll eventually make (so long as you make smart business decisions).

Outsourcing Tips for Startup Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Successful businesses must understand when it’s time to grow and expand operations. In some instances that involves leveraging the skill sets of other via outsourcing. The following sponsored post is entitled, Outsourcing Tips for Startup Business.

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One of the biggest problems small companies have is employing enough people with the skillsets needed to accomplish all the daily business operations. With limited funds during the startup period, more in-house services are being outsourced to save valuable financial resources. Here are just three of the many ways a small business can save money by outsourcing.

Marketing

If you want your company to grow amidst the online noise of thousands of other business ventures, you will need to stand out. Outsourcing social media interaction with consumers, ad strategy, and international content can allow you and your business to make a better product, advance your local consumer base, and grow your company.

Web Design

Even if you know someone that can design a web program for your business, consider outsourcing the design and management to a qualified technical team. Web developers are just the first component of a long-term partnership of resources your company will require as it grows. From online purchases to website blogging, your business will need a skilled individual to manage its requirements.

Accounting

Every business needs an accounting, payroll, and billing system to keep the money flowing through the company and out to valuable employees. Rather than take the time necessary to train personnel on accounting procedures and compliance processes, many startup businesses are starting to outsource most, or all their accounting needs to companies such as bookkeeping services Des Plaines IL. Placing financial operations into the hands of trained individuals saves money and makes the process efficient.

Outsourcing was once considered available only to large companies with expansive available finances. Just the opposite is true today. So, if you are creating a startup business and you have big dreams about growing the company, consider outsourcing some of your critical business operations. You may find it works well enough to continue the partnership even after your business expands.

3 Fool Proof Ways To Escape Your Debt

A key focus of my blog is Financial Literacy/Money. A key to winning with money is controlling and eliminating debt. As such, figuring out ways to get rid of your debt is critical to your long-term strategy. The following contributed post is entitled, 3 Fool Proof Ways To Escape Your Debt.

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If you are struggling with debt you are certainly not alone. Recent statistics suggest that a massive percentage of the national population is facing debt that they can’t manage by themselves. Some will let it build and build to the point where they feel completely helpless. Others will file bankruptcy in the hope it will give them the fresh start that they need. While bankruptcy can provide anyone with a certain level of financial freedom, there are issues. For instance, you can lose a lot of your assets including your car or your home. That’s why you might want to explore alternative ways to deal with your debt. Here are some possibilities.

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Cut Your Credit Cards

It is worth noting that dealing with debt isn’t just about wiping out the money that you owe to different sources. That’s just one step because you also have to make the right changes to your lifestyle. If you don’t do this, then you will find yourself back in debt a lot quicker than you would like even after you clear it off. That’s why it might be worth cutting your credit cards and ensuring that you are no longer able to rely on them in your life. You could also think about setting a budget. This means that you won’t have to worry about ever accidentally spending more than you can afford.

Look At Debt Consolidation

You could also explore the option o debt consolidation. Debt consolidation is useful because it means that you can push all your debts into one sum rather than them being spread out. This is going to make your debt easier to manage and can provide a lot of relief. Of course, the main benefit of debt consolidation is that it should mean that your interest rate is reduced. If you can’t cut down the interest rate, then debt consolidation probably isn’t going to be worth it for you. This usually depends on your credit score.

Find The Right Support Structure

You do need to make sure that you find the right structure for dealing with your debt. You will find a lot of different choices on the market here so it’s important that you find the right one for your needs. If you explore DTSS reviews, you’ll find that there’s a lot of information suggesting that the company does have success in helping people escape their debt the right way.

Alternatively, you might want to rely on friends and family members for help here. The benefit of using these individuals is that they won’t charge you interest but it can put a strain on your relationships with them.

We hope this helps you understand some of the best ways that you can escape your debt and get your finances back on track. Once you do this, you’ll find that you are in a far stronger position all around. You will improve your quality of living and you’ll be able to stop worrying about money being a constant burden in your life.

5 Warning Signs in Life Where You’ll Need Legal Representation

Three focuses of my blog are Financial Literacy, Business/Entrepreneurship and Organizational and Management Discussions. One of the keys to being successful in business is to predict potential outcomes. A potential negative outcome for any business is legal encumbrances. The following contributed post is entitled, 5 Warning Signs in Life Where You’ll Need Legal Representation.

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Hiring a lawyer is something that very few people do in life. After all, most of us tend to stay out of trouble so there’s no reason to hire one. However, there may be situations where trouble comes to us, or we make a bad decision that ultimately leads to a court case. Unfortunately, hiring a lawyer as a reaction to this can be a detriment. By the time you’ve been alerted that you’re being taken to court, you likely don’t have much time to find a suitable lawyer. While some situations (such as being arrested) will entitle you to some legal representation, other circumstances might not.

So to help you out, we’ve put together five warning signs to look out for that will tell you that you’ll soon need legal representation.

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1. Getting into investments and business

Legal representation is important when you’re getting into investments such as property. While you likely won’t be arguing against others in a court case, you might need legal representation for other situations. Legal assistance is always helpful to ensure that you are approaching your startup or investments in a safe and legal way. It’s also important to have due diligence meetings with investors and attorneys.

2. Your business is starting to get popular

Business lawyers are essential to any kind of company, but if you’re starting to gain in popularity then it’s a good idea to have legal representation ready. This is because you need to be able to protect your business, your intellectual property, and also take others to court for infringing on any copyrights and trademarks you own. If your business is getting into the big leagues, you’ll need all the legal assistance you need.

3. Facing any kind of injury that isn’t your fault

We’ve all heard it before; get a personal injury lawyer to help you claim compensation. No matter how cliché it sounds, it’s good advice that you should follow. Personal injury experts like https://www.shea-shea.com/ are going to be essential services should you experience an accident of any kind. They’ll help you get the legal representation you need to claim compensation and can help argue your corner. If you end up in an accident with multiple people, it’s a good idea to lawyer up as soon as possible.

4. Any kind of charge against you

Be it a DUI, drug charges or any kind of criminal charge, it’s a good idea to hire a lawyer quickly. In most cases, you’ll be offered legal representation, but we suggest looking for a lawyer on your own accord for more peace of mind. Always look into their experience and ensure they’re proficient in the area of law you need them to be. Ask about previous clients or knowledge of local news, such as the Daniel Fung arrest after he was murdered, to get a better idea of their track record. Being charged or arrested is scary, but with legal representation, it’s much easier to handle.

5. You’re going through a tough relationship

If you’re in a nasty or complex relationship that seems to be on its last legs, then you should get ready to hire legal representation. If you and your partner mutually agree on all aspects of your separation then you don’t actually need a lawyer. However, things can easily get nasty if you’re not careful, hence why we’d always recommend looking for lawyers when your relationship is starting to crumble. You’ll never know when you’ll need to defend your assets or custody of your child.

Updating Your Office Space: A Guide For Business Owners

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“If you run an office space as a business owner, you’ll know that keeping your space safe, stylish and up to date is a challenge.”

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Three focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Organizational/Management Discussions. Office space in any business or organization is critical. One of the keys to your business is optimizing and updating your office space. The following contributed post is entitled, Updating Your Office Space: A Guide For Business Owners.

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If you run an office space as a business owner, you’ll know that keeping your space safe, stylish and up to date is a challenge. Not only are updates to your space costly, but they are time consuming, and often create a disruption to the workflow of the office. But of course, with great power comes great responsibility, and if you want to be a responsible business owner, keeping your space user-friendly and up to date is essential.

How Often Should The Space Be Updated?

If your original office space was well-built and well-designed, you should not need to update it often. With proper maintenance, cleaning and care, the building may only need refurbishments every fifteen to twenty years. This also depends on the business. If you run a café or restaurant with a lot of footfall, these refurbishments should happen more frequently, as the general wear and tear of the place will increase.

What Should Be Prioritized?

As with most things, safety should be the number one priority. If you feel your space needs multiple changes to be made, take it one step at a time. The core safety of the building, its structure and safety exits should come first. Installing fire-safe MCM panels on the outside of your building and ensuring that fire exits are safe and well-signposted are essentials for your building.

After safety is taken care of, the next priority should be your office’s usability for its employees. Offices should be spaces that encourage collaboration, concentration and productivity. This means that the layout of the office should be designed for employees to have both peace and quiet, and spaces to collaborate.

Finally, there are the finishing touches. To make your office a standout space which your employees love to spend time in, add colour, nature and a few easy perks. These are simple additions which transform your office from a mundane place of work to a chic locale.

Some ideas for these design finishing touches are:

● Houseplants. These are fantastic additions to any room with natural light. They are inexpensive and beautiful, and amazingly, they help purify the air in your office.
● A good quality coffee machine. Seriously. Although a coffee machine is a slightly expensive addition, your employees will be thrilled with this addition. Coffee goes a long way, particularly in stressful times when extra energy reserves are needed.
● Chill-out spaces. If your office is not in a city centre, and is not surrounded by cool hangouts for your employees to kick back in on their breaks, create one in your own space. This can be as simple as a few bean bag chairs and a Playstation for everyone to enjoy their downtime.

Outsourcing Your Updates

If you are concerned about updating your office space, contact a contractor who can talk you through the process and ensure the work is being done safely and legally. If you need help with design, contact an office designer for a quote, or use the internet for office design inspiration!

Don’t Overlook Safety

Upgrading your office is not just about aesthetics; it’s also about creating a safer environment for everyone. Ensure that exits are clear, cords are secured, and emergency plans are visible. Small updates, such as improved lighting in stairwells and the addition of anti-slip mats, can help prevent accidents. Fire safety should be a top priority as well. Make sure your space has functioning alarms and accessible fire extinguishers. These simple steps can help protect your employees and equipment in case of an emergency.

3 Threats That Could Bring Your Business To Its Knees

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner, you want to always be conscious of threats to your operations and to be proactive about them. The following contributed post is entitled, 3 Threats That Could Bring Your Business To Its Knees.

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When it comes to running a company, it certainly can be a risky business! In fact, there are often all sorts of threats that loom over your business, that could quickly bring everything you have worked so hard and so long for, crashing to the ground. Fortunately, proper planning can significantly minimize the risk that such threats pose to your company. A topic you can read more about below.

Compliance Risk

Compliance is how well your business meets the laws and guidelines set out by the countries and sectors that it operates in. For example, in many places, companies will be expected to protect customer data, protect employees’ health and safety, and protect service users by acting within strict guidelines and operating codes.

Additionally, if your business fails to meet such codes, you make yourself vulnerable to many risks. The first of these is the fine and punitive action professional organizations, governments, and private citizens can take against you. While the second is that by intentionally or accidentally not complying, you can jeopardize the reputation of your business. Something that can lead to a lack of customer trust and so negatively impacts on success.

Therefore, always familiarize yourself with the codes relating to your business. You must also demonstrate that you are doing all in your power to meet them while also keeping the necessary documentation. Of course, if you are unsure or unclear on any official rules or guidelines, consulting a legal specialist in the areas in which your business operates is best.

Physical risk

Another type of threat you must plan for when running a business is physical risk. There many of these that need to be considered depending on your location, including flooding and earthquakes. Then there is fire, which is not so location-dependent and is a threat that can wipe out your assets and pose a genuine threat to the life of your employees and clients.

The good news is that there are several actions you can take to minimize the risk of a fire occurring and the risk of it causing damage and injury. One such step is to ensure that any buildings you own or lease are constructed with fire safety in mind. Something that may mean using resources such as fire curtains in large open plan spaces. The reason being that they block space off, preventing a fire from spreading and making it much safer.

Security risk

Finally, when it comes to threats to your business, you must carefully consider any security risks. This means dealing with both real-life perils such as burglary, and vandalism, and cybersecurity issues.

To that end, you must give as much attention (if not more) to your online security as you do the protection of your buildings. Something that means you will need to consider tactics such as two-factor authentication for users, and robust cybersecurity policy and training. Also, finding data storage providers that use the most up to date cybersecurity systems possible is essential here too.

The Novices Guide To Property Development

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Real estate investing is a game all in itself. A key piece/knowledge set of the game is property development, something that isn’t obvious to novices. The following contributed post is entitled, The Novices Guide To Property Development.

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Being a property developer is a goal for many amateur investors. If you have a nest egg in your savings account wallowing and accruing a woeful interest rate, you may want your money to work more aggressively for you. You will need to withdraw some of your hard-earned cash to develop a more exciting investment portfolio. Investing in bricks and mortar is often seen as safe as houses. With people always needing homes to live in and populations increasing, it can be a sector worthy of consideration. If you have an eye for decor, you are a tad creative, and you don’t mind getting your hands dirty, you might be interested in reading this novice’s guide to property development.

Budget

It’s crucial that you understand how renovating a fixer upper works in terms of your budget considerations. You need to factor in the purchase price, the cost of your scheme of works, followed by the fees and taxes you may be liable for. If you total this up and you still have a healthy profit margin, then it could be a goer. Budgeting requires you to consider a contingency. Property development can always throw up weird and wonderful issues that can be costly to fix, from damp in the bedrooms to needing a full replumbing of the bathroom. Ensure that you are wary of this and have at least a ten per cent contingency should you need it.

Works

When you begin renovating your property, you will need to draw up a list of jobs that need completing from the major works like a loft extension to the tiny jobs like replacing the hinges on doors. When working out costings, take into account how much tradespeople cost. If you are working at height, you may need to consider edge protection and scaffolding especially if you are looking to install a dormer or you need to replace a roof.

Think about getting onto a course to help you learn a trade. Investing in yourself could help you save money in the long run. While the initial outlay to learn how to plaster could be costly, you can then do the skimming work yourself on every property that you choose to renovate in the future. While you may need to use a gas engineer or an electrician, you can whip up wallpaper, do the painting and possibly have a go at fitting a kitchen to save you money on renovations.

Sell Or Rent

When you are looking at the end-user of your property, this could be a buyer or a renter. You might want to think about whether you are going to flip your new pad and sell it on quickly or whether you are seeking a longer-term investment to rent to a tenant. Renting when at a yield of over six per cent is a great way to achieve a monthly income, pay the mortgage, and still end up with some leftover cash to top up your savings. Renting is an exceptional way to provide a high-quality home for others while accruing a greater level of profits than you would if your money remained languishing in your savings account.

Follow this guide and you won’t be a novice property developer for too long, as your investment portfolio goes from strength to strength.

Mitigate Investment Risks As A Business

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. As a business owner you must think about mitigating risks. Learning to mitigate risks will assure that your doors stay open. The following contributed post is entitled, Mitigate Investment Risks As A Business.

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Investment is very important when hoping to grow as a business, as any mid-tier business owner would know. But it’s not only making investments that requires forethought, rather securing the quality of those investments is everything, and this should be considered in advance.

But how can you achieve this most important of goals? As a firm, you likely have so many more variables to keep track of that managing your investments, forecasting likely results, and learning how to properly diversify your portfolio can be a very hard ask. Where to begin with such an intensive responsibility?

Well, we believe we have some answers that may aid you on your journey. Mitigating investment risks as a business is often your most important, most affecting step. After all, it’s amazing to see the opportunity in something, but this must always be leashed by your ability to forecast and manage the pitfalls. If you can achieve that, you’ll be in good stead for positive future results.

Without further ado, let’s move into the advice:

Commercial Estate Brokerages

When hoping to find the best commercial real estate to invest in, or if investing in it and wishing to take good care of your new asset, finding an excellent commercial real estate brokerage can be a great idea. Not only can they help you manage and forecast upcoming events or pricing fluctuations that may result in a better or more worthy investment, but they can also help you manage the property on your books with clear and concise predictors. This helps you not only find the best investment, but carefully protect it as the years go by.

Forecast Results

It’s important to forecast the results of your investment and the knock-on effects they may have. For instance, investing in precious metals as of the moment is likely a strong predictor of stability, but that’s not always the case depending on the size of investment and where the diminishing returns may be. Using cost pattern analysis and past valuations of a particular investment, you may be able to predict a future value. This is why big tech companies often invest or outright acquire smaller startups that seem to be succeeding in a novel idea, they are both acquiring the potential value of said company and nullifying a future competitor. Investments are always regulated by time, for better or worse.

Set Defined Guidelines

Set defined guidelines about what level of risk you are willing to accept. For some, this may mean making a loss on a certain project for years, because ultimately the utility will be worth it. This is the difference between finding a new office space or renovating and extended part of your currently owned building. When you set the guidelines for the risks and timelines you’re willing to accept, you will ultimately feel more comfortable in taking on risk, as it will have been planned from the offset.

With this advice, we hope you can mitigate investment risks as a business, time and time again.