Make Sure You’re Focusing On What Matters In Your Business: Here’s How

“If you’re a business owner, something you really need to get to grips with is focusing on what truly matters.”

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. In any business enterprise, it’s important to know which aspects to focus on to ensure that your operations stay open and grow. The following contributed post is thus entitled, Make Sure You’re Focusing On What Matters In Your Business: Here’s How.

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If you’re a business owner, something you really need to get to grips with is focusing on what truly matters. If you put too much focus on things that won’t make all that much difference to your business, the trivial things, you’re going to run into problems at some point. Here, we’re going to discuss how you can focus on what really matters. Read on to learn more and make sure you’re getting this right…

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Simplify Things

If you want to focus on what truly matters in your business, you’re going to need to simplify things as best you can. The majority of businesses start from a simple idea or solution to an everyday problem. Simplicity is best, so make sure your main intention is to keep your business simple as you grow and discuss concepts. If your business becomes too complicated, it can easily become too expensive. These types of ideas are also far more difficult to both market and to implement. Simply narrow your focus and things should become clearer for you. All you need to do is find out how you can deliver a simple, high-quality product or service, and then go from there.

Once you have an idea of this, you can begin looking into ways to make your business processes even easier. You can invest in apps and software, such as http://www.designdocs.com/pricing to enable better project management and collaboration, which will always improve the way you do things and allow everybody to focus on what’s important.

Don’t Focus On The Product – Focus On The Market

Don’t focus too much on your product in order to get those sales in. You need to focus on the market more so than you do this. Never, ever fail to take into consideration the market you’re looking to impress with the product. If there isn’t a market for your product, it won’t matter how innovative or revolutionary it is. You must focus on niches if you want to be as successful as possible.

Make Sure You Have A Strong Support Team

Establishing a strong support team right from the beginning is crucial – you’re unlikely going to be able to run a business all by yourself. They don’t have to be business partners either, so don’t panic. They can just be family and friends. They can be mentors. All they have to do is be people who can help you when you’re experiencing a tough decision or even a crisis.

Focus On Generating Income As Soon As You Can

There’s no denying that cash flow is one of the most important things in business, and the best thing a newly established brand can do is focus on it. Start generating cash as soon as you can, whether you decide to take pre-orders, or even deposits for your product/service.

Pay attention to your core competencies

As a business owner, it is easy to get carried away in various tasks, especially if you’re now starting. However, this may leave little room for your business’s core competencies, which can propel it forward. For instance, you need strategic marketing if you are to attract your target market. Plus it’s not safe to leave your trade secrets to strangers, as you may lose to your competition. So make sure you focus on your core competencies. This means outsourcing some work to third-party firms and influencers. For instance, if you are a sports organizer, professionals like Mike Golub can handle your ticket sales and publicity.

There are many unimportant things you can focus on as a business owner, so you need to be able to narrow your focus when it matters and keep your attention there.

Taking Care of Your Small Business’ IT

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Most businesses today utilize some form of Information Technology (IT) and it’s thus critical to manage that component of your organization. The following contributed post is thus entitled; Taking Care of Your Small Business’ IT.

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As a society we are making more and more use of technology in our day to day lives. We use smartphones, tablets, laptops, and desktop computers to undertake a whole variety of tasks – from conducting research to watching shows and films, shopping, socialising, and more. So, it’s not all too surprising that small businesses are following suit. Technology makes our working lives easier and more convenient in the same way that it does our personal lives. However, when you begin to incorporate more technology into the workplace, you’re going to have to do more in order to maintain it and keep everything up and running. Here are a few steps that you can take to achieve this!

IT Support

Seeing as small businesses are becoming increasingly reliant on the use of technology, having some sort of IT support is now a necessity. IT support provided by reliable companies like Dyrand Systems will ensure that there are plenty of adequately trained individuals at hand who can monitor your small business’ tech (preventing problems from occurring in the first place) and can help to rectify any problems that may manage to develop down the line. This is much better than the reactive approach that many small business owners tend to take towards software issues – you don’t want to wait until something has already gone wrong before finding someone to fix it. Generally speaking, outsourcing is best for small businesses. It’s not until you begin to expand into a much larger company that you should give serious thought to developing an in-house IT department.

Upgrade Your Devices

It’s pretty common for individuals working for small businesses to become frustrated with their devices. Older devices, no matter how well they are maintained, simply succumb to the test of time eventually. Whether this is physically (as they begin to require more regular repairs and part replacements) or in terms of falling behind in comparison to new innovations in the tech world. It’s generally best to upgrade every once in awhile when your tech becomes outdated. This will ensure that you and staff are working with up to date devices and can be as productive as possible.

Upgrade Your Software

A cheaper option than upgrading your devices, and an option that you need to engage with much more regularly, is to upgrade your software. The majority of us tend to click “ignore” or “remind me later” when offered software updates. This is an understandable bad habit – when we log on, we tend to have something to do and will postpone delays. However, it’s important to upgrade your software when you get a spare moment. This will, again, keep everything up to date and current, maximising your potential productivity.

These are just a few different steps that you might want to take into consideration when it comes to keeping all of your tech up and running. Following them can really simplify multiple areas of your life!

Why Appointment Reminders Can Be Beneficial Can Be Beneficial For Your Business

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. When running any business enterprise, keeping appointments and deadlines with staff and partners is key. The following contributed post is thus entitled; Why Appointment Reminders Can Be Beneficial Can Be Beneficial For Your Business.

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With people leading busier lives than ever, it’s really easy for things to fall through the cracks, and for your clients, that might mean a forgotten appointment or two. This not only wastes your time, but it stops other people who might have needed that appointment accessing your services, and will more than likely cost you money that you are unlikely to recuperate. It is beneficial to both you and your clients that you have appointment reminder systems in place.

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1. You can redeploy resources

When you send out confirmations and reminders of appointments and don’t receive a reply, or you receive a response stating that the client will not be coming to the scheduled appointment, you can plan ahead and make the most of the time and resources. Perhaps you have a waiting list and are able to offer the time slot to someone else who needs it? If not, you can direct your staff to other tasks that need doing, or rearrange their working hours for that day. Knowing in advance means less sitting about waiting and more action.

2. You can decrease waiting times

If a client turns up even a few minutes late for an appointment, it can have a knock-on effect for the rest of the day. The next person is delayed, and the next person and so on, and before you know it, that five minutes delay has turned into an hour. No one likes waiting, and it is a sure fire way to annoy your customers. Sending an appointment reminder means they are more likely to turn up on time, and you can even customise them to request that they turn up a few minutes early, if required.

3. People like to be reminded

Studies have shown that people prefer to receive some type of digital reminder regarding their scheduled appointments. A text message is a perfect way of doing this – most of us carry our mobile phones around with us and check them regularly. It means that their day is not disrupted by phone calls from you. They also prefer the ability to reschedule their appointments if they are not able to make them. It is also perfectly safe to send reminders via text, as long as they do not contain any confidential or sensitive information.

4. You can understand your customers better

If you have a customer who repeatedly misses appointments or cancels them at the very last minute, you can keep a record of this. With this information, you can begin to build a picture and try to understand why this happens, and what you can do to prevent it. Are you booking appointments too far in advance? Are you reminding them at the right time?

Digital reminders are an excellent resource for businesses who are focused on customer service. By making the most of your time, documenting appointment habits and building a relationship with your clients, you and your staff will be able to focus on growing your business and maximizing profit.

Don’t Be Left in the Dark in Business: Three Ways to Keep Things Fresh

The first principle of my blog is Creating Ecosystems of Success, and two of it’s key focuses are Financial Literacy/Money and Business/Entrepreneurship. As with most things in life, your business enterprise can go through changes and it’s thus important always be mindful of shifts in the landscape and how you may have to adjust. The following contributed post is thus entitled; Don’t Be Left in the Dark in Business: Three Ways to Keep Things Fresh.

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If you’ve been running your business for a while now and things are going well, you might be under the impression of ‘if it aint broke, don’t fix it.’ However, when it comes to business, things are so fast paced and the industry is constantly moving, meaning if you want to ensure future success, it’s actually worth keeping an eye on things and adapting if you don’t want to be left in the dark ages. Changing technology, changing customer demand and changing expectations mean that keeping your business the same as it was when you first opened up might not be a smart move. Here are some areas you could address, and make changes if needed.

Website and app design
If you’ve had your website for a while and it hasn’t been touched, chances are it’s looking a little outdated. Just like trends in clothes and homes, there are trends when it comes to websites too- and consumers will be able to spot something that looks dated and out of style. In most cases, your website will be the first thing that a customer sees of your business, and so if you’re making a bad impression here it will naturally lead to a loss of sales. Invest in a good web designer to create you something fresh and modern. Update your app (or have one created) at the same time- customers now shop on their phones more than laptops and computers so it’s something you can’t afford to overlook.

Graphic design
A new website should mean fresh new graphic design. A new logo, header and other images that get used on your site and marketing materials. It could be a rework of your current designs, or it could be something completely different depending on how much of a change you want to make. Have an experienced professional do the work for you, it’s crucial that you get this right. The wrong look could alienate customers, put them off and again just look tacky or outdated.

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Complete rebranding
In some cases, your business might need to be completely rebranded. If you’re finding that sales have slowed down, advancements from your competitors or in the wider world might be to blame. Instead of holding on, and waiting until you become obsolete (which is what lead to the decline of multi- billion dollar company Blockbuster) use it as a way to move forward. Along with changing your website and graphic design, you might change your unique selling point, or target a different set of customers and even change your company name. If your business is failing, an entire rebrand helps to differentiate yourself from your old image and give customers something fresh.

Sometimes, a subtle change to adapt to modern standards is all that’s needed to keep things fresh. But if your business is suffering or slowing down, more extreme methods might be needed.

How do you prevent your business being left in the dark?

It’s Time You Got Familiar With The Digital World

“A lot of the time, the challenges that come with running a business are going to specifically involve trying to succeed in the context of a digital world.”

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Running a business venture today requires some usage of technology as many sales and transactions take place on our computers and also our cell phones. Not understanding how to use these technologies and their various associated applications can be very, very costly. The following contributed post is thus entitled, It’s Time You Got Familiar With The Digital World.

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Running any kind of business is always going to be a challenge. Anyone who tries to set up their own business assuming that it’s going to be easy is in for a seriously nasty shock, Sure, many of the challenges that come with running a business are much the same as they’ve always been. Figuring out your key demographics takes time and effort, there never seem to be enough hours in the day, it’s a constant struggle to figure out exactly where to focus your energies at any given time. However, as time moves forward, more and more often the challenges that come with running any business become more specific. A lot of the time, the challenges that come with running a business are going to specifically involve trying to succeed in the context of a digital world. The modern world moves at such a fast pace that trying to keep up, especially if your business has generally existed offline, can feel like a serious uphill battle. However, that doesn’t mean that there aren’t things that you can do in order to bring your business up to date with the modern world. With that in mind, here are some ways to get yourself and your business familiar with the modern world.

Learn to code

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Coding is one of those things that seems like a total mystery to the vast majority of people. After all, if you’re confronted with a huge amount of code representing any given program or website, it’s going to look like utter gibberish. However, coding is actually one of the most valuable skills that anyone in the workforce can have in the modern world. In fact, there’s a good chance that coding is going to become just as much of an essential skill as basic reading and math going into the future. After all, as more and more businesses move into the digital realm, it only makes sense that we should all try and become more fluent in its native language. Whether it’s through places like this company that allow you to easily create PDFs using C#, or through the huge amount of tutorials and instructional content online, learning to code is a whole lot easier than you might expect. From CEOs to the most entry-level employees, this is something your business really cannot do without.

Understand how customers use the internet

If the internet wasn’t a place where your customers spend a huge amount of their time, there would be little point in putting nearly so much effort into understanding it. However, the modern era has essentially been defined by the amount of time that the average person spends online. But that doesn’t mean that you can take your customer’s use of the internet for granted. You need to understand exactly how they’re using it in order to most effectively connect with them. This means understanding which sites they are using so that you can advertise as effectively as possible or being away of which social media sites are most popular with your demographic so that you can increase your presence on them. If you don’t understand how your customers are using the internet, you’re never going to be able to connect with them online as effectively as you could.

Bring your SEO up to standard

When it comes to offline marketing, one of the primary things that you have to focus on is how to get your marketing in front of customers. This usually takes the form of trying to bring your marketing to them through TV adverts or even direct mail marketing. However, digital marketing is often pretty different in that it generally involves trying to bring your customers to you. The most effective way of doing that is to ensure that, when your customers search for the service or product they need, your business is the very first result that they see. The only way to do that is through effective search engine optimization or SEO. Now, the full ins and outs of SEO are a little too complicated to go into here but there are plenty of resources online available to you that can get you started bringing your search engine ranking as high as possible.

You’ll want to focus on getting a good website and web design up and running. That way traffic will come to your website more frequently as a result. A website like Timothy Stocksdale is a good example of how to get your site out there for the world to see.

Embrace remote working

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The office has consistently been the central hub of any given business but a lot of that has changed since the rise of the internet. Now, it has never been more possible for employees and contractors to work for you without ever actually being in the same room. The idea of remote working through remote desktops as well as communication apps like Skype and Slack might seem pretty scary. However, it’s one of the most valuable tools in your arsenal if you know how to use it effectively.

Stay up to date

One of the most challenging things about working online is that the world around you often moves at such as fast pace that it can be a struggle to keep up. Often the moment that you feel as though you’re able to settle into a comfortable groove, things move forward suddenly and without warning. Because of that, it’s essential that you try and stay up to date wherever possible. The very best way to do that is to make sure that you’re constantly checking business websites and blogs for all of the latest digital developments and new techniques that your business should be embracing.

Now, one thing that you do need to remember is that focusing all of your energy onto taking your business digital isn’t necessarily going to be the right choice. Sure, if your business is built from the ground up to exist online then that’s a good idea, but it’s likely that there are plenty of offline aspects to your business that you simply cannot afford to ignore. Make sure that you’re maintaining the best possible balance in your business and that you’re not falling into the habit of assuming that new technology and software is going to solve all of your problems right away.

The Key Elements Of A Marketing Mindset

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. The lifeblood of any business is its marketing of its products and services. The following contributed post is thus entitled; The Key Elements Of A Marketing Mindset.

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Do you have a marketing mindset?

Sure, you probably understand the basics of marketing, and you should be making efforts already to push your business out into the consumer arena, but how much thought are you putting into your strategy?

Are you putting ads out here there and everywhere, hoping that somebody will notice them?

Have you created a website, hoping that somebody, anybody, will stumble across it?

Or have you put a little more thought into what you are doing, thinking like a marketer, instead of creating slapdash marketing efforts because you know you probably should?

For greater success in business, you need to have a marketing mindset. You need to approach this part of your business in different ways, with various types of thinking. In this article, we will list what we consider to be the key elements of a marketing mindset; giving you the inspiration to think in ways that maybe you haven’t thus far.

The Key Elements of a Marketing Mindset.

Think Big

You have something to offer people, so shout it from the rooftops. Don’t be that quiet voice in the corner that is barely noticeable. Let the world know you exist, pushing your business out there to as many avenues, and in as large a way, as possible.

– Don’t just take out small ads in newspapers and magazines. Pay a little extra to get bigger ad space. And don’t just rely on print media, but consider radio and television too, sending the word out to the masses through these popular mediums. And target the right spots within all of your media campaigns, perhaps outsourcing to the folks at this website to maximise your ad potential.

– Don’t assume people are going to read the flyers you put through their letterboxes, or that they are going to spot your business ads in the classifieds. Instead of posting small, post large. Consider taking out billboard space in a high-traffic area where news of your business will be hard to miss.

– Go beyond your usual reach with your advertising, and consider other demographics. Can you make your product or service appeal to somebody who may not normally consider it? Can you target the international market, above and beyond the communities in your locale? Can you partner with another business, complimenting their service with what you have to offer? Think big about your company’s appeal.

– Do something that will make the media take an interest in you. A publicity stunt, a generous act, or an organised community event, are just some of the ways to raise greater awareness about your business. When people start talking about you, for all of the right reasons, then word will spread, and that can only be a good thing for you.

– When attending business events and conferences, try and raise a larger awareness about your business. Instead of handing out business cards to the people you meet en route, consider a more prominent position. Lead a panel debate, host a seminar, or stand up in front of thousands, and use your elevated status to promote your business.

Think Small

Excuse us for what might seem like a contradiction, but we do have a few points to make. Sometimes, thinking small makes perfect business sense, and this can be applied in the following ways.

– If you don’t have a large marketing budget, you can still market your business for free. From word-of-mouth marketing to using social media to channel your efforts, you can still market your business, despite your small budget.

– You don’t need to market to everybody. While there may be ways to appeal to other demographics, it would be a waste of your time and money trying to market your service to people who are unlikely to buy from you. Narrow down your efforts, and use these ideas to define your target demographic.

– Marketing far and wide is all well and good, but what about the people you meet every day? Those people you sit next to on the bus or train. The people within your own family. The patrons of a local coffee shop where you take your morning break. Think about all those people who make up the small circles of your daily routine. Have 1:1 conversations and raise awareness about your business.

Think Creatively

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Businesses fall into the usual tried and tested methods of marketing, and that’s okay. If it ain’t broke, why fix it? However, there is still room for a little creativity to make your marketing efforts stand out. You will make a stronger impression if you do.

– Going beyond print advertising in your local classifieds, look at other ways to attract the attention of your community. Commission a mural from a local artist to advertise your business (get permission first) on a wall within your neighbourhood. Dress your team in outlandish costumes that reflect your brand and send them out onto the street with flyers and freebies to hand out to passersby. Commission a flash mob to perform a show that is reflective of your business. Try these and any other urban marketing ideas to make an impact in your community.

– When thinking about your content marketing, go beyond basic text. Use plenty of visual imagery to back up your words, with high-definition photos, video clips, and humorous gifs to make your readers smile. Mix up your blog posts with infographics, using this creative medium to get your points across in a more user-friendly visual medium. And be creative with your title posts, with catchy headline titles that your readers will struggle to ignore.

Finally

Think big, think small, and think creatively. These are the key elements of a marketing mindset. Be sure to use some of our ideas where appropriate within your business, and consider other ways to market your business as you think about your strategies for the weeks and months ahead. Be sure to let us know what you think, and if you have any ideas of your own, expand our mindsets by sharing your advice with us. Good luck, and thanks for reading.

How Your Business Can Enrich And Improve The Lives Of Others

“Simply put, when you run your own business, you can help to change the world.”

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. While we typically think of starting businesses in terms of making money and financial freedom, they can also impact the lives of others in ways we can imagine. What are some of these ways? The following contributed post is entitled, How Your Business Can Enrich And Improve The Lives Of Others.

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Running a business is a great way to enrich your own life (even if the busy life of an entrepreneur doesn’t always feel all that enriched); just ask those who have already done it, like David Wallace, for example.. It allows you to shake off the constructions and limitations of your former job and career and allows you to create your own opportunities. It prevents you from wiling away the years in a job where you are overworked yet underappreciated and liberates you from a career that’s begun to look increasingly like a dead end. It can prevent you from feeling frustrated and underwhelmed as though your talents are wasted at work and allow you to achieve your full potential… But while there are many personal benefits to pursuing the path of entrepreneurship it is also an opportunity to improve and enrich the lives of others. If you’re at the start of your business journey, you may not have considered just how many lives you have the power to transform.

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Let’s take a look at just a few of the ways in which you and your enterprise will one day improve and enrich the lives of a broad spectrum of people…

Build a workplace dynamic that fosters friendship

It’s more than likely that you’ve had at least one job that you hated yet rolled up every morning with a smile on your face. Why? Because of the people with whom you worked and the friendship you shared with them that could buoy you even on the bleakest of days. You can cultivate this (without people hating their jobs) by taking steps to build a workplace dynamic that fosters friendship. When you create an environment that’s conducive to teamwork, shared problem solving, and the open and honest exchange of ideas you can enrich the lives of your entire workforce.

Provide opportunities for oft-neglected groups

Entrepreneurship allows you to create the opportunities for others that you never had. It can empower people who have not yet found the means to empower themselves. Whether it’s simply talented young people at the start of their careers who are undervalued by their current employers or former offenders who never got to find the right lawyer. It can allow you to eliminate the traditional barriers to workplace equality and create a diverse, multi talented and motivated workforce of people.

Providing people with an opportunity when there is nobody else who will is an amazing feeling for you, as you know that you are doing good in the world. But more than that, you are allowing others a chance to get their life back on track. For example, people like David DeQuattro have put a massive focus on helping veterans move forward with their lives after they have served.

Another great option is to set up charitable organizations that can benefit others in the local area and support people who need it, as Tresca Brothers Concrete does with its charitable efforts.

Imbue at the front of innovation

One of the most egregious sins an entrepreneur can commit is failing to develop their employees. If you keep your employees in their own little box and give them only the training, skills and education to fulfil a certain function, don’t be surprised if they run straight into the arms of your competitors. When you run your own business, you can give people the skills to open doors not just in your own enterprise but beyond. If you help your employees to take their careers to the next level, perhaps by offering them a chance to develop their skills outside of work or by training them in objection handling techniques, for example, they will see how much you value them and will be much more likely to stick with you.

Be at the forefront of innovation

Finally, as the CEO of your own business you are vitally placed to drive innovation in your chosen industry and beyond. You can challenge traditional assumptions myths and expectations. You can break down the barriers and limitations that people impose upon themselves. You can reinvent or revivify processes and techniques that have begun to stagnate.

Those looking to avoid stagnation can read Christian Business Incubator reviews. These run through some of the tactics you can use to bring a whole new dimension of abundance and prosperity to your activities while aligning them with your ultimate spiritual goals.

Stand up for what’s right

You can also take a leaf out of the Daniel Fung Arrest webpage and stand up for what’s right, whether that’s for your employees, consumers, or society at large. Whether we like it or not, we live in a compromised world. No matter what path we take, we will always face ethical decisions that force us to go one way or another. It’s baked into reality, it seems.

Standing up for what’s right, though, is what helps businesses succeed long-term. Given all the corporate scandals of the last twenty years, it’s becoming clear that behaving badly is simply unacceptable in today’s culture, and you will eventually get found out. However, companies can’t just get away with avoiding the bad. They must also be change agents for the good, building communities and supporting sustainable business models.

Simply put, when you run your own business, you can help to change the world.

Things To Consider When Starting Your Online Business

Three of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship and Technology. Today most business/enterprises have to establish and maintain an online presence. There a few things to consider when starting an online business. The following contributed post is thus entitled; Things To Consider When Starting Your Online Business.

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Starting a business has become easier than ever before thanks to the internet. The accessibility afforded to you by being online is unique to this era and should encourage you to put your idea into action. So bearing that in mind, let’s take a look at some of the important things that you must make sure that you don’t overlook as well as the useful tools available to anyone at the beginnings of their company.

Website

One of the first things you will want to do is get your company up and running with a website. To do this you will have to make some decisions. For starters, do you want to host a web page on your own domain or use a third party hosting platform? This is a personal decision but the pros and cons of what you want to do must be carefully considered. Security, which we will discuss further later, is supposed to be improved by using a third party host as it separates your website from the rest of your company’s IT infrastructure – this may be more important as you grow rather than first starting out. There are also different costs associated with hosting internally and externally. If you are going to host your website on personal servers, then you will have to purchase the hardware required, whereas a third party host will charge you a monthly fee.

That said, you might prefer to start off by buying a domain name and starting the basics of your website online using some of the many web building tools available to you.

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Security

Security plays a major role across every aspect of your business, especially when you are setting one up online. You will need to make sure that the computer you are using is secured via antivirus and firewalls and likewise your network is also protected. You should look into more about internet security as a matter of urgency when starting your business. Think of it like this; if you were running a shop you would have; security alarms for when you’re not available, CCTV to watch over your store and a safe to keep all of your belongings secure. You should treat your computer and the internet as you would a shop, making sure that it is protected at all cost from cybercriminals.

Security is not just about others attempting to steal from you but also protecting yourself against loss. Making sure you are regularly backing up your hard drive and keeping important documents in more than one place. Consider using cloud storage as a way to secure data online rather than just on your hard drive. Problems do happen, and it is best that you have solutions before they occur.

These are just two example of things you must consider when starting your online business. Remember, there is a whole internet of things (IOC) out there for you to be using, so get learning and turn your plans into something big.

The Essential Guide To Honing Your Company Finances

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A to running any business/enterprise is efficiently and properly managing its finances. The following contributed post is thus entitled; The Essential Guide To Honing Your Company Finances.

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Ask any entrepreneur what their biggest concern is when they are launching a startup, and the chances are that they will say their finances. The financial health of any business is crucial to its success. If you are just starting out along the road of self employment, it’s imperative that you get your monetary situation sorted out. There’s no point leaving your nine to five with excellent promotion prospects, a steady wage, and superb colleagues if you don’t have the financial readies to make your ideas practically viable.

Before you hand in your notice, you need to have constructed a business plan for your proposed venture. This needs to detail your sources of funding, your potential future investments, your cash flow projections, and your profit calculations. Going blindly into the world of entrepreneurship without financial certainty means your business will be doomed to failure.

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Funding Sources

If you are setting up a business that sees you working from home and with minimal overheads, the chances are you will not need to raise much capital. However, if you need to seek premises, you have to build up stock, or you are looking to import and supply products to consumers, you will need to source funding.

The number one port of call is usually the bank. Specialist business managers will assess your plan and listen to any presentation that you wish to give to convince them that your business is a worthwhile investment. Just because they are large corporations and you have been a loyal customer for a decade or more doesn’t mean that this is a sure fire source of investment. You need to dress smartly, know your figures like the back of your hand and enthuse them with your pitch.

The bank isn’t the sole source of funding in the twenty first century. With the advent of crowdfunding, sole traders from across the globe have one online platform in which to convince professional and amateur investors alike to claim a stake in their business. This is a novel and exciting way to raise capital. Hundreds if not thousands of people from across the planet could be investing in your business. This also allows your brand to claim a global reach that your bank manager simply doesn’t possess.

If you’re after expert advice and contacts as well as financial acumen, you might like to consider a business angel. These (not quite) celestial beings are experts in their fields and have made a small fortune using their business knowledge. They will have a ridiculous amount of guidance and advice to impart, and they are worth tapping into. If a business angel is willing to back your idea, this validates your business venture. To maximize your chances of gaining investment from a business angel, you must be passionate about your ideal and be ready to answer a variety of questions. The pitch will be more demanding than if you were presenting to a bank manager. Remember, a business angel is investing their own hard-earned cash, so they need to be certain of a return.

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Cash Flow

When your business is up and running, it’s important that you don’t attempt to run before you can walk. It’s vital that you build slowly and grow at a manageable rate. In principle, it sounds fantastic if a product was to garner a huge following and the appetite for it is almost insatiable. The orders will flood in. However, if you don’t have the cash flow to import the goods and distribute them, your supply chain can stall, you will have dozens of unhappy customers, your reputation will slide, and your business can fail.

To avoid this situation, you need to employ the best ecommerce for b2b by setting up a software package that can control the way your products are marketed to customers. From one platform, you can hide or show certain products or services to your customer base, giving you more control over your ecommerce website. From here, you can also set up the credit terms and analyze your accounts information. This interface is ideal for more complex business and financial needs.

When you set up your business, you are hungry for success, and rightly so. But you mustn’t allow your startup to become a victim of its own success. You must ensure that your business is always in a position to fulfill its obligations, by ensuring that your capital remains buoyant, your cash flow is healthy, and you have the finger on the pulse of your company finances at all times.

Business Unusual

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Whenever starting any business/enterprise, it’s important to be proactive about anything that can go wrong and proactively come up with contingency plans. The following contributed post is thus entitled; Business Unusual.

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Business, as usual, might sound boring, but there are times when you might long for it. When things go right, you never really consider what might go wrong. But as the saying goes, you should fix your roof when the sun is out. Here are some business calamities you might not want to think about, but you should, before they happen.

Employees being swept by a sickness bug. It’s not something you want to think of, but what if an epidemic erupts that wipes out whole teams? Sure, you can deal with one or two, but what if the fall back of the fall back falls ill? They key here is prevention. Make sure your employees have facilities to wash hands when needed and promote hygiene where relevant. People get sick when they are weaker, also more so during colder months. Ensure that employees who are coming back from illness are indeed fit for work. If you have the capacity, perhaps a final day working from home will ensure they don’t bring back any disease to the office.

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Someone on your premises getting hurt. This falls under the category of the unthinkable. But what if this happens despite diligently making sure signs are put up when the floor has been mopped, and the appropriate signs are put up? The key here is to get legal representation, for example, Simon Law Group can be a lifesaver navigating the tricky waters of injury law. And it’s not the case you can wait till things actually happen, time can be of the essence. So make you are prepared and know exactly who to call when as soon as things happen.

Cash flow is not sufficient to pay ongoing bills. The worst nightmare of any financial controller or accountant. What if your invoices aren’t getting paid fast enough, which affects your ability to pay your own bills? The key here is to audit often and early. You should continuously monitor the debtors lists, flag and take action when needed. Review your terms of payment when required and in extreme cases negotiate payment plans when invoices can’t be paid in full. It might just be that debtors struggle with the entire sum, but a payment agreement is just precisely what they need. The same goes for suppliers required payment, negotiate. Having a full payment, in the long run, outweighs a business going bust and not getting paid at all.

Imagine your key employees who have a fundamental knowledge of operations leave. The significant brain drain could be one of the most negatively impactful things to happen to a business, especially operating in a service driven industry. You might not only lose essential operational knowledge, but people might move over to a competitor! The core thing here is to ensure you have NDAs and non-compete’s set up from the get-go. Ensure you know what the value and processes are these key employees bring and ensure that this knowledge is codified in some form. Sure, no one likes creating handover notes or complete process sheets, but investing this time will safeguard your business long term. There is also a secondary benefit, really understanding and valuing the input of critical employees might bring you closer to them, and you might uncover any doubts their end that made them consider jumping ship in the first place. You might not be able to stop people from leaving, but at least you can part on good terms.

A major incident at your office forces you to shut down for the day. You might hear of these incidents from time to time. Someone smelled gas, or there is no water. Health and Safety usually dictate you need to shut the office until this is resolved. Do you actually know what to do in these type is situations? Get an emergency plan in place. Know what to do with emails, phones, ongoing work and suppliers that will assume business as usual. Do you have a core team that can relocate to a temporary office space nearby and can you reroute and supplies or clients coming in? Do you have a phone tree ready to inform employees? As you would practice fire drills, so should these type of incidents be trained for. Ensure that a core set of employees knows what to do in which situation.

Most of these calamities require some scenario planning and establishing rules and procedures. It’s a time and resource investment you will have to make upfront and keep up-to-date with regular reviews. Just do it, you’ll be thankful just in case business as usual turns into business unusual.