Tag: Business

What Makes Business Computing Such A Challenge

Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key to operating most businesses today is keeping your Information Technology systems running optimally. The title of this contributed post is thus entitled; What Makes Business Computing Such A Challenge.

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It’s no secret that a lot of businesses struggle when it comes to the computers they have to use each day. These machines are the subject of a lot of frustration within a lot of companies, making it hard for people to do their jobs, while also presenting challenges which a lot of business owners never expected to face. Not a lot of people understand what makes these machines such a chore, though. Instead, they will simply harbour a dislike for them, often making it even harder to get to grips with the tasks they need to perform with them. What exactly makes this field so difficult, then?

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Unfortunately, while modern schools are often including computing in their standard work rotations, this wasn’t the case just a few years ago. People would go through education learning about all sorts of useful life skills, but would only use computers for tasks which related to other subjects, halting their chances to learn about the devices properly. As a result, a huge portion of the working population finds it hard to use computers. Even those who have to use them everyday will often only learn what they have to, leaving them to struggle when something happens which they don’t expect.

Of course, though, you don’t always have to wait for something to go wrong for a machine like this to throw you through a loop, as the software systems which businesses tend to use are always changing. Developers will rarely consider the impact an update will have on their wider user base. Instead, when they release something like this, it can often take weeks or even months for guides to be made which will teach you what you need to do. This presents more learning, along with forcing a lot of organisations to use IT consulting services just to figure out which versions they should be using. This makes it very hard for people to learn how to use software, especially when they already find it hard to use a computer.

On top of all of this, computers are generally seen as boring machines. People don’t want to dedicate themselves to learning something which they don’t enjoy, even if it is part of their job. This is a real issue, but most people won’t even notice it happening, as it simply makes the learning process a little bit harder. To solve this issue, companies have to work hard to create training programs which can actually engage their employees. Even if it means using tools like social media for context, it will be worth looking for creative ways to handle this task, as people won’t be willing to do it for themselves.

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In reality, most of the trouble which computers can cause for a company will be down to the users themselves. These machines will rarely go wrong without cause, and will be impossible to operate properly without the right learning, making it crucial that you take the right steps when it comes to conquering this challenge once and for all.

Protecting Your Business From The People Within

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When running any business, it’s important to hire staff you can trust to the best of your abilities, and also protecting your operations from your employees if necessary. The following contributed post is thus entitled; Protecting Your Business From The People Within.

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Hiring people should always mean that you’re able to trust those inside your business. When you’re paying someone to work for you, you should be able to expect their loyalty, even if things go a little bit wrong. Of course, though, this isn’t always the case, and a lot of businesses have been impacting by their employees in the past. To keep your company safe, this post will be exploring some of the measures which can be taken to make sure that your team is always on your side. This sort of effort is worth it in organisations of any size, even if they are very small.

Monitoring: While keeping an eye on people may seem a little sneaky, it’s not such a big problem when you’re paying for their time. A lot of companies monitor areas like search histories, room used by employees, and even the activities people get involved with outside of work. Taking this approach is nice and easy in the modern world, with loads of tools available to make sure that you can achieve this goal without making your employees feel like they’re being watched all the time.

Security: Information within a business should always be kept on a strictly need-to-know basis. If someone doesn’t need access to a set of files, they shouldn’t have access to it, as this helps to improve security by a huge degree. Likewise, when it comes to items which need to be physically protected, locks and safes can be very useful. It’s amazing what people will steal when they have the chance, even when they’re being paid by the victim they’re making.

Strict Policy: A lot of companies struggle to keep their employees in line because they simply don’t try hard enough. It will be easy for your team to be lazy with their work if there aren’t policies in place for targets, discipline, and reporting bad behaviour, making it crucial that you work to put them in place. To make sure that you can enforce this, a lot of companies use shift managers to keep people working as they should be.

Legal Support: As the last area to consider, it’s time to think about what could go really wrong for your business. When you hire someone, you take on a set of responsibilities which you have to fulfill. Failing to do so could result in being taken to court, forcing you to get help from a company like Ogletree Deakins to fight your corner for you. By following the rules and doing things by the books, you should be able to avoid this sort of issue, even if someone is hell bent on trying to take you for everything you’re worth.

With all of this in mind, you should be feeling ready to start putting protection in place for the inner workings of your business. A lot of people struggle with this sort of work, finding it hard to know exactly what they need to do when they want to keep their company safe and secure.

Where And When To Outsource Your Solutions

Two key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When running any business, it’s important to know what tasks you can effectively perform on your own, and when the need arises to outsource those tasks. The following contributed post is thus entitled; Where And When To Outsource Your Solutions.

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Outsourcing provides you with the option of giving some of the work that your business is responsible for to a third-party company. There are companies that can help you outsource all kinds of work, but it’s an option that needs to be used responsibly. It can help get rid of monotonous tasks and implement expert knowledge in the business but if it’s overused, it can cost a lot more than simply hiring someone. Here, we’re going to look at when it’s a good idea to outsource and some of the risks of doing it poorly.

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When you’re not ready for full-time employees
A common reason to outsource is that you have more work and duties than your current team can handle. Why wouldn’t you simply take on some employees? The biggest reason to go with outsourcing instead is that there isn’t quite enough suitable work to justify a full-time role in the business. In that case, the process of recruiting and training an employee so that they can spend most of their time doing nothing can be much less cost-effective than simply relying on a service that you can call on whenever you need it. Outsourcing is scalable to your needs, but a full-time employee might not have that flexibility.

When it makes your business more efficient
There are services that can help you work on the business from a bird’s eye perspective, creating the structure and tools that allows your team to become a lot more productive and efficient. Many business consultants do exactly that, helping business owners strategize certain teams, processes, and systems that the rest of the team uses. The most common form in today’s tech-fueled environment is IT consulting for businesses. You might not necessarily need a full internal IT team if your business isn’t big enough, but consultants can make sure that you have the right tech systems in place, as well as providing repair and maintenance when it’s needed.

When you need real expert insight
There are a lot of tasks you might not need to do quite as often, but when you do, you really need expert input on how to do it right. For instance, there is a lot you and your team can learn to handle in marketing, from content marketing to social media networking. When it comes to website design, however, you need someone with specific experience and expertise in that field. When it comes to parts of the business that have legal implications, it’s best not to go it alone, too. For instance, hiring a business accountant when the tax season rolls around, and you want to avoid getting audited as best as you possibly can. Outsourcing allows you to temporarily tap into a much broader network of expertise that you might not necessarily need on your team, but you definitely need on your side.

Outsourcing can really help you unlock the productivity of your team and benefit from reals experts that you might not have room for on your internal team. Make sure that you’re following the tips above to outsource in a way that promotes the growth of your business rather than stifling it.

Know This If You Plan To Keep Your Company Open Overnight

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Not all businesses are 9-5 operations and some are open for 24 hours. There are special considerations for these types of business. The following contributed post is thus entitled; Know This If You Plan To Keep Your Company Open Overnight.

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In modern retail, you need to live up to a variety of expectations from your customers. The typical ‘9-5’ workday isn’t enough in this field anymore. Instead, you need to aim for a business which is available to customers at all times. At the very least, this means operating an online shop. It’s also not unusual for retailers to now stay open overnight. The practicality of being able to pop to the shop at any time has become an expectation rather than an exception. So, you may well be wondering whether 24-hour opening is for you.

 

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In many ways, this seems like a sound business decision. More opening = more time for profit, right? In reality, though, there are a few things to consider before you take the leap. To help you decide, we’re going to look at the main realities you’ll face.

You’ll need to pay more

There is no federal law which says that you need to pay night workers more. But, sticking with day rates here will soon see your night staff deciding to quit. Why would they put up with the added risks and fatigue for no extra money? As a rule, then, pay at least an extra dollar or two for each night hour. Over an all-night shift, that can add up. With that in mind, consider whether this would make monetary sense.

You’ll need to increase security

It’s also worth noting that you’ll need to improve security during those night shifts. In the day, other customers provide a deterrent for thieves. But, if the shop is empty with only your staff inside, thieves may be more willing to take a risk. Hence why you need to consider everything from panic buttons to security cameras. It may even be worth investing in systems like those offered by Athena Security, which have gun detection. That way, your cameras can call the police when they witness the extraction of a gun. Many would argue this is the only way to keep your night team safe.

You’ll need to work night shifts too

Don’t think, either, that you can hand every night shift over to someone else. Like anything in business, you need to show willing with whatever you expect your team to do. At least once a week, then, you’ll need to tackle that overnight shift yourself. If team members are off sick or can’t work on set nights, you may even find yourself alone. Make sure to consider that before making a choice here.

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Do all these pointers mean that 24-hour opening wouldn’t work for you? Not at all. If you stayed busy through the night, you could easily cover that extra pay and security cost. If you don’t mind working through the early hours, it won’t bother you at all that you have to step up to this mark. But, by considering these things, you can ensure you’re 100% certain about taking the late-night plunge. All the better for avoiding unpleasant surprises in the dark!

How to Make Your Clients Happier All the Time

Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key aspect of business is keeping your customers and clients happy and maintaining your relationships with them. The following contributed post is thus entitled; How to Make Your Clients Happier All the Time.

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It is said that it costs five times as much to find a new client that will buy from you, or use your service than it does to get an existing one to give you repeat business. It has to make economical sense to spend some of your marketing budget on letting your existing clients know of any new products you have on offer, or of any special deals that are available. Of course, new customers are important, but if you want your business to be strong you have to foster loyalty from the ones you already have.

Keep In Touch With Them

You should not make a sale and then ignore your customer. An occasional call or email will be appreciated by most of them especially if they are not always promotional. Keeping in touch with your customers lets them know that they matter to you and that you are always there to help them if they need assistance.

Simple things such as a handwritten Christmas card can make a big difference to how your business is viewed, and a personal touch such as this can keep the customer loyalty flowing.

Keep Your Premises Presentable

Not all businesses are online. If you have a store, warehouse, offices or anywhere else that your customers venture, they need to be kept presentable and safe all the time.

Make sure they do not get cluttered, particularly in walkways, as someone could be injured if they trip over an item. Keep them clean, as nothing is more off putting than dirty premises. You should use commercial cleaning services so that you can be certain that your store, offices or warehouse are spotless. All areas should be clean and safe for workers and customers alike.

Know Your Industry Well

Make sure you know all the ins and outs of your industry or profession. Customers who feel they are dealing with an expert will trust your business more and are likely to stay loyal to you. If you can solve a problem for them, this will ensure that they never go elsewhere.

Keep up to date with the latest trends in your line, and make sure that you are aware of any new laws and regulations that affect it. Your customers are relying on you and if you let them down because a law has changed that you and they were unaware of, they will soon find someone to give their business to.

Listen To Feedback From Customers

Feedback from your customers can be invaluable, regardless of whether it is good or bad. Good feedback will let you know that you are getting things right. If they are complaining you should thank them for getting in touch with you. Them letting you know there is a problem means you can put it right before the same issue arises with another client, and that could prevent you from losing more customers. Research leads us to the conclusion that customer loyalty is built on how complaints are responded to and dealt with, so ensure that you and your employees always handle them in a positive way.

In fact, some businesses send questionnaires or surveys to find the thoughts of their clients, as they consider them to be so important.

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Be Confident In All Your Dealings

Customers use your services or buy your products because they trust you, and you need to stay confident to maintain that trust. Always be decisive and positive and avoid words like ‘if’ or ‘maybe’ in your correspondence with them. If you think they might ask you something you are unsure about, do some research before you take their call or reply to their email.

If you really do not know the answer to a question, be honest and tell them that. Also, let them know that you will find the information they need and get back to them without delay. Once again, this will help to keep the trust you have built, but a quick response will also make them feel they matter.

Keep Your Promises

Be realistic about the delivery dates of products, or deadlines you can meet with a service. It is always better to be early than for goods to turn up late or for the deadline you have set yourself to be missed. You have to remember that if a customer has a bad experience because of unrealistic promises you made, they will tell everyone within earshot what an unreliable business you are.

They do not tend to tell so many people when their experience has been good, but if they only mention it to 4 or 5 people, that is getting your brand name around. Then some of those people may become customers too, and hopefully, they will be treated well enough to recommend your business as well.

Have Valuable Content On Your Website

If you are an online business, it is your website that people will go to view your products and services. Make sure the content on there is relevant and useful to the consumers that are likely to buy from you. It does not need to be all written content, as images and videos can sometimes be more appealing. It seems that these days, consumers are more likely to watch a video about products rather than read written text about them.

Use the feedback clients have given you in a question and answer section, as this can show others how often people come back to you. Let the customers know that you are using their comments, as that will make them feel a bit special that you consider what they think to be important enough to repeat.

Ask About New ideas

Keeping your existing customers is all about making them feel you care. If you have an idea for a new product or an addition to your services, send an email to all your existing customers asking their opinions. Firstly, this could bring invaluable advice before you move forward, and secondly, they will be impressed that you cared enough to ask the question.

Keeping your existing customers happy will give you a client base that is loyal, and most time, this is the best basis any business can have.

The Circus Behind Small Business Ownership

The first principle of my blog is Creating Ecosystem of Success and a key focus is Business/Entrepreneurship. Starting a business is one of the most challenging and potentially rewarding things one can do. It often causes individuals to do things they’ve never had to do, and use ‘muscles’ they never though they had. The following contributed post is thus entitled; The Circus Behind Small Business Ownership.

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There is one thing that no business owners will come clean about when it comes to starting a business, and that’s The Circus. When you think of the circus, you likely think about acrobats and elephants and clowns. But the one missing piece is you – the Juggler. As a business owner, you juggle everything from your staff to balancing the books, and when you are starting out especially, this is the biggest job around. The clients and customers that you serve on a daily basis in your small business will only ever see the smooth swan on the surface of your company – which is exactly what they should see. You can’t impress people with your business acumen if you’re showing the frantic paddling under the surface to stay above water. Your professionalism is going to dictate your success and if you are showing people the hidden circus of owning your business, you’re not going to survive.

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Your new business may well have been born from a passion that you’ve had your whole life, so you’ve spent time turning your passion into a business idea that could make you a profit. Whether you are looking at baking for a living or you want to build a construction company from scratch, your hobby is now your business and it’s one that you’re passionate about. The problem? Small business dealings are not small. There is nothing small about becoming The Juggler – the person who is managing the finances and the invoicing and customer services and sales. There are just too many ‘and’s’ in that sentence, isn’t there? Owning your own business is tough, and while you’re juggling baking cupcakes and tarts, you need to make sure that you are managing staff and their development and developing the business at the same time.

Here’s the thing about joining the business circus: you learn skills. If you finally step into the shoes of the Juggler, you’re going to learn how to manage things flying at you from all directions, keeping them up in the air and never losing sight of their direction. Once you learn how to juggle, you never forget how to do it. The other thing you should know, is that you don’t have to do it if you don’t want to. The good thing about the world that we live in today is the fact that we have access to resources to make sure that we aren’t too stretched and stressed. We bring in office cleaners to keep the premises looking fantastic. We hire virtual assistants to manage the baggage of paperwork so that we can concentrate on the tasks that we actually enjoy. You could find an IT company to manage your server for you, taking the stress out of having to check up on your systems. You could hire a marketing company to build your business website. The point is that you could be in the circus and take the role of the Juggler, or you could be a Ringmaster. Really, it’s going to be up to you. Should you choose the role of Juggler while you build up your business, you will need to know these seven things.

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    ●  Practice Makes Perfect
In business, practice has to be persistent for it to make sense. Don’t choose random things to juggle in your business; everything you do has to have intent behind it. Staying patient while you juggle everything going isn’t going to work, but that’s where strategy comes into the equation.
●   See The End Result
A part of your juggling process is going to be you, visualizing your end result while you feel like you’re drowning. You’re not drowning. You need to relax while your business is building so that you can keep your eye on the prize. Take the time to write down what each of your strategies will mean for your business. Staying focused on what you want to happen is going to help you plough through the days where you don’t feel like you can anymore.
●   You’re Going To Drop The Ball – It’s Okay
You are running a business and this is a messy job. Sometimes, you’re going to drop the ball on a task – and this is where you know it’s time to ask for outside help. It’s a normal part of the process to drop the occasional ball, but if you are learning from those mistakes and able to move forward with outsourced assistance, your business is going to be built stronger for it.
●   Crawl Before You Walk
When you are starting up as a new business, there are going to be skills that you’re going to need to learn. Taking classes at night to teach you how to network and negotiate isn’t a weakness; it’s a strength that you recognise you can’t just run when you start up – you need to crawl first. Start simply and hone your craft, taking your time to do it. The only way you’re going to make yourself a success is to go slowly and take your time.
●   Consistency Is Key
As a Juggler, you’re going to need to know which direction every ball is going at all times. Skillful execution is what ensures a successful outcome. If you understand this early on, you’re going to have far more success with your business strategies. Throw carefully, catch meaningfully and you’re less likely to drop the ball.
●   Pause
Seeing as all this juggling is entirely metaphorical, you need time to rest. The brain is not capable to sustain a performance under pressure for a long time, which means that you need to step back and breathe on occasion. Take a moment to relax and you will have a renewed effort for the next task.
●   Let Go Sometimes
If you want to innovate as a business, you need to learn to let go on occasion. Holding onto a task too tightly will lead to you choking the fun out of it. Let go, and you’ll be able to let your plans develop.

How Small Businesses Can Afford Their Equipment

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key challenge for many small business owners starting off is covering their operating expenses. The following contributed post is thus entitled; How Small Businesses Can Afford Their Equipment.

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Entrepreneurship is one of the primary principles of your ecosystem of success. As you get to build your business, you build, with it, its path to success. Every strategy, every market research, every service or product moves your company forward along the success ladder. The aim, naturally, is to climb the ladder, and not to fall back one or few steps lower. However, expenses, and especially equipment purchases can exercise a negative drain on your cash flow and your rate of expansion. While a company can’t provide its offering to the market without the appropriate equipment, its purchase can bring insurmountable obstacles and threaten growth. In a desire to continue your business journey safely and on stable grounds, you need to be able to look out for alternatives solutions.

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They look for cost-friendly alternatives
High tech machinery comes at a price, especially in industrial sectors such as agriculture and construction businesses where the business can’t perform without specialized equipment. For many small businesses, the cost of purchasing brand new machinery can drag the budget in the red and put the company at risk of bankruptcy. Entrepreneurs are rightly suspicious of second-hand equipment, which could present faults and represent an even higher cost in the long term. However, you can find safe and professional auctions online that guarantee customer care services and precise description of each item. You can save money on used equipment that works for your business.

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They choose not to buy
Expensive machinery requires specialist maintenance and servicing. Needless to say, if the equipment is draining the budget, it’s likely that the necessary maintenance schedule might affect your cash flow significantly. As a result, only a few small businesses are happy to commit to the purchase of equipment during their first years of existence. For many, hiring the equipment they need for the duration of specific projects and tasks ensures that the teams are supplied with everything they need in real time without permanent commitment. Ultimately, while it’s not a viable approach in the long term – especially as projects multiply and the need for equipment increase – it can allow your company to build up the necessary capital to purchase.

They sell their specialist knowledge to partner companies
A subcontractor is, by definition, a professional who owns their own business and is hired by another company to support a project. Their skills are designed to enhance the set of talent the company has to offer. For small businesses, acting as a subcontractor can ensure access to high-quality equipment on a project basis without needing to purchase or hiring additional machinery.

They use tax relief
Last, but not least, small companies can receive a permanent tax break when they buy new equipment. Indeed, by using the Section 179 deduction, a small business can immediately write off the items of equipment – without waiting for the natural depreciation to run its course over several years. The tax provision is only aimed at small and medium companies in an attempt to support growth.

Applying any of these financing solutions can ensure that your small company gets access to the equipment you need for growth without putting your cash flow at risk.

3 Qualities Any Product Should Have

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. When generating a product of any kind for business/commercial use, there are some basic considerations to keep in mind as the seller/creator and for the customer. The following contributed post is thus intitled; 3 Qualities Any Product Should Have.

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Regardless of which side of the equation you happen to be on – whether you are a business owner making products for the general public, or a member of that public using products made by businesses – it’s good to know what people generally expect from products of all kinds, and what qualities tend to be important in products of all kinds. The truth is, this helps you to determine where you should put your money, and when you should complain – and if you do happen to be a business owner, it is also clearly important in ensuring that the products you make are made to the highest professionalism and degree possible. In this article, we are going to look at three qualities that any product should have, and which should be considered unavoidable. As long as a product has these three, it is much more likely to be a good acceptable product worth buying.

Useful

All in all, a product should answer some kind of problem with a useful solution. If it does not do this, it might be worth asking why it exists at all. But determining the usefulness of something is not always that easy, and it’s something which you will need to think about whether you are buying or making a product. The truth is it is hard to tell how useful something is until it is being used by people. But you can at least try to work it out by looking into what kind of solution it appears to be answering, and seeing if it is doing that. As long as it is, it is likely a product that people will enjoy greatly, and it will probably be successful and popular to some degree. Whereas, if it is not useful, that is much less likely to happen.

Safe

Something that we should consider an absolute basic of any product in the world is that it is safe – or at least as safe as possible, as obviously there are occasions when a product is by definition not safe – such as a weapon or a vehicle. But even those things need to undergo particular safety standards – in fact, especially those things – and a product being safe should be considered an absolutely vital aspect of it on the whole. If you ever buy a product which causes you some kind of injury or illness, then you should think about contacting a product defect lawyer, as they will be able to assist you with what your rights are and what the law states. But hopefully, the products you use won’t cause you any harm in the first place.

Intuitive

Finally, you should be able to use a product in an easy intuitive sense, so that you can get out of it exactly what you need to at all times. This kind of intuition is something that you can easily work on if you are developing products, and it is all about making sure that it works in the way that people would expect. This is a hugely important part of a product being usable and enjoyable, so it’s worth remembering.

Don’t Make These 5 Big Business Mistakes When Starting Out

The first principle of my blog is Creating Ecosystems of Success, and two key areas of focus are Financial Literacy/Money and Business/Entrepreneurship. When starting any new business venture, some mistakes will be invariably be made, but it’s important to know what mistakes not to make. This contributed post is thus entitled, Don’t Make These 5 Big Business Mistakes When Starting Out.

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Many business owners make mistakes when just starting out. This is ok; learning from mistakes and making changes that way is absolutely key, so mistakes shouldn’t be looked at as a reason not to begin in the first place. If you’re afraid of making mistakes, you’ll never get anything done!

However, just because mistakes can be looked at in a positive light, doesn’t mean you should make the same mistakes that many new entrepreneurs have made time and time again. Avoiding obvious mistakes can save you a lot of time and money. Below we have 5 big business mistakes you should avoid when you’re just starting out. Take a look:

1. Skipping The Planning Stages
Why would you skip the planning stages of your business when they are the stages that can make all the difference to your business later on down the line? Planning your business in detail with a business plan (you can use a template to make it easier if you’re not sure how to begin) will keep you focused later on down the line and give you something to refer back to if you need it.

A business plan can help you to look at things objectively when you encounter problems, as well as secure financing. Do not skip these stages if you want to make a success of your business!

2. Not Setting Goals
Setting both long and short term goals for your business is imperative if you want to make sure you achieve what you set out to achieve. However, you should find out how to set effective goals first. They should be measurable and actionable, so you can accurately assess whether you have met your goals and break them down into baby steps. Goal setting is a very important step in every entrepreneurs journey.

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3. Undervaluing Your Products and Services
It’s normal to want to get more customers and interest when you’re just starting out, but undervaluing your products and services is not the way to do this. You need to make sure you’ve thoroughly researched your competition so that you can price your products and services fairly. You don’t want to be known as a cheap or budget business if you offer high quality products and services. It can actually go against you, even if you think it’s a good idea at the time.

4. Not Thinking About Things In The Legal Sense
You’ll need to think about all of the legal implications of your business, such as insurance, contracts, and anything else that could trip you up later on down the line. You can read this webpage to learn more about contract draughting and get a feel for why it is important. You want to make sure that you, your business, your customers, and your team are all protected adequately.

5. Failing to Research Your Ideal Customer
Researching your ideal customer will help you to create better marketing campaigns as you can target people right down to their age, profession, relationship status, and more. Who are you servicing with your business?

3 Reasons Why Business Minded Employees Should Have a Side Hustle

The first principle of my blog is Creating Ecosystems of Success, and a key area of focus is Business/Entrepreneurship. Many individuals have ‘side hustles’ outside of their day jobs, some of which replace their day jobs, while others create a supplemental income. There are several considerations when creating side hustles. This contributed post is thus entitled, 3 Reasons Why Business Minded Employees Should Have a Side Hustle.

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No doubt you’ve heard of the term side hustle. It’s a multifaceted term that applies to a wide range of activities which involve everyday people making money on top of their day wage in your free time. This can range from using apps to make money from their supermarket receipts to starting up their own businesses. However you choose to side hustle, in an increasingly uncertain economic climate, it can be a great path to economic stability and equilibrium for hard working families who never quite seem to have enough disposable income, even when they pull in as much overtime as they can manage. Whether you do it to earn a little money to make your carefully planned household budget easier to manage or as a precursor to full time entrepreneurship, there are a number of reasons why a side hustle may be beneficial to your household.

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First, the caveats

When you choose to side hustle alongside your day job, it’s vital that you keep certain caveats in mind. For example, time management becomes an exceedingly important skill. Remember that even though you pay tax on your day wage, your income from your side hustle is still taxable and needs to be claimed. Of course, this also means that the expenses incurred in carrying out your side hustle are tax deductible. Needless to say, you should retain a clear delineation between your day job and your side hustle. Never, ever use company time or resources for your side hustle as this can land you in a world of trouble. Attain the right balance, however, and your side hustle will benefit you in a number of ways…

It can provide a safety net if you are injured at work or fall ill

Even if your workplace has a group insurance policy, an accident or injury at work can still be ruinous to your finances. Your employer’s insurer may reject a claim for either disability insurance or workers’ comp on the flimsiest of pretexts. That’s why, if your workplace injury renders you unable to work it’s vital that you visit www.longtermdisabilitylawyer.com to help secure that which you are entitled to. Even if your claim is successfully processed, a side hustle can still be beneficial.

You may still be able to manage your side hustle even if you cannot return to work, and it can provide a revenue stream that either supplements your disability insurance (keep in mind that some insurers may place restrictions on how much you can earn) or help keep the bills paid while your claim is processed.

It can give you the satisfaction and fulfillment you’re not getting at work

Many turn to side hustles because they have fallen out of love with their day job. They may have lost their passion for their profession or not get the same sense of challenge or reward that they once did. This can be extremely frustrating or demoralizing, especially if your job has allowed your skills to stagnate. A side business can give you back that feeling of challenge and accomplishment while helping you to build new skills. For example when your business is ready to take on new employees you will be imbued with leadership and management skills.

It can give you an opportunity to save

Finally, saving is an important part of any well maintained household finances. The trouble is that many of us struggle to find enough disposable income at the end of the month to pay into them. By paying a portion of your earnings from your side hustle directly into your savings you can insulate your household from unexpected expenses!