Business – Page 87 – The Big Words Blog Site

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!

Financing A Business When You Don’t Have Capital

Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key to starting a business and growing it to the point where it thrives is acquiring the startup capital and then finding ways to run budget surpluses going forward. The following contributed post discusses tips for doing this and is entitled, Financing A Business When You Don’t Have Capital.

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One of the hardest parts of trying to run a business in the modern world is the spending which has to come alongside it. With fewer people than ever before managing to build up savings, most don’t have the money to start something like this when they are working in a normal job, and this makes it a challenge to try and find a foothold. Of course, though, you don’t need to finance something like this for yourself. Instead, as long as you’re willing to do some research, you can find loads of ways to fund your company without having to save.

Investments: Traditionally, investments have long been one of the most popular ways for a new company to be able to afford their initial expenses. You will often have to pay for this by giving away a piece of the business, making it appealing to some people, while also providing an easy way to get yourself started very quickly. There are loads of companies out there which can put you in touch with someone like this, making it even simpler to get started.

Loans: If you’d rather avoid giving away a slice of your hard work, you could look down a slightly different avenue. There are consumer portfolio services all over the world. These businesses provide funding for other companies on a loan basis, with special terms and conditions which are designed to make your first few years very secure. In this case, you will have to pay all of the money back by yourself, but will have an income to help you to do it.

Something Free: Not all ventures need to have money spent on them to get started. In fact, over the last few years, it’s become much more common for people to seek methods which give them the ability get their company started for free. Working online, dealing with services, and a host of other ideas make it possible to get started for nothing or very little investment. This is a great way to avoid getting involved with tricky finances which could make life harder later on.

Grants: Finally, as the last idea on this list, you may have the chance to look towards your government to help you. Certain types of industry are being heavily pushed by these groups, nowadays. Green technology, computing, and loads of other fields have grants available to small companies. You will have to work to meet certain criteria to be able to get something like this, but this will be worth it once you’re able to fund yourself for free.

There are loads of ways to handle this sort of work, and most people will have their own idea of what should be done. Of course, though, it’s always worth doing plenty of your own research, making sure that you’re not going down the wrong route with your business. If you need direct support with this, a business management company will be able to give you some advice, making it even easier to get started.

Cut Through The Mumbo Jumbo Maze To Keep Your Business Secure

Three of the focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship and Technology. Most businesses today have a digital component and thus it’s important to know how to keep your information systems secure. The following contributed post is thus entitled; Cut Through The Mumbo Jumbo Maze To Keep Your Business Secure.

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Every business should be focusing on security these days. But it can be difficult to know where to start with the task of keeping your business and indeed your customers protected. There’s a lot of tech nonsense online about how to do it that the average business owner probably doesn’t understand. This leaves them with only one option. Hiring an expensive security professional to handle the job for them and make sure all the bases are covered. Or, alternatively, you could cut through the nonsense and make sure you have the basic systems in place to keep your business secure. Let’s look at what this could mean.

Passwords 101

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You will have important data files related to security on your business computer or network. If you don’t have passwords, this should change right now. It’s crucial that you do take measures to keep those files and systems safe from prying hands and passwords are the best way to do it. Just don’t fall into the trap of creating a pass that is easy to guess. Passwords should be completely random and should not contain any personal information relating to you or your company. You might think about using digital or electronic passwords, and the issue here is that the device storing them can be stolen and then used against you.

Get On The Cloud

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You might still be wary of using cloud servers in your business model. But they are a great deal more secure than the average document that can be taken at any point. Cloud servers simply mean that data is stored on a network and the actual storage space won’t even typically be in your business property. This makes hacks far more difficult and complicated, guaranteeing that most online criminals won’t even bother to try.

Encryptions

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You might have heard of encryptions and wondered what that actually means. Encryptions simply means that data can be taken but not viewed outside of a closed network. A token is an example of this. With tokens through systems like BlueSnap, it’s possible to hide user account numbers completely making transactions far more secure. Of course, this is just one example of a potential encryption.

You might also be talking to colleagues or clients through social media. Certain social media like Whatsapp offer encryption options that are secure enough they can be used by medical staff such as doctors and nurses.

Anti-Virus Software

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Finally, do make sure that you are putting anti-virus software on your business computer systems. Failing to do this is essentially like leaving the gate wide open for hackers and thieves. They won’t have to make much of an effort at all. Instead, they just need to make sure that a trojan virus is downloaded onto your system. That can be as simple as sending a fake email from a ‘client.’ Once the virus is downloaded, it can be filled with various dangerous pieces of software that could help a criminal clone your entire system and all your data. Alternatively, they might just choose to send you back to square one.

Want More Customers? It’s Probably Easier Than You Think

Two of the key focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. A key to running a successful business is to attract new customers and to continue to cultivate the relationship you have with your customer base. What are some ways to do this? The following contributed post is entitled; Want More Customers? It’s Probably Easier Than You Think.

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It’s common for business owners to overestimate how difficult it is to gain new customers and clients. You probably think a surge in new customers requires a heavy or hard marketing push and this is not always the case. There are easier, more financially friendly ways to gain new customers that you might want to consider. So, let’s look at some of the possibilities and determine whether they could be the right move for your company.

More Buying Options And Methods

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One of the easiest ways to increase sales and customer levels is to simply give them more ways to buy. You should work hard to make sure that every purchase option is filled. For instance, these days, mobile purchases have become a must for the typical business. In 2017, mobile web interactions increased beyond the level of more typical desktop interactions for the first time. As such, you should make sure that your site is mobile optimized and ready for orders from tablets and phones. This could include setting up an app. Apps provide an easy, fast, effective way for customers to make the purchases they want.

Of course, it’s not just about the resources themselves but how customers can interact with them. Some customers will want to buy on credit. You can make sure that this is possible by using services from providers like BlueSnap. This will ensure that customers who want to buy through credit systems are able to do this, providing more access to sales.

Access Existing Customers

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Business owners are typically focused on growing and reaching new customers. The reality though is that a lot of existing customers are already being neglected. Instead of looking for the new sale, you should be searching for the repeat sale. You can do this by utilizing customer mailing lists. No, email marketing is not dead and rather far from it. Through email marketing, you can access customers who have bought from you before and who could easily be pushed to do so again.

The trick here is to make the marketing personal. Make sure that an email is addressed directly to those who haven’t bought something in a while and fits with that particular target audience. This is something that must be considered when you are building or creating email marketing content.

The Recommendation

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Finally, you need to make sure that you are getting recommendations from existing customers to new consumers who have not yet used your product or service. To do this, you need to make sure that customer service quality levels are better than the rest. Do this, and you will have no trouble at all winning those recommendations. If you are addressing this issue, it’s a good idea to check on the reviews of your business as well. Make sure there are no flies in the ointment that are making people leave the feast before they have sampled the goods.

We hope you have found this advice helpful and see now that getting more customers doesn’t necessarily require an expensive marketing push.

The Benefits Of Running IT As Intended

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“Computers are a key component of most businesses today. Mismanaging your Information Technology (IT) services can cost your business money and stagnate.”

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Three of the focuses of my blog are Financial Literacy/Money, Businesses/Entrepreneurship, and Technology. Computers are a key component of most businesses today. Mismanaging your Information Technology (IT) services can cost your business money and stagnate. Properly managing it can help it grow and thrive. The following contributed post is thus entitled, The Benefits Of Running IT As Intended.

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Computers have been taking an increasingly central position in the world of business, especially when you’re working in a field which relies on these machines, such as IT consulting to immigration law firms or marketing. As time goes on, more and more companies are adopting measures which make it possible to handle their work digitally, and this is only set to continue into the future. Of course, though, this area is often handled incorrectly. Not only does this leave businesses without the tools they need, but it can also be very expensive to set right, making it worth running your IT as intended by the engineers.

Resources: The first area to consider in all of this is resource management. When you are running a large network with a lot of devices on it, knowing which machine needs the right level of bandwidth is very challenging, and the whole system can be slowed down by this challenge. By using managed IT services for businesses, you can put this job into someone else’s hands. Using methods which have been tried and tested, companies like this are very good at this job, and will be able to handle all of your routing needs.

Security: When you don’t know how to setup a service system or computer properly, it can be very easy to overlook crucial areas which will impact the security of the end result. With data laws tightening around the world, and more and more companies getting in trouble for being too relaxed in this area, this isn’t something you want to deal with. Instead, it will be worth hiring a company with the skills to handle this work for you. If you’re unsure about your current state, you can have an audit performed to figure out where you need to improve.

Updates: Keeping computers up to date is one of the most important areas to consider when you’re thinking about IT in business. When you have a large number of machines, deploying updates one device at a time doesn’t make much sense, and it will be a good idea to have this setup with a software management system. A lot of tools, like Windows, have this sort of feature built-in, making it nice and easy to keep yourself on the right versions. Some tools, though, will require a more hands-on approach.

Versatility: Ideally, the computer system you have for your business will be able to handle a very wide range of tasks. Ensuring that your business IT is suitably versatile to meet your needs is dependent on areas like system specifications, application availability, and even the way that your office is layed out. To help you with this, there are loads of services on the market which are designed to help companies to find the best setup for their needs, and you can often borrow all of the hardware you need to do it.

Hopefully, this post will inspire you to start looking outside of your business when it comes to the IT systems which you need to have in place. This area is very complex, with loads of pitfalls and problems which company owners can find themselves in.

Businesses Are Heading For A World Without Employees

Three of the key focuses of my blog are Financial Literacy/Money, Business/Entrepreneurship, and Technology. In current times, there is a lot of talk about workers being replaced by machines and automation. This discussion is often approached from the perspective of the employees, but is seldom discussed in terms of the advantages of the employers. What are the advantages to employers? The following contributed post is entitled, Businesses Are Heading For A World Without Employees.

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At least, employees in the traditional sense of the word. Instead, there are new options for business owners that need help but don’t want the headaches that come with having a full team of workers on staff in their building.

This isn’t surprising as when you get right down to it, workers can come with a lot of problems. That’s not to say this is their fault or that they are the ones to blame. In most cases, it’s fair to say that it’s employers who are causing the brunt of the issues, but that doesn’t matter. Now that the business world is, changing employers can escape the responsibility they were once tied to. So, let’s look at some of the issues employees cause and the factors that will bring big benefits for business owners.

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Employee Headaches

There are quite a few issues that you can have with employees. Harassment claims are certainly in the spotlight right now thanks to various Hollywood scandals, and slowly but surely they are seeping into the real world too. Offices are being flooded with claims, some legitimate others not, of workers who feel they have been treated terribly. It could cost business owners horrendous amounts of money.

Or, how about injuries at work? As a business owner, it’s your responsibility to keep your office or workplace safe. Failing to do this will result in a hefty fine that yes, you will need to pay. Workers comp lawsuits are often hundreds of thousands of dollars in damages and may, in some cases reach the low millions!

There’s even the time and effort it takes to hire and fire employees to consider. You have to spend hours interviewing people, many of whom won’t be qualified enough or experienced enough for the job in question.

So, why are employees now on their way out of the business model?

Machine Learning

Yes, machine learning will almost certainly pave the way for more processes to be completed by machine and an automated workplace. This is already starting to happen, and if you’re let go next year, there’s a good chance it’s because a computer system or piece of software can now fulfil your role. Don’t worry though, everyone will be on the chopping board for this reason soon enough.

Going For The Gig

As well as this, businesses are now learning more and more towards hiring freelancers and outsourcing companies. The good news is that these outsourcing companies still need staff and it’s causing a boom in the gig industry. The bad news is that it’s allowing businesses to essentially ‘hire’ employees without offering any of the typical benefits or incentives. So basically, it’s a big win-win situation for business owners.

What Does It Mean?

For business owners, it could be the solution to perilous lawsuits. For society as a whole, we might see the introduction of a universal living wage, and it does seem like the only suitable solution as workers become less needed in far more industries.