Category Archives: Business
For businesses in the UK, a future may look uncertain in the post-Brexit landscape. Last year, Britain’s decision sent shockwaves through the business landscape, with many SME owners in particular unsure if their business could survive such a change in circumstances. Shortly after the vote, business confidence fell to a 5 year low. Now, nearly 12 months on, the picture is far less gloomy for SME owners, but several threats remain.
So, with this considered, how should SME owners look to safeguard their money in case there’s a rainy day on the horizon? In this post, we take a look.
#1 Tightening the Purse Strings
Research conducted by Moody’s post-Brexit showed that UK businesses were spending less on hiring new employees. This is perhaps unsurprising. A weakening in investment comes as many businesses look to tighten their purse strings in case of stormy weather.
It may be wise to follow this approach. Until Theresa May begins the process of leaving the EU formally by triggering Article 50, we’re unsure what Brexit will look like, and how it will affect business rates. For now, it’s best to hedge your bets and keep purse strings tight.
#2 Make Data Your Friend
To keep control of these purse strings, you’ll need to make data your friend. Spreadsheets may seem a little ‘old hat’, but they can still be a vital tool for business budgeting. So make a controlled lists of your incomings and outgoings to consolidate your grip on your finances. By making a definitive list of what you’re paying for, you may find areas that you can cut, too.
#3 Outsource to Grow
Having said that, your business shouldn’t pass up opportunities to grow. However, when you’re managing your money carefully, you must be aware of the financial implications. As a result, it may be wise to outsource your growth. Rather than taking on a full time recruit who will be expensive in terms of salary and HR, consider if you can take on a freelancer at a fraction of the cost. This is particularly good in the field of IT where you receive the knowledge without the large salary impact on your business’s finances.
#4 Consider Professional Help
Finally, if you’re unsure of the best way to manage your finances in a post-Brexit landscape or cannot dedicate the time to it, then consider employing an expert in financial services and wealth management such as WHIreland , who can do this on your behalf. This is a good option if you’re not au fait with politics, economics or money management, and will give you the time to simply focus on what you do best: running your business.
Prior to the Bank of England’s recent monetary policy committee (MPC) meeting, there were two schools of thought on what might happen to the base rate of interest. Some argued that rising inflation would force the BoE to act and increase the base rate, in order to negate the spiralling cost of living in the UK. Others suggested that such a move would be impossible, however, as the looming spectre of Brexit continued to underpin an uncertain and decidedly volatile economic climate.
A Look at the BoE’s Decision and the State of the Economy
Ultimately, the BoE decided to hold the base interest rate at a record low of 0.25%, amid a reported split between the individual members of the MPC. This internal divide was indicative of the prevailing climate, as while some members voted to raise borrowing costs immediately as a way of negating disproportionate inflation growth, others felt that the current base rate and an accompanying money-printing program was enough to support the pre-Brexit economy.
This is even accounting for sluggish real wage growth, which along with inflation hikes (and particularly the rising cost of food) is placing a significant squeeze on households and preventing them from saving their hard-earned money. The plight of the economy was drawn into sharper focus after the Federal Reserve (the central bank in the U.S.) decided to hike their own base interest rate to 1.0%, with further increases proposed for next year.
What This Means for Businesses in the UK
We may well see the BoE increase the base rate in the UK later in the year, of course, but for now it is important that business owners recognise the current climate and adapt accordingly. Now may well be the ideal time to borrow money and raise funds, for example, as the cost of borrowing remains restricted by the base rate. It is also important that businesses reconsider their pricing strategies, however, as dwindling disposable income levels, soaring inflation and the inability of households to save is sure to impact on consumer spending in the months ahead (particularly in relation to big ticket purchases such as cars, holidays and real estate).
With a keen focus on pricing and re-investment, businesses can create a flexible business model that is capable of consolidating in the pre-Brexit climate. This is also a strategy that can pay dividends once the UK has left the EU, as businesses will undoubtedly be forced to alleviate the financial pressure created by higher trade tariffs and reduced turnover. One way in which this can be achieved is through cash flow finance measures such as invoice factoring, which enables payments to be advanced from your sales ledger.
At some point, many if not most businesses will experience a period of stagnation. When this happens for you, it’s important to know what steps you’re going to take to keep your organization moving forward. Below you’ll find three simple strategies that can keep your company going and growing:
1. Hire A Consulting Firm.
Hiring a consulting firm is a wonderful way to keep your company going and growing. This technique works because it ensures that a team of trained professionals are always designing and implementing customized strategies to help your organization optimize daily operations, improve retention rates, etc. Companies such as KEYGroup Consulting are pleased to offer clients multiple resources to keep their organizations growing, one of which is executive coaching assessment tools.
2. Implement Social Media Marketing Strategies.
In addition to hiring a consulting firm, consider the value of implementing social media marketing strategies. This technique can help facilitate business growth by ensuring that you can regularly interface with members of your target audience on key social channels like Facebook, Twitter, Pinterest, Google+, and Instagram. When you start searching for the ideal social media marketing firm, try to locate a team of professionals who can offer several other digital advertising services. Some of them might include content marketing, search engine optimization, and web design and development. By gaining access to all of these digital services in tandem, you can really optimize your online presence and thereby enhance your company’s sphere of industry influence.
3. Optimize Your Company Meetings.
One final strategy you can use to keep your company going and growing is optimizing your company meetings. This approach will empower you to optimize communication with your staff members so everyone is on the same page about what the company goals are and how they are going to be realized. There are many ways that you can optimize your company meetings. One of them is by having a team of professionals prepare your Powerpoint slides. This can help make your presentations more interactive, engaging, and/or aesthetically appealing.
Start Using These Simple Strategies Now!
If you’re ready to optimize growth in 2017, now is the time to start the expansion process. Three simple strategies that can help you do so include hiring a consulting firm, implementing social media marketing services, and optimizing your company meetings. Start using these services now to see substantive results!
If company optimization is one of your primary objectives for 2017, it’s a good idea to start putting an actionable plan together right now. Below you will find just two of many strategies you can implement to ensure that your company begins to grow this year:
1. Put Safety First.
Putting safety first is a great company optimization strategy that you should implement immediately. This step is important because emphasizing safety and implementing policies and procedures that optimize it can prevent work-related accidents. There are a variety of strategies you can deploy to make the commercial environment safer. One is by developing an evacuation plan in the event of a natural disaster such as a fire or flood. Reviewing this plan with your employees and placing it in a conspicuous area that they can refer to can help optimize safety in the workplace setting. Also note that you can purchase a wide range of safety equipment via internet. For example, the company Magna Marine Inc (MMI) is pleased to provide clients with boat safety equipment that can be purchased through their website.
2. Utilize Online Advertising Services.
In addition to putting safety first, make sure that you utilize online advertising services. These services can push your company forward in a great way by ensuring that you can extend your brand’s sphere of authority and influence to the online realm. Some of the digital marketing services you may want to attain to engender this outcome include:
• content marketing
• web design and development
• social media optimization
• responsive web design
• search engine optimization
• online reputation management
• email marketing
It’s also a good idea to seek out a digital marketing firm that can also offer you public relations services. These PR services can empower you to interact with the public in a more exciting, brand optimizing manner. Some of the PR services you may want to seek out include crisis communications, press releases, product development, and blog work. Before you purchase services from a PR company, make sure the firm in question has an excellent reputation.
Don’t Delay: Implement These Company Optimization Strategies Today!
If company growth is your primary objective for 2017, don’t delay the expansion process. Instead, start implementing techniques that are known to generate substantive results. Two techniques that may prove effective for you include putting safety first and utilizing online advertising services.
While working for hours in the office, you must have planned things your way. But, have you ever thought about the future of your work? This applies to every working individual, typically in reference to the work we all do in our offices, respectively.We all, quite often, talk about things related to our business goals and work in order to achieve them, whereas experts say that we shouldn’t discussour end goals but those we create for short terms instead.
It’s more like that we need to complete our daily tasks to make sure we meet our weekly productivity, and then monthly and so on.Irrespective of the complexity of our tasks, we need to complete them all without fail. At the same time, we need to ensure certain things with respect to our target audience, despite the assured workplace safety for our employees.In this regard, buying insurance online is a great way to save on the premium, as we need to minimize the overall cost. At the same time, we must ensure that we do not hamper our business growth.
Below are 5 ways every entrepreneur can drive economic growth:
- Provide customers with service they need
What do you think motivates individuals to become entrepreneurs?It’s the current market conditions and practical scenarios that they do not want to sustain and aim at transforming the whole process. Well,they ensure the delivery of the most appropriate services to their customers, despite the alluring marketing strategies and social media campaigns being launched by every single marketer for years.
If you’re an entrepreneur too and willing to expand your business by serving an increasingly large customer base, then you need to revolutionize your business strategies and corresponding business model of yours. Simply understand the key requirements of your target audience and start delivering them exactly the same.
- Open gates for talent
Businesses bring opportunities for talented individuals to associate with your company and serve your organizational goals. Since yours is a startup, you certainly don’t want to compromise on skills – be it customer care service, client engagement, product/service marketing, or customer management for that matter. Therefore, you need to set certain criteria for hiring the best candidates for your company.
- Integration of regional economic and commerce
The advancements in technology have led us to the era of smartphones, where we can do almost everything we need to do.For instance, from reading newspaper to sending an email, linking your girlfriend’s picture of Facebook to finding your soul mate on a matrimonial site,starting your free personal blog on WordPress to becoming a renowned blogger and a lot more is viable.
Entrepreneurs, nowadays, have enough marketing choices and corresponding opportunities to make the most out of them.Businesses, now, can expand themselves in smart ways and raise funds from the market.
Particularly, other enterprises tend to contribute when new businesses try to expand themselves into the market. As a result, the economy of that business grows and so does its market value. More and more people get to know about that company and many of them tend to purchase its products or subscribe to its services subject to their affordability.
- Technology-driven, efficient business strategies
Technology and its various real-time applications indeed have a great impact on our life at various times.However, the best way to make our nation proud is by transforming the efficient business ideas into real-time products and services that people need now or will need in the future. Smartphone applications proved to be great in this aspect and have been able to mesmerize the target audience of various enterprises in the modern era of technology.
Entrepreneurs can take ideas from these applications setting up modern business benchmarks in today’s market of extreme competition, especially on the Internet.
- Extreme competition leads to innovations
Experts state that innovations do happen only when there is an extreme competition. In fact, there is a strong bond between business, marketing, competition, and innovations. New businesses need innovations and efficient marketing ideas to start with and a growing enterprise is a leading source of job creation.
Thus, every business is crucial from two perspectives – economy growth and job creation.And, entrepreneurs do need to keep them in mind while starting up a business.
Read more about here: Significance of Car Insurance Comparison Online
How business owners are finding successful ways to fund their business with working capital cash flow
In today’s finance world, many business owners still have difficulties in getting approved for small business loans for working capital with little or no business assets and not much profit. It is very difficult to get working capital in today’s economy. This working capital is lifeline for many small business owners to survive through any financial crunch that comes up for alternative financing. Read this article for some helpful tips for easy business funding for working capital for critical daily cash flow needed.
It is getting difficult day by day for business owners to get approved for business loans. Credit unions and traditional banks are also of not much help for them. Many banks and credit unions have ceased lending business loans altogether. In such situation, your best option is to reach out to lenders who offer fast and easy working capital funds.
Working capital is very necessary for every business owner to have operating cash flow for day to day operations. They need these funds for expanding, competing and succeeding in their business. The key rule is to generate a decent gross profit and work environment to get maximum output from your employers.
Business owners must do their research before visiting any private lender and applying for short term funds. Use the internet and search for a reliable and responsible lender for business cash advances. Check with your state authorities if there are any complaints lodged against that lender. Ultimately, you don’t want to end up getting into any sort of scam especially when you are already in a financial crunch.
Working capital cash funds will help your business to handle any future financial troubles. Business bank statement funding is fast and easy business funding that has opened gates for small businesses to get easy working capital funding. Easy repayment options, 100 percent funding approval and quick processing of business cash are some of the benefits business owners are looking for.
Lenders will offer different programs to fit to your specific needs. They can convert your future credit card receivables into immediate cash that can be used for any business purpose. Repayment is based on small fixed percentage of your future credit card receivables. Payments will be applied to the remaining balance until paid off.
With the help of cash flow working capital, many small business owners are now able to breathe freely. But you must do your own research before choosing a lender to work with. There are so many lenders in the market that it often gets difficult to differentiate between a reliable one and an online scam. Market Invoice is one of the best in the business with their great articles and offerings.
Indeed, even the best business person that can discover short cash and a minor business advance need the business exercises, ventures, or the location of a stream shortage to extend money.
Regardless of a lavishness of assets to help minor organizations explore the credit scene, the acquiring procedure remains a puzzle to numerous.
We requested that clear up monetary and business specialists’ confusions around six minor business advances.
If you want to get your Small Business Lending, don’t forget to reach out to US Business Funding.
While conventional credit unions and banks give the greater part of the minor business advances are accessible to an assortment of option loan specialists, including Staples organization concentrates on the credit Lendio to hold reserves in a minor amount of the moment.
Business visionaries ought to consider all financing choices before an advance offer to acknowledge calls Brock Blake, originator and President of South Jordan particularly in Lendio, UT.
“Each bank has diverse terms, which frequently makes it hard to contrast one type with its logical counterpart,” he said. “Looking for the right advance that addresses the issues of the economy and the present money related circumstance may need the knowledge and information of a man working in the room each day and help the upsides and downsides of credit can explore bargains.”
In spite of the fact that it’s not generally simple to get an advance for your minor business, there should be an inconceivable test. Minor business credits specialists have thought that one of these issues through better planning for the difficulties of the application for a minor business advance can keep away from record.
“While there are difficulties, a great deal of disappointment about getting minor business can be alleviated the financing by practicing due tirelessness,” said Michael Adam, the organizer and Chief of Bankmybiz site style media social connection business visionaries with business benefactors in an email meeting with the day by day News business. “Be arranged and have every one of your reports prepared to present to the loan specialist.”
The financial assessment – both industry and individual – is the principle element utilized by customary and option moneylenders to figure out if an organization meets all requirements for an advance. Your outcome gives a fast appraisal of how the bills that you have done before, which may specify how you will pay later on.
“On the off chance that the financial assessment is not as much as immaculate, you ought to invest energy to enhance your score,” Blake said. “In only six months reliably convenient installments and use credit astutely, business people can enhance your score up to 100 focuses.”
Having an uplifting news for the individuals who think the awful credit individual guides or to build up a business. Albeit low FICO ratings could have been a non-starter as of late, the credit environment today is entirely open credit below average than at any other time.
“While conventional banks might be prohibitive to get regarding a credit, there are different ways,” said Michael Kevitch, President Varsity Business Arrangements, an organization expert Budgetary Gathering, in an email meeting with Business Every day News.
Elective credit sites like those worked by Varsity Business Arrangements (business credits and financing of minor organizations) are generally construct loaning choices in light of the monetary status of an organization in the money related history of the entrepreneur. Kevitch said elective banks take a gander at the execution of the organization, business sort, time in business and income preceding conveyance of an advance specific.
On the off chance that your FICO assessment is too short to get a customary advance, an option moneylender might will to give a minor advance when your credit remake.
Repetitive and Long
Trepidation of the obscure frequently anticipates business visionaries to investigate your alternatives, says Kristin Lord, VP and pro in credits. Ensured by the administration in Rockford Bank and Rockford Trust, IL
“Numerous minor organizations to postpone the advance procedure, since they consider it will be troublesome or too lengthy,” she said. “So they supply their industry with Visas or fumes their possessions until they lose hope. Yet, the more they hold up, the more troublesome to us to be able to aid them.”
The US Minor Business Organization as of late disentangled the application procedure and credit protection, which implies that the borrower can get like a standard mortgage a SBA advance around the similar time.
“You will be required to make a great deal of superfluous documentation accessible and most likely some kind of certification offer” Kevitch said. “Banks and option private financial specialists can give significantly less exertion.”
Since the SBA does not straightforwardly loan cash, business visionaries must relate for some of these advances by the moneylenders, including credit unions, banks, and non-bank monetary foundations affirmed SBA apply.
To accelerate the credit procedure SBA Blair Cook, Chief of Establishment Denver West The Option Board and administration specialist and mentor prompts business people, so they. With key leaders in the method for associating credit.
“When you are managing a dealer who is liable to be led on until a choice sees the entire bundle may then said no,” she said. “Meanwhile, the organization important time and assets lost.”
The bank advances may not be the best decision for any minor business, however it is a long way from the most exceedingly awful alternative financing. Truth be told, searching for set up organizations at a moderate pace, to develop customary bank financing, when all is said in done is a superb decision, Adam, said Chief of Bankmybiz. It is the point at which an organization does not meet the criteria that businesses ought to consider to shopping into thought.
“On the off chance that you are a youthful, pre-wage or low-pay, yet will increment quickly, in light of the fact that the business is (human services, IT counseling and programming), then a conventional bank advance can confine their development,” said Adam.
In choosing whether a bank credit for your business, research, customary advances and other subsidizing sources. It is likewise critical to know your business all around.
“On the off chance that you expect a supported development in the coming years, while a conventional bank can be better,” said Adam. “In the event that you develop like insane, and you realize that you can build the extent of your advance by a noteworthy increment in each quarter, must proceed and keep up a non-bank acknowledge accomplices, as banks can’t be capable, to stay with their necessities. “
You can discover this myth around Web gatherings coasting and possibly listen to family and good natured companions. It is typical to request cash, each master will let you know, simply don’t ask excessively. While this sensible period, the dispersion of your youngster, the measure of water to arrange, is not obtained in the business world.
“An organization needs to ask what they require – no all the more, no less,” said Evan Vocalist, Chief SmartBizLoans, a robotized online SBA advance project, in a meeting with Business Every day News.
Artist suggests both the measure of cash thinking of you as truly need your business and the measure of cash to develop you can bear to pay every month.
While it might be valid now and again, this is not an undeniable reality. Moneylenders consider numerous elements – including guarantees, income and deals conjectures – before choosing whether a credit be endorsed.
Consequently the lord said it is essential to reasonably evaluate the measure of assets required.
“Try not to solicit the appropriate sum from advances is a typical mix-up I get,” she said. “A debtor who needs to purchase another PC won’t not mulled over that presumably require some working investment or to buy extra shares.”
On the off chance that this pushes the advance of the safe place of the bank, it doesn’t mean you’re in a tough situation. Advise yourself to restore a fleeting credit with a possibility for a conceivably higher rate on the off chance that you pay the first. This may create it less demanding to get reserves from an alternative source.
Battle for a Credit
No investigation of minor business financing would be finished without the Sacred Chalice archives minor organizations to say: the strategy for success. There are numerous perspectives in the matter of regardless of whether a customary strategy for success (rundown, examination of the business sector – each 9 meters) still has a spot in the advance application process.
Keeping in mind Bankmybiz President Adam recognizes that most moneylenders don’t require a marketable strategy really taking shape, who believe that in the rundown with an arrangement is dependably a smart thought.
“Each business ought to have some kind of marketable strategy,” Adam said. “It’s only a decent practice to envision development, make benchmarks and stay capable. On the off chance that you don’t have it, make. You will be happy that you did over the long haul.”
A few specialists appear to trust that the financing of the strategy for success to quantify the achievement rate as an apparatus and a business financing alternatives, it is somewhat dated. The vocalist said that while the conventional banks nor marketable strategies amid the credit application procedure may require your organization strategy for success is not required to acquire a SBA advance on the web. The organization as of late propelled the primary completely online stage for sureties from the SBA applications artist advances.
Numerous business people to seek after a minor business advance a win to bolster development arranges or operational enhancements or serve as interim monetary extension amid a troublesome season.
Indeed, money related specialists concur that an ideal opportunity to plan for an advance is before you require them. “It resembles learning sank off the vessel to swim,” Blake said.
Luckily, you needn’t bother with a virtuoso feeling of financing other options to transitory financing for minor organizations.
In 1938, the Fair Labor Standards Act established a federal minimum wage that all private sector employers have to pay to their nonexempt employees. The existing federal minimum wage of $7.25 an hour has been in place since July 2009 and tallies to just $15,080 a year, before taxes, for a full-time position. A family of three living off of minimum wage is well below the poverty level. States are allowed to have their own minimum wage standards that may be equal to or more than the federal rate. Kentucky, Tennessee, Mississippi, Alabama, Louisiana and South Carolina have not adopted a state minimum wage, so the federal minimum wage is applied.
Intended to reduce poverty and share economic growth across workforce levels, the minimum wage loses value every year due to inflation. The first wage was $0.25, which, adjusted for inflation, would be $4.19 today. If the federal minimum wage kept up with inflation it would actually be $10.75 an hour, and if had kept pace with workers’ productivity, the inflation-adjusted minimum wage would be $18.67. Currently, 29 states have minimum wages above the federal rate, with the highest being $10.00 in California and Massachusetts.
Historic increases became law in early March when the governor of Oregon signed legislation for a regional tiered approach, increasing the current $9.25 statewide to $14.50 in metro Portland, $13.50 in smaller cities, and $12.50 in rural communities by 2022. The minimum wages in these areas will rise by cost of inflation each year, ensuring that wages keep up with cost of living.
With small businesses making up over 70 percent of all U.S. businesses, and wages comprising the largest portion of operating costs, the amount of the minimum wage greatly impacts small businesses. Some argue that in order to deal with a higher minimum wage, small businesses have to reduce their number of employees, reduce employee hours, reduce employee benefits, put hiring freezes into place, sacrifice expansion plans or upgrades, or pass the cost on by raising prices. Others claim that raising the wage increases worker productivity, provides workers with more money to put back into the economy, allows people to support their families without government assistance, improves employee morale and loyalty, and attracts talented workers.
A 2015 survey by The Wall Street Journal and Vistage International found an even split in small business opinion of raising the minimum wage. Although 75 percent of the 728 small firms that were assessed did not employ minimum-wage workers, 49 percent thought the current wage should be raised, while 49 percent did not. According to the survey, some business owners intended to offer wage increases due to a tightening labor market and stiff competition for workers with large corporations. Of the 180 business owners who employed people making minimum wage, 142 said they would offer a $1 raise within one year.
The Raise the Wage Act was introduced to Congress in April 2015, seeking to increase the minimum wage in increments to $12 by 2020. One poll conducted for Small Business Majority found that 60 percent of small businesses supported gradually raising the federal minimum wage to $12 per hour by 2020 and adjusting it annually to keep pace with the cost of living. This support came from small business owners across a range of industries and political affiliations. Of the 50 percent of the respondents that compensated their lowest paid employee from the current federal minimum wage up to $12 an hour, nearly six in ten supported the increase.
According to the Economic Policy Institute, the average person who benefits from a higher minimum wage is 36 years old and earns more than half of their family’s total income. Slightly more than half are women working full-time, and 28 percent have children. That’s a far cry from the teenager with the after-school job that many people imagine as the type of individual who earns a minimum wage. While the reality of living on a minimum-wage income has become a financial hardship for many, business interests must be taken into consideration. The delicate balancing act of how high is high enough continues.
About the Author: Thomas Bunch Sr. has been a practicing attorney in Lexington, KY for more than 50 years. Mr. Bunch is a well-respected business bankruptcy lawyer, specializing in Chapter 7 bankruptcy as well as the seemingly never-ending reorganizations in chapter 11 bankruptcy code. Mr. Bunch continues to accept cases to this day and currently practices law at Bunch & Brock Attorneys At Law
In general, one of the business owner’s primary concerns is optimizing her or his bottom line. To ensure that you can earn the exceptional conversion rates you desire, it’s a good idea to have a strategic plan in place. Here are three strategies that should be a part of that plan:
1. Invest In Internet Marketing Services.
One great way to optimize your bottom line is by investing in internet marketing services. Doing so will help your brand maximize exposure across diverse online platforms such as social media channels. When you start looking for the perfect digital advertising company, make sure you select a group of professionals who have extensive experience working with people in your specific field. Also make sure that the digital firm can offer comprehensive services, some of which should include:
-web design and development
-search engine optimization
-social media optimization
-online reputation management
-responsive web design
2. Focus On Employee Development.
Another strategy you can implement to help optimize your company’s bottom line is focusing on employee development. This technique is important because it helps ensure that your staff members can complete their daily assignments with speed and skill, thereby creating more time and energy that can be devoted to money-making ventures. There are numerous ways you can put focus on employee development, such as having your staff members participate in ongoing training workshops that keep them up to date with new industry methodologies and regulations.
3. Mind Your Health.
One final technique you can deploy to optimize your bottom line is paying close attention to your health. Business owners who are perpetually ill, fatigued, or plagued with mood instability are less effective in getting their daily tasks accomplished quickly and correctly. With this idea in mind, make sure that you’re doing all that you can to look and feel your best. One way to get this process underway is by using testing kits to identify any debilitating conditions that may be hampering your body. You can obtain a wide range of testing kits from companies like Diagnostic Automation/Cortez Diagnostics, Inc. They offer serology test kits as well as kits for cancer, hepatitis, diabetes, and HIV.
If you’re ready to make 2016 your company’s most profitable year yet, now’s the time to implement conversion optimization strategies. You can use some or all of the techniques outlined above to ensure that your company earns an impressive bottom line this season.
Unfortunately, fraud can affect all businesses, both large and small, and can have very costly consequences for your company’s finances and reputation if word of the fraud gets out; especially where fraud directly affects your customers. Many fraudsters thrive on and feed off of the reluctance of business owners to deal with a potential security breach within their business. However, fighting fraud and securing your business should be standard practice.
Assess your risks
The first step you should take is to determine the areas in your business that are vulnerable to fraud. You could start with common risks, such as payment exchanges with suppliers, POS cash payments from customers, and other areas that involve the exchange of finances. Invest in a counterfeit detector to ensure you don’t receive fraudulent bills and remember that fraud doesn’t always have to be on a large scale.
Theft or exchange of business products (asset misappropriation) by staff is very common and schemes where employees steal or exploit your organization’s resources, or make fictitious expense reimbursement claims need to be addressed. While this type of fraud is often overlooked, as it is less costly than corruption cases, or financial statement fraud, the effects of it can add up greatly over time. Tightening security at entry and exit points, as well as establishing guidelines can make a big difference.
Come up with an anti-fraud plan
Once you’ve determined the areas you need to focus your attention on, it’s time to create a fraud prevention policy. Write it down for the employees as well. Whether your staff have to start using counterfeit money detection products, or need training on ethical behavior, a policy in place can be a good guide and deterrent. If you need expert guidance, you can consult with Certified Fraud Examiners, who can help you find out where your company is most vulnerable and assist creation and action of your plan.
Business owners may be reserved when it comes to raising the issue of fraud with their staff or customers for fear of coming across as untrusting. But one of the best ways to approach this issue is by being open about it. Customers can take advantage of employees when exchanging cash for products and employees can do the same, so purchase a money counting machine that records every transaction for both parties to see. This will make he said/she said arguments a thing of the past. And making examples of any employees or customers who abuse this rule will be a deterrent to other people.
Maintain the culture
Maintain positivity and open communications in your company. Organizational structure and policies should be followed. There’s no sense in creating an anti-fraud plan and handing out a copy to everyone involved and then not respect it. Carry out random assessments, follow the protocol. If you do still find cases of fraud, think about installing CCTV cameras in your offices or stores. Will these tips in mind, you can take charge and work to fight against fraud and secure your business.
Michael Peggs is the founder of digital marketing agency Marccx Media, where they specialize in SEO and Content Marketing. Before Marcxx, Peggs worked at Google in business development, forming digital media and advertising partnerships. He is also a blogger and podcaster, hosting the iTunes Top 10 New & Noteworthy podcast You University – The Personal Branding Podcast.
A lot of employees dread the traditional business meeting. In many cases, your employees could become bored and less likely to retain the information you’re providing. If you want your staff to be more likely to take something away from the meeting, you need to engage them. You need a platform that can keep their attention while delivering the materials you need them to understand.
Interactivity With Staff
Giving your staff a voice in the company does two things: empowers the employee and increases the likelihood of discovering new ways of doing things. Although you’re the boss and want things done a certain way, listen to the input of staff. You never know if an employee’s idea could save the company money or make the workflow more efficient.
An Engaging Presentation
Too many meetings use featureless and plain presentations to deliver information. Studies have shown that more engaging slideshows offer increased chances of retaining the information while improving focus on the topic. Improving these demonstrations, such as professional PowerPoint slide designs, can impact your workforce and enhance the outcome of the business meeting.
Catering to Excite the Masses
Catering can be anything from basic snacks or doughnuts to full dinners ordered from the local pizza parlor. Food helps attract the employees while filling their stomach. Studies have shown that people with food in their stomachs are more likely to retain and process information.
Focus on the Positive
Depending on the reason behind the business meeting, you’ll want to keep focus on the positive aspects. People who are encouraged to succeed in a positive manner are more likely to do so. Dwelling on negative aspects of the business can hurt morale and may be counter-productive to creating a strong work environment.
You should always lead by example. The more energetic and positive you are, the more likely the staff will be as well. According to various studies, an employer who demonstrates a positive frame of mind and is energetic affects the mindset of those around him or her. This often leads to a happier and more productive workplace.
You don’t have to stick to the mundane and plain business meeting. Getting the staff excited about working for the company can help keep employees on staff while improving their need for success. Don’t think of it as bribing them to do a good job. Think of it as an investment to keep quality staff working to benefit the business as a whole.