Tips on Taking Your Freelance Career to the Next Level

As a freelancer there comes a time when your level of success takes you beyond what you can reasonably cope with on your own and you need to take your freelance business to the next level.

But it’s important to do it right and if you are ready to expand your business there are a lot of things to consider – firstly if it’s right for you as it can be a big leap from the freedom of only being responsible for yourself, to having staff potentially.

We asked our friends from Crunch, a company that works with freelancers a lot, and they gave us a few things to consider when you are planning to take your freelance career up a notch:

1. Business branding

You need to look at your branding if you want to grow, particularly if you currently operate under personal branding. It’s important that your branding is flexible and can adapt with your growing business and can retain your expertise and authority.

2. Make sure your website is ready

Many freelancers set up simple websites when they start out with personal profiles but if you are planning to expand then your website needs to be up to scratch and also able to flex and change with your business. It needs to be professional and have the option to add in new services, products and staff pages as required.

3. Assess your products and services

You need to look at the products and services which you offer and see where you can grow and where the gaps are. Check your pricing levels and packages offerings to see where you can make improvements and add in extra opportunities for your clients.

4. Talk to your customers

Talk to your customers to find out what they think of your services and if there are any services which they’d like in addition so that you can grow your business alongside your current clients. Look for services which you can offer in partnership, even if it means partnering up with another business to offer them – it’s all a way to grow your business. If you are a designer and your clients request photography then plan to partner with a photographer, for example.

5. Take on staff

If you have got to the point where your level of work exceeds your capability then you may need to take on staff. This might mean staff to help with client work, or it might mean staff to handle other aspects of the business such as an accountant, or an admin assistant, to free up your time to work on the business aspects.

6. Continuous learning and development

As your business starts to grow you will find yourself facing new challenges which will require new skills such as dealing with staff or handling larger contracts and tenders, so you will need to grow your skill base.

As a business owner continuous learning and development should be part of your remit anyway but at this particular turning point in your freelance business it becomes more important than ever to keep your skills updated regularly.

7. Increase your marketing

If your company is growing then you need to up your marketing along with it to ensure it accurately reflects your new offerings, new staff and new approach in order to attract more of the business you need.

8. Improve your expert positioning

As your business starts to grow more and more people will be turning to you for your expertise so make sure you are positioning yourself and your business as leading the way in your industry area. You can position yourself by writing authoritative thought leadership articles, white papers and by giving talks at industry events, among other activities. Being recognised as a leader in your field will go a long way to take your freelance career up a gear.

9. Boost your networking efforts

Boosting your networking efforts goes hand in hand with upping your marketing and becoming a recognised expert. By networking more on a broad scale you will be able to make more and more people aware of what you do and the new services you will be offering so will hopefully meet some new clients that way.

And by networking within your own industry you will become aware of more and more opportunities to promote your business and your expertise at relevant industry events and exhibitions.

Taking your freelance career to the next level might seem scary and going back in the world of working in a team and having colleague and bosses however, it might also be the very ambition you have been working towards.

Growing your freelance career to become your own business with employees and a broad range of services and products is an incredibly exciting time and if you follow all o of the tips outlined here it will help you carve your own path to success.

How to Estimate Your Startup Costs

Before you launch any sort of business, it is essential that you calculate how much money you are going to need during those first crucial weeks and months. So many businesses struggle because they are not properly equipped to get through this initial stage until they are properly on their feet.

Of course, it may be possible to acquire more funding through sources like smallbusinessloans.co, but you won’t be able to keep doing this forever. Even if you can’t forecast exactly how much you are going to spend launching your business in the first place, you can at least have the best estimate possible. Here are the three keys steps involved in getting the best idea of your startup costs.

List Your Asset Spending

The first thing that you need to work out is how much you will be spending on your business assets. If you are starting a physical business rather than an online one, some of the things you may need include items like furniture, equipment, and the cost of the actual premises itself. Perhaps you will be making and selling products rather than offering services, in which case you will need to list everything involved in making and selling your products. If you are starting an internet business, your asset list will probably be shorter, but there are still some vital things that you need. For every item on the list, make an estimate of what the cost will be, trying to be as accurate as you can. For example, you could contact real estate agents to find out about prices of office space. The internet is obviously extremely useful in helping you to work out your asset spending.

List Your Expenses Spending

There are plenty of things which you purchase when you are starting a business which don’t count as assets. For example, while it may seem like computers and office equipment should be on the asset list, they can be deducted from your taxable income as expenses. Other common expenses include the amount that you spend building your website, renovating your office space, and paying your employees. Your startup costs will be a combination of your assets and your expenses.

Work Out How Much You Need to Get Started

There are a number of different theories involved in working out how much you need to get started. Remember, it is always better to overestimate rather than underestimate. Some people say that it is best to cover six months worth of expenses while others think that you need to be more conservative and cover a year. You also need to come up with sales forecasts for the months ahead but don’t bind them to yourself too tightly as you may find out that you don’t sell as much as you had initially thought.

Don’t fall into the trap that causes many startups to fail, and make sure that you have enough money to give you the best possible start in business.

Simple Switch-Ups To Save Your Business Money

Whether your business is going through a tough time or you’re simply looking to cut your expenditure, a cost-cutting exercise could be very beneficial. When people think of cost-cutting, they usually associate it with cutting jobs, but that’s not what this article is about. Here, cost-cutting refers to cutting down your business expenses by making simple switches to save money. Want to know more? Read about the switch-ups you can make to save your business money today.

Slash your utilities

Changing your utility providers should be one of the first things you do to cut costs in your business. It might take a bit negotiating, but it’s possible to cut a lot of money off your annual bill through haggling or changing providers. In addition to cutting the supplier costs, you could also find other ways of lowering your business’ utility bills to reduce those monthly outgoings.

Cut your tech spend

While your business might rely on technology to carry out day to day functions, does it need so much of it? If you take some time to analyze how your business uses technology, you might find that it’s not being used as much as you thought. Find ways you can cut your spend such as switching to a leasing company instead of buying outright and switch your phone contract providers. Even switching to a different tariff could provide you with some savings, so try exploring the different options available to your business.

Switch your external contracts

Whether you work with external marketing agencies, payroll, fulfillment companies or other external contracts, remember to review your agreements regularly to see if you could be getting a better deal elsewhere. You could save money by switching to another supplier, like Red Stag Fulfillment who could provide the same if not better service at a lower rate than your current fulfillment company. Going through a tendering process could be the best way to ensure you make savings while getting quality suppliers competing for the job. Think about your approach to choosing suppliers and whether there’s anything you can do differently to save money.

Move to online systems

There are many business functions that can now be used online to save businesses money, while also providing further security. There are many benefits of cloud computing that can make your workplace more productive as well as save on server costs, while online payroll and accounting software are also useful for your business. Price up the different costs of moving to online systems versus what you pay now to help you get the most bang for your buck.

While there are some active solutions for how you can save money for your business, there are also some proactive work you can do avoid hefty business costs. Protecting yourself against common business financial woes will help you avoid costs that could affect your business’ finances, undoing all of your other savings efforts. Give serious consideration to how your business can save money and start reducing your spend now.

Uh Oh, Watch Out For These Business Financial Woes

Are you worried about issues with money in your business? Perhaps you should be because there are various ways that you can experience difficulties with finances when running a company. That could involve dwindling profits, issues with legality and perhaps even theft. The good news is that all these troubles can be easily avoided if you make the right decisions early on. Let’s start by thinking about theft. 

Protecting Against Theft

There’s various ways to protect your business against theft and ensure that your finances stay healthy. One possibility might be to invest in high tech, state of the art security software. Don’t forget that most of what you do involving finances will be online these days and as such software is going to be more important than physical forms of security. You might think that if you’re running a small business a theft isn’t as likely, but that’s nonsense. Theft could still be a serious problem, and you will certainly need to have the right security in place on your systems before you even think about accepting sales and purchases.

The other way you can protect your business against theft is with insurance. There are special forms of insurance on the market right now for any issue with a company that was caused by a theft or a hack on your systems. You might think that the cost of insuring your company like this won’t be worth it in the short run but in the long run it will. If your business stays on the market for more than five years, we guarantee at some point you will deal with a theft or at least the threat of the hack. It’s best to be fully insured for this possibility.

Avoiding Legal Issues

You might stumble onto legal, financial issues in your business for a variety of reasons. Though arguably the most common and the one that catches everyone out is tax. Are you paying the right amount of tax on your business? Are you sure? If you’re not, you need to check this and do what you can to ensure that your tax payments are accurate. Your IRS weapon is going to be a financial tax attorney. They’ll help ensure that if you have underpaid on tax, you won’t be facing a massive penalty. They can also help ensure that it never happens again by getting your books in order. 

This isn’t the only way a financial advisor can help you. They might also be able to advise you on where to spend your money so that it isn’t wasted. By wasting your money in business, you will be putting your company in a difficult situation. Wastage leads to debt and debt can ultimately bring a business crashing down. 

Trouble With Clients

Of course, you can find that an issue with finance has been caused by your clients. In certain cases, clients may decide to pay the money they owe to you later rather than straight away. Usually, this occurs when businesses are providing a bulk order. Rather than pay straight away, the buyer waits until they sell the order on for a profit. Obviously, this can take months where the original company never sees a penny of profit. As such, it can put a business in an extremely difficult situation. The solution that you need to look into here is invoice factoring. With invoice factoring, you can make sure that invoices are sold off, and you get the money that you are owed straight away. You might be worried about this turning otherwise healthy business relationships sour. It’s a possibility, and that’s why you should also make sure you choose your clients and customers carefully. You need to make sure that you only deal with people who are known for paying the money they are owed quickly, without delay. 

If you are a B2B company, it’s worth looking at reviews online. Get a feel for the transactions that businesses have had with other people and make sure that you are aware of how reliable they have been in the past. Be advised that if clients or suppliers break contracts with you or fail to uphold them, you could lose thousands. Most SMEs will not be able to afford this type of loss. 

As you can see, there are a variety of financial issues that can impact your business. However, by taking the right steps, the negative ramifications of these type of issues can typically be avoided completely, allowing you to ensure that you do keep your company in a financially healthy position.

Profits Through Education - Investing In Yourself For Business Success

The world of business is a thriving but competitive place. Some business leaders are born to it; others need to work to become successful. Whether you’re venturing into business for the first time or you’re looking to improve the way you do things, education can benefit you to become a stronger business owner and generate profit. Here is a lowdown of some of the things you can learn to help you become more successful in managing your business’s finances.

Business finance basics

Many people who start a business do so with an idea, rather than a sound knowledge of running a business. If you’ve never had to manage a business’ finances before, it’s going to be a learning curve to get your head around it. There are some great financial literacy tools for small business owners that can help you to learn the ins and outs of managing your business’ finances and stop your business falling into the financial pitfalls that can halt small businesses in their tracks. While you can hire an accountant to look after your company’s money, as a business owner it’s important that you also develop a sound knowledge of business finance.

Supply chain management

Supply chain management is another area that can be crucial for business owners to learn, particularly small retail business owners who might not yet be able to bring these skills into the team. An online supply chain management course will teach you to create an agile supply chain strategy that will help you to learn the ins and outs of your business’ logistics - helping you to drive your business to success. The skills learned as part of a supply chain management course will help you to analyze your finances and make better decisions for your business, helping you to grow and play to your strengths. Learning while working is a great way to broaden your skills and can be done at any stage in your career to help you improve it. 

Marketing

Marketing is vital for business success. Not all business owners will have encountered marketing before, but that doesn’t mean it can’t be learned. Marketing is constantly changing and is an area where people are willing and able to share their knowledge online, meaning you can learn the essentials of marketing for free. Finding out more about digital marketing practices and being able to create a successful marketing strategy will benefit your business and help you connect with your target market. Marketing is essential for driving profits, and seeing which strategies generate the biggest leads can help you continue to build up the success of your business. 

Nearly 8 out of 10 new business will fail, in large part due to the inexperience of business owners. To ensure your business stands the best chance of success, take it upon yourself to learn to manage your business’ finances and become a more confident business owner. They say that knowledge is power, and the more knowledge you have - the more powerful your business can be. You’re never too old to start learning, so start your business education today.

8 Out 10 New Businesses Fail, But Why?

If you aren’t aware, Forbes has a statistic which says that 80% of startups fail within the first year. For entrepreneurs, it’s a daunting task trying to be apart of the 20%. However, it isn’t an impossible target to hit as long as you know why new companies fail. Once you have the knowledge, it’s a lot easier to steer the organisation in a new direction. 

Below, then, are the main reasons eight out of ten startups fail and what you can do to be different. Good luck.

#1: No Love Or Passion

There is an attitude in the industry that is killing new businesses. It’s the need to make money at any available opportunity. As a result, entrepreneurs get into sectors in which they have zero knowledge. If they do get past the initial hurdle of a lack of info, there is the passion factor. A person who doesn’t love the work won’t put their heart and soul into keeping the firm alive. At some point, the fact that the money isn’t rolling through the door will cause them to quit. To avoid this, try and take an interest in the company. Whether it’s a genuine love or you learn to love it, there needs to be something which keeps the magic alive. 

#2: Underestimate The Budget

A friend who is a peer tells you the cost of starting a company. As soon as the figure leaves he/she’s lips, you think you can do it for less. There isn’t a businessman or woman alive who doesn’t believe that they can cut costs and stay in the black. So, when it comes to the budget, the coffers are dangerously low. Of course, in the end, a shortage of revenue is the ultimate nail in the coffin as new companies don’t turn a profit. At least, they don’t for the first six to twelve months. Always add an extra 10% on top of your budget to ensure hidden costs don’t cause a shock.

#3: They Aren’t Lawyer-Friendly

The firm doesn’t need an attorney, right? Let’s face it – you’re a small fish in a small pond. A legal team isn't necessary for because the chances of legal action are small, or so you think. In truth, a startup needs everything from a personal injury attorney to a business lawyer. For one thing, lawsuits come out of the blue and from every angle. Not only will the competition use them to bleed the firm dry, but employees will file too. Also, setting the business up wrong is a terrible way to start. If someone sues, you might be liable depending on the type of business. Lawyers cost money yet save a fortune in the long run.

#4: Mismanagement 

Sorry, but the boss is the person to blame in this circumstance. Owners think they know everything, but the opposite is true. The people who aren’t flexible and open to ideas are the ones who fail. From outsourcing to save money and increase standards to delegating power, a boss has to lead by example. Otherwise, the entire company will suffer. 

The above have one thing in common – you. Ultimately, the boss is the secret to success.

Business Pitfalls You Might Want To Avoid

Running a business is no easy thing to do, and I think we can all agree on that notion. But, while there are always things that can go right, there are business pitfalls any entrepreneur will want to avoid. Being involved in every aspect of running a business can often mean that you end up spreading yourself thinly across every avenue you need to go down. Which is why these issues within your business can take a hold so suddenly. I thought I would share with you some of the common business pitfalls and how you can avoid them.

Legal troubles within the business

Issues can arise within a business that can be of a legal nature and many of which cannot be avoided. While, of course, it can mean that you have different aspects of the issue to fight, it certainly doesn’t mean the end. This is when an appeal attorney can really help you out. Enabling you to ensure that you do all that you can to resolve any legal issues within your business that you may be faced with. 

Invoices not being paid on time

Cashflow and finances are a huge problem for businesses, so it is so important to ensure that you get your invoices paid on time. Of course, many businesses offer a thirty-day window for payments, but this can sometimes leave a business short on funds. There are companies that will buy off the invoices for you, so this could be something you may want to explore if you find yourself struggling with finances and invoicing.

Not advertising in the right way

Marketing and advertising is a key aspect of any business strategy, so getting it right is essential. One huge common pitfall any business can face would be either not having the right strategy in place or focusing on the wrong sorts of advertising. It is all well and good posting to your social media, but if you don’t publish at the right time or engage with your audience, it can be a pointless task.

Not having the right team in place

It is always essential to make sure you have the right team in place. These people, after all, are at the forefront of your business. They could be front your stores or greeting clients in the office, or simply they may be answering the phones. But these people are the face of your business, so it is vital for you to get the decision right when it comes to hiring the right team. Staff turnover can be quite a high cost for any business to overcome. 

Risk management

Finally, risk management can be a huge business pitfall you most certainly will want to avoid. It is a case of identifying them and ensuring that the risk is easily identified and a solution is found to resolve the issue before it becomes a problem to your business or worst still a customer. The last thing you want is to create your own business pitfall to overcome.

I hope that this helps you become more aware of some of the issues your business could face.

Blunders That Could Cost You Your Business

We mean it when we say ‘cost’ because usually if a business does close down, it’s going to happen due to an issue with finances. It’s possible that the financial issue in question is a lawsuit or maybe a business loss. It might even be that your business simply isn’t making the level of profit it needs to if it is going to stay active and open on the market. So, what mistakes are we talking about that could bring your business crashing down around you?

Big Trouble In A Little Office

A lawsuit is definitely going to be something that you need to watch out for in your business. Businesses across the country are hit with thousands of lawsuits every year, and most of these are personal injury claims. A personal injury lawsuit can regularly rack up a massive amount in damages, depending on the extent of the injury. Settlements have been known to range in the hundreds of thousands which may be nothing for a large corporation. For a small business, however, a fee like this could have a devastating effect. 

The best way to avoid a lawsuit like this is to do everything you can to keep your business safe and the environment a secure place to work for your office employees. Believe it or not, even the smallest thing can cause an injury in the office. For instance, you might find that your workers sue due to RSI. This can be caused due to long periods of typing without breaking. Similarly, it can be prevented by ensuring workers are taking five minutes breaks away from the computer.

Prepare For The Worst

You do need to make sure that you are preparing for the worst in your business and we’re specifically thinking about technology. Every business they days is in some way reliant on tech working effectively. If it breaks down or fails, it could cause massive problems for your company on the market. 

This issue can be resolved by ensuring that there is a backup in place. For instance, your company might be involved in transferring or storing sensitive data files for customers. This is certainly the case for any ecommerce business. The best way to backup your systems is a cloud server. That way if anything is lost due to a hack or a data error you can get everything you need back and ensure your company doesn’t crash and lose all your customers as well as your money.

Madness In Marketing

Finally, you need to think about how you market your business. There are lots of what are essentially get rich quick marketing campaigns online. These include promises from marketing agencies that can get your company to the top of the SERPs in a matter of days. You need to be aware that promotions like this are often blackhat SEO and as such the results will be short lived. Instead, you should be looking at long-term marketing solutions that can provide real benefits for your business. Otherwise, you’re not going to generate the level of profits you need to remain successful.

If you avoid these mistakes, you can dodge the blunders that will end your business and send you back to square one.

Setting Up The Logistics In Your Business And Successfully Selling Your Products

If you’re in the business of selling products to industry and public customers; it’s vital that you ensure you’re able to send the right stock to the right places and in an efficient manner. Therefore your logistics and processes are a key component in your company being run smoothly and successfully. The following are some areas for those who are venturing into a larger scale delivery and supply process, and what things you’ll need to consider when selling your goods.

Storage

If your company has expanded and continues to do so, you’ll need to start thinking about a storage space that will house your current stock and has room for the number of products to grow as your business does. An onsite warehouse is often the easiest way to oversee what’s happening with the delivery and storage of your items, so you might want to consider moving your offices to the storage facility when possible.

If you’re unable to work from your distribution center; make sure that it‘s within reach of the business so that somebody can attend should any problems arise. You’ll need to either hire your own team of people to organize the intake, storing, and distribution of goods; or, depending on the size of your business, it might be a smart choice to outsource and employ a specialist company with their own premises.

Transport

The transportation of your stock is another vital area of your business when it comes to its success; as a supplier, you’ll need to be on time and consistent with your service, so invest in your truck and drivers wisely. If you’re not hiring a separate team to transport and deliver your goods; you’ll want to brand your vehicles accordingly and ensure that your delivery people are dressed on brand; a professional approach will leave a positive impression with your buyers. You can check out The Ultimate Guide To Branding Your Vehicles for an idea on where to start.

If your products will be traveling interstate and far across the country; setting up bitcoin with credit card for your business might be the option for you, so that your driving staff will be able to complete transactions securely wherever they are on the road. You don’t want to run the risk of company cash floating about as your products go down the highway, so take the proper measures to ensure that each journey is straightforward and safe.

Feedback

Feedback from your customers and industry buyers is the only way to maintain a high standard of service and to steadily improve, and more importantly, increase your small business. Ensure that you provide an opportunity, for those that you sell to, to explain how they felt about your products, the time it took them to arrive, and the condition they arrived in. If you start to notice any negative patterns emerging; find the source of the problem and deal with it as soon as possible, to ensure that your company doesn’t lose any money.

Implementing regular checks on your staff, the companies you use, and your processes, will ensure that you have a successful business and will have a long and lucrative future in selling goods.

Are You Prepared For Old Age?

The last thing anyone wants is to run out of money during their retirement. For that reason, we wanted to release a post that offered some tips and tricks. With a bit of luck, you will leave this page with a better idea of what you need to do to prepare for old age. If you’re under the age of forty at the moment, you still have lots of time to put this advice into action. It’s important that you leave no stone unturned if you want to live the good life during your twilight years. Considering all that, read this post carefully before it’s too late.

Creating a retirement plan 

Before you do anything else, you need to create a retirement plan. You can do that alone or pay for professional assistance. The latter option is preferable as it should mean you don’t forget anything important. There are lots of experts out there who focus their efforts on early retirement planning. So, you just need to find someone with a good track record. Read reviews online to ensure you’re not wasting your time. If previous clients were unhappy with the specialist, you can bet they’ve written something negative on the internet. Once you have your plan, it should become much easier to ensure you have enough cash.

Selling your home to raise capital

Selling your home when you retire is an excellent way to boost your capital. Of course, it means you won’t pass on the property to your kids when you die. However, you’ve worked your whole life to pay for that house. So, it makes sense that you should benefit from the fruits of your labor. With that in mind, now is the time to take a look at your home’s market value. If you think it makes sense to sell the property when you hit retirement age, you should do it without hesitation. At the end of the day, that money could pay for trips around the world. You’ll just have to rent some accommodation for your last few years on this planet.

Making smart investments

Another fantastic way to boost capital involves making smart investments. If you have some savings right now, you can get started today. Precious metals are a safe bet because they always increase in price over a long enough period. However, if you want to make the most profit, you’ll have to get involved with the stock market. Don’t stress if you have no idea how it works at the moment. There are plenty of brokers out there who can assist you in making the right decisions. Again, you just need to read reviews and testimonials to ensure you’re dealing with a reputable professional. 

Now you know how to prepare for old age, we hope you will make the best choices in the future. When all’s said and done, you’re going to feel pretty miserable if you don’t have enough money. You’ve worked your entire life, and so you deserve to enjoy yourself when you finally retire. Whatever happens, we hope you’re satisfied with the outcome of your plan.

How You Can Work On Your Budget If You Are In Financial Crisis?

No one wants to see his business at the verge of financial crisis. Even if you are a manager or owner of a business, financial crisis is like a terrible nightmare. In any business, there are good days and bad days and financial crisis is a natural phenomenon. According to some sources, almost every Dubai freezone company setup passes through a phase of financial crisis, once in its life time. This is a situation where managerial skills are truly verified. Financial crisis is a testing challenge and managers have to make some crucial decisions like revisiting of the budget to cut expenses. Efficient budgeting injects some fresh and managers get more space to make decisions. 

However, there are some considerations that must be noted to make it more effective. I am listing down some of these notables to get maximum results.

Crisis Resource Management:

Crisis Resource management is basically a medical term but actually,it is a set of non-technical skills required for an effective teamwork in a crisis situation. CRM improves performance and reduces errors and expenses. Organizational crisis management is a detailed series of procedures to sustain or resume normal business operations, minimize stakeholder loss, cut expenses and use learning to improve current performance. Following are some of the duties of HR Managers in financial crisis situation:

• Identify and respond to early signals of financial crises to prevent subsequent business losses. 

• Systematically plan and prepare and provide an effective crisis training to teams which includes business continuity plans.

• Assure partial or full business operations and help stakeholders to recover.

• Establish plans to keep employees engaged during business recovery. 

• Keep the Morale of teams and ensure maximum productivity. 

Cut Surplus Expenses:

Cut all the surplus expenses and be more accurate. Have a look at your wastes and try to recycle them. Its two ways advantageous, firstly this practice is environment friendly and has a positive impact on your reputation and secondly, you might be able to save a handful of money. A lot of money can be saved by taking following steps:

• Equitable use of office equipment.

• Minimize electricity and power consumption

• Move to cheaper energy sources like solar or wind energy. 

• Buy used equipment

• Negotiate low prices with your suppliers

• Use cheap sources of marketing like email marketing, social media and internet marketing.

• Move your business to free zones if provided in your country to get rid of extra taxes. Like a free zone company setup UAEhas no taxes to speak off. 

• Hire interns or have freelancers onboard. Their rates are relatively less and deliver high quality services at low cost.

• Outsourcing

Weekly Audit

There are numerous benefits of audits especially in financial crisis management. Audits can improve a company’s efficiency and profitability a lot by helping the managers to better understand their own working and financial arrangements. The management, as well as stakeholders, suppliers and financers, is also assured that the risks in the organization are well-studied and effective systems and plans are in place to handle the crisis situation properly. Audit will help in you following ways:

• Provides validity and helps to analyze and understand the company’s financial records.

• Discovers errors and Identifies major areas for improvement in your company.

• Educates business owner about the assess risks, economy, efficiency and quality.

• Uncovers fraudulent or other illegitimate activities within your company.

• It Reinforces and strengthens the internal control of managers.

• Limits legal and tax issues.

Always Have A Sustainability Plan:

In financial crisis situation, it’s very beneficial to have a sustainability plan. The most vital stakeholder in any business is a bank. Every business owner always wants the backing of a bank on its backend in financial crisis. What bank is looking in you is, are you sustainable? From the Bank’s point of view, more sustainable is more bankable. A sustainability plan is an asset for any company in hard times. A sustainability plan will ensure your stakeholders that your business will make out of this financial crisis.

Sales Enablement:

Sales Enablement is an effective tool that helps sales person to sell more effectively. The fundamental principle of sales enablement to provide Sales team the basic training and all the resources required. When your company is in financial crisis never cut the budget for sales enablement. A sales person is like the face of any business and he must look good no matter what the conditions are. In such circumstances, negotiate on quality or on quantity but never compromise on the budget for sales enablement.

In financial crisis, the best way to save money is proper budgeting. Keep all the above-mentioned points in your mind to get maximum results.

Brenda Cagara is a part of the business consultant team in Dubai. Her work is to assist the formation of companies and help setting up business firms. Other services she takes a part in are visa processing, trade license, trade mark, bank account opening, product registration and local sponsors. Along with this, she vigilantly manages to pursue her writing career. Since the past five years, she has been writing on different niches. The top ones are finance, business and taxation.

Sage Words For Vets Wanting To Start Up

You would have thought that following a career in the military, veterans would have little interest in becoming entrepreneurs and starting their own businesses. But according to the statistics, this is exactly what is happening. The data reveal that veterans are around 45 percent more likely to get involved in starting a business than people with no military service record.

The reasons for this are many, but some of this might have to do with the fearlessness of people who have served. Once you’ve been in the military and seen armed conflict, setting up and running a business seems like a small problem.

The data from the US Census says that veterans ran more than 2.4 million businesses in 2007 and those companies contributed more than $1.2 trillion to the economy - about 10 percent of total output at the time.

With Trump in the White House, there’s arguably never been a better time for veterans to set up their own businesses. He’s both pro business and pro vet.

So if you’re a vet, how should you approach starting a business?

Know Your Strengths And Weaknesses

As a veteran, you have strengths and weaknesses. If you’re on disability for veterans, it’s unlikely that you’re going to be able to set up a business that relies on brute strength: at least not immediately. Also, it’s unlikely that you’re going to be able to set up a “knowledge” business, especially if you’ve been out of education for a long time.

As a result, successful vet business owners usually outsource many of the tasks that they themselves can’t do. Knowing your strengths and weaknesses when it comes to business development is essential. Often hiring the right people, or getting experts from elsewhere to do the job, is crucial if you want to produce a product that people will buy.

Find Out What People Lack

The job of veteran entrepreneurs, just like other people who run businesses, is to find out what it is that people are lacking and create a product to solve the problem. The product can be essentially anything, so long as it is something folks are missing from their lives. Even something as simple as inventing a pushcart so that people can transport their luggage across the airport terminal lobby can have a significant impact and be a sustainable business model.

Seek Out Veteran Financing

In the US there are a number of plans for veterans to start their own businesses and get back into the regular economy. For instance, microloan programs will often fund veteran startups with cash loans of up to $35,000. Even if you’re credit rating isn’t perfect, you’re often still able to find people willing to borrow at credit unions and community banks.

It turns out that veterans have a unique potential to start up their own businesses and make a lot of money. They have a very specific take on the world and their experience in armed conflict has taught them lessons which are valuable in the world of entrepreneurship.

The Art Of Turning Your Misfortunes Around

When Donald Trump went to Atlantic City, he spent nearly half a billion dollars on hotels and casinos. He, like many other people, believed that the city would become a new commercial hub for the twenty-first century. Unfortunately, that never materialized, and Trump realized that the whole thing had been a mirage. There was no real value in Atlantic City, just a bubble waiting to burst.

But ever the fighter, Trump looked for ways to turn his misfortune around. Yes, he was down, and several of his companies went bankrupt, but he wasn’t out. He used the laws as they stood to write off his debt and start out again, rebuilding his business in the process. Before he fought the election in 2016, Forbes estimated his net worth was more than $4.5 billion. Trump put his own worth at closer to $10 billion.

Trump isn’t the only person to have turned a situation around. Steve Jobs, another titan of the business world did the same thing in the early 2000s. Mac’s market share had been slipping for more than a decade, thanks to the ubiquity of the Microsoft Windows platform under Bill Gates. It’s hard to believe now, but Apple were looking very weak after the Dotcom bubble burst, and many thought that the company wouldn’t make it. But Jobs, the marketing genius that he was, realized that it was now possible to build a device that would store music in the form of MP3s that could replace the traditional personal CD player. Soon the iPod was born which provided the revenue that the company needed to market its brand, expand its Mac lineup and build the world’s first smartphone.

What can we learn from Trump and Jobs about turning our own finances around?

#1: Use The Law

When Trump’s businesses in Atlantic City failed, he didn’t want them to bring down the rest of his real estate empire. As a result, he used the bankruptcy laws as they stood to protect the rest of his wealth from the fallout when they went under.

According to Hastings Law Firm, regular people need to do the same. They need to think of the law as a tool that can help them in times of misfortune. There are all sorts of ways that misfortune can affect personal finances, like medical negligence, and yet too few people take action.

#2: Be Opportunistic

Both Trump and Jobs were opportunistic when turning their finances around. Jobs, for instance, saw that technology was changing and that his company was in the ideal position to take advantage of it. He had all the networks he needed to build a new device that would set the market on fire. He saw what was coming and decided to take the risk.

We can do similar things in our own lives. The world isn’t a static place. New opportunities emerge all the time. When some of our skills become less valuable, others become more valuable, opening up new job opportunities in different areas.

5 tips for start-up Business

Everybody are not made for job few are made for business. Those who are made for business they do have their unique ideas to start which might get success if rest of the key factors will take place properly. What are those key factors? What we call this type of business? Here goes the details analysis about it.

Unique ideas to start a business is called start up business and the key factors for those businesses are locate the right location for the business, arranging funds, target the correct clients, discuss with the business consultants to set up correct goals, requirements to do online & offline marketing for the same. Here goes the detail of these mentioned points.

1. Correct business location: While you are planning to set your business location will take a major part for its success. Because if the business location is properly connected then your carriage or the conveyance cost will be less which will impart on your per price cost. If you can manage to give product in less cost in the beginning then that will attract your clients automatically.

2. Target the correct clients: As your business is a start up business so you won’t target a huge client for huge profit. If you will do so then there will be high chance of failure. The reason behind this is you are new in the market & don’t have any reputation which huge clients are always looking for to do their business. So, try to target small but stable clients to start your business. Here while quoting your price do discuss with your finance team properly. So, here the skilled employee’s knowledge will take place. So, take hiring professional help while building up your finance department specially hiring accountants. Also for financial data to present to the clients bookkeepers will take a important role so that part also you need to take care or discuss with you hiring professional help team.

3. Take assistance from the business consultants if required: You might working on your business ideas for a long but you are coming to the market now. The present market situation is unstable & that is keep on changing very frequently. So, we need proper assistance to get a clear picture on the market & not only that business consultant will tell you whether you are in the right path or not. For choosing correct business consultants you need to survey the market there are many reputed processional business consultants like Trevor McClintock who can help & guide you.

4. Business presence should be properly: Now everyone is using internet so company or the business website should be there. Where company’s contact us page should be proper along with the address. Also few leaflets you can publish to promote your business.

5. Social media promotions: Now social platforms are strong to explore your business & its products. So, you should be available strongly in social media platforms especially in Facebook, Twitter & linkedin.

So, I hope these above points will help the start up business owners with this relevant information. From the author’s team of YourFinanceFormulas All the Best to all start up business person & good luck for your future goals.

Abandon Ship! What To Do When Your Finances Hit A Rock

Running is a business is a unique experience, but there is one experience all business owners share. That experience is the phenomenon of going through a rough financial patch. For whatever reason, every company has to tighten their belt or even watch their finances fall of a cliff. It is not easy, it is not nice, but more importantly, it isn’t the end of the world.

Get A Quick Loan

Just because your finances are in bad shape doesn’t mean that you don’t have bills to pay. Your lenders might sound sympathetic but they won’t give you a reprieve because they want their money. From their point of view it is just bad luck. Due to their lack of sympathy, you can’t say you refuse to pay anymore. Not only will it hurt your credit rating but it will spiral out of control. The only option is to take out a loan to cover your debts. And don’t worry if you have bad credit as online loans for bad credit are readily available. At least with a loan you can continue to function while you come up with a plan.

Cut Back

Cut back means you have to cut back wherever possible. Some cut backs speak for themselves, like moving offices if the rent is too high. There are others, though, that aren’t as easy to spot. Transforming into a paperless office is a great example. You might think that it won’t make a difference but it makes a big difference. Businesses can spend hundreds and even thousands on paper every year. By getting rid of it altogether you don’t have to pay the costs. Regardless of the amount, you should make it happen. Remember that every little helps.

Hire An Accountant

‘Wait a minute, you just said I should cut back on my business expenses?’ Yes you should, but sometimes to have to spend money to make money. It’s a strange concept to understand, yet it is one that can save your business. Paying for an accountant to look after your finances will save you a fortune in a range of areas. Accountants, for instance, know how to structure your finances to avoid bank charges. They also know how to pay off debts so that you always have liquidity. Their expertise will save you money even if you have to pay them a wage.

Don’t Panic

Finally, don’t lose your head and make bad decisions. The shocking truth is that businesses often kill themselves in this period because they lose focus. As soon as they hear the news, they try and dig straight out of the hole and go for the Hail Mary. Your finances are a long-term project and you should treat them as such. So, take a deep breathe and think about what your next steps are, then execute the steps one by one.

How you react when you are in financial trouble is vital as the wrong reaction can be fatal.

Secrets of Improving Business Profit Margins, Without Spending A Penny

Many business owners are under the impression that spending money makes them money when it comes to improving their profit margins. While this can be true, it is far from the only way to boost your coffers. In fact, you can improve your business profit margins without spending a single penny - and focus on reducing your costs.

In today’s guide, we’re going to run through a few ideas on how you can enjoy better margins just by being sensible, making better decisions, and changing the focus of your business. Read on to find out more - and with a little luck, you will reap the rewards in the not-too-distant future.

Be more vigilant

First of all, it’s important to know where your money is going. This involves a broad range of activities, from tracking every last penny spent to holding regular reviews of expenditure and costs. It’s probably the most important and dramatic thing you can do if you want to start seeing higher profit margins.

Streamline your business

According to Rezzable, streamlining your company is the most important thing you can do. Streamlining is not just about cutting costs, of course, it's also about organising your business better, to ensure that productivity remains high. The idea is to make every single task in your business more efficient, and remove many of the flaws and blockages that many companies experience on a daily basis.

Focus on customer experience

Ensuring every customer sees your company at its best costs nothing. And, given that every penny your business makes comes from those customers, it makes sense to reward them for it. Offer a great customer experience, and you will reduce buying abandonment and brand disloyalty, and increase brand recognition and, most importantly, your profit margins.

Retain current customers

Instead of investing quite so much in finding new clients, start doing more to persuade your current clients to keep purchasing from you. Keeping customers is always cheaper than finding new ones - so consider how you are communicating with them, or offer them new deals and discounts.

Speed up your processes

The faster your turnaround time, the lower your cost per sale - it’s a simple premise and one that should tell you the importance of tracking your order and delivery systems. Making small changes can have a significant impact, and the less time you spend between order and delivery, the better your margins will be. Eliminate wasted time, automate what you can, and do everything possible beforehand to ensure speedier beforehand.

Cut low paying clients

What areas of your business are high producing? If you can work out where you earn your money, you can start focusing on dumping low paying clients, and do more to attract high payers. Don’t underestimate the impact low payers can have on your business, particularly if you are offering services. They drain your time, demand more for their money, and might actually end up costing you!

So, there you have it - a few handy tips to help you improve your profit margins Good luck - and feel free to share any tips in the comments section below!

Why Alternative Investing Is So Hot Right Now

2016 was a big year. We saw a polarization in politics like never before in the West with events like Brexit and the US election, and investors all over the planet are wondering whether this is a sign of things to come. Businesses too are reporting that thanks to the changing political climate, they’re altering their behavior and planning how they are going to navigate a challenging political landscape.

The good news for individuals is that global growth remains strong. According to estimates, global growth will expand this year from 3.1 percent to 3.5 percent, mainly because of the new pro-growth strategies outlined by the incoming US administration.

With things changing so fast, what does should the small investor be doing? Here’s some advice to weather the storm.

Start Peer-to-Peer Lending

Peer-to-peer lending wasn’t even something that was possible until a few years ago, and we go the cloud. But the very fact that it exists is worrying. In a normal economy, it’s the job of banks to take the money of savers and lend it out to borrowers. But the fact that people feel the need to go to peer-to-peer services to get a return on their money shows that the traditional market just isn’t clearing. More people want to borrow than the banks will allow, prompting savers to enter the market and lend directly.

Granted, it’s all very strange, but there are some significant returns to be had. According to Bankrate, annual returns are between 5.3 and 8.6 percent, more than triple what most savings accounts currently offer. Riskier loans based on lower borrower credit scores offer even higher rates of return than that, although the risk is considerably greater.

Art And Rarities

Investors have been piling into art recently in search of better returns. Art and rarities are seen as a sort of safe haven when the stock market is in turmoil because they tend to keep their value over the long term. Recently interest in art has been pushed, however, by increasing sticker prices of top works of art.

Michael Saigh, a managing partner at a rarities investing company, says that for many small investors, opportunities are limited because of high entry prices. Some start at more than $1 million. But with the growth of art shares, it’s becoming easier for individual investors to get a stake in the market.

The growth of cloud platforms, as discussed on the Investor Services about us page, are giving investors the opportunity to make sure that their investments meet IRS requirements. This is important whenever individuals are investing in things like art and rarities using their 401(k) funds.

Impact Investments

Finally, there has also been a surge in the number of investors doing things that they hope will save the world. With people like Mark Zuckerberg and Bill Gates making high-profile announcements about their charitable investments, many others are following suit.

The cool thing about many of these investments is that they still generate positive returns, even though their primary goal is to achieve social good.

Don't Fall Into These Small Business Finance Traps

There are many financial mistakes you can make which could potentially hurt your business. Taking the first step into business and making it a success is hard enough, but now you’ve got a multitude of things to worry about and fret over. With all of this, it can sometimes be easy to forget about certain things and fall into financial traps which can hurt varying parts of your business. You can see some outlined below.

Tax

Well of course you pay your tax, but are you paying too much? Many small businesses don’t have the time to look too much into their tax so they just pay what they logically owe and move on. However, depending on your business type you could be eligible for tax breaks, grants and varying government schemes that can end up leaving you with more money. Your best bet is to have a consultation with a tax planner who knows all the ins and outs of the trade and can help you get what you owe. Their fee can be worth it when you earn way more in tax breaks. But, if you don’t want a tax planner there’s no harm in looking into it yourself. It’ll take more time but it’ll be worth it if you end up saving money.

Payment

Have you ever been somewhere that says “cash only”? Or somewhere that doesn’t offer contactless pay? It can be quite frustrating, especially if you had planned to pay in a certain way. Well, you don’t want to alienate customers, because by only offering certain types of payment you can limit potential sales. Using a specific card reader can help, if they’re fast and reliable the customer is going to leave happy and not get held up. Customer service is paramount and can keep the customer coming back for more. The option of Apple and Android pay can also be a huge plus, it’s somewhat of a novelty, but allows for speedy service. It will also increase productivity, allowing you and your employees to get more done throughout the day. If you are considering buying a business then you definitely don't want to overpay. Make sure to use business valuation methods to analyze how well the business is doing and what is is truly worth.

Overpaying On Equipment

Some businesses pay far too much when ordering equipment. This is certainly the case with I.T equipment. If you’re ordering servers make sure you have the space for them and that you aren’t ordering too much. In this day and age you may not even need a server, opt for cloud based computing instead which is safer and far more flexible. The same for computers, yes, you may get a great business deal, but there’s no point in buying more than you actually need because it’ll end up setting you back. Watch the software bundles too, sometimes providers will throw extra things at an extra charge that you just don’t need. If you’re uncertain you can use a business analyst to check exactly what a business of your kind needs. Remember, as a business owner buying large quantities of stock you hold the cards and you have a significant amount of bargaining power. Use it.

How to Make your First Step into Entrepreneurship an Easier One

Starting your own business is fraught with risk, which is why almost half of all new ventures fail to make past the first 12 months. The first steps are indeed the hardest, as you gradually become familiar with your new business arena, and with a little planning and forethought, things can certainly become a lot easier. Here are some useful tips to help you make the transition a successful one.

Outsource Essentials

This is the smart way to start a business, and by bringing in a third party to take care of your IT needs, you can focus on other important aspects. Virtual office services are available, and this can save a lot of money, especially if you have just started the business. A leading company is BPO Virtual Assistant, and they have qualified office staff available in the Philippines, which is a much cheaper alternative than directly hiring office staff at home. An Australian owned company, they have offices in the Philippines and can supply you with trained English speaking staff who can take care of all your administrative office tasks.

Reduce your Outgoings

This is essential, and with virtual office staff, your salary payments will be much lower than if you hired people in your home country. Outsourcing offers a new business a range of qualified staff, including the following:

• IT services – Web development

• Accounting – data entry

• Receptionists

• Sales and Marketing

• SEO Related

• HR positions

The Philippines

What is it that makes the Philippines a perfect location for your virtual assistant? For one, English fluency levels are every high, and with many qualified people who are genuinely looking for a permanent position, there is no shortage of experienced candidates in a range of industries. Although your staff will be remotely located, you have the benefit of an Australian company overseeing the day to day running of the office staff, and with a range of instant communication apps, you can talk to your workers as though they were in the same room.

Same Time Zone

Manilla is in the same time zone as Perth, which means your employees will work the same hours as you, and there is no delay due to time differences. Business process outsourcing works so much better when everyone is using the same clock, and with salaries so much lower in the Philippines, your outgoings will not be too high.

Degree Qualified Staff

All employees are university educated, and due to the employment situation locally, many people are looking for a stable, permanent position and have the necessary skills to be an asset to your business. Any work that can be done remotely is ideal for virtual office assistants, and with the office overseen by an Australian company, you can be sure that your staff have everything they need to complete their work.

Outsourcing can provide you with essential office employees at a fraction of the cost of hiring locally, and with degree qualified candidates who live in a country with a low cost of living, you have the best of both worlds.