Monthly Archive for October, 2020

4 Ways To Ethically Grow Your Business During The Global Pandemic

From the fashion industry to the energy industry, the COVID-19 pandemic has changed the business world. Several companies have already gone under, with a lot more facing an uncertain future and at risk of closing down. The business environment is more challenging than ever, with many companies looking for new ways to stay afloat or weather the storm. But the great news is that there are ethical ways to keep growing your business during this pandemic. So, are you a business owner tempted to use unethical methods to survive this pandemic? Read on to find ways to grow your business without compromising your values.

  1. Take a step further to support your team

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Many companies are under scrutiny concerning how they respond to the pandemic. While some are taking measures to support their workers, other companies put their workers on unpaid leave, sparking outrage in the process. Consumers would remember how companies treated their own during this period. Companies that positively affect consumers are sure to grow their customer base, while companies that treat their workers’ unfairly’ will suffer significant brand damage and lose their client base.

  1. Focus on value

This pandemic offers the right time to emphasize the value your business provides to your customers. The chances are that your sales are taking a hit, as many consumers are now more hesitant to spend money. If you can offer your customers better value now, they will remember you when they are comfortable paying again. Take advantage of the period to focus on the message you want your business to send out; consider new ways of improving the content of your newsletters. Contents like tips and tricks, sales and discounts, job openings in your industry, news, and views, and discussion starters are all valuable content this time.

  1. Create an online presence

Although online businesses come with so many benefits, moving some or all your business online may be easier for some companies than others. But if your business was primarily operating face-to-face, then perhaps it is time to start thinking of ways to go online. Retailers, for example, can take advantage of e-commerce platforms to reach a broader market. Gym owners and instructors can consider online sessions, while restaurants and food vendors can also try adding online cooking lessons to their operations. The point here is to get as creative as possible to use online platforms to promote your business.

  1. Do not capitalize on the disaster

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The term “disaster capitalism” has been coined by some experts to refer to the unethical ways that some businesses take advantage of the pandemic to promote their products. For example, several hand sanitizer companies doubled their products’ price as demand increased, while other companies stockpiled on essential products. Price gouging and stockpiling of highly demanded products may rake in some money for now, but they are only short-term. However, the negative implications will catch up with your business – and those are long-term.

Contrary to what you may have believed, this period would not rob you and your business of any benefits. Instead of dwelling on the pandemic woes, use it as an opportunity to create new and unique ways of attracting new customers and making business for your existing clients better.

How The Pandemic Can Actually Be Pushing Your Company To Do Better

We’re always hearing about how the pandemic is negatively impacting business and a whole range of other things. While it’s true that this is happening, it might also be doing some businesses a favor. We know it doesn’t look like it right now, but in some ways, the pandemic is actually pushing your business to do better than it was before. In this article, we’re going to be looking at how it’s doing this, so keep reading if you would like to find out more.

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You’re Working Harder

Have you noticed that you and your employees are working harder? You don’t want to see your business fail, and your employees don’t want to lose their jobs, so everything is going that little bit smoother. Your employees have far more patience with your customers who are calling to complain, all paperwork is being filled out to a higher standard, and your business in general is functioning more effectively than it ever has. It’s a bonus for right now, but you’ve got to keep this momentum going when the pandemic is over. This is the level that your business can work at, which is what will be expected of you from now on, so don’t forget that when the time comes and other businesses are opening back up.

Your Marketing Is Better

Another thing that you might have noticed is that your marketing is currently far better than it ever has been. You’re trying to get more customers to be interested in your business, and because you know that this isn’t happening across the board, you are making yours better. You need people to take an interest in what your company is selling otherwise, you’re going to fall flat. For example, if you are a construction labour hire agency, we bet that you’ve found more creative ways than ever to advertise your services to your target audience. The same goes for every business that is currently seeing success at this time. We guarantee that if you look at the marketing campaigns you are producing, there’s a world of difference between them and the pre-pandemic marketing.

You’re Putting In More Effort

The last thing that we’re going to look at is the fact that you are putting in more effort. The fact that so many businesses are struggling right now is forcing you to put more effort into maintaining yours. You might not have looked at it this way yet, but it’s what’s happening. You are kicking everything up a gear in the hopes that your business does not meet the same fate as others have, and it’s working.

We hope that you have found this article helpful and now understand some of the ways that the pandemic might actually be pushing your company to do better. If you’ve noticed this happening in your business, then you’re one of the lucky ones, and you should thank your stars! Good luck for the future, and hopefully, you continue with this drive.

Little-Known Techniques To Slash Your Depreciation Expenses

They say that death and taxes are the only two certainties in life. Perhaps “they” should add a third: depreciation.

Depreciation isn’t just an entry that accountants like to add to your balance sheet. It’s something that results from the fundamental properties of reality and the structure of the universe. As entropy increases, your equipment wears out. It’s something that’s been going on since the beginning of time. And it will continue to do so for as long as we’re around.

Fortunately, nature doesn’t always have the upper hand. It turns out that there are ways that you can slash your deprecation expenses and cut your capital expenditure.

Here’s what to do:

Increase The Salvage Value

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Let’s say that you run a mine or a farm. Eventually, the plant and machinery you use will wear out and won’t have much value to anyone. It’s too old and rusted to attract interested buyers.

Usually, at this point, your accountant will give it a “salvage value” – what you can sell it for at the end of its useful life. Thus, the depreciation expense you face is the average decline in value from what the asset is worth now to what it’ll be when you sell it.

And here’s where the magic comes in. If you can find a way to increase your assets’ salvage value, you can reduce the rate of depreciation.

And how do you do that? Easy – just focus on restoration. Remember, the sandblasting of mining or agricultural machinery helps to get rid of rust and marks, making it look pretty much good as new. Often all you need to do is change a couple of internal components, and you can keep on using the equipment. Or if you don’t need it, another firm will be happy to pay a premium for it.

Increase Your Maintenance

While assets will inevitably lose function over the course of their lives, good maintenance can slow this process down tremendously. We’re not just talking about lubricating the gearing, either. Today’s maintenance technology is much more sophisticated.

For instance, predictive analytics now means that your business can work out where and how failures are likely to occur. Knowing this, you can sweep in ahead of time, fix the maintenance issue at a low cost, and avoid interruptions in your workflows.

Change How You Depreciate

If you need to rapidly cut your depreciation expense, you might also be able to change how you’re depreciating your assets by considering your assumptions.

Most organizations use “straight line” depreciation, which spreads the expense evenly over the asset’s life. In general, this is the cheapest.

However, the depreciation curve of an asset might not be linear. For instance, market values might indicate that it depreciates slowly over the first few years of use and then rapidly afterward.

If you notice this kind of trajectory, you might be able to take advantage of it. You could report the actual deprecation for the specific year instead of just relying on your depreciation assumptions.

4 Tips to Protect Your Business Inside and Out

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Protecting your business is crucial to ensure you do not fall afoul of a variety of malicious intentions. But, not enough companies focus on the big picture. Instead, they follow current threat trends, but this can leave other business areas open for exposure. If you want to ensure every aspect of your company is protected, from the office itself to the customer and employee data, you need to check out these four tips to protect your business inside and out.

Secure The Office

Using a top-of-the-range security setup will ensure your physical office is safe from potential break-ins, even if this office is your spare bedroom. There is a range of ways you can do this, including keypad entry, ID card scanning, and commercial fencing that will dissuade criminals from attempting a break-in. If your company is established and well-known, there is arguably a more significant risk of a potential break-in. Still, small businesses can also suffer such issues, especially as criminals assume you don’t have the most reliable systems in place.

Set Up Robust Cybersecurity

The same goes for cybersecurity. You need to make sure all the information about your business, employees, and customers is protected from a cyber-breach. Such attacks are more common than you might expect, and with a range of both large corporations and small businesses being affected, it shows that no one is immune from becoming a target. Work with reliable cybersecurity firms to ensure that you are getting the best deal, and opt for 24/7 security to make sure you do not wake up to a disaster on Monday morning.

Carry Out Background Checks

While you want to assume that everybody you hire is the perfect fit for your business, this is not always the case, and even though some people will come across as having only good intentions, they might be hiding something under the surface. The best way to overcome this problem is to carry out thorough background checks on all potential employees. This will make sure you can identify any criminal history and make a decision accordingly. Of course, this doesn’t mean you shouldn’t hire them, but it will help you make a more informed decision.

Train Your Staff

Your staff will have received training when first joining your company. However, it is vital to train them to recognize potential scams that could affect the business’ integrity. If you remind them to regularly change their passwords and teach them how to spot a phishing scam, your business will be less risk of suffering from a cyber attack. It’s also vital that you offer training for conflict mitigation to deal with aggressive customers, and First Aid training can also benefit you to make sure you can deal with any health problems that staff or customers might encounter while on your property.

Protected

A safe and secure business will give your customers and your staff peace of mind. Showing that you are dedicated to guaranteeing this protection will put any worries at ease. It will also boost your company reputation, demonstrating that you are proactive in ensuring safety at every level.

Funding Your Business’s Growth Strategy: 5 Tips for Entrepreneurs

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The Internet has given the opportunity to many entrepreneurs to secure their place in the market and turn their ideas into profits. However, with the always growing number of businesses, the competition has also become as fierce as ever.

This recently-started trend has put a lot of pressure on entrepreneurs, who now have to invest in the right, cutting-edge technology to keep up with the competition. However, if you can’t yet afford these innovations and technology, you can start putting together the funds you will be able to reinvest in the business.

Invest in Marketing

For you to get enough customers who can start repaying the initial investment you made to open your business, your brand needs to be visible. And without a proper marketing strategy, it can be challenging for you to communicate the mission and vision of your business, as well as showcasing your product.

While you should not overspend in marketing, you should understand that this aspect is paramount to ensure your business reaches those customers who are already looking for the services you are offering.

Outsource the Right Services

You are already running the business, thinking about the next move, crafting a detailed budget, and taking on all the various financial responsibilities that come with such a project. There is no need for you to learn all the details of creating a website, writing code, fixing IT issues, or creating a marketing campaign. Besides, you would not build the roof of your business’ facilities by yourself!

A professional expert in a specific aspect can help you identify a strategy that works for what your brand wants to be and communicate. Of course, knowing a little about each aspect of your business can help you make sure everything is running smoothly. However, to save money, time, and precious effort, let an outsourced professional take over some of the tasks!

Invest in Technology

Technology is undoubtedly an investment, especially for small businesses. However, without the right technological advancements, it is easy to fall behind the competition. Indeed, outdated machinery and systems can cause your production line to be much slower, your customer communication system to be interrupted, and your marketing to be less efficient.

Reduce Waste

Waste can represent one of the biggest financial losses for any small and large business. However, while larger companies are able to mitigate the cost of this waste, small businesses need to take a little more extra care to ensure that no funds are wasted in the production process. The same is for your human resources! A surplus of personnel can cause you to spend a large sum that could be saved otherwise. Streamlining your processes might take some time, but it can help you save significantly in the long run!

Leverage Other Income Streams

While you are so busy getting your business off the ground, you can’t also possibly be thinking about getting a side job to find extra cash to reinvest in your business. Here is where alternative passive income streams might come in helpful. Whether you have decided to invest in the stock market or Trade Forex, you are likely to obtain the funds you need for your business – effortlessly.

Points to Consider for Starting a Successful New Business

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These are challenging times for business owners. The coronavirus pandemic has caused economic chaos. For even the most seasoned business owners, COVID-19 has been one of the most significant issues they have faced in their working lives.

It is most definitely not business as usual right now; the impact of the pandemic continues to cause severe disruption with many unprecedented challenges to face. For many companies, adapting to the fast-paced nature of the virus and attempting to navigate their business through it has made it necessary to adjust their strategies, and make changes to their regular business operation.

If you have always dreamed of running your own business and having the opportunity to be your own boss, you may be wondering when you will have the chance to make that a reality. Without a doubt, these are uncertain times for everyone, so the decision to launch a business right now is one that needs to be considered carefully.  Read on to discover some tips to help you start a new business and to give yourself the best chance of success:

Start the Right Business

Starting a business may sound appealing, but for it to be successful, you need to make sure that you create the right company. The pandemic restrictions have caused significant problems for some industries, while others have experienced a boom seeing increased sales of their products. Choosing to start a business in a thriving industry is essential to creating a successful business. But don’t forget to choose a business idea that will still be thriving if and when life returns to normal. Otherwise, you may have a flourishing business now, only to find that demand fades considerably overnight.

One way to reduce the risk of starting a business at present is to buy into a franchise. You can find franchises for sale by looking at a website such as Franchise Direct. Buying into a franchise helps to mitigate some of the risks of starting a business right now as you will have an established brand name to work with and will have advice and support available to you.

Be Flexible

In these uncertain times, flexibility is critical. You need to do all that you can to keep your business flexible so that you can adapt it to meet the needs of the changing coronavirus situation. Taking a flexible approach and monitoring demand closely will help you to spot any opportunities that come along which you can capitalize on as well as mitigating some of the risks involved in starting a business at present.

Monitor Results

Keeping a close eye on your figures is essential at all times when you run a business. However, COVID has made close monitoring of results even more necessary than ever before. Paying close attention to trends in your figures will enable you to anticipate situations and then find solutions in response. Monitoring your results is a proactive way to give your new business the best chances of succeeding in these difficult times.

Tips For A Healthier Financial Future In Your Business

Most self-employed people, if they work alone, have to manage many processes and pending issues, most of which are related to finances. That’s why below we have listed the ways that can help you more effectively manage your finances:

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  1. Saving for the difficult times: If you do not work exclusively as a freelancer, then it is the most appropriate time to start saving and repay any financial outstanding issues. In other words, the money you save will offer you reassurance in case things in your new business venture are not as you would like. Looking at your finances is so important and perhaps what is most important is to assist you with your bookkeeping. It is good to look at outsourced accounting and bookkeeping services and this way you can keep fully on track of all your finances easily and quickly.

  2. Set a goal: Depending on your current issues you can set specific goals that meet your individual needs. One of the daily situations that a freelancer experiences is income instability. So, it would help you a lot if you followed the course of your expenses and income accurately. Having full control over your financial transactions, you can at any time control where you lag behind and where you are surplus, making catalytic changes easily and quickly. You must always re-evaluate your goals every six weeks or so and see if you are on track with things. If not, you must find a new route and see what may work.

  3. Separate your bank accounts: Keep money related to your work and personal expenses in different accounts. This way, you will always have better control over your personal and professional financial issues, without one affecting the other.

  4. Organize your time: Perhaps the most important thing for the freelancer is his time. If you are wasting your time without paying, it is probably because you are not organized properly. The organization will also benefit your customers as you will be able to better dedicate yourself to the work you have undertaken.

  5. Find a good system for invoicing and recording your time: The process of invoicing, but also managing accounting issues, are one of the most time consuming processes. However, there are online solutions that can fully support you by targeting your needs. Thus, by using intelligent automation systems, you reduce the time you waste on these pending issues, while at the same time you save money since online applications are definitely a cheaper solution compared to the traditional solutions offered in the past.

Start today for a better tomorrow with simple tools and tips to ensure that you are giving your business the very best prospects. Whether you’re self employed or running a business with other employees, you can still find some helpful ideas. As a businessperson, the most important thing to do is to look at ways in which you can improve your business and save money. Once you accomplish this, you are on the way to being able to create a happier future.