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Smart Budgeting Tips for Your Business

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Whether you own a business or hoping to start one, budgeting is a crucial aspect you can’t ignore. It is no secret that beginning a business demands a decent amount of money. However, expenses don’t end once you are fully operational. According to statistics, a combined 60% of small businesses in the US are either breaking even or continually losing funds, with the lack of a proper financial plan being noted as a critical factor. Are you confused about where to begin or how to improve your current financial plan? These five tips should help with creating a smart budget.

  1. Know your business

When starting a business, you need to understand the risks associated with the niche and industry you are venturing into. For instance, if you will operate in an essentially seasonal industry, you will need to break your yearly budget into monthly or quarterly accounts before structuring your financial plan. Keep any forthcoming changes in regulations and tax laws in mind as well. Since your business is likely to differ from others in your industry, you should consider comparing your company to industry standards utilizing CPA’s tools and resources. Every business comes with certain risks that could financially impact your enterprise, making it essential to identify varying areas to make a better decision on your spending.

  1. Involve your team

Being the business owner doesn’t mean you have to shoulder all the business responsibilities. Involving team members in your business is crucial, so that they appreciate the policies, insights, and ideas significant to achieving established goals. It is practical to keep employees informed on any future adjustments that may affect them or the business to comprehend what to expect. Like US president-elect Joe Biden said, “Don’t tell me what you value, show me your budget, and I’ll tell you what you value.”

  1. Be realistic

Your budget is only useful when it is focused on specific and achievable numbers. Your team is likely to jeer and excuse your financial plan when set numbers are unrealistic. As a result, you should build your budget based on previous outcomes and future projections. To develop a feasible budget, analyze previous monetary results from, let’s say, five years ago. Take care of those inevitable or fixed costs first, then look at the variable expenses and their root factors responsible for their fluctuation. Can these costs be managed going forward? Which costs can be avoided altogether? Understanding your past outcomes is essential in adjusting to anticipated changes to serve as a basis for setting your spending numbers.

  1. Use the right tools

Investing in the right tools is an essential part of your budgeting process and is vital to maintaining productivity while cutting back on unnecessary costs in repairs and wastage. For a service delivery business that spends a considerable amount on stationery and storage, it is advisable to switch to the paperless system, which is fast, secure, and cost-effective. A survey estimated that 3% of business revenue is spent on printing, papers, and storage. Meanwhile, papers contribute to 50% of business waste. Switching to the paperless system requires finding the right suppliers for quality, yet affordable computers and software. If you are in the manufacturing or engineering sector, visit https://www.meetyoucarbide.com/carbide-blanks/ for wear parts, woodworking, or metalworking tools for your business.

Many business owners and managers believe that the effort required to create an adequate budget is too demanding. Interestingly, that is never the case since budgets instead ensure you manage your resources to meet business goals consistently. These tips should offer you more insight, an appealing bottom-line, and good stress level management.

Enhance Productivity With These Excellent Business Hacks

Making sure you focus on doing your best to improve the productivity of the business is so important, and you’re going to want to come up with ideas to help you achieve this in the coming year. You’ve got to make sure you think about the best ways of being a more productive and effective business. This is something that takes on even greater importance in the current climate, when businesses are taking losses and need to tighten the purse strings.

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Business planning in a post-COVID world is essential to be able to offer better value to customers, and to be able to run asd a more efficient and productive business moving forward. There are loads of great ideas you can use that are going to play a massive role in helping you to improve your productivity and complete more projects as a business. Here are some of the key ideas you need to use to help you improve and enhance the productivity of the business.

Make Sure Everyone is Properly Trained

One of the best things you can do when it comes to improving your business productivity is to make sure you train your employees as well as you can. The more they know about how to do their jobs, the faster and more effectively they can do their jobs. This is something that plays a major role in helping you to get the best possible outcome from your company’s productivity. If this means extra and more in-depth staff training sessions, then so be it. Coming up with ideas to help you improve your employee training regime can make all the difference, and this is definitely something you need to make the most of right now.

Have the Right Equipment

The right equipment is something that is integral in developing any business, and this is so important when it comes to helping you be more productive. For instance, if you run a workshop or car dealership, some of the best pieces of equipment you can use to improve productivity are vehicle hoists. This will make it easier to work on cars and get more work done as a business. Equipment is essential for any business, and you need to make sure you do as much as you can to stock up on the best and most effective equipment on the market in a bid to enhance how productive your company is able to be.

Digitise Where You Can 

Digitising your business as much as possible is one of the key ways of making things better as a company and managing to improve your productivity. If you haven’t yet gone digital as a business, you need to make sure you are focused on doing this as soon as you can. There are a lot of elements that play a part in this, and being able to run the company in the fastest and most effective way is really crucial. Being able to digitise the business is going to help you to carry out tasks much faster, as well as getting in touch with customers as often as you can. Try to take steps to digitise the company as much as possible and reap the benefits of this.

Outsourcing is Important

One of the key things you can do when it comes to improving business productivity is being able to outsource as much as possible. There are plenty of great things you can outsource as a business, and this is something you need to try to make the most of right now. Try to outsource as many different things as you can in order to make the company more efficient and productive. Outsourcing frees up time and money in order to allow you to focus on other areas of the business, without having to let the quality and professionalism slip. If you can try to outsource your business essentials right now, this is going to improve productivity in many ways. Think about how many different business tasks can be outsourced, and this is something you need to make the most of as a business.

The more you can do to help your business be more productive, the more success you are likely to generate. It is vital to come up with ideas that can help you when it comes to improving productivity, and this is something that you need to work on as much as possible. Making the right decisions as a business can make such a big difference, and there are loads of factors here that help you improve business productivity.

Planning Your Business For A Post-Covid Environment

We are all wondering what we might need to be aware of and to change as a result of the current global pandemic. If you are finding yourself fretting about it, however, then you might want to spend some time thinking logically and rationally about some of the things that you can do to ensure that your business is going to not only survive it, but thrive through it. A big part of that is planning for a post-covid environment so that you know your business is going to be able to live through it in the best way possible. Let’s take a look at this in a little more detail.

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Arranging Logistics

One area that has probably changed already for you, and is likely to continue to do so, is in the realm of logistics. If you are happy with knowing how you are going to approach this, then you should find that you can allow everything else to pretty much fall into place. But logistics are definitely something that needs a lot of attention when people have to distance from each other and you can only have a certain number of people in your warehouses and so on. To help with this, finding the assistance of a professional team like Warehousing and Logistics Australia will be a huge help.

Reassuring Colleagues

Your employees are going to need a great deal of reassurance along the way and into the near future, as you aim to let them know that you are doing everything you can to look after their health and safety while they are working for you. Many people will be genuinely very concerned, and anything you can do to assuage their fears is definitely going to be a great move to make. One of the best ways to reassure colleagues is not to do with saying anything, but rather concerned with how you act. In other words, make it clear through your actions that you are doing everything you can to keep them as safe as possible in the workplace. That is going to become very important even once covid is gone, now that we all know just how important these things are.

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Accelerating Digital Growth

If your business is like most at this time, you will find that it has experienced a difference in where its focus has to lie, in the fact that it has probably undergone some serious digital growth, more so than most years. This is obviously a response to the fact that you have had to take everything online, and the more that you can make of it, the better, as this is likely only going to carry on into the future too. Make sure that you are ready for this, and that you know how you’re going to make the most of it, and that way you should be able to plan your business much more successfully for the post-covid world. That is going to be the major task of the next year.

How Your Medical Business Can Support The Fight Against The Pandemic

Running a medical business is always rewarding, as you have the chance to provide relief and support for your patients each and every day. With the current pandemic said to be causing casualties around the world, you may be seeking options that allow you to support the fight against the virus and help those who are suffering from ‘COVID-19’ get back to normality. If you want to find out more about how your medical business can get involved and fight the virus, then read on to uncover some of the best ideas that you can utilise today to play your part.

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Create & Donate Personal Protective Equipment

One of the best things that you can do to help the fight against the virus as a medical business is to create and donate personal protective equipment. This involves all manner of materials, from disposable gloves to face masks, as these items are required in their billions to protect the population and reduce the likelihood of transmission. Whether you decide to donate your stock of personal protective equipment or go above and beyond to continually source or create a large stock that you can supply to several key centres, any help is vital in the fight against ‘COVID-19’. Always follow the advised precautions when preparing and transporting any PPE, as you must keep things clean and sterile in order to avoid contributing to the spread.

Store, Transport & Administer The Vaccine

With vaccine efforts around the world producing what appears to be a successful shot, many countries are making the decision to source and administer the anti-coronavirus vaccine. As said vaccine will be required on such a large scale, a momentous support is required to meet goals and protect the planet, and your medical business could become a part of the push to safeguard your local area. There may be the potential for your medical business to store, transport or even administer the vaccine, depending on your specialised area and the qualifications of your staff. Be sure to carry out as much research as possible by speaking with your local government official, and identify any options that will help you to contribute in any way. Whatever you choose, you’ll need to source some commercial refrigerators to maintain a stable environment for the vaccine to make sure its state doesn’t alter before administration. Always pursue personal protective options by utilising disposable gloves whenever handling any products, and always wear a face mask to keep the environment as hygienic as possible.

Supporting the fight against the pandemic through your medical business has never been so simple when you are able to utilise the brilliant ideas detailed above. Helping to stop the spread through creating and donating personal equipment is one great option to explore, whilst storing, transporting or even administering the vaccine could be equally plausible. Always do as much research as you can and check with government officials beforehand to ensure that you can be of benefit lawfully, following hygiene rules to keep safe.

Ways To Save Money In Your Business

Are you worried about how much you are spending in your business? If so, then you do need to think about some of the best ways that you can cut the costs. There are numerous options that you can explore here and that will make your business more flexible.

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Rethink Your Office

Traditionally, the office is going to be one of the most expensive parts of your business. This is definitely going to be the case if you have a large team or if you have to buy a lot of different pieces of equipment. Indeed, you could find that your office costs you thousands each month and that’s ignoring the initial setup.

To avoid this, you need to think about the main use of your office, how it benefits you, and how you can dodge the heavy costs. One of the main advantages of having an office is that it does add a significant piece to your business brand. It makes you seem larger, more successful, and better funded. However, you can get the same impact with a fully serviced office. If you check out a serviced office directory, you’ll likely find that there are options in the city where you want to set up your business.

Alternatively, you can think about using a virtual office address. With a virtual office, you’ll be able to get the look of a larger business and avoid the massive costs completely. These days, this is a suitable solution as you can use tech to keep people connected. It’s also a great idea if you want to ensure that social distancing is a built in part of your business model.

Hire An Accountant

A lot of business owners will avoid hiring an accountant completely and this is understandable. It can just seem like one more cost that you need to add to your business budget. However, an accountant is always going to save you a lot more money than you will need to spend. For instance, one of the times when accounts are going to help out massively is during tax time. An account can help guarantee that you don’t overpay or worse, underpay, in terms of your business’s taxes. If you underpay taxes then you can be hit with massive fines further down the road that you simply won’t be able to afford.

Green Choices 

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Finally, you might want to consider going green with your business model. One of the best ways that you can do this is with solar panels. Solar panels might seem expensive, but they will pay for themselves in just a few years. You can also invest in solar batteries. The big benefit of this is that you can conserve any energy that you can create. This means that you can use it at a later point. Alternatively, in the future, it’s expected that you will be able to sell this energy on the market, providing a new revenue stream for your business.

We hope this helps you understand some of the best ways that you can cut the costs down considerably in your business model.

You Can Start A Successful Business Right Now, Here’s Why

Since we are in the middle of a global health crisis, you might think that now is the absolute worst possible time to get started with a new business venture. But we’re not so sure that’s the case. Here are a few reasons why now could be a great time to get started with your company idea.

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It’s Worked Before

You might assume that during a period of economic turmoil, such as a world health pandemic, businesses always fail straight out the gate. After all, consumers are buying less so there is less demand to take advantage of on the market right?

Wrong, first there have been numerous examples where a business was successful because it disrupted the original market. For instance, Uber and Lyft were both established during the 2008 crash because they were able to recognize what was wrong with the taxi industry and correct it. Your business idea could follow the same pattern and shake up the industry in a new way.

Second, it’s a fallacy to say that consumers are buying less right now. Consumers are buying more because they are getting the support they need from the government to do so. Many consumers found that they did benefit from significant furlough packages which allowed them to spend, even when they were out of work.

Some Businesses Are Thriving

Certain business models are struggling through the coronavirus pandemic. But others are more or less thriving on the market. They are benefiting from additional levels of demand. One example of this would be shipping companies. Shipping companies are seeing higher levels of demand because more people and businesses are buying online. You can see for yourself by exploring just how many shipping jobs are available right now.

Health companies are another great example of a business model that is benefitting from additional levels of demand. Customers are investing more in health products because they are more aware of the importance of their own wellbeing. So, if you set up a business like this, you could see huge levels of demand.

Opportunities Exist

You could assume that governments are ignoring and avoiding entrepreneurs right now. On the contrary, governments are providing huge levels of support to businesses because they know that they are essential for the economy. They want businesses to get up and running in the next few years, they want these businesses to see a great level of success. They are willing to put the money in place to make it happen if you have the right idea for a big venture.

You Have Free Time

Finally, you might have spare time right now. A lot of businesses fail because the person behind it doesn’t have the right amount of time to put a serious amount of effort in. Currently, there’s nothing stopping you from pouring your heart and soul into a business venture.

We hope this helps you understand some of the key ways that you can start a business right now. You shouldn’t let the pandemic put you off doing this. There’s another precedent to suggest that your company could be a tremendous success.

5 Great Pieces Of Advice To Get You Exercising At Home

Many of us have had to find alternative ways to get the exercise we need in current times. Meaning we have had to find a way to be able to bring the gym home. It certainly requires a shift in mindset, and often some new equipment, however, there are plenty of tools that can be utilized to ensure you are still getting the exercise you want and need.

 

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To make it a little easier, have a look at some of the tips below, they will help you to get set up to successfully exercise from home:

Do Workouts That You Enjoy

It may seem obvious, however, there are many people who do a workout because they think it is good for them, not because they enjoy it. If you want to keep your morale up and make sure you are putting in a good amount of effort, it definitely helps if you are enjoying what you are doing. This doesn’t mean that you can’t challenge yourself either. Try a few different workouts and find your favorites.

Find Some Space

You don’t need loads of space to be able ot have a decent workout at home. Even the size of a yoga mat can do for those who are limited. As long as you have enough room to place down a mat and swing your arm behind and in front of you, you should be able to do the majority of exercises. If you dedicate a certain area to your workouts you are much more likely to get into the right mindset.

Invest In Some Basic Pieces Of Equipment

You don’t need ot have a full-on home gym to be able to work out from home. Using the right activewear, some resistance bands and some light-heavy dumbbells should be more than enough, unless you are weight training of course. These small, inexpensive pieces of equipment are the most common you will find in online workouts.

Choose Your Time Carefully

There certainly is no time that is the best time to start exercising. It’s whatever time suits you and your energy levels. If your a night owl, an exercise in the evening, if you’re bright-eyed and bushy tailed in the morning, then go for a morning run. Scheduling workouts can also help you to get in the right frame of mind, and keep your calendar clear of excuses.

Don’t Be Too Hard On Yourself

You need to go easy on yourself. The times we are all going through at the moment are tough. And we can all only do our best. Ignore anyone who says you could or should be working out every single day. Yes, exercising can be a great boost to your mood, however, if you are having a little bit of a hard time feeling energized or motivated to exercise, that is normal and very much OK. Remember to be kind to yourself and listen to what your body is telling you.

These five tips should help you to exercise at home. Do you have any other tips that could help? Please share them in the comments below.

Managing Your Commercial Premises Throughout the Pandemic

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2020 has been a difficult year for businesses of all shapes and sizes, operating in all industries. It is a year that has seen profound change in the way that businesses work, with the vast majority of office based business and roles switching to remote work in a bid to slow the spread of coronavirus and Covid-19. Now, if you’ve switched to a remote workforce, you’re going to have to think about your business in a completely different way and entirely alter operating procedures. One aspect of your operations you’re going to have to take into consideration is how you run and manage your commercial premises. Here’s a quick run through that will guide you through the basics of managing your commercial premises throughout the pandemic.

If Your Business Can Still Operate On Site

Some businesses can still operate within their commercial premises. If this is the case, great. But you’re going to have to run the space in a completely new way in order to fall in line with government issued rules, restrictions and guidelines. You’re going to have to make sure that the space is safe for all of your staff to operate in. This can include providing hand sanitiser, ensuring all of your staff can work with two metres distance between them, placing social distancing stickers on the floors in areas where people queue, providing face masks or face visors and more.

If Your Business Can’t Operate On Site

If your staff can work from home, they should be working from home. This means that many business owners are finding their commercial properties completely empty. You’re going to have some tough decisions to make. The main one? Whether to switch to remote working permanently and completely close your commercial premises down, or whether to maintain your commercial premises until your staff can return.

Maintaining Your Commercial Premises

If you’d like to maintain your commercial premises, you need to do more than simply shut the space up and leave it until your staff can return. You’re going to need to maintain it to ensure that it doesn’t get run down in the time being. Use Body Corporate Management services to ensure that everything is well maintained and clean for when your staff can head back in.

Closing Your Commercial Premises

If you find that your staff work fine from home and don’t really need to work in an office space, you may begin to see your commercial premises as a drain on your business’ finances. Why pay commercial property rent and all of the overheads attached to a commercial premises if your staff can do exactly the same job without you forking out all of these costs? If this is the case, end your agreement as soon as you can and switch your staff to permanently remote roles.

These are difficult times, but hopefully, the above advice will make things a little easier in regards to managing your commercial property at least!

Organising A Successful Remote Conference

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COVID-19 has successfully scuppered a lot of plans this year. Many personal occasions such as birthdays and anniversaries have been put on hold, and of course business events such as conferences and trade shows have been cancelled.

It is important though from a business perspective to try and maintain as much normality as possible and this is why many have chosen to take the remote route this year when organising events and conferences.

We want to talk to you today about how you can plan and carry out a remote conference for business and still share that all important information with those internally and externally.

Send out invites

The first thing you need to do when planning an event or conference online is send out invitations well in advance. Make sure when you plan an event that you invite people with plenty of time to go to ensure that they are able to attend. You can even employ an event and conference organiser to help send out invites and manage rsvps so you know how many people will be on board with the conference.

Create an agenda

Before you even think of hosting an online conference you must take the time to create an agenda. There is no point getting people together on a teams call if you don’t have anything to say – so take the time to put together a minute by minute agenda and send this out to your attendees before the event so that they know what they are in store for. It will also allow people to prepare notes or questions they have with regards to each point on your list.

Ask for input

The most important thing to do when hosting an online event such as this is to involve your team and get them thinking about it too. For example, you can invite each member of the team to come up with a topic they want to talk about and allow them to present it to the group. This will not only be a good way to add structure to the day – but it will give your team some public speaking skills and help them with their confidence.

Stick to a set time

It is important when you plan something such as an online conference to choose a time and stick to it. Just like an in-person event – people will have freed up time in their day for this so you must be on time and you must be able to attend the whole thing. Just because it is a remote event doesn’t make it any less important and doesn’t mean it can be cancelled or changed at the last minute.

Use slideshows

When presenting something on a call it is helpful to use imagery. Make sure to create a good PowerPoint for your attendees and this will allow you to demonstrate things as you go and create something that is easy to follow. You can even give everyone a copy of the document after the event which they can take away and use themselves.

How Can You Turn Reputation Into Your Greatest Business Asset?

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There’s a form of currency that your business has that you may not have realized the full potential of – namely, you and your reputation. The old saying that “people do business with people” is just as true in the digital age. In fact, the reach of your reputation, and it’s power to either enhance your business or hold it back, is more amplified than ever through social networks and company review sites. You have a great opportunity as an entrepreneur to establish yourself. And once the right people trust you, they are much more likely to buy into whatever you’re selling – whether you’re trying to attract new clients, building relationships with suppliers or pitching for funding. So how do you establish yourself as one to watch?

Do What You Say You’ll Do  – When You Said You’d Do It

Okay, this one may seem a little basic. But you’d be surprised by how many people don’t abide by this simple tenet of good business sense. Obviously, life likes to throw us curveballs once in a while, but planning is absolutely key – even planning in time to handle interruptions and other unscheduled tasks. If people have to follow up with you, it creates a minor level of mistrust. Conversely, when we deal with someone who always delivers, we tend to go back to them time and again. We quickly come to think of them as reliable – and that creates a halo effect where we tend to think of their other characteristics in a more positive light.

Become A Connector Of People

Learning how to network effectively is a big goal for most business people. And yet if you only approach it thinking narrowly in terms of the direct benefit to your business, you’re missing the point. Too many people are dismissive of those contacts that either don’t have an immediate use for them or are seeking something they can’t provide themselves. The real secret lies in connecting others as well. Contact looking for web development services and you only do marketing? Recommend that little firm down the road you know can do a great job. Not only will they be grateful – and more likely to recommend your company back – but the person you connected will remember you as a ‘fixer’, and you’ll then be top of their list when they do need something that you provide.

Position Yourself As A Thought Leader

Becoming known in your industry involves understanding your personal values, finding your point of difference, and giving your comment on current topics and issues. Sites like LinkedIn can give you a platform on topics in your sector, and seeking out opportunities to give keynote speeches is worthwhile if you have something to say. Working with a PR specialist, such as Elite Lawyer Management in the legal space, can help you to develop a strategy around your personal brand and what you want to become known for. Being the ‘go to’ person for an insightful opinion in your sphere can have a tangible effect on your company’s bottom line.