Archives for August 2021

How to Turn Around Your Struggling Business

August 16, 2021 by Contributed Post Leave a Comment

If your business has been struggling for a little while and you’re simply not sure of what it will take to turn things around, we’re going to talk today about some of the strategies you might want to try. Just because things aren’t going great for your business right now, that doesn’t mean that it’s doomed to failure. That’s not necessarily the case at all. And we’re going to talk today about why that’s the case.

Meet with the Team

First of all, you need to take the time to meet with all of the people who have a stake in your business. That means the shareholders, the directors and the employees. Being frank and open about the situation and coming up with ideas as a team can bring a unifying feeling for everyone. It’s in everyone’s interest for this to succeed, so get together and make it happen.

Revise Your Plans

Revising your plans and getting rid of ideas and approaches that clearly haven’t worked and haven’t served you well is certainly a good idea. You can’t keep doing the same thing over and over again while expecting better outcomes. Eventually, you just have to be honest with yourself and accept that it’s not going how you want it to go. And from there, new ideas, plans and approaches can be developed and carried forward.

Cut Unnecessary Costs

Cutting away unnecessary costs is definitely important. A struggling business can’t afford to be throwing away money on things that aren’t even that important. So take a look at your spending and get rid of examples of spending that are simply not necessary. That money can then be redirected to things that are more important for the business’s chances of long-term and lasting success.

Look for Experts in Specific Areas

Finding the right experts who can offer direct help and insights into what your business should be doing differently can be very helpful when it comes to turning a bad situation around. People like Samik Mukherjee have worked with many different businesses, and you should find people with similar capabilities that can be applied to your specific niche.

Rebrand and Relaunch

Rebranding and relaunching the business in some fashion is definitely something to consider. If people already have negative perceptions of the brand, sometimes the only way to turn things around is with a relaunch and a fresh look. This usually causes people to look at the company with fresh eyes and a willingness to give it another chance, and that’s exactly what you should be looking to make happen right now.

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As you can see, there are lots of ways in which you can change the direction of your struggling business if it’s something that you’re willing to put some work into. Some businesses fail and there’s not much that can be done about it, but you shouldn’t assume that’ll happen to yours until you’ve pulled out all the stops to try and turn the situation around.

Strengthening Your Career As A Fitness Coach

August 12, 2021 by Contributed Post Leave a Comment

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The fitness industry is one of the biggest on the planet, with its global value rapidly approaching the $100bn mark. So, there’s certainly a host of fantastic opportunities available. But only you can reach out for them.

When working as a PT or a fitness coach, you will need to focus on making yourself a more attractive prospect. This is for prospective clients and existing customers alike. Otherwise, they will take their business elsewhere. Here are three simple steps that will lead you to success.

Gain Specialized Qualifications

A degree in sports science or certification as a PT will provide a great foundation to build upon. However, if you want to stand out from the crowd, you may wish to focus on a specific aspect of health and fitness. Sometimes it pays to have great conversions with a smaller group than low conversions due to being too generic.

Think about your target audience. If it’s new mums, a water aerobics certification may be ideal as low-impact exercises are a great way for them to ease back into fitness. Meanwhile, if you’re looking to support pro athletes, you’ll want to focus on their sport as well as the nutrition needed to support them with their goals.

In short, if you can show that your services will help clients reach their targets, you’re onto a winner. Besides, your passion for a niche will shine through to engage clients.

Find Additional Revenue Sources

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Whether offering one-on-one or group services, you can only earn a certain level of income directly from the sessions. Thankfully, that doesn’t have to stand in your way of potential earnings. For starters, you could create an extra stream of revenue as an affiliate promoting health foods or fitness attire to your clients.

Alternatively, the digital landscape offers you the chance to earn money in various ways. Running an online PT service is one option. Working as a content creator could launch a writing career, podcasting career, or similar opportunities can also work. Your experience and expertise in the field can help a much larger audience in this way.

Better still, you will find that your growing reputation can enable you to charge more for your fitness coaching services.

Create Longer Lasting Bonds

In many ways, it is easier to sustain your success when you have a group of loyal clients rather than a constant cycle. When you fall into the latter category as a fitness coach, you will experience moments where you aren’t getting enough business. Conversely, there will be other times where you can’t satisfy the demand.

Any opportunity to strengthen the bond with your customers should be grabbed with both hands. Something as simple as a thank you note can show your appreciation. Other ideas could include sharing some valuable information with them. If they love basketball and you’ve found an article on LeBron’s daily routines, this is a great example.

If supported by a genuine desire to strike a bond during those sessions and classes, this friendship can encourage clients to stay loyal.

12 Steps to Save for Retirement While in the Workforce

August 12, 2021 by Guest Post Leave a Comment

When you’re still in the workforce, planning for retirement might not be your top priority. However, the key to creating your ideal retirement situation is starting early. From discovering innovative ways to make money to opening a retirement account, there are lots of steps you can take to prepare for a satisfying future.

To help you figure out your own plans, we explain how to save for retirement during each decade of your working life. Keep reading to start mapping out your dream retirement plans today.

In Your 20s

Although you might want to work on eliminating debt and spending money on fun experiences in your 20s, this decade is also a great time to start planning for retirement. Here are a few early steps to take:

Open a retirement account: Evaluate the differences between accounts such as 401(k)s, Traditional IRAs, Roth IRAs, and SEP IRAs, then choose one that’s right for you.
Automate your savings: After opening your account, set up recurring automatic payments so you can invest part of your paycheck every month.
Create an emergency fund: In addition to a retirement account, it’s a good idea to set up a savings account with emergency funds for rent, food, and other necessities.

In Your 30s

After you’ve set the retirement planning groundwork in your 20s, here are some steps you should take in the next phase of your life:

Add to your emergency fund: To account for big life changes, add more emergency funds to cover three to six months of expenses.
Boost retirement savings: In addition to automated withdrawals from your paycheck, you can add to your retirement savings by cutting unnecessary spending, eliminating debt, requesting raises, or pursuing side jobs.

In Your 40s

Once you hit your 40s, it’s generally best to have three times your annual income in your retirement savings. To make sure you reach that benchmark, use these tips:

Rethink goals: After examining the progress you’ve made thus far, adjust your retirement goals and figure out which areas need improvement.
Invest more: If you take more investment risks at an earlier age, you’ll have more time to accumulate rewards and recover from unsuccessful investments.

In Your 50s

In addition to having six times your annual income in your retirement savings, keep these steps in mind once you’re in your 50s:

Use catch-up contributions: Depending on your retirement account, you might be able to add catch-up contributions if you’ve fallen short of your retirement savings goals.
Plan for healthcare costs: Based on your current health, you may be able to anticipate some of the healthcare and assisted living costs that could come down the road.

In Your 60s

At a minimum, you should have eight times your annual salary in your retirement savings when you’re 60. Here are some other retirement planning tips for this decade:

Set a retirement budget: Figure out how much your monthly expenses will cost and create a retirement budget accordingly.
Wait on Social Security benefits: Although you’re eligible for retirement benefits at 62, waiting to receive them until you’re 67 can increase your Social Security benefits.
Purchase an annuity: To prevent you from outliving your savings and fund your retirement, you may want to purchase an annuity.

By taking these steps while in the workforce, you can set yourself up for a fulfilling retirement. To ensure that you meet your goals, use this printable monthly goal tracker to monitor your progress.

Best Team Building Activities for Your Employees

August 12, 2021 by Diana Smith Leave a Comment

The importance of team building shouldn’t be underestimated, especially today when many teams are struggling to maintain the level of efficiency they achieved before the pandemic. It’s a well-known fact that better results are achieved when employees are productive and motivated. For that to happen, apart from other preconditions, they need to feel like part of a team that is set out to achieve great things. One of the most successful ways to ensure this unity and boost productivity is to organize team building events whose aim is to cultivate great interpersonal relationships. However, you need to be aware that there isn’t an activity that everyone likes and enjoys. That is why we’ve prepared the following list of ideas for you to consider and implement, depending on what your employees’ preferences.

Pub trivia

If your employees are not so inclined towards physical activities, you might consider organizing a pub trivia even. See if a local pub can host such an event and make sure you appoint a host who is entertaining to make the most of the event. This isn’t a competition to show who the smartest person or team is, but rather an opportunity for everyone to have fun and work together. Ideally, people should be put in teams with those they don’t know so well, since the point of pub trivia and team building activities is to allow people to get to know each other better while having a great time.

Escape room

Another idea that has become really popular recently is a fun and inexpensive way of giving people an opportunity to work together in order to solve a problem that is seemingly insolvable. Depending on what options there are where you live, you might opt for problems that require combined knowledge to solve or those that will ask people to overcome their fears. The point is that people really need to work together towards a common goal, which strengthens the relations between them. Again, it might be a good idea to create teams of colleagues who don’t know each other so well, who will need to communicate on a completely different level and find out how to maximize everyone’s strength while solving the puzzle. Most challenges will also ask them to trust each other, which is something every team needs if it wants to be successful.

Camping

This is an activity you probably wouldn’t expect to find on this list, but the truth is that numerous companies have already realized the benefits of organizing a camping activity in the open. To begin with, going camping means leaving your comfort zone and having to adapt. This, in turn, requires thinking outside the box and applying skills you have in a completely different environment. Some people might frown upon the idea, but if you provide them all the necessary equipment and gear, such as tents, sleeping bags, food and water, practical otf knives and a first aid kit, they’ll be less reluctant to take the plunge. Just make sure you pick a period when no extreme temperatures are expected, so that people can really enjoy themselves while spending time outdoors. This is especially important to those who have never been camping and you don’t want bad weather to ruin the whole experience. Top of Form

Scavenger hunt

Another popular team-building activity that improves relationships is a scavenger hunt. Again, in order to finish the activity, team members need to communicate with each other and figure out the strengths of each individual in order to complete the tasks. It might also require stepping outside their comfort zone at times, but the most important thing is that those who need to do that feel secure, because they have their team members by their side. Like with most other activities suggested here, it’s usually best to create teams consisting of people who don’t work or spend time together or who might not even know each other at all. Not only will they have fun, but they’ll also be able to learn something interesting about their colleagues. The result will be beneficial for the overall communication in the company.

Board games

The least expensive activity on this list and one that requires the least preparation is an event that can be organized in your offices. All you need to do is provide different board games, as well as some snacks and drinks. People might even bring their own favorite games and teach their colleagues how to play them. Again, the focus is not on the competition, but on people spending time together, having fun and getting to know each other better.

These are just some ideas for you if you’re planning to organize team building activities for your colleagues. As you can see, they don’t require substantial funds and can be organized easily. On the other hand, if you choose the right activities, people will be able to have a great time, which will have excellent effect on their relationships and, eventually, motivation and productivity.

7 Things You Should Prepare Your Small Business For

August 11, 2021 by Contributed Post Leave a Comment

When you’re running or planning to start up your own business, there are many things that you’re going to need to be ready for if you want to have a chance against your competition. You’re going to be competing for customers at every turn, and you don’t want your business to go unnoticed from the moment you start. If you want a chance of success when running your business, you need to be ready to do what it takes to keep things running smoothly, while also giving your business the financial support that it needs to keep moving.

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A lack of customers

If you’ve just opened up, you should consider that the estimations you’ve made on how many customers you would be attracting can be a little off. If you’ve planned around an expected income, missing out on the customers you thought you would have can cause significant trouble for you and your plans going forward – so you should make sure you’ve allowed yourself some financial wiggle room to keep the lights on. It can take time to build up your audience, and even some experimenting to find what works for you in terms of promotions and marketing techniques.

Maintaining equipment

If the ability to run your business relies on certain pieces of equipment for things to function properly, then you need to be prepared to cover the costs of maintaining them. Generally, having your equipment serviced can be quite expensive when put on top of all of your other posts, but it’s worth it to ensure that it doesn’t break down. It’s something that all businesses have to consider, imagine if it were an important piece of equipment like a medical fridge that started to fail – it would cause all kinds of trouble.

Not only can failing to maintain your equipment be troublesome for business, but it can also be dangerous to you and your employees. If a piece of machinery starts to fail and malfunction, someone could be injured when trying to operate it, making your business unsafe. You could find yourself facing more costs than it would be to maintain the equipment in the first place. It’s better to be safe than sorry if it’s something that your business relies on.

Long-term employee payments

Even the smallest businesses are expected to have the money required when it comes to employee payments. You can’t expect people to work for you when you can’t afford to pay them, and when things are going downhill – you’re going to need your employees to keep things working. You aren’t owed loyalty from them, and having that money to the side when you need them is going to be essential when trying to get your business back on track. That’s not to say you should be ready to hold onto all of your staff when you’re struggling – but no one wants to work for free.

Legal advice

As your business starts to grow and gain traction, there are a number of legal parameters that you’re going to need to make sure you’re working within if you want to stay operational. Different businesses will have different regulations to follow, but you need to make sure you’re in the know whenever you’re making a decision on your business’ direction. Paying for legal advice is normal practice, and it’s well worth the money if it removes any risk from facing fines or lawsuits when moving forward. For a small business, a lawsuit from a bigger business can be devastating – so you’ll want to make sure you’re not under any risk.

You don’t need a legal advisor to be working for you all of the time, but there are services out there available to use when you need them. If you’re thinking of making big changes within your business, or have questions about what you can and can’t do concerning your services and products – it’s better to make sure you’re not breaking any laws when doing so.

Marketing schemes

Like mentioned before, it can take time for you to build the customer base that you need in order for things to run smoothly, and you don’t want to be too short on money to invest in a new marketing scheme. You need customers to make money, but you need money to attract customers – you’ll want to make sure you’re not stuck in that loop from the get-go. Making sure you have enough money on the side to put out different marketing schemes can ensure that you’re able to run the campaigns and advertisements necessary to attract the target audience of your business.

There are many different kinds of marketing schemes to choose from, and some are more effective than others, while some are significantly cheaper. Market research can take time, and ideally, you’d be prepared before you start. TV ads, fliers, posters, social media, etc. can all be great ways to get noticed by the public, but they all take time and money if you want them to work effectively.

Changes in the market

Every competitive business needs to make sure that it’s able to identify different changes and trends within the market. If you want your business to stay relevant with your target audience, then you need to make sure that you’re ready to adapt and make the most out of the current market trends. Sometimes trends last a long time, sometimes a market trend can be over within a month. If you’re not paying attention to current trends in the market, it can be very costly for you as a business.

Consequences of inexperience

Every new business owner struggles with one thing, and that’s inexperience. You can’t have the answers to every problem if you’ve never had to face them before, and it can be a learning experience for you. Sadly, not knowing the answers to everything can cause problems for your business from time to time. This is why a lot of these successful businesses have multiple people advising and making decisions for them, rather than just one person.