Archives for May 2022

Smart Ways To Boost Your Business’ Cash Flow

May 27, 2022 by Contributed Post Leave a Comment

If you own a business that is performing well and growing steadily, it’s a sign that your business is successful. However, that doesn’t mean you have to grow complacent. Many successful businesses can still be hit with many cash flow issues even in the growth stage. About 82% of businesses fail due to a poor understanding of cash flow management. To keep your business afloat, you need to treat your cash flow with the utmost care. By optimizing your business’ cash flow, you can boost its revenues, meet your targets with quick turnaround times, and lower your operation costs. Here are seven ways you can improve your cash flow to keep your business going strong

Plan for future cash needs

Keeping your accounting records timely and accurate allows you to properly anticipate or forecast cash flow for your business based on the data you’ve gathered over time. Most accounting experts recommend that businesses should review their cash flow every month. When it comes to your cash flow, it always helps to take a proactive approach, as that would help you have an idea of the state of your business’ finances and properly prepare for tough financial seasons. For example, if your accounting records show that you will need extra cash in the future, you can start talking to credit facilities or lenders about taking out bridge loans to help secure the way for future funding.

Choose to lease over buying

When it comes to investing in an asset for your business, one of the most important questions you must ask yourself is if you have to buy the asset. Cost is a major factor in purchasing assets, and it does affect your cash flow, especially when it hasn’t been planned for or you spend over your budget. But sometimes, you don’t always have to buy. Over the past couple of years, other alternatives such as leasing have become more popular for businesses. For example, if it’s time for your business to purchase a new fleet of cars, you can opt for a short-term fleet leasing option instead of buying outright and allowing your cash flow to take a hit.

It’s true that leasing your supplies, equipment, and other assets might be more expensive over time. However, unless your company has a lot of cash, it’s always better to maintain a stable cash stream for your daily operations. You get to pay in smaller increments when you lease, improving your cash flow system.

Outsourcing

When running a business, it’s natural to want to have the best team assembled to ensure that your daily operations run smoothly and that you reach your business goals. However, you do not necessarily need to hire full-time workers for every vacant position in your company. Hiring and retaining an employee costs a lot of money. Instead, you can evaluate your current business needs and identify areas that might be more cost-friendly to outsource. Most functions like human resources, accounting, marketing, and IT management are some of the positions that can be outsourced. There are many firms that are experts in providing experienced professionals to handle certain business tasks and duties.

Outsourcing is a great way to save money and have a more flexible staff. It’s also an excellent way to increase your business’ efficiency, as you are paying for expert services at a much lower cost.

Renegotiate long-term contracts

Almost every business needs to have a wide range of tools and services to keep it running smoothly. You would have to build healthy working relationships with suppliers and other service providers. But while these services help keep your business afloat, the expenses can quickly add up. Therefore, ensure you evaluate what services you need for your business and remove any others you can do without. You can also seek alternative prices from other suppliers or service providers. However, if you have an existing relationship with other services, you can renegotiate your contracts. You can approach them with a more cost-effective business arrangement that is a win-win for both parties.

Many other businesses might be willing to work with you if they know they can keep you as a customer for many years. However, not all providers will be willing to change any contracts. You must also pay attention to the add-ons or additional services they provide. If you do not need them, you can take them out to reduce your costs.

Develop rewards and penalties for early and late payments

Many businesses loathe invoicing because it involves a lot of back-and-forth communication. If you struggle to hold your customers accountable and find it difficult to follow up when they default on any payments, you can implement a reward and penalty program. For example, you can offer discounts to clients that make timely payments and add interest charges to any invoices that haven’t been paid. This strategy will push your clients to pay you as early as possible, effectively improving your cash flow system. You will also save more time and resources because you no longer have to chase your clients to pay for your services. Ensure that you include this information on all your invoices and contracts so that your clients are taken by surprise.

Reevaluate the pricing of your products

When running your business, you might struggle a bit with your pricing. How do you price your products or services to attract customers and meet your revenue goals? It’s easy to assume that increasing your prices would turn your customers away. But it’s better to test that hypothesis before concluding. You can test and determine how much your market is willing to pay for your product or service.

Pricing too low will not only affect your cash flow but your business might not be taken seriously. You also have to try not to place a price too high. So, what’s the solution to this dilemma? It would be best to find a moderate price that is the perfect balance between these two extremes. It’s a lot of work, but finding the perfect price will help boost your cash flow and make it easier to generate more income and revenue.

Control access to your business bank accounts

If you want to have a steady cash flow, you must protect your assets. The best way to reduce your risk of fraud or any unauthorized access to your company’s bank accounts is by ensuring that there are proper checks in place. One of the first things you have to do is keep the number of people who have access to these accounts at a minimum. You can give certain company employees, and external service providers access to your accounts at the right levels, and it should be determined by their function and if they would work directly with that account. You can also designate the right people, including yourself, as authorized signatories who will sign checks and other financial documents on behalf of your business.

You must also secure your IT systems, update your passwords regularly, protect your debit and credit card information, as well as use one computer solely for your banking purposes.

When you implement these key tips in your cash flow management processes, you will easily and quickly learn how to safeguard your company’s finances and increase your cash flow, making your business operations run smoothly and efficiently. Ensure that you also consult your business plan regularly to help you forecast any trends or challenges before they affect your cash flow.

The Exterior Elements Of Your Home That Might Need Some TLC

May 26, 2022 by Contributed Post Leave a Comment

Your home’s exterior has to put up with a lot! It gets beaten by the weather day in and day out, and it can be forgotten about every time you go to remodel your home. As such, it gets grimey, overgrown, and even a little broken, and it’s important to take stock every now and then. Your home’s curb appeal needs a bit of TLC in certain areas, and we’ve listed the most suffering below for your convenience.

Even if you like overgrown plants, they’ll need trimming back from time to time! (Pexels Image – CC0 Licence)

Your Windows

How long has it been since you had the windows cleaned? Probably a few years now – the job doesn’t tend to rank highly on spring cleaning lists! However, if you’ve seen some condensation or dirt getting inside, it’s a sign there’s something wrong with the integrity of your windows. It could just be a build up, but it could also be a break or crack in the pane or glass somewhere; inspect carefully, wipe it down, and see what’s left behind.

The Driveway

It’s very easy for a driveway to get overgrown and cracked if you’re not careful with its upkeep. So get the strimmer out there and get rid of those weeds! And if you’ve got cracks, buy a sealant from the local DIY store and stop the problem from getting any worse. If you want to put a stop to cracks in the long term, you can also think about installing a concrete driveway to help make the front exterior of your home much stronger. Concrete tends to hold up better than other materials and is relatively cheap to lay as well, though it can be hard to dress up with shingles, pebbles, or bark.

Any Plant Beds

Plants can very easily take control when they’re left to their own devices. They can grow outside of the beds you built for them, and they can soon drive out other plants you’ve put down. Take a moment now to check on your front garden – how does it look out there? Is one bush overpowering everything else? Get some shears and cut it back; it’ll help all the greens and flowers out there look much more healthy! It might even be worth it to plant a tree, to prevent such creep from taking over again.

The Porch

Having a porch at the front of your house makes for amazing curb appeal! However, if the porch is rarely used, and thus rarely taken care of, it can only help the property to look more rickety. A porch should be brushed and scrubbed down about once a year, and if you notice signs of wear in the varnish, it’s time to put a new coat on top. Porches are great for hosting during the summer and relaxing during the autumn, so why not get some cozy furniture out there too?

Curb appeal doesn’t last forever! Get out there and see what needs a refresh.

Areas of Note for Workplace Health and Safety

May 26, 2022 by Contributed Post Leave a Comment

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If you run a business, chances are, you run some sort of commercial premises to support its operations. This could be an office where office based staff work. It could be a warehouse where goods are stored and staff work to manage orders and stock. It could be a restaurant, a cafe, a bar, a hotel or another form of hospitality. No matter what type of buisness you’re running, if you decide to provide your staff with commercial premises, or if you have a brick and mortar store to sell to members of the public, you’re going to have to do a lot when it comes to health and safety. Health and safety is a series of rules and laws that have been put in place to protect employees and other members of the public while they engage with your business. If you fail to implement the rules and laws and something happens to harm someone on your premises, you’re going to find yourself in legal trouble that will damage your business’ reputation and can cost you a fortune in compensation payouts. So, to help you avoid this, here are some key areas to focus on when it comes to implementing health and safety in your commercial spaces.

Fire Safety

Hopefully, a fire will never break out in your premises. But it’s important that you have procedures and equipment in place should this ever happen. First, you need to make sure that your commercial premises has sufficient and practically located fire exits. These should be introduced to staff and other team members who work within the space. They should also be clearly signposted and labelled with fire exit signage. Next, you need to make sure that you have a fire protocol in place. This should appear on signs and be introduced to your staff through training too. It should detail what to do in the event of a fire and where the fire meeting point is to ensure that everyone has got out of the building. Finally, you need fire extinguishers. There is a whole host available, so get specialised advice o which to invest in. If you have a warehouse or other large scale space, look into fire curtains to prevent the rapid spread of fire. If you have a kitchen in your workplace, fire blankets are another essential.

Hygiene

Your workplace needs to be clean. Poor hygiene in the workplace could result in illness. This is why you need to hire a Commercial Cleaning Service to keep the space up to scratch. This could range from a day porter who is always on site for spills and messes, or cleaning staff who attend in the evenings.

Slips and Trips

You need to make sure that anything that could pose a slip or trip risk is clearly labelled and highlighted. This means signs warning of unexpected steps. It means signs to be placed over wet floors. It can also mean signs that warn of low ceilings or low parts of stairs that people could bump their heads on, causing them to fall.

Hopefully, each of the steps outlined above will make for a more safe and healthy workspace for you and your staff!

How To Keep Your Mind Sharp To Climb Your Career Ladder

May 25, 2022 by Contributed Post Leave a Comment

You’ve probably been keeping up with recent events in the news, and one of those recent trends is the growing awareness of mental illnesses like Alzheimer’s disease and dementia. Sadly, these are conditions that take control of your mind and cause you to suffer from memory loss, along with the loss of your ability to speak and even erratic mood swings. The onset of these diseases cannot be halted, but they can be postponed if you maintain a healthy brain and memory. It’s understandable that you’d want to keep your brain sharp, especially if you’ve got a business to run or a career ladder to climb. Enjoying oneself is a great way to accomplish this. Check out these activities that are sure to help you remember things and keep your mind sharp.

https://www.pexels.com/photo/man-in-blue-adidas-hoodie-doing-magic-trick-48013/

Keep the newspaper’s crossword puzzle

Besides the comics and crosswords, why do people buy newspapers? Rather than tossing your newspaper in the recycling bin, try your hand at a crossword puzzle once a week. When you’ve finished it, you’ll not only feel like you’ve accomplished something significant but also like your brain has been exercised and your general knowledge has been tested. Both of these things are very beneficial. If you are not the type of person who enjoys reading the newspaper on a regular basis, then you should consider purchasing a crossword activity book for yourself so that you can challenge your brain on occasion. Absolutely no looking ahead at the solutions!

Learn a new skill

Is there something you’ve always wanted to master, but never got around to doing it? Now is the perfect time! Perhaps you’ve always wanted to learn more DIY skills, or perhaps you’ve always liked the idea of being able to play the saxophone. Alternatively, you could put your brain to the test but learning more about the career you’re aiming for, if you’re not already there. Take some classes and upskill yourself for a sharper mind and a brighter future.

Play strategy-based computer games.

Did you know that playing certain kinds of video games can actually help improve your mental capabilities? Computer games significantly help train your brain to focus for longer, even though it may seem like all you’re doing is killing a boss or shooting your friends in the head. In addition to this, the level of determination you have to complete levels or accomplish something inside your computer games also increases. There are many reasons to justify playing computer games, and one of them is that it helps improve your memory.

Keep your memory in tip-top shape by regularly using brain-training apps.

The younger generation of today is constantly absorbed in their mobile devices, especially their smartphones. It’s understandable that we don’t want to put down our mobile devices, given that they now enable us to perform virtually any task with just a few taps or swipes. Why not use Wordle and other brain training apps to keep your mind sharp while you’re on the go?

Play cards

Playing card games is another fantastic activity that can help keep your mind in peak condition. As if playing rummy wasn’t enough of a challenge for your mental abilities, your brain is unknowingly taking note of the cards that are dealt. Card games are yet another type of strategic activity that will require you to use more of your brain power than you would normally. Not only that, but they are also a lot of fun! You can put your skills to the test even further by attempting to recognise a pattern in the cards and guessing the hand that you will be dealt.

Start practising magic.

Finally, magicians are known for having some of the most acute minds in the world. This is due to the fact that in order to fool their audiences, they engage in fast-paced thinking, use sleight of hand, and perform illusions. Keeping your brain active can be as simple as picking up a few magic tricks and practising them until you have them down perfectly. A fantastic programme to watch if you are interested in learning magic or even just watching magicians perform is Fool Us, which features the legendary Penn and Teller.

To summarise, there are a wide variety of things you can do to enhance your memory and mental sharpness over time. You’ll also notice that it’s pretty easy to have fun while you’re doing it, which is a welcome bonus. That being the case, what are you still sitting there thinking about?

Three Tips For Improving Your Business’ IT Systems

May 23, 2022 by Contributed Post Leave a Comment

Image from: Oleg Magni on Pexels

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In today’s digitally-connected world, the role of information technology (IT) in business has never been more important. In fact, the faster your business can adapt to a changing digital landscape, the more competitive it will become. Keeping your company’s IT systems up-to-date is crucial for any business that wants to thrive in today’s marketplace. However, many small businesses tend to underestimate the importance of their IT systems and underestimate how much they need to improve them. Thankfully, there are many ways you can make sure your company’s IT is up to par with other similar businesses in your industry. Here are some tips on how you can improve your business’ IT systems.

Ensure Your Employees Are Well-Equipped

The first step to improving your company’s IT systems is to make sure your employees have the tools they need to do their jobs. This means providing them with the necessary hardware, software, and connectivity to keep their work efficient and effective. As a small business owner, you may not fully understand all of the IT needs of your employees, so it’s important to consult with your IT personnel about what is needed. You also need to make sure that all of your employees have the necessary training on how to use the tools they have so that they can do their jobs more effectively. If your business handles a lot of sensitive data, you may also want to consider equipping your employees with secure laptops and mobile devices that are specially designed to protect sensitive data. This will help to prevent the risk of data breaches that can be caused by outdated and unsecured IT systems.

Keep Tabs On Emerging Technologies

As a business owner, you need to keep tabs on emerging technologies that can help your business grow. This could be anything from artificial intelligence (AI) or blockchain to Internet of Things (IoT) systems that provide smart devices to help streamline your business processes. Whatever technologies interest you, make sure you keep tabs on them so you can stay up-to-date on new developments that could help your company grow and be more efficient. To keep tabs on these technologies, you can work with your IT personnel to create a list of technologies that you’re interested in. Then, partner with your IT team to set up alerts so that you can get information as soon as something new comes out in your industry. You can also subscribe to newsletters and magazines that cover new technologies so you don’t miss out on anything important.

Plan For the Future

One of the biggest mistakes that many businesses make is not planning for the future and having a plan in place for how they’ll handle technological changes. For example, if you don’t plan for how you’ll handle changes to mobile phone technology and the threat of 5G, you may find that your company’s equipment becomes less and less effective over time. Or, even worse, you may find that your current technology is rendered obsolete and no longer useful for your business. To avoid this, make sure you have a plan in place for how you’ll handle potential technological changes and make upgrades as necessary. Invest in secure and high-quality network cabling and wiring, and keep in mind that planning for the future doesn’t just mean technological upgrades. It also means planning for things like the next generation of employees or business partners who may need different IT support and services than what your company currently offers.