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6 Common Mistakes Made by Small Business Owners

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The entrepreneurial journey is full of mistakes, mishaps, and missteps. No matter how good you are in business-ownership experience, you will run into problems most of the time.

To be successful, identify your mistakes quickly, learn from them and prevent the same mistakes from repeating themselves, says Michalowicz Mike, a business expert. Most business owners fall into the same mistakes. These recurrent mistakes could make the difference between owning a viable and successful small business or owning a money pit that has the possibility of leaving you in financial pain for many years.

So, what are these mistakes that small business owners make?

1.  Trying to Get Rich Quickly

 It takes between 15-20 years to achieve overnight success. If you start a business to get rich in a year, you may be discouraged early and prematurely give up on your dream. Know that success takes perseverance, time, and a little luck. Be patient with your business and let it grow. Start something new only if your company stays stagnant for long.

2.  Practicing Negligent Paper Recycling Habits

We all want a clean planet; however, this does not mean that you should toss your confidential documents into the recycling bin. Thieves could scour your recycling bins looking for carelessly disposed of documents with confidential information. Fortunately, there is a secure and environmentally-friendly onsite shredding service that destroys your sensitive documents and sends them to a secure recycling partner for safe recycling.

3.  Assuming Your Business Has No Competition

Even if you have the greatest, latest, and new approach to something, do not assume that your business does not face competition. Competition precedes the direct, obvious business competitors. It is all the alternatives that are available. What course of action should a consumer take if they do not want to use your services and products? The consumer always has the alternative of walking away, which alone is a grave competitive threat.

4.  Being a Weak Leader

The success of your start-up depends on you being an effective and strong leader. However, it does not mean that you have to be authoritarian, but you should not be friendly with everyone. A great leader communicates constantly, inspires his team to achieve the next level, and sets the business course.

5.  Trying to Do Everything

One of the mistakes entrepreneurs make is believing that they can do everything all by themselves. Even though they can do almost everything, they do most of these things poorly. Just like most people, an entrepreneur also has talents. As an entrepreneur, it is your responsibility to identify these talents and fully focus on them. Surround your people who have talents in areas where you are weakest. Great businesses thrive on exploiting various strengths, not trying to master everything.

6.  Lacking a Clear Marketing Strategy

You never know how, when, or where a new client will hear from your company. If you have an unclear message in the market, the prospects will not know what products or services your business offers. Therefore, have a consistent and clear message on all sides.

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How To Ensure Your Boss Notices You

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If you want to progress in your career, you’ll need to ensure that your boss knows you’re there. If they don’t notice you or the work you’re doing, then when it comes time for a promotion it’s going to be hard to stand out from the crowd. 

It’s vital to make a good impression on your employer if you want to advance at work – the only other option is to search for an entirely new job, and that’s not an easy thing to do. If you love where you work and you enjoy what you do, then moving on up where you are makes sense, but if your boss isn’t aware of you, that’s going to be tough too. Here are some useful tips to ensure your boss notices you so you can vie for that promotion you’ve always wanted.  

Photo by Brooke Lark on Unsplash

Know About Them

Knowing things about your boss is not the same as stalking them and following them everywhere, and you do need to be careful; you don’t want to come across as too much. However, knowing a little about their hobbies and their family so that you can engage in conversation with them when you need to is useful. 

The key to this idea is to listen to what your boss talks about, and notice things about them. If they come into work with cool new golf bags, for example, you can comment on them, talk about golf (if you know anything about it), and engage in friendly conversation. Little things like this will strengthen your relationship, and when the time comes for a promotion or more responsibility, they will remember you. 

Take Bold Steps 

If you want to get on at work and you want to be noticed more by your employer, you should take bold steps when you can – this will help you to stand out and be more memorable. These bold steps don’t need to be risky, of course, unless you have thought things through in advance, and they don’t need to be detrimental to anything that anyone else is doing. One idea would be to ensure you’re the first one to comment or ask questions in a meeting, or perhaps being the first one to answer a question. 

Many people will be cautious of doing this, worried about being criticized or getting an answer wrong, and so on. However, if you can get over these fears and keep your end goal in mind, you should be able to take these bold steps to ensure your boss notices you. 

Always Be On Time 

It might sound like a small thing, but in terms of getting you noticed, always turning up to work – and meetings and training events and anything else you need to attend – on time can make a big difference in how your boss sees you. Those who are late are going to be noticed but not for the right reasons; being on time or, even better, early, will help you to stand out and as a bonus, it will show your boss that you’re dedicated to your job. 

Of course, sometimes people have to be late for work for entirely legitimate reasons, and that can’t be helped, but if this is something you have to do you must tell your boss as soon as possible; not turning up on time and not letting anyone know why is not a good idea if you want to be noticed for the right reasons. 

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Business Management, What Is Important To Address?

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In an ever-changing digital age, it is important to market your business in all relevant media. It is true that the Internet has taken a significant share of the business advertising market, but older media that can still generate revenue must not be abandoned. Advertising on a local business on local bus lines can also bring in a fair amount of customers. While advertising on buses is not mandatory, internet marketing is definitely an absolute must in most businesses, especially in small businesses. The value of a responsive (mobile-friendly) website that meets all relevant standards is invaluable. Serious business consulting firms usually have a dedicated internet marketing and web design consultant. 

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The advice given by an internet marketing expert will be able to run campaigns for you and generate profitability from advertising. Not all advertising is good advertising, sometimes leads from the internet are irrelevant and we pay particularly high amounts of money for them, so it is important to make sure that your marketing campaigns are relevant. Marketing and sales require a different ability from the business owner. One aims to bring in customers and one can enlist the help of a marketing expert, in sales the subject is completely different. In a small business, it is usually the business owner who talks to the customers and is also responsible for sales. Many business owners find it difficult to admit that they have a problem closing customers and lose a lot of money because they do not know how to have a proper sales conversation with a customer, address his objections and strive to close a sale. A quality sales workshop or a number of meetings with a sales coach, can significantly increase the amount of sales and increase the motivation and profitability of the business. 

Managing finances 

What is your business? Who do they sell to? Does your business intertwine with partners. If you work within events management or catering, perhaps you need to look at contract food manufacturing and see what other outgoings may contribute to your finances. Many financial decisions are made based on future cash flow. It is therefore necessary to be constantly with the hand on the pulse. A professional financial manager assists the business in managing and controlling payments, receipts and liabilities of all types and for all parties: banks and non-bank financing bodies, customers, suppliers, local authorities and tax authorities. All of these create a clear picture that allows the business to run in a stable manner.

Family businesses or families in which one or both spouses run an independent business, are often dragged into a mix of business and family finances. An external treasurer will take care of the financial interests of the business while maintaining the integrity of the family. This is done through the day-to-day management of business funds along with solutions that will ensure a fair distribution of funds to family members, the transfer of property from generation to generation, retirement arrangements to the founding generation, maintaining the value of business and private property, distribution and transfer of shares, distribution of dividends and more.

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Things to Consider When Building New Business Premises

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Constructing a new building to house your business is an exciting step. Being in a position to create a new building for your growing company is a milestone moment. There are many benefits to building your business premises from scratch, and it is the best way to ensure that you have a base tailored to meet the needs of your operation. But, before you get started, you need to be sure that you plan the project carefully to make it a success. Here are some of the factors to consider when building new premises for your company:

Decide on Your Budget

Calculating a budget for your new building needs to be done before you start on anything else. The amount of money you are willing to invest in your new site will determine how the whole project pans out. 

Costing out the project before you take it further will help you understand how much your money will buy you. You will also need to have extra money available as a contingency fund to cover unexpected costs during the build.

When deciding how much money to invest in your new commercial building, you will need to consider the potential return on investment. How will your business be able to generate more revenue in a larger building? Will the building be designed to allow for increased output? Making a decision of this scale impacts on your business’ future. Therefore, it requires careful thought and a thorough understanding of how the sums add up.

Pick Your Location

The location of your new business premises is vital for many reasons. You will need to think about many elements that will influence your new location. For example, do you want to be close to your existing building? Can you afford to buy a building plot in the area that you are considering? Do you rely on passing trade in your business, and if so, which location has the best foot traffic?

Choosing the wrong location could be incredibly detrimental to your business, but choosing the right one could see your business boom.

Choose Contractors Carefully

Your choice of contractors will impact the quality of your building. Selecting the best industrial builders for the job will ensure that your premises are of the highest quality. Choosing the right team of builders to work on your new site is crucial. Using unreliable builders could result in you ending up with a sub-standard finished product and delays in the construction process.

Is it Future-Proof?

Deciding to invest in a new building is a big step. You will need to be sure that the building meets the needs of your company and its increasing success. If you plan to expand your services and grow your business in the future, you will need to ensure that your new building can accommodate these changes. Taking time to plan your new premises carefully will ensure that it will be the perfect base for your business right now and far into the future.

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Why Outsourcing Success Takes Effort

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If you are keen to maximize the efficiency and profitability of your business, you need to consider the wonderful world of outsourcing. Outsourcing used to be a bit of an unspoken word when it came to startups. For some reason, outsourcing was seen as admitting defeat when it came to fulfilling business functions. However, outsourcing is now seen as a viable route to ensuring that your venture is producing high quality output at all times. Outsourcing correctly takes effort. Follow this guide and discover how you can utilize outsourcing for the benefit of your startup.

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Payroll

If you have a small team of staff working with you, it’s crucial that you pay them on time and the right amount. Being hunched over a calculator for three days every month can be a chore. You might feel stressed or frustrated having to work out every pension contribution and tax obligation. To relinquish this responsibility, outsource your payroll function to a team of specialists. These individuals will utilize computer systems and software to ensure that you tam are paid directly into their bank account. This admin function is tedious and can result in you not having the time to spend on more pressing business functions. You will be free to work on your digital marketing strategy, your business vision, and your social media presence.

Documentation

If payroll isn’t the only admin function that you have to contend with, explore the freeing aspect of outsourcing translation services. If you work with clients and suppliers across the world that do not have English as a first language, you may receive documentation in French, Spanish or Mandarin. Find a translator to help you decipher the documentation and translate prose into English. This can prevent any small print confusion and will prevent you from falling into a miscommunication trap. 

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Social Media

Some entrepreneurs don’t have time to spend on social media as they feel that updating their status on Facebook or posting content on Twitter is not as important as sourcing funding for their product launch. However, being online and tapping into the millennial market is vital to make a success of your startup in the twenty first century. Consider employing the services of a social media manager to help keep your Twitter feeds and Instagram grids fresh, exciting and readable. With a well designed social media presence, you can enjoy a renaissance in your customer base. You can increase your revenue and sales as you increase your follower numbers. These social media managers will also hone your company voice and help you to be more friendly and informal rather than corporate and stuffy when chatting to potential clientele.

Outsourcing should no longer be feared or not spoken about. The finest business minds are embracing the positives of outsourcing and they aren’t shy about shouting about it. Both Amazon and Apple use smaller companies to help them to complete their analytics and logistics. Be a market leader and a beacon of outsourcing positivity by following this guide.

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Promoting Your Business For A Successful 2021

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Do you have a local business and you don’t know what to do to attract more customers? In this post we will explain the different ways to promote your local business, be it a renovation company, plumbing, a restaurant, etc. So now you know, read on and start to attract those first customers through the Internet. The acquisition of customers through online marketing is something that, although many companies are carrying it out, there are still many local businesses that are not implementing any type of strategy, so if you are willing to invest some of your time or money Wait no more, you are in time to overtake your competition.

Photo: Unsplash

Website

A fairly common mistake on the part of many local business owners is to see their company’s website as an expense, as something that “must have”, but they really do not give it much value and are not aware of the true potential that it may be losing.  Having a website for your business should be your number one priority. It is basically your online showcase. A web page is the main tool to be able to promote your business online and although you can do it on your own, it is worth investing in a professional web design service that guarantees you an optimal result at all levels: design, programming, usability, navigability, security, good accommodation, support for updates, etc.

Advertise in person

Have people see your business or business events whilst they are walking down the street. Through a shop window, on a billboard or at any type of event to promote your business. you could look at www.eventdisplay.com.au to inspire you with this idea.

Advertise in directories and listings 

Another way to get visibility online is by registering your business in local directories and business listings. Registering your company on this type of website will not get great results, but at least you will get some links to your website that will help you a little with the local SEO of your website. But be careful, do not register in all the ones you find, since many of them are unreliable and can even be negative for web positioning. 

Use social networks.

Social networks are a great way to publicize your company, services or products on the Internet, but it is very important to manage them properly. The failure of many companies and entrepreneurs is that profiles are created on all social networks, but then the management and use made of said profiles is not correct: it is not published regularly, the content is not of quality, no a tone of communication is used according to the image of the company, the interaction with the users of your community is null, etc. The best thing is that you have profiles on social networks in which there is a higher percentage of potential audience that is interested in your services or products, and that of course, you can manage correctly.

It is time to make 2021 your year for success and take on some simple ideas to catapult you to success. 

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4 Errors First-Time Business Owners Make

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It is perfectly common to make errors when you run a business, just as it is common in many other areas of life. But if you are keen to try and run your business as well as possible, you are obviously going to want to look at ways in which you can reduce the number of errors you make. A good start here is to take a look at some of the major and most common errors that first-time business owners tend to make, so that you can then develop a strategy for avoiding those yourself. Let’s take a look at four of the most common that you might want to avoid.

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Spending Too Much Too Fast

It is very tempting for newcomers to business to simply spend a lot of money – too much money, in fact, and too fast. This can happen because you are excited about owning and running a business, or because you are working from a mistaken belief that you need to spend a lot upfront in order to make a lot later on. In fact, you do of course need to spend some money, but probably much less than you assume. Be careful not to overspend, and make sure you are not spending it all in one go. A strong budget will help you here.

Managing Tax Alone

Even if you believe you understand perfectly well how to approach tax, you are still going to benefit from getting some help with it. There are so many complications when it comes to business tax, and generally the best approach is just to hire a small business tax accountant to help you out. Many first-time business owners don’t do this, and end up posting an incorrect return or even underpaying on their tax – a big no-no that could land you in deep trouble.

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Not Protecting Intellectual Property

When it comes to your intellectual property, you really do need to lock it down. The last thing you should do is to fall under the spell of thinking that other business leaders will be reasonable and not steal your ideas. In fact, if you are not legally protecting your ideas and product designs and so on, frankly someone out there will steal them at one time or another, and you won’t have a legal leg to stand on. So: use all the legal protections you can from the very start.

Failing To Evaluate The Market

Before you even start trading, you need to question whether you are in a position to sell products at this current moment in time. In other words, is the marketplace ready for you, or are you way out on a limb? It is only by carrying out some genuinely deep evaluations of the market that you can get to the bottom of this, and it’s going to be one of the most important early steps you can possibly take. Be sure you are not forgetting to do this before you start selling, otherwise you could end up regretting it.

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The Power Of Physical Marketing For Small Businesses

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Marketing is something every business has to plan carefully, and knowing what works and what won’t is a big part of ensuring you don’t waste money on the campaign trail. You need to be able to pinpoint what works for your company, and how to implement it successfully, and while it takes some time to do so, mistakes along the way can both be beneficial and costly. 

And that’s why you need to take a second look at physical marketing – it can work for everyone. It still carries a lot of power in the digital day and age, and below we’ll go through a list of reasons as to why. Keep them in mind for your next campaign. 

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A Connection That isn’t Digital

A digital connection is amazing for a lot of things, but it’s not the only thing you marketing budget should be pushed towards. Physical marketing ensures you have a local, tangible connection as well, via the use of flyers and billboards and letters through a person’s door. 

For people who don’t tend to use the net, this is an essential way to get your name out – and there are more people like this than you might think. Not to mention, when your name, image, and message is physically around, it’s going to be a lot harder to get you off of the mind! 

The Opportunities at an Event

Hosting a business event of your own is a great way to bring some attention to your name. People love being able to dress up and network in such places, where a lot of like minded people will collect, and if your name is over the door, they’ll certainly remember the opportunity you gave them. 

However, throwing a business event can be hit and miss. You need to throw the right kind, and depending on a company like Catalyst Event Solutions could be your ticket to success. Most of all, you need to know who you’re trying to attract; customer or investor? It’ll certainly ensure you’re running the right theme, and creating the right atmosphere to mingle within. When you have an aim, and an image to present, you’re guaranteed to have someone to sell to. 

Getting Involved in Your Local Community

Physical marketing is all about selling to your local community, and integrating into it in a positive and effective manner. And that’s why you should get involved – sponsor a project or two, and make sure your brand name is stated loud and clear, or featured prominently, when the projects are complete. 

Pick your projects right, however. Sponsor school clubs, local football teams, new developments that have long been awaited, etc. Just make sure your name is in the right place! 

Physical marketing is as relevant as ever in the modern day and age. It can be used to enhance your small business’ image in a variety of ways, from hosting events to sponsoring local activities, you can really get your name out there!

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5 Things Your Business Should Never Skimp On

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Cutting your costs can be an effective way to increase profitability, but there are some expenses that are critical to your long-term business success. Identifying the costs that will save you money, in the long run, is the key to running a successful enterprise. To ensure you’ve got the resources and equipment you need to thrive, take a look at these five things your business should never skimp on:

1. Equipment Maintenance

All businesses use some form of equipment. From computers and printers to JCBs and cranes, the nature of your business will determine what type of machinery you need. Investing in high-quality equipment allows your business to operate efficiently and keeping it well-maintained allows you to protect your investment.

In addition to this, maintaining your equipment ensures you’re meeting your legal obligations as an employer and reduces the risk of accidents occurring. Failing to maintain machinery can lead to financial sanctions and even legal action, so it’s not an area you want to scrimp on.

2. Business Insurance

Insurance is designed to offer financial compensation if something goes wrong. Depending on the terms of your policy, business insurance can cover a range of situations, including equipment malfunctions, broken water pipes, damaged stock, or cash flow disruptions. By paying a little extra for a comprehensive policy, you can ensure that you have the best level of cover. Although you may never have to use it, taking out business insurance should be a vital part of your contingency planning.

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3. Security

Your company’s security protocols help to ensure that you’re operating within relevant regulations, as well as protecting your premises, equipment, and network. Whether you use solar camera surveillance for construction sites or dome cameras in retail environments, having effective security measures in place drastically reduces the risk of financial loss or property damage. Remember – it isn’t just your physical security you need to consider. Businesses should also ensure they have a detailed cybersecurity strategy in place to prevent hackers, ransomware, or viruses from infiltrating their systems.

4. Staff

The success of your business depends largely on your employees, so you’ll want to ensure you attract the best candidates. Offering a competitive salary, along with an attractive benefits package, can help to ensure top talent seeks out job opportunities with your firm. However, creating a positive work environment and motivating your team are also important ways of ensuring your staff remain happy and productive.

5. Safety Checks

Depending on the type of business you run, there may be various safety checks you need to perform on a regular basis. Ensuring workers have the appropriate certifications on a construction site or supplying PPE to employees in a lab environment, for example, is part of your duty as an employer. Failing to conduct appropriate safety checks can land you in hot water and ruin your company’s reputation, so it’s always worth investing the right resources and maintaining an exemplary safety record.

Cut the Right Costs

Analyzing your expenditure and reducing some of your outgoings is an appropriate way to maximize profitability. However, it’s vital to recognize which costs are essential and which aren’t. By investing in the right areas and cutting superfluous costs, you can boost your revenue and safeguard your business.

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5 Proactive Measures to Prevent Workplace Accidents

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Workers should always feel safe in their workplace since a single accident can negatively impact productivity and employee morale. Additionally, the cost of dealing with accidents is often high, making it more necessary to exercise precaution. Although incidents may not be predicted, taking a proactive safety criterion reduces the chances of accidents in the workplace and also makes it easier to deal with such incidents should they happen.

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How to Prevent Workplace Accidents

A proactive safety measure is centered on minimizing the likelihood of accidents occurring in the first place. It also means anticipating accidents, preparing for them, and reducing response time to minimize losses that may accrue from compensation claims. For instance, it is more economical to use warehouse line marking to improve visual communication and reduce accidents.

Below are some ways you can prevent workplace accidents.

Use the right signs

It is essential to post signs that remind workers of safety procedures. Additionally, employers should ensure these signs are posted in noticeable spaces, especially areas that the procedures are supposed to be applied. For instance, posting a “slippery floor” on the floor enhances precaution when people walk into the room.

Train employees and other staff

All employees should be trained on their roles and related safety procedures. This includes teaching employees how to use work equipment and follow safety protocols when performing their duties.

Buy proper equipment

Employers should ensure that all employees are adequately equipped for their roles. This may include providing PPEs like safety gloves, goggles, and other protective gear to workers. Employees should never be left to work without proper safety equipment, especially those in high-risk roles.

Review safety policies and procedures

It is recommended that you review the company’s safety policies and procedures at least once every year or after a workplace accident. Check if policies and procedures are still applicable. Update where necessary, especially if you have changed some workplace activities or adopted new technologies and equipment.

Accordingly, it is essential to communicate in case of any safety updates. Employers should also consider further training to help employees adapt to workplace changes regarding safety policies and procedures.

Conduct frequent inspections

For some activities like construction, manufacturing, and repairs, using dangerous equipment is always necessary to complete tasks. However, accidents should not be a necessary part of the job. In this case, the best way to avoid workplace accidents is by conducting frequent inspections of all tools, machinery, and equipment to ensure they are in optimal working condition. This should also include protective equipment to ascertain they function well and workers are well-protected at all times.

In case of any breakages, ensure timely repairs and replacements. Saving some money on replacements can cost you millions in lawsuits.

Bottom Line

Every business comes with its unique safety concerns, and paying extra caution is all it takes to prevent unnecessary workplace accidents. Always strive to develop safety strategies to make your warehouse much safer if you have people working there. Unfortunately, no level of preparation can guarantee total safety. Accidents are inevitable, and employees may still get injured, even after observing all precautions. What matters is how you respond to such a situation. This means you must also have reactive safety strategies in place.

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3 Ways to Survive the Economic Pitfalls of 2020

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The unprecedented circumstances of 2020 have taught us several valuable lessons. When lockdowns first began, we quickly learned that our favorite goods or services were no longer guaranteed to be available. Soon after, we realized that our businesses could be deemed inessential and taken away by our governments. With all the economic uncertainty, job loss, and government overreach – we’ve all had to come up with ways to make sure our families stay fed, healthy, and happy. Read on to discover 3 ways to survive the pitfalls of 2020. 

Develop an Online Side Hustle

Unless you already ran an online business or held a remote position for an online company, you likely struggled to continue earning income in 2020. Even for companies that were able to quickly transition their employees to teleworking, layoffs soon reduced the number of available positions everywhere. As we look to the future, it’s easy to see how important it is to have a marketable online skill that you can leverage to bring in some spare cash. 

When you’re considering your online side hustle, you’ll want to ask yourself how much time you have to invest in your new trade. Whether you do freelance copywriting or build an ecommerce store, making money online is not only possible, but profitable. The more time you have to dedicate to your new hustle – the more successful you’ll be. 

Borrow from Your Future

If you were laid off or forced to close your business, you probably scrambled to think of ways to stay afloat. Whether you decide to return to school, visit a loan center, or cash out your retirement, you have to do what makes sense for your survival today. 

If you decide to return to school, there are tons of undergraduate and graduate programs that can help you develop a marketable skill for the future. Consider using the wisdom of 2020 and earn a degree in a field that allows for remote work like coding, bookkeeping, or internet marketing. Student loans are widely available and typically don’t require repayment until 6 months after graduation. 

If you decide to dip into your retirement to stay afloat, make sure you consult a financial advisor. You’ll want to pay the least amount of taxes and withdraw just enough to cover expenses until you get back on your feet. 

Petition Your Government 

If you’ve lost your livelihood due to forced closures and lockdowns, you deserve a leg-up. Do your research and learn if you qualify for unemployment benefits or government assistance. Food stipends, mortgage forgiveness, and rent moratoriums may be available to you. If you find that you don’t qualify for support, it’s in your best interest to reach out to your local government representatives (and news media) to petition for a redress of grievances.

Billions of people have taken a physical, mental, social and economic hit from the coronavirus pandemic of 2020. Life certainly threw us a curveball. It’s up to us to roll with the punches, look to the future, remain optimistic, and demand what we deserve from those in power. 

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Set Yourself Up for Success: 5 Tips to Make Your Money Work Harder for You

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The uncertain times we live in call for a better financial strategy than the ones you had so far. The months spent in lockdown has given us the chance to get our finances in check. But, if you have not done so, it is time to craft a plan that can help you set yourself on the way to financial success in the future. 

Making your money work harder for you is undoubtedly the first step. However, considering secondary passive income streams and getting started on that side project you had in mind for a while can also be winning strategies. If in doubt about how to improve your financial situation, check the tips below.

Be Clear on Your Budget

Overspending and living above your means are among the two most common causes for financial disaster – in families, in business, and in personal life. Getting started on crafting a budget that works for your income and the lifestyle you intend to live is crucial. But first, you should be honest with yourself and ensure you are recording all of your spendings and earnings. Creating different categories and being consistent with your entries is crucial to have a clearer idea about your finances. You can also opt to use budgeting apps or spreadsheets, but don’t forget to add something to your savings each month!

Get Started on That Side Hustle

Starting a side hustle can be an excellent way to replenish your savings. While it will only take away a few hours of your week, a side hustle or project might give you the chance to dedicate time to your interests and passions, as well as improving your financial situation and helping you get back on track with your life goals

Start an Emergency Fund

Starting an emergency fund is a smarter way to be prepared for situations which might come around one day – even if we try not to think about them. An accident, death, or bad investment can undoubtedly take a serious toll on your emotional health. However, if you are not financially prepared, it can also severely harm your savings and your chances to pursue your life goals. Starting a fund today amidst a pandemic might not seem a smart idea, but there has also never been a more suitable time to do so!

Make Smart Investments

Instead of spending money on clothes or dinners out, you might consider investing your money in a way that will benefit you more in the future. Allowing yourself some exception is always positive, but, generally, you should consider opting for a stricter financial regime for you and your family. This can help you save and invest in a new property – something that ensures you have a material resource you can leverage during rainy days.

Consider Other Ways to Earn

Investing in the stock market or strategies like Forex can be a form of passive income that you should not ignore. While it can take time to understand the ins and outs of this world, the benefits and profit potential of these techniques are undeniable. And, while you can get started on your own today, you can count on the support of a community of experts ready to answer your questions.

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Is Your Office Protected Against Power Outages?

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When you think about the potential dangers to your business, you’re probably thinking about cyberattacks, fraud or burglaries. But have you ever considered the danger posed by power outages? If you lose power to your office, everything grinds to a halt and there is a chance that equipment can be damaged. You’re losing money until you can get things back online again and you may have to deal with serious problems, like data loss. It’s important that you take steps to protect your office against a power outage so you can avoid any big financial losses. These are the best ways to manage the dangers posed by power outages. 

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UCVS Systems 

Using a UCVS (Ultra-Cap Voltage Stabilizer) can protect against voltage surges or drops, especially in data centers. If you don’t already have a system in place, get in touch with a company like gff power and have one installed. This will protect electrical equipment in the event of a large storm or a power outage, so you can avoid damaging things or, most importantly, losing any sensitive data that is stored on your servers. 

Backup Generators 

In the event that there is a power outage, having a backup generator in place is a good idea. If you have a reliable backup in place, it will kick in right away and restore power to the building. This prevents any expensive downtime because your employees can continue working as normal, but you may still lose some of your data if servers are offline for a minute or so. 

Outsource Your IT 

If you are concerned about protecting your servers and preventing data loss, outsourcing your IT is a good option. All of your data will be stored and managed on the cloud by a third party company, so if there is a power outage at your office, you won’t lose anything. A good IT management service will also be able to fix any issues that are caused by a power outage so you can reduce downtime and get things back to normal as soon as possible.

Have A Health And Safety Plan 

You don’t just need to think about protecting sensitive data and electrical equipment from power outages, you also need to consider your employee’s safety. You should already have a plan to deal with general dangers around the office but you also need to have a specific safety plan in place in the event of a power cut. If your backup generators are not working for some reason and you cannot restore power to the building, you need to evacuate your employees safely. You should then inform the local authorities so they can deal with the issue. Having a few battery powered torches around the office is a good idea because the low light makes things a lot more dangerous. Make sure that all of the walkways and exits to the building are cleared as well because trip hazards are increased in low light. 

Power outages can be very costly to your business if you are not prepared for them, but you can protect yourself if you follow these steps.

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How To Reduce Staff Burnout And Increase Productivity

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Staff burnout is a worrying phenomenon widespread in corporate organizations. It is a condition caused by emotional and physical exhaustion, which is a negative response to a stressful working environment. Unfortunately, organizations often treat burnouts as a personal or capacity management concern rather than an extensive organizational issue. This is a serious mistake. 

After conducting an extensive study, Professor of industrial and organizational psychology, Dr. Michael Leiter, suggested that between 5% and 7% of the Australian workforce experience burnout. But what effect does this have on businesses? Although estimates may vary on the impact of staff burnout, the major dangers include a decrease in productivity and an increase in turnovers, which in turn represents an increase in payroll costs. And the financial issues don’t stop there, as the cost of replacing an employee is almost twice their annual salary. So what can HR do to manage the problem? 

  1. Staff education on burnout signs 

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There are several signs before a total burnout. Are your employees struggling to focus when they are at the workplace? Are they sleeping well, or do they appear continually stressed? It is not simple for a manager to identify burnout, so it is practical for managers and supervisors to go over indications of burnout during staff meetings. Organizational leaders must urge their team to seek assistance when they realize they are struggling. Together, they can then build an actionable plan towards helping staff re-adjust to work life. 

  1. Excessive organizational collaboration 

This is a typical ailment in organizations with an excessive number of leaders and many decision-making nodes. Extreme collaborations reveal themselves in the need to meet frequently and hold many conference calls to guarantee that every stakeholder is heard and adjusted. Surprisingly, numerous corporate businesses engage in many collaborations way above what’s needed for work. This overload can be addressed by changing routines and reducing unnecessary complexities in the organization’s structure, which can often slow down decision-making. 

  1. Remote and flexible working 

Remote working and flexible working hours is a simple yet vital tool to promote employee productivity. The increasingly high expectation at the workplace, coupled with the need to be physically present daily, often places undue anxiety and stress on staff. This also often leads to the culture of employees staying late into the night to ‘display’ signs of being hardworking. Advancement in technology means team members can work from home, beating the stress of commuting to and from work and wasting valuable hours. Working parents, for example, shouldn’t miss school run to be present in the office. 

  1. Provision of staff support 

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Businesses are often guilty of placing staff in an aggressive environment with high expectations, without providing them with the needed support to accomplish the targeted objective. Organizations can build the capacity of their representatives, increase profitability, and reduce the chance of burnout by providing the necessary devices and resources. Organizations like Adesso Digital provide automated business solutions that execute recurring tasks, thereby minimizing costs, enhancing staff support, and improving staff efficiency.

Staff burnout was officially recognized by the World Health Organization in 2019, and since then the responsibility for preventing it has shifted towards the workplace and away from the individual. Business leaders are now expected to include a burnout-reducing approach in their work processes.  

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Keeping Your Warehouse Clean During COVID-19

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The battle is not over yet, we have to stay vigilant as business owners. The virus is going to be with us for many years to come, experts say. That means that every business owner has to get used to the fact that cleanliness will need to be taken to the next level, and thus, become the norm. We can do this by implementing some common sense policies and instructing our employees to take care of each other. However, we need to merge the practical needs of this, along with the educational aspects. Here’s how you can keep your warehouse clean during the pandemic.





Wiping becomes a habit

Something as simple as wiping down surfaces has to become normal. This should be done by managers and employees. But how often and where? 

Managers need to know what kind of orders in the warehouse they are fulfilling. In other words, which areas of the warehouse will be used for the day? Some products may not have been ordered so the locations where they are stored, need not be disturbed. By knowing which areas of the warehouse will be used, you can set up a cone of cleanliness. Simply use antibacterial and antiviral wipes to clean the palettes, the pump trucks, the shelves which are storing the products/inventory. It should become a habit for both employees and managers. Employees should wipe them down after use, while managers go around and wipe the areas down every other hour.

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Cleaning thoroughly

Once work has stopped for the day or perhaps a shift has come to the end. You need to use the right kind of cleaning supplies to thoroughly clean the areas that have been in contact with your employees. They have industrial floor cleaning equipment, vacuuming, steaming and generally brushing the area so that no dirt or debris will be left. This is crucial for your warehouse as the hard surfaces need to be cleaned with a little gusto. Your simple home cleaning supplies will not do the trick, you need strong equipment for this type of cleaning. Speak with one of their sales assistants or advisors, as they can demonstrate each product for you and explain how it adds value to your business. In times such as these, you cannot afford to have an outbreak of the COVID-19 virus among your workforce, so don’t skimp out.

Reporting and honesty

If one of the employees is not behaving as they should, i.e. wiping their nose with their hands and touching inventory or other people, they have to be reported. This is a very touchy subject for employees because they want to work in a place where there is camaraderie. And telling each other doesn’t really bolster that. But, it’s necessary. Don’t forget this is a life-threatening virus, you have to will employees, to be honest, and report on those among them that aren’t following correct hygiene rules.

A warehouse is a very valuable business, not just to the owners but to the wide economy. Take these precautions and you’ll avoid being shut down by the authorities. 

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To Work from Home or Not?

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For many, working from home is an impossibility. However, for others, it can be a viable solution to the dread of going to and from the office every day. If you can do it, you may not want to do it. But there are plenty of reasons to try it, and it can become an even more efficient way to get work done than working in an office environment. 

It may seem challenging, having to consider how to create your own workspace ay home, perhaps using some kind of virtual desktop infrastructure, and to keep in touch with everyone back at the office throughout the day. But when you consider the benefits, you may decide to work from home after all, if you’re the right sort of person.

Who can work from home?

It should be noted that there are various different types of people who might be working from home. There are of course the obvious ones, those who have their own business or freelance for a living. But when people hear “working from home” they may be thinking about the idea of being a remote employee. This is when you would be working for your company as you normally would, but instead of going to an office you just work from the comfort of your own home.

Staying motivated

The first thing people think about in relations to working from home is the idea of motivation. It can be difficult to stay motivated when doing tasks in the office, never mind at home where there are dozens of potential distractions. You might have kids running around, and phones to play with and other things to take your mind off of work. So how are you supposed to get anything done?

Distractions are everywhere

Well, when you are at the office you are hardly immune to distraction. There are other employees there, talking to you and asking you to do things for them. It can be difficult to stay on task, even if you don’t realise it. You might not notice a casual 20-minute conversation with your boss about the company’s performance, but you would definitely notice if you watched a sneaky episode of your favourite show at home in between tasks. But in reality, there are distractions everywhere, and it is really down to the individual to avoid being taken over by them.

No more commuting

There is one clear benefit to working from home, however, and that is the lack of a commute. All you need to do is get out of bed and head to wherever you plan to work today. This could be the kitchen, your living room or even a designated office space (usually the recommended option if possible). This means you are not required to wake up at absurdly early times to get an hour-long train to the office. Time is money, and so saving time here allows you to spend that otherwise lost time doing more productive things. Not only that, but you will also sake a reasonable amount of money regardless of how you get to and from work, be it fuel costs in your car or fare prices on the train or the bus.

More comfortable

The next thing to consider about working from home is the idea of comfort. At home, you will be much more comfortable than if you were at work. This is a double-edged sword, as being too comfortable can have a drastic effect on your productivity levels. However, just the right amount of comfort can help to reduce stress levels and in turn, even make you more productive. 

Aside from physical comfort, you can also enjoy being around your family a bit more. This can help to build stronger bonds with everyone, and this is always a good thing. This will give your personal life a good boost, which will make you happier which in turn can once again make you more productive when it comes to working again. 

More flexibility

Lastly, you will usually also have more flexibility. Some companies may require you to clock in and clock out as if you were in an office, but you will often find that you can choose when to get the work done, as long as it is completed on time. This can make things much less stressful, and far more enjoyable. 

Thus, working from home really can be a viable option, and when the right steps are taken, it can lead to higher levels of productivity.

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Beyond COVID-19: Don’t Forget About These Business Dangers

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Right now, a lot of business owners are focused on ensuring that their companies are safe from the dangers of COVID-19 and the potential issue of spreading the virus. That’s totally understandable and it’s fair to say that the world has never faced a health crisis quite like this one. There’s no cure here and the disease is spreading at an alarming rate. There is also the chance of a second wave and a dangerous mutation. However, even as you put social distancing plans in place for your business model, It’s important that you don’t forget about some of the other dangers that might be plaguing your business. Let’s explore some of the issues that you might encounter in your company. 

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Trips And Slips

This is probably the easiest danger to prevent in your business and it’s also one of the most common reasons why business employees do end up filing personal injury claims. They might trip over a loose wire or slip on a wet floor. One of the easiest ways to handle this danger is to make sure that you are appointing a health and safety officer. They can explore your business and ensure that there are no hazards here that are potentially being overlooked. They can even tell you what measures should be in place. 

Falls 

It’s not always going to be an issue for a typical office company but falls are a major concern for certain businesses like construction companies. That’s why businesses like this will invest in height safety rails to protect their employees. Don’t forget a fall from a high height could also injure people below too so there are multiple people that must be protected in this type of scenario. 

Of course, falls can also be an issue in an office and this is usually going to be a problem where the business property hasn’t been well maintained or kept in the right condition. In other words, you need to ensure that bannisters on stairs aren’t loose or wobbly and that there are no repairs that have been left for years in your company. 

Bullying 

It’s important to be aware that not every danger that exists in your business could cause physical harm to your employees or your customers. You need to be prepared for the possibility that it’s a problem that causes mental harm such as bullying. Bullying needs to be stamped out immediately in a business model because it can cause adverse consequences for your company. You might find that it lowers productivity levels right down and it could even result in your business getting poor reviews. Particularly, if the word does get out that staff are bullied. Don’t forget that as a business owner you are responsible for both the physical and mental wellbeing of your employees. 

We hope this helps you understand some of the key dangers that might be apparent in your business model. If you take the right steps, then you will be able to make sure that you do keep your business safe and prevent further issues in your company model.

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Sort Out Your Finances During Lockdown

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We may be in the middle of a pandemic right now, but there are certain elements of life that continue on whether we want it to or not. We still have to pay our mortgages, we still have to pay our bills and we still have to work to earn money. During lockdown, it’s hard to think beyond the worry of what’s happening with Coronavirus and how the world responds to that, but you have to if you want to remember to pay your bills on time!

Your finances can still do with a declutter – even now – and it’s the perfect time to get it sorted. You are stuck at home, and while you may be working, you still need to be on top of things. So, let’s take a look at how you can look after your finances in lockdown. 

Coins Inside Jar

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  • Look At Your Payments. Right now, your local gym may be shut. So, why are you still paying for it? You need to look at your outgoings right now and see whether or not there are things that you can cancel or freeze while you can’t use them. Everything from the gym to a luxury movie theatre pass can be frozen while you can’t use them, and you can save some cash this way.
  • How’s The Interest Looking? If you currently have a high-interest savings account, how is it doing? How much are you earning with it? You need to look into it and make sure that you aren’t being cut down. Check around and see whether you can get a better interest rate. Right now, you’re likely spending less and able to save more, so a higher interest account is a great idea.
  • Get Receipts Ready For Tax Time. You can get help with your taxes from websites like https://www.taxreturn.com.au/tax-file-number-guide/, but now is the perfect time to gather your receipts so that you can get money back if you’re owed it. If you’re organised now, you can be ready for when tax season kicks in.
  • Get Out Of Your Overdraft. If you have the chance to pay off your overdraft now, do it. You are going to need to have your accounts running properly when the world kicks back in, and if you can pay off your overdraft you’re going to be in a better financial position. 
  • Haggle An Energy Deal. You’re at home a lot more right now, and so the last thing that you want to do is pay out hundreds for your heat and light while you’re stuck. Speak to your energy provider and see if you can make some savings during the pandemic. Given that it’s a hard time for everyone right now, they may be able to offer you a deal so that you pay less!

Lockdown may not be the most fun time, but it’s a good time to start looking at your finances and getting them straightened out. Life is on pause: it’s time to rethink your money!

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The Real Stresses Behind Being The Boss And How To Alleviate Them

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If you work as the boss of any company you will know the implications behind this. You are in charge of a team, you have plenty of responsibilities and it can weigh heavy on you. You have probably noticed a few extra greys and social life taking a nosedive but this is just something that comes with big responsibility. Or so we are told. Every job has responsibility and people that we must report to, so even those below you are feeling the strains of wanting and needing to please. But when we ignore these stresses, it can lead to depression and anxiety and this is unhelpful in all areas. So what is important is understanding the ways in which we can use our motivation to assist us in these times. What motivates us to do the job that we do? What do we enjoy about our jobs? The more that we start to tap into these feelings and thoughts, we can learn to find ways around the problems, instead of feeling stagnant. It’s important to work in a safe and happy office space.

Organisation is key 

Being organised is vital. This is what is going to keep your job running smoothly. Often people get behind on work because they do not have a strict schedule and without this, you will be unable to perform the tasks to the best of your ability. If you are in charge of locking up the office and perhaps other buildings or premises, then you will want to ensure that you have a good set of master keys. Heavy equipment keys can be kept on a chain so that you don’t lose them, so it makes the task much simpler. If you have a lot of files to take care of, ensure that you are using colour coded tabs and alphabetical orders to keep things where they should be. A lot of times, people lose important files because they are slipped into other places and get lost.

Delegating tasks is something that a lot of people fail to do. This takes a good bit of organisation too to work out who can help and how much time it may take them. Some of the main reasons that delegating tasks is so important are:

  • Gives you the time and ability to focus on higher-level tasks.
  • Gives others the ability to learn and develop new skills.
  • Develops trust between workers and improves communication.
  • Improves efficiency, productivity, and time management.

Not only this but it allows your team members to feel as if they are worthy and capable of taking on other tasks (if their workload allows it) and can assist them in learning more and being able to produce better quality work. As a boss, you should be able to work out which team members are capable of this and the time in which it may take to complete the tasks. By alleviating the stress of not being able to finish your work, you can delegate and work on the things that need the most work.

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The Services That Every Business Needs To Succeed

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Just because you own a business doesn’t mean that it’s running smoothly or that you’re making any profits. In fact, a lot of businesses fail in the first couple of years due to the poor turnover. Why? Well, sometimes it is for reasons unknown but many times it because they just didn’t have the technology and marketing to really drive it forward. Without this, you are not achieving your maximum potential and not reaching your capacity, which means you can burn out quicker. Investing time and money back into the company is something that some owners are reluctant to do. Often because they have bills to pay and plenty of outgoings, as well as needing money for themselves. However, the investments can play a pivotal role in getting the company to a level that it needs to be at. This means investing back into you.

What exactly do you need to invest in? Technology is paramount and with this, you need an expert team to guide you through the ins and outs of how it works and how it can benefit you. It’s important to have a system that works immediately and will not let you down, as well as a security system that will allow your business to stay free from cyber attacks. With Levit8 IT Solutions, you can be provided with all of this and more. IT services provide you with a number of important solutions that can be adapted to fit your business model and help the productivity on a massive scale. 

What else can help?

It’s important to look at the type of information you collect. Do you have private data? Do you have a lot of inventories? If you can’t tell a customer that their information is safe and secure, will they still trust you? You should look at options to assist. Many people choose to use The Cloud now to aid them with their business tasks. You can also be thankful that the Cloud will meet the demands of your business too because when you grow, The Cloud does too, giving you unlimited amounts of space as well as data protection. You can save money, as it also provides further solutions such as the assistance of improved Cybersecurity which has a sophisticated system to assist in banishing any cyber threat which may attack your data and confidential information. The Cloud offers much simpler solutions which are modern and effective and impressive to customers. 

In addition to this you may want to look at getting really effective email marketing systems and business tools that work for you. Some email marketing companies are spammy and they do not allow your message to be sent in the way you may wish. Invest time and money into making it look and feel good to entice people to want to know more. It’s vital if you want to succeed further in your marketing efforts. Poor marketing leads to more issues, which is why you should look at expanding to make your business work for you.

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