The COVID-19 pandemic has fundamentally changed our lives. All of us are grappling with the logistical, psychological, emotional and financial complexities of this “new normal”. Lots of us are working from home at reduced pay. Some of us may have spouses who are now out of work and unable to contribute towards household bills. Even if you’ve recently received a stimulus check, you know that the money isn’t going to be enough of a buffer to protect you from financial uncertainty. Every penny counts. So it’s vital that you avoid these 5 money mistakes while on lockdown…
These are unprecedented times. But that doesn’t mean that you can afford to relax your normal safeguards that protect your household’s financial health. Be sure to keep using your household budget template. Without it, all the little sundry expenses can quickly add up. And every time you check your bank balance you could be met with a profoundly unpleasant surprise.
Paying over the odds for auto insurance
If you still need to use your car, don’t make the mistake of assuming that your car insurance provider will reward your loyalty when your policy rolls over. Be proactive and look for other auto insurance providers who will be able to get you a better deal that is better suited to your recently altered needs and budget. Furthermore, if you’re no longer using your vehicle at all while you’re on lockdown, you don’t need to insure your vehicle at all so long as it is kept in the garage or on your driveway. Take a look at this advice on suspending car insurance while on lockdown.
Panic selling your investments
Your investment portfolio probably doesn’t make for comfortable reading right now. Nonetheless, resist the urge to panic sell. This may create way more problems for you down the road than it could ever solve now. The economy is in a state of flux. However, it’s bounced back after bigger hits than this.
Underinvesting in your home productivity
Finally, now might be a good time to look at your current phone and broadband package. It may be bottlenecking your bandwidth and, as such, preventing you from carrying out your business tasks efficiently. Now’s the time to invest in a more robust package that’s faster and free of bandwidth of download restrictions. Yes, this will mean paying a little more each month. But given that a slow internet connection can cist up to 40 minutes a day’s worth of productivity, it may be sheer false economy to under invest now.
Suspending payments into your savings account
Finally, when money is tight, the temptation to stop paying into your savings is understandable. However, this is the very essence of false economy. Your savings are now more important than ever. Neglect them at your peril. You’ve no idea when you may need to rely on them. By all means, reduce your direct debits into your savings account. But don’t let your savings account go without anything.
For perhaps the first time in US history, the government is mailing practically everyone in the country checks to help them get through what is a challenging time. Getting virus-related money to people is a massive logistical nightmare, and the opportunities for abuse are substantial. With the economy in lockdown, though, there’s no choice. Millions of people need money to live.
The current government systems, however, clearly aren’t up to the task. Sending out checks in the mail is a hopeless solution in a situation where people need money right now.
Fintech companies rightly see an opportunity. The current crisis is a chance for them to showcase just how much better life is when people choose to use their services for their transactions compared to traditional channels.
Even before the crisis struck, there was evidence that fintech firms were having an impact. Companies were making it possible for domestic B2B clients, for instance, to open a euro bank account without any of the usual fees. These kinds of services will likely become more mainstream. Banks closed their branches nearly a month ago now.
Some fintech companies are helping people get access to their stimulus money faster. One fintech firm called Chime, for instance, is providing its customers with a one-thousand-dollar advance that they can use while they wait for their official money from the IRS. The free overdraft feature for its customers allows them to get access to credit today. Chime will simply wait for the government to pay its customers and then recoup the money.
We’re not talking about small sums of money either. According to a Business Insider report, Chime also already distributed more than $1 billion to its 600,000 customers. And that number is likely to rise if the administration decides that it wants to keep people under lock and key for longer.
Interestingly, fintech is also giving users more options. The vast majority of people need the money from the government, but they don’t necessarily want it all at once. Instead, they want to stagger it over the weeks so that they can remain frugal and on a solid financial footing as the crisis unfolds. A bunch of companies, therefore, are enabling their clients to receive assistance in tranches of their choosing.
Fintech is also providing people with answers for how much money they’re likely to get in the post when it does eventually arrive. TurboTax – one of the country’s most popular accounting software developers – says that it will include features that will give people a sense of how much they’re likely to get paid. The system is free to use, too, meaning that anyone can sign up for more information on how they should budget.
Fintech, therefore, has an opportunity to prove its worth in the current crisis. Finally, there’s a compelling reason to make financial transactions faster. People desperately need money right now. They can’t afford to wait another week or month for the check to arrive. It has to happen today. And that’s what fintech is all about.
Taking your brand overseas is tempting, with the growing number of people making their purchases online. However, international expansion can also be overwhelming. You need to establish a new customer base, learn new laws and regulations, find reliable partners in another country, and familiarize yourself with local customs.
Are you ready to go global?
One of the first questions you have to ask is if your business is ready to succeed in an international market. Overseas expansion consumes a lot of time and resources, regardless of the size of your organization.
Evaluate your finances and determine if you have the funds to support and sustain business abroad. Monitor your share in the market and the status of your industry in the country of your choice.
Consider if you can build a solid customer base abroad. Just because your products sell well in your home country doesn’t mean it has the same appeal to an international market.
What challenges will you face when expanding internationally?
Major business decisions come with hurdles, but global expansion involves a different set of obstacles. Below are some of the challenges you have to anticipate before expanding overseas.
1. Language and cultural differences
You need a local staff member or outsourced customer service to translate the language and explain how things work in their country.
2. Foreign regulations
Business regulations and tax codes differ from one country to another. You also need to set up your business and a bank account to handle transactions more efficiently.
3. Product development and distribution
Some countries require packaging to be localized. It means you have to come up with a different package containing instructions in the country’s language and other guidelines.
4. Shipping
If you’re shipping items overseas from your country, you must come up with a way to eliminate the effects of shipping costs and taxes to encourage customers to buy. Will you be sending the goods directly to the local headquarters before dispatching to customers?
Or maybe it’s more cost-efficient to hire a package forwarding service? For example, buying from the US and shipping to the Philippines through a forwarding service reduces customs taxes and time spent on red tape.
5. Local competition
You need to convince customers to buy from you instead of the local business.
Best practices for a successful international expansion
After doing your research, you’ve finally decided that your business is ready for global expansion. Are you looking for guidance on how to do it? Here are some of the best practices from business leaders:
1. Learn about the market
Use available government data to learn the strength of your industry in terms of exports. If budget and time permits, visit the country where you plan to expand and talk to competitors, customers, and distributors. Doing so will help you learn if your product is feasible and if you can manage your business in the local setting.
2. Manage and understand customer expectations
Make your process clear to your customers. Let them know how long it takes to complete an entire transaction, from initial purchase to delivery.
3. Leverage relationships with influencers
Look for industry influencers in your target country and develop a relationship with them. As your relationship grows, they can be your mentors or guides toward your resources.
Expanding your business internationally is appealing but it comes with a set of challenges you won’t encounter when promoting locally. Research, research, and research. Make sure you’ve got all your bases covered before you launch, to ensure a successful venture.
Money: It’s great when you have it and not so great when you don’t. This is true in your personal life, and it’s very true in your business life too! If you mismanage the money you have in your possession, and if you make more losses than profits, then you might struggle to keep your business open.
For this reason, you need to be a money-savvy business owner. Through wisdom and common sense, you will place your business on a safe and stable footing, and you shouldn’t have to struggle unduly.
So, consider the following suggestions and make them a reality for you and your business.
#1: Save money when it is right to do so
Especially when you’re starting out in business, finding ways to save money is a must. If you spend too much too quickly, you will start to struggle if expected profits don’t come in, and your business could fold as quickly as it began. However, even when you do start to make money, frugality is still key. By taking positive steps in the right direction, such as finding ways to save money on your utility bills and office supplies, you will have more money to put into your reserves, and have more money available to you should you need it an emergency situation.
Check out these money-saving tips from our website:
Frugality can save your business, but in some cases, it can also destroy it. If you’re reliant on older technologies, for example, not only will you face less efficiency from your employees, but your business might also become outdated. And if you decide to reduce your number of hires because you want to save money, you might encounter problems when there are too many skill gaps within your operations. Sometimes, you have to spend money to make money, and this is especially true where new technologies and hires are concerned, so don’t be too Scrooge-like in your spending. Think carefully, and if the extra spending could profit your business, then go ahead if you have the funds to help you do so.
#3: Take advantage of tax savings
Tax season is never a pleasant time for business owners, not only because they have to deal with all of the necessary paperwork, but also because they have to come to terms with how much money they owe their local government. Thankfully, you can alleviate your pain and suffering in two ways. Firstly, hire an accountant or a tax consultancy firm to help you with the paperwork. Secondly, find ways to reduce your tax obligations. You can do this by listing your taxable expenses, claiming tax relief on your charitable donations, and by applying for tax credits.
To find out more (and to receive the help you need), get in touch with the professionals. We have provided a link for you below.
A money-savvy business owner is a successful business owner, so be sensible with the money you have in your possession. By finding ways to save it, and by spending it when it is appropriate to do so, you will protect the needs of your business. Commit to further research to learn more.
These days the utilization of aerosol products is very extensive. Safety, functionality, and usefulness are a plus, however not by any means the only ones.
The aerosol filling is the best option and is valuable since it facilitates day by day life. If you want to discover more about its advantages, take special attention because here in this post you will get to know everything about them. To put it plainly, all that you have to know!
Product quality that they offer
As far as product quality is concerned, aerosol offers a standout amongst other capacity and transportation alternatives. For one, since the item will be fixed hermetically, the substance of the can never get tainted by any microorganisms, germs, or residue. Secondly, the content of an aerosol will be 100% secured against the introduction to light and air, guaranteeing that the item keeps going longer. Apart from this, the product likewise stays away from vanishing. What’s more, it is this advantage of keeping up the item quality that makes aerosol jars perfect for carrying things like fragrances, creams, froths, etc.
Simple or easy to use
The usability offered by aerosol containers is essentially unrivaled by other bundling choices. With a conventional container, a client needs to open the top, use it, and afterward set the top back. In any case, with a pressurized canned product, one just needs to press a catch to get to the substance. That is it. In this way, on the off chance that you wish to offer the client the most effortless approach to get to the substance of a bundle, at that point aerosol containers are what you should use to deliver the item.
Does not harms the environment
Prior, aerosol cans were said to be hurtful to the earth. In any case, that is unquestionably not the situation starting at now. Professionals at Signature Filling Company opine to use aerosol products because nowadays, they are totally recyclable with the least negative ecological effect. The cans are additionally, for the most part, liberated from chlorofluorocarbons, in contrast to the past ones, which makes them more eco-accommodating. Likewise, most of the cans are additionally produced utilizing steel.
It offers safety
Aerosol products are hermetically sealed, which implies the item inside can’t break or spill. This is particularly acceptable in the event that you have a little kid or a pet who may be fascinated by an unusual spill on the floor. They likewise alter safely and apparently. This is acceptable provided that a pressurized canned product has been messed with, at that point the item inside may not be good for utilization any longer.
Non-perishable
Because of the total fixing framework, nourishment pressurized canned products can be kept much more so the item quality is ensured from the earliest starting point as far as possible utilization. Scrumptious, consistently and all over the place.
Since the item is constantly kept in the best conditions, the regular flavor stays until the absolute last drop. Since the item is applied equitably, the flavor stays even in the entire preparation.
These are a portion of the advantages of utilizing aerosol products. Ideally, this piece of information may help you in your future undertakings.
Security is something to take seriously within the workplace because you can never be too careful with both the reality and virtual world when it comes to running a business. If you want to improve your security as a business, here are some handy tips.
Confidential data is just that, confidential. However, a lot of businesses have come under fire by not having secure enough systems to prevent those individuals, hacking into databases. The same goes for the everyday trash a business throws out and very naively throwing away important information that isn’t destroyed properly in the form of written data and electrical. With that being said, it’s important to destroy any of your confidential data in the proper manner. For example, there are companies like urmining.com who can help with getting rid of confidential data through recycling schemes and secure shredding. It’s essential you do this in order to protect your company and cover it’s back.
Get A CCTV System Installed
CCTV systems are a good thing that should be installed when it comes to the workplace. You never know who might be watching, and if ever your company is targeted for an attack, you want to make sure you are well protected. A CCTV system is a typical way that most companies would protect themselves, but you can always get security guards too if that’s something within your budget. Make sure this CCTV footage is monitored by someone, even if it’s the operations manager taking a look over it all quickly. It’s important in case there’s anything that did happen and that you’re not aware.
Do Staff Training
Staff training is a good thing to have when it comes to security, as it can enlighten your staff on things that they might not have been aware of before. Make sure to show your staff that there’s no shame in not understanding things on the internet and in person. Anything that they might not be aware of when protecting themselves online needs to be covered for the safety of the business. Ensure all staff gets inductions on the building and how to enter and exit it safely at all times.
Strengthen Entrances & Exits
Even though CCTV is handy, you might want to think about securing your entrances and exits, too, as these can be weak points for a business. Key cards or fobs to get into the building could be useful, as well as gates that staff need to scan a card or fob to get through. It’s just an extra layer of security that’s worth thinking about in order to ease the minds of your staff.
With all this being said, safety and security for your business in all aspects is important to take very seriously. Find ways to make sure you are securing your business both on the inside and online. Use these tips to help cover any areas that you hadn’t covered beforehand to further strengthen security in all aspects of the company.
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