We’ve all heard the old adage ‘time is money’, but in business this really is true. Your time is money, and making the most of it will boost your profitability and ensure your company is reaching its full potential. There are a number of ways you can make sure that you’re getting the most out of yours and your employees working hours and earning as much money as possible- here are some ideas for going about it.
Go open plan in the office
While individual working still has its place, it’s no longer considered the optimal way of working. A more team led environment comes with open spaces will promote the sharing of ideas. Open plan environments tend to be brighter, airier, and more pleasant areas in which to work, which can boost worker morale and improve productivity overall. Unfortunately, coronavirus has impacted the way offices and the world in general works, so now it might not be possible to schedule any significant changes, ensuring you’re abiding by social distancing guidelines. But long term as the world returns to normal; this is something to consider. Happy employees make productive employees, giving them a nice space to work from is just one way you can boost morale and get the best from your workers.
Update your hardware and software
There’s nothing that can stifle the flow of activity quicker than inferior technology or equipment stopping you in your tracks. Whether it’s outdated software that crashes, printers that jam or computers that crash, and lose information, these things can seriously affect your entire business. You need to spend money to make money, invest in new hardware and software so that your staff can do their jobs properly. You may need to update things like cabling with a company like jabbercomm.com as you go along to keep everything up to date.
Outsource when you need to
Even if your business is a smaller venture, as you grow, you might find that you struggle to keep on top of things, If so, now would be an excellent time to consider outsourcing and hiring other companies to tackle some of the workload for you. These are non competing companies to yours which specialise in specific areas allowing you to hire them to do individual tasks or run entire departments. For example, you could hire a company to deal with your marketing, so you don’t have to, or look into managed IT services. You could work with a freelance writer who will write blog posts for you, or utilise an accounting company to deal with your finances. It means you can continue operating without falling behind or having to go through the hassle of hiring your own employees (or more employees). It boosts productivity while staying manageable for you to run everything from the top.
History is filled with the tales of business collapses of companies that have faced legal issues.
As early as 1494, the Medici Bank, which was owned by the Italian Medici family dynasty, collapsed after members of the family illegally used significant funds from the bank to sustain their lifestyles.
In 1963 in the US, Allied Crude Vegetable Oil Refining Corp collapsed when leader Tino De Angelis was exposed for defrauding clients for his own benefit.
In 1983, Carrian Group marked the largest business collapse in Hong Kong history when an auditor who raised the alarm on accounting fraud was murdered. An accounting advisor committed suicide to avoid legal pursuits.
In 2002, Adelphia Communications filed for bankruptcy on the basis of internal corruption. At the end of the investigation, members of the Rigas family were sentenced to prison.
These are only some of the many cases of business collapse throughout history that have occurred as a result of legal pursuits against the company or some of its members. Entrepreneurs, therefore, may wonder if a business can recover from legal pursuits? The answer depends on the offense, the relevant defense system, and the recovery strategy.
CEO or public-facing figure is arrested
What happens to your company when one of its eminent public-facing figures is charged with a crime? While the collapse in the stock exchange market may be imminent, you could save your business reputation and survival by working with trusted criminal lawyers who can provide the help you need. A criminal lawyer does not erase complaints or crimes, but it is a person who can help shed a more realistic light on the situation. A one-off event of violence, for instance, may have been the result of high stress and harassment. Fraudulent estate planning could be caused by poor advice rather than intentional criminal activity. Providing the defense required can protect your business from further damage.
Your taxes are not up to standard
Small businesses are the first to fall into accounting traps. If you don’t work closely with a professional accountant from Day One, it can be hard to keep your corporation tax return up to standard. However, tax mistakes can be recovered, both with the tax authorities and in the public opinion, if you reach out to a professional accounting service agency.
Your audience is more likely to lose faith in the brand if they realize that you were able to zero out your federal income tax or receive a considerable rebate. This is the case for Amazon, for instance, which enjoys an effective tax rate of -1% rather than the usual 21%. For individual taxpayers, it is frustrating to know that a successful company can legally cheat the system.
Can you recover from an unsafe product? Facts show that you can if you take swift actions. Johnson & Johnson recalled a product that had been tampered in 1982. The recall was expensive and led to profit loss. However, the decisive action allowed the company to recover within a few months. The lesson: Quick response can save both lives and your business.
In conclusion, why nothing can exonerate a business from legal complications, securing the appropriate defense mechanism, and acting quickly with the best interest of your customers at heart can prevent dramatic consequences. Many companies have faced legal challenges that have redefined their brands for the better.
Your business is your pride and joy. You’ve spent years building your brand, cultivating a base of loyal customers, and building a team that manages to surprise you with their dedication and ingenuity every day. But the curse of entrepreneurship is that you never get to sit back and say that you’re satisfied. You’re always searching for new ways to innovate. To bring greater motivation to your employees and greater value to your clients. And making operational changes that improve efficiency and productivity.
A big part of this involves knowing when you’ve reached the limits of what you can achieve with your current infrastructure, whether that’s your technology, your personnel or your physical premises. There may come a time when you need to move to a new premises with better transport links, more space or (for retailers) a more prime location with better footfall. While we’ve looked at managing the logistics of a business move, here we’ll look at some ways in which you can cut the costs, improve your cash flow and prevent the move from putting a dent in your margin…
Carry out an equipment inventory well in advance
In some ways our business premises are just like our homes. We can accumulate more and more stuff over the years which eventually ceases to be useful and becomes clutter. Take an inventory of your equipment well in advance and ascertain what you need to take and what you can do without. You may find that there’s a significant amount of equipment left that can be auctioned, offsetting the cost of your move. And the less equipment you’re bringing, the more affordable your move will be.
Consider the timing
The timing of your move can also lead to significant savings. Like most enterprises, movers have peak seasons. Move in the spring or summer when conditions are warm and dry and you can expect to pay slightly higher rates. If you can defer your move to fall or winter, you may find that you’re able to make significant savings.
Insure your valuables
If this is your first business relocation you may assume that movers are liable for damage to your delicate IT equipment, furniture and other items. However, this is rarely the case. Moving companies are legally within their rights to exclude certain liabilities from agreements with the companies that use them, and may reject responsibility for damages incurred to your goods. That’s why it’s vital that you ensure all of your equipment for the move.
Invest in infrastructure to get back up and running quickly
When moving to a new premises, you need to not only consider the cost of the move, but the expense caused by a lack of uptime as you get your new premises fit for purpose. Partner with a networking specialist like Richmond Communications Group, Inc.. They can help you to get your telecoms infrastructure up and running faster so that you can resume business as usual and provide a seamless service for your customers.
Moving to a new premises can bring out the best in your business. And when you’re proactive about the cost, you can prevent it from eating into your margins and impeding your cash flow.
Business owners face an array of threats. While it may not be possible to secure and protect your company against every attack, breach or disaster, there are steps you can take to minimize risks. Here is some useful advice for business owners keen to make protection a priority.
Securing your business premises
Whether you run an office-based business, you own or rent a warehouse or a store, or you have a chain of restaurants, beauty salons or healthcare practices, it’s crucial to secure your business premises. Often, commercial ventures are attractive propositions for thieves keen to make money, with stock, machinery, technology and supplies a valuable haul. There are multiple ways you can protect your premises, from investing in security measures and deterrents to limiting entry to trusted personnel. Taking advantage of services like Swiftpro’s trusted ID card solutions and installing barriers or security gates can help you prohibit unauthorized personnel from entering. You can also reduce the risk of break-ins by fitting CCTV cameras, burglar alarms and outdoor lighting. If you are worried about expensive items, or stock that could potentially be dangerous if it gets into the wrong hands, it’s also wise to consider hiring a security firm.
Running a business carries risks, and sometimes, life isn’t plain sailing. Natural disasters, theft and fires can all put the future of a company at risk. You might also suffer if your employees make mistakes or they display negligent behavior. As nothing is certain, it’s critical to take out business insurance. You can insure your premises and any stock, supplies or machinery and tools you own, as well as taking out policies to cover you if clients make a complaint. Look for insurance providers that specialize in your industry, and think carefully about your requirements. Generally speaking, the more expensive the policy, the more comprehensive it is. It is worth using the Internet and making some calls to compare prices and plans before you make a decision.
Reducing the risk of cybercrime
Cybercrime is one of the most significant threats to businesses today. When you read about high-profile data breaches in the news, it’s easy to assume that hackers will only go after large-scale corporations. This is simply not the case, and companies of all sizes are at risk. Research suggests that the global cost of cybercrime will rise to $6 trillion by 2021. It’s essential to protect against cybercrime to minimize the risk of losing money, to shield sensitive customer data and to maintain a good reputation. If your systems are breached, your customers might not feel safe using your business again, and they might defer to a competitor. Make sure your network is secure and provide all your staff with training. Employees should be encouraged to choose passwords that are hard to guess and to change them on a regular basis, and policies and procedures should be updated frequently.
As a business owner, the last thing you want is for the future of your firm to be threatened by a robbery, a natural disaster, an employee error or a cyberattack. It might not be possible to avoid every issue, but making protection a priority will make a positive difference.
The Covid-19 pandemic has taken most of us by surprise. At the start of the year, so few of us could have anticipated that the world would find itself in the grasp of a contagious virus that would rapidly spread from one country to another around the world. Very few of us were prepared to suddenly face social isolation and social distancing measures, where everyone other than essential workers would be asked to stay at home unless absolutely necessary – perhaps to buy food or pick up medication. As business owners, things have been turned upside down too. Unless you work in a key sector, chances are you’re struggling right now. Very few industries are profiting at the moment, as workers have to adapt to working remotely and many companies are finding that their employees can’t carry out their roles remotely. On top of this, sales are dropping, as the economy is taking a hit and people are becoming more reluctant to make purchases that aren’t absolutely necessary, as many have lost their jobs and are struggling on a personal financial level right now too. This is all daunting and problematic. But it’s important to avoid sweeping problems under the carpet and to manage your business as effectively as you can through this. Here are a few suggestions that may help.
Find Out What Help Is Available
Many governments around the world are aware that their economies are struggling and that businesses are struggling. Many have offered support to tide everyone over during this hard time. So, take a moment to look around and determine what help is available to your business. Some governments are providing stimulus checks. Some are paying employees’ wages on your behalf. Some are offering support to business owners and freelancers. Apply for any help you’re deemed eligible for.
Determine Whether Your Business Can Recover
Some businesses, unfortunately, simply won’t recover from the consequences of this pandemic. Losses may already be too large to recover from, or you may have lost a lot of staff due to pay cuts and other issues in the process and the level of recruitment required to get things back on track could be too much for you to fork out. You may find that you need to consider filing bankruptcy and shutting things down. It’s a good idea to get the advice of a financial advisor to help analyse your situation and come to the right conclusions.
Plan Ways for Your Business to Operate Post-Pandemic
If you find that your business does have a chance at making it, you’re going to have to do some post-pandemic planning. You may need to implement measures that will allow your business to operate safely when isolation and lockdown measures do begin to be lifted – investing in PPE, implementing distancing rules in your commercial premises and more.
These are strange times that we’re living through. But hopefully, some of the above advice will help you to make the right business decisions as we progress through this pandemic!
The global pandemic that everyone has faced has hit many businesses hard, and so you may be thinking about recovery and the next steps that you can take to help your business survive. You may have been fortunate enough to diversify your business, or keep things afloat, but as things start to improve and we enter a new normal still with the threat of this in isle enemy, you may be thinking what next? There are a few things that you could consider doing with your business. Here are some suggestions.
Sell your business
One of the first things that you might want to consider is selling your business. It might be time to think about what the future has in store for your business so whether you want to sell a dental practice, a shop or even an online digital business that has thrived during the coronavirus pandemic, it might be time to take that plunge. It could give you the courage to start a new business, or use the funds raised to look at other opportunities that may have presented themselves during this time.
Diversify further and expand
During the crisis, you may have had no choice but to diversify and change the way your business operates. Some have gone purely online, others have offered delivery services. Even things like subscription box services or monetising different aspects of your website. So is now the time to build upon that and diversify your business further? It could be a great opportunity to continue making positive changes and expand your business even further than it has been. Some businesses have thrived during this crisis, and it could be the ideal time to build upon your most recent successes.
Look at options of making savings
There is no denying that many businesses have had to look at their costs during the last few months as things have changed. This might have been noticeable due to not being able to work from or visit offices or shops that you may have. However, having enabled your business to continue to work, perhaps you now realise that you don’t need these things that are costing you money? It could be time to think about cutting leases, making changes, and outsourcing aspects of your business to make some all-important savings and to maximise your profits.
Seek out new opportunities
Finally, maybe now is the ideal time to start looking for the next step that you want your business to take. Maybe you could look at expansion globally, or perhaps looking at franchising your business. There could be many different options that you could now consider as the way some businesses operate have changed for the long-term. Diversifying, expanding your business, and making changes can mean that your business grows and continues to experience success. It may seem like uncertain times right now, but it could also be a positive change for your business.
Let’s hope this has given you some ideas of what could be next for your business.
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