As a merchandising and marketing platform, the internet has gone from strength to strength. Faster internet speeds, superior control of graphics, and website development together with ease of user access through smartphones and laptops, have driven the unprecedented growth in consumption and patronization of online products and services.
Today, it would be difficult to find a traditional ‘brick and mortar’ business enterprise which didn’t have some form of an online presence as part of its sales and marketing operations.
The growth of online gambling and casinos
Considered as part of the entertainment sector, the gambling and casino industry has witnessed a similar growth in virtual gambling. The online gambling or iGaming market is thus experiencing a steady increase.
Sites such as bingositesreviewer.com present a view of just one slice of that growing market, and aptly demonstrate just how the virtual world is steadily competing with, and indeed replacing, counterpart ‘brick and mortar’ businesses.
Regulation in the online gambling sector
Understandably, the online gambling sector, just like its real-world counterpart, is heavily regulated. Regulations and restrictions vary from country to country, but one of the first hoops the business owner must jump through is in obtaining a gambling license.
Stated simply, the business manager must apply for an operating license in an intended region or country of operation.
This control effectively ensures an upfront regulation on operators and business owners. Notwithstanding this, the business manager needs to have a deeper understanding of the reasons behind this rigid licensing and regulation.
Social and ethical considerations of online gambling
Studies show that people patronize casinos and gambling places for a variety of reasons. For a large part, these reasons are social – many state their desire to relax, to find an outlet or an escape from the pressures of daily life or they simply enjoy the sense of excitement and expectation associated with games of chance.
The downside of the industry is also well documented, and the potential for addiction and damage to welfare can be perhaps likened to the alcohol and tobacco industry.
The principled manager will keep these concerns at the forefront when directing matters such as the marketing and advertising of the business operation.
In keeping with the heavy industry regulation, the advertising of gambling products also comes under close scrutiny and must be conducted under regional guidelines and requirements. A typical example of this regulation on advertising can be found in the guidelines laid down by big social media platforms like Facebook and Twitter.
The pressure of competition
With more and more operators entering the iGaming sector, attracted by the allure of a growing market and its potential for profit, the concern of unethical business practice looms large. This potential risk is, of course, held in check by strict licensing requirements and regulation; however, it highlights the need for a strongly principled and ethical approach to business management by the potential iGaming business owner.
Typically, the set-up and online operation of a gaming website are achieved by partnering with a specialist iGaming service provider, and these ‘turnkey’ solutions ensure the development and provision of gaming management system which checks the boxes with regards to licensing and standards.
Summary
The heavy control and regulation of the iGaming, or online gambling, sector ensures a level of responsible management. Over and above that market regulation, the successful business manager will be acutely aware of the potential problems associated with the industry and aim for principled and ethical management of business operations.
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“Someone’s sitting in the shade today because someone planted a tree a long time ago,” says Warren Buffet.
Building wealth is a marathon, not a sprint. A farsighted investor will multiply wealth by a far greater multiple than an investor that seeks a quick buck.
Successful investors often follow some common rules. Their disciplined approach to investing underpins their growth and helps them consistently build wealth, year after year.
Think about any ace investor—Warren Buffet, Carl Icahn, Jesse Livermore, George Soros, Peter Lynch—all share some common traits. They’re patient, disciplined, and shrewd investors who pack their emotions in a suitcase before stepping into the office.
7 Investing tips to secure your future financially
Investing is not solely about building wealth, it’s also about protecting wealth and securing the future.
Investing a large chunk of wealth in high-risk assets without investing in an insurance policy that provides adequate coverage is unwise. Similarly, investing wealth in high-risk assets without setting up a retirement fund is a terrible strategy.
There is a certain hierarchy that investors must follow to safeguard their current wealth and future cash flows. Let’s discuss several tips that can help investors build colossal wealth over a longer time frame, and shield that wealth against potential catastrophes.
1. Buy insurance
Unforeseen events are so named for a reason. They don’t knock on the door; they just happen one day out of the blue. This makes it imperative for any individual to buy insurance before investing money in any asset class.
Consider insurance an entry ticket to investments. Let’s assume a young, passionate investor has learned about cryptocurrency and is keen on investing in Tether. The investor thinks USDT is the next big thing and will rise in the near future.
The investor certainly has done a lot of homework—USDT indeed seems to be doing well. However, if the investor were to buy USDT before investing in health insurance during a pandemic, one can imagine the degree of risk the investor is assuming.
Insurance is a cost-effective way to tackle mishaps such as a medical emergency or the demise of the family’s breadwinner. It helps safeguard an investor’s wealth, family, and future financial goals.
A common mistake people make is thinking of insurance as an investment. You don’t need to pay a massive premium for a unit-linked insurance policy. Instead, choose a term plan that offers a large cover at significantly lower premiums.
2. Put retirement before all else
The cost of living is rising by the day. For an individual to maintain the same lifestyle post-retirement, they must beat inflation and ensure that they don’t outlive their savings.
Retirement savings are an essential part of any portfolio. They aren’t as boring as some investors assume them to be. While they may not offer double-digit returns, they certainly come with a higher rate of return than a basic savings account.
Investing in a pension plan could be one of the best decisions of an investor’s life, though they may realize this only after retiring.
Increased life expectancy and inflation can push your retirement cost up. Investors must always ensure these costs have been adequately provided for before moving on to more growth-oriented investments.
3. Take stock of your net worth and risk appetite
Now, let’s talk about the more exciting stuff—risky investments.
Markets reward risk-takers. That’s page 1 of Finance 101—higher the risk, higher the return.
However, not everybody has a large appetite for risk. Before embarking on a long investment journey, investors must take cognizance of their net worth to establish a starting point. This helps make better decisions and set realistic goals. More importantly, it helps identify the investor’s risk appetite.
If you have enough wealth to fall back on, a job tenure, or ample monthly income, you may have a higher risk appetite. If your net worth is a humble figure or you’re on a fresher’s salary, your risk appetite may be low to moderate.
A large appetite for risk gives you the room to chase higher returns with risky asset classes like crypto or equity. Investors with low to moderate risk appetite are better off with fixed income securities but may take some equity exposure via index funds or mutual funds.
4. Don’t invest with a blindfold on, and always diversify
It’s fairly common for people to invest in something they don’t understand. It is absolutely critical to study the asset before putting money in, otherwise, it’s just gambling money away.
Investors study the features of a new smartphone inside out before making the purchase, and a similar approach must be taken for investments, and investment platforms like metatrader 4 apple mac os x, that are potentially worth far more than a smartphone.
If an investor doesn’t understand a product, they must either seek professional help or avoid investing altogether. However, not at the cost of diversification.
Imagine having a 100 percent equity portfolio during the 2008 financial crisis. It would have had the investor biting the dust. Some investors only invest in deposits, gold, or real-estate thinking they’re the safest investments. A concentrated portfolio, though, is a recipe for disaster.
For example, let’s compare the performance of an all-equity portfolio (Portfolio 1) vs. a portfolio with 60% equity, 30% long-term treasuries, and 10% gold (Portfolio 2):
Notice how the lack of diversification could have left the investor with close to $9,000 less.
If you don’t understand equities, invest in a mutual fund. If you don’t have enough capital for real estate, invest in a REIT. Always diversify!
5. Past returns and current price can lie, look for value
If only investing were that simple; investors could buy low, sell high, and go to sleep.
When investors see a price line turn green, their brain nudges them into believing that this asset is a worthy investment. Look at the line shoot up! Right?
Well, it depends. It’s important to understand that past returns are not an indicator of future performance, and price and value are two different concepts.
There are several methods of valuing each asset, and most are too complex or time-consuming for a small investor to spend time on. However, there are some simple methods, too. For example, instead of buying a stock just because its price tanked, look at its PE ratio to gauge the stock’s value.
Often, when a security’s price falls, there’s a good reason behind it. Remember, markets are efficient.
Chase value instead of price. Buy undervalued securities, and sooner or later, the price will likely adjust to reflect the real value—though there are no guarantees!
6. Embolden yourself to cut losses
To err is human. Small investors lose more money by holding bad investments than not picking good ones.
Emotion has a strong influence on an investor’s decision. It’s difficult for investors to accept that they have a rotten apple in their portfolio. Their reluctance to sell stems from aversion to loss, and can even prompt some investors to accumulate more of the rotten asset to average out the cost.
Loss aversion is natural, but being mindful can help. Holding low-yield insurance policies, underperforming stocks, and poorly managed mutual funds can drag the overall return of a portfolio to the ground. Instead, take charge and pull this money out.
Investing this money in an index fund instead will at least leave investors with something rather than just a dull asset skewing the entire portfolio’s performance.
7. Rejig your investments after special events
It’s always prudent to scan your portfolio at a healthy frequency. Quarterly is a good starting point, but the more frequently it is checked, the better. Apart from these periodic assessments, a portfolio must be assessed after a life-altering event as well.
Marriage: A new life comes with new goals. Expenses will rise, risk appetite will shift, and the net investible amount will rise if the spouse generates income. Investors must look at the spouse’s portfolio and their own to rejig both of them, and make future investment decisions accordingly.
A baby: A new family member means new responsibilities and added expenses. The arrival of a baby will introduce a new set of goals to invest towards, bring an additional payment towards life insurance premiums, and perhaps require a larger emergency fund.
Promotion: Promotions come with a pay raise, which means a larger surplus to invest each month. The best way to allocate an increase in monthly surplus is to increase the investments in all assets in the current portfolio in the same proportion.
There may be other events that warrant a rejig. It’s always good to have a professional take care of this for investors who lack the time or knowledge for a portfolio rejig.
Conclusion
Emotional control, discipline, and consistency are quintessential components of an investor’s toolkit. Investment is not a one-off task, but an ongoing process that requires following a set of self-imposed rules with diligence. The tips shared above will go a long way in helping an investor secure their future financially. Take calculated risks and be patient, because remember—it’s a marathon, not a sprint.
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Investors must evaluate all elements of a business purchase. Acquisitions help investors and existing business owners purchase another company and merge the two businesses. However, there are factors they must watch out for when examining the new acquisition.
1. Do You Have a Clear Transition Plan?
The buyer must have a clear transition plan that indicates when the existing business owner passes the torch to the new owner. It is easier to transition a staff to a new owner when there is a transition phase. However, the plan must enforce the transition in ownership, too. Investors can learn more about the plan by reviewing business ownership transition services now.
2. Are the Financial Records Accurate?
It is recommended that a buyer hire a certified and licensed accountant to examine the company’s current financial records. During a business acquisition, the business owner must present accurate financial records to the buyer. If the accountant finds any inconsistencies, the buyer shouldn’t acquire the company.
3. Acquiring Products and Companies That Coincide With Your Brand
The investor must acquire companies that have products that coincide with their brand. For example, if the investor’s company manufacturers vegan products, the acquisition of a company that uses animal products in their products could not coincide with the brand or its mission.
4. Avoid Non-Compete Provisions
When acquiring a competing company, the buyer must be careful not to sign a strict non-compete contract with limited provisions. This could allow the competing company to prosper and decrease the profits of the company that is acquiring the business. Each product line must perform at the same rate.
5. The Realistic Costs of Operating the Business
The seller must present realistic costs of operating the business. If they present low-ball overhead costs, the buyer doesn’t have the correct information, and this could lead to excessive costs for the buyer for which they are not prepared when taking over the company.
6. Does the Company’s Culture Fit Your Ideals?
The business must operate in the same manner as the buyer’s own business. For example, if the buyer’s company is all-inclusive and diverse, it is not wise to acquire a business that isn’t. They do not want to acquire a company where the workers cannot work well with other workers who are different from them.
7. Background Checks for the Company and Its Key Workers
Background checks for the company, its owner, and key workers give the buyer information about potential criminal activities. If there are records that show key workers who present serious risks to the investor, the company may not be the right choice for the buyer.
8. The Market Conditions When You’re Buying
The current condition of the market defines the cost of businesses in all industries. It is best to consider the state of the market and if the price of the business will increase when marketing conditions improve. They shouldn’t buy if the price reflects a company that is not profitable and could present a financial loss for the buyer.
9. Does the Company Share Your Values?
All business owners have their own set of morals, values, and even political affiliation. If the owner’s morals and values do not line up with the investor’s own belief systems. It could create damage for the investor. They must be consistent in what they believe and what views they share.
10. Can You Make the Company More Profitable?
A company that is failing may present the buyer with a chance to turn the tables for the company, but the company must have products that could generate profits.
Investors want a sound investment when considering a business purchase. However, there are factors that could affect the acquisition and present shortcomings. A complete assessment of the opportunity helps the buyer make a sound choice.
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Debates about the coronavirus vaccines and workplace mandates have everyone up in arms. As employers try to fill vacancies to enhance productivity and boost their bottom line, they run into serious challenges. Should you aim for herd immunity and mandate that employees and new hires get the COVID-19 vaccine? More importantly, how do you prevent these changes from discouraging ideal candidates from applying?
Encourage Vs. Require
Unless you own a business in the healthcare, warehouse, or retail industry, your best bet is to encourage instead of requiring employees to get the vaccine. Mandates can feel controlling and cause hesitant applicants to look elsewhere for employment. On the other hand, encouraging your employees through informative materials, seminars, training, communication, incentives, and reasonable accommodations lets applicants know they have a choice.
Work With An Expert
There’s a lot of misinformation out there about the COVID-19 vaccines. This type of content often fuels personal fears, prompting employees to remain hesitant about getting vaccinated. Trying to argue these claims on your own isn’t very assuring. If you’re going to make potential employees feel comfortable, the most efficient solution is to work with a few experts.
An attorney, healthcare professional, and human resources expert are better positioned to provide fact-based information. Consult with them to find out how to draft and implement your policy in a way that protects your business and your staff. Make a note of the experts or reputable resources you used to develop your policies to put applicants’ minds at ease.
Make It Plain
Life amid the pandemic is already unpredictable, so don’t make matters worse. If you want to ease the concerns of job seekers, you should state your company policies and requirements plain and clear. When creating posts for job boards, list the need for a job background check and policies or incentives for the COVID-19 vaccine. While this tactic might drive some applicants elsewhere, at the very least, it shows that your company is honest, transparent, and upfront. If they chose to continue with the application process, informing them upfront also allows them to prepare.
Offer Reasonable Accommodations
If an applicant expresses that they have reservations about the COVID-19 vaccine or objects due to religion or disabilities, be prepared to offer reasonable accommodations. You can allow them to work remotely, reduced hours in-house, or a hybrid version of the two options. If you have departments that don’t require a vaccine, you can recommend compatible positions. If they’re financially strapped, you can offer incentives like cash bonuses, transportation discounts, or paid time off to anyone that wants to get the vaccine.
Offering reasonable accommodations when applicants inquire boosts their confidence and lets down their guard. Potential employees will know that you’re interested in what they have to offer and that you’re willing to go the extra mile to accommodate their needs. This could encourage them to accept a job offer.
Highlight Other Health And Safety Measures
If you’re still on the fence about the COVID-19 vaccine mandate, or you’ve decided against it, you can still make job seekers feel comfortable working with your organization. On your company website or in the job description, ensure that you highlight other health and safety measures you’ve implemented. If they know that you require wellness checks, face masks, gloves, social distancing, frequent handwashing, and additional cleaning services, they’ll be less fearful about being in the workplace.
The COVID-19 pandemic has wreaked havoc on businesses in various industries. Business owners had to do what they could to survive while keeping their employees, customers, and the general public safe. Now that the coronavirus vaccines are on the scene, they have helped some sense of normalcy and control. As you begin putting up ads for available positions, remember to prioritize job seekers’ health, safety, and comfort. By applying the strategies above, you can put their minds at ease and increase your chances of attracting top talent despite the madness.
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Bankruptcy might be your best shot at eliminating debts and restructuring your finances. 2020 brought with it an economic disaster on a scale not seen since the Great Depression. Forbes predicts bankruptcies this year will increase by over 140%, and these bankruptcies will affect small businesses the most.
Bankruptcy Options For Small Businesses
Depending on what kind of business you own, its income, and your relationship to it, there are potentially three types of bankruptcy available to you. We will break down chapter 7, chapter 11, and chapter 13 in detail so you can decide what bankruptcy option is right for you.
Chapter 7
This option is best if you are a general partner or sole proprietor of a business. Chapter 7 can eliminate all debts for which you are personally responsible. You can file for certain exemptions that may make it possible for your small business to continue operating.
What Exemptions Can Keep Your Business in Operation?
Your chapter 7 trustee cannot sell off exempted assets, but what counts as a potential exemption varies state by state. So, depending on where and how you operate your business, it may continue despite the bankruptcy.
Some state exemptions allow debtors to exempt “tools of the trade,” which can cover items essential to certain types of businesses up to a certain price. Another exemption that may be available to you is a “wildcard” exemption. These protect any asset of the debtor’s choice.
Chapter 7 For LLCs and Corporations?
If you are an LLC or corporation, chapter 7 can only really help you liquidate your business. Unlike chapter 11, there is no way to keep your business operating under chapter 7. All of your business’ assets will be liquidated.
Chapter 11
Chapter 11 bankruptcy is the stereotypical type of bankruptcy you hear about in the news. When giant corporations claim bankruptcy, this is usually the kind they file. However, the majority of chapter 11 bankruptcies are filed by small and medium-sized businesses.
Under chapter 11, business entities like LLCs and corporations can restructure their debt by selling some assets. This option allows businesses to remain in operation, usually at a reduced scale.
Special Provisions for Small Businesses
Chapter 11 bankruptcy is a time-consuming and expensive process. Usually, larger businesses can handle the costs, but smaller companies may have trouble with the legal fees and restructuring costs.
The CARES Act and Small Business Bankruptcy
Since the CARES Act increased the debt ceiling for small business bankruptcies in 2021, the bankruptcy code considers a small business as an individual or entity that owes no more than $7,500,000 of business-related debts. This amount will hold until the provision is set to expire in March 2022. Previously, the debt ceiling was only $2,725,625.
The Creditor’s Committee Can Be Waived
The creditor’s committee is formed to protect the interests of the creditors, and it is formed and retained at the debtor’s expense. This includes fees for attorneys, experts, and other legal professionals. Creditor’s committees are usually very expensive to maintain. A designated small business debtor can petition to waive the creditor’s committee from the bankruptcy process.
More Oversight, Deadlines, and Reporting for Small Business Debtors
Small business debtors are subject to stricter guidelines, increased oversight, and more rigorous enforcement of deadlines for meeting all of the steps in the bankruptcy process.
Chapter 13
This bankruptcy option is only meant for individuals, but by default, becomes available to individuals who are also sole proprietors. LLCs or corporations are not eligible for chapter 13. This option is typically harder to file for because it allows the debtor to keep most of their assets and creates a payment plan for the debtor to pay off some of their debt.
This means that as the sole proprietor of a business, you have three to five years to pay back some or all of the debts in monthly installments. You can select workspace and equipment as some of your exemptions and, technically, through chapter 13, you can keep your business in operation.
What Option Is Right For Your Business?
Declaring bankruptcy is a massive step toward debt relief. By knowing your options, you can make an educated decision and select the chapter that is best for you and your business interests.
About the Author
Veronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area. She writes extensively for the Law Offices of David Offen, a bankruptcy attorney in Philadelphia.
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