How to Save Money for Your Business

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We don’t tend to be very thoughtful when it comes to business spending. Truth be told, most companies wait until they’ve hit a cash crunch before they start looking at their spending levels and end up having to cut key personnel because of that. Avoiding losing valuable members of staff because the business overspent when the good times were rolling along and expected to never end should be a priority for any CEO who understands that people are the lifeblood of their business.

Here are a few ways to begin reducing the spending levels to give the company breathing room in difficult economic times; possibly even allowing for expansion plans when competitors are having to cut back.

Better Contract Negotiations

When negotiating with suppliers, making payment arrangements that spread the cost over a longer period makes cash flow easier to manage. Even if the sales don’t add up to as much as hoped, at least the costs of the purchases are distributed well. Make the payment terms part of the agreement, not something to tack on at the end. If the sales staff intimate that that’s not their area and try to brush it off, then ask them to bring the finance people into the meeting (by phone if necessary) to get a deal done to your liking.

Sub-let Space You’re Not Using

Does the business currently lease more space than it needs? Whether it’s a warehouse facility or an office, other people will pay dearly for the convenience of an office (or part of a larger one) that’s near to where they live. There are plenty of ways to rent an office out without needing to pay a high fee to a broker, which would make it a bit pointless otherwise.

Renting a “hot desk” is all the rage with digital nomads at the minute because they can grab a desk for a week or a month and use the photocopier, the internet, and the other facilities while there. Eager to fill the need, sites like Desks Near Me and Deskcamping act as an intermediary, connecting spare desks with people who need one.

Frugal Spending & Money Management

Spending less and managing money better go together. There’s not much benefit to watching the pennies if the dollars are flying out the door faster than you can cut back. A company that’s lost its way when it comes to the financial management side of the equation will struggle mightily as a result.

One way to get a handle on this is to study for an Ohio University masters in financial economics, which covers financial markets, business accounting, and touches on a broad range of subjects to better understand money. The Ohio University course delivers a well-rounded education on financial matters, which is bound to help staff who are struggling to manage the money well. This Ohio University online course is accessible over the internet, so no time is lost in traffic getting to the campus on time.

Managing money helps in all aspects of a business because when there’s too little of it available, all the clever strategic thinking in the world won’t save the company. Just like with the foundations of a house, getting the money management right provides something solid that can be built upon.

Professionalize Your Business

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The world of business is always seen as professional. But how professional is yours? If you’re a new business then the chances are high that it might not be as good as it can be. The main things customers look for is professionalism. Both from yourself, and how your business is run. You need to give the customers what they want if you want to keep bringing them back. There’s so many different areas you can focus on here as well. It isn’t just your business as a whole, there’s just so much more to it than that. So we’re here to show you the main areas in which you need to be focusing on, and the areas in which your customers are going to be looking at. The more of a professional image your business has, the better it is going to do. Read the advice below to find out more.

Your Image

Your image as a whole is what defines your business. Once you get a name for yourself so to speak, it is hard to get rid of it. One bad review and that’s what people will hold against you no matter how many good you get. It is just how the world works. Maintaining a good business image does take a lot of control because there’s just so many things you need to think about. One is how you compose yourself when dealing with customers and how you deal with difficult situations with them. But we’ll cover that more in the next paragraph. Your image massively relies on the products you’re selling and the quality that they are. If you want to be professional, you can’t start cutting corners with this. Make sure you’re always using the highest standard of materials to make your products. If it is an online service that you sell then you need to make sure the finish product is exceptional. For example, if you’re a website building company, you don’t want to be handing back a website full of glitches and one that is completely different from what the customer wants. Listen to the people and give them what they want, that way your business will always remain professional.

Your Customers

Your customers are up there with the most important part of your business. They way in which you compose yourself around them and deal with the situations they might bring is so important. One of the best ways to remain professional is to remember the customer is always right. Don’t argue with them, if anything let them argue with you. They want to leave your shop, or finish that phone call knowing that they were alpha male. If you’re mainly dealing with people on the phone then keeping things professional is a little harder. It is easier for you to change your tone of voice just because they can’t see you. But they’ll still pick up on it. Just make sure you’re handling things as professional as possible at all time. To add that final touch of professionalism you could think about invoicing. Not only does it help you track your money, but it is a lot better than just saying to a customer ‘oh you owe me this’. Having it in a more formal writing style is going to look so much more professional and put both your minds at ease. Just find yourself some templates and you’ll be an expert at invoicing in no time. Just make sure you’re keeping copies of everything for future reference just in case. The last thing you want to do with customers if you want to stay on top of being professional is always taking feedback on board. They aren’t just moaning for no reason, most of the time they have a valid reason and can give you some sound advice about what can make your business better.

Your Staff

Last but not least, you need to remain professional at all times with your staff. But the trick here is to make sure you’re not being too overbearing and taking on the horrible boss approach. Take a firm but fair approach and you’ll have a much better work ethic from them. If you’re a small business something you might not do is writing up contracts, but this is so so important. Not only does it look professional, but it protects the both of you from so many different scenarios. If you’re struggling with it a lawyer will be able to help you draw up a legal contract that’ll cover all the basics for you.

Starting Your New Business on a Budget

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While many business owners would love to have enough money to start their business the way they want, the reality is that most companies struggle for capital when they first start. That doesn’t mean that you cannot start your business, it just means you will need to be prudent and cautious when it comes to spending. There are many ways that you can get your company up and running, even on a budget.

Don’t Borrow Unless You Must

While there is a big urge just to borrow the money you need and get the things you want; you need to be careful. You want your business to start earning you money, not generating the money to pay another debt. You must also be aware of the fact that your company might not survive. If that’s the case, then you will be saddled with the repayments for your business loan. If you do have to borrow money, only borrow the smallest amount that you need to get started, that way if your company takes off, you will still get some profit.

Start in a Modest Way

Although you might have the dream of a nice shop or a large office, you should avoid such things until you are on the more stable ground. The best thing to do at first is to start from home to keep costs down, or perhaps share office space with another company. If you need to be out there to sell products, start small by going to fairs and markets and going from there. Once your company is making money, you can rent a small store to sell your products.

Think About Refurbished Items

Buying a new printer, computers and other office equipment can become expensive in a short space of time. To cut down on those costs while still getting the equipment you need, why not consider buying refurbished or used items. Many companies offer used office copiers and other electronics that have been refurbished, so they are working perfectly. You can get desks, chairs and other furniture from used office suppliers. They are usually in good condition, just taken from offices that have been refurbished.

Be Smart with Your Services

To run your business effectively, you will need a phone line with the internet, though getting these set up especially with a business rate can be expensive. Do plenty of research into the best deals you can get for your business, and see if there are deals that offer extras such as a business mobile or free web space for a website. To cut costs further, try to develop your website yourself using the many website building sites that are on the internet. It might not be as polished as you want, but it will be free, and it will be a good start until your business takes off.

By trying to plan your spending and by using used or refurbished goods, you can start your new business with minimum capital.

Optimize Your Work Environment With These Simple Tips

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Your workforce

The efficiency of your workloads depends heavily on the speed of your workforce, and how good they are at their jobs. Having work done fast is one thing, but having quality is another. Often quality work is hard to guarantee if the employees are under a lot of stress on a daily basis, and it can often be hard to focus. In this case, it’s important to make sure you’ve created a much more stress-free environment for everyone to work in. Many factors can go into creating this calm environment; you just have to know the people who work for you if you want the best results. Firstly, bringing everyone closer can help out a lot if you want to raise the moods.

Teamwork is an essential part of any workforce, as it determines how well everyone can work with one another. If you assign jobs that have to be done in teams, the quality and rate that they’re done at will depend on how much they all trust one another. There are many occasions where you should organize team building activities to strengthen the bond, as not only can it bring a more relaxed environment, but it can inspire more productivity. It gives people a reason to value their jobs more, especially if they can get along with their colleagues.

Team building isn’t the only method, investing in other ways to encourage teamwork can also help over time. Products like onsight connect – Librestream can help not only to allow teams to work together, but also help with their efficiency. Having a medium for everyone to work at the same level while being able to actively assess and learn from one another is an extremely effective tool, and is sure to improve individual productivity.

Your workplace

Your workplace also has an impact on how well everyone can get through their work. It’s important to make sure there’s nothing around to distract people while they’re fulfilling their job. Usually, an effective method would involve not allowing the use of phones or other devices that may cause distractions. Even with the simplest of tasks, losing focus can be as easy as receiving a text. It’s not because of the importance of said text, but the lack of motivation to do their job.

When it comes to making your office a better environment, you should focus on creating something that’s not too dull. While it’s not distracting, dull can often be depressing and demotivating, which is never good for efficiency. Creating your optimal work environment should involve light coloring, possibly some music, and not too many decorations. You shouldn’t have anything that’s likely to catch the eye or attention of your employees, but you also need to make sure you’re sparking creativity. Hence the use of music; which relies heavily on the demographics of your workforce.

Creating the ideal workplace can be difficult, especially if you’re looking at a pretty diverse group of employees. With that said, making sure you’re making a relaxing environment is the best you can do, along with enforcing employee synergy. It’s effective if everyone can get along, else you might need to think about finding new employees who will. As harsh as that sounds, you have to make sacrifices if you’re looking for efficiency.

How To Create A Welcoming & Professional Premise For Your Business

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If you’re starting a new business, deciding to move to a larger premise, or you’re moving from your home office into an external space, creating a welcoming and professional office for your business is the first port of call. It will not only wow and impress future clients, but it can help make your employees look forward to their time in the office. While not all office spaces will have exactly what you and your employees desire, creating a space everyone can enjoy will have positive effects on the productivity of your employees and promote overall happiness in the office. It doesn’t have to be an extravagant venture, but there are variables you should consider when choosing your new office location and environment.

Research Locations

When deciding on a new office space, it’s vital you research locations as much as you can. Finding a central location may be preferable, but is it affordable and practical for the size of your business? Deciding on an office that’s perfect for 50 employees is pointless if you only employ five. You should also take into account where your employees will commute from, and where your clients will travel from. For those who drive, finding an office location with a large parking lot will make sure they can commute easily to work and park their vehicle in a secure and safe spot. However, for those who rely on public transport, when they’re job searching, they will ultimately try to find somewhere that’s easy for them to get to on the local bus or train routes. The location will also depend on what sort of office you are after. If you need a warehouse alongside your office building, premises that are on the outskirts of a large town or city will be more affordable than those in the middle. If you are a small firm, it may be worthwhile looking into renting an affordable office in a larger complex rather than embarking on an office block by yourself.

Research Local Amenities

Not only is the location important for your future clients and employees, but you should consider your employees’ needs. Not only does commuting have to be taken into account, but what amenities are available by the new location should also be considered. Employees and clients alike will look favorably on a location which has good links to local shops and cafes, especially for their lunch options. If your new office location is in the middle of an industrial estate with no stores nearby, it may be difficult for employees to buy affordable lunches, especially if they don’t drive and have to catch a bus into the city center.

Be Realistic

You may dream of an office building that provides fun for your employees, such as a slide from the top floor to bottom, an onsite gym and an onsite café, but this isn’t realistic for a vast number of businesses, especially if you’re a small firm. It’s important to keep in mind your budget and what is practical. There are a variety of ways to find exactly what you’re after on a tight budget and create a space to impress and keep your employees happy.

Furnish To Your Exact Standards

Once you’ve researched and found your perfect location and budgeted for it, it’s time to begin furnishing. Even if you’re on a shoe-string budget, there are solutions to ensure you get the right quality equipment for a great price. You could look into buying ‘preloved’ items such as desks, chairs, and any added furniture you may need, like chairs and tables in the employee kitchen and furniture in the reception area for future clients to use while they are waiting. Furnishing can also apply to items such as kettles and cutlery for your employees to use on their breaks. If the budget allows, you could also consider landscaping of your office building outside. This may mean planting trees or flowers, as both will increase the attractiveness and welcome of your building.

Keep It Clean & Tidy

Hiring an external cleaning firm for your office block will take the pressure of your current employees and will also mean your reception area where you greet clients will be presentable at all times. However, you should try to encourage employees to keep their own work areas clean and tidy, as this will create a sense of respect in where they work. You shouldn’t forget about the outside space when keeping your office premise clean and tidy. While clients may not see your employee parking lot, your employees certainly will and having to park their vehicle in a dirty and messy space won’t put them in the best mood! You can hire an external company to maintain your landscape and parking lot, or you can learn more about purchasing your own parking lot sweeper.

Create Designated Sections

It’s important to create designated areas within your new office space to allow your clients and employees to separate work from their breaks. Having a dedicated kitchen area can give employees a break from their desk, while creating a professional waiting area for clients will impress them before they have even met you. If you have space, you should consider creating a ‘break room’ for employees, perhaps with comfy chairs and sofas, where they can socialize and relax with their fellow workmates. You should also create dedicated meeting rooms within the office to ensure employees and clients have private areas to discuss business.

Decorate Accordingly

Decorating doesn’t have to mean loud wallpaper, bright carpets and multicolored desks. It can be something as simple as clean white walls, a clean neutral carpet and uniformed desks. The decorating of your office space should promote a calm working environment, rather than a busy, frantic environment. Your reception waiting area should also reflect your professional and calm demeanor, while being engaging and inviting. This could be a place where you decorate with the achievements and success your company has enjoyed. It could also be a place where you inject your company’s color scheme, whether that’s a bright pink and white, or green and red. While this doesn’t mean you paint the walls bright pink, it could mean you use accent cushions on the sofa or ensure you have fresh flowers waiting in the reception area.