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Getting Your Personal Finances On Track Before You Start A Business

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StrategyDriven Managing Your Finances Article |Personal Finances|Getting Your Personal Finances On Track Before You Start A BusinessAre you thinking about setting up your own business? We recommend that you do work to clean up your finances first. If you fail to get your finances under control then you will look weaker to potential investors. If you need to borrow money to get your business up and running you could also struggle to find the right deal. So, how can you get your finances under control? Here are the suggestions we recommend.

Set Up A Budget

Our first recommendation is that you set up a personal budget. Experts recommend that you should be doing this, regardless of how much you are earning each month or each year. It’s always a smart idea to have a safety net that you can fall back on. This doesn’t need to be a massive amount of money. It just needs to be enough to keep you in a comfortable situation and hopefully free from the problems of debt.

Pay Off Your Debts

If you already have debts hanging over your head, then you need to make sure that you are working to pay them off right now. There are various strategies that you can explore for paying off debt that you have accumulated. For instance, you might want to think about taking out a debt consolidation loan. A debt consolidation loan can be useful but only if you get the right interest rate. If your interest rate is higher or more or less the same you’ll need to look at other choices. You could use a service like Improved Data Services collections. They help people who are in debt reach a swift resolution with their creditors, essentially acting as a middle man to keep everyone on the right page.

Improve Your Credit Rating

If you’re planning to borrow to set up your business, then you do need to make sure that your credit rating is at a healthy level. Be aware that a credit rating can change based on a variety of different factors. Paying off any debt that you have accumulated will help but it’s definitely not the end of the story. You should also think about borrowing money that you know you can afford to pay back.

Diversify Your Investments

Finally, you might want to think about exploring the different options that you have with investments. If you are already saving money then it makes sense to invest this in different areas. There’s a range of options worth exploring depending on the amount of money that you have accumulated. For instance, you could invest in property or you might want to think about looking at stocks. Even penny stocks could provide you with the extra cushion of cash you need when setting up your first company.

We hope this helps you understand everything that you need to know about getting your finances under control. If you take the right steps here, then you’ll be in the perfect position to start your own company and get things on the right track from day one.

Saving Money On Your IT

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StrategyDriven Managing Your Business Article |IT|Saving Money On Your ITAlmost every single business that wants to earn money and be successful needs to spend money on IT. An IT budget is an absolute must and if you want to save cash without sacrificing your security and the productivity of your business, you need to know how to make your budget work for you. Making your IT budget count isn’t always an easy thing to do, but with the right tips, you can ensure that your IT expenses are lowered effectively.

Of course, you don’t want to cut your budget down only to really need to up it again because your IT is now lacking: that would be pointless. What you do want to do, though, is direct your cash in a way that ensures that your budget is wholly effective and works properly for your business. This should include any growth you plan to have with your business IT, too. So, how can you save money on your IT expenses? Checkout the tips below!

  • BYOD. You can ask your staff force to bring their own device to work. Laptops and tablets only, as this will save you money on computers in the office. Most people now own their own mobile devices, and if they’re already bringing them to work, there’s really no point in having work stations set up for every employee. You need to set very strict security standards to protect your business, of course, but you should consider that you can do this with a VPN. If you know that the servers and cloud access will be secure, then a bring your own device policy is going to save your company a lot of money!
  • Start using the cloud. The IT cloud is going to be far more effective for you in your business IT spending than using a server room. The cloud will reduce labor costs and save money on equipment. It’ll do this while lowering the amount you spend storing and powering all of your equipment, too. You can use a pay as you go model with the cloud, which means you’re only paying for what you need when you need it. This will make all the difference to your budget, and it will help you to stop spending way more money that’s necessary.
  • Outsource. If you outsource your revenue cycle management software & solutions, you’re going to instantly make a saving. You won’t have to worry about paying anyone to manage it for you in-house, which will save you money on your staffing, yearly salary costs and benefits on top of that, too. When you outsource, you only pay one organisation a fee for their help in return for what you need. It’s a great way to save some cash and it can make a lot of difference to the efficiency of your business, too.
  • Buying the right equipment. Make sure that when you do spend money on your IT equipment, you spend it properly. It’s a good idea to spend more to buy upgraded pieces of equipment, than to keep spending on cheaper equipment that will continue to break. You need to think practically as much as economically.

Marketing: Should You Wait And See Or Jump On The Bandwagon?

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StrategyDriven Marketing and Sales Article |Marketing|Marketing: Should You Wait And See Or Jump On The Bandwagon?When it comes to marketing, you’ve got to move fast to make sure you aren’t left behind the times. This is true in every area of business, which is why it’s so difficult to launch a successful company that stands the test of time.

However, too many businesses have been burned by jumping on a bandwagon and following a trend blindly. Once the losses start rolling in, that’s when you take notice. This begs a very important question – should entrepreneurs wait and see or go all in?

To find out more, please continue reading the following points outlined below.

The Competition

The first thing to look at is the competition. Whether you feel it’s necessary or not, your rival’s approach to marketing can sway your decision. This is because you can’t afford to let them steal a march on you. By failing to invest in the latest trend or piece of technology, you could fall further behind, allowing them to soak up your market share. Sure, you shouldn’t do everything they do, but if enough of your rivals believe a marketing tactic is helpful, and they have a similar business plan, it’s worth considering the consequences of failing to act.

Your Budget

Of course, you must weigh the above against your budget. Lots of SMEs don’t have bottomless pits of money that they can throw at marketing, unlike massive brands and major corporations. Therefore, you need to tread carefully before going all in. If the marketing trend is going to be expensive, it might not be in your remit. Losing out to the competition is something you have to accept. However, anything that’s relatively cheap could be worth a gamble. Look at search engine optimization. It’s unthinkable to create an advertising plan without SEO, particularly as it hardly costs a penny.

The Effectiveness

Some trends are effective from the moment they arrive. SEO is a prime example because it has all the relevant features. Not only was it affordable, but it positively affected almost every part of the industry, making it an essential part of any company’s strategy. Content marketing is along the same lines. As the ultimate guide to content marketing strategy highlights, the effectiveness of your marketing boils down to content. That means to ignore it, or not to pay it the attention it deserves, is an error. The trick is to spot the fads and avoid them like the plague while embracing the tried and tested methods.

Your Data

Jeff Bezos isn’t the richest man in the world because he got lucky. He’s smart and knows when to make decisions based on the data and when to hold back. Famously, Amazon’s founder pulls the trigger when he has 70% of the information as he believes waiting any longer leads to missed opportunities. Concerning waiting or jumping on the bandwagon, you should use the same technique. Wait until you have the majority of the data before shooting your shot. It might go wrong, but at least you took a calculated and informed gamble.

The answer to the title question is – it depends. The circumstances will dictate your approach, and the pointers above will help.

5 Ways to Prevent Potential Chargebacks

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StrategyDriven Managing Your Finances Article |Chargebacks|5 Ways to Prevent Potential ChargebacksChargebacks, especially frequent ones, can significantly affect the profitability of your business. There can be many reasons why a customer may want to request a chargeback after purchasing a product from you or receiving a service. In some cases, such activity can also be fraudulent. Merchant chargeback protection is definitely something that shouldn’t be taken lightly. In this article, you can find some ways to prevent this problem.

Why does a customer request a chargeback?

To put it simply, a chargeback is when a customer requests their bank to reverse a transaction after paying for a certain service or product. It is a consumer protection tool but it can often be misused by some individuals. Some of the reasons why a person may request a chargeback include such:

  • A product arrived damaged
  • A product got lost while shipping
  • Technical problem
  • A customer didn’t receive the service or product
  • Billing problem (duplication, failure to cancel it, etc.)

How can you avoid chargebacks?

If you want to prevent potential chargebacks as much as possible, it’s important to minimize the instances when customers can be dissatisfied with services or products. The steps you can take include the following:

Ensure proper customer service

Customer service should always be in place to address the potential concerns of customers. This includes answering emails and calls as promptly as possible. It’s essential to always get back to your customers because miscommunication leads to chargebacks. You should have clear time frames when your customer service works so people know when they can contact you and get their answers.

Provide detailed descriptions

One of the best ways to prevent chargebacks is to be upfront and transparent when describing your products or services. You should provide clear images and explanations so that people know exactly what they pay for.

Create an extensive refund policy

Whether you have an online or offline business, you should have information about your refund policy readily accessible for clients. There you can state when returns are possible, during what time, etc.

Provide detailed shipping information

Customers often get frustrated when products don’t arrive in several days, and this is when chargebacks can happen. To avoid this issue, make sure that you describe all the shipping terms in full detail.

Always pay attention to previous chargebacks

If there is a repeated reason for chargebacks, it’s time to make changes. You may need to change a shipping company to make sure your products arrive faster. Or, you may have to improve a certain product if there are specific complaints.

Deal with chargebacks before they occur

Chargebacks are a constant problem for every business, but most cases can be prevented by establishing good business practices. This includes being honest about what you sell and making sure that your customers feel heard.
What do you do to prevent chargebacks? Please, feel free to suggest your methods in the comments and tell us how you deal with this problem. Share the article with those who may find it interesting.

5 Key Employment Trends We Will See in the Energy Industry in 2021

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StrategyDriven Talent Management Article |Employment Trends|5 Key Employment Trends We Will See in the Energy Industry in 2021The year 2020 hit the world hard and changed the way many people live and work. One industry that took a hard hit was the energy industry. Companies could no longer fly their employees around the globe to work, they could no longer pack employees into smaller workspaces spaces, and many companies were hit hard in terms of profit. The below takes a look at five key employee trends that this industry expects to see in 2021.

One: Salaries are Expected to Rise

Last year saw many employees in the energy industry not getting an increase in their salary. According to experts, some even saw their wages drop in 2020. The good news for 2021 is that salaries are expected to stay the same or even increase for those in the energy industry. Visit with an oil and gas recruiter denver to find out the current pay rate.

The pay rate for a person working in this field will vary based on their exact position, the company they work for, and their experience. Those who are new to the field will make less than a person who has worked consistently with the same company for years. According to the Society of Petroleum Engineers, reservoir engineers in the United States reported an average salary of $158,857 and production engineers saw an average salary of $147,439.

Two: Employees Will Be Sought from Around The Globe

Companies are open to hiring employees who are not from the company’s home country. People are needed to fill vacant positions, and companies struggle to find enough people to fill vacant positions. One major trend for 2021 will be companies seeking employees from all over the globe, not just from one country.

Not having enough employees has caused issues in 2020. The issues companies have faced due to a people shortage include missing project deadlines, not meeting project needs in terms of production, and not being able to meet safety standards due to having an employee shortage. By seeking talent globally, companies will meet deadlines, improve production, and increase safety measures.

Three: Increased Career Mobility

When a person takes a job, they do so with the expectation they may move up in the company. Moving up allows a person to make more money and take on more responsibilities with a company. Companies in the energy industry want to retain their employees and therefore are expected to offer job mobility opportunities.

Four: 2021 Will Continue With the New Employee Normal

Before 2020, very few people knew what it meant to social distance. When the pandemic hit in 2020, this saw employees in the energy industry adjusting to a new normal. This new normal included safety measures like social distancing, fewer employees in a workspace, and reduced international travel. For 2021, that new normal is expected to continue for these employees.

Five: Employees are Expected to Be Happier with Their Careers

Since salaries are expected to rise, the people that work in this field are expected to be happier with their jobs. Employees may be able to go back to traveling the globe for work, as travel restrictions are expected to loosen in 2021. Employees are also expected to be happier as their opportunities for career growth are expected to be there.

The five items listed above are the expected employment trends for those in the energy field. While 2020 was a hard year for everyone, things are looking better for 2021. Those looking to get into a new field should definitely consider going into the energy industry.