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How To Take Risks In Business

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StrategyDriven Managing Your Business ArticleThere are many skills required of a person when they run a business. They need to be able to cope with lots of different situations and turn them around into successes for the business if possible. They also need to be able to manage people, deal with finances, organize marketing, and much more. Something that you might not have thought about before, but that is certainly an important trait when it comes to business, is risk-taking. There needs to be an element of risk-taking in any business if it is going to grow and thrive successfully. If you’re concerned that you aren’t taking enough risks (or perhaps even taking too many), read on to discover just how to do it right.

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Risks in business should always be calculated ones. This means that you have looked at the situation you might be heading for and determined what the negative outcomes might be. Although you might not like to think in these terms, it is crucial – pretending that things won’t go wrong is a sure way to have problems because if something untoward does happen, you won’t know how to deal with it.

That’s the key; you need to know the potential negative outcomes because you need to know how to combat them if they do arise. Search for solutions for each issue that you might come across, and if they do occur you can deal with them. If they don’t, then you have nothing to worry about.

Think Long-Term

Having an idea that is a possible risk is one thing, but being able to continue once that idea has been implemented, whether the results are good or bad, is another. You need to not only think of the idea and weigh up the risks, but you need to think of the long-term for your business as well. Ask yourself what will happen if the risk you are taking does pay off, and what will happen if it doesn’t. This is important because you don’t want to take the first step and then not know where to go after that. A long-term plan is much easier to deal with broken down into smaller parts – it is also less risky.

Whether you’re launching your own Amazon associates site or building an e-commerce empire from scratch, the same principles apply when it comes to risk and long-term thinking.

Be Adaptable

Even if you do have a plan in place, you need to be able to adapt (and adapt the plan) if anything changes. Trying to continue with your original idea when you really should go in another direction won’t help you and won’t help the business. This is no longer a calculated risk but is instead a stubborn refusal to see that change needs to happen. This will hurt the business, and those being asked to carry out the tasks on your behalf could become extremely stressed by the situation, knowing it the wrong thing to do but unsure how to deal with it. A stressed employee might need time off; they might even need help from the Law Office of Scott D. DeSalvo.

Test First

You might be tempted to launch your new idea straight away because you’re so excited about it and you’re sure that it will do well. However, this is not a calculated risk – this is just a risk, and that’s not a good thing. Wait until you have all the facts and details you need to be able to launch successfully; launching a product and not having the right marketing in place, or not being sure how good that product, service, or idea really is, can be damaging to your business.

Why Having a Mentor Makes a Difference

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StrategyDriven Entrepreneurship ArticleStarting your own business can be a very complicated and involved endeavor. While you may have a lot of excellent ideas about the nature of your company and what it is going to offer the public, you also might not have the first idea about how to get your plan off the ground. Of course, it is important to remember to know that you don’t have to figure it all out alone. Finding a mentor might be one of the most practical decisions you make for the future of your business.

A mentor can bring about some positive changes when it comes to your business. Take a moment to look over these reasons to consider getting involved with a mentor and learn about how you can get your business ideas up and running in the most efficient ways possible.

Knowledge is Power

Often, getting started with a particular idea can be tricky from the start. If you have a very specific kind of idea for what you would like your business to be like, you might have very specific questions you need to be answered. When you are speaking to other professionals, you might not be able to get the exact answers you require. A mentor, on the other hand, is someone who has a vested interest in you and your future. He or she is going to want to help answer any and all questions you might have.

Acquiring knowledge from a mentor can help to get your business journey started in a productive manner. You will be able to turn to your mentor for everything from initial budgetary concerns to foundations you should lay early to make future expansions possible. This type of transformational leadership can make a huge difference in the direction a business heads. Asking the right questions of the right people can help you avoid serious mistakes, and a mentor can be the ideal person to turn to for assistance.

A Personal Connection

When it comes to seeking the right advice, a business mentor stands above others due to the personal connection you can forge. Your mentor is going to take a bit of time to get to know you. He or she will figure out how you operate and how you tend to make decisions of varying sizes. Your mentor is also likely to want to get to know your hobbies, interests, and anything else that might play into the way you think. This will help your mentor form a bond with you and provide insight based on your own specific needs.

The bond you form with a mentor can also provide you with a certain degree of comfort. The more your mentor gets to know you, the more you get to know your mentor. When you feel comfortable talking to this person, you are more likely to trust in the advice you are being offered. Building this trust with a professional who understands business can help you feel like you aren’t so alone on your business journey.

Play Around With Ideas

A mentor also helps you explore ideas that come to your mind about your business. It isn’t always easy to get honest feedback from people, especially those closest to you like family members or friends. When you need a sounding board, your mentor can listen to any and all ideas you might have and provide you with honest input. This can help you make the best possible decisions for your business while avoiding serious flubs.

Working with a business mentor can help put you on the right path for the future of your company. Take your time to find the right mentor for your needs and see how it can shape your plans for the best.

How to Scale Your Business Using Cloud PBX

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StrategyDriven Managing Your Business Article
 
Scaling in business is always a big deal, because it is the only way to accurately measure growth and success. If you do not have the right systems in place, however, scaling can become very difficult. There are many different systems to scale, and not having the right framework into place can cause delays and even hiccups in your operations.

Take your telephone system, for example. Hiring more workers as you scale your business more globally means your network needs to become increasingly complex. Rather than be inhibited by these extra hires, choose a Cloud PBX system that scales with your company and doesn’t hold you back.

How Can a Cloud Based PBX Help Your Business?

PBX, or Private Branch Exchange, is a network for phone calls and other communication methods used within a company. It is how you can call different departments when you need something, and how clients can get a representative for the specific answer or solution that they are looking for.

There are a variety of reasons why a Cloud Based PBX system can help you, as it:

1. Allows for an unlimited number of lines

So you can scale up or down as you need to without any hassle. You could add people through the call routing system without even adding extra telephones to your office floor.

2. Is only limited by your own Internet’s capacity

The only limit to this tech is your Internet speeds. If yours are slow, try contacting a few internet service providers today to see if there are new plans available to upgrade or switch to.

3. Has one bill to pay

When you choose an all-in-one service, you don’t have to worry about what services you use and which you don’t, because all of it will be on one bill.

4. Is easy to set up

Choose the right company, and they will set up the entire system for you without a hitch and at no extra charge.

5. Offers seamless communications

Once you have your cloud based PBX system set up and running, you can then enjoy seamless communications between departments. Boost productivity, improve customer service, bring in more business, and everyone’s happy!

How to Scale Your Business Using Cloud PBX

Choosing the best Cloud PBX will depend entirely on your budget and needs. In most cases, however, being able to pick and choose which features your company needs will always be your best bet. That way you can choose the best VoIP for small business operations now, and then include more services in your plan as you scale up seamlessly.

Choosing systems that can be scaled with ease is the best investment you can make for your new company. You won’t need to reinvest or overhaul your operations just because you hired a few new people or even created another department. Instead, you can simply set them up. That is the power of cloud computing. That is the way you will grow and succeed.

Starting Up Your Small Healthcare Clinic

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StrategyDriven Entrepreneurship ArticleIncreasing numbers of people are growing tired of working for someone else. Sure, employed life has its perks. Your employer takes responsibility over your safety and well-being in the workplace, they have to guarantee contracted hours (ensuring you always take home a livable pay packet), and you benefit from paid annual leave, sick leave, and parental leave. But it does grow tiresome building someone else’s dream on their behalf and only getting paid a portion of what they are gaining for your hard work. It’s not all too surprising that many people are turning to setting up their own businesses. Huge numbers of employees are becoming self-employed and heading to the world of E-commerce. This is a good idea – selling consumer products online can be extremely profitable and is a relatively simple path to pursue, as long as you have an innovative product concept. But it’s important to remember that this isn’t the only option out there. There are plenty of other paths you can follow when it comes to setting up a small business. One idea that you could undertake is setting up a small healthcare clinic. Here are a few of the basics you’d need to follow to do this!

Hire a Consultant

It is highly recommended that you hire a consultant who has dealt with opening medical practices before. There are numerous pitfalls that could get in your way during the startup process, so it’s a good idea to have someone on your side who can warn you of different steps that you need to take to be granted permission to open and operate your business.

Invest in High-Quality Equipment

One of the most expensive steps of setting up a private medical practice or clinic is purchasing the equipment necessary to treat patients safely. This will range from medical supplies such as needles, syringes, intravenous lines and solutions to furniture that can organise these supplies like Medical Supply Carts with Drawers.

Invest in Software

You will also have to invest in software such as electronic health record systems, practice management systems, medical billing systems, medical transcription software, background check systems, and credit card processors. This will all allow your staff to monitor patients’ conditions, keep records, and process payments.

Taking On Staff

You need to be extremely vigilant when taking on staff of any kind to work in your clinic. Medical staff must be fully educated, trained, and qualified to practice – you will require proof of this. Administrative staff must understand patient confidentiality and data protection law.

Marketing

You will have to market your small practice a lot in order to draw customers away from their current service provider. It’s generally best to collaborate with professional marketing services who can conduct market research and find the best way to reach out to your target demographic.

These are just a few brief steps that you should bear in mind when getting started on this journey. While setting up a small healthcare clinic isn’t the easiest of tasks, it can make you a whole lot of profit in the long run!

Getting Started with Small Business Protection

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Safety is paramount to the success of your business, which is why larger companies dedicate entire departments to protective measures. Small business owners don’t always have that luxury, leaving them to handle unique risks without a massive amount of protective resources. That creates a real challenge, one that can often lead to digital, physical, and even legal issues most are unprepared to handle.

StrategyDriven Managing Your Business Article
 
So, what can you do? Before leaving your failsafes and security protocols to the wind, check out these tips to help make protection a top priority at your small business. From simple office rules to management tools, here’s the ultimate safety strategy.

Get Rid of Personal Devices

Step one to your plan of action should be eliminating personal or bring-your-own devices in the workplace. This reduces the risk of weak links in your security plan, helping to keep the lid tight on your operations.

While this isn’t always possible, there are workarounds to achieve the same result. Instead of removing these devices from your place of business, adopt a universal security package for your employees. The usefulness of managing and auditing your entire IT infrastructure’s user access rights with a tool like SolarWinds can’t be understated.

Malware Matters

As tight as security may be on your employee end, the world of the web is a malicious place. Malware protection is a vital safeguard for your business, manning the front lines while data enters and leaves your servers. It’s still important to train employees on security and safety measures, but this set-it-and-forget-it protection is something you can’t do without.

Unique Passwords

StrategyDriven Managing Your Business Article
 
While this 90’s rhetoric shouldn’t need restated in 2018, the number of hacks from even seemingly airtight corporations in the past few years suggests that it hasn’t set in just yet. With a single data breach costing upwards of $1 million on average, this is one area of security you literally can’t afford to overlook.

Ensuring every member of your staff uses a strong password is crucial these days. Have them keep the word used unique, add numbers, and make sure they utilize symbols if possible for the best results. Also, it helps to have your employees change their password every six months to a year.

Physical Security

It isn’t something most business owners want to think about, but individuals within your operation can be just as dangerous as those on the outside. While it is important to trust your employees, it never hurts to utilize cameras and locks when possible. Plus, these tools are an excellent means of theft prevention.

Backup Your Data

From contracts to daily sales, today’s businesses record almost everything online. Technical malfunctions happen at the most inconvenient times, which is why backing up your data is essential. Instead of opting for pricey equipment, consider cloud storage as a frugal yet secure alternative. There are numerous cloud storage services available that can help you create “hard” copies of important information.

Insurance

Even if you’re in the earliest stages of operation, business insurance can save you an enormous headache. Depending on what your business entails, you may need varying types of insurance. Public liability, home business, and indemnity are a few popular examples. Regardless of which kind your business needs, protecting yourself in the event of a worst-case scenario is vital.
Other small business insurance needs include:

  • General liability
  • Professional liability
  • Errors and omissions
  • Owners policy
  • Workers compensation
  • Property
  • Home-based
  • Product liability
  • Vehicle
  • And business interruption

Physical Protection

No, not bodyguards. Physical protection and security come in a wide variety of forms. Each of which is equally as important as the digital ones you’ve set in place. A simple example would be ensuring that your brand is unique to avoid any litigation or legal ramifications.

Another example would be the use of physical documents for contracts and agreements. Aside from creating a professional look, it further protects agreements made between you, your employees, and your clients with a hard copy. Adding arbitration clauses to those contracts is another physical security measure that can prevent legal ramifications down the road.

StrategyDriven Managing Your Business Article
 
Finally, physical protection for a small business can be as simple as creating a safe work environment. Working to prevent accidents and encouraging non-discrimination as well as non-harassment policies might not be the first thing on your mind when the word protection comes to mind, but they are just as important as cyber security measures.

Protecting Your Business

Security isn’t something to take lightly in any business venture, but you don’t have to shell out your earnings on an entire department just to make sure your organization is protected. By following the tips and advice above, you can keep every aspect of your small business from digital to physical secure while keeping things affordable.