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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.

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.

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.

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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

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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.

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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.

Make Your Business Go Green And Save Money

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As a company being aware on the certain requirements needed of you to the environment is important. Ignoring these can lead to fines and legal issues.

With so many products and services to choose from, it has never been more important to differentiate you from the competition. Going green can land you on the Greenest Companies list making you stand out from the crowd.

As a company, you want the best for the environment but you also don’t want to get sucked into a money making scheme. This guides you to being able to go green and sustain an eco-friendly business.

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Recycling paper is the first thing that comes to mind when we think of being environmentally friendly. Reducing waste is the best step into reducing the amounts of waste produced through offices and operations. However, sometimes this isn’t always possible, and you will produce an excess amount of waste if this happens, look into an environmentally conscious rubbish removal company that will be able to recycle it for you. It’s a large and crucial part of beginning the business set up.

There are easy to use methods to put into practice for you to make your business greener. Department of Foreign Affairs and International Trade’s Greening now offer guides on what you and your staff can do together.

Equipment that isn’t in use can reduce energy by up to 25%. Computers that aren’t in use and switching off completely at the end of the day saves an extra 50%.

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If something doesn’t need printing then don’t unless it’s necessary. Communicate through emails and read on screen with devices instead of printing. Reducing use of fax- related paper rubbish. Start using a fax-modem as documents can be sent directly without requiring a hard copy.

waste carriers can hold more waste, think of using a commercial waste disposal. These hold more waste and are more environmentally friendly, not only this but the costs are more beneficial to the company.

Even if you’re located in a drought-stricken area, reducing water is an obvious way to saving money whilst conserving a valuable source. There is various way to reduce water usage, start by checking anything that needs fixing such as dripping taps and plumbing leaks. Instead look into low-flow toilets, another thing to consider is the use of eco-friendly hand dryers. There are plenty on the market that conserves energy by being efficient with the air usage.

If you plan on renovating the offices before you consider chucking away electrical items think about where to distribute them. Computers, monitors, tablets anything that is less than 5 years can be reused in the area by schools, other offices or charities. Be sure to check with what you can do with certain electricals before giving away.

Doing little things around the office can greatly improve the area you work in but efficiently helping on costs for your business. Over time you’ll see how they can benefit your company, you’ll also feel good knowing you and your team are working together to better the environment for years to come.

Things To Ask Your IT Support Provider Before Signing

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Outsourcing large tasks and functions is fast becoming the thing to do in business because of the success it can offer, and the top of that list is IT support. Of course, this is an utterly logical thing to do because it will take the technical pressures off you and allow you to stay focused on the core operations of your company while saving a buck or two. But that doesn’t mean you should just hand over your responsibilities to the first IT support provider you come across.

When it comes to looking for a reliable technical support provider, you need to do your Due Diligence, and an easy way to do this is to ask your prospective providers a series of questions to help you understand what sort of fit they will be. So, here’s a few ideas to get you underway:

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What Is Your Experience With Small Companies?

You’ll learn that a lot of IT support companies, like Sphere IT in London, concentrate on large installations and services because it allows for a better economy of scale, which means you’ll need will get lost or confused. As such, ask to see a list of their client portfolio or ask them about the smaller-sized clients they serve. This will give you a better understanding of their operations and whether they will best suit your needs.

How Do We Know You Can Protect Our Sensitive Data?

One of the most important reasons of having an IT support company come on board is to protect your data, so you need to know they are capable of doing this. The techniques hackers use these days are becoming more and more sophisticated and so it is imperative you find experienced digital data defence pros for business. This is where their record comes in. A prospective IT support company needs to be able to prove they have a fantastic track record in protecting their client’s sensitive data. If they fail to do this, then your business may fail to continue operating.

What Level of Support Will They Offer?

Most companies will ask you what sort of support you will need and then offer you a service based on that requirement, so make sure you come to a deal that suits you and that it is detailed in your service agreement. To give you a little bit of advice on this one, make sure you discuss specific areas like phone, email and chat support, as well as remote management if you have employees or contractors that work from home or on the road. You’ll also want to know how often they can visit your office to perform maintenance checkups.

How Are They With Long-Term Partnerships?

Quite simply, the longer the supplier can commit to a partnership the better fit they will be for your company. The reason for this is most network equipment lasts for years and years and years, while most support arrangements only stand for two to three. Of course, this can usually be extended to around five years if needed and if favourable. So find out what sort of agreement they prefer and then see how this will fit in with your organisation.