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What is turnover in business?

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StrategyDriven Managing Your Business Article |Turnover in business|What is turnover in business?What is turnover in business, and how does it affect the health of your company? Understanding how well your business is performing isn’t an exact science, but one of the indicators you may use to get a clear grasp is business turnover.

When running a business there are dozens of pieces of jargon to sort through, Indicators to analyze, and choices to make. They all assist you to realize how your firm is doing in precise terms. It’s probably one of the most significant and simple metrics to think about.

This article discusses turnover in simplified terms and walks you through the process of calculating it.

What is the meaning of business turnover?

It is a simple business metric that can be used to determine if a company is profitable or not. It’s frequently used as a quick and easy way to estimate a company’s size. HMRC, for example, considers turnover when deciding whether or not a company should register for VAT.

It refers to the total amount of money you made from selling your product or service in a certain period. It doesn’t take into account any expenditures or any other unexpected charges. It doesn’t even account for the profit you made during that period.

What is the significance of business turnover?

You can compare your existing turnover to other times of the year. This will help you indicate if your company’s revenue is increasing and if it is on track to meet your goals.

It’s also a useful figure for comparing to other metrics. If your gross profit is low in comparison to your turnover, it may be time to look into strategies to reduce your sales costs. If, on the other hand, your net profit is low in comparison to your turnover, you should consider increasing the financial efficiency of your company.

What’s the difference between profit and turnover?

Although both turnover and profit represent a company’s revenue, they are calculated using distinct parameters. Turnover, also known as net sales, is a company’s pure income from sales, whereas profit is the remaining total turnover after all variable and fixed expenses are deducted.

On their income statement, most businesses include both turnover and profit. Turnover is usually the first line item because it is the biggest figure and only accounts for revenue without any expenses. Profit is generally always the bottom line on the income statement, and it represents the entire income produced by the company after all operational expenses are deducted.

What is the method of calculating turnover?

Calculating turnover is as simple as combining all of your total sales for a particular time as long as your finance team keeps exact and accurate records. The gross profit (after subtracting the cost of products sold) and net profit (after deducting the cost of goods sold) can then be calculated using your turnover as a starting point (by then deducting all operating expenses).

Of course, turnover is not a metric of success. Every firm will make sales, but the size of the business, rather than the turnover, determines its success. However, when compared to other indicators, it can be used to determine success, and it is useful to know how well a company is growing

Tips for increasing your company’s turnover

You must make certain that your company’s turnover rises over time. Here are a few suggestions to assist you to increase the turnover of your company.

Aim for profitable growth.

Aim to sell as much as possible, whether you’re a product or service-based business. Increased sales will eventually result in increased profit, so be aggressive in your sales efforts. Use all accessible platforms to sell your goods as efficiently as possible.

Make special deals and promotions.

Offers and discounts are an excellent method to attract customers. You can always provide a supplementary service or decrease the price of the goods or service as an offer. This will assist you to attract more people to your goods or service, which will result in more sales.

Incentives are effective.

Your sales partners are your most valuable ally when it comes to growing sales. Make certain to motivate and incentivize them to perform better. Their improved performance will result in increased turnover for your company.

Final thoughts

So, this is about turnover and how it should be calculated. We hope you’ve understood the distinction between turnover and net profit. Turnover is an important aspect of every firm. It not only helps you assess your company’s success, but it also helps you plan for the future. Before the end of your first year of business, make sure you understand the various ways to increase your turnover and how to calculate them.

5 Reasons for Organizers to Take Event Registration Online

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StrategyDriven Online Marketing and Website Development Article, 5 Reasons for Organizers to Take Event Registration OnlineCreating a list of attendees for the upcoming event can be a lot of work for organizers. You need the list to be effective to save time and avoid inconveniences. Manual verification can prove hectic and time-wasting. However, the process is easy and effective when the registration is online. The availability of an online event attendee registration system and solution can help meet your expectations. Here is why organizers should take event registration online.

You Gain an Insight on Your Attendees

You get insight and know your guests better when you use the event registration system. Online event registration software has components that dictate the attendees’ key in specific details to help you know more about them. Managing the event becomes easier when you collect necessary information from your guests. You also find it easy to prepare and arrange the right meals and drinks as per your guests’ preference after gaining insight into them.

Secure and Effortless Payment Processing

Processing payments when registering to attend an event is among the hectic jobs organizers have to do. Using manual processing methods can have a lot of setbacks. However, taking the event registration process online comes along with several benefits. It is effortless and secure as the system provides the right avenue to utilize it. As an event organizer, you get access to an active and easy-to-use payment system that your guests can also utilize effortlessly.

Improves Event Efficiency

You want registration, seating arrangement, and other things need to be proper before the event commences. This calls for efficiency in your operations as the event organizer. You also need to save time, money, and resources for the event to succeed. When you consider online event registration solutions, the administrative tasks become bearable. You improve efficiency and prepare for more activities as you have the time and space to do more. Your guests gain more from the event when there is efficiency.

You Get a Customized Registration Process

Dealing with gate-crashers at your event can be overwhelming. You need to avoid embarrassing or confusing situations that might affect the event’s relevance. It is crucial to match the guest’s faces with the details you have on them. This is possible when you utilize the best online event attendee registration solutions as an organizer. The right system will help you customize the registration process and increase efficiency in the end.

Improves Your Marketing Efforts

The chances that your potential customers are on the guest list are higher. Utilizing online event registration solutions is one way to market your business and services. The central management system you utilize can help you send notifications for upcoming events, venues, and rates. You can also get feedback on previous events and understand where to improve. You can also reach a wide network of guests for the upcoming events through referrals and recommendations after using the event registration solution.

The event registration process can be hectic, especially when you have to receive payment and develop a proper list of attendees. While going manual can be helpful, the positive results are likely to be lower. As an event organizer, your efforts bear positive results when you take the registration process online.

How To Maintain Productivity Without Compromising Your Cybersecurity

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StrategyDriven Managing Your Business Article |Cybersecurity|How To Maintain Productivity Without Compromising Your CybersecurityWhether you are a small local business running a simple website, an ecommerce project with a steadily increasing turnover, or a growing international brand – any business can find itself the target of cyber criminals. It is naturally the case, then, that businesses need to invest properly in their cybersecurity, and put it at the forefront of their strategic decisions.

However, there is a potentially conflicting interest with cybersecurity – and that is productivity. It is often believed by business owners that they can’t improve one without compromising the other. For example, putting in place multi-factor authentication on log-ins certainly makes a company more secure, but it is also likely to be less time efficient and create scenarios where genuine log-in attempts fail and have to be resolved.

For those companies that have chosen to invest in their cybersecurity, it is important to establish ways that productivity can be maintained, and even improved, without making this investment a wasted effort and financial decision.

Here, we take a look at how your business can achieve higher levels of productivity without compromising your cybersecurity.

Invest in the right security technologies

The first thing to note is that the type of cybersecurity technologies you invest in can play a big role in how it affects your business productivity. For example, some cybersecurity strategies place a focus on reacting to attacks – and while this is an important facet of security, it can also affect productivity tremendously.

It can be a much better idea to invest in technologies such as managed detection and response. This is software that operates in the background as data is ‘collected from across your networks, endpoints, and cloud environments, analyzed using the latest machine learning and behavioral detection engines, then enriched with the latest threat intelligence’.

From this data the software understands what is normal, and can therefore recognise and react to abnormal behavior. This can then be investigated. This is far more effective than waiting for an attack to happen and then having to uproot the businesses in order to find and deal with the problem.

Find compromises

There can be a real temptation to maintain productivity and even improve on it by taking a lax approach to cybersecurity policies. This concept here is that reducing the strenuousness of cybersecurity provides employees with more space to breathe. There can be logic here, but it is important to ensure that you are relaxing measures in the right areas.

It is important to consult with your business’ cybersecurity specialists as well as those who manage data and data security across the organization. Working with these members of staff can allow you to establish where your company is potentially vulnerable and find ways to ensure that any changes you make do not negatively affect you from this perspective.

Be aware of insider threats

Many businesses assume that insider threats necessarily come from malicious actors – for example, disgruntled former employees. However, this is not always the case. In fact the vast majority of cybercrime that involves an ‘insider’ element actually relates to mistakes that have been made by employees.

The key thing to note here is that if employees do not understand why they need to follow a particular cybersecurity policy, or if they feel that it stops them from doing their job effectively, they may simply disregard it. It is essential, then, that businesses ensure that cybersecurity policies are adhered to and training is provided to help employees understand why they have to take it seriously.

Employees often want to find the most time effective ways to carry out a task in order to strive for higher productivity levels. But this comes at too high a cost if the company as a whole is put at risk of a data breach.

There does not need to be an inherent contradiction between productivity and cybersecurity. In fact, as both are becoming vital to businesses, leaders of organizations need to find a way to ensure that both are prioritized. The most important step is to ensure that staff understand the importance of cybersecurity and the procedures that have to be put in place. This allows them to establish ways to be more productive in spite of cybersecurity measures.

Kitting Out Your Home Office: Desks

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StrategyDriven Practices for Professionals Article |Home office|Kitting Out Your Home Office: DesksA lot of jobs today require some form of administration. As a result, employees must work at a desk to complete their tasks, whether this is at home or in the office. However, sitting at a desk for long periods of time is not necessarily good for you. It can lead to muscle pain and joint stiffness. As a way to combat this, standing desks were invented. The question is, are they better, and how do you decide which one is right for you? Let’s explore your options.

Sitting Desks

Sitting desks need no explanation because they tend to be the standard, meaning that most people are familiar with them. Traditional desks may be more comfortable because they offer users the opportunity to recline and work from a sitting position. As mentioned, they are also the standard, which means that they don’t get used to most people working at desks from a young age. They also tend to be more accessible and inclusive because almost anyone can use a sitting desk regardless of their level of mobility.

They do come with their cons, though. Sitting down at a desk for long periods can be terrible for your posture and your spine health. Some people believe that sitting for too long breeds feelings of fatigue and lethargy. Being sedent for long periods can also have a profound effect on your health too. This may be remedied by doing a few exercises at your desk throughout your day.

Standing Desks

A standing desk is pretty straightforward for those who don’t know; it is a higher-up desk that allows you to work while standing up. Other desks take this idea further; you can also find treadmill desks that allow you to work out while getting your work done effectively. However, this won’t work for most people who need a steady hand and concentration when working.

There are some alleged benefits to standing desks. First and foremost, they are said to keep you fitter, because you burn more calories by working standing up than you would by sitting all day. Next, standing up for longer periods is also said to be better for your cardiovascular system because it encourages the blood to flow. A school of thought also maintains that working from a standing desk aids productivity because of increased blood flow to the vital organs. Finally, working at a standing desk is said to be better for your muscles and joints because they are less likely to get stiff than if you were sitting at a desk all day.

This isn’t to say that there aren’t also downsides to standing desks. Standing all day can be hard on the body. Standing allows more movement throughout the day, but standing still can be tough on the legs and feet. Limited movement in any position can lead to muscle pain or joint aches. It is also said that a standing desk is difficult to get used to. This is because sitting at a desk to work is the default position that most people are used to.

How Do I Choose?

In all honesty, the answer depends entirely on you and your preference. There are pros and cons to both. If you are struggling to choose between the two, there is actually a compromise. You could opt for an adjustable desk. These types of desks, like the standing desks available from Branch, allow you to use them as both a sitting and a standing desk, meaning that you get the best of both worlds. You can try out each method to find which one works for you.

Once you have a desk, you also need to think about what type of chair you will use. A lot of people go for fashion over function, choosing a chair that matches their décor. This is not the best practice. Most people will be sitting in their chairs for at least a few hours of their day. This is more than enough time to damage your spine, joints, and muscles if you have chosen the wrong chair. You need to consider your needs and look for an ergonomic chair that is designed to support the body. It can make a huge difference. If you want to get an adjustable desk, then you also need a chair that is easily relocated, or in other words, a wheelie chair. Keep this in mind when weighing up your options.

The Bottom Line

There are benefits to both standing and sitting desks, which is why an adjustable desk makes the most sense for those who want to explore their options. If your concern is your health, then there are also a number of things that you can do to improve your fitness while working. A lot of people think that working in an office job is synonymous with being lazy, but it doesn’t have to be.

Strategies To Increase Employee Productivity

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StrategyDriven Managing Your People Article |Increase employee productivity|Strategies To Increase Employee ProductivityAre you looking to increase employee productivity? This is something that every manager wants to achieve, but it is not easy, and you will also notice that productivity levels rise and fall constantly. When you are able to increase productivity and know-how to get employees out of a productivity rut, you will be able to improve individual, team, and business performances. In addition to this, keeping productivity levels high will create a positive, hardworking culture that every company will benefit from. There are a number of effective strategies to try to increase employee productivity levels – this article will outline a few of the best strategies.

Determine Problem Areas

The best place to start is with the problem areas and the reasons why productivity levels fall. Sometimes, these reasons might be obvious, such as a workload that is too high, but you will also need to communicate with staff and encourage them to come forward with the problems that they are having in their roles. Addressing these issues can unlock productivity, make work easier for your team and take the entire business forward.

Involve Staff In Decision Making

Leading on from this, it is also worthwhile involving staff in the decision-making process. This is because employees bring different viewpoints to the table and often have the best ideas for improving processes because they are the ones carrying out the tasks each day. Not only this but involving staff in decision-making is smart because it will help them to feel valued and lift morale – this is key for maintaining high levels of productivity.

Give Positive Feedback

As a manager, you should be giving regular and genuine positive feedback to your staff and not waiting for performance reviews to do this. Even a “good job” or “thanks for your hard work” can make a huge difference to morale while also helping to create a stronger bond between staff and management. Positive feedback will make staff feel seen and valued and help them to know that they are on the right track. Giving construction criticism is also important and helpful for addressing small issues before they become big problems – just be sure to give construction criticism with tact and always do it in private.

Get To Know Your Staff

Managers should also take the time to get to know their staff on an individual level. This allows you to build positive relationships, which are key for morale and performance, but also so that you can determine the best ways to get the most out of them. Everyone is different, and a good manager will know how to motivate each individual team member as well as know what their strengths and weaknesses are so that you can match the task to skill.

Use Staff Training

Following on from this, you should also use staff training as a way to improve the capabilities of each individual staff member. You should learn the career goals for each team member and then help them achieve this within your business, which you can do through staff training and role variation. Additionally, if staff have areas that are holding them back, then you should offer staff training so that they can turn these areas into strengths.

Offer Career Development

You should also offer the chance for people to progress with their careers within your business. Most people are ambitious and have plans to climb the ladder and earn more money, so it is important that they are able to do this within your business. This will encourage them to knuckle down, work hard and develop so that they will be able to rise through the ranks. This is a win-win situation because employees get to advance their careers, it will help to boost productivity, and you are able to promote from within.

Outsource HR

Many businesses find that outsourcing HR is an effective way to increase employee productivity. When you use HR services for small businesses, it will free up time and energy to focus their energy on key aspects of their role. In addition to this, it also means that they will be working for a business that is well-run and they will be well looked after. A business that has an HR department being handled by experts will have a workforce that feels supported, and issues that could impact productivity will be handled swiftly.

Use Goals & Incentives

Using goals and incentives is one of the oldest tricks in the book when it comes to productivity and motivation. You should set individual team members and departments short, medium, and long-term goals. These should be goals that are challenging yet achievable so that you can celebrate when these goals are achieved and to create positive momentum, which is so important when it comes to maintaining high levels of productivity.

Create A Positive Workplace Atmosphere

Finally, it is important to create a positive workplace atmosphere, and this all comes from the top. Management can create a positive workplace atmosphere with a comfortable, practical, and open-plan office space, encouraging conversations amongst staff and with collaborative projects. Additionally, team building and social events can help to create the right kind of atmosphere. When you are able to cultivate a positive workplace atmosphere, it means that people will come into work feeling positive each day and enjoy working alongside their colleagues. This will always be helpful in terms of boosting productivity as well as making work more enjoyable for everyone at the organization.

These are a few of the best and most effective strategies to try if you want to improve employee productivity in your business. In order for a business to succeed over the long term, you need to keep your staff productivity levels high, but this is not always easy. Productivity levels tend to rise and fall, so as a manager, you want to know how to keep levels high for as long as possible and how to manage any dips that occur.