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8 Ways To Build Savings Without Investment Risk

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StrategyDriven Practices for Professionals Article | 8 Ways To Build Savings Without Investment RiskLiving paycheck to paycheck is a grim reality for many Americans. One recent report revealed that fewer than 40 percent of people have less than $1,000 in their savings accounts and that many have no retirement savings at all. This may sound familiar to you but it could be your worry that building your savings requires high-risk investments, and this could leave you bankrupt. Fortunately, there are a few strategies you can use to pad your savings account without having to navigate the stock market or make other risky investment moves.

1. Review and Revise Your Budget

Being realistic about your household budget can help you make great strides in building savings. If it has been more than six months since you last reviewed your budget, sit down with your spouse or partner and take a hard look at how you spend. Seeing your habits on paper may help you realize where you might be wasting cash and where you can make significant changes.

It can be daunting to make serious cuts to your budget, but if you want to grow your savings quickly, then sacrifices must be made elsewhere. This is not to say that you need to cut out entertainment or creature comforts completely, but it is wise to consider which services might be wasteful, such as magazine subscriptions or costly gym memberships. Read free articles online at your favorite magazine’s website and make plans to work out at home.

2. Set Small Goals at the Outset

While planning savings goals can keep you motivated, setting too large of a marker may frustrate you and cause you to toss your savings plans completely, especially once you first start out. Learning how to save can be a difficult process, so setting smaller, more attainable goals when you first open a savings account may be more fruitful in the long run.

For example, if you want to ultimately save $1,000, set a goal of $250, which is one-quarter of that amount. Once you reach that goal, up the mark to half, or $500, and so on. Raising your goal by these increments can help you see your progress in a positive light, and you will likely feel proud when you reach each milestone.

3. Use Credit Cards With Cashback Rewards

You might view using credit cards as being almost as financially daunting as some investment risks, but not all credit cards are bad news. In fact, some can help you pad your savings if you use them correctly. If you are currently searching for a card that suits your lifestyle and budget, consider applying for one that offers a cashback bonus instead of travel points or other perks.

A cashback reward can be useful in several ways. For example, many credit card companies that offer them allow you to put those rewards toward your monthly payment, which can raise what you pay toward your premium without having to pull money from your savings. Second, these rewards build from items you buy each month, such as groceries, fuel, and other necessities. It is important to remember, however, that a cashback credit card is only useful if you use it wisely and do not overspend.

4. Pick Up a Side Hustle

Technology has made finding a viable side hustle simpler than ever. From being an Uber driver to web design or content creation, picking up side work by using your natural talents can help your savings grow significantly. If you are not sure which job would be the best use of your time and effort, focusing on what you enjoy may be a good place to start.

While you might hesitate about turning a hobby you enjoy into a job, there are several advantages to this tactic. For example, if you enjoy creating digital art, consider adding a commissions list to your social media bio so you can take orders as they come and set a time frame that allows you to enjoy the artistic process while you make a profit at the same time.

5. Change Your Meal Plan

Revising your meal plan and how you grocery shop can help you understand where you might be wasting both money and food when you could be putting these resources toward your savings and dining table. Even if you use a shopping list, it may not be as effective as you think if you are not planning weekly meals.

Before you grocery shop, consider how much food you throw away each week when you clean out your fridge. Make a list of items that are wasted most often and strive to buy these less often. Consider cutting back on how often you eat out and make weekly meal plans so you can have the ingredients on hand. If you are pressed for time during the evening, cook and freeze meals over the weekend so you can defrost items when you get home from work.

6. Consolidate Your Bills

If you are struggling with loan payments, high-interest credit card bills, and other monthly debt that prevents you from saving money, you may want to consider consolidation. From companies that operate in the U.S. to those available for individuals and families living in Sweden, there are many to choose from.

You might think that consolidation is only an option for those who are facing bankruptcy or some other type of serious financial issue. However, this process is typically available for anyone who wants to reduce their monthly loan payments and opt to pay a consolidation company one lump sum instead. Depending on the company you chose and where you live, the interest for each payment and the total may be lower than what you are currently paying each individual creditor. Consolidation companies in Norway, for example, offer such manageable options.

7. Lower Your Energy Bills

Savings can be found around your home if you know where to look, and you can start with your energy resources. Old windows and doors allow heat and cooled air to escape, which wastes resources and may raise your utility bills. Consider investing in energy-efficient options instead. Contact a local roofing contractor to inquire about utilizing solar power and take steps to conserve water. When you lower these bills, the money left over can be applied toward your savings.

If you are uncertain about where you might be losing valuable energy resources around your home, you can ask your local power company to conduct an audit. During this process, a qualified energy professional will come to your property and evaluate how your home uses energy and where waste might be taking place. The auditor might suggest having your hot water tank cleaned of sediment, your ducts cleaned, and which rooms might benefit from new windows and doors.

8. Make Willing Financial Sacrifices

Your savings cannot grow unless you make a conscious effort to contribute to them each pay period. This will probably require several sacrifices on your part, but you might find skipping that expensive latte or saying no to a new outfit is well worth it as you watch your savings increase. Remember, you do not have to deny yourself all the time and live on the bare minimum when it comes to growing your savings, but making financial sacrifices a few times a month can go a long way.

Building your savings account without making risky investment choices can be a challenge. However, when you take steps to revise your budget and spend more wisely, you might see your nest egg grow by leaps and bounds.

6 Mistakes to Avoid During a Personal Injury Claim

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StrategyDriven Risk Management Article |Personal Injury Claim|6 Mistakes to Avoid During a Personal Injury ClaimIf you or someone in your family was involved in a preventable accident and there’s a possibility that the injuries could have come about as a result of negligent or careless behaviour, a personal injury claim may be the right choice. Taking legal action will hopefully lead to the liable parties being held responsible and ensure that appropriate compensation is awarded to the victim. Sounds easy on paper, doesn’t it?

Unfortunately, the legal process can be long and complex. You have to ensure that you have the best workers compensation lawyer on your team so that your people get what they deserve. Having an injury at work, means that you need to pursue it when you can if you are the injured party. If you are a boss and someone is suing you because of workers compensation, then you need a lawyer as well. “The majority of personal injury cases are completed within six to nine months of the process being started. However, it should be noted that depending on the nature and details of your claim, the amount of time can vary from a few months to a number of years in order to see it through,” advises one expert in the field.

While you should always have the benefit of your personal injury solicitor’s expertise to guide you, it doesn’t do to underestimate the potentially huge physical and mental health implications on your ability to deal with the situation. In addition to physical pain and medical treatment, there may be emotional trauma to cope with, not to mention the added financial burden of medical bills, lost earnings and more.

You’ll want to understand how personal injury law works.  We’ve put together some of the most common mistakes you should absolutely avoid when making a personal injury claim.

1.Dealing direct, without the help of a lawyer

You may be tempted to do away with legal representation and deal with insurance companies yourself. Indeed, they may have advised you that settling a claim directly with them will lead to a better outcome for you, and without the need for costly legal fees. Well, they would say that, wouldn’t they? Given the vast in-house resources and legal knowhow of an insurance company, how well could you possibly do against them? What sort of a fight could you put up?

A specialist personal injury lawyer, on the other hand, will have built up vast experience in a wide range of injury, accident and medical negligence claims and know exactly how to approach your case. Many even offer no win, no fee agreements, meaning they will only charge you as and when your compensation is paid.

2. Assuming that all law firms are the same

With something as critical as a personal injury case, it pays to do a little research to find the best person to represent you. It’s your health and wellbeing at stake, so don’t be fobbed off by being allocated a law firm by an insurance company without checking that they are the best people for the job. You can, and should, choose your own lawyer.

Use the internet to shop around for personal injury specialist for your particular situation. Did you have an accident at work or on holiday? Are you making a medical claim or were you involved in a road traffic accident? There are lawyers with specialisations in warehouse accidents, motorbike accidents, anaesthetic negligence, cosmetic dentistry claims and much, much more. Make sure you choose someone you trust and who is local enough for you to visit, should you need to meet.

3. Not keeping key evidence

One of the most important things you must remember to do after the accident is to gather evidence and keep records safe. Any little detail may help you to prove that someone else was at fault, and make a successful claim later much more likely. Without compelling evidence, on the other hand, your claim has a greater chance of failing. Fortunately, an injury lawyer can help you in such a situation. You can learn more here about how experienced legal professionals can help you streamline the process and make things easier for you.

Take photos and video recordings on your mobile phone. Write down everything that happened, as soon as possible after it happened so it is still clear in your head. What were the weather conditions like? Was is sunny or were there street lights? Any shrubs obscuring your view? Speak to anyone who witnessed the accident as soon as you can, while they still remember every little detail and before they have a chance to change their mind about wanting to help.


4. Underestimating medical evidence

Expert medical evidence is at the heart of every successful personal injury claim. This is what determines the nature and extent of the injuries sustained as a result of an accident, as well as the prognosis for the claimant. If you are tempted to accept a sum of compensation immediately and without medical evidence, you may be making a grave mistake.

Neither is it wise to rely solely on your GP’s assessment, as they may not have the necessary expertise to diagnose complex issues. A whiplash injury resulting from a traffic accident, for instance, might need to be looked at by an orthopaedic surgeon and a consultant neurologist. Mistakes are all too common in medical reports and you are strongly advised to ask for a referral to a consultant.

5. Failing to report all symptoms

It is difficult to make an accurate medical diagnosis without having all the information, however good your doctor may be. If you don’t report all your symptoms, perhaps thinking they’re not important, your medical report won’t document the full extent of your injuries, and your compensation claim may suffer. Volunteer any information that you think may be relevant, even if your doctor doesn’t specifically ask.

Don’t forget that you may also suffer from mental/psychological symptoms, not just physical ones. Do you have trouble sleeping or are you acting strangely? What does your partner think about your behaviour? Are you drinking more or behaving aggressively? You could be suffering from Acute Stress Disorder. Make sure you disclose any change in mood or behaviour to your solicitor or medical expert.

6. Not keeping accurate financial records

While personal injury claims originate out the altered state of your health, the amount of compensation is calculated in hard cash. Here is a useful guide that explains what compensation entails.

The financial losses that you can claim for are wide reaching and go far beyond general damages. Make sure you don’t lose out by keeping all receipts and evidence of expenditure in a safe place. From hospital parking for medical appointments, to takeout food when you are unable to cook, loss of earnings of a family member caring for you or round-the-clock homecare where necessary, there are 101 items that may be claimable.

7 Metrics to Help you Measure Success and ROI in Business

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StrategyDriven Organizational Performance Measures (OPM) Article |Business Metrics|7 Metrics to Help you Measure Success and ROI in BusinessA Business metric is a useful way to understand and analyse the tracking of a business process. A business analyst should focus on metrics to measure Return on Investment (ROI) to make the business operation’s success.

You will get to know whether your company is getting the intended results or getting back to the drawing board. Measuring business success is quite challenging for many. You have to evaluate your business, define your goals, set key performance indicators (KPIs) for the objectives set, and then measure and track these KPIs. Let us cover some useful metrics that you can employ when measuring success.

Customer Satisfaction

Customer satisfaction is an essential tool in measuring your business success and marketing campaigns. It is possible to get feedback from your customers directly by adding consumer surveys to your site. This helps you in knowing your customer’s needs meaning you can tell your customers’ satisfaction rate.

You can learn what they don’t like about different facets of your business. For example, you can tell the reasons they visit your site, and if it leads to conversions. This significantly helps you in strategizing more effective marketing campaigns. Also, paying more attention to them will go a long way since your visitors are your target audience.

Customer follow-up can also be done by sending them things like an email asking the customer to rate your services. This is important as it helps in keeping your customers more satisfied.

Website Traffic

This is simply the number of visitors landing on your web pages. More users translate to more traffic to your site. Remember, your website serves as the face of your brand and your home base. The primary traffic sources are search, direct campaign, and referral. Your site may have traffic from campaigns such as banner ads as well.

To increase traffic to your website, optimize all pages on your site with relevant keywords, and boost your website security. Besides all, security plays a vital role in drawing traffic to the site, and for that, you should buy a cheap SSL certificate to help secure your web users. This will encourage more transactions because users are becoming wary of online web security. More users will only transact on safe business sites.

Cash Flow Levels

This is the measure of the difference between cash inflow and outflow. Cash inflow levels are dependent mainly on the nature of your business. For instance, you will need more cash in hand if you run a convenience store. Cash flow accounts for all the money that comes in the form of investment and goods returned, and sales revenue.

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Employee Satisfaction

Your employee’s satisfaction is as important as your customers’ satisfaction. Yes, your employee’s morale is correlated directly to business success. A much satisfied and motivated employee could turn into a more productive and effective employee. Keeping your employee’s satisfaction levels high leads to a long commitment to the company and the team.

It is essential to check whether your employees feel rewarded and are satisfied with their work. To determine your employee satisfaction, conduct team surveys to collect feedback on the teamwork and HR to collect personal satisfaction levels. You can improve your employee satisfaction by introducing some perks such as free office coffee, creating an atmosphere for work and growth, etc.

Net Profit Margin

The main aim of any business is to earn a profit. This metric shows how your pricing and total sales volume impact your business in terms of the costs contracted: the lower your profit margin, the lower or higher your cost. Your profit margin calculations should include variable expenses paid regularly, such as utilities, insurance, taxes, and salaries.

It would help if you diminished the cost in case of losing profit ratio. If you happen to make more profit than you were previously, this means that your customer base is expanding, and your sales have increased. Understanding your revenue will give you crucial insights into your business.

Customer Retention

The essence of customer retention is to keep as many customers as possible. Having loyal customers is beneficial as it helps to grow your sales and create awareness more about your services.

The retention rate shows the number of clients who make repeat purchases and use your product over an extended period. Retaining customers is achievable by having things like special rewards or customer loyalty programs for old customers.

Number of Sales

Sales indicate whether people are interested in buying your product or service. They also tell us whether your marketing efforts are paying up. However, the number of sales can be affected by other factors like recent market changes.

Sales metrics can be measured in the number of purchases made directly from the site. To increase your sales, one can hire new talent, expand your marketing goals, or introduce irresistible discount offers.

Wrap Up

This guide has provided you with a few metrics that can help in kick-starting your growth journey. You can pick some of the essential metrics based on your needs for better and effective operations.

How to Better Manage an Outdoor Photoshoot

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StrategyDriven Entrepreneurship Article |Outdoor Photoshoot|How to Better Manage an Outdoor PhotoshootMost businesses, at one point or another, will want to host an outdoor photoshoot. Urban, rural, boreal or desert; the setting itself doesn’t matter, but the preparation does. Proper management of an outdoor photoshoot ensures that you get the digital assets you want and that you get them done as quickly as possible. Having the photoshoot run into overtime is not an option. You need to get it done quickly and efficiently, so use these tips to make it happen.

Check Weather Conditions in Advance

It is a good idea to have your own team on standby when shooting outdoors. Weather can completely change the look and the type of campaign that you are going for, and if you don’t like the end result of your team making do with what they have, you’ll need to pay to send them out again.

Set Up Base Camp

Have a tent ready to be set up and act as base camp. It doesn’t matter if it’s raining or shining. A gazebo tent and a few foldout tables will help protect your team from rain, shine, and wind. It will make it easier to get the shoots set up and checked, too.

Have a Stylist Team Ready

Your stylist team are your stars on an outdoor photoshoot. You’ll need people who know both how to dress up products and models, as well as set designers. This stylist team should be ready in the wings with the following:

Extra Gear

If it’s raining, they should have rain gear for the team. If it’s cold, then they should have warmer clothes ready for the models. Your stylists need to do more than just prep the people in front of the camera; they should also be the go-to spot for the rest of your team so that everyone is comfortable and stays healthy.

Photoshoot Test Ideas

On top of extra comfort, your stylist team should also have extra props on hand to help control the set better. Their tent is the go-to for everyone, and in your stylist team you should also have a set designer. With both these in mind, ensure you have items like mirrors, dirt, water, and other items to trick the camera into producing great shots.

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Add Dimension with a Drone

You want options when you host an outdoor photoshoot. With the power of drones, it means you can do so much more than just take a few different angles from the ground. You can go for top-down and aerial shots of products and models alike. It means your images will be instantly more iconic, and with the low cost of drones today, it can be done without going over budget. When using a drone, however, you just need to remember a few things.

Ensure You Have Backup Components

To get an understanding of all the drone components and what they do, read up on this GrindDrone guide at grinddrone.com. You need to make sure it’s more than just the drone operator that knows what these components are and how to handle the device. Everyone who could possibly get into contact with the drone should understand it.

This isn’t even a matter of cost, though the professional drones you would use on more established shoots cost a small fortune in and of themselves. Rather, the bigger worry is that a replacement or fix will be needed before the shoot begins, and in effect, completely slow down your shoot schedule.

Have a Drone Operator

A professional drone operator is a must. You never want someone who has never touched a drone before to try to get it where it needs to be, especially if it is windy. The photographer can help direct the drone operator, but you need a licensed operator on set, and that is non-negotiable.

Ensure You Have the Necessary Licenses

You need to have the right to take commercial photographs where you are. You also need to have a license to fly the drone and permission depending on where you are. Getting this in advance will ensure the shoot goes smoothly and without any hiccups like a nasty fine coming your way.

Check Results Before Leaving

Have your team send you some proofs of images as the day goes on, so that you can approve or offer suggestions while the shoot is going on. They won’t be edited, so don’t expect perfection, just check to make sure that everything is going as per you and your team’s vision. Doing this at the time means you can get the shots that are missing or add in new ideas so that your team can walk away from a great outdoor photoshoot.

Simple Marketing Tips for Entrepreneurs

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StrategyDriven Marketing and Sales Article |Marketing Tips for Entrepreneurs|Simple Marketing Tips for EntrepreneursEveryone knows that entrepreneurs, working on their startup enterprises, have a lot of different tasks to juggle. As well as representing their firm in business meetings and conversations with clients and customers, the entrepreneur is also asked to oversee all elements of their business – from their accounts and finances through to the strategy and planning that leads an industry toward its goals. As such, entrepreneurs need to know the shortcuts and the tricks to each part of their business – and this article is all about getting the most out of your marketing strategy without spending undue time on advertising and marketing.

Use Apps and Programs

Many entrepreneurs choose to outsource all of their marketing responsibilities to those businesses that they can trust to build them a workable strategy. While this works in practice, in principle, it can sometimes be a waste of money in the early lifespan of a startup.

A better solution is to make use of the digital tools available to generate shortcuts for your team when they’re marketing your brand and your products. Simply search for marketing tools, and use them to cut down your research, content design and strategy development time when marketing.

Or, you could get the best of both worlds by using AI marketing services. These companies, rather than taking over all of your marketing responsibilities completely, offer an automated AI-powered marketing tool that uses deep learning to analyze your customer’s interests. This data can in turn be used to create a strategy tailored to your marketing objectives and your brand. If your business is growing and you’re struggling to keep up with the marketing needs of your company, this may be a good option.

SEO Boosts

Another element of your marketing strategy that it’s crucial to get right is the SEO approach. If you have a marketing professional on your team, this is one of the primary areas of focus that you’ll want them to concentrate on throughout the week.

Above and beyond the usual marketing tips for SEO, though, it’s worth considering investing in Spanish SEO assistance – so that your firm can tap into the millions of Spanish speakers in the US and abroad. Competing in this space is far easier – a great way to conquer this large market.

Social Media

It’s incredible how much you can achieve with an hour on social media when you’re looking to share your product and your brand with a specific demographic of consumer. You can target adverts incredibly specifically on the likes of Facebook and Instagram, and you can get into the feeds of your target consumer on YouTube with ease.

All of this takes a little investment in targeted advertising, but this is the sort of investment which pays off almost immediately, with big hits on your website and your social media pages. For time-pressed entrepreneurs, social media is a great ally in your attempts to market your products.

Website

Finally, it’s incredibly important that you’re proud of your website. You should certainly hire a trustworthy professional to help you build out your site, ensuring that you’re on-trend and looking professional for consumers who visit your corner of the internet.
Remember, too, that this is your home on the internet. It’s the foundation that you’ll build upon. As such, it pays to get some aspects of your website right the first time – like the page structure and the color scheme and branding. Invest in this part of your business to see your traffic convert to more sales over time.

Busy entrepreneurs should make use of the above tips to ensure their marketing is second-to-none in their first few months of business.