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6 Smart Investment Decisions To Make As An Entrepreneur

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StrategyDriven Managing Your Finances Article |Investment Decisions|6 Smart Investment Decisions To Make As An EntrepreneurSmart entrepreneurs invest business profits wisely to minimize loss. This ensures that even though the money is being spent, it is spent in ways that enable business growth, which, therefore, allows the value of the business to appreciate. Minimizing losses increases profit-making potential as scarce resources are being put to good use. A vast majority of entrepreneurs, 80% to be precise, fund their enterprises out of pocket, and managing cash flow is a major challenge as most have no prior business cash flow education. But you don’t have to be a part of this statistic. After you make your first turnover, making these smart financial decisions will help you make the most of your hard-earned money.

1.Investing in fixed assets

Investopedia defines an asset as an economically valuable resource owned, controlled, or acquired with the expectation that it will appreciate later. A fixed asset is an asset acquired to liquidate at a later period. It is expected to appreciate so that you can cash in on the benefits. A simpler explanation will be to save up money but not in cash, which can be affected by inflation. Important fixed assets an entrepreneur should invest in as a business, include furniture, and land. These assets appreciate over time, and when managed properly, can make you some great benefits. It will be much more beneficial to your business to own property that would be making you money in the long run and aiding business operations simultaneously.

Fixed assets require efficient maintenance to ensure that your investment is protected. In the case of concrete structures, you could have a periodic assessment done on your building by experts like K&E Flatwork so that any damage beyond normal wear and tear is remedied as soon as possible to prevent asset value from depreciating. Keep your sidewalks and parking lot in mint condition as well. A well-maintained building and environment is easier on the eyes and markets your business better to a potential customer.

2. Buying the right insurance

Insurance on your property, car, and health is an added layer of protection to your assets. Many state laws require all property owners to take out adequate insurance in the event of an unfortunate occurrence. Fire, earthquakes, or even accidents could cost property owners a lot of money in uninsured. Your business could take a hit as a result, and this would be a waste of money as well as an unnecessary business opportunity cost. Take time to research property insurance to understand how taking out one could work to protect property owners.

StrategyDriven Managing Your Finances Article |Investment Decisions|6 Smart Investment Decisions To Make As An Entrepreneur3. Investing in yourself

The importance of growing in your craft and building value through education cannot be over-emphasized because you are only as good as what you know. The entrepreneur, as the human resource, is the most valuable component in the profit-making process. So invest the money and time in bettering yourself so you can improve at building your business. You can take some courses in business analytics, economics, business communication, or even get an MBA. You can also acquire some marketing skills with a CIM so you can take advantage of the available marketplaces. Also, make it a point to frequently upgrade your qualifications when you get them. This is because there are always new ways of doing things. You’ll be able to keep up with the times, advance yourself and your business as well.

4. Investing in marketing

The notion that a good product by itself will drive traffic no longer holds. Many businesses struggle to retain their customers because they fail to invest in proper marketing structures early enough when they had the momentum. Strategically including ad expenditure on your budget saves you from being blindsided when you do need it. Diversify your marketing options by spreading your options so you can target different customer bases. Younger people are more likely to resonate better with social media, and older people are better reached with in-person marketing. Engage some extra help with in-person marketing campaigns so they can be even more productive. The business rewards will be worth the sacrifice.

5. Paying your debts

This may not seem so important on this list, but having debts is counter-productive to success. You cannot truly count your money as profit if you haven’t paid off your debtors. Owing people is also not a good identity to have. It could make it difficult for you to attract value investors as your credibility, which would be needed to build confidence in your enterprise, will be in question. So, come up with a debt repayment plan and pay off your debts at a convenient pace that would not leave you starving or homeless. Most entrepreneurs start up with loans from family and friends. Because of the personal relationship at stake, it is even more beneficial to you to pay your debts, so relations do not get strained. Some relations might even be willing to reduce your interest rate if you express interest in paying off your loan faster. This will imply increased business profits.

6. Getting the right help

Get help with administrative duties and any other roles that are not your strong suit because productivity will suffer in the end if you attempt to do it all. Do not also go overboard with hiring too many people. This will cost you needless expenditure as you’ll be overspending where you could be saving. First, hire an administrator or secretary to help you stay on top of paperwork so you can focus on making business decisions. Also, invest in a trustworthy accountant. An accountant role goes far beyond the boring task of securing the money. They’ll ensure that your taxes are paid on time, so your business is in the clear with the government. They’ll also keep track of cash inflows and outflows so that you know exactly how much profits you are making.

Additionally, outsource work that you do not need to hire full-time staff to do. A typical example is janitorial and maintenance work. Cleaning and maintenance work are duties that can easily be outsourced to an agency if it does not need to get done every day. Observe your workspace and plan on days the cleaning can get done. If it is something you can get done easily without your plate getting too full, then, in this case, it would be better to do it yourself. The result, either way, will be efficient financial management and increased productivity.

As an entrepreneur, you always need to have a plan and a back-up ready to run despite having limited funds at your disposal. Spending your money in ways that benefit your business will help you make the most out of your venture.

Comparing 10 Shopify Alternatives: What Are Their Main Strengths and Weaknesses?

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StrategyDriven Online Marketing and Website Development Article |Shopify Alternatives|Comparing 10 Shopify Alternatives: What Are Their Main Strengths and Weaknesses?Shopify is the most popular e-commerce platform used for setting up and selling products through online stores. The Shopify Point-of-Sale (POS) software is also used for in-person sales. Shopify has been around for ten years and has been very successful.

There are many benefits to using Shopify, including ease of use, flexible designs, and solid support staff. However, there are also some issues, like increased transaction fees and higher charges for increased functionality.

Shopify is not the only e-commerce platform available. These ten alternatives are worth a look that might be more suitable for your online shop needs.

1. Volusion

Volusion is a cloud-based, e-commerce platform currently supporting over 200,000 small businesses and sole proprietors. Volusion charges no transaction fees and has a simplified, one-page checkout interface. Check out Sharp Commerce for additional details.

Strengths of Volusion include ease of use, extensive template library, no extra transaction fees, free themes, a decent mobile app, and numerous payment processors. Volusion has some drawbacks, though, such as limited features, monthly bandwidth limits, and the need for users to possess coding skills.

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2. Big Commerce

BigCommerce has been powering online stores for over eleven years and is very popular. It is flexible and easy-to-use, drag-and-drop-editor provides a user-friendly experience. BigCommerce can track inventory across Amazon, eBay, Facebook, and Pinterest so you never double-sell an item.

BigCommerce’s strengths include compatibility with most business models, outstanding theme designs, numerous features, no additional transaction fees, and a decent mobile app.

But, as with all of the e-commerce platforms, BigCommerce has its weaknesses as well. There are only seven free themes, and it can be a little slow at times. Also, if you exceed your limit of sales, BigCommerce will automatically upgrade your plan to a higher tier, resulting in a substantially higher monthly cost.

3. WooCommerce

WooCommerce is ideal for use with WordPress sites. It is free, open-source, and well thought of by users. There are advanced functions that can be purchased, but the basic platform can hold its own with the other, more-expensive tools.

Advantages to WooCommerce include no additional transaction fees, availability of free plans, and it’s easy to set up and use. It is great to use for all types of physical or digital sales.

WooCommerce has some drawbacks as well. It has no hosting feature, tends to be slow, and may require technical skills.

4. LemonStand

Another great and easily customizable ecommerce platform is LemonStand. It is particularly fitting for medium or large businesses as it offers customizable monthly subscriptions based on the number of orders.

The strengths of LemonStand are no additional transaction fees and that it can accept recurring orders from customers. The biggest weakness is that coding skills, or a web developer, are required. It is also somewhat limited in available templates and third-party apps.

5. 3dcart

3dcart is hosted in the cloud and offers features such as coupons, subscriptions, and Facebook sync. The cost is variable, depending on which features are required.

The positive aspects of 3dcart are support for multiple payment modes, fast load time and store speed, no additional transaction fee, and a multitude of features. But, for updated themes or strong service and support, 3dcart is not the best choice.

6. BigCartel

BigCartel is a good fit for small businesses or soles proprietors. Although the features are limited, it is reasonably priced and offers unlimited bandwidth and inventory tracking.

Other advantages of BigCartel are no extra transaction fee, it works well with PayPay, it’s easy to use and, if you sell five products or fewer, it is free.

Due to its limitations, BigCartel is not a useful tool for large companies. It also does not provide support or an inventory search feature.

7. Magento

Magento is a free, open-source e-commerce platform that is well-suited for medium to large-sized businesses or a smaller business with substantial growth potential. Although it does require coding skills or a staff web developer, Magento offers a vast number of features, flexibility, and adaptability.

Other positives about Magento include no monthly service charges, inventory management, multiple payment mode support, and advanced functionality. The only negative other than the need for a coder is that it does not provide hosting.

8. Wix

Wix is one of the premier, free ecommerce website builders that can also include a simple online store. Although limited in functionality and features, this tool is perfect for a beginner with minimal web development skills. Once the website is up and running, it is possible to migrate over to a more robust e-commerce platform, such as BigCommerce or Magento. Or, switch to Wix Editor and take advantage of the advanced features.

The biggest strength of Wix is that anyone can use it to create a nice website and a functional store. It also has over one hundred templates, works with many payment modes, and the price is right. Its weaknesses include limited bandwidth, traffic options, and apps.

9. Squarespace

Squarespace is another website builder that does not require much technical ability and offers an e-commerce option. Squarespace can compete with the higher-priced platforms in its advanced features and functionality. Other advantages of Squarespace include no additional transaction fees and a wide array of inspiring designs.

The disadvantages of Squarespace include limited compatibility, with only PayPal and Stripe included, and although Squarespace does not charge a transaction fee, both PayPal and Stripe do. Also, there is limited support and add-ons.

10. Prestashop

Prestashop is considered a free e-commerce platform. However, it is not attached to website development tools such as Wix and Squarespace so there will be costs for a domain and web hosting. Prestashop offers limited themes and templates but it will do fine for a start-up shop with limited funds.

The strengths of Prestashop include its cost (free), no additional transaction fees, and that it supports international sales in 25 languages and many currencies. The weaknesses are that it does require some technical skill and, as we said, it has limited themes, templates, and features.

Shopify is an excellent platform for e-commerce, but it just might not be the right fit for your business. If one of these other alternatives calls out to you, give it a try. Your e-commerce store will be up and running in no time.

Office 365 phishing: the latest scams your employees need to know about

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StrategyDriven Risk Management Article |Office 365 Phishing|Office 365 phishing: the latest scams your employees need to know aboutMicrosoft’s Office 365 is often targeted by scammers and cybercriminals. This is a major problem, as Office 365 is one of the most widely used software suites by businesses around the world – undoubtedly part of the reason that it is so often under attack.

Despite the fact that the UK’s National Cyber Security Centre (NCSC) has made a concerted effort to implore system admins to implement stronger cybersecurity practice, Office 365 is still exceptionally vulnerable. In fact, there is damning evidence from Microsoft itself about the security practice of its users.

Through a security dashboard available to Office 365 administrators, users are given a ‘security score’ to indicate the strength of their defences and security processes. The maximum score is 707, and yet the average Office 365 score is just 37.

Businesses using Office 365 need to ensure that they are taking their cybersecurity extremely seriously. One of the most important ways of doing this is to provide your employees with as much information on the types of attacks they can face as possible. Some of the most common scams are phishing schemes – and these can take many forms.

Some of the Office 365 scams to look out for

Cybercriminals use a wide variety of tricks in attempting to compromise users – this can involve impersonating Microsoft or other well-known businesses. While there is an almost unlimited variation in the types of scams, some of the most widely seen include the following

  • Fake meeting requests – this type of phishing scam sends messages that spoof the name and email address of a senior executive and asks the users to reschedule a meeting, by taking part in a poll to choose the new date and time. When a user clicks on the link, they are presented with what appears to be an Office 365 login page but it is in fact a phishing site.
  • Employee pay rises – this scam uses the bait of a pay rise to convince employees to give up their Office 365 login credentials. The email contains a link to an apparent spreadsheet containing details of an employee salary increase – however, the link takes the user to a phishing site that looks like the Office 365 login page. This scam is especially effective because the login page displays the user’s email address prominently.
  • Voicemail scams – this scam makes use of a genuine audio recording that requests employees allow Microsoft access to their Office 365 account, along with an almost identical login page that actually harvests the victim’s details.
  • Content scams – it is also possible for criminals to utilise Microsoft Sway – a genuine presentation software – to create a spoofed site. This looks genuine and even experienced and knowledgeable users have been tricked into entering their details. The fact that the phishing email contains a link to a genuine Microsoft product makes it very difficult to spot this form of cybercrime.
  • Conversation hijacking – this scam sees phishers infiltrate a genuine email account using previously compromised credentials, and then insert themselves into a conversion – essentially taking on the persona of the account that they have gained access to. When another employee gets an email from this ‘trusted’ colleague, they will happily click on the links they contain, which takes them through to a spoofed site.

Admins are targeted too

It is not just general employees who are targeted with phishing scams. IT administrators are singled out by cybercriminals, as their accounts typically have greater privileges and access to more company data. With access to an admin account, criminals can carry out extremely effective attacks against other members of the organisation by creating new accounts.

Administrators in Office 365 typically have access to all of the email accounts on the domain, which may allow cybercriminals to take over those accounts or retrieve emails from them.

How to improve your Office 365 security

Of course, improving employee knowledge is a vital way to reduce the effectiveness of phishing attacks. But it is also important to take a multi-layered approach to Office 365 security and put additional defences in place in order to mitigate the potential damage of an attack.

There are various steps that businesses can take such as enforce multi-factor authentication as a part of account access, as well as ensuring that administrators have a separate account for day-to-day access and only use the admin account when necessary.

It is almost important to invest in proactive monitoring of your network in order to detect any malware or unusual activity. The earlier that any suspicious activity is detected, the sooner it can be acted upon. This reduces the window of opportunity for a cybercriminal to achieve his or her intended goal.

How businesses can benefit from green tech investments

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StrategyDriven editorial perspective Article |Green Tech|How businesses can benefit from green tech investmentsAs the focus on the environment continues to grow, businesses are now seeking out ways to adopt eco-friendlier practices. But green technologies can actually offer benefits to businesses as well as the planet, and the great news is that there are several options for companies to choose from.

From remote working to digital tools, here are a few of the ways that businesses can benefit from green tech investments.

Solar panels

Solar energy is one of the best investments you can make for your business. It powers the entire building and during peak generating times, it can even make money back! According to Geo Green Power, specialists in large-scale commercial solar panel arrays, generating your own solar energy will significantly reduce your carbon footprint, increase your company’s sustainable credentials and improve your business reputation.

It’s a great way of ensuring your business is more environmentally-friendly for the foreseeable future and can help to cut down energy costs too.

Wind turbines

If your business is located in a windy area, and there’s enough space to house them, wind energy is a great renewable source that has the potential to power entire businesses. There’s a huge amount of electricity which can be generated from a wind turbine, even if a smaller commercial windmill is chosen.

Small windmills have a power rating of up to 5kW which can generate up to 13Mwh a year – this is plenty to cover the energy needs of up to four average-sized homes or a business with the same-sized premises. Have the space for a larger wind turbine? This could be enough to generate power for a warehouse or packing facility.

Cloud computing

Businesses can make the most of cloud computing which helps to reduce wasted office space on large servers. Cloud computing also reduces the environmental resources required to keep servers running, such as server-farm cooling systems, which will reduce your business’ environmental impact and improve efficiency.

With cloud providers such as Amazon and Google running such efficient systems, there will be very little impact to your business in terms of the operational processes.

Remote working technology

Remote working is something that many workers have had to adapt to in 2020, but it’s actually the greener choice. By making the most of technologies such as collaboration tools, communication software and cloud platforms, staff can continue to work as efficiently as if they were in the office, without the need for commuting.

In addition to removing the commute for all members of staff, remote working also removes the need for a physical office and the many costs that come with that.

Green data centres

Data centres account for a huge amount of electricity each year, which results in vast amounts of fossil fuels being used to keep businesses running. But they also play an important role in the economy and are essential to businesses in today’s digital climate.

Companies can actually continue to make use of data centres while still reducing their carbon footprint by switching to hosting sites and applications in green data centres, which make the most of renewable energy sources instead of fossil fuels.

Go paper-free

We all know the importance of reducing our waste and that’s particularly important in businesses where paper documents and marketing materials can quickly build up. Switching to a unified communication system is a great way of helping businesses to reduce their carbon footprint and benefit the planet, while also saving money.
There are numerous tools and applications available now to create a streamlined communication system for businesses, from sharing documents in a paper-free way to storing files and information securely online instead of in paper form. Digital storage features don’t just benefit the planet by reducing waste and the need for paper, but they also ensure that information is easily accessible and safer from the risk of data theft or physical damage.

Final thoughts

Technology has the ability to provide innovative solutions to the environmental crisis, while also benefitting businesses in terms of convenience, efficiency and cost. From cloud computing to communication software and taking advantage of the ability to work from anywhere in the world successfully, businesses can become more sustainable without it impacting their productivity in a negative way.

It’s A Dog-Eat-Dog World Out There, But Only If You Allow It

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Business is often described as a dog eat dog world. But things only usually get that bad if you let them. Here is some advice from entrepreneurs who learned serious lessons through their own experience on how to avoid getting screwed over by their business partners, and the people that they work with.

Always Avoid Emotionality

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It’s great that passion motivates the positive aspects of your business and drives you forward to new heights. But passion in business can get you into trouble, especially when emotions turn negative. Things will go wrong in business. People will try to take advantage of you, colleagues will lie, and business partners will let you down. The key to running a successful business is to always remain cool and calculating in these situations. Losing your head can lead you to make damaging decisions that could ultimately be harmful to your business in the long run.

Meditate

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Meditation and entrepreneurs don’t seem like great bedfellows. After all, entrepreneurs are all about living life at 100 MPH, and people who meditate, usually Buddhist monks, are interested in the precise opposite. But when it comes to entrepreneurship, meditation is actually of critical importance. The reason is that our brains tend to make new connections and come up with original ideas when our minds are clear from other worries. Many entrepreneurs like to meditate in the shower and are sometimes referred to as “urban shower monks.” Being able to get away from the mayhem often allows you to think about how you’ll deal with a difficult situation better at work.

Set Clear Parameters With Your Stakeholders

One of the biggest problems companies face is defining relationships between their partners, vendors, stakeholders and colleagues. Often these agreements can get out of hand, and you can find yourself losing out. This is why so many companies now use contract management software to stay on top of all their relationships with their customers. It allows them to make sure that all of their contracts are in the best interest of the company and easy to find. It also helps organizations that need to scale rapidly manage their risks in real time.

Be Strategic

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Command and control entrepreneurs don’t usually do all that well. They think that people are working for them because they really want to and they believe in the company, but most of the time it’s just so that they can put food on the table at night. Some business leaders think that all they have to do is tell their employees what to do by force of will and they will obey. But this isn’t how people work. Instead, interacting with people is more like a game of chess. It’s strategic, and often people will do and say things that lead to their strategic advantage. For years Donald Trump ingratiated himself with the highest echelons of society. Now he’s bringing them to their knees. It’s all about long-term planning and cunning. Think carefully about what is actually motivating the people who work for you and with you.