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How Funding can Help a Small Business

Small businesses with limited cash often find themselves facing something of a conundrum. They need bigger premises, more staff, more equipment or more stock in order to take on new contracts, which will bring in lots of new revenue. However, before they can take on these contracts and generate this revenue, they need cash upfront to make all of the required improvements. The answer to this problem is funding, which can help to plug the financial shortfall.

A small business loan can help you to:

Employ talent. In many start-ups, there is one person trying to do everything by themselves. But to really thrive, your business needs specialists. For example, a marketing expert to properly promote your brand, or a sales consultant to help you bring home those big clients. While a loan isn’t usually used to pay someone’s wages, it can free up cash from other areas of spending (i.e. stock or equipment) that you can use to attract the talent you need to drive the business forward.
Buy equipment. If a new piece of equipment can help you double your productivity or vastly streamline tasks, this means far more revenue. Using funding to purchase it is a great idea, as the boost in revenue and productivity means it will pay for itself in no time.
Buy stock and fulfil more orders. If the potential is there to take on many new orders and contracts, but you’ll need a cash injection in order to buy the stock to fulfil these orders – it makes sense to use funding.
Move premises. Is your existing premises bursting at the seams? Would moving to a larger office space allow you to bring in more staff and equipment, to increase productivity and revenue? If the answer to either of these questions is yes, you can use funding to be able to afford the lease or purchase of a more suitable property.

Using funding to invest in these crucial areas of your business should soon start to show benefits, helping you to grow and expand your operation. However, it’s very important to be realistic, practical and cautious about how much you borrow and how fast you expand. Gradual and carefully considered expansion is often the best method to adopt.

Types of funding

There are several routes you can go down to secure the funding you need for any of the aforementioned goals. You can use an ordinary small business loan or consider cash advance loans – or even go down the crowd-funding route.

Before you start searching for funding, it’s important to sit down and assess exactly how much you need and what you need it for. An investor or funder will need to see precisely how the money will be spent, how it will help the business and how the money will be repaid.

In short, you need a solid plan in place for business growth. It may be a good idea to seek professional financial advice, and to take your time considering your options before applying for funding.

How to Reward Your Staff After Christmas

Offices can be very chaotic and stressful just before Christmas, with everyone scrambling to get all of the work done before the festive break. This may leave you with no time to stop and reflect on the year’s successes, and to thank your hard-working team for all their efforts over the last 12 months.

With Christmas comfortably out of the way, the first weeks of the New Year can be the perfect time to reward, motivate and incentivise your team. Here are just a few ways you can say thank you…

Launch a new corporate rewards scheme

Sometimes, the occasional thank you gift isn’t quite enough to make your staff feel valued, motivated and enthusiastic. You may want to consider implementing a more comprehensive recognition and rewards scheme such as those provided by http://www.corporaterewards.co.uk/. These schemes can be hugely inspiring for employees, rewarding best behaviours and making the people most valuable to your business want to stick around.

Hold an employee awards ceremony

It may seem superficial, but most people really do like to win prizes. This is especially true for those who have worked very hard on a particular project in the run-up to Christmas and feel that nobody has noticed. Put together a number of categories and choose the winners yourself based on feedback from your management team, then hold a party to announce the winners. Your employees will love the occasion as well as the chance to be recognised for their hard work.

Put new sales targets and prizes in place

Sales professionals love challenges and targets, so your reward to them this January is to give them a shiny new prize to aim for. Set new targets and attractive prizes for those that achieve them. This will motivate your team, give them a personal reward and of course – help to boost your sales figures for the new year.

Implement feedback

Staff like to feel that they have been listened to and their feedback taken on board. The start of the new year is the perfect time to ask for thoughts, opinions and suggestions from your team, on everything from workplace practices to the systems and processes used to do the work itself. Take these ideas seriously and aim to implement at least a handful, giving special mention to the staff that suggested them. If some ideas aren’t financially or practically viable to do right away, let your team know that you’re considering ways in which you can implement their suggestion in the future. This is a golden opportunity to say to your team – ‘you’ve given us your feedback, and we have listened’.

Throw a party

Didn’t get round to having an office Christmas party in December? Many firms do it in January when there is less of a rush to get everything organised, and it can be cheaper and quieter too. This is also a good chance to get everyone enthused about the year ahead, as well as to say thank you for their efforts in the previous year.

7 Smart Moving Tips for the Budget Conscious Business

Relocating your business can be a headache, there’s no doubt about it. But if you look past the challenge, you can see an opportunity. What are the problems with your current location? Bad positioning, awkward layout, too far from your customers—these are all things you have a shot at improving when relocating your business.

Not only that, but it’s a chance to save a little money—can you get a better deal on rent, a workspace more conducive to your business model, a better location? We’ve put together a little guide to make sure you not only save money on your move, but you put your business in a better position—both physically and financially!

1. Leverage Your Network

It’s not what you know, it’s who you know as the old chestnut goes. When it comes to real estate this is especially true. Figure out who you know that might be able to land you a plum space—real estate agents, people in local government, other bigger businesses who might have a spare office floating around—and give them a call. Do you really want to turn up to viewings and put your name down on a list with all the other losers and wait for the agent to call back? I don’t think so, so pick up the phone and get cracking!

2. High Street Branding Opportunities

Is your current location in a back alley, the 50th floor of a building, or an outer suburban business park? You might be missing out on walk-ins and the opportunity to get your brand in people’s faces. Picking a high-traffic area can have significant benefits, including the positive association with well-known brands. Given, if you’re running a meat packing or chemical company this might not be the place for you, but everyone else should take it into consideration.

3. Finding the Right Space Can Be Great for Your Work Culture

Opting for the cheapest rent may save you money in the short term, but is it really worthwhile in the long term? Research shows that an optimal work environment can serve as the foundation for an effective workforce. Happy employees are productive employees, so why not do your best to facilitate this? Of course, different industries have different needs when it comes to space, for example tech workers might prefer an open plan environment, while other industries may require that workers have more privacy. Why not talk to your staff about their preferences before you move? It could have an impact on your bottom line in the long run.

4. Neighborhood Trends

You might get a great rent deal in an up and coming neighborhood, but if the area is in flux you might spend the next 6 months trying to concentrate with a jackhammer outside your window. Similarly, if you have a young, hip workforce, moving to a quiet, outer suburban neighborhood might not fit your company’s culture (and may even result in a loss of staff). Make sure you do your research before deciding on a space.

5. Legal Issues

Does your business handle dangerous chemicals or involve loud noise? Many neighborhoods have restrictions on the types of activities that can be performed in specific areas. Contact the local government or ask other businesses in the area. You don’t want to sign a lease only to realize that you’re trapped in an area where you can’t run your business properly.

6. Negotiate a Long-Term Lease

Where do you see yourself in 5 years? 10 years even? We all know that long term planning is important but can get put on the back burner while we deal with the more urgent day-to-day issues that inevitably crop up. If you’re moving office, now’s the time to sit down and do a little planning. If you know what type of space you’ll need over the long term, it gives you leverage to negotiate a better deal on rent. Landlords love stability, so if they know you’re in for the long haul, they’ll do everything they can to get you to sign that lease—perhaps even giving you a little discount.

7. Move On a Weekend

When you’re planning your move, getting a free moving quote, and getting your staff organized—make sure you schedule your move over the weekend. You’ll be hiring professional movers anyway, and they’re available 7 days a week. So why not make an effort to cause as little disruption you can to your day-to-day operations?

How Employee Training Can Benefit Your Company in the Long Run

Employee training is an essential part of a company’s growth and development. There are many different benefits to investing time and money into this area. There are plenty of studies that show employees who are trained well tend to be happier and more effective for a company. Here are several ways that employee training can benefit a company and how it can be implemented.

Worker Productivity

One of the biggest ways that employee training can increase the bottom line of a company is through increased worker productivity. Workers who are trained well in their position can get the job done in less time with fewer resources.

In the information economy, workers are one of the most valuable assets to a business. It only makes sense to increase this productivity in any way possible. Increased employee training is usually a small investment up front that pays off over the long term. Any company wanting to increase worker productivity should consider investing more time and resources into this area of their business.

Higher Morale

Workers who know how to get their job done effectively have higher morale than those who do not. This is a great selling point for any company in increasing its employee training.

The culture of a company starts with the employees and how they feel at work. Anyone who works in a company with happy employees knows how much of a difference this can make over time.

Investing in employee training will increase employee morale and benefit the company overall.

Better Job Candidates

The best workers want to work at a company that invests in the employees’ growth and development. There are many ways in which this can be accomplished, but one of the best ways is through better employee training.

With all of the free online training material today, it is vital that workers feel as though they are being developed. The best job candidates want to work at a company that has a culture of pouring in to their employees. By investing in the employee training program, this can show future employees how much the company truly cares about their growth and development.

Financials

Increased employee training is not something that is free. There are training materials to purchase and man hours to spend on the project. However, it is vital to invest in this area for many reasons. The pay off on employee training can be felt for years down the line. Anytime employees can perform a job more efficiently, this is time that can be reinvested in other projects that benefit the business.

There is a huge financial payoff for any company that invests time and money in employee training. Not only will employee training help the workers, but the business will increase its financial position as well.

How to Maintain Safe Money Transfer Between Small Business Owners and Customers

Money makes the business world spin. Cash flows are the bloodstream of companies both big and small, and nobody wants to see it become clogged. With the current economic climate, where most people are still tightening their belts, it is important to account for an each penny, and a ballpark number does not suffice.

Even customers who live high off the hog want a safe and fast money transfer system. It can be easily established online, as the digital world offers countless opportunities to improve operations, cut the costs and reach a broader customer base. But, keeping the integrity of the payment service is linked with many security challenges and risks.

Playing hard, killing them softly

It is crucial to have a clean machine with powerful hardware and appropriate software platforms. Make good use of the latest security software solutions and up-to-date operating system and web browser. Several strong layers of defense can repel any malware, virus, cyber attack or other threat. Passwords should be long and strong, and encryption methods considered. Pay attention to Wi-Fi hotspots as well and never use an unsecure wireless network to make payments.

Backing-up

Apart from being protected, your data should also be backed-up. Losing valuable information is something that could happen in cases of hosting failure, hardware problems, hacker attacks and other unpredictable hazards. To prevent this, you can use external hard drives and other equipment, or cloud computing software. One of the most popular ones is Dropbox, and millions of content customers speak in favor of this option you can use for free or as a paid service.

Doing the research

Sending money overseas for international payments is a convenience, but also a process that can be hard to control. To keep your foreign transactions secure, you can work with an online exchange provider. However, doing a thorough, independent research beforehand is highly advisable. There are a lot of malicious sites that may appear legitimate, and customers should also have this in mind. These schemers want to trick you into submitting personal or financial information, so stay vigilant.

Embracing transparency

When you do not meet and see people you are doing business with, there are some serious trust issues present. Transparency is just as important as reliability, and providers that offer options for both the sender and receiver to track the money are to be trusted. So, educate your staff to use the internet in a safe and secure way, and to provide the necessary information to clients. A clear return policy is something that makes them feel safe, and the same goes for handy online tools and educational resources.

Choosing a safe payment options

Credit cards are one of the safest options, as they have a limit on the amount of money that needs to be paid if something goes wrong. The most popular online payment solution is perhaps PayPal, although it’s not available in all countries. Another option is to use an escrow method which introduces a neutral third party that holds and disburses money. This makes sure there are no ill-gotten gains or random losses due to imperfections in the system or human error. For example, PromisePay is one of those payment solutions that provides the escrow method.

Safe and sound

Conducting business online has never been easier, and there is no shortage of efficient and safe ways to go about it. Online payments are not taboo anymore, but one should be on the safe side here to prevent money loss and other inconveniences. Keeping the privacy of sensitive information is of the utmost importance, and it is always better to be safe than sorry.

It is crucial to find a payment system as sound as a dollar, and as safe as houses. Manage the risk associated with such transactions, see if you can find a reliable middleman, and deploy strategies and measures to thwart cyber threats. This is the best way to obtain loyal customers and to see your business flourishing. We all want our money to be in safe hands, don’t we?