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Applying the Principles of Business Process Management to Your Home Life

Posted By Administration, Wednesday, March 21, 2018

Business process management is geared, fairly obviously, towards the improvement of processes in businesses, and as such may not seem directly relevant to your private life. However, if you look at the ways BPM improves operations, reduces costs and increases productivity, you can start to appreciate that the principles of analyzing the way things are done can be applied to your own circumstances.

How does BPM work?

With BPM, you are looking at ways of altering how things are achieved in every aspect of your business, whether it’s logistics, staffing, production or sales. You will be examining the way one application connects with another and be looking for fixes to any problems. The aim is to identify where you need to improve processes within your organization, with the ultimate goal of increasing profits. If you compare this to your private life, there may well be areas that would benefit from the same kind of analysis. More time and more money are the two things most people wish they could have in their lives, and using a BPM approach you could find a little extra of both.

Applying BPM logic to your financial management

If you don’t already have a personal budgeting spreadsheet or tool that helps you keep control of your finances, it’s well worth investing a few hours into getting one set up. It will enable you to identify where you are spending unnecessarily and help you save more. If you have investments, are you using a financial advisor or CPA to maximize your returns? They will be able to point out ways to make and save money that you might not have been aware of, for example using the 1031 exchange system for deferring capital gains tax on property investments. The cost of employing a professional should be more than compensated for by the savings and returns they recommend for you.

Applying BPM logic to your time management

It won’t be much fun for your family if you sit them all down and start doing a detailed time and motion study on every minute of their day, but what you can do is look at where there might be problem areas in your routine that are causing difficulties. For example, if you struggle to fit in picking the kids up from school with doing the grocery shopping or getting to the gym, look at your schedule and see if you can reorganize your day to accommodate everything more efficiently. You could have a number of options available to you, including after-school clubs that give you an hour to fit in a visit to the store or a workout before collecting the kids. Perhaps, it could be sorting out alternative pick-up arrangements, or going to the gym together and finding a way you can all enjoy some exercise like a cycle ride after school. It could mean a more radical change like employing some home help to free up time for other activities, or maybe change to ordering your groceries online and having them delivered.

The methods you choose to apply will depend on your circumstances, priorities, and finances, but wherever there is a problem, there is usually a way to overcome it if you look at it objectively.

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Investment Opportunity Ideas

Posted By Administration, Wednesday, March 21, 2018

Whether you recently came into some money, or have been saving up for a while, many people hate the thought of their savings sitting in a bank earning minimal interest. A great way that you can earn interest on your money, while being able to do something constructive with it, is to invest it. There are lots of different ways that you can invest your money, from creating a more secure future for yourself, to getting involved in exciting up and coming projects or new companies.

However, some investment opportunities come with more risks than others and, although it often may be true that the higher the risk, the greater the payout, you will have to consider which ventures you would be comfortable becoming involved in, and which might be too high stakes. Here are a few different ideas of possible investment opportunities that might work for you.

Property

Investing in property is a great way to invest if you are new to the game, as there are lots of different ways for you to do this. If you have considered moving to a new home, a great investment project would be to renovate and update your current home, in order to increase its market value. However, you should be aware that this will only be worth doing if property market prices are on the rise, and houses in your area are selling well. If you are considering this, it would be worth getting advice from your local estate agent and getting your house valued. You could either then sell your house on immediately, or continue to live there until the time is right.

Alternatively, you could invest in other properties, which you can renovate in order to sell or rent them, or just hold onto them as a second property until market values increase and your asset is worth more.

Stocks

A common way for people to invest their money is in the stock market. Stocks and shares can be confusing to people who have no experience with it, but the basic concept is that stocks are listed on an exchange, and this acts as a virtual ‘market’ allowing buyers and sellers to view the live supply and demand quotas. If you are interested in buying stock, you would need to be represented by a stockbroker. For advice on personal finance goals and how to reach them, read a review for TD Ameritrade, a software that provides tools and insights on how to make better financial decisions.

Business loans

Another way for you to potentially invest your money would be through making smart, informed business loans. You could loan a business money that they are in need of, and in return they could pay you back with interest, or give you shares within their business. You will want to get financial advice to make sure you are making a good investment, and ensure that the likelihood of getting good returns is high. You could also loan money to friends and family with the same arrangement, but this isn’t advisable as personal attachments can complicate business transactions.

Whichever investment route you consider, make sure that it is viable for you, offers a manageable amount of risk, and possibilities for good returns.  

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How to Easily Cut Back on Your Business Overheads

Posted By Administration, Thursday, March 15, 2018

Every small expense can equate to a large bill, which can substantially affect your company’s bottom-line. Every penny counts when growing a business, which is why you must aim to reduce your expenditure each month. If you want to find ways to improve your finances, here is how to cut back on your business overheads.

Slash Your Supply Expenses

A quick and easy way to reduce your overheads is to cut back on your business supplies. Discount suppliers, such as Amazon and Walmart, can often offer high-quality products at a fraction of supply vendors’ prices. It might, therefore, be an intelligent move to contact your existing vendors to inform them you are comparing the market, as they might be happy to reduce the prices on their goods to secure your custom.

Reduce International Call Costs

Do you regularly need to make phone calls overseas? This could be resulting in a hefty phone bill each month, which could be destroying your profit margin. Rather than making expensive calls to connect with international clients, look for cheap international calls to considerably decrease your phone bill. For example, if you regularly need to connect with clients or customers in Manila, Makati, or Davao, you will be happy to know you can make cheap calls for the Philippines. Therefore, you can reduce your phone bill without compromising on your relationships with your overseas clients.

Maximize Your Employees’ Skillsets

Your employees could have multiple skills simply going to waste in your company. You should, therefore, review their resume to learn more about their knowledge and experience. For example, your administrative assistant could be fluent in another language, which is a skill you could use to connect with overseas customers or to translate documents. Additionally, a web developer could also have exceptional content marketing skills, meaning they can create a professional, well-written website to drive traffic to your landing pages. It will allow you to create a more efficient office while reducing the need to hire additional members of staff. However, be sure not to overload them with work.

Narrow Your Company’s Focus

It is important to review your products and services routinely, so you can identify what is or isn’t working across the business. For example, you might be spending too much time attempting to market and sell a product that offers little return for the business and is wasting valuable time. Your time can then be better spent focusing on the goods that are generating revenue for your company, which will ensure its profitability and success.

Cut Back on Staff

No employer will enjoy laying off members of staff, but it could be the best approach for the company’s finances. After you, you will need to ensure you run a profitable business for every employee on your payroll, and this could unfortunately mean letting go of staff or reducing their working hours. Annually review the company’s employment needs to identify if you need to say goodbye to an employee, as this could increase your bottom-line and create a more financially secure company.

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How to Earn More Money as a Business Professional

Posted By Administration, Wednesday, March 14, 2018

If you are working in the field of business, whether you are in management, marketing, or anything in between, you probably want to do whatever it takes to succeed and to earn the highest salary possible. Thankfully, there are several ways that you could increase your earning potential and make yourself a valuable job candidate whenever you are ready to look for new opportunities in the business world. Continue reading to learn about a few of the best strategies that you can use.

Receive Certifications

You already have a business degree, right? So what else can you do to enhance your skills and learn the latest tactics and strategies that will make you stand out against the competition? Well, there are certifications that you can go after in order to build upon the education that you received in the past. But which certifications will help you most? That will depend upon a few factors, such as the industry that you are currently working in, the position that you are employed in and what your employer’s expectations are, and whether or not you want to use your certification to switch careers altogether. For example, if you want to build a personal training consultancy, using a source like Salary Site could help you figure out if this is the right path for you.

Learn a Language

In the world of international business, knowing how to speak and write in another language is an invaluable skill that could really set you apart from the many other job seekers out there. In fact, when it comes to the global business world, you could dramatically increase your earning potential if you are bilingual or multilingual. If you could manage to learn a new language and communicate effectively with those who don’t speak English, you could open yourself up to a wide range of new job opportunities, and you could command a higher salary as well. Plus, when you know another language, you will even have the opportunity to go work abroad if you want to.

Learn on the Job

Rather than just sticking to your basic job responsibilities, use your current place of employment as an opportunity to expand your skills. Go ahead and challenge yourself by taking on additional tasks and working on various projects for other departments. This will not only prove that you are really dedicated to the company, but it will also alert your employer to your abilities in other areas, and that could help you negotiate a higher salary too. Plus, learning on the job is one of the best ways to learn, as you are right in the thick of it and you can experience things that you wouldn’t get in a classroom setting.

It is clear that there are several things that you can do if you want to earn more money as a business pro, so don’t stagnate. Instead, always look for ways to improve upon your existing skill set and prove your worth to your current employer, as well as any potential new employers. 

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Low-Cost Ways To Improve Your Business

Posted By Administration, Wednesday, March 14, 2018

It's perfectly normal for businesses to be strapped for cash, particularly those businesses who have recently started. However, just because your company is struggling with its cash flow, that shouldn't stop you building your business dream. Believe it or not, there are plenty of ways that you can build your dream business without breaking the bank and overspending, it's just a case of being wise about how you go about it. Bearing that in mind, the question is: what steps can you take to improve your business without overspending and impacting your company's financial health? 

Focus on helping 

Customers always value businesses that they feel really care. That's why, when it comes to running a business and finding ways to boost its success, helping others is a great way to do that. If people see that your brand helps in the community, such as by doing charity events throughout the year or donating 10% of the sales of one product to charity, it will make your company more appealing. 

Invest in the right software 

For any business to run effectively, it needs to have the right software in place. It's impossible for your business to function properly if you don't have the adequate technology in place, such as the use of Microsoft Office or Adobe Suite. That's why it pays to invest in quality software, and you can cut costs by buying from a specialized company like Bytes, for example. Before purchasing any piece of software, it's a good idea to shop around and have a browse online, to ensure that you can get any software your business needs for a fair price. 

Automate your marketing 

Paying someone to deal with your marketing in real time, particularly the use of social media, can be expensive. That's why it's so useful to consider automating your marketing, using tools like HootSuite to do so. It means that you are still getting effective marketing, but without having to pay over the odds for it. If you don't want to deal with your marketing yourself, your best bet is to outsource the task and hire a freelancer to deal with your marketing needs for you. 

Build strategic partnerships

Have you ever considered the fact that a company is only as large as it projects itself to be? If you want to maximize efficiency and create value, it can be worthwhile creating strategic relationships with industry partners. By building relationships within the industry with non-competing companies, you can find ways to collaborate, and in some instances, share your customers by running a deal together. For instance, say your business sells energy-efficient LED bulbs, if you can find a local energy comparison service, you could team up and offer a deal where customers who use the energy comparison service and change providers, as a result, receive a free energy efficient light bulb from your company. These kinds of collaborations are a great way to get your brand name out there and start building your connections. 

When it comes to improving your business on a small budget, it isn't always a task that's easy to do. However, the ideas above should help to make the process a little simpler for you.  

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