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3 Business Management Skills Crucial for Self Employed Workers

Posted By Trevor Borden, Wednesday, August 7, 2019
Updated: Tuesday, August 13, 2019

A self-employed worker refers to anyone running a business which creates an income based on the persons independent work. It’s no secret that the population of US self-employed professionals, freelancers, and contractors is constantly growing.

The nature of work is changing, leaning towards flexible schedules, remote working, and the freedom to pursue a career doing what you love.

Those who are self-employed can often be the only person running their business. This means they are always responsible for making those key business decisions, no matter how difficult or challenging they may be.

There are three key abilities that those who are self-employed need to adopt, which are crucial to running a business. These all sit within business management skills:  

1. Time Management

Although modern technology has given us access to everything we need at our fingertips, it has also led to an increased amount of distractions we are exposing ourselves too.  

Apps and devices may be great for monitoring our social media channels, responding to emails and creating meetings on-the-go, but it can also be a hindrance. A quick check on WhatsApp could end up losing you a precious thirty minutes, and clicking on Facebook can spiral into a complete loss of concentration.

You need to have rigorous time management skills because no one else is there to tell you off for it. Successful business management includes managing your time appropriately, like meeting deadlines, producing the best quality work, and being responsive to communication. If you struggle with time management, you may find yourself working late, which can affect your health.

2. Research and analysis

When you work for yourself, you can’t rely on anyone else to research into business ideas, rates or packages which your company needs.

You need to be the one who can dive deep into research and analyze all your options before making big decisions. All company policies must be chosen by yourself, whether that be insurance, company accounts, and even utility bills that your office space needs.

For insurance, allocate time to look at specialist insurance covering your exact business type. Then, search for the best rates. For example, if you specialize in pressure washing, then it’s pressure washing insurance you need to be looking into and researching the best deal for you.

Strategically put the time in for researching the best deals across every outgoing you need to spend. At the same time, you need to be accountable for doing this efficiently, and not wasting time by browsing repeatedly.

3. Interpersonal Skills

Even though you may work for yourself, it doesn’t mean you won’t be expected to communicate with others. In fact, most businesses rely on customers or clients to generate income.

The quality of your interactions are key to the long-term success of your business, so make sure you are fully competent with this. This doesn’t just cover being personable and approachable; it’s about having the power to negotiate, be firm and reasonable, and being able to put all communications effectively into writing.

Alongside the three listed above, the desire to always want to learn more and thrive within your business area is important. With any of these skills, your business management progress will slip, and cracks will begin to show.

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4 Ways Your Business Can Save Money This Year

Posted By Administration, Friday, August 2, 2019

Even the most successful business has something to gain from saving money, including increased profits and the ability to invest more funds into your business. If you are looking at saving money for your business this year, there are a variety of ways that you can allow your business to save money without this impacting your customers.

1. Look at Your Expenditure

You should try to limit your expenditure as much as possible in order to save money. However, if this is not possible, you should consider taking out a commercial loan which can boost your income until your business becomes more financially stable. At The Money Hub, they can help to provide you with commercial loans. These are primarily tailored towards those businesses with bad credit and other issues which may prevent you from getting a loan from other sources.

2. Check Bills and Rates

The first thing that you should do is check whether you can save on the essential bills that you are paying monthly. These are often some of your most important, and most substantial, amounts of expenditure, and so they can impact your funds drastically. For instance, you should check whether you are able to save on your energy bills by switching supplier. Energy websites will often allow you to compare the right services for your business to find the cheapest, and best, option for you.

You should also look at the rates that you have with suppliers and contractors and discuss with them whether these can be renegotiated. Many companies will be happy to come to an agreement in order to keep your business as a client, or will be able to show you different deals or packages that you can opt for to save money.

3. Look at Human Resources

Another good way of saving money is to consider whether there are any ways of reducing employee numbers within your business or making them more efficient. For instance, moving staff to different departments where they are most needed, or rescheduling their work rotas. Doing this can help to ease any issues with efficiency and ensure that you deftly manage your human resources.

You can cut down on human resources by automating your processes through state-of-the-art computerized software. Not only will this save time for your employees, but it means that you will need less human power to operate different equipment and complete specific tasks. It will not only allow you to reallocate your employees to where they are most needed, but it also means that you can dispose of any unnecessary processes that you are using.

4. Consider Your Office Type

Another great way of saving on bills such as rent and energy is to choose a different office type. Rather than renting an office, you should consider shared offices, as bills can then be split with another company, and your space will be maximized to full potential usage. You could also consider asking employees to work remotely at home, as this will help you to save on office bills and the amount of space that you need in your office.

Additionally, if you still want your own office space but are looking to downsize, hotdesking can be a great solution as this means that employees will only be using valuable desk space when they need it.

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Why An Audit Is So Important In Business

Posted By Administration, Thursday, July 25, 2019

Audits are important in business for many good reasons that are worth learning more about. For starters, it’s a way to ensure that what you’re doing is legal and that you aren’t cutting any corners. They’re in place so that you can trust each person to do their job correctly and confirm you’re delivering on your promise with your clients.

Without one, you risk people making poor choices or decisions and ultimately putting your company in a sticky situation. It’s a good way to make certain everyone is following the rules and regulations and that there aren’t any errors being committed that could be detrimental to your business.

Objective Viewpoint

One major reason an audit is so important in business is because it’s an objective viewpoint. Otherwise, each person may be making assumptions or decisions based on a biased opinion. You need people who are able to provide independent insight as to how you’re company is running and operating. You’re adding value to your organization when you have people who are able to monitor your important records and documents and bring any red flags to your attention. This is also a good idea when you’re implementing a project at work. Consider hiring a third party such as Digivante to review your outputs and offer up suggestions for improvement.

Maintain Credible Records & Reports

An audit is also important in business because it’s a way to help ensure your company is maintaining credible records and reports. This is especially important when it comes to your finances and what money you have going out and coming in. Audits are also beneficial in helping a business to obtain a loan because these documents are used as proof of the financial health of your company. This is good to have for both external and internal purposes so that you can prove to others and those who work for you that you’re following the laws and the information you’re providing to them is accurate.

Builds up Your Company’s Reputation

Little mistakes over time add up to major hiccups that can be detrimental to your business and your reputation. Therefore, an audit is important in business so that you can confirm you’re playing fair and there is no misconduct happening under your roof. It’s a way for you as a business owner to prove that you’re not hiding anything. In addition, any errors or frauds are brought to the limelight quickly, and you can work on rectifying the situation and making sure any employees who are involved are held accountable.

Conclusion

Think of an audit as a way to help protect you and your business from any harm and wrongdoing or wrongdoers. These are just a few reasons as to why they’re so important and you should perform them regularly. It’s in your best interest as the person in charge to make sure you know exactly what’s occurring at your workplace and to address any issues or concerns right away. Hopefully, you’ll keep all these reasons in mind the next time you’re considering whether or not to have an audit performed for your business. 

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Business Management 101: The Importance of the Cold Chain Process

Posted By Administration, Monday, July 8, 2019

While not all businesses need to focus on what is referred to as cold chain custody, many businesses deal with products that are temperature sensitive and reliant on temperatures remaining between certain ranges. For example, frozen foods must remain at temperatures at or below 32 degrees Fahrenheit, so at any time from production to sale, those goods must be kept frozen. If you are in a business that handles such things as produce, meats, dairy, some cosmetics, electronics and even medications, you will need to understand the importance of the cold chain process. Your business depends on it!

What Exactly Is the Cold Chain?

As alluded to above, the cold chain process is simply keeping products at specific temperatures from the time they are produced until the time they are accepted by the end user. This, then, is the entire cold chain process, and until a product is received by the end-user, it is imperative that it is kept within specified temperature ranges. The cold chain custody refers to anyone who has ‘custody’ of those products, be it manufacturing, shipping, warehousing or merchant. If it is in your custody, you are responsible for maintaining those very specific temperature ranges.

Business Consequences of Breaking the Chain

Let’s take a look, for just a moment, at the food industry. When taking the ServSafe course for anyone in the food service industry (including stores and warehouses), you learn not to accept frozen goods if certain signs are present. One would be ice crystals inside a bag of frozen foods which shows that this food was obviously thawed and refrozen. Another would be a wet box indicating the very same thing. The consequences for this would be that the receiver has the right (and the obligation) to refuse those goods at a loss to you as the shipper, to the warehousing establishment, or perhaps even the manufacturer. All three might take a loss if it can’t be substantiated exactly where the cold chain custody was broken.

Consequences for the Consumer

Unfortunately, although you, as a business, would literally eat a loss, it is the consumer who may very well realize the greatest loss! Some medications may not only lose potency but may very well be dangerous if not kept at specific temperatures. Foods can carry foodborne microbes which can quickly send a person to the ER, and some people over the years have died as a result of food poisoning. Then there are electronics to think about. How can you prove that the device you bought was subjected to extremely high temperatures during transport, or that they were frozen and thawed, causing moisture that shorted it out? The consumer also realizes a loss and that, if nothing else, is certainly not good press for your business.

While you might be focusing on overheads such as wages and operating costs, don’t forget that some products on the market today are reliant on being kept at very specific temperatures. Breaking the cold chain process can be as devastating for your business as it is for the end consumer. Good business management practices mandate that you observe the rules of cold chain custody at all times.

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A Guide: Effective Ways to Manage a Business

Posted By Administration, Wednesday, June 12, 2019

You didn’t start your business in order to see it remain in its startup stage for years on end. You took the leap into the world of entrepreneurship because there was no doubt in your mind that your company could reach the pinnacle of its market.

No matter how long your business has been in operation, whether it’s two weeks or two years, there’s still a chance of it reaching these lofty. For this to be the case, however, you’re going to have to resolve to manage it effectively. Anything less, and your company will just continue to flounder.

To find out how you can manage your business effectively in today’s climate, be sure to read on.

Improve your communication flow

Across all of your departments, the communication flow that links your business needs to be open, clear, and coherent at all times. If this isn’t the case, you will find it increasingly difficult to delegate tasks and keep your business operating in a ship-shape condition. First and foremost, then, you need to ensure that you banish miscommunication from your business at all costs.

One way to improve your communication flow is to embrace a Unified Communication as a Service (UCaaS) network service. This will see you host your in-house phoning system via the cloud, which will ultimately result in better connections across the board. With this kind of system in place, you wouldn’t have to worry about human error shutting down your communication, as the cloud tech in place would automate and self-service the bulk of your flow. When it comes to UCaaS provider comparison, be sure to check out The Cloud Truth. There, you can get a simple UCaaS provider comparison and, subsequently, find the system that works best for your business. Fear not, as the service recommendations that are provided in this instance are completely unbiased.

Involve your employees more when it comes to decision making

You and the rest of your business’s hierarchy aren’t the only ones with money-spinning ideas, you know. The workforce that you employ, too, have a lot to give in this instance. In fact, when it comes to decision making, your workforce might be the people that are most qualified to have an input, as they’re the ones who work at your business’s ground-level each and every day. They’re the ones who use your tech and talk to your customers, so they know better than anyone what your business actually needs to do to grow. Being a better manager should, then, entail you involving your employees a lot more.

Sort out your finances

Staying abreast of your current financial capabilities will benefit you greatly in your bid to better manage your business. For one, it’ll stop you from overspending when you really cannot afford to do so. What’s more, it’ll keep you up to date with regards to the money you are owed — if there’s one thing you need to avoid in business, it’s not being paid. In this particular instance, whenever a customer refuses to pay you in full or on time, be sure to get a factoring company involved.

If you want your business to be a roaring success in its market, you have to resolve to manage it effectively.

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