Managing your finances effectively and building wealth is essential to achieving financial stability and security. However, many people need help with money matters due to a lack of knowledge or poor financial habits. The good news is that with some simple tips, you can take control of your finances and start building wealth. This article will explore some of the best practices for managing your finances and building wealth.
Create a Budget: One of the best ways to manage your finances is to create a budget. This will help you track your earnings and expenses and identify areas where you can cut back on unnecessary spending. Make sure to include all your income sources and costs, including bills, food, transportation, entertainment, and other expenses.
Save for Emergencies: Emergencies can happen anytime, and having an emergency fund can help you handle unexpected expenses without going into debt. Aim to save at least three to six months’ expenses in an emergency fund.
Pay off Debts: High-interest debts, such as credit card debts, can significantly drain your finances. Plan to pay off your debts immediately, first with the highest interest debts.
Invest for the Long Term:Investing is one of the best ways to build wealth over the long term. Consider investing in stocks, mutual funds, or other investment vehicles that align with your financial goals and risk tolerance.
Seek Professional Help: If you’re struggling with managing your finances or building wealth, consider seeking professional help from a financial advisor. They can help you create a personalized financial plan and guide you in achieving your financial goals.
Stay Educated: The world of finance is constantly changing, and it’s essential to stay current on the latest trends and strategies. Read financial books, attend seminars, and follow financial experts to keep informed and knowledgeable about money matters.
In conclusion, managing your finances and building wealth requires discipline, patience, and a commitment to your financial goals. By creating a budget, saving for emergencies, paying off debts, investing for the long term, seeking professional help, and staying educated, you can take control of your finances and build wealth for the future. Remember, starting early and staying consistent is the key to financial success.
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After you’ve taken in the best and the brightest interviewees into your workforce, do you sit back and relax? No! This is where many managers and business owners make a mistake. After the initial hire, they automatically think that their job is finished forgetting that they need to continually be in touch with their employee to help them grow.
Employee success and engagement is the company’s success. Are your employees emotionally invested in committing their talent, time, and energy towards adding value and progressing the initiatives of the company?
Once your employees are neglected, inevitably, you won’t get the retention, revenue, and overall success level that the company is targeting. According to Gallup’s State of the Global Workplace report, employee disengagement results in over $550 billion in lost productivity in the United States. So, it is evident that while this is a problem today’s managers and leaders face in the workforce, it is also an excellent opportunity for them to up their game.
Let’s discuss strategies to take towards boosting the success of your employees.
Share the Vision with the Workforce
An employee will hardly be satisfied in a job if they lack a sense of job significance. They would feel excited and energized about the work they have to do when you regularly share the direction and vision of the company with them.
The importance of communicating the company’s goals and plan for your staff cannot be overemphasized. And this is not a matter of taking it to them once or occasionally; you have to say it to them regularly.
Make your employees feel that they are working on something fundamental. The day to day responsibilities at work can feel tiring, but when your staff knows the big vision and purpose of their team, department, and overall company, they would be able to push through and succeed at a higher level.
Communicate Well
This is related to the first key strategy we discussed above. Nothing discourages a staff more than when they feel they are being lied to and kept out of crucial business discussions.
Over communication is one of the traits of successful leadership. So, managers and owners need to communicate always and consistently about the changes in the work structure and company. This will go a long way in helping staff members feel secure in their positions and more engaged in their jobs and commitment to the company.
Encourage Your Employees to Own the Job
To enable employees to be more successful at their jobs, you have to develop a decentralized command ecosystem. Your employees shouldn’t be just 9-5 workers who clock in and count the seconds till they can clock out. No! It shouldn’t be so.
From your VPs down to your customer service staff, enable all your staff members to think that their work is of central importance to the company. By involving them in setting the goals for the company, you’d be helping them understand and care for the company as much as you do. You can do this by empowering and encouraging your staff to be intrapreneurs and own their jobs.
Intrapreneurs have access to the capabilities and resources of an established company, and this helps them to come up with innovative projects and ideas that will enhance the future of the company. And what’s more, they are given autonomy to work on this project.
Give your workers latitude with their choices, but of course, with proper guidance. Put your faith in the ability of your employees to do a great job, and you’ll be rewarded with increased job satisfaction, ownership, engagement, and success rate.
Know the Career Ambitions of Your Employees
Several companies are usually more concerned about what they can get from an employee, than what the employee can get from them. And this ought not to be so.
The relationship between a company and its staff members should be a win-win situation for both parties. While you, the company gets the benefit of their work, their jobs should also be getting them closer to their professional goals.
Now, the question is: how do you help them with this if you are not aware of their goals in the first place? Beyond the questions and answers during the interview, when you take in a new hire, someone in the company should be responsible for learning their development track and professional goals.
This will ensure that your employees will keep moving forward (most likely within the organization, and they’ll continuously reach out for better results in their jobs.
Defined Roles and Responsibilities
Often, employees struggle with job success because they don’t know what expectations and standards they are being evaluated by. If a person is not aware of his/her specific role in the overall goals of a team, results will suffer. Thus, align roles and responsibilities for each team member according to their skills and expertise, and make them aware of it.
Feedback
How do you give feedback to your employees? Do you only give feedback when an employee needs improvement or has made a mistake? To help boost your employees’ success, it is equally essential that you provide positive feedback.
Bill Nelson, in his book “1001 Ways to Recognize Employees”, showed that the thought of making a difference and being recognized for excellent work are the two main drivers of work performance. Unfortunately, a larger percentage of the employees he spoke with during his research haven’t even heard “Thank You” in over six months. You want your staff to succeed, right? Then start showing appreciation and giving positive feedback.
Giving feedback to your employees is crucial. But even more, do they have an avenue to also provide feedback to their managers about their team and business without the fear of being judged or punished. Train yourself and your managers to listen carefully to your employees when they suggest improvements and new ways of doing things.
Bottomline
Boosting employee success is no rocket science. Even as you engage in the strategies we have discussed above, there is no harm done if you simply ask them to tell you how the company needs to improve and what needs to be effected for their work to be more fruitful and productive. Good Luck!
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Understanding your business‘s financial statements is essential for making informed decisions and ensuring the long-term success of your company. These statements provide valuable insights into your business’s financial health, including profitability, liquidity, and solvency. In this article, we’ll look at the three primary financial statements: the income statement, balance sheet, and cash flow statement.
Income Statement
The income statement, also known as the profit and loss statement, summarizes your business’s revenue, expenses, and net income over a specific period, typically a month, quarter, or year. This statement is essential for assessing your business’s profitability and identifying areas where you can cut costs and increase revenue.
The income statement includes the following components:
Revenue: This is the total amount of money your business earned from selling products or services.
Cost of Goods Sold (COGS): This includes the direct costs of producing or delivering your products or services, such as materials, labor, and shipping.
Gross Profit: This is the difference between revenue and COGS and represents the money your business earned after accounting for direct costs.
Operating Expenses: These are the indirect costs of running your business, such as rent, utilities, salaries, and marketing.
Operating Income: This is the difference between gross profit and operating expenses and represents the money your business earned before accounting for taxes and interest.
Net Income: This is the final line on the income statement and represents the money your business earned after accounting for all expenses, taxes, and interest.
Balance Sheet
The balance sheet provides a snapshot of your business’s financial position at a specific time. It includes your business’s assets, liabilities, and equity. This statement is essential for assessing your business’s liquidity and solvency and understanding how much money you can invest in your industry.
The balance sheet includes the following components:
Assets: These are the resources your business owns or controls, such as cash, inventory, equipment, and property.
Liabilities: These are the obligations your business owes to others, such as loans, accounts payable, and taxes.
Equity: This represents the residual value of your business after accounting for assets and liabilities and includes owner’s equity and retained earnings.
The balance sheet follows the accounting equation: Assets = Liabilities + Equity. This equation ensures that the total value of your business’s assets equals the full value of its liabilities and equity.
Cash Flow Statement
The cash flow statement tracks the inflow and outflow of cash in your business over a specific period, typically a month, quarter, or year. This statement is essential for assessing your business’s liquidity and understanding how much cash you have available to pay bills, invest in your business, and distribute to owners.
The cash flow statement includes the following components:
Operating Cash Flow: This represents the cash your business generates from its core operations, such as sales and customer collections.
Investing Cash Flow: This represents the cash your business spends on investments, such as equipment, property, and securities.
Financing Cash Flow: This represents the cash your business raises or spends on financing activities, such as borrowing, issuing equity, or paying dividends.
Net Cash Flow: This is the difference between inflows and outflows of cash and represents the change in your business’s cash balance over the period.
Conclusion
Understanding your business’s financial statements is critical for making informed decisions and ensuring the long-term success of your company. By analyzing these statements, you can assess your business’s profitability, liquidity, and solvency and identify areas where you can cut costs and increase revenue. If you need more time analyzing financial statements, consider hiring a qualified accountant or financial.
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In current years, remote work has earned much popularity among businesses and employees alike. Technological advancements have made it more comfortable for employees to work from anywhere worldwide and for businesses to manage a remote workforce. While some companies still prefer the traditional in-office model, there are many benefits to implementing a remote workforce. This article will discuss some of the advantages of remote work for businesses.
Increased Productivity
Studies have shown that remote workers are more productive than their in-office counterparts. The lack of distractions and the ability to work from the comfort of their own space allows employees to focus more on their tasks. Additionally, remote workers have more flexibility in their working hours, enabling them to work during their most productive hours, leading to higher quality work.
Cost Savings
One of the most significant advantages of implementing a remote workforce is the cost savings that come with it. Businesses can save on office space, equipment, and other overhead costs associated with maintaining a physical office. Additionally, remote workers are more satisfied with their jobs, leading to lower turnover rates and reduced recruitment and training costs.
Access to a Global Talent Pool
Remote work allows businesses to hire employees from anywhere in the world. As a result, companies can tap into a global talent pool and hire the best candidates for the job, regardless of their location. This can lead to a more diverse and skilled workforce, benefitting the company in the long run.
Improved Work-Life Balance
Remote work allows employees to balance their work and personal life better. Without the need to commute to an office, employees can save time and money and have more time to spend with their families or pursue hobbies and interests. This can lead to happier and more satisfied employees, translating to higher productivity and better job performance.
Increased Employee Engagement and Satisfaction
Remote work can lead to higher levels of employee engagement and satisfaction. Employees feel more trusted and valued by their employers when they are free to work from anywhere. Additionally, remote workers have more control over their work environment, which can lead to higher levels of job satisfaction.
In conclusion, implementing a remote workforce can have many benefits for businesses. From increased productivity and cost savings to access to a global talent pool and improved work-life balance, remote work can lead to a more engaged and satisfied workforce, which can benefit the company in the long run. While the remote job may not be suitable for all businesses, those implementing it successfully can reap the rewards of a more flexible and productive workforce.
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Converting sales is a difficult task for any business but for some, it’s much harder. Whether you’re a B2C or B2B company, your sales team works tirelessly to reach their quota and help the business achieve its goals. However, no matter how hard they work, it seems like your sales team can’t lure in enough willing buyers. You know what they say, work smarter, not harder.
It doesn’t matter how much effort you are putting into the sales operation; it won’t make a difference if you’re going in the wrong direction. There are reasons why your company is struggling with making sales, and you need to understand them before coming o a solution.
You Haven’t Adapted To Change
The economic climate changes whenever a new wave of innovation and technology hits. Hence, if your business isn’t making as many sales as before, it might be because you are using obsolete systems. Ever since the proliferation of social media, analytics, and big data has come onto the scene, things have changed.
To get ahead of competitors, it’s crucial that your company adapt to these changes. Take big data and analytics, for instance. Many companies still haven’t embraced the importance of data and trends that you can derive from it. Once you do, you’ll begin to understand many things; why a sales drive failed, why you’re losing customers, and what makes a marketing campaign powerful.
You’re Putting a Cap on Commissions
For your sales team, motivation is knowing that, on a good day, they can take home a huge commission without worrying about capping. Capping commissions can stop your sales team from closing more sales and striving to go higher than a specific quota. Numerous studies prove that putting a cap on commissions can hurt overall revenue and productivity.
The results of such studies conclude that companies should remove caps from commissions. Once respective companies did so, they saw their revenue rise by almost ten percent. So don’t worry about having to pay your sales representatives large commissions, because they probably helped your company make a huge profit.
You’re Not Following Up On Every Lead
Sales representatives seem to lose their enthusiasm to follow up with every lead they come across. Instead, they only work towards ones they feel like they can convert. This guesswork makes things very confusing, especially since your sales team is relying on their gut feeling rather than an objective factor.
Take out records of how much your sales team has followed up with old leads. The reason for poor sales could be that they are ignoring certain leads, which results in your company closing fewer sales. It’s crucial that you remember how every consumer is a potential customer in one way or another, so it’s best never to ignore a lead.
Inadequate Marketing
All parts of a business have to work together to drive sales and boost customer retention. The marketing department of a company plays an integral role in giving sales representatives the leads they need. It often happens that a marketing team is unable to deliver qualified leads to sales representatives.
This step hurts your company’s numbers, and you need to improve by improving marketing efforts. This process can involve launching a well-planned Google AdWords campaign and other solutions that have the potential to boost sales.
You’re Unaware of Competition
Even though you’re looking at your competitor’s numbers, there’s a chance that you aren’t learning what they’re doing right. A large part of your understanding should come from what our competitors are doing. You need to invest in research and data about rival companies who have better sales numbers than you.
This research can provide you with valuable insight that determines what you’re doing wrong. Although you don’t have to imitate your competitors, there’s always something you can learn from them, and that’s not a bad thing.
No Training Programs
The only way for a company to go forward is if it invests significant time and resources into improving its employees. It’s unrealistic to expect your sales representatives to learn new things on a job that’s so demanding. When they’re following up on leads throughout the day, your employees won’t be interested in learning about new findings from sales research papers.
That’s why you need to build their skill set by bringing in the right expert. Sales mentors are one way that large corporations are boosting their numbers. Hiring an expert on sales is a valuable initiative that you can take, to improve your firm’s numbers. A sales mentorship also increases morale and helps your representatives develop stronger relationships with their colleagues.
Your Sales Team Lacks a Process
In every company’s sales department, leaders have to develop a process, which representatives should use to make a sale. When there’s no sales process in place, your representatives could be mindlessly trying to chase after leads without examining any weaknesses. At this point, it’s possible that your team is implementing a random process, so even an informal one will yield better results.
Instead of letting representatives do whatever they want, however, they want to do it, sales leaders should begin by establishing an informal process as to how they should get things done. Once you follow leads in a way that’s systematic and consistent, you can move from an informal process to a formal and dynamic one.
Conclusion
Therefore, now that I’ve listed out what your company’s sales team could be doing wrong, it’s time to recap what you should be doing to solve the problem. For starters, you need to adapt to changing climates of the industry by implementing new technology and software.
Next, you need to rethink the cap on commissions and improve your marketing strategy. After that, you should learn about your competitor’s solutions and try to understand the theories behind them. Assign focused and dedicated sales leaders to your department so they can implement a sales process. In addition, most importantly, there should be sales training and mentorship programs in place to enhances your sales representatives’ productivity.
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There is no denying that office layout is one of the significant contributing factors when it comes to boost business productivity. Helene Segura, a productivity consultant, stated that she has identified several issues with her clients related to client’s efficiency that is rooted in office setup and time management.
According to her, the lack of productivity is directly related to workspace set up. Gallup in its State of Global Workplace report found that 51 percent of workers fail to engage with work due to a dull office interior.
17 percent of workers stated that they were disengaged and that affected their productivity adversely. The statistics indicate that this dismal state is typically caused by office layout and can be one of the reasons for the decline in productivity.
To put it simply, workplace happiness can make a huge difference when it is about maintaining work performance. Office layouts can change the way we work. The Ethonomic’s author believes that you can change the value of your offices just by changing the approach to office design.
Having said that, here we have enumerated a few reasons why office layouts can boost the productivity of workers.
Effects of Office Layout
1. Creativity with Space
Creative office space doesn’t only mean that employees want a lavish multi-story building to improve productivity. If you creatively design your office space, it can change the work approach of your employees. That means workers should have access to collaborative spaces, private meeting rooms, and most importantly natural light.
All these elements play a critical role in increasing employee satisfaction and productivity. These open spaces allow workers to move around freely and they will not feel tied to their desks. Plus, it will create more opportunities for workers to collaborate with each other.
2. Productivity
There is no doubt that when you work at a place that has an interesting and beautiful layout, you feel reinvigorated. It definitely has a positive effect on your work productivity. However, if the office layout has dingy lighting, colorless walls and isolated cubicles, it creates an environment that is off-putting and uninspiring.
That is to say, investing to improve the ambiance of your office space is important as it can uplift the overall mood. This way, workers will feel motivated and energetic and look forward to their work. The pleasant workspace boosts both worker’s creativity as well as productivity.
3. An opportunity to Collaborate
Whether you agree or not innovative and creative office layouts can shake things up. It can definitely diminish the effects of monotony and enable employees to maximize their work strength. Employees gradually adapt themselves, according to the work environment.
That means if the work environment is not isolated and employees work collaboratively, it adds to their creativity. Different departments can bounce off multiple creative ideas by working together. It is a great way to make a decision and solve problems.
Modern Office Layouts to Boost Productivity
The attractive office layouts are of paramount importance to retain workers. Modern office designs promise rich amenities and creative spaces to enhance employees’ lives. Most new office buildings, in this regard, internalize the amenities and products that employees use to seek externally.
With time, these trends have become common and prevalent. Amenity-rich office spaces provide comfort to employees, who struggle not only physically, but also mentally due to time constraints
Considering this, here we have enlisted a few modern house amenities to help you make your workspace productive.
· Modern Lobbies
The tranquilized and peaceful environment can undeniably have a great impact on employees work productivity. Employees, whether current or prospective, form an impression of their workspace by building lobbies.
If there are chaotic streetscapes, crowded atmosphere, and loud environment, it affects the psychology of workers. Spacious and quiet environments, on the other hand, enhance the productivity of workers.
· Open Floor plans
It is essential for office buildings to be flexible and owners should invest in the right infrastructure. It can only happen when you recognize the needs of your workers and provide them an open, collaborative space with better communal areas.
It can immensely boost their work productivity. Furthermore, it inspires employees’ sense of well-being and makes them feel stress free and motivated.
· Flexible layouts
It is hard to deny that the modern workforce is more energetic and not static. There has been a significant rise in startups and remote workers in the past two decades. That has increased the demand for flexible designs for office spaces.
One way you can incorporate this modern amenity into your office design is to design spaces that are not static.
For example, workstations that can be converted into standing desks, open lounges, meeting rooms, and movable walls make a great flexible office layout. Not only is it an excellent way to redesign your office space, but also to expand it. This way you can provide more convenience to your workers when it is needed.
· Employees’ Health
There is no way to boost productivity if employers do not consider the health of the workers while deciding on the workspace infrastructure. That means if your office layout does not promote a healthy lifestyle, boosting work productivity is difficult.
By a healthy lifestyle, we mean full-service canteens or cafeterias, natural light and amenities like go-and -grab meals. Plus, office layouts should be spacious enough for meetings and free walk. The best office layouts have sit-stand desks that have a great impact on work productivity.
· Nature
Workers spend not less than eight hours in a day inside the office that deprives them of natural light. That is what makes choosing an office design that is airy, open and green extremely important to boost cognition. The design trend that connects employees with nature has a powerful impact on work productivity.
Bottom Line
To a small extent, there is no doubt that amenity -rich office spaces are not just for visual appeal, but also have an optimal effect on the productivity of your workers. Thus, modern layout of the workplace can really make a huge difference in improving the productivity of your workers.
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The most well-known cryptocurrency is called Bitcoin, and it was made for it that created blockchain technology. A bitcoin is a form of money like the U.S. dollar, but it is digital and employs encryption to control the creation of new currency units and to verify the transfer of funds.
Cryptography is used all the time in our everyday lives. For example, we use it to safely send passcodes for shopping online placed above a white complex system. The cryptosystem is also used to store your username and password on bank servers and in email clients. In our Internet – of – things world, cryptography protects all information sent, verifies people and devices, and connects devices.
Security flaws in critical infrastructure can be caused by weak or unrecognized cryptography. In addition, brand equity is eroded because of the public’s interest in publicly disclosed data. Therefore, keeping an eye on how cryptography is deployed and handled in the modern workplace is necessary.
Cryptocurrency types
1. Ethereum (ETH)
2. Tether (USDT)
3. USD Coin (USDC)
4. Binance Coin (BNB)
5. Binance USD (BUSD)
1. Ethereum (ETH) – Ethereum is a decentralized blockchain-based platform that safely sets up a peer-to-peer network that runs and verifies application code, called smart contracts. Intelligent contracts let people do business without a centralized authority they can trust. Utilizing the Ethereum Virtual Machine and the native Solidity scripting language, developers may create decentralized applications on Ethereum. Competent contract developers who used Ethereum benefit from a vast ecosystem of developer tools and recognized best practices that have developed over time as the protocol has matured.
2. Tether (USDT) – According to the market cap, Tether is the third-largest cryptocurrency. Some economists, including a member of the U.S. Federal Reserve, are concerned about this.
Stablecoins, like Tether, is a relatively new concept. To avoid the high volatility associated with most cryptocurrencies, these digital currencies are linked to tangible assets like the U.S. dollar to maintain a stable value. For sample, Bitcoin beat an all-time high of about $65,000 in April before its value tripled over the following two months.
Tether was made so that it would always be worth one dollar. As a result, although the value of many other cryptocurrencies often changes, the price of Tether is usually equal to $1.
3. USD Coin (USDC) – USD Coin (USDC) is a stable digital currency tied to the U.S. dollar.
USD Coin is a regulated stablecoin that runs on blockchain technology. It was released in 2018 by Centre, a group started by Circle and Coinbase.
Stablecoins are a type of cryptocurrency whose value is tied to another asset, like a fiat currency, a commodity, or even another crypto coin. For example, USD Coin wants to stay at the same value as the U.S. dollar.
Stablecoins like USDC are used differently than cryptos whose prices change, like Bitcoin (BTC) or Ethereum (ETH). The only reason for this cryptocurrency is to be a stable store of value, not an asset that, in theory, gets more valuable over time.
4. Binance Coin (BNB) – BNB is a cryptocurrency (token) issued in 2017 by Binance. Between the 26th of June and the 3rd of July, it was published and released for the first time via an Initial Coin Offering (ICO) crowdfunding campaign.
The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem. One of the world’s most widely used utility tokens, BNB may be used in various applications and use cases and traded like any other cryptocurrency.
BNB reduces its entire supply to 100,000,000 BNB via an Auto-Burn method.
5. Binance USD (BUSD) – Binance created the 1/1 USD-backed Binance USD (BUSD) stablecoin in collaboration with Paxos, as well as the New York State Department of Financial Services has authorized and controlled it (NYDFS)
Although USDT has enormous trade volumes, it is not fully supported by cash reserves and has run into reputational problems. BUSD, in contrast, has undergone more thorough auditing procedures and operates on numerous blockchains. As a result, both two currencies offer quick transaction speeds and affordable fees.
Positive or negative? The potential benefits of using cryptocurrencies
Cryptocurrency’s many benefits
Some firms could benefit from using cryptocurrency. Among the benefits:
1. Many cryptocurrency transactions are rapid and straightforward. Bitcoins can be transferred from one digital wallet to another using a smartphone or computer.
2. For cryptocurrencies to exist, a public ledger known as the blockchain must record every cryptocurrency transaction. There is a way to keep someone from spending coins they don’t possess, manufacturing clones, or canceling transactions. This means there are no transaction costs because there are no intermediaries to deal with. Payments in cryptocurrencies are becoming increasingly popular, especially among large corporations and industries such as fashion and healthcare.
Risks of using cryptocurrencies
There are some downsides to adopting cryptocurrencies for a company:
It is possible to remove your crypto money or lose your virtual wallet. Additionally, websites that allow you to store your cryptocurrency remotely have had thefts.
Some people don’t believe converting “actual” money into Bitcoins is safe because the value of cryptocurrencies like Bitcoins might fluctuate greatly.
The Financial Conduct Authority (FCA) does not supervise the bitcoin market; thus, there are no regulations to safeguard your company.
It may lose value and turn worthless if businesses or customers switch to another cryptocurrency instead of yours or stop utilizing digital currencies altogether.
Exchanges for cryptocurrencies are susceptible to cyberattacks, which might result in a permanent loss of your money. In addition, Bitcoin is vulnerable to fraud. People are frequently duped into making such transactions by scammers using websites like Facebook, Instagram, and Twitter.
How to Implement Bitcoin into Your Business
Around the world, businesses and diverse brands are beginning to use cryptocurrencies, notably Bitcoin, for transactional and operational needs. Even if its value is unstable, more and more individuals are becoming aware of its benefits. The methods listed here can help you incorporate bitcoin into your operations and start reaping its benefits if you own a business and wish to start accepting it.
What You’ll Need to Get Started
If you want to accept and move any cryptocurrency, you must have the following:
Wallet for Cryptocurrencies
Because cryptocurrency is a form of electronic cash, you’ll also need a digital wallet to store it. There are a variety of cryptocurrencies that you can use to pay for your services. Use a digital currency wallet that can keep many currencies. Banks that accept Bitcoin and other cryptocurrencies can also be linked to your cryptocurrency wallet.
The Bitcoin Address
As with all bitcoin wallets, your wallet has a unique built-in address. Numbers and letters make up the code. Wallets for digital currency have a function that allows users to generate Q.R. codes from their digital money. Payouts can be made to this address or Q.R. code by sharing it with others. A transaction can’t be canceled or reversed once it’s been sent because of the technology. Refunds cannot be requested either.
The Secret Code
The digital access to your bitcoin wallet is coded into your private key. Your bitcoin wallet’s private key is also unique; if you lose it, you won’t be able to access it. It is possible to set up an optional password for some wallets. If this is the case, you should keep your private key on a USB flash drive or similar storage device.
The Most Suitable Ways To Use Cryptocurrency in Your Company
1. Paying Your Employees with Cryptocurrency Is One Way to Use Cryptocurrency in Your Business – Paying your employees with cryptocurrencies and then converting them into fiat cash can be done at any time by the business owner. The rate might be frozen depending on an employee’s salary. When converting digital currencies, you can utilize the current market value. Payroll payments to employees might begin on a specific date.
Business owners can help employees decide how much of their earnings they’d like to accept in fiat cash and how much would be in cryptocurrency. Because everyone’s financial situation is unique, it’s preferable if employees have some input on how much they receive. Employees will likely take up to 20% of their wages in bitcoin.
As a business owner, you may also talk to your employees about what kind of cryptocurrency they prefer. Employees’ risks should be considered while considering cryptocurrency. To introduce students to digital money, they can use numerous methods and tools to convert digital currency to fiat currency.
2. Create your Bitcoin Company – Incorporating digital money into your company website is possible because of the variety of alternatives available. If you own a retail shop and accept payments online, you may introduce your clients to a new type of cashless payment by offering bitcoin as a payment option. Such considerations will aid in your search for the best solution for your business.
Pay Manually
Clients can use your public address or Q.R. code to make payments. As a result, the digital currency you purchase will be delivered immediately to your online wallet. Numerous wallets have detailed instructions for those who don’t know how to do this.
Summarize
Investors are reaping the benefits of adopting cryptocurrency since it is money. In addition, businesses are beginning to accept it as an alternative to fiat cash because it has lower transaction fees. In the modern world, there are more options than ever to encourage customers and employees to pay with cryptocurrencies. The gradual transition from cash to digital money will benefit everyone.
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Commercialized use of technology is rapidly changing conventional operations across industries. Complete sectors, such as schools and offices, are taking a digital turn. Hence, the concept of remote workers is on the rise.
Working remotely allows professionals to work outside the traditional office space. This idea revolves around the notion that individuals do not need a designated office space to perform their tasks. Instead, they have the flexibility to work from anywhere in the world as long as they effectively meet their deadlines.
There are different ways people prefer to work remotely. For instance, some people work from home most of the time but occasionally report to their offices for in-person meetings or follow-ups. Meanwhile, others choose to either work in co-working spaces or the complete opposite: hit the road to be their most productive self.
Remote employment bears mutual benefits for employers and employee. Employees relish their flexible lifestyle, which allows them to maintain a work-life balance. This is a contributing factor in maintaining good health, mentally and physically, as they bear comparatively less stress. A recent study found that remote employees, in comparison to regular employees, are 69% more punctual with their work.
According to a survey conducted by SurePayroll, 86% of participants stated they happen to be their most productive self when they work alone in a relaxed environment. Furthermore, 66% of managers stated they receive better quality of work from employees who work from home.
Indeed, increased productivity from remote employee benefits employers and employees. Employees feel more passionate about their work when they derive a certain level of inspiration from their surroundings. Meanwhile, from a diverse group of people, employers yield greater profits with better quality of work.
Here are some ways an organization can hire competent remote employees:
Evaluate Organization’s Processes and Goals
Assessing processes and goals of the organization will help determine its current potential, and the targets they want to achieve. This will give a clear picture of the type of remote employees they are looking for and where they can find them.
Even though many employers use Craigslist to post their jobs, leading organizations employ a variety of job portals and social networks to reach the ideal candidates. The most commonly used job boards are Flexjobs, We work remotely, Working Nomads, and RemoteOK. On the other hand, Work From, Nomad List, Digital Nomad Jobs, and Remote & Travel Jobs, are popular social networks for filling remote vacancies.
The recruitment process of traditional employee consists of five phases; i) recruitment planning, ii) strategy development, iii) searching, iv) screening and v) short-listing. Organizations tend to modify these phases as per their requirements.
Moreover, telephonic conversations and virtual interviews were the only sources used by recruiters to assess their pool of candidates. Today, organizations tend to use a variety of tools to assist in the hiring process.
For instance, recruiters commonly use Spark Hire, job and HireVue for conducting effective interviews. These tools enable recruiters to schedule interviews in different time-zones as employers can send their questions and candidates answer them in their own time. This way, recruiters can make viable decisions by comparing candidates thoroughly.
Most often, employers tend to make some common mistakes that render the recruitment process ineffective. These mistakes include no face-to-face contact, asking unfitted interview questions with no considerations for cross-borders, and speeding up the process of skipping skills assessments.
List All the Required Characteristics
Organizations should know the exact qualities they are looking for in remote employee. Attention to detail, self-starters, and professionalism are some of the most sought-after traits by employers in remote candidates.
To cover for the physical aspect of evaluation, employers tend to use a variety of tools to identify candidates from a cultural aspect. Tools, such as ThriveMap, Saberr, and Human, are a great way to determine if the candidate will be a good fit for the organization’s culture.
These data-driven and artificially intelligent tools not only assist in estimating candidates’ behavioral approach but remove any kind of biases that can influence decision making due to cultural differences.
Moreover, to verify the information a candidate provides, organizations should ask for referrals. Eventually, referrals are the most effective way to verify a candidate’s profile from someone who has had direct interaction.
Make Unambiguous Contracts
Employers should make a clear offer to candidates who have all the necessary information from timing, salary package, legal rights of both the parties and so on. This way, there is no room for any discrepancies, and employers and employees can proceed with their dealings in a systematic manner.
Moreover, unambiguous contracts are a great way to ensure that either party’s rights are not violated in the process and they can yield mutual benefits out of their transactions.
Manage and Retain Hires
Hiring remote employee is a long and tedious process that consumes organizations’ precious time and resources. Therefore, wise employers tend to work on their plan to retain remote employees during the hiring process.
Since employers have to compete with physical limitations to keep remote employees satisfied, they adopt a variety of different monetary and non monetary approaches to compensate. For instance, providing an attractive salary regardless of the exchange rate is one way to retain their employees.
Other meaningful benefits include memberships to co-working spaces, insurance, and professional development. Most often, employers ask their remote employees for the kind of perks they will find most useful and reward them accordingly.
The concept of remote employment brings numerous monetary and non monetary benefits to both the organization and individuals. However, both remote employees and employers need to understand that their interaction requires a similar level of professionalism as is prevalent in conventional workplaces. With the right set of practices, remote employment proves mutually beneficial.
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Free cash flow is one of the key indicators used to show the health of the business, particularly its profitability. Typically, it demonstrates the amount of money any business for other purposes after all the capital expenditures that may include equipment, buildings and various other necessary expenses that help businesses sustain their operations.
Although calculating cash flow is a complicated process, there are many ways you can do it. According to experts, it is always better to use all methods correctly. If they all generate the same result, it provides you a reliable way to cross-check your operations.
It is worth noting here that cash flow doesn’t relate to all businesses. It is precisely a measuring tool that non-financial firms use rather than professional associations and investment firms. If you own a non-financial enterprise, you can calculate the cash flow for free with these three equations.
Equations to Calculate Free Cash Flow
1.
Free
Cash flow: Subtract operation taxes and
costs from Sales revenues then subtract required investments for operation
capital
The equation is one of the
easiest ways to calculate free cash flow. Business owners take sales revenues,
including taxes and operating costs from their income statement. The fixed
assets show an increase when you invest in new operating capita. The balance sheet
shows everything from investments and revenue details.
For example, if your business has
earned revenues of $500,000, the amount is reduced to $300,000 because of taxes
due and operating costs. If your business requires an investment of $150, 000,
it will have the free cash flow of $30,000 to $50, 000.
2.
Free Cash
flow: Subtract net investments in
operating capital from net operating profits NOPAT (after taxes)
NOPAT refers to the same figure we used in the
previous equation: subtract operating taxes and costs from sales revenues. Net
investment of operating capital uses the same figure that is used in the third
term of first calculations. For calculating free cash flow through this equation,
it is better to use the increased fixed assets on your balance sheet.
That means, your NOPAT will remain
at the same amount of $30,000. You just need to exchange the required
investment of your business in operating capital for your net investments in
operating capital. If you assume the
same figures, your free cash flow will remain the same.
3.
Free Cash
flow: Subtract capital expenditure from the
net cash flow of operations
You can also calculate free cash flow by
subtracting the capital expenditure from the net cash flow that comes from
operations. Net cash flow in this
equation comes from the cash flow statement, while capital expenditure is taken
from the increase in the business’s fixed assets. For instance, if your operation’s net cash
flow is around $200,000, the figure might be reduced by your capital
expenditures.
Interestingly, all these free
cash flow calculation methods will give you the same answers when you work with
these equations. You might feel like approaching the same information and data
from three different angles.
How does Free Cash Flow Calculation Affect Your
Business?
As mentioned earlier, free cash
flow is useful for the health of your business. Firms with healthy free cash
flow are financially stable to meet the bills and investments every month. Plus,
they also have leftover funds that they usually distribute among dividends and
shareholders. Man firms use this extra fund to seize opportunities to help them
generate more revenues through acquisitions of innovative products.
That is to say, if your business
is booming and has high free cash flow, it is an indication that it is doing well
and you should consider expanding it. Conversely, if it fails to generate good
free cash flow, you might need to consider restructuring it as there are
remaining funds after the basic expenses.
However, it is important to
understand that poor free cash flow doesn’t always indicate a failing business.
It might be expected even when your business is pursuing growth. Development
and acquisition of new products are temporarily subtracted from the main
capital. That is the reason why most of the investors tend to work with the
businesses that have high free cash flow. These businesses are generally considered
healthy with bright prospects. If an investor finds a business that has rising
free cash flow with an undervalued share cost, it may be a great investment
bet.
How can you Benefit from the Free Cash Flow
Since you understand how positive
free cash flow may benefit you by indicating the healthy financial status of
your business, it is better to use this understanding to your advantage. It is
always better to look beyond the figures. Know that established firms have
relatively consistent and healthy free cash flow. New businesses, on the other
hand, are in a state where they need to pour money into growth and
stabilization.
Although it depends on the business
owners how they use the free cash flow, using the funds to expand the
operations, pay shareholders and dividends, invest in new products, research or
to reduce debt is beneficial for the business.
Always remember that companies
that have surging free cash flow due to debt elimination, dividend
distributions, cost reductions, efficiency improvements, or revenue growth can
reward their investors in the future.
In other scenarios, when free
cash flow is shrinking, businesses fail to sustain their growth earnings. Not
only this, insufficient free cash flow for growth forces a business to boost
debt levels. In a worse scenario, a business without enough free cash flow may
not even have the liquidity to sustain.
Final Thoughts
All in all, it is important to find an all-purpose tool that can help you test the fundamentals of your business that seem elusive. Free cash flow calculation is like a performance metric they provide entrepreneurs an opportunity to guard up if their business is not generating enough revenues.
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The constant change in consumer demands and requirements has led to a continuous shift in the nature of businesses and the way they are operated. Globalization and technology are changing the business world at an exponential rate.
Running a business online, something that was a far cry about 50 years ago, has become an absolute necessity today. Similarly, opportunities that might have seemed impossible are most lucrative ones to avail.
So here is a list of the top businesses, if agreed upon with utmost enthusiasm and determination, which are bound to bring success in the coming years.
E-Commerce Distribution Center
As clichéd as it might sound, the e-commerce sector is growing every year and is expected to grow by 56% by 2020. Countries that are particularly economically developed, such as the US, have a growing sense of satisfaction in its people when it comes to ordering online. The continuous rise in e-commerce markets is especially due to the increased use of smartphones.
Thus, with such favorable conditions, e-commerce markets are inevitably rising as well. Albeit platforms like Amazon (B2C), eBay (C2C), makes it a little challenging for new businesses to grow, and those who risk entering this lucrative market are bound to look for solutions with distribution.
The reason being the task of storing and distributing is a significant part of running an e-commerce business, and the increasing number of online small and medium-sized businesses will inevitably look for such services to help them compete.
Data Crunching (Consultation)
Not very long ago there was a time when data at hand was insignificant for making substantial analysis, but with the increasing use of social media platforms and websites, valuable data is generated every other second.
This idea is not only about collecting a vast array of numbers, but it is also about deciphering them in a way that gives insights and understanding to the business in question. Thus, data related fields are at a continuous rise. With the right combination of skills and resources, this business opportunity tends to be a lucrative one.
Car Charging Station
We are all aware of the increasing popularity of hybrid – all-electric cars in particular. Encouraged by the state, entailing long-term benefits and being environmentally friendly, these cars are here to stay. With an incredibly high demand for all-electric cars, such as the Nissan Leaf, which was sold out before even arriving in the showrooms, there is bound to be a subsequent rise in the percentage of existing charging stations.
Instead of hundreds, thousands need to be built in order to cater to the rising demand for electric powered cars. The idea is not only to encourage the use of this eco-friendly vehicle, but it will also, most likely, eliminate the hesitation to take cars outside the city worrying about a charging station.
Year after year, cybersecurity is becoming a major area of concern for many. From money (credit cards) to communication (emails, SMS) to even personal identity (social media platforms), practically everything has a virtual presence that is vulnerable to a breach of information.
With the increasing number of cyber threats, privacy protection companies are in demand more than they ever were. We can be sure that governments around the world are now taking reactive measures of passing cybersecurity laws to prevent beaches, data leaks, and related issues.
Social Media Consultancy/ Management
Social media platforms are breaking the conventional methods of doing businesses; stats have shown about a 198 percent increase in e-commerce websites due to social media referring. That is why companies nowadays are willing to spend significant amounts on the management of their social media accounts.
Social media accounts are not only boosting leads, but also significantly increasing sales and generating valuable insights for organizations to plan ahead.
Hence, there is a rising demand for agencies and consultants who are credible enough to provide the necessary social network support that organizations nowadays are eagerly looking for.
Affordable Elderly Facilities
The aging population is the US is growing at a rapid rate. It is estimated that by 2050 around one-fifth of the entire US population will be over 65, resulting in an inevitable requirement for old age facilities.
Since there is a general perception of poor quality treatment and other problems in these accommodations, it is pivotal that all such notions be overruled by establishing accommodation that offers superior care and caters to the current and future demands of this area.
Car sharing
Drawn from the concepts of renting houses and spaces, renting cars are next in line in the renting businesses. This business has the potential to generate millions with a simple rule of thumb; to charge at least 1% of the total cost of the house/vehicle.
This business is rising at a fast rate, as there are numerous people who prefer using cars for a short period of time or have a need for another type of car that is different from theirs.
These are precisely the reasons why car-hailing services, such as Uber, have been so successful in such a short span of time.
Innovative Tech-Tools Providers
With on-going breakthroughs in technology, artificial intelligence systems, virtual reality, and so on, are in regular demand nowadays. AI is required in manufacturing as well as the service sector, while virtual reality is being used in studies (medical and art), as well as businesses to visualize business and financial models.
However, various studies have proven that gaining access to new system/technology is not nearly a challenge as implementing and sustaining that system. Change theories are not new to us; they have and will always give us a general picture of enforcing advancement in the current practices.
Hence, there is a need for catalysts – change agents – who not only deliver the right technology to meet the organization’s need, but also ensure that the people in the organization develop a certain level of comfort with their new system.
This business has a lot of potential because it will not only tap the future needs of organizations for the latest technologies, but it will efficiently bridge a gap between inventors and end consumers.
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