How To Attract Top Talent To Your Business Startup?

Finding and securing top job candidates for your business startup is more important now than ever. You are competing against a variety of companies for the same potential employees,and job seekers have the upper hand in who they choose to work with. Your business startup needs to make an impression on job candidates just as much as they need to make one with you. But, having a plan in place to attract top talent to your business can make the process of hiring new employees more beneficial to your company. Try these tips for making your business startup a place where new job seekers want to work and allow your company to take full advantage of their advanced skills.

Tell your company story

Everyone loves a good story and your company no doubt has one with some heart. The history of your business startup’s beginning can sway any job seeker to find interest in your company. Being honest and upfront about what got you to the point you are today can make a difference for a candidate that is looking for a company that cares about them as an employee and allows them to make a difference each day that they come to work. Be transparent.

Show where your business shines

Your business startup has many strengths that you need to tout them with job seekers. As much as you are interviewing them, they are interviewing you. They need to see what makes your company special and why it would be beneficial for them to join your team. Letting them see your strengths firsthand can go a long way in helping a job candidate choose your company for their employment.

Give benefits job seekers desire

Have a structure in place that provides benefits that employees want and can use can sway even the most indecisive of job seekers. Showing flexibility and providing benefits that are advantageous to your employees can make your business startup a highly desirable place to work. You’ll find that job candidates flock to your company if you offer benefits that they can’t refuse and want as a part of their employment.

Highlight some of the reasons to work for you

Every business startup has reasons why they are the best place to work. Let your employees do your promotional work and speak to new job candidates about what they love most about working at your company. Hearing firsthand from your staff gives your business creditability and entices job seekers to want to share in the same team environment you offer. This can make your company desirable to potential new hires and give your business the boost it needs to be selected by a job candidate.

Go where the job seekers are

When advertising your job positions to potential job seekers, you need to go where they are. Think about your ideal employee and consider the environment they surround themselves with. You need to post your job on sites that will attract top talent and give you the largest and best pool of job candidates to select from.

Take advantage of social media

Social media is an ideal platform to attract new and up and coming talent for your business startup. Many job seekers are looking on social media to find jobs with business startups that can show they are up-to-date with technology and offer a contemporary work environment that is open to new ideas. Social media can be your saving grace in attracting the type of employee you need to fill a role that will advance your business startup with customers that also demand more of these platforms.

Post enticing job posts

Nothing reads worse than a boring and arduous job post that lists endless job responsibilities. This can be an immediate turn off to job candidates that are looking for a business startup to work with that offers an exciting and new opportunity. Spice your job posts up and show your creativity to potential job seekers that are looking to find that dream job with an employer that offers more than just a position.

Follow up with candidates that interest you

When you find a job candidate that you want to make an offer to, you need to show them your interest in them becoming a part of your team. Follow up with a phone call or even meet for lunch. This can help solidify the relationship and make it harder for them to say no to your job offer. They have already invested a great deal in the role and meeting or speaking to you personally shows them what a valued member of the company they will be.

Make the interview process quick

When interviewing job candidates be sure to make the process as streamlined as possible. Job seekers can get frustrated easily with long delays and multiple rounds of interviews that they have to take part in. Have an effective plan in place for an interview that gets to know the potential new hire without wasting either of your time.

Present an offer quickly

In today’s job market you need to be swift in offering candidates job offers. Most candidates are courting multiple companies for an offer, looking to choose the best option for their employment. Waiting too long to offer a job candidate an offer allows them time to accept with a different company over yours as they may have forgotten why they wanted to work at your business during a long delay. Make your offer quickly to secure top talent and be sure to get a confirmation that they are accepting just as fast. This will ensure you lock in the best talent for your business startup without competing with another company.

Hiring top talent for your business startup can help your company benefit from advanced skills and experience. You need to be proactive in your approach to seeking out job candidates and promote your business to them, so they see why your company is a perfect fit for their employment.  

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Here Is What Small Business Owners Should Know about Angel Investors

When you have a small business, and you are serious about its growth and expansion, you have to use every option available to you to get the funds you need. In some cases, venture capitalists are not really a good fit for funding the startup or small businesses. They focus a lot on the returns they get from their investments, and somewhere in that attempt, they forget to pay enough attention to the needs and limitations of small businesses. One of the best solutions for small businesses to get the required funds is angel investors.

What Is an Angel Investor?

The name angel investor should give away why the industry calls them that. Other names for angel investors include angel funders, informal investors, business angels, etc. An angel investor is mostly one person, but may also be a very small group of investors. They invest in startups and small businesses that most venture capitalists would consider too risky for investment. They try to be extra helpful for startup and small business owners by providing the required funding and also helping with advice on matters.

In many cases, the angel investor will put his/her own money on the line to help your business. The reason for their investment in the risky business is that they are independent in their decisions. They might find your product interesting even when others don’t see any scope in it. You would not expect them to invest huge funds compared to those from venture capitalists but with their popularity increasing with time on the internet, angel investors can also invest huge amounts now.

A Detailed View of Angel Investors for Small Business Owners

Types of Investments

The first thing to know about angel investors is the type of investments they are leaning towards usually. The interest and motivational factors are different for angel investors compared to those of venture capitalists.

An angel investor is willing to invest in startups. It is easier to convince an angel investor to invest in a startup than it is to convince a VC. However, even a VC will show interest in a small business in its early stages if they are 100% sure of its potential and future success.

One of the most important things to point out here is that angel investors are highly interested in local businesses. If you run a business in New York, you would want to find investors in New York. Angel investors like to support their local communities and economy. Furthermore, local businesses are easy for them to test for their validity. As for the market type, angels prefer to invest in businesses that are playing against small competitors. If your business is about to become a part of a contemporary market with several giants already monopolizing it, the angel might not show interest.

Their Favorite Places

When looking for investment for your business, you must know where you can possibly find angel investor. There is no specific place that you can say has the best angel investors. However, you can try fundraising advisors to help you find the investors that would be interested in investing in your business. You can search for angel investment groups in your area or on the internet. The good thing about such a group is that you have a higher chance of persuading someone to invest in your idea.

You will be glad to know that angel investors love to be a part of events where they get to see various business owners from around the country pitching their ideas. Their events are more common than VC events. In fact, it is much easy to attend their events because the entry is not expensive and you can find them even in small cities. You can also find angel investors online. There are websites that specifically put small business owners in touch with angel investors. All you have to do is create a compelling pitch, so investors can see how serious you are with your investment needs.

The Way to Compel and Persuade Them

It would be wrong to say that angel investors are interested in ideas alone. In fact, that’s where the angel investors differ entirely from venture capitalists. They don’t focus solely on the business idea and its scope in future. An important part of their decision-making process is to know the entrepreneur and his/her team. It does not matter how unique your business idea is because if you and your team are not convincing enough, they will not invest in you. They love people who like to get to the point, and that comes off as your strength.

For example, you would want your presentation to be not more than five or six slides. Don’t waste too much time trying to convince them that your idea is different. Get to the point, tell them what you want and how you are going to achieve the targets you have set, and that should be enough. When you sit down with angel investors, be sure to value your company reasonably and offer them a sensible share. A crucial thing to remember is that it takes you much more time to find the right angel investors than it takes to convince them. Miss one opportunity and you could end up spending months and years looking for another investor to listen to you. Don’t blow your opportunities away once you get them.

From the information above, it might sound angel investors are much more flexible than VCs, and that’s true to some extent. However, this should not give you the impression that angel investors are non-professional. They expect due diligence from you before finalizing a deal.

Make sure you have protected your unique ideas with patents and proper technology before you present them with your idea. Secondly, have the right permissions, certificates and other documentation on hand to show that you have everything in place. In the end, be on top of your security game, i.e., you must know how new security-related regulations around the world are going to affect your business and how you will tackle them.

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Does the Business Credit Card Affect Personal Credit Scores?

If you are trying to keep your startup finances separate from personal finances, you might be disappointed.  It is because the effects of your business credit card often show up on your personal credit score. Even if your business faces hardship or goes through any rough patch, it might affect your personal credit score.

That is to say, eliminating your all personal liabilities with your business credit cards is not possible as they need personal guarantees. However, if you‘re a startup, you can use a credit card that does not report your account activity to credit bureau to limit the risk. It may be one of the safest ways as some business credit cards don’t report to consumer credit bureaus but commercial credit bureaus. Also, there are credit cards that do not report a customer’s monthly payments.

But these are limited options. No matter how helpful your business credit card has been in building credit for your business, it does affect personal credit scores or credit history.

Luckily, there are some ways entrepreneurs use to minimize the risk factors related to their business credit cards and help personal credit scores instead of hurting them. Before exploring those ways, let us take a look at how business credit cards can affect your personal credit scores.

Effects of Business Credit Cards on Personal Credit

Typically, the following are the ways that can affect your credit score if you apply for or use a business credit card.

1. Credit Inquiry on Applying for Credit Card

 It is important to know that when a business owner applies for business credit cards, the card issuer considers both his/her personal credit card history and business track record. This may include investigating or checking personal credit, which may affect credit by dropping a few points in the scores.

This is one of the reasons many business credit card bureaus require a personal guarantee on applying.   That means if a business defaults on its payments, a business owner can be held liable to pay all the debts.

Click here to find and compare credit cards to find the best one for you.

2. Utilization of Ongoing Credit

Most of the banks and finance institutes report all account activities to the consumer credit bureau (Experian, Equifax, TransUnion) that includes the ratio of credit utilization of a customer. The credit balances are divided by the total amount of credit limits a user has. That means if you obtain the high balance on a business credit card, it can negatively impact your personal credit card scores.

According to credit experts, it is better to keep your credit card utilization below 30 percent. It makes your business credit cards easy to handle as they come with a high credit limit as compared to a consumer credit card. Plus, if you are planning to make a big investment in the business, it is better to apply for a loan than using your business credit card for it.

3. Reporting Delinquency

As mentioned earlier, some credit card issuers do not report monthly account activities of their customer to the consumer credit bureau. However, they may report your account if you don’t make your payments consistently.  Late payments are reported if they are delayed more than 30 days. If becomes a pattern, the negative marks do not only affect your personal credit card scores but also stay up on report for seven years.

A delinquent account is, without a doubt, an important thing to consider when it comes to improving payment history or personal credit card scores. Poor account scores or default account affects your ability to apply for loan affordable. Plus, late payments can trigger an APR penalty that can go up to 29.99 percent with some business cards.

Business Credit Card Issuer Policies that impact Personal Credit Scores

Although all credit card issuers have different policies pertaining to credit card activities, they might report the business information to credit bureaus on the same issues. It is always worth checking the policies.

  • Barclays:  may report in case of inconsistent payment record
  • American Express:  if your account doesn’t have good standing, it may report
  • Capital One: report all account activities
  • Citi:  doesn’t report account activity
  • Bank of America:  reports delinquent account
  • S.Bank:  doesn’t report account activity
  • Chase: reports when an account is delinquent more than 50 days
  • Well Fargo:  doesn’t report account activity

How to Use Your Business Credit Cards to Build Personal Credit

If you are concerned or apprehensive about the impact of a business credit card on your personal credit   scores, there are ways you can use to minimize the effects.

All you need is to practice poor credit behaviors with both your consumer and business accounts.  

Here are some of them:

Make Payments on Time

Your payment history plays a major role when it comes to building credit score or improving credit history.  It is important to pay at least half of your monthly payment on time, if you want to solidify your credit scores. Paying off the full balance each month is extremely helpful in avoiding interest entirely.

Keep Credit Balance Relatively Low

Keeping a low credit balance is always a good move as your credit utilization has a great impact on your credit scores. You can achieve it by making fewer payments through your credit cards or keeping the credit low.  In case your credit use spikes up in any month, you can manage the score by paying down the balance to help your utilization ratio come back to normal.

Use your Credit Card Wisely

There is no denying that business credit cards are a  good option to make payments for your operating expenses. But if you want to finance equipment or inventory, paying with a business credit card is harder.

 What is more, it may increase interest rate with any business loan you take.  That is why it is important to consider all your options first before you choose to make payments with your business credit cards.

Final Thoughts

In a nutshell, getting a small business credit card is a good idea for making payments, it is essential that you understand how it affects your personal credit score.            

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How to Form The Culture Of Your Business Startup

Right from the very beginning of your business startup’s formation, you have already begun to create its corporate culture. Whether you have taken an active role in shaping it or allowed it to organically develop, your corporate culture becomes a part of your business based on your behaviors, vision, and values of your brand. Creating a positive organizational culture can allow your business startup to thrive both internally with your employees and externally as they interface with your customer base.

Being proactive at the beginning of your business startups foundation can work to develop a culture that employees take pride in being a part of and also help to express your vision into the long term. Waiting until you are a more established business with a team of employees to worry about your corporate culture can have a negative impact on your business as you forget about the very ideals that make your business startup who it is. With a little bit of management and foresight now, you can craft a corporate culture that follows your business startup’s vision, values, mission, and expected behaviors.

Find Your Purpose

Start by thinking about what the vision for your business really is. You need to think about where you where you are headed and where you want to go. Having some direction early on with your business startup will give you, as well as your employees, something to work towards and aim for. The decisions and choices you make should directly support your vision and allow you to drive your company well into the future.

Along with your vision, you need to create the values that your business startup stands for. This is an important step as this will carve out the ideals of your brand and expectations of your employees. Your employees are just as much a reflection of your business as you are and having values that they can live up to can bring a strong reputation and recognition to your company.

Spread the Message

Once you have developed a vision strategy for your business startup, you need to be vocal about it. You can’t expect your team to catch on if they are unaware of its evolution. Spread the message and allow yourself to be transparent about its meaning to you. Allowing yourself to be open and communicative about how your vision and values align with the success of your business startup can create the buzz your company needs to take it to the next level.

Hire According to Your Values

As you add to your team, you need to find the right fit when it comes to your company culture. You want to hire employees that display your brand values as it will be an easier transition into your corporate culture to respect and stand behind what your business stands for.

As you work to select employees to work at your business startup find out what your values mean to them. Look for ways that they already integrate these values into their daily life. A prospective employee that possess experience, as well as your core values, can be a valuable addition to your business startup as they can bring that positivity your corporate culture needs. You can count on them to spread your vision message to others as well as be contagious to other employees that may have not fully onboard with your company purpose.

Reward and Appreciate

It’s always nice to offer your employees perks, but as a businessstartup, the funding may not be there to give a lot. Recognition of your team goes a long way especially for those that display your company values in the work that they do. Develop a reward system to appreciate those that are incorporating the vision of your business startup with customers or in their work responsibilities and choices they make on a day-to-day basis. This small act can boost your corporate culture and make your business startup a company that employee value and cherish.

Think About The Past

With a focus on the future it can be easy to forget about your past, but how your started and where you came from is the very foundation that shaped your business today. Think about your history and the hard work that took to get where your business startup is today. Allow your employees to also understand the story behind your company and what it took to get it to its beginning stages.

Your past is a significant part of the strength of your business and most likely is what you drew your values from. Your employees need to understand the motivation and drive that propelled your business startup forward. Be upfront about your history and embrace it with a furry as it is the sole reason you are in the position you are today. When your employees see your roots, this will impact how they feel about the company and the vision that you have created to take it into the future.

Focus Daily On Your Culture

It is not enough to create your vision and values and be done with your corporate culture. It needs constant cultivation to prevent it from going to the wayside and becoming negative in a blink of an eye. You have an amazing opportunity as a business startup to start your corporate culture from the ground up as it is much easier to manage then change.

Make it a part of your routine to enforce the vision and lead by your company values. With you focus on maintaining a corporate culture that employees enjoy being a part of, you will reap the benefits from their improved productivity and performance.

When you focus on your corporate culture from the beginning stages of your business startup, you can easily create an environment that is positive for all that work there. You will see behaviors that are in line with your core values and strength in your corporate vision. The work starts now but will be well worth your efforts.

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How to Avoid Financial Problems for Your Startup?


There is no denying that starting your own business in an established niche is exhilarating. However, at the same time, you cannot eliminate the risk factors involved. As a startup, you have to deal with a plethora of problems, with an endless stream of administrative tasks. Not only does it require a lot of your attention but also time and critical thinking to manage business finances.

When you launch a new business, you require sufficient capital to cover all the expenses, and also funds to run your business before it turns a profit. This reason is why it is important that you work with a proper financial plan that can ensure your leap into the business world that is secure and realistic. Once you are sure that your business has enough finances, you will be able to maximize the chances of success.

Here are some tips to help startups and entrepreneurs manage financial problems:

Tips to Avoid Financial Problems for Startups

Avoid Taking Expensive Credits

Whether you’re an established brand or thinking to set up a startup, you need to make optimal use of your business funds. You need to establish some financial goals that can help you build a progressive business portfolio to benefit your business.

Remember that it is the growing period of your business, and the credit cost plays an important role. Your foremost financial goal must be to set up interest core at a minimum price to attain profitability and reduce costs.

Keep Expenses Low

Business is in the survival stage in the initial phase, so keeping expenses fixed or low is a wise move. Expenses play a critical role in helping you maintain steady business revenue. 

Always try to plan large expense, including taxes, payrolls, and cost materials for products, interest, utilities, and operating expenses in advance. Managing these expenses may help you reduce the financial burden. Moreover, low expenses will ensure your cash flow is running smoothly, even on a tight budget.

Keep a Balance between Personal and Business Finances

This important step can help you avoid financial problems. Once you register your business, make sure you set up a commercial business account. To put it simply, use different banks for your business and personal accounts.

Keeping business and personal financial accounts separate can make accounting straightforward throughout the year. Also, you can easily calculate your taxes as well as eliminate the cash crunch situations startups face due to unexpected withdrawals. This also means you need to avoid withdrawing money for personal use from the business account.

You can use different credit cards and loans for your startup but avoid using them for personal expenses.

Consider Insurance

You might not like the idea of insurance and paying a big amount for your startup, but you cannot deny that your business actually needs it. Do some research about what suits your business needs for managing business finances and building a profitable portfolio. This step is imperative to evaluate which type of insurance can provide your business with long-term financial security.

Prioritize Payments

To keep financial problems at bay, entrepreneurs need to draw a line between less important and essential costs for at least the first six months. This helps entrepreneurs project where they need to inject the cash flow. They can start by reducing unnecessary expenses and adjusting the budget.

Prioritizing payments may also help you determine the key issues, such as business overspending. Once entrepreneurs take a closer look, they will find ways to become more cost-savvy with their business expenditures.

Invest in Advanced Technology

The next important thing to avoid financial problems is to invest in the right technology. To retain a prominent position in the business world, analyze your competitors’ strategy, and upgrade business operations. Use online software to track finances and also establish a strong online presence.

Using bookkeeping software for developing budgets, paying taxes, and understanding your business financial position is a great idea. Almost, all large-scale businesses have a separate finance department that uses professional software.

However, your business is in its infancy, but if you don’t embrace technological advancements gradually,   running a business efficiently will become challenging.

Manage Money Movement

Regardless of what stage your business is at, outlining payment terms is important to manage business finances efficiently. The best way to do this is to track money movements, from supplier costs to product purchasing. Make sure you consider both the legal and the financial sides of monetary transactions to trace money movements.

This way, you can figure out which business areas are performing efficiently and where you need to invest fewer funds. The data is useable for not only tracking progress but also developing a reasonable budget.

Negotiate Your Business Needs with Vendors before Finalizing a Contract

Don’t hesitate to negotiate whenever you are signing a deal. Successful entrepreneurs know what rates can benefit their business and how they can achieve them. They carefully examine purchase terms, such as grace periods or payment penalties, which can help them negotiate a great deal.

Maintain an Emergency Fund

Once you know how important it is to negotiate the right prices with vendors for managing business finances, you need to set aside emergency funds to ensure the success of your startup entity. Know that your sales will not be consistent throughout the year. This part is where you need to have some emergency funds, particularly for the off-season, to maintain a steady cash flow. 

For emergency funds, take out a proportion of your profits or income every month (particularly during high sales) and keep it for off-month expenses.

Bottom Line

While starting your own business is exciting, it entails a myriad of challenges, especially when it comes to handling business finances. If you’re facing these same issues and want to be prepared, try implementing the tips mentioned above to help you move towards a bright future.

Financial stability in business leads to better money management and success opportunities, and thus, these factors are crucial for the success of any startup.

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Automation: The Risk to Financial Jobs

Suppose it is 2030, and you’re teaching in a business school. What will be your reaction to seeing just a handful of learners attending your class?

Well, it must be disappointing, but it has nothing do with your pedagogical skill, nor it’s about the subject matter you’re teaching or your school’s ranking. Students do not enroll simply because the finance sector has no jobs for them. And automation is one of the main reasons behind this phenomenon.

You might find it hard to believe because management, economics, finance, and accounting are some of the popular subjects at the graduate level in the most universities. Students opt for these subjects as they are associated with high employability however; that is changing due to advances in technology and automation.

According to Opimas a renowned consulting firm, the future is going to be harder for many universities in terms of selling business-related degrees. Another latest research showed that by 2050, nearly 230,000 financial jobs will be lost to artificial intelligence agents and bots.

To put it simply, when a vehicle manufacturer finds aluminum or any other material lighter, easier and cheaper to make cars with than steel, they stop using it. They replace it to gain functional and financial advantage. It is the same when it comes to evaluating the future of the finance sector.

The current situation raises a few questions:

Are current and prospective financial jobs under threat? Are robotic advisers/employees the future of finance?

Let’s find out.

Artificial Intelligence- A New Generation

A survey from Aite Group –a research firm evaluated that businesses have started investing in automated portfolios. The investment rate increased to 210% in 2015. Many recent reports by market analysts found that robo- advisers have taken over already in some giant corporations. Wall Street is just one of the examples that have replaced hundreds of its financial analysts with robo advisors and high-tech software.

Oxford academics in its 2013’s paper claims that approximately 74% of professions are at high risk of becoming automated in the next 10 to 20 years; 54% of jobs among them will be in the finance industry, which is alarming. The phenomenon is not just confined to the United States. Indian banks, for example, have also reported a decline of 9% in headcount in the last two consecutive quarters due to the hiring of robots at the workplace, which shows how automation is taking over in the finance sector.

Perhaps, it’s not surprising in finance, particularly as the banking industry is all about processing information. And most of its key operations, like passbook update and cash deposits, have been digitized. This is one of the reasons why financial institutions and banks are adopting advance Artificial Intelligence (AI) technology.

This new generation of technology has enabled institutes to automate their financial tasks that were traditionally performed by humans. That includes risk management, operations, algorithmic trading, and wealth management.

For instance, the COIN program and Contract Intelligence that run on a specific machine learning system, help banks shorten the time taken to review loans. Plus, the software is great at providing impeccable loan servicing to customers. Considering AI‘s growing dominance, Accenture predicts that the banking sector will make AI a’ primary way of interaction with the customers within three years. It is because AI enables a simple and easy user interface to help banks provide a human-like client experience.

Luvo, in this regard, is a virtual chatbot that uses IBM Watson technology to learn and understand from human interaction, making manual workforce redundant in the process.

Fintech Grads- A Traditional Threat to Banking

This might sound surprising to you, but universities are revising and reviewing their traditional education blueprints to adapt to new technological disruption in the financial job market. Business schools, like Georgetown and Stanford University, are planning to include “fintech” in their MBA programs. This inclusion aims to make students learn, understand, and master financial technology.

One reason why Fintech firms are being considered an existential threat to traditional banks is that they work differently than traditional banks. Plus, not only do fintech firms understand consumer issues, but also solve them in a fraction of time. They have become a reliable funding option for customers look to invest in various businesses.

The key weakness of the banking system lies in its technical debt. Banks are lagging due to their antiqued IT setups that date back to last century. Fintech, on the other hand, is in a winning position with its fast-moving and technology-led services, particularly in investment and loan systems for e-commerce businesses.

Kabbage is a perfect example that gives technology-led loans to e-commerce businesses for which traditional banking is not only slow but also inflexible when it comes to lending finances.

Application Programming Interfaces (APIs)

Application Programming Interfaces (APIs) is another financial innovation that enables Fintech providers to create applications on data of bank accounts. APIs will be a long-term solution for data providers as it takes away the crucial information (that only traditional banking employees have). Fintech providers will have the same quantity and quality of data without having any physical branches.

Is Dependence on Robo Advisors Safe?

There is no denying that robot advisers, AI, and Fintech are changing the way traditional banking is done. Many financial analysts consider them the biggest drivers in the financial sector.

However, for many analysts, it’s still not clear to what extent automation and AI will prove to be advantageous for the financial sector. They believe that relying completely on artificial intelligence could backfire if there are no humans to supervise everything.

No doubt robo advisors are inexpensive and save a lot of time and effort when it comes to creating investment portfolios. But there is no guarantee that they will not struggle when it is about taking correct precautionary measures if the market becomes volatile and thousands of machines are trying to operate the same thing at great speed.

In 2012, Knight Capital Group- a robo stock trader lost $450 million in just 40 minutes when it went on a spending spree. That means these well programmed and high-tech robo-traders can cause chaos and fatal errors in the financial markets.

Final Thoughts

Overall, there is no denying that rapidly growing dependence on automated devices and robo-technologies are raising many concerns for financial jobs. From banking systems to other financial institutes, automated technologies, like Fintech, APIs, and AI, are considered an integral part of the operations. They are slowly taking over and making employees redundant.

 

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What’s ERP Software and Why Do You Need One?

With the rapid growth in technologies, the ERP software market may cross $41.69 billion in profit by 2020. The statistics are enough to demonstrate the impact of this technology on businesses. This figure is undeniably impressive and reflects how important it is for businesses in the future. Incorporating ERP software is one way marketers can give their brand a competitive edge.

If your startup is in the initial phases and you are looking for a technology to help you manage business functions, ERP software is ideal, and if you don’t how, this article is worth reading.

What is ERP?

ERP stands for Enterprise Resource Planning system. Many organizations use this software package to manage business activities, including project management, procurement, accounting, distribution operations, and manufacturing. It helps in day-to- day business functions while centralizing them within an integrated system.

The software is more useful when managing supply chain activities or keeping a track record of the moving parts of distribution and manufacturing. The use of ERP software is not confined to these business domains. It is utilized by a plethora of different domains that include nonprofit groups, construction, healthcare, and hospitality. Companies requiring inventory, staff, and customer management can rely on this advanced software.

In addition, ERP software stores data in a single database that allows different sections to work in collaboration by using the same information. ERP can organize and analyze data in the form of reports. In short, ERP software is great for bringing together the following functions into a single system:

  • Human resources
  • Financial management
  • Customer management
  • Business intelligence
  • Inventory
  • Supply chain functions

Here are some more reasons why your business needs ERP software.

Why Your Business Needs ERP Software

You might be wondering how ERP software is different from other software that performs similar functions. Although ERP software has the same goals of managing business functions, it has a number of unique features that make it extremely distinctive from other software.

Saves Money

You may find it a surprising fact, but ERP software is a good investment in terms of flexible pricing and saving money. For small companies, the initial price may seem heavy, but once they start using it, the software can help the business save a lot of money.

This means ERP software can significantly increase ROI. It is simply because the system unifies multiple systems that businesses often use in fragments. From accounts payable to product development, the staff can access the necessary tools by using a single centralized system. The software efficiently helps save time by keeping employees from hunting down information across different systems.

Improves Collaboration

This ERP feature generally varies as it depends upon the program business is using, but it does have a strong impact on collaboration in one way or other. As mentioned earlier, ERP works with a unique centralized database that provides the business a source to work in collaboration. Not only does it reduces the risk of errors caused by incorrect data but also minimizes costs.

Moreover, ERP software reduces during projects as team members can access to whatever data they need. The information doesn’t require merging within sources or system because data is carefully collected, stored, and shared through one system. To put it simply, employees do not have to worry about accuracy, completion, and security of data files.

Helps in Better Analytics

Businesses need ERP software if they want to improve data analytics and statistical reporting.  ERP software, in this regard, is ideal as its store’s data as input and makes for an unparalleled business intelligence tool. If vendors provide good functionality, ERP can be a great help in generating fast and accurate reports. The efficient software makes report compilation (that used to take days) a matter of minutes.

Besides this, the option of customizable dashboard enables executives to see the reports at the time they are uploaded onto the system. The reports include information related to expense statements and custom KPIs that has important insights for certain functions. The report access is also beneficial when a company has to make a quick and better decision.

Improves Productivity

There is no comparison of ERP software and traditional methods that make tedious tasks even more difficult. Employees used to invest hours for the tasks like monitoring inventory, generating reports, processing orders, and timesheet tracking. Not only were these tasks time consuming but also lower the morale of employees, increasing the risk of errors.

ERP software solves all these problems as it can conveniently automate even the most tedious task. With its integrated database, ERP eliminates all the redundant and time taking tasks, like data entry. It improves productivity by allowing the system to do advanced calculations quickly. The automatic features free up employees and provide an opportunity to focus on other important tasks to improve ROI. That means ERP software can increase business productivity, profitability, and efficiency.

Simplified Risk Management

ERP is must have software if your business is expanding internationally to keep track of imposed regulations on the business. Even if the business is local, there is a plethora of human resource, information security, and environmental regulations you need to consider.

The good news is that ERP considers these regulations so that businesses can maintain compliance. The software incorporates built-in auditing features to assist businesses with documenting tax provision and chemical use. This makes everything incredibly easy, from formulating reports to sending them to the pertinent governing authority. This feature makes ERP software a great tool to manage risk.

Final Thoughts

In a nutshell, ERP software is a panacea of all the hectic, tedious, and manual business functions. The advanced software is multifunctional and helps businesses improve functions, accuracy, reliability, and financial management. The integrated system can exceptionally manage a wide range of business activities from supply chain management and procurement to accounting, and operations.

In other words, businesses cannot deny the functional significance of this all-in-one software to enhance their overall productivity.

 

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How To Keep Cash Flow Positive As A Business Startup

One of the biggest challenges for any business startup is the ability to have positive cash flow at all times throughout the year. When times get lean,and profits go down, you can feel a pinch in your working capital and need a way to build these monetary reserves back up to their peak. The reverse holds true when profits are soaring and you are making bank – you feel the beneficial weight of some added funds sitting in your cash flow reserves ready to be spent. But, you need to even out this cyclical trend with a positive cash flow all year-round. Here are some ways you can keep your working capital positive throughout your sales cycle.

Prevent Overspending

One of the easiest ways to get your cash flow in check is to stop overspending when the need is really not there. It can be tempting to buy the latest and greatest of everything for your business,but if tomorrow’s sales take a dip, you will find your reserves a little slimmer than normal. Spend cautiously on what you need for your business startup to survive each day. This can help you have the cash you need when an issue arises without having to struggle to come up with the funding.

Stay On Top Of Invoicing

Getting paid for the work you have completed is an arduous task for any startup. It is no fun chasing down late payments, but it is your responsibility as a business startup owner to make sure your invoicing goes out on time and gets paid. Getting your invoicing in order can make sure you have a steady flow of income coming in and can make sure money is left over for positive cash flow at the end of each and every month.

Track Daily-To-Day Costs

Keeping a good record of your costs all throughout the year can help you better identify where you are overspending. You may need to reign in your expenses, but without tracking them, you have no way of knowing where your cash flow is going each day. Keep a record of all the expenses you make every single day and review them to see where you can cut back. You may be making unnecessary purchases that are costing are adding up and affecting your working capital.

Keep A Cushion

If you know your business startup struggles from time-to-time with its working capital, you can plan for these times by setting aside a cushion of funds that you can rely on when you need it. This can make your slower months easier to bear and provide you a solid reserve that you can count on when an emergency arises. It can give you some added security that you have the funds when profits dip and keep you in the black all throughout the year.

Estimate Future Earning Conservatively

When you look ahead, it can be easy to overestimate what your earning will be the following year. You may anticipate sales that don’t come to fruition or unexpected circumstances could take hold. To keep your cash flow positive, be realistic in your future earnings and plan for the unexpected, so you don’t wind up in a situation where your working capital vanishes without warning.

Increase Sales

While it goes without saying that increasing your sales can help grow your cash flow, but this is one area that business startups can lag in. Think about the ways that you can add value to your offerings and entice customers to buy more than ever before. Bundles and add-ons are simple ways to get a customer to spend more with you and help increase your sales in any given month. You need to consider all the ways that you can get each transaction to its maximum value so you can have that extra working capital after your receivables, payroll, and expenses have been paid.

Secure A Short-Term Investor

Short-term angel investors are a sure-fire way to jump start your business startup and get the funding you need to help with your cash flow problems. They can help provide funding when times are tough and allow you to breathe a little easier with their financial support. A short-term angel investor can provide you money to grow your business while still maintain the day-to-day flow. Paid back over a shorter amount of time, these seed investors help to give you more flexibility and provide an alternative means of securing funding for your business startup.

Create Loyal Customers

Turning your customers into to loyal fans that frequent your business on a regular basis can help you grow sales and increase your profits all throughout the year. These repeat customers can give you business start up the boost it needs while also helping your working capital to balloon with each purchase. When you can count on a customer to return to your business, not only does it ensure another sale but it makes it easier to project future sales and keep your cash flow from dipping into the red.

Keep Inventory Lean

Making sure that you don’t overstock your inventory can also prevent a negative cash flow for your startup business. Practice being lean and only have the inventory you need at any given time. This can make a difference in your business’ bottom line and improve your cash flow situation. Having product and materials on hand may be nice,but it can affect your ability to have the cash reserves when you need it most. Keeping inventory to a minimum takes a special knack, but you will find that your operations are just as efficient and you are not waiting months to sell your backlog, affecting your monthly working capital.

Taking stock of your cash flow on a daily basis can make sure it is positively flowing each and every month. These simple tips can help you stay in the black and make your working capital less of a worry for your business startup. Planning  ahead, staying lean, and growing your sales will ensure you have the cash reserves you need to keep your business startup afloat year-round.

 

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Ways To Secure Venture Capital for Your Business Startup

For most business startup owners, one of the most difficult aspects of their job is the task of securing venture capital. And while there are many available sources of funds out there, we have to realize that there are also a huge number of business startups that are competing for the money.

So what elements of businesses guarantee financial support from investors? Actually, there isn’t. Most of the time, the chances of securing a venture capital greatly depends on the situation, in addition to the characteristics of the business and the venture capitalist. However, despite this reality, there are some things that a business owner can do to increase his or her chances of securing financial support from venture capitalists.

Among the most important pointers that a business startup owner must remember is the need for him or her to be prepared with what’s going to happen.

Establishing a business is not as easy as coming up with an idea that will entice a large market. In addition to passion and dedication, a business owner is expected to be knowledgeable with every single aspect of his or her business. Thus, before approaching a venture capitalist, it’s important for owners to know their businesses.

This is important because it would prepare them for all sorts of questions that may arise during a presentation for potential investors. Likewise, a full understanding of the business would enhance the viability of the business plan, therefore increasing the chances of getting financial support.

Aside from being prepared with all the questions that a potential investor may ask, business owners must also have some knowledge on the people that would be the receiving end of their pitches.

Sometimes, owners tend to contact every single venture capitalist in the country. And while this increases your chances of securing investments, this also increases the amount of time that you spend looking for money. As they say, time is gold. So why spend a lot of time when you can do something much better?

Instead of calling every single venture capitalist in the planet, try to look into the list and study your chances of getting support from every single person in it. Doing this would make you realize that more than half of the people in your list would not even read your request because they are not interested on the concept of your business.

There’s no single advice that will boost your chances of securing venture capital. Nevertheless, like in any other field, being a little bit smarter will increase the possibility of getting financial support.

 

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What does it take to run an Online Business?

Owning an online business allows you to work from anywhere you want.  All you need is to set flexible work hours and establish your online presence. Not only this, online businesses have significantly low startup costs and that is what makes it ideal, especially for new entrepreneurs. This is one of the main reasons why traditional brick-and-mortar businesses are gradually declining. They are now more focused on being globalized and ubiquitous.

To put it simply, running an online business has a plethora of benefits if you are an experienced entrepreneur. However, if you are a startup and facing troubles in creating an online presence, you need to understand that starting an online business is easy, but running it requires your attention. Whether your digital set up is in its initial phase or has achieved some milestones, knowing key details of the mainstream market and understanding it is of paramount importance.

Another major aspect that is essential to consider when it comes to running an online business successfully is familiarity with technology. If an online entrepreneur lacks knowledge of digital marketing or other tech-based strategies, reaching the target audience becomes a daunting task.

If you can relate to this, then the provided details might be useful for your online business. All you need is to consider the following steps while running your online business.

How to Run an Online Business?

Establish Your Business Market

There is no doubt that without understanding the target market you want to focus on, you cannot increase your sales. However, if you know where you will find your target audience online, developing marketing strategies become a breeze.

According to expert marketers, when an entrepreneur understands their core audience, it will help them find the right ways to offer the products that interest the audience. The point is, researching the market position and analyzing the needs and interest of customers is substantially important before launching your product.

 Register Your Domain Name

Your online business requires a domain name. Without registering it you cannot run your business as it is your online address, spot or place where people will find you on the internet. The good news is that there is a myriad of online companies that sell a domain name.  Google Domains, in this regard, is one of the common choices you can opt for.

Your domain name plays a critical role when it is comes to branding an online company. Here is when you need to come up with a domain name that truly reflects your company and its goals. While choosing a name, make sure you use the name checker tool to help you see what is available.

Host Your Business Domain

Hosting a business domain is an integral part of running a business online. Through a web host, your online business gets space on various servers. Sometimes both registering a domain and finding a host for it can be achieved with the help of one company. Following are the key features you need to consider when you choose a web host.

  • Uptime percentage
  • Available marketing tools
  • Storage capacity
  • Email features that are based on domain
  • How it offers customer response forms
  • Hosting capability for blogging
  • Accessibility for customer support

Focus on Your Business Website Design

The first impression is the last impression’ -whether you believe it or not it is undeniably true when it is about your website design. Your customer doesn’t have a place to visit or judge your market credibility; however, it’s your e-commerce platform/website that enables customers to understand your marketing skills.

That is to say, the more attractive and informative your website design is, the more customers your online business will attract. This is where both your marketing expertise and technology create a storefront for you.  If your brand is failing to grab the attention of potential customers, it is the right time to consider alternative options.

Hiring a professional web designer with sound web skills can make a huge difference to your websites’ layout.  We recommend you choose a quality e-commerce platform to not only help you customize the website, but also run an online business.

Add an Online Payment Option

The concept of online shopping encapsulates customer’s easiness whether it is about purchasing online or paying online. That is what adding online payment feature to online business makes extremely important. It gives customers satisfaction that they can process transactions without having to go through a long and arduous payment process.

Besides that, giving your customers multiple gateways for shopping can also have a significant impact on your business success. Allow upgrades and provide different packages for purchase options to make shopping fun and convenient from your online store.

Increase Website Traffic

Providing quality products and excellent user experience to your customers is your foremost responsibility if you are an online entrepreneur. It is the only way you can retain your customers while driving more traffic to your website.

For running an online business successfully, you need to make extra efforts to stand out from your competitors, which is not possible until you leverage the right strategies to attract the right customers.  Always focus on the target group to generate more sales and create more traffic online. Here are few tips o drive traffic:

  • Register with popular search engines, like Bing and Google
  • Use persuasive online advertising on social media platforms, such as Twitter, Facebook, and Instagram
  • Focus on quality content marketing

Gradually incorporate advanced digital marketing strategies to increase quality traffic on your website. Remember that, driving massive traffic involves a number of technicalities and requires you to consult with digital marketing experts.  In addition to that, never compromise on the quality of e-commerce software as it will help you keep a tab on financial information, customer data and other analytics for your future business decisions.

Final Thoughts

All in all, an online business is undeniably a decent way to earn money, but requires proper strategies and planning to run it efficiently. It takes your hard work, time and most importantly market understanding to run an online business.

 

Access our network of Angel Investors, Venture Capital or get instantly matched with a Lender, or get a business plan by visiting us Funded.com