Business

There are a lot of factors in play to convince a customer to make a purchase.

First, the store has to stand out among competitors. In a shopping mall where other, more established brands are around, it is challenging to entice and capture potential buyers’ attention. This is where the store’s overall appearance comes in. Entrepreneurs invest money toward improving window displays. They work with sign companies to design eye-catching logos and decals for the exterior to lure passers-by into entering the store.

Next, the products have to be arranged in a way that encourages spending. Retailers use so many strategies to convince a customer to push through with the purchase: gimmicks such as sales about to end and free item giveaways.

These external factors work to turn passers-by into buying customers. However, consumers also go through a decision-making process before they make the purchase.

Knowing what goes through in consumers’ minds can help entrepreneurs devise an effective marketing scheme that will boost profit and increase customer satisfaction.

Need Recognition

A consumer making dinner finds out that they have run out of pepper. This is the primary stage of the decision-making process. The buyer first has to identify the problem, called the need recognition, before they take steps toward making a purchase.

Generally, without need recognition, there would not be a transaction. It will become much harder to convince them to part with their hard-earned cash.

There are two ways the need recognition can be triggered: internal and external stimuli. A person on their way to work early in the morning feels sleepy and, therefore, would decide to buy a coffee cup to feel more awake. Sleepiness, hunger, thirst, or an ailment are considered internal stimuli. Meanwhile, advertising is an external stimulus. Seeing a commercial for a massage chair convinces a customer to place an order.

Information Search

However, need recognition alone would not lead to a purchase. They will conduct an information search for options available to them.

Usually, with external stimuli, consumers will look for product descriptions and read reviews from previous buyers. With Google and Facebook, it is easier to gather information about a certain item or brand they encounter for the first time.

On the other hand, if the goods or services are not entirely new, such as when one feels hungry and wants to eat, consumers will remember which restaurants they liked in the past and choose based on their prior experience.

Evaluation of Options

With so many other brands out there competing for attention, consumers have to take the time to assess each option available to them. In this stage, a customer will have to weigh the pros and cons of a product, comparing its attributes to an alternative.

New models from Apple and Samsung have been released, and both companies are heavily advertising their respective products. The customer reads the features and specifications of each model. They watch reviews to see the opinion of others about the products. The next stage involves deciding between an iPhone or a Galaxy S unit by enumerating both smartphones’ strengths and weaknesses as well as the customer’s own preferences, budget, and lifestyle.

Purchase

Once the customer has decided which product they need, it is time for the next step: the purchase. However, it is still not an assurance that they will complete the transaction. Some factors disrupt the decision-making process.

For example, while heading to the store, the customer overhears another customer talking about their bad experience with the product. A negative review can put off consumers from making the purchase.

A long line at the cashier, a complicated signup process on an e-commerce platform, or expensive shipping cost may deter a customer from purchasing.

Post-Purchase Experience

The decision-making process does not end with the purchase. After the customer walks out of the store or receives their orders in the mail, they will continue to evaluate the product.

The customer will ask if the product provides a solution to the problem or fulfills their need. They will test whether the product delivers on its promises.

If they are satisfied, the purchase was a success, and the customer will likely buy again. However, if they are unhappy with it, they may return the product, leave a bad review, and never recommend the store to their friends and acquaintances.

Entrepreneurs should be aware of the stages that every customer goes through before making a purchase. They could leverage this knowledge into creating strategies that will convince the customer that they need the product, that it is a good product, and the product is the best option in the market.

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Owning an entity is delightful until you need to put in actual work to boost your business’s success. Running an organization demands creativity, flexibility, and the adaptability to cope with the challenges. Furthermore, you have to climb your way up by acting as your boss to chart your business entity’s future. Entrepreneurship requires immense dedication, diligent work, and resilience to compete in the cutthroat corporate world. If you lack courage, foresight, and determination, you will face miserable defeat in this battleground.

You could be ahead in the minutiae tasks such as hiring the workforce or receiving paychecks. Still, your versatility determines your success on the unchartered grounds of the business arena. There is no way to predict without experiencing whether you will be a good entrepreneur or be better off working for an employer. However, all successful business owners possess indispensable qualities and swear by some principles that guide them towards performing better as a leader. Let us look at some vital practices, best traits, and common mistakes that would either catalyze or narrow your path towards success.

1. Focus on a Single Idea/Goal

Do you know what makes a business grow regardless of the challenges? The leader’s ability to focus intensely on discovering new opportunities. It is a trait that draws the line between an entrepreneur and an employee. The ability to eliminate wasted efforts and the distractions that obstruct your creativity makes you an exceptional leader. A majority of business organizations will experience an early death from doing too many tasks at once instead of focusing on a single idea. Concentrating on your goals is a crucial interpersonal trait, which you must inculcate overtime to gain success as an entrepreneur. However, programs such as online masters in analytics provide you with the optimum expertise to enhance analytical abilities and manage resources. With analytical skills, you can jot down core ideas that can lead your business to success. And set aside other areas that may drain your efforts, time, and resources.

1. Monitor Data and Figures

In today’s era, big data and number crunching are crucial to surviving. A successful entrepreneur is aware of the need to monitor it. A spreadsheet will only tell you how your business is performing in terms of numbers. You can undoubtedly work with numbers while using spreadsheets and then migrate the data to accounting software. By relocating the revenue and sales figure in such accounting software, you can then arrive at conclusions for further revenue generation. However, you must have some understanding of accounting and finance principles to analyze the data and figures. For this, you can opt for an online masters in accounting no GMAT to learn the basics of accounting practices, financial forecasts, etc. Thus, you would need not rely on external accountants and make decisions based on your experiences and wisdom.

Thus, to emerge as a successful entrepreneur, you must learn to work with data and numbers. Otherwise, your ship would float at the mercy of others, who could break away whenever they want to.

1. Stay Compassionate About Your Goals

Being passionate about something means you are willing to sacrifice your comfort to reach your set point. It also means giving up on a considerable amount of your waking hours to bring into existence ideas and strategies that take you to your goal. When the bearer of an idea is passionate, everyone taking part in its execution will also follow suit. The reason behind that is in the corporate world; nobody likes to stay behind. The team under your leadership will drive inspiration from your workways and attitude towards the business objectives. With passion, you and your team can deliver optimum quality and lead your customers to believe genuinely in your organization.

1. Plan Your Tasks

If you think all the big names in the business arena made it from just ordering their employees around to do tasks, you could not be more wrong. If you strive to achieve entrepreneurial success, you must understand that there is no such thing as overnight success. There lie years of hard work, sweat, sleepless nights, and tiring days behind every success story in the business world. It doesn’t matter how good a fortune you have. If you can’t work your way up, you better quit. Giving your 100% in everything, even if performing trivial tasks, is an unwritten rule to take your business to unprecedented heights.

1. Work on Self-Motivation 

Everyone will teach you to remain focused on your goals, but no one will tell you to focus on the journey. A good leader does not let anything go in vain. Even during the most challenging times, he will maintain his composure and work through the obstacles. If you fail to focus on the process, there is a high chance you cannot reach your goals. The reason is that the experience uncovers your strengths and weaknesses and allows you to develop in areas you lack. After all, your attitude towards the goals will inspire your team in the long run.

Conclusion

There is no formula to measure success. One could have innate leadership qualities and not know how to utilize them. On the other hand, some people take years to develop these characters to attain entrepreneurial success. It takes trial and error, experimentation, etc., to unearth the secrets. In the modern world, all the information you need is a mere tap away. Therefore, striving for your establishment’s success will require you to stand your ground and work diligently. However, you cannot achieve success alone and will have to work with several stakeholders to aid in the process.

 

In today’s world, technology has embedded itself in every aspect of our lives. It has evolved into a multi-billion dollar industry. With continuous innovations, we have seen the boom and growth potential of this industry. We live in an era where technology has replaced the physical workforce with automation following a massive change in the required skillsets.

Most people are even looking for a career transition due to the technology-based industry’s growing job demands. The technology sector continues to rise with openings available for new talent and skillset. Companies and businesses have realized the potential of adapting to the ever-evolving market and have started to attract the right talent.

It is not just the engineers and doctors who start their careers with a lucrative package; the tech industry also offers a hefty paycheck. Today’s tech industry offers better salaries, growth, benefits, and job satisfaction than any other sector. As technology is on the rise, we have compiled a list of some top trending tech careers that will shape the future in the coming years.

• Artificial Intelligence (AI) Architect

Technology experts look for ways to bring new solutions that make our lives better as technology continues to rise. Among these innovations is Artificial Intelligence (AI) that has automated almost every industry today. AI has increased in demand by shaping businesses and consumer lifestyles. Recruiters actively seek individuals that have expertise in AI architecture and structuring. Individuals who can design and implement the new AI-based programs are in demand and will continue to be in the coming days.

Like software developers, AI architects also make a career out of designing and engineering various AI-based programs, products, and services. Companies usually recruit talent possessing higher educational degrees in the most demanding subjects such as an online MBA information technology, Data Sciences, or AI with experience in data structuring and analytics. The profession of AI integration requires knowledge of machine and deep learning with language processing. Artificial Intelligence is among the most trending and highest-paid carriers in IT.

• Information Security Analyst

With the transformative growth in full swing for the tech industry, digital information has encompassed every sector of today. Information security analyst comes in handy at this point, as they are the ones who protect IT structure and data from cyber-attacks. They are at the front line of defense against the threat of sensitive information. They utilize a variety of strategies and safety programs to ensure that the data remains safe and viable. Employers require professionals possessing masters in computer sciences with related certifications. Notably, the expected career growth in Information Security Analyst (ISA) has a rise of 32% until 2028.

• Database Administration

Another trending career in the technology sector is the Database Administrator (DBA). DAs are the ones who handle all the organizational data to ensure that the organizational IT structure runs smoothly and without breaches. Besides, they have the responsibility to organize and safe storage of the crucial data sets. The profession’s educational requirements consist of a degree in computer sciences, management information systems, and data sciences. Other than the required education, professionals in this principle need to understand database languages such as Structure Query Language (SQL) and others.

It is worth mentioning that a data science master’s salary for the career goes up to $80,600, with a potential growth expected to rise to 11% by 2026, and is among the highest paying IT jobs.

• Software Developers

Probably, it is the most sought-after career for the next decade in the tech sector. Software developers are the ones who design applications to support various hardware acceleration. Every hardware is a heap of silicone and metal without adequate software to run. These professionals are responsible for ensuring a running application, offer troubleshooting and necessary updates. Everything runs on the efforts of software developers ranging from video games to design tools and mobile apps. Software developers are an ever-changing career that needs updates on skills and new training constantly. Therefore, professionals involved in this career need to learn and adapt to new technologies frequently.

An essential aspect of this career is the training and skills that teach the profession’s ins and outs. Undoubtedly, the career is highly rewarding in terms of personal and professional growth.

• Mobile App Development

With the evolution of digital marketing and an increasing number of mobile users, there’s a significant increase in the use of mobile applications. Mobile app development is a career that demands creativity and utilizes the problem-solving skills of an expert. Mobile app developers are the experts who develop an idea into a running application. Applications meant for entertainment, convenience, or any other purpose need a mobile app that these professionals provide. The career in mobile app development has increased in demand, offering up to $73,000 annually.

• Web Development

Similar to mobile app development, web developers have also come in high demand. Web developers use various designs, programming languages, frameworks, data structures, and strategies to develop websites. Online and internet-based businesses today need websites in place of brick and mortar facilities. Internet business is here to stay, and so is the demand for web developers to fulfill the market’s need. Both entry-level and full-stack web developers are in ever-increasing demand, with an average growth potential of 13% each year. Besides, web developers earn almost $75,500 annually and boost the IT industry’s highest job satisfaction rating.

• Web Designers

Web designers work on the graphical representation and aesthetics of a website or application. Their job requires collaboration with all types of developers to design user interface design. The differentiating aspect of design and web developers is that web developers on the back-end while designers work on aesthetics. Some of their everyday tasks include design layouts, aesthetical frameworks, wireframes, and mockup designs. Web designing is an attractive career for those with a creative mind. The current job market includes several UI and UX opportunities. With an average salary of $64,300, it is one of the promising careers with growth potential.

• Cloud Designing

Cloud designing is a lucrative career in the IT sector that implements and manages an organization’s cloud computing strategy. The professionals working in this field understand cloud applications and various platforms. Also, they are responsible for deploying multiple cloud strategies to make the data run smoothly and efficiently. The average median salary of this career goes up to $107,000 annually.

Final Word

The technology sector has evolved into a massive and lucrative career empire, offering various high-paid jobs to professionals. Digital marketing, website designing, AI, and other areas have offered better careers. Hence, a skilled workforce with a capable mindset is the only requirement to fulfill future aspects of the industry.

Starting an independent business venture is an overwhelmingly exciting and scary notion at the same time. It requires an entrepreneur to takes risks, make calculative decisions, and channel leadership skills to achieve business goals. Several mistakes undermine a startup’s ability to survive and make a meaningful impact on its target audience and industry.

Rushing into starting a business without prior work experience or training is a common mistake that leads to failure. These days many businesses are influenced by numerous forces aside from demand and supply and profits and losses. The modern-day corporate realm is increasingly data-driven. The margin to make mistakes is significantly lower than it was decades ago.

Keep reading to explore common mistakes to avoid while launching an independent business venture.

Neglecting Training & Experience

A business idea is a dream that inspires and beckons us to take risks. But that idea alone isn’t enough, even if you’ve nurtured it for years. To test that idea successfully, you need to leverage expertise, experience, leadership skills, and problem-solving abilities.

The advent of innovative technologies, such as data-driven processes, artificial intelligence, and machine learning, support greater precision and accuracy. As an entrepreneur, your familiarity and ability to use these technologies significantly impact your brand’s success and survival.

Many entrepreneurs find it beneficial to pursue higher education and industry-relevant certifications to cultivate advanced skills instead of acquiring unaffordable talent. Consider pursuing an online business analytics degree to drive your startup with data-driven decisions and accurate forecasting. Data insights and analytics can propel your startup towards growth, profitability and ensure survival in a competitive industry sector.

Whether you’re planning an online or in-store business, data defines all processes, interactions, and revenue-generation activities. Entrepreneurs and startup owners have much to gain from data-driven business insights. Analytics empowers business owners with the ability to make well-informed and accurate decisions.

Not Preparing a Business Plan

Entrepreneurs who prioritize business over education and training fail to realize the significance of a well-documented business plan. How can you test the success and profitability of a business idea without market research and feasibility analysis? More importantly, how can you secure investors, funding, and financial loans without presenting a coherent business plan?

A business plan serves several purposes aside from outlining your idea and comprehensively detailing every corporate activity aspect. It’s a time-consuming effort that requires rigorous research, but it will save you both time and money in the long-run.

Inefficient Financial Management

Finance is the backbone of any given business, be it a grocery store, hair salon, or online stationery shop. Startups require efficient and savvy financial management to ensure profitability, curb losses and eliminate wastage. Entrepreneurs must record every transaction, follow accounting principles and keep track of their taxes.

Your business is bound to survive if you’re comfortable with accounting, financial planning, and forecasting. Accounting and financial savviness inspire pragmatic and realistic decisions that steer businesses towards calm waters. In recent years, eLearning has made higher education a flexible and achievable pursuit.

Accounting acumen is instrumental in ensuring profitability, managing supply chains, and cutting back expenses to reduce wastage. Many entrepreneurs and junior accountants pursue online masters in accounting no GMAT to elevate their industry standing and prosper towards greatness.

Don’t do what you Love

Doing what you love is a piece of age-old advice responsible for many a failed businesses and shattered entrepreneurial dreams. So, should you not do what you love? Not when it comes to running a profitable business unless you’re very good at doing what you love.

You see, some people love throwing paint on a canvas and calling it art. But are they able to sell that art successfully and earn a profit? Some people adore cooking, but their food doesn’t always garner applause. Should they start a restaurant or a home-based food joint to pursue their love for cooking?

Businesses require feasibility, planning, and acumen. If you’re not good at doing what you love, then you shouldn’t do it professionally. Instead, erect a business based on a skill or a talent that you are really good at.

Neglecting Market Research

Most entrepreneurs focus solely on their business ideas. They create hundreds of feasibility reports, plan extensively, and pay meticulous attention to every tiny and enormous detail. While they test out every kink in their business idea, they pay little attention to the market they wish to penetrate.

Market research is the first step of creating a business plan. It’s crucial to study and explore the market and build awareness of dynamics, trends, technologies, and consumer preferences. Market research is instrumental in understanding two key stakeholders that influence your business: consumers and competitors.

Consumer segmentation will help you break down your target audience and pursue each segment with a personalized campaign. Competitor analysis is another crucial undertaking to penetrate the market with a competitive offering that makes you stand out. Ignoring your customers and competitors is a fatal error that will cost you dearly.

Conclusion

Starting an independent business venture may seem like your true calling. But it’s vital to avoid this leap of faith without building expertise, market savvy skills, and pursuing higher education. The corporate realm is brimming with risks, challenges, and obstacles.

The competition is much fierce and volatile. So, be sure to bring in your A-game when you’re ready to launch your business!

In 2020 when Covid-19 was in full swing, many people lost their jobs and livelihood. Thankfully the pandemic is subsiding, so many companies will be hiring again. You will also get a window of new openings. As the recruitment process begins, we have compiled a guide to learn about some sought-after skills. We have included nine skills companies seek in candidates, from soft skills like interpersonal interaction to hard ones like commercial or technical awareness. Let’s have a look:

• Communication and Interpersonal Skills

Better known as interpersonal skills, these are the handy skills you use to engage and interact with others. Whether it’s a client or a coworker, it is essential to communicate clearly so that your message gets across. Communicating with people from their perspective enables them to understand you better and do what you expect with little mistakes. Many recruiters hire employees purely on their ability to connect with people at various levels. So if you want to be hired quickly, be sure to bring your communication and interpersonal skills up to par.

• Teamwork

No matter what job they are offering, recruiters are always on the lookout for team players. Since a business‘s success lies in all its employees’ combined efforts, they quickly hire applicants who get along with others. Such people help others in any way they can and efficiently collaborate with the entire team. So if you lack this critical trait, better get to work on developing it as it is a surefire way to land an excellent job for yourself.

• Commercial Awareness

Commercial awareness means having sufficient knowledge about the workings of a business organization. It can be generalized information about the economic and political trends or specific knowledge about the particular organization and industry. Now it may cause you to wonder how you can develop commercial awareness. That’s where one can understand the difference between MBA and EMBA as EMBA rigorously teaches commercial awareness. Why? Because executives seeking education, that is, an MBA, need to have more commercial knowledge.

In contrast, MBA grads are taught commercial skills but only the basics. To develop commercial awareness about a particular company, be sure to conduct thorough research. With accurate knowledge, your position will be stronger than any others.

• Leadership Qualities

They might not hire you straight away, but companies do look for individuals with strong leadership qualities. When we say leadership qualities, it means the coming together of skills and traits that ascertain different projects’ success. These include good communication, teamwork, problem-solving, and the ability to inspire and motivate others. Workers who encourage their teams and coworkers are an asset to their company. They act as true leaders by first explaining the goal and how to achieve it and then inspiring the whole team to do their best. If you lack in these aspects, try actively participating in group activities. Taking responsibility is the best way to enhance leadership qualities.

• Positive attitude

A positive and optimistic attitude will help you go a long way. Even in adverse circumstances, staying calm boosts morale and enables you to fight the most challenging situations. It helps divulge in new things and brainstorm new ideas. A positive attitude is a driving force that makes people excited to go to work. That’s why it is desirable a skill that companies seek in candidates during the recruitment process.

• Persuasion

Understanding the other party’s perspective and making them see yours is the key to a successful business. When both of you can see where the other person is coming from, you can draft better strategies to benefit each other. Companies seek this skill because it helps them change their clients’ preconceived notions and make them do business with them. Skilled individuals understand their potential clients’ needs and expectations and address them in a meaningful way to persuade them. So if you can convince the recruiters to hire you, well, you already have an essential corporate skill up your sleeve.

• Time Management

Prioritizing and conducting your tasks in an organized way proves your efficiency. Suppose you have been engaging in co-curricular activities or doing a part-time job while studying. In that case, it will show up on your CV as effective time management skills. It is a desirable skill for most companies because the employees who know when and where to direct their efforts are in-demand. Such people can juggle multiple projects at any given time by organizing their workload, prioritizing their time, and understanding how much they can realistically do. So don’t hesitate to show off your time management aptitude as recruiters highly seek it.

• Technical Knowledge

We live in a digital era so having some technical know-how is vital for survival. However, if you want a prestigious company to hire you, improve your technical knowledge. Depending upon your profession and the job you are applying for, you will need a specific technical skillset. These include handling standard software or the ability to tackle particular tasks. If you seek to work hard towards achieving company goals diligently, you need proper technical knowledge. Develop and improve your technical knowledge to get hired by a prestigious company.

• Stress Management

Workplace-related stress varies depending upon the field you choose; some jobs are more stressful than others. If you become overwhelmed or stressed, it will get to you. To get out of such situations, you have to keep calm and work on your emotional quotient. You have to maneuver out of the crisis with a positive attitude and critical thinking. If you can confidently handle stressful situations, it will set you apart from other applicants.

The Bottom Line

These are the nine skills that companies seek in candidates during the recruitment process. If you aim for a specific job, learn about the skills recruiters seek and acquire them. Doing so will not only get you the job but also enable you to do it satisfactorily. Furthermore, perfecting the skills we shared today can help you grow in your career and provide you with several development opportunities.

 

The healthcare industry is on the rise as a whole, and with it comes many niches also experiencing growth. One such niche is medical billing and coding. The unfortunate truth is that we’ll always need a healthcare system, because illness is as much a part of being human as breathing. The COVID-19 pandemic has shown us some serious problems with our current system, and we can only hope that unprecedented growth also means positive changes.

Medical billing and coding is an administrative position that is free from clinical duty, but that doesn’t mean it’s any less important to the healthcare process. In fact, it’s so crucial that it can literally mean the difference between a patient being able to afford their medical care or footing the entire bill.

Let’s look closer at this interesting medical career, the job growth and outlook, and other information on medical billing and coding.

What Does A Medical Biller & Coder Do?

You’re probably wondering what exactly a medical biller/coder does. No worries, we’re here to help make everything understandable! A medical coder is someone who takes medical paperwork and essentially translates it into standardized code. This code is used to create invoices for medical care, which are then sent to insurance companies for payment. So, in essence, a medical biller/coder is the person who makes sure your care is paid for.

The biller is simply the person who bills the insurance company once the codes have been generated, but more often than not, billing and coding are lumped together as the same job. If you’re already creating the codes, it only makes sense that you would create and send the invoices, too.

What Jobs Are Available Now?

According to the Bureau of Labor Statistics, medical billers and coders fall under the “medical records and health information” category, which covers a wide range of jobs associated with the management, organization, and care of medical records and health information. As a medical biller and coder, you’ll be responsible for medical bills, which is an important piece of medical information. You’ll need to keep things safe and private, use the correct codes, and formulate accurate and punctual invoices to be paid.

There are around 341,000 jobs in the US currently that fall under this category, and the niche itself is expected to grow by about 8% through 2029; much faster than average.

Where Can I Get Training?

The next question on your mind is likely where to get the training to become a medical biller and coder. Luckily, we’ve got just the answer! Medical billing and coding doesn’t require a degree, though some people still opt to seek an associate’s degree instead of a diploma/certification. Medical billing and coding courses online are among the fastest routes to becoming a certified biller/coder. You can get certified in about 11-12 months, and earn an associate’s degree in anywhere between 18-24 months.

Once you pass your courses, you’ll sign up to take your exam on the AAPC website. From there, you can earn several different certifications, so you’re not limited to one medical billing specialty. The more specialized certifications you have, the greater your opportunities for employment and a higher salary will be.

What’s The Growth Projection?

As stated before, the growth projection for the medical records and health information niche is around 8% through 2029. Average growth is somewhere between 3-4%, so this niche is growing at a decent rate.

Is It Worth It?

So, is seeking out a medical billing and coding certification worth it? This will largely depend on personal preference, of course, but this niche has a lot to offer. First of all, you’ll be a crucial component of the healthcare process, ensuring that people’s medical bills are sent and paid accordingly. Most patients don’t have thousands of dollars put away for medical expenses, so ensuring their insurance is billed properly is nothing less than a necessity.

With an average salary of about $42,000 per year, depending on your area and any specialty certifications you have, you can make a decent living. The job market is expected to continue to grow for the next decade, so you should have plenty of opportunities when you graduate. The bottom line? It’s worth it if you’re looking for a fast-track into the medical field that pays well, offers opportunities for growth, and is incredibly rewarding.

Conclusion

Medical billing and coding doesn’t involve direct clinical care, so it’s a perfect job for someone who’s more interested in the administrative side of healthcare. The industry will continue to grow through the next decade, so don’t wait! Get started today with an online fast-track course and get into the field and your next career in under a year’s time.

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Starting up a business and smoothly operating it requires a lot of attention and dedication. You have to figure out many things, such as where to procure raw materials from, the cost of production, waste management, marketing, and a long list of other things.

Whether you plan to manufacture a product or offer a service to the market, the business aspects mentioned above are essential to cater to. Your marketing plans must be sound, and your business must have a competitive edge over other players existing in the same niche. But above all, and arguably the most important thing for any business is maintaining a steady cash flow.

Earning revenue is a vital goal for any business, and every business person wants to reap the benefits of profitability sooner than later. However, startups often struggle with their cash flow for multiple reasons. They do not know how to increase their profits or cut down on unnecessary business expenses. Poor financial management and decision-making inevitably lead to the business suffering heavy losses.

Cash flow management plays a significant role in keeping a startup afloat. Following are some of the best tips to help you out and keep the cash flowing as smooth as water:

1. Calculate the break-even point

Knowing your break-even point is a must! Your break-even point will not directly impact the cash flow. However, it will provide you with a roadmap to allocate funds in the right place. It will help you increase your income and identify business areas that do not require an investment. You will have a clear vision about your goals and objectives that you need to achieve, helping you invest accordingly.

Your break-even point is where your total business income meets the cost of goods/services you sell. Knowing this point will help you precisely identify how much you need to sell to generate a profit. This information will help you determine how much cash you need to keep your business running.

1. Manage the finances properly

Regardless of the volume of your profits, keeping an eye on cash flow management is something you cannot ignore. Your profit and break-even point will determine the criteria to set goals and milestones. However, it would be best to operate the business while keeping your cash-flow and spending in mind. If a company is making profits while not keeping a check on cost leakages in other business operations, your earnings will decrease rapidly. Here’s where skilled management comes into play.

Managing business finances can be a complex matter, and often entrepreneurs underestimate the stakes. It would be a wise idea to hire a seasoned accountant or financial expert to do the job. However, if your startup does not enjoy that sort of financial liberty, consider investing in and up skilling yourself to understand the role if not fully take it upon yourself. Many virtual universities offer smart choices, such as an online masters in accounting no gmat that are handy in getting just the right amount of knowledge to prevent your ship from sinking due to poor cash flow management.

1. Maintain a cash reserve

Without a cash reserve, things can get pretty dry, pretty fast. No one can guarantee whether your business will always see a positive side and keep on growing or not. Many times shortfalls arise even when you have planned everything out to perfection. Take a look at the current pandemic, for instance. Numerous businesses shut down worldwide because people suddenly stopped buying products and services from them. Did anyone ever foresee such a thing? No!

In such an instance, your cash reserves come in handy. Maintaining a cash reserve will help you through times of economic crunch. It will give you a temporary financial cushion and enable you to keep your focus on your business objectives and milestones.

1. Collect receivables

Many businesses operate on credit terms – good credit terms, to be more precise. However, you can’t let people take advantage of a cordial business relationship. You need to set a policy for your creditors, determining a particular payment cycle that works for both of you.

Your receivables constitute a significant chunk of your cash flow. Collecting them on time will help maintain the cash flow, as pending receivables are a barrier to your business growth. A smart way to go about it is entrusting a responsible employee to manage their timely collection.

1. Offer discounts

In continuation with the pointer mentioned above, you can always offer your creditors exciting discounts to make the payment cycle more manageable. This way, they are bound to pay up early. We all love a concession; therefore, your creditors will prefer to pay up before the due date to benefit from the discount. For instance, you can offer a 5% discount if they agree to pay on a cash basis right at the spot.

1. Extend payables

Similarly, you must try to extend the time to pay off loans and other payables. The effective way to go about this is to set up a policy when entering a contract. If possible, try to pay up within 60 or 90 days. This will allow you to manage your funds and allocate them properly. It will also enable you to maintain healthier cash reserves for day-to-day business operations.

However, never default on your payables. No one likes doing business with a crook!

1. Smart hiring and spending

Hiring is a significant business cost and one that can have a drastic impact on your cash flow. Every month, you will draw money from your cash reserves to pay salaries, and if you’ve made poor hiring decisions, that money is effectively going to waste. As a pro tip, invest in hiring human resources smartly.

As a startup with limited resources, you should only hire an employee if you really need one. Smart hiring also entails hiring people who can multitask till your business grows to a point where there is plenty of cash and lots of work to do.

1. Get smart with tech

You cannot survive in the market if you do not utilize modern technology and incorporate it within your business operations. This also includes incorporating relevant Fin-tech to manage your cash flows, accounting processes, and tax compliances efficiently. Recording your data onto spreadsheets and cloud storage will allow you to manage your business most proficiently. Human errors can be costly, especially in the early stages of a business. Imagine the dent in your cash flow if one of your employees fails to keep a proper record of paper receipts and eventually misplaces them. Disastrous, we say!

Summing up

We have seen that many startups fail to operate, and there are many reasons for that. However, the most common cause is not managing your cash flow properly. You cannot ignore cash flow management when it comes to operating a business smoothly. Incorporating these tips will ensure that your pockets are never run dry of cash when you need it the most.

 

Working with top-tier organizations is always a thing you look out for. Landing on one of the biggest corporate clients, you must be one cloud nine, right. The dream you saw when you just started has now come true. Oh, it has to be a huge success. Your online accounting software is going to reflect higher income this month. But wait; don’t get moved by the idea that a corporate client is all you need to boost your business’s reach or success.

There could be issues too. To begin with, you cannot expect to send invoices and get paid online every now and then, or after every task. Meaning that they have bigger milestones, they use Online Billing Software for Enterprises and their payment terms vary drastically as compared to what it would have been earlier. To add to this, such organizations have specific requirements which if not done would add more to the timeline, delaying the payment.

Research conducted by Fundbox states that top-tier organizations take the longest time to pay small-scale business organizations. Even when the organizations agree on some terms, they still clear dues after a long period of time. So how do you ensure that you are paid and on a timely basis? Can Online Billing Software for Enterprises help you in this?

Well, you don’t have to search the web for answers to send invoices and get paid online. This article is designed to help you understand how and what to do to get your invoices cleared on time and how Online Accounting Software can help you in this.

Tips to make sure your client pay invoices on time

Ensure all the paperwork is done

You have shared your proposal with the client and a step has been taken from the other end too with them accepting the same. So, all set to start your work? Wait, need not be so quick and fast. Wait and be diligent. You need to make sure that all of the paperwork has been done. That is to say, go ahead and first check whether all of the financial and the contractual work has been done or not.

If not done, stop and first start with the process. Review each and every document. Only after you have read all the documents and are totally convinced should you sign the document and then return it to the concerned person.

In case they have agreed to clear the amount as direct deposit, make sure you go ahead and ask them to share the form. Do not wait until it’s time to raise an invoice. After the documents are verified and processed, ask them to share the purchase order number as this is necessary when creating an invoice.

Find Out Who You Will Invoice

The next thing to know is who should you send the invoice to. Meaning that whether you need to send the same to the accounts department or the person you are in contact with on an everyday basis.

Often, it so happens that bills are delayed solely because they did not land on the right door. It is important that they are sent to the correct desk to avoid any delay in payment.

But when should you ask them about the same? Should you wait for the time when you need to raise the invoice or just after you have signed the contract?

To be honest, it is best to learn about the person as easily as possible. Once you have the details, you can then save the information and keep a record of the same. Also, confirm the entity you are billing to as large organizations have multiple business units and not all are the headquarters.

 

Keep Tabs on the Billing Requirements

Not just the documentation or the person but you should also be aware of how to raise the invoice or what details must be present in the invoice. As stated earlier, organizations are particular about everything and even a single detail missed would lead to a delay in the billing.

Even though it appears to be the standard invoice, it isn’t. It is more like a professional bill to be created in a specific manner to avoid rejection.

So what do you need to add to the invoice? The billing address and the terms that you both have agreed on, there are a few more that are must in the invoice:

• Clearly specify your PO number
• The name of the project.
• The project code, if any.
• The total number of hours you have worked
• The per-hour rate
• Details on the total work done.
• The tax rate applicable to the invoice.

You can also consider using online accounting software to keep track of all.

Keep Your Invoices Simple

Make sure that the invoice created has all of the mentioned details but in a clear and crisp manner. You can use a good Online Billing Software for Enterprises for this, instead of sending an ambiguous invoice to your client.

What we mean to say is that the invoice must not be something that is hard to understand or process. You must take into consideration the fact that these people are extremely busy and have tons of documents to process every day.

If you present the invoice in a manner that is hard to understand, they might just neglect it and move ahead. It’s best to limit fuss or add multiple colors. At best, stick to a white and black background.

Know, how They Prefer to Pay

There are multiple ways of making payments. When it comes to top corporate clients, you can expect payments through apps or even direct deposit. Before you raise the invoice, go ahead and ask them what mode they prefer.

This will help you set up the same so that the payment can be received without any delay.

In your invoice, you must add the details as per their preferred method. Most Online Accounting Software would allow you to add such information.

Conclusion

In the end, we recommend using online billing software for enterprises or an invoicing tool as they are custom-fit templates for industry types. This makes it easier for you to understand the requirements and raise your invoice on time and in the desired format. Another thing to note is that these apps have notifications and reminders to update the parties on dues and unclear bills. Either way, it helps you get the bills cleared on time.

 

Car accidents vary in the extent of the damage but they all tend to have a lasting effect on your life. It can lead to injuries, financial harm, pain, suffering, and more. Now, what if the incident involved a company vehicle? Are the laws any different from other accidents? To answer this and more, we have compiled a quick guide covering everything you need to know about accidents involving company vehicles.

When is a company liable for a car accident?

A car accident involving company vehicles can get complicated very fast. Whether or not the company will take liability for the accident is conditional. For starters, if the person driving the car got into a crash within the employment scope (when on-job duties during working hours), the company is liable. According to the legal doctrine, ‘vicarious liability’ an employer is held responsible for the employee’s actions as long as the employee acts within the employment scope. However, if an employee gets involved in an accident during business hours while running personal errands, the company might not be liable for any injuries and property damage.

The company might also fail to take liability if an employee gets involved in a car accident while commuting to or from work. In cases where a company’s car gets involved in an accident while being driven by a non-employee, but under the company’s authorization, then the company might also take liability.

What if the vehicle was driven by an independent contractor?

Let us take an instance where a trucking company provides a truck that it does not own to a trucker. Then in an unfortunate situation and it gets involved in a crash. Well, the owner of the car will often be held liable for any injuries and losses. In such a scenario, the trucking company exercised no control over the vehicle. In other words, the owner is seen to be responsible for things like inspecting and doing truck maintenance, depending on the nature of the accident.

Car Accident Involving a Company Vehicle: Steps to Take

It is imperative to take the right steps at an accident scene involving a company vehicle to avoid compromising your health and any subsequent compensation claims. This is also the step where you need to consider hiring a car accident attorney.

Check the Extent of Injuries and Damage

The first step is to ensure that everyone on board is fine. If anyone needs urgent medical attention, call in the paramedics. A medical check-up is still important even in cases of a minor accident. Depending on the nature of the incident, you can look at the extent of damage to the vehicle. Do not move it; wait for the police to arrive at the scene of the incident.

Contact the Police

Even if you get involved in a minor accident with a company vehicle, you must contact the police. The police will comb the scene and compile a report about the incident. The police report is very crucial when seeking legal action or compensation. It is thus important to ensure that you also have a copy of the police report.

Gather Facts

The stress and tension of getting involved in a car accident make it hard for victims to gather facts. It can be overwhelming but if you can, get the names, phone numbers, and addresses of the driver and anyone else involved in the accident. Write down the vehicle’s identification number, license plate number, and model. Moreover, gather more details from the driver; enquire if they were on-job during the accident occurrence. Ask about their employer and whether or not the vehicle belongs to the employer.

Collect as much evidence as possible from the car accident scene. Take photos of vehicles involved in the accident as well as the surrounding areas. If there are witnesses around, get their contact details and ask them to give their statements to the police.

Seek Legal Help

An accident claim impacts the business directly and quite often, the company and the insurer will want to avoid taking responsibility. The party’s insurance company will deny a claim or provide the least settlement amount possible. Whichever your situation is, we advise that you seek legal assistance from top car accident lawyers to protect your legal rights. Top auto accident attorneys understand the complexity of laws covering company vehicles and the nature of personal injury cases. They will help prove any fault and handle any dishonest insurance agents that might want to deny you what you deserve.

Beware of Mistakes that Might Hurt Your Case

You should avoid making any mistakes that will affect your case. For example, the other party may trigger conversations to compel you to accept liability, agree that you were at fault, or handle things without police and insurance. This is one mistake you should avoid after a car accident. Your major focus should be ensuring you are safe and gathering as much evidence as possible at the accident scene. Only discuss the incident with your lawyer, the authorities, insurance agent, or medical professionals.

Wrap up

If you or your loved one get involved in a car accident involving a company vehicle, then taking the right steps is paramount to protecting your rights. It is advisable that you first seek medical help to take care of your health even if you feel fine. Also, gather as much evidence as you can and seek legal assistance from a top auto accident lawyer.

Workplaces and collaborations are evolving with the ever-changing technology. There is a massive growth in remote digital workplaces as employees shift a model where they can work from anywhere. As a business owner or manager, it is time to adjust to changes if you are to attract and retain talents. It is the best time to devise strategies to engage your employee and boost collaborations in-office or in a distributed workplace. Well, we have compiled this guide covering enterprise collaboration in a digital workplace to help you make the transition.

Establish if Your Company is Ready for Enterprise Collaboration

Before you decide on implementing enterprise collaboration, establish if your company is ready for the change. For starters, look into the culture of your business, the attitude and behaviour of your employees.

According to research, it has been found that two cultural challenges tend to make enterprise collaboration difficult; When the executives lack commitment and if the norms and values of a workplace make adopting change difficult. As a leader, ensure enterprise collaboration is effective by showing commitment. You should also trust your employees and provide the necessary resources to spur the shift. Your workplace norms and values should be supple enough to accommodate the change.

Again, consider your employee’s attitude and behaviour towards change. If the employees are open to learning and adapting new practices, your company is ready for enterprise collaboration.

Set Clear Goals

Enterprise collaboration is doomed to fail if your business lacks direction in its processes and projects. It is also bound to fail if there is poor work management! As a rule of thumb, have a proper reason for why you need to implement enterprise collaboration. For example, which specific gap is it meant to close? Look at the benefits that it is impacting your employees and your business.

You can then set goals and have a solid plan on how your company will carry its processes and work. Encourage everyone to stick to the goals and the procedures. Moreover, ensure that everyone involved in the enterprise collaboration is held accountable to boost discipline and trust.

Invest in the Right Collaboration Tools

Your enterprise will need to invest in the right technological tools to enhance collaboration, especially in a remote workplace. Use tools that facilitate top draw and quick conversation in your team. Make it easy for them to share knowledge, information files, and resources.

Remember, cybercrime is on the rise and it is growing to one of the biggest liabilities in a business. In this regard, invest in a secure file sharing tool for enterprises to help your team collaborate while protecting your data. The right collaboration tools should make work easier, albeit while maintaining data privacy and confidentiality. The beauty is that there are many digital workplace collaboration tools to help you, from project management software, to-do-list apps, video conference tools, instant messaging apps and more.

Train your Team

The idea of enterprise collaboration will not make sense to your employees unless you educate them. With knowledge of enterprise collaboration, your team will trust the process. They will focus on work other than spend time questioning the reason for the initiative. Let them be conversant with what enterprise collaboration is, why you are implementing digital collaboration, and its importance to the company.

Elaborate how enterprise collaboration will ease their work, save time and increase productivity. Let the employees know that the collaboration will benefit them. This will impart a positive attitude towards the new change. Moreover, make sure that the employees are competent in using the collaborative tools by training them on the required technical expertise.

Evaluate your Enterprise Collaboration Strategy

You will need to evaluate your enterprise collaboration strategy from time to time to ensure that it is meeting your goals. For example, if your goal for setting up enterprise collaboration was to boost effective communication among your remote employees or say to increase productivity, you need to measure the ROIs. Find out if the communication gap has been closed or if there is an increase in productivity.

If the enterprise collaboration strategy you have put in place is not yielding any success, it means that you will have to go back to the drawing board and restrategize. If it is working, don’t stop at that. Keep making improvements!

Final word

As a business owner or leader, it is now best to consider enterprise collaboration for your company. It will boost productivity in your company as employees can share ideas, knowledge and team up in projects regardless of their physical location. We hope this guide will help lay the foundations for your success in enterprise collaboration.