Risk is something that is inevitable. When confronted with a risk, organizations can falter or prosper, depending on how prepared they are with the uncertainty. This makes it important to put an emphasis on risk management, which will be a key element of the success of any business.
How will it be possible for businesses to manage risks? Keep on reading and we’ll share with you some of the ways by which risk management can be implemented.
Seek Outside Help
This is especially true in the case of a small business without the luxury to have enough human resources.…
Are you the proud owner of a new small business? Depending on how hard you want to work to succeed, you won’t be small forever. But first things first. You’ll need to take advantage of all of the great new ecommerce web design technology that is transforming the face of business on the web.
This means making sure that your official website comes complete with all of the latest small business ecommerce solutions. This will definitely include a web store and shopping cart.…
Invoicing has become a crucial part of most small businesses as it might not be so easy to set up a team for the sole purpose of keeping accounts – and also to pay them. That’s why if you run a small business, it’s advisable to take care of the drafting, processing and sending of invoices – or better yet, assign the task to some of your senior employees.
Besides delegating the role to some top members of staff, it’s wise to use a private cloud or make certain services and software available to make the task easy for them.…
The global outsourcing market is worth $88.9 billion in 2017 and this figure is expected to remain steady. Whether it is to address a talent gap or to improve the value of a service, outsourcing certain parts of a business make sense. It improves overall productivity, ensures the best performance in that sector and leaves managers with enough time to concentrate on the things that matter the most such as management and steering the company in the right direction. In addition to cost-efficiency, you reduce overhead costs and improve operational control.…
Choosing the most beneficial entity designation is one of the most important things to consider when starting a business. It is possible to change your entity type once you have established the business, but it is a costly and time-consuming process. That said, you should be careful in choosing the entity. The big question is, how to choose the right entity without any prior experience in setting up for one?
Well, there are resources available online, but DIY the process has its limitations. …
EMV stands for “Europay Mastercard Visa”. It’s considered a global standard in payment processing and fraud prevention. The benefits, as far as secure payments go should be obvious.
When you have literally the world’s biggest credit card providers offering a technology specifically designed to protect themselves, their clients and their customers from costly credit card fraud, there are going to be an untold number of benefits at your disposal.
Contactless or “tap” payments are highly disputed. They seemingly eliminate the inherent security benefits of chip-card tech, because the user isn’t required to enter a personal identification number (PIN).…
Branding is one of the key components of business success. Whether you are a small home-based business or a multi-billion-dollar global corporation, you need to focus on establishing a reputable brand, which will help you to achieve profitability. That being said, the rest of this post discusses some of the mistakes that you need to avoid when it comes to branding.
Replicating What Others Are Doing
It’s tempting to follow the strategies of other companies, hoping that you will be able to replicate their success.…
You’d be forgiven for thinking that a new enterprise has little chance of competing against a large, established organization. True, existing conglomerates have the upper hand in terms of budget, resources, and manpower. Yet there are many benefits to being a small venture, and indeed these can provide a great competitive edge for small and independent businesses launching into the market.
From commercial aspects such as focused marketing spend to greater agility and authenticity, here are some of the characteristics small brands can bolster to compete against bigger companies.…
Long before the internet and social media, restaurant reviews have always played a major role in the business. Between food critics and journalists expressing their experience at a restaurant could make or break an establishment. Restaurant owners fought long and hard battles to appease these people to entice customers to their establishment, not send them packing.
Nowadays, anyone who has access to the internet and belongs to a social media can review a restaurant for all to read. Consumers are visiting restaurants and then leaving their opinions for friends and followers to see.…
This article will inform you about everything you need to know when looking to register a company name and/or structure for your newly formed business, including the advantages and disadvantages of the most common structures, giving you an indication to the structure best suited to you.
Register as a Sole trader
Registering as a Sole Trader is one of the most common and straightforward options for anyone looking to start their own business. It is often adopted by ‘lone’ businessmen and women such as Personal Trainers, Accountants, and Photographers, to name a few.…
