Did you know that small businesses waste money on all kinds of unnecessary things? From too many assistants to too much office space, it’s important to cut costs when possible. That way, your business will not only survive but also thrive.

Accounting is one aspect of business that can create a lot of wasted time, money, and effort. Are you wondering what you can do about it? Keep reading to learn about 5 cost-saving ways an organization can simplify accounting.

1. Hire an Expert

The old saying that you have to spend money to make money is still true. While you may think you can save money by doing accounting yourself, it will only get more complicated as your business grows. Even a small accounting mistake can end up costing you more money.

To keep things simple, you should hire a pro to handle it. When you have these professional employer services helping to make your business run smoothly, you’ll end up saving money over time.

2. Rely on Technology

To simplify payroll, don’t forget to use the right technology. While software that’s out of date can make things worse, you can save time and money by using state-of-the-art programs.

There is a range of helpful document management programs you can use depending on the size of your business. From invoices to manager signatures, the right program can streamline the whole process of payroll service.

3. Don’t Mix Expenses

Every now and then, you may find it convenient to charge your business credit card on something that isn’t business-related, such as a new pair of sneakers. However, this so-called convenience can quickly become a big pain once it’s time to do accounting.

The accounting department and your professional employer organization can be much more simple if you are diligent about keeping business expenses and personal expenses separate.

4. Keep Track of Everything

Aside from keeping expenses separate, it’s also important to keep track of all factors related to business expenses in general.

It can be all too easy to lose track of employee expenses, for instance. However, if you’re going to make sure you’re putting your resources to good use, you can’t cut corners.

5. Go Green

Not only will going virtual save you money, but it will also save you time. Cabinets upon cabinets of files can only stay organized for so long until it becomes a mountain-sized headache.

By making everything electronic and computerized, documents can be accounted for with a simple search. By offering employer service training now, you can reap all the benefits of a more streamlined and state-of-the-art business later.

Are You Ready to Simplify Accounting?

Now that you’ve learned about the 5 cost-saving ways an organization can simplify accounting, your business is ready to boost productivity and more. After all, there’s always room for improvement.

The world of business can be dog-eat-dog. With so much competition out there, you can’t afford to ignore the latest tips and tricks for success. You can stay up to date on business topics by clicking around our site.

Going “green” is something that more and more customers are prioritizing. Last year, nearly 60% of consumers reported they’d be willing to change how they shop to limit environmental impact. In the same study, 80% reported that sustainability is a priority for them.

But becoming a green business shouldn’t only be about public image. It should be about doing your part to help the planet heal and last. And it doesn’t take much.

We’ve put together a comprehensive list of the simplest ways to make your business more environmentally friendly. Start with one or two and work up to incorporating as many as you can.

Brainstorm Your Options

A great place to start is by brainstorming with your team. Some of your employees are likely familiar with environmentally-friendly habits. Maybe they’ve already researched how to lead green lifestyles.

Bringing your employees into the conversation shows that you value their opinions. It also helps them take some ownership over the process. They’ll feel more engaged and therefore more willing to follow through.

Your employees may also contribute ideas you hadn’t thought of. There are many benefits to brainstorming. If you start off getting your entire team involved in going green, you’re likely to have more tools to work with.

Sell or Donate Used Electronics

A simple way to become a greener workplace is by selling or donating your used electronics. Many people don’t think about how their old electronics end up in the landfill. But over time, they corrode, leaking harmful chemicals into the earth.

By selling old electronics, not only are you recycling in a sense, but you’re also getting a bit of your money back. You can reinvest that money can into the company or use it to buy something else you need.

If you donate your old electronics, you’re also saving them from ending up in the landfill. Not only that, but you’re offering them to people who may use them for years to come.

Another way to get rid of your electronics is to recycle them. Check online for drop-off locations near you. Or, call your local office supply store and see if they offer recycling services for electronics.

Allow Your Employees to Work Remotely

If most of your company’s work is done online, why not get your employees set up to work remotely?

One benefit of remote work is how it positively affects your employees. Working remotely gives them more flexibility. This can reduce stress and improve their sense of work-life balance.

Employees that are less stressed are less likely to become sick, miss days, or be unproductive. It’s also better for the environment. Every car that stays off the road keeps copious amounts of carbon dioxide out of the air.

It also means your company saves money on all those items it has to keep stocked. You may even be able to cut costs around heating, cooling, and lighting, too.

Offer Commuter Benefits

If remote work isn’t possible, offer benefits to those who opt to commute via public transit. Buses, trains, and subways are some of the greenest methods of transportation.

Companies can offer benefits like transit pass reimbursement or discounts. You may be able to partner with city transit companies to offer monthly or yearly passes at a lower rate.

Reduce Packaging

Reducing your packaging isn’t as hard as it may seem. As a first step, try not to add non-recyclable fillers to your mailing.

In particular, styrofoam damages the environment. And plastic cannot break down once it’s in a landfill.

So try using shredded paper as a filler instead. It cushions your items without adding too much extra weight. Best of all, it can be recycled!

Increase Recycling

Speaking of recycling, encourage your employees to do so. Place recycling bins all over the office.

For ease of access, there should be a bin everywhere recyclable products are used. Think by the printer, in the kitchen, the mailroom, and in meeting rooms.

Each desk should have both a garbage can and a small recycling bin. If you’re working with a cleaning crew read this resource and hire a team that is committed to recycling.

Use Sustainable Materials

Check the labels on your items to see if they’re sourced from sustainable materials. Dishes and utensils made from recycled materials are a great starting point. Additionally, eco-friendly toilet paper or paper towel products are helpful, too.

Another place to reduce your environmental footprint is in your cleaning supplies. Many include chemicals that, when flushed, end up damaging natural bodies of water. Additionally, they’re typically packaged in plastic.

Check for natural cleaning agents that come in recyclable containers. Encourage your employees to use these instead of the chemically-based ones.

Source Secondhand Items

When you’re considering new furniture or electronics, look for secondhand offerings. You’ll likely save money this way. And, you’ll be engaging in a form of recycling; you’ll be reusing products with life left in them instead of opting for something brand-new.

Secondhand doesn’t have to mean lower quality. A lot of times, people offer their used goods for sale because they don’t need them anymore or have never used them. You might be surprised by what you’re able to find!

Upgrade Your Energy-Efficiency

This is as easy as changing a lightbulb. Literally!

If you haven’t made the switch to LED lightbulbs, you should. They save your company money by using less electricity to run and they last much longer.  In fact, LEDs can last up to 50 times longer than incandescent bulbs.

Opt for blue-hued bulbs that will keep your employees feeling alert and productive.

Encourage Green Behavior

A key part of going green is getting your team on board. The initial brainstorm may have sparked interest at first. But if enthusiasm is waning, encourage your employees with incentive programs.

Celebrate employees who bring their own lunch to work. Encourage employees to use reusable dishware in the kitchen instead of disposable products. The little things your employees do each day will contribute in large ways.

Reduce Paper Usage

Many businesses going green are opting to cut down on their paper usage. It’s all about reducing waste. The less paper you use (and throw away), the less garbage there is in landfills.

This is especially true if you’re not recycling all that paper. Try cutting back on how much you print.

For starters, don’t hand out hard copies of your meeting agendas; display them digitally. Instead of printing out task lists for your employees, use an online management tool. And if you’re in retail, ask your customers if they want their receipt before printing one.

Green Your Bathrooms

There are two areas in any office that produce the most waste: the bathrooms and the kitchens. But you can green up both of them!

Start by using recycled paper towels in the bathrooms with spaces to recycle them in. If you want to go a step further, install hand-dryers instead.

Alternatively, you can bring hand towels instead. Just make sure you’re able to have them laundered regularly. Low-flow or motion-sensor faucets can help reduce the amount of water used, too.

Green Your Kitchen

To green your kitchen, consider how much people are throwing away each day. Are there ways you can reduce this? Try starting with not having any disposable cutlery, dishware, or cups in the kitchen.

If you have a coffee machine, try to avoid the ones that use small, plastic coffee pods. You can also turn off the machine in the afternoon to avoid using excess power.

Encourage your employees to recycle any paper or plastic wrappings they bring in. Use environmentally-friendly dish soaps and sponges.

Bring in Plants

A fun way to literally green up your office is by bringing in live plants. But what do plants have to do with sustainability? It turns out, live plants can improve employee productivity by 15%.

While you’re at it, bring in art, too. And encourage employees to take their morning coffee break or connect at lunch.

These little gestures can help employees feel less stressed and more focused at work. This improves their productivity, helping your business run more efficiently.

Become a Green Business

Turning your business into a green business takes time and effort, but is well worth it. You don’t have to overhaul your entire company structure overnight. Start with one item on this list and work up from there.

Before you know it, your company will be working more efficiently. And it’ll be doing its part to help the environment.

For more on office place best-practices, visit our business section.

Wearable devices have lots of potentiality for the average customers including mobile notifications, health, and fitness tracking, as well as other cool features.

However, this technology likewise depicts plenty of promise in the business world. One notable example is healthcare where wearables are used for collecting information regarding hospital patients.

All these tools have found a place in the manufacturing industry, particularly with the advent of IoT and related machinery. In the subsequent paragraphs, we have highlighted some notable ways in which wearable technology & IoT are transforming the manufacturing industry these days.

1. Enhanced productivity and process efficiency

Workers will be able to make use of wearable technology for improving existing functions and processes within commercial and industrial settings.

For example, on the production line, this technology can be used by staff members for staying focused on what is being done by them, obtaining additional information, or delivering remote orders.

Wearable technologies are capable of speeding up operations in warehouse settings as well with the implementation of modern tools such as JD Edwards ERP software.

The Dutch company Active Ants made use of an innovative technology named Google Glass for helping workers select and prepare custom-designed items. The result was that there was a 15% enhancement in speed while errors dropped by 12%.

2. Situational awareness

Although this is particularly true of development and construction, it also applies to manufacturing as well. The setting is changing at all times to accommodate more work and updated projects.

However, it is somewhat different as compared to general safety since it is quite difficult to stay aware of the hardware or equipment which is always moving throughout an area or space. With the help of IoT, body-worn wearable tech, and connected sensors, it will be possible for the workers to be more careful of what is taking place around them.

For instance, suppose somebody is walking through a narrow pathway which is blocked on every side by tall and packed shelving.

It is not possible for them to visualize what is there on the other site and they will also not be able to comprehend what is waiting for them once they depart from that area. Smart wearables such as connected eyewear or helmets will be able to pinpoint exactly where equipment and objects are positioned. This will enable the workers to avoid walking out in front of a forklift or top-loader which is moving.

This type of setup will also notify the workers once something has changed within a plant. For example, in case there is a hazardous spill somewhere, the managers will be able to inform everybody to avoid that particular area of the property.

3. Opportunities for remote management

It is a fact that connected sensors and IoT, particularly in a manufacturing plant, will allow the managers to visualize how all things are operating remotely. Almost all the things are synced back to a central system or hub that allows administrators to review status information, make alterations, or even plan actions for the future.

However, the personnel will also be able to experience the same thing in case they have wearable technology as well. Managers will be able to visualize where everybody is, what is being done by them, how efficient they are, and also the potential problems or bottlenecks.

While 2 employees are walking in different directions, it is possible for them to collide. The actual allure will be the option of delivering requests and commands irrespective of the location of the managers or what is being done by them.

4. Security planning and authentication

In specific industrial and manufacturing settings, it is important to maintain appropriate security protocols and also authenticate 3rd parties or workers before accessing specific areas of any property. For instance, the management might not like an equipment vendor to gain access to any area of the plant with unannounced items or products.

Wearable technology has the ability to monitor, block, and allow certain movements of the workers. It is feasible to authorize their headset, mobile device, or wristband for letting them in.

Once the assignment has been completed by them, the area can be locked down once again. In case you have identified somebody not sticking to the proper protocols, it would be possible to prevent them from accessing the equipment in the future so as to prevent any further harm or injury.

Conclusion

Modern wearable technology is presenting lots of innovative possibilities for enhancing the way things function. Human workers as well as the equipment used by them can be modified for enhancing productivity, efficiency, and safety.

 

Barely a day passes without the news being hit with headlines about coronavirus. The virus was first reported in Wuhan, China, towards the end of 2019. It has since become a global health crisis, having spread to other countries, infecting millions, and killing most of its victims.

Even as governments tried their best to put in measures to protect their people, the media coverage of the virus caused a lot of anxiety. Face masks are the new walking billboards, with social gatherings becoming rare. As we knew, life has significantly changed as we try to coexist with the virus.

Businesses have not been spared either. The pandemic has brought unexpected variables that existing crisis teams and plans were not fully prepared to handle. Though many companies have now come up with effective strategies specific to the pandemic, there is no denying that the pandemic has reshaped business activities.

Workforce

The following are the five workforce areas that emerged as priorities for business leaders;-

• Ensure the continuity of work
• Employee protection
• Maintain effective communication even during a global pandemic
• Assessment of workforce costs

When the pandemic first hit, most governments imposed lockdowns restricting people’s movement. Social gatherings were prohibited, and people were advised to remain at home unless it is necessary. With most businesses have to cut down their operations or close down altogether, a majority of people found themselves jobless in the middle of a pandemic.

As for companies that continued operating, things were not as usual. Anyone who could work remotely was advised to do so from the comfort of their house. An employee could only report to the office only if it were necessary.

Furthermore, the management had to develop contingency plans to ensure their workers remained healthy. The working space has to be reorganized to ensure a distance of at least 1.5 meters was maintained between employees. Individuals at the office had to sanitize or wash their hands frequently.

Even with the pandemic, effective communication between employees and the management had to be maintained. And since meetings could not be held, teleconferencing became the norm. Office meetings were now held via Zoom, Google Meet, or any other similar app.

That forced businesses to create more technology-friendly working environments. Network connectivity had to be improved, and employees were trained on adopting technology to facilitate their work.

Though these were tough economic times, companies recruited new employees, either due to an increased workload or to replace sick workers; the recruiting team had to get creative. With physical applications being out of the question, mobile recruiting software became the trend.

Mobile recruitment involves mobile career pages, ads, and applications to find a suitable candidate for the job. Tasks such as scheduling interviews, providing feedback, and communicating with candidates can be handled remotely.

Conferences

The pandemic saw almost all significant conferences canceled due to concerns over the virus. A perfect example is the Mobile World Congress that was to take place in Barcelona in late February 2020. Facebook canceled its Global Marketing Summit and F8 developer conference, while Google shifted its Good Cloud Next event online. Likewise, IBM was forced to stream its developer’s conference, with only 30,000 attendees.

Though some of the conferences eventually took place online, there is a concern that the experience was not the same as a live one. Besides, people did not interact as they do in face-to-face meetings, making it almost impossible to network and create new opportunities for their businesses.

Operations and Supply Chain

This is perhaps the clearest and most immediate impact of the pandemic. Companies with a limited raw material inventory and heavy reliance on Asian countries experienced the highest disruption level. Tools and hardware, building materials, electronics and appliances, and auto parts were the most affected.

Having originated in China, the world’s second economy and leading manufacturer and importer of fuel, several citizens were infected and forced into quarantine. This led to the partial and full closure of major factories and plants.

Companies that depended on these industries experienced shortages in raw materials, resulting in reduced production units. For example, when Foxconn shut down most of its production in China, Apple experienced a shortage of its iPhone supply. That resulted in a 10% decline in iPhone shipments in the first quarter of 2020.

Most businesses have learned in the hard way to look beyond their first-tier suppliers. However, the pandemic has proven that having multiple suppliers may not be the solution. For example, in the light of travel bans and lockdowns, it was almost impossible for goods to cross to the neighboring country, let alone from one continent to the next.

Therefore, the best thing is for business to identify their supply chain risks and pre-emptively develop mitigation approaches. Analysts say that those with effective mitigation measures find a solution or can at least minimize the impact. However, those without a plan are left at the mercy of the pandemic and the public.

Finance and Liquidity

The pandemic saw companies report a decline in business activities, resulting in reduced revenue and cash flow. This meant that maintaining normal business operations became an uphill task.

During such times of economic uncertainty, managing funds and liquidity positions became crucial. Steps taken by most businesses include but not limited to;-

• With the modeling of worst-case scenarios to determine the current cash position’s impact, frequent revision became mandatory.
• Identification of the financial and operational levers that can conserve and generate money or potentially increase access to funding; for example, companies that realized they had too much office space as people continued to work remotely could lease some of the room. Austin startup office space made it easier for new and small businesses to start operations even in the middle of a pandemic.
• Assess the financial prospects from tax reliefs and other local measures taken to help a business survive the harsh economic times
• Comprehend and plan for the financial reporting considerations that will be a consequence of the pandemic

Strategy and Brand

In the light of the pandemic, businesses had to develop strategies to help mitigate the pandemic’s impact on their brand and operations. The ultimate goal was to ensure enterprises emerge stronger than ever before.

Admittedly, a shift to remote working revealed gaps in IT infrastructure, employee digital skills, and workforce planning. Consequently, companies have to adopt fresh strategies to accelerate these digital transformations.

Besides, companies have been forced to go back to the drawing board to develop strategies to ensure growth and profitability in the middle of a pandemic. Adequate preparedness is the new motto for most businesses, through more frequent financial modeling to boost resilience, scenario planning, and new models to incorporate the unexpected’s economic impacts.

Consumer needs, preferences, and requests changed significantly during the pandemic, probably due to a shift in income or ease of accessibility. Analysts advised companies to take customers’ pulse, considering their long-term changes in core markets and business models due to the pandemic.

Conclusion

Undoubtedly, the coronavirus pandemic reshaped every aspect of our lives. Businesses were not spared; either had had to either shape up or shape out. Without much of an option, most companies had to adopt new strategies.

The good news is that a vaccine has been found for the virus and is already in distribution. As economies and businesses transition into a recovery period, the biggest question lies in whether the changes adopted during the pandemic will continue or people will go back to their old ways.

Did you know there are between 12 to 24 million eCommerce businesses across the internet?

Based on these numbers, there is a lot of competition among online stores. If you’re ready to get into the e-commerce game, it’s important your business can stay ahead of the competition.

If you want to create an online store, you came to the right place. Read on to learn how to start an e-commerce business.

What Is E-Commerce?

If you want to start an e-commerce business, the first thing you need to do is to become familiar with the term. Also known as electronic or internet stores, e-commerce is a business model for buying and selling products.

The purpose of e-commerce is for people to acquire goods without visiting a physical store—both the seller and consumer benefit from e-commerce businesses due to the convenience and availability of goods.

Are You Planning on Starting an E-Commerce Business?

Because e-commerce businesses don’t require you to have a physical location, it’s easier for many people to start an online store. While you might not need to rent out a physical store location, which is a big expense, you still have other significant start-up costs.

The most common start-up costs include a business license, web design, e-commerce platform, payment processing, etc.

Also, before you start an e-commerce business, ensure you have the answers to these questions.

What are you selling? How Will you source your products? Who is your target audience?

Once you have the answers to these questions and estimate your start-up costs, you can start by putting a plan in motion.

Start by making the goals for your online business SMART: specific, measurable, attainable, relevant, and time-based.

Steps to Take to Launch an E-Commerce Business

Now that you have a better understanding of what e-commerce is and the initial planning, you can move on to the next step. This checklist will help you in the next steps of planning.

What Is Your Niche?

E-commerce is a broad concept, so if you want to start a business, you need to narrow it down to what you want to sell. Before choosing a color scheme for your website, you need to narrow down what your niche will be.

For example, if you want to sell organic beauty products, this concept can be quite broad. However, selling organic beauty products that contain CBD is a lot more specific.

Having a clear niche will help you in the marketing process in the future.

Choose the Right Business Model

Once you have a clear niche, you need to choose the right business model for your e-commerce business. Some of the most common business models include B2B, B2C, C2B, and C2C.

Business to business or B2B is a business model in which a business provides goods to another business and not to a consumer.

In a business-to-consumer or B2C business model, the business providers goods to the consumer. An example of a B2C is Amazon.

Consumer to business or C2B, on the other hand, refers to a business model in which the consumer provides a product or service to a business. Social media managers, content strategists, and content creators are examples of a C2B business model.

Consumer to consumer or C2C refers to goods or services exchanged between consumers.

Choosing the Products for Your Target Audience

When setting up an e-commerce business, the next step is to choose the products you will sell based on your target audience. Answer these questions to decide the types of products your e-commerce business will feature.

What are your company values? What does your company stand for? Who are your customers?

Once you have the answers to these questions, you will know how to market your online store. Establishing a solid brand and business concept is how you will present your business to the world.

Create an Online Store

Once you have established a niche, target audience, products, and brand concept, you’re ready for the fun part.

You cannot sell products from your website without building an online store. It’s important to add an online store to your website, or you won’t be able to sell products.

Online stores have special features that allow you to display your products, add to the cart, and help customers check out.

During this process, you will choose a template, logo, and layout of your online store. While many platforms allow you to do it yourself, you can pay a designer if you want a more complex and professional design.

You can also try sitecore and e-commerce growth if you are new to e-commerce.

Focus on Attracting Customers to Your Store

Your e-commerce business needs to attract customers to succeed, so attracting customers should be high on your list of priorities.

There are many ways to attract new customers to your online store, such as organic traffic, social media leads, and pay-per-click advertising.

The different ways you can advertise and attract customers to your e-commerce business will also depend on your budget. Although there many benefits to attracting customers organically, it also takes a lot longer.

You might be able to see results faster if you pay for ads to bring exposure to your online store.

No matter how you choose to attract customers, ensure, you can measure your results in real-time.

Market Your Products

Marketing your products is another way to create exposure and attract more traffic to your site.

Start by measuring how well your products are selling, and If you noticed sales are stagnant on some of your products, you could benefit from changing your marketing strategy.

Taking actionable steps to increase your sales will help you stay on top of your low-performing products.

Are You Ready to Start an E-Commerce Business?

Now that you know what it takes to create an e-commerce store, you’re ready to launch your online store.

If you’re ready to set up your online business, remember to start by choosing your niche, choosing the right business model, create an online store, and market your business.

If you enjoyed this article and would like to learn more, check out the rest of our blog.

Growing a small business from nothing is one of the most difficult things you can do. According to the U.S. Bureau of Labor Statistics, 20% of small businesses fail within the first year. One of the main reasons is a struggle with cash flow problems.

However, we’re not giving you this knowledge in order to discourage you. By combatting and rising above your cash flow problems, you’ll be able to build a solid foundation for your business going forward.

With this in mind, read on to learn our top three tips for small businesses to increase revenue!

1. Enhance the Customer Experience

First and foremost, you want to have a strong handle on what your customers want and what they’re experiencing during their customer journey. With a strong focus on this, you’ll be able to identify key pain points that are keeping customers from becoming return clients.

This may mean improving your website so it’s easier to navigate to the checkout page. You might want to incorporate intergrated payment systems into your software to make it easier for customers to checkout without leaving the app. It’s a constant process of adding, tweaking, and reverting in order to give your clients the best experience.

2. Boost Your Sales Strategies

One issue may be that you aren’t using the right sales tactics in your copy. While the content on your site should be entertaining and informative, it’s also important that you also have a sense of urgency in your sales copy. Here are a few recommendations:

• Creating clear calls-to-action that tell visitors the next step
• Discounts for customers who sign-up for mailing lists
• Bonuses or freebies for customers who purchase within a timeframe
• Offering certain items or services for a limited amount of time

You can see how these tactics will help some customers to cross over their initial hesitation and convince them to make a purchase. Your online revenue will increase over time with the convincing copy!

3. Enhance Pricing Strategies

If you have a lot of traffic to your website but not enough sales volume, there may also be an issue with your pricing strategies. Make sure that your pricing meets your customers’ expectations and is the same as or lower than your competitors’ pricing. You may also want to incorporate tiered pricing for your goods or services.

Tiered pricing helps incentivize customers to purchase in bulk in order to receive discounts. For instance, purchasing a pack of 5 will cost $10, but a pack of 10 might be more tantalizing if it’s only $17 versus $20.

It’s also important to do research into other pricing strategies such as volume and package pricing. Depending on your industry or vertical, one might make more sense than the other!

Increase Revenue With the Right Tactics

These tips to increase revenue are the foundation for a much larger strategy that will help you outlast the first year. It’s important to start out with solid goals, a mission statement, and a solid understanding of your target audience. From there, you’ll be able to create a seamless customer journey that will take visitors to your homepage to the checkout page far more often.

Ready for more ways to increase your business revenue? Keep reading our blog for more actionable tips and strategies!

Starting your own business is a lot of work in itself, but the fun comes in when you’re deciding on what to call your business. With many people competing for customers across various niches, figuring out how to come up with a business name that will set you apart from your competition can be tricky.

We’re going to give you business name ideas and tips to help you find the right one for your business. What are you waiting for? Your business isn’t going to name itself.

Be Original

We understand that sometimes going with an obvious name is the best way to go, but with various businesses in one sector, having too many similar business names can confuse customers. When coming up with your business name, choose one that’s unique and will pique customers’ interest.

When they see your business name, they’ll want to know more about the company and the story behind the name.

Think Long Term

The name you choose for your business is here to stay, and that’s why you should make it one that can withstand the long haul. We mean that if you currently market services towards children but intend to broaden your target audience in the future, don’t choose a name specifically directed at children.

In the future, you would need to alter the name to let others know that you now service more than just kids within your business.

Keep It Simple

Sometimes less is more, especially when it comes to the name of your business. You want it to be straight and to the point, not a name that customers have a hard time saying or is too long to fit properly on a business card.

Test It Out

If you’ve come up with a business name, but you’re not sure if it’ll work, test it out. Say the name out loud and paste it into the company logo design to see how it works.

You should also see how the name looks in an email or business newsletter. This is key to deciding if a name is right for you.

Make Sure It’s Available

The last thing you want to do is go through the process of selecting a business name and then finding out that it’s already taken. Once you come up with a list of names that you might use for your business, check to see if they are available.

There are tons of platforms like opstart.ca that allow you to search for a business name before you begin putting it on all company documentation.

Business Name Ideas: Tips to Achieving the Perfect Name

There are tons of business name ideas out there that you can use to name your business. The tips we’ve provided will ensure that you find the right name for your business, like ensuring the name is available and keeping it simple.

We hope this post had the information you were searching for. Now that you’ve decided on the name for your company, check out our other posts.

Do you feel lost among the daunting prospect of spending large amounts of money on a chemical supplier?

You aren’t alone. But it’s good to know that businesses in the manufacturing sector have many options for sourcing their chemical supplies.

This article discusses four key considerations to take into account when selecting a supplier when buying chemical supplies. Read on to learn more!

1. Delivery Speed

Buyers and sellers in the chemical and materials industry have several options for getting products from point A to point B.

Usually, there are two main delivery options: air or ground. It’s good to know that you can have the product shipped by air within a matter of hours, or you can have it delivered by truck or rail within six days.

Buyers need to cut their costs and ensure that their shipments arrive on time. Minimizing the number of days required for a stock-up order, which consists of many items, is essential. They may need special handling and customized packaging that adds extra costs to each item packed into a pallet.

2. Product Availability

Suppliers can have a large selection of products, but not all products are available at all times. It’s vital because when a buyer orders a product, it needs to be available in the inventory. The supplier needs to know how fast they get it shipped to you in time.

Some suppliers offer lead times for their items that specify how long it usually takes before ordered item ships. Still, if you get an order request at the last minute, this lead time won’t do you much good.

The best suppliers will be able to discover more and ship hard-to-find items fast, without incurring any extra expenses or waiting periods for delivery.

3. Pricing Structure

Most buyers worry about the cost of their chemical supplies, plain and simple. There’s a reason why everyone wants to buy products at the lowest prices possible. The chances are that your business is not in a position where it can afford to sell products with no regard for cost.

That’s why you want to work with suppliers that offer reasonable prices for products. Great suppliers can provide competitive prices but don’t cheapen their service or customer support because of it.

For example, you want suppliers who offer best-price guarantees, so they’re giving you the best price possible and not passing along savings from service reductions. To find the best prices and terms, you’ll have to do some research by shopping around different suppliers.

4. Inventory Handling Capabilities

In general, suppliers can handle small orders. Still, when buyers need large quantities of products, providing a prompt service is one of many challenges faced in distribution. The right supplier can manage and maintain a large inventory that allows them to ship items within 30 minutes.

When shopping around, it’s good practice to ask about these inventory holding capabilities. That way, you know if the potential supplier will handle your orders as and when they come in.

Purchasing Chemical Supplies

There are, of course, several other factors that can affect your decision. These are more specific such as terms and conditions as well as returns policies.

But now you’re armed with the four most significant factors. You can make choosing the right chemical supplies with confidence.

For more insightful information to help your business grow, keep reading our top tips!

The demand for project managers is growing. The role expands across industries and is essential to any business running projects, which is almost every company out there! The Project Management Institute estimates that from 2021-2027 over 22 million new project management roles will open up.

So, why do you need to hire a professional project manager? Here we’ll break down the top five reasons you will benefit from having a project manager in your business.

1. For Time Management

The employees involved with the project may not grasp how long each of their tasks will take. A project manager will manage each task’s timeframe to ensure the deadlines for the project are met.

If there’s tight management over deadlines, it will also ensure the work’s quality doesn’t slip. Sometimes rushing to meet a deadline will hinder the quality of the work. With someone else in charge of time management, the team can concentrate on their work and not worry about every moving part of the project.

2. To Manage Team Communication

Sometimes different team members from various departments can struggle to communicate what they need from one another. A project manager will support this. They will ensure the scope and objectives are clear to everyone on the team and ensure each department is aware of their responsibilities with the project.

3. Project Managers Provide Motivation

Good project management will provide the team with clear guidelines and motivation to complete the project. The project manager’s role is to minimize any stress felt in the team and support them with getting the work done.

4. To Keep an Eye on the Bottom Line

The role of the project manager is to monitor the project budget. If one person always has an overview of costs and expenses, it is more likely that the project will be completed within or below budget.

The project manager will be in charge of contracts or resources which need to be procured. Their job is to ensure these are negotiated in the most cost-effective way for your business.

5. Hire a Professional Project Manager for Problem-Solving

A project manager is trained in risk assessment and will have strategies to avoid making risky decisions. Problems or roadblocks are inevitable when managing a big project. But, with a project manager leading, the process of finding solutions will be smoother.

If you’re looking for project management for your fulfillment projects, get to know more here.

Run Your Project Efficiently With a Project Manager

The efficiency with which you run your projects ultimately affects your bottom line. The upfront cost of a project manager may seem like a significant expense. The money they will save you with running your projects efficiently will outweigh the investment in the long run.

With a professional project manager, you will have timely, quality, and well-managed work. Your teams will feel like they can work effectively together if they have someone driving them towards a common goal.

For more advice on how to run your business more efficiently, take a look at some of the other articles on the blog.

Many small business owners wonder: what is business financing? And how can it impact you and your bottom line?

Getting financing for your business can be a great asset that helps you expand. It’s also a great way to acquire funds to upgrade or continue running your business as it is now.

The key to financing your business, though, is to understand what you should look for in a borrower. Financing is an important decision that shouldn’t be rushed.

In this article, we’ll review everything you need to know about it so you can make an informed choice for your company.

What Is Business Financing?

Business financing is the process to raise money for your company. Typically those funds are used to get a new business off the ground, help maintain a current one, or expand an already-existing entity.

There are different forms of business financing to consider. In most cases, the company owner(s) goes to the bank and takes out a loan. This gives them a quick influx of cash that gets paid back over the course of a few years with interest.

In some cases, though, financing your business can get creative. Newer forms of lending like business-to-business financing skip over traditional methods.

If you’re looking for something reliable and proven, business financing through a bank is probably your best bet. (And if you’re in the market, Credova financing is an awesome option!)

Benefits of Business Financing

There are many benefits to small business financing.

Bringing new money into the company makes new things possible no matter what stage your business is at. For example, an influx of cash might finance your entire operation to get it off the ground. Or it could be used to improve current systems to help you become more efficient.

In many cases, business owners choose to take on debt to grow. As the old saying goes, you have to spend money to make money sometimes. Acquiring a large sum all at once allows you to hire new staff, expand operations, or enter into a new market entirely.

Among the other benefits, business financing frees up cash flow, boosts sales through increased marketing efforts, and may even help attract new customers. Companies see your recent growth and are more likely to do business.

Potential Drawbacks of Business Financing

Of course, every decision has potential drawbacks to consider. That is no different for financing a business.

The drawbacks really depend on which stage of your business you’re at.

For new business owners, taking on debt could change the trajectory of your startup. Some lenders have very strict guidelines in place for startup companies to ensure they get their money back. If you’re hoping to be fast and loose with your new enterprise, taking on debt could derail that.

For existing businesses, bank loans appear on the liability side of your balance sheet. If you’re considering selling your business in the next few years, that debt could prove costly when it comes to evaluations.

And in almost all cases, collateral is required. This means that, in the event that you are unable to pay back your loan, the bank or lender can seize your assets. This could mean things in your business or even personal assets.

Rates and Credit

When you take out a loan, you pay the bank back over the course of several years with interest. In all cases, the interest rates a lender can offer matter.

An interest rate of even one percent difference could save your business thousands of dollars over the years. Getting a lower monthly payment could free up cash flow, but might ultimately prove to cost more than it’s worth.

These are decisions you need to consider carefully or talk over with your business partners.

Your credit score also comes into play. If it’s low, you might not be able to get a good interest rate or borrow much money unless someone cosigns it. Be sure to know your score when shopping around for deals.

How To Know if Business Financing Is Right For You

The best way to decide if business financing is right for you is to honestly assess your current position.

First, what would an influx of money do for you that you otherwise couldn’t achieve? Is a business loan a want or a need?

Next, consider other ways you could bring in the money. Instead of taking on debt, might you be able to sell some assets or cut expenses somewhere? Freeing up liabilities might give you the cash flow you need to achieve the goals you’ve set.

If, after looking over your numbers and considering your options, you determine this is the path for you, then you can proceed.

Every business owner would like more cash and has grand plans for their company. But thinking these decisions through with a clear mind and basing your choice on the numbers is always the smart play.

Financing Your Business

Business financing can be an amazing asset for starting, growing, or even maintaining your company. There are many perks to infusing cash into your business. But it doesn’t come without drawbacks as well.

Be sure to consider things like your credit score and the interest rates and the total payback of the loan. Also, consider which assets you might have to list and if you’re comfortable doing so. Finally, make sure taking out a loan for your company is a need, not a want.

Doing this research on the front end will set you up for success down the road. For more business tips, be sure to check out our blog!