Michael Levitt's Blog, page 59

4 Ways The Typical Business Model Has Evolved

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Freelancing

First, the popularity of freelancing is growing at a rapid pace. Indeed, in a few years, the majority of businesses are likely to be using freelancers and this is completely understandable when you consider the numerous benefits of this type of work model. For instance, you might find that you can save money because you’re not tied to trying to offer the same type of incentives to workers on a freelance contract. 

Automation 

Next, you should consider the role that automation has to play in the typical modern business model. It’s possible that you are already using numerous automated processes in your business model. For instance, you might be automating invoices. This is a smart choice as it means that invoices aren’t paid late. This can have a significant impact on the finances of your company. Automation means that you can run your business effectively, even when you are using a smaller team or running your company remotely. This brings us to the next way that the business model has evolved over the last few years. 

Remote Work 

You might also want to consider running your business using a remote model. This movement has largely been spurred on due to the coronavirus pandemic. The coronavirus meant that the only way some businesses could continue to operate safely was to run their company from home. That’s why numerous businesses shut their doors and many have not opened them again. Indeed, the head of Barclays claimed that we have reached the end of an era in terms of large business offices. Whether this is the case remains to be seen. If you are interested in switching to a remote model you need to have a clear understanding of this new work structure. You can find out more about this using sites such as Reworked. This digital publication has plenty of information for managers interested in this particular work model. 

Accountability 

Finally, the level of accountability in business has certainly shifted and many would argue that this is definitely for the better. In the past it was quite common for work environments to be disorientating, hectic and in some cases, even toxic. However, this is no longer deemed acceptable. Business owners and managers are held to a higher standard and are accountable for ensuring that their team members are happy, healthy and safe in the workplace. This refers to more than just their physical health. Business owners need to take care of the mental health of their employees as well. The best way to do this is to make sure that you do perform regular temperature checks to ensure that there are no issues here. 

We hope this helps you understand some of the key trends that are helping to reshape different business models and completely shift how we think about companies in general. 

Helpful Tips on How Businesses Can Go Green

As your at-home business grows, your audience reach increases, and so does the cost of your supplies. It’s not uncommon to think of alternatives for your supplies so you can save money and help reduce your carbon footprint on the planet.

So, you decide to investigate environmentally friendly options that will both impress your customers and allow the planet to breathe a little deeper. Here are some helpful tips on how businesses can go green.

Incorporate Multi-Use Items

One tip on how businesses can go green is to reduce single-use item supplies. Single-use items can be convenient but consider choosing multi-use items instead. Multi-use items generate far less plastic waste.

To help reduce the level of waste at your at-home business, consider purchasing reusable bags or compostable materials, so your trash doesn’t end up in landfills. Just be sure to talk yourself out of spending your money on gimmicky or too-good-to-be-true items that will only collect dust.

Donate Unused Goods

If you’re working out of your home and need new equipment, don’t just blindly throw away your belongings. Instead, consider donating them to secondhand stores or foundations that help families.

It’s better to know that your unused or lightly used goods get put to good use rather than sitting in a landfill somewhere. While you’re searching for replacements, see if you can find the equipment you need from secondhand and donation facilities as well.

Use Recycled Postage

It’s not surprising that most packaging goods go to waste once they’ve fulfilled their delivery purposes. So, consider using recycled packaging and postage. Instead of wasting money and resources on incorporating too much packaging waste, downsize and invest in recycled packaging goods.

You can reuse packaging as well. If you have boxes or packaging supplies in good condition from previous uses, there’s nothing wrong with reusing them again. Also, you can buy biodegradable packaging so it can naturally break down over time and prevent waste.

Running a green business is a new way of giving back to the planet. It provides reassurance that you’re doing your part in conserving while delivering goods to those in need. Make a difference by lowering your carbon footprint one change at a time.

5 Reasons You Need to Choose Your Startup’s Legal Structure Carefully

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Many people that start a new business do so as sole proprietors. That’s because it’s the cheapest and easiest route into entrepreneurship, and those individuals often run their businesses alone with little help from other people.

However, there can be times where thinking about your startup’s legal structure carefully can pay off. As you probably know, there are many legal structures you can potentially select for your business. Some are undoubtedly better than others.

If you were planning to set up as a sole proprietor, you might want to look at these reasons why considering a different legal structure could be a much better bet:

1. Credibility

There’s no denying that setting up a sole proprietorship business is the perfect fit for many people. But, it’s worth keeping in mind that if you wish to attract certain corporate clients, you may have more credibility approaching them as a company yourself.

Some businesses have strict rules about who they work with, and one of their pre-requisites could be they only want to deal with other companies or corporations due to the perceived higher credibility.

2. Tax Benefits

Let’s face it: no one wants to pay more taxes than they need to. You may not realize it, but there could be substantial tax benefits for your business if you decided to register its legal structure as a company instead of a sole proprietorship.

Did you know that if you choose a C-Corporation legal structure for your business, you could end up with double taxation? It’s where both the business and the owners get taxed separately. That’s why it pays to research and choose the right legal structure.

3. Asset Protection

When people start new businesses, they do so with high hopes that they’ll end up with successful, profitable enterprises. If that doesn’t happen, and your business owes money, you could be personally liable for those debts.

Choosing a legal structure like a corporation or LLP limits your personal liability in the business and thus protects your personal assets. What’s more, you may even find an LLP tax-efficient if you’re setting up a business with other people.

What exactly is an LLP? It stands for “Limited Liability Partnership” and, as the name suggests, boasts limited liability for each partner, much like a corporation.

4. Clearer Financial Information

When you start a new business as a sole proprietor, one issue you’re likely to encounter is creating a clear distinction between your personal finances and that of your business. If your business needs to borrow money, proving its income and expenditure can often be tricky.

Thankfully, you don’t have those issues when you choose a different legal structure. That’s because your business is a separate entity to yourself and has its own clearly defined financial information that is easy to check and verify.

5. Transferable Ownership

One final point to keep in mind is you can transfer ownership of your business with ease to someone else if you’ve incorporated it. That’s not such a walk in the park if you run your business as a sole proprietor.

How To Make An Impact At Work

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It is important to do a good job at work, both for the company and for yourself. You need to be self-aware, have a plan, and take time to understand what you are doing. Passion, dedication, and hard work are three qualities that are necessary for success at work. To be successful in your job, you need to do a good job at all times. You must be committed to your employer and make sure you put enough time and effort into whatever task is assigned to you. And one of the ways to do this is to be sure that you have an impact.

 

Making an impact at work should be your top priority. If you are always giving 100% of your effort and knowledge, you will see success in your career. It's true that there are other things in life that matter too but you should never forget about putting all your effort into your work because it is what will make or break you. You should also never forget that it's not just about doing what people ask of you but also about making an impact by coming up with innovative ideas for improvement or change.

 

Let’s take a look at ways you can do this.

Be Innovative & Try New Things

 

There are many ways that you can be innovative in your job. One of the most common is to think outside the box. You can also think of new ideas by breaking old patterns and trying new things. Learning about new things in your industry and being curious, like knowing what is change management in project management, can help. Another thing that you can do is to simply try your best and think about what things are not working well in your workplace so that you can fix them.

 

There are many ways to develop innovative thinking in your workplace. Here are some tips on how you can do that:

- Be open to new ideas and don't be afraid of failure

- Take risks and experiment with different techniques

- Try thinking outside the box when solving problems

- Spend time on self-development

Make Things Better & Fun

 

People are the most important resource in any organization. Thus, it is necessary to create a safe, healthy, and productive workplace for them. This is not only about the physical environment, but also how you interact with your employees on a daily basis. It’s also about trying to make the place better so that you’re having a positive impact and making work more fun!

 

In order to create a workplace that's more engaging, leaders need to create a culture of trust and accountability. Leaders should also communicate clearly and often with their team members because it allows them to give feedback in a timely manner. Setting various goals can help - whether these are goals for yourself and your career (that will drive your impact forward) or even for the workplace itself.

The Best Ways Your Business Can Save Money

Any good business attempts to optimize the costs necessary to operate. It allows you to make a greater profit and invest more money back in your business so that you stay at the cutting edge of your market and improve the quality of the services or goods you have to offer. If you’re looking for new ideas to achieve greater cost-efficiency, here are some of the best ways your business can save money.

Forget Traditional Advertisements

Much like the humble newspaper, television has seen a decline in the past decade in favor of internet-based streaming services. If you’re going to invest in advertising, then you need to look forward to seeing what the trends are rather than relying on traditional advertising. Rather than spending an expensive fee for a short commercial, consider sponsoring live-streamers and other influencers that share an audience with your company. Not only will you stand out from the hundreds of other ads, but you’ll have someone your audience considers credible promoting your product.

Invest in Outsourcing

While many business owners are hesitant to give away parts of control, outsourcing is simply one of the best ways your business can save money. For example, many industries make use of certain chemicals and compounds to create their products, but buying, storing, and maintaining the equipment would be a ludicrous cost for them to undertake. So, by turning to a chemical manufacturer, you’re not only renting their equipment and expertise for a fraction of the price, but you’ll receive higher quality materials that will, in turn, improve the quality of your goods and services.

Digitize Your Files

It’s easier than ever these days to keep your business’ files and data neatly stored away in a digital format. Not only will this make it much more convenient to find and call up particular files, but you’ll reduce the amount of paper your business consumes—saving you money and the environment! With modern technology, you won’t even have to worry about investing in much equipment thanks to the efficiency of computers.

Buy in Bulk

If your business relies on sourcing materials, you should always endeavor to buy in bulk whenever possible. It’s always easier and cheaper for the manufacturer to produce a bulk order rather than a specific amount, so in turn, they’ll offer discounts for bulk purchases that will give you more material at a lesser cost.

Reasons Your Magnet’s Lifting Strength Seems Low

As you navigate your scrap yard or demolition site, maneuvering your magnet to hoist and harvest scrap, you come to find out the hard way that your magnet doesn’t seem to be up to the task. It comes as a shock—after all, you knew going in that the advertising lifting strength of this magnet should account for every piece of scrap you encounter. So what gives? It could be that some problems with storage have weakened this piece of equipment. It may also be that its configuration isn’t right for your job after all. Let’s explore some reasons your magnet’s lifting strength seems low—or at least lower than you need it to be.

Insufficient Diameter

Many lifting magnets punch above their weight, so to speak—the magnet’s coverage area at first seems incommensurate with its lifting capacity. Still, there are limits even to the most overachieving magnets. If you find that you’re coming into big-ticket scrap steel at your yard but struggling to hoist it with your magnet, it may be time to move up to a larger model.

Non-Ideal Shape

“Right size, wrong shape,” you mutter to yourself as what looks like a towering home run high into the upper deck curves just askew of the pole in deep left, landing foul. In magnets, as in baseball, the right-size-wrong-shape dilemma has bedeviled many a magnet operator. Sometimes sheer coverage area isn’t enough to maximize the strength of a magnet. The reason so many magnets are U-shaped is that proximity between poles increases its lifting strength. A magnet that puts its poles together may be better suited to your job.

Poor Storage Habits

Retirees love the heat and humidity of South Florida. Magnets, on the other hand, are still very much in active service, and they abhor both qualities. High temperatures destabilize magnets by exciting atoms and disturbing their magnetic fields. High heat over a long period will gradually weaken a magnet—in some cases, high enough temperatures over enough time can demagnetize it altogether, leaving you with an inert chunk of metal. The amount of moisture in the air can be one of the reasons your magnet’s lifting strength seems low as well. Storing magnets in a humid place causes corrosion, transforming naturally magnetic iron to non-magnetic ferric oxide—better known as rust—and diminishing how much of your magnet’s surface area can go to work. Keep magnets in a cool and dry place when you’re not using them. This both prolongs their lifespan and ensures that they’re as strong as advertised.

How Natural Lighting Can Benefit Your Office Space

Whether you’re opening a new office building or renovating your office space, one of the most important considerations you’ll have to make as a business owner is the type of lighting you include in your office.

The type of lighting you use in an office can significantly affect the productivity and mood of your staff. For example, bright fluorescent lamps can be headache-inducing and lead to burnout, while other lights can be hot and uncomfortable to work under.

While choosing artificial lighting for your workspace is inevitable, many business owners do not realize how natural lighting can help balance the other type of luminescence they choose for their workspace.

Today, we’re reviewing how natural lighting can benefit your office space. To learn more, continue reading our article below.

Improves Staff Mood

Working 40 plus hours a week inside an office building with little to no windows can take a major toll on your mental health. Not only do employees feel disconnected from the outside world when they don’t have enough natural light inside their workspace, but they can also suffer from vitamin D deficiencies that affect their everyday mood.

Adding more windows into your workspace will help employees avoid these disconnected feelings and have a more improved mood at work. The happier your staff is, the more likely they are to work efficiently.

Adheres To Lighting Codes

If you’re currently renovating your office, then you most likely already know about the myriad of lighting, energy, and building codes your commercial renovation must follow. Keeping track of all the different requirements enforced by each state can be confusing; however, natural lighting can be a universally simple solution.

For building codes such as Title 24, natural lighting is a highly effective and straightforward type of lighting for businesses to implement into their new office setup. 

While using other types of lighting requires several different electrical code inspections, including natural lighting such as skylights is a much more straightforward solution.

Reduces Eye Strains and Headaches

When you work in an office with bright fluorescent bulbs, this type of lighting can often lead to chronic headaches and eye strains for many employees. Unfortunately, the brightness of these artificial bulbs is only one reason why artificial lighting often causes headaches and distress for employees. 

Another reason why natural lighting reduces headaches and eyes strain is because natural lighting creates a calmer atmosphere and environment.

Using natural elements such as sunlight, plants, and even small water foundations can help employees feel more at ease while working and avoid stress-induced headaches. If you work in a particularly stressful or competitive work environment, consider adding natural lighting as well as these other features to help employees feel their best.

Increases Sustainability

Perhaps the best benefit of using an abundance of natural lighting in your new office space is that this lighting option is highly sustainable. In addition, natural lighting, such as skylights, can reduce the energy use of your other lighting sources.

Not only will your business effectively reduce the amount of energy it uses each month, but your company will also save expenses by developing a lower electrical bill.

Simple to include and highly beneficial for the environment and your budget, there’s no reason not to add plenty of natural lighting to your office renovation.

We hope our guide on how natural lighting can benefit your office space has been a helpful resource. With so many natural benefits that create long-lasting and significant advantages to your workplace culture, including natural lighting inside your office is crucial. 

Essential Tips to Ensuring a Successful Construction Project

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Construction projects can be a lot of fun, but they also come with a lot of risks. If you're going to start a construction project, there are some things you should know. 

A Strict Work Plan

A plan is the key to success. A plan will help keep you on track and ensure that you promptly complete all steps of your project. A work plan also helps everyone involved understand their role, whether as small as picking up lunch or as large as planning an entire day and managing timesheets at the end of each week/month. Failure to create a reasonable work schedule is how many construction projects fail. 

A strict work plan is essential for a successful construction project. It is important to have deadlines, time limits, and work estimates that are specific down to the minute. In addition, it's wise to set up an organized system of expectations from the very beginning with all team members involved.

Quality Fittings and Accessories

Having quality fittings and accessories is essential because it will ensure that your construction project has a long life span. Having high-quality materials on the inside of buildings ensures that the building doesn't fall apart. Likewise, having them on houses makes sure they don't become infested with insects or have problems with mold in humid conditions. If you want to have longer-lasting facilities for lower costs, then be sure to buy from reputable suppliers who sell top-notch products at low prices! 

A quality construction project is built from the ground up. It starts with high-quality fittings and accessories like a Powder coated pipe and an outstanding management team that knows how to work together. These are essential factors in every successful construction project. 

Assertive Management

The other essential tip is proactive management. You want your managers and employees working together as an effective team, so it's necessary for everyone involved in the construction project to be on board with the company's goals and their roles within that process. 

Suppose you're not able to manage this teamwork aspect effectively. In that case, your chances of completing your desired project are much lower because you'll have people who aren't serious about what they should be doing or how it relates to achieving success overall. They may also engage in behaviors that create unnecessary conflict between themselves or other staff members instead of taking responsibility for their actions when mistakes arise, leading to even more trouble down the road.

Teamwork and Professionalism

It is essential to ensure that the workers are working in tandem and cooperate reasonably during a construction project. It will help them complete their tasks on time and add value to your project. Ensure you work with professionals who understand all aspects of the space they need to build or renovate. It reduces errors and enhances quality. You can also hire an interior designer for assistance if required. Remember: teamwork ensures success!  

High Tech Tools

Tech tools and equipment usually help to streamline the construction process. From daily house calls for inspections to advanced machinery, technology can increase productivity while reducing costs. 

Team members must always be on top of the latest additions in this field, so they know what works best when it comes time to put their plan into action. With new tech constantly emerging onto the market, there is no reason not to stay ahead of your competition! 

Conclusion

In conclusion, ensuring a successful construction project requires attention to detail and the willingness to go that extra mile. It also helps if you have an experienced and professional team working alongside you and the right tools at your disposal. The key is in quality fittings, accessories, and teamwork with proactive management overseeing proceedings.

Qualities To Look For When Hiring an HR Manager

Are you looking for a human resources manager to help take some of your business’s hiring responsibilities off your shoulders? It can be hard to know which candidates are best for the role. To help you in your search, follow these qualities to look for when hiring an HR manager. If you find yourself asking how to hire the best HR manager, checking for these qualities will help you during your screening process.

Experience in Similar Roles

Candidates with experience in previous HR roles will understand key knowledge of human resource management that an entry-level candidate will not. Previous training and education into human resources concepts are important as well.

Communication Skills

As someone who will be communicating values, procedures, and roles of the company, communication skills are important to a future HR manager as well. Human resources is all about bridging the gap between company employees and management, so having the ability to communicate between the two groups and bring together a culture of understanding and wholeness is crucial.

Decision-Making Skills

Concrete decisions don’t often come down to the HR manager, but their advice on hiring and other matters is a key part of final decision making. This means an HR manager should have the ability to make quick and meaningful decisions on critical issues, such as hiring and strategic planning.

Sympathetic

The ideal human resources candidate is sympathetic and easy to talk to yet able to maintain their sense of objectivity and fairness. Whether interviewing and guiding new employees or working through issues with current employees, HR managers are key to understanding new and long-time employees and their issues. HR managers who can be sympathetic to employee issues while also staying levelheaded to solve said issues are naturals for the role.

These are some of the qualities to look for when hiring an HR manager. If you look for these key traits in your applicants, you’re bound to find a great candidate for the role.

What To Know Before Relocating for a New Job

Moving is all fun and games until you get there and realize you made a big mistake. Don’t live your life like a bad rom-com by packing up and leaving on a whim. If a new company recently offered you a position in a new town, you may wonder what to know before relocating for a new job. There are a few key things you’ll want to consider before making the big move!

Determine if This Job Is Right for You

Before you pack up your life and move to a new town like a Top 10 country song, you’ll want to make sure that this job is worth the hassle. Ask yourself questions like:

Are there advancement opportunities?

How is the office environment?

Will the move affect my salary?

Asking yourself these questions will help you to determine if the new job is even suitable for you in the first place.

Research the Area Before Moving

A great way to research the area is by living in it for a few days. Try visiting the location for a weekend and determine if you can see yourself living there for at least a few years. If you have to walk further than 20 minutes to the nearest coffee shop, that’s a dealbreaker. Jobs come and go, but coffee is life.

Look at schools, grocery stores, gyms, entertainment, and more to help finalize your decision. If you can’t see yourself living in that area, you definitely won’t work there.

Consider Your Family

What does your partner think about the new job and the idea of relocating? Have a discussion with your spouse to figure out what is best for you and your family. Moving a child to a new area may impact their mental well-being. Make sure you prepare your family for the big move by allowing them to say goodbye to friends.

Do you know anyone in the new town? If so, connect with them and ask if they can provide some insight into the city, and don’t hesitate to ask them to help you move. Don’t forget about your furry companions! Moving with pets is difficult, but there are ways to make moving with pets easier.

Relocating for a new job is a significant decision, so it’s OK to take your time to think it over. Most jobs will give you around two weeks to either say yes or no. Keep in mind that a new job in a new city may be an opportunity, but it may not be the right opportunity for you at this time, so don’t feel pressured to say yes. Everything happens for a reason, so whatever choice you make is the right one.