Mohit Tater's Blog, page 528

January 3, 2020

The Ins and Outs of 1031 DST Investments


The property ladder is probably the only ladder every person wouldn’t mind climbing. For most people it’s impossible, some make it, some have many ladders in their inventory. Whichever way the cookie crumbles for you, making a smart investment will make things much easier. 





The real estate game has changed significantly and it is so much more competitive than it ever used to be. It’s an eat or be eaten jungle out there.





building



What is Real Estate?



It is essentially the physical land and buildings, it’s what is ‘real’ in front of you. The more tech explanation can be read here https://www.thebalance.com/real-estate-what-it-is-and-how-it-works-3305882  including all the types and how it all works.





How to get on the property ladder.



Just because you aren’t earning a monthly 5 figure sum does not mean that all is lost when it comes to getting on board. The first change you can make is to cut out all luxuries from your spending habits. This may mean sacrificing certain social events, all those late-night or weekend take-outs, done. The quicker you stop the quicker you save.





Then once you have started your saving plan, think realistically about the price you can afford. Take a lot of time for this, interest prices fluctuate throughout the years, and if you have chosen to live at the maximum you can afford, you might run into trouble down the line.





Location is another factor in determining house prices. A little further out than you would initially like could save thousands. If you are set on a specific area, be sure you will be able to afford monthly repayments, and will probably have to save longer before you begin.





Considering getting help from family members or there are schemes to help low-income households, this is a foot onto the ladder we can all use.





Even buying with someone could be for investment purposes to help you both out, you only have to save half the deposit amount needed, but be sure you are willing for this big commitment together.





Lastly, make an appointment to have a chat with a mortgage broker. There are many things you will need to know upfront, documents to have ready, so watch this clip to understand what to look for when it comes to brokers. The more prepared the better.









Investing.



What is investing or an investment? In basic terms, it means you foresee a benefit or profit in the future if you allocate a certain amount of funds to a project. Then, once the time allotted for the project is complete, the results are known as the return. This could be a profit, or sometimes a loss, but it is the outcome.





How to Start Investing?



Deciding on the approach of your investment is the first step, the stock market has different options, so do your research and make sure you are aware of the pros and cons of your product.





Go to the bank and open an account for the sole purpose of your investment, and put in the initial deposit to get the ball rolling.





Setting up a monthly debit order to transfer funds to this account will also help you keep on track and not slack on being committed.





When you have built up a lump sum, you can invest it into an asset or building say for rent, to get a return each month, but keep the debit order running.





Money from the rental and your debit order will allow a bigger sum to accumulate and you can continue to buy more assets and build a diversified portfolio.





There are some considerations to take into account though when buying properties. Taxes and federal taxes, capitals, etc. can make things tricky. A good way to help with this is by doing what’s known as a section 1031 exchange.





Chatting to companies such as 1031 Delaware statutory trust could take a huge weight off your shoulders. Having professional assistance and a properly structured 1031 exchange, you can sell a property and use it to re-invest it into a new property, thus deferring all capital gain taxes.





We bring in the big guns, and if it means we save money, I’m all for it. This is the initial reason for investing in the first instance was it not?


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Published on January 03, 2020 21:40

January 2, 2020

What Every CEO Should Know About PCI Compliance


Data is valuable to businesses, and it’s their role to safeguard customer information. However, cybercriminals also find data to be valuable. This means that customer data is a target or cybercriminals. Any business that processes credit and debit cards becomes a target for these criminals.





Small businesses and startups might think that they are too small of a target for cybercriminals to take note. In reality, they are a softer target compared to bigger companies, as the lack of preparation makes it easy to exploit their systems. 





PCI



As a startup, your priorities are to get your business running, and you might overlook some areas in your haste to break even. However, the best way to build and sustain a business is from the ground up. Achieving and maintaining PCI compliance should be among your priorities.





Here are several things you should know about PCI compliance





1. What is PCI compliance and how is it relevant to your business



PCI is a shorter version of PCI DSS, which represents the Payment Card Industry Data Security Standard. They are a set of standards developed by the Payment Card Industry Security Standard Council to safeguard payment systems. The standards ensure that any business that accepts, processes, transmits or stores credit card data maintains a secure credit cardholder environment.





How is PCI compliance relevant to your business? It applies to your business if it accepts credit card transactions regardless of the transaction numbers. If you get only a single credit card transaction per year, your business needs to achieve PCI compliance. The same applies if you process over 6 million credit card transactions per year.





While PCI compliance will not completely eliminate the exposure to data breaches, it will significantly reduce the risk.





2. Compliance is continuous



Cybercrime threats continue to evolve every day, and so do the PCI standards, which are regularly updated. You could have the most secure cardholder data environment today but succumb to arising threats.





Continuously monitor for any changes and update your systems to match the new PCI standards. Conduct regular vulnerability assessments to identify areas that need software patches to seal the vulnerabilities.





3. Know Your Merchant Level



PCI compliance differs depending on your merchant level and payment environment. Annual credit card transaction volumes influence the merchant levels. The levels are determined as follows:





Level 1- merchants with over six million transactions annuallyLevel 2- Annual transactions ranging from 1-6 millionLevel 3- Annual transactions ranging from 20,000- 1 millionLevel 4- under 20,000 transactions annually



While these levels seem easy to comprehend, you might want to consult card issuers to discern your specific category. Card issuers such as Discover, Mastercard, and Visa use the same guidelines while American Express and JCB have their own guidelines.





4. Risks For Non-Compliance



The top 3 levels have a lot of requirements and thus require resources to achieve compliance. Alternatively, level 4 has fewer compliance requirements and thus takes less effort to comply. Startups and small businesses might decide to ignore compliance until the business is large enough for such security measures.





However, the PCI Security Standards Council claims that level 4 merchants are the most vulnerable to cyberattacks. Over 71% of cyberattacks occurred in small businesses with less than 100 employees.





Aside from cyberattacks, your startup could face the following risks for non-compliance:





Non-compliance often results in data breaches which attract hefty regulatory fines.Forensic audits- if your company is hit with a data breach, the organization is required to provide compliance documents. A forensic examiner will scrutinize your compliance documents and the system to determine vulnerabilities. The examiner will also assess your control measures to determine whether your business is PCI compliant or not. The cost of the audit is placed on your business.Loss customers and brand reputation- once your business experiences a data breach, loyal customers are likely to shift camp to your competitors. As a startup, you need more customers, and losing loyal customers will reduce your chances of survival.



93% of data breaches occur under a minute, and it could take weeks for a business to realize that they were victims of cybercrime. However, you can mitigate these data breaches and other cybercrimes by achieving PCI compliance. 


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Published on January 02, 2020 22:58

Top 5 Small Business Ideas That Will Blow Your Mind

It’s easy to start a business these days, but it’s harder to stay in business later. It’s simply because everybody can do it – and a lot of them actually do, so the competition is high. Do you feel like you could be a great entrepreneur but you can’t decide on any business idea that would be both original and profitable? It’s not enough to be resourceful to succeed in today’s world. Very often you need to be bold and creative in order to stand out and gain loyal customers. To inspire you, here are some crazy or surprising small business ideas that actually worked:





Business strategy



1. Cannabis Dispensary



In Las Vegas marijuana is legal – we all probably know it – but not so many people are aware that so it is in many different places. More and more states are deciding to legalize the use of marijuana for adults, and not only for medicinal purposes, so the business is growing. It’s not easy to start – you will need a strong funding and a solid business plan to get a special license from your state, you may get problems with banks who don’t want to deal with cannabis companies (it’s not legal on the federal level), but it’s totally worth it. It’s estimated that the marijuana market will be worth 23$ billion by 2022. Who wouldn’t like their share in it? The range of products is only getting wider – oils, edibles, products for animals, cosmetics, even household items like pillows. The industry is expanding so take the opportunity while you still have a chance.





2. Doggles



Yes, these are simply goggles for dogs. While it may sound like a strict fashion thing and something more for the owners than the dogs, it can actually do a lot of good. It’s possible to get your doggles with prescription lenses so you may make the life of your dog much better and easier. What’s more, it may be a good idea for your dog to get a pair if you live in a region where there’s a lot of sand or bright sun. The US army decided to buy a couple of units to protect their army dogs from sandstorms and the sun while in Iraq.





3. Rental Chickens



If you rent it, you have to return it so these are not chickens for you to eat; you also don’t use them to be your surprising date on a party. The idea was to popularize urban farming and raising your own food. A coop of rental chickens can get you an idea of what it looks like on a daily basis to take care of poultry and see if it’s something you could do in a longer perspective. The company also offers to take care of your chickens during winters only to give them back to you in the spring if you don’t have a warm place for them.





4. Hangover Helpers



Almost everyone would like to use their services at least once in a lifetime. The best parties end at dawn and they’re always messy. It’s great while they last, but when you wake up the next day feeling like a wreck and you see everything around you, you only want to die. But now you can call the Hangover Helpers; the idea was brought into life by two college guys who would help their clients get their life together after a party. They come with a breakfast burrito or other hangover food of your choice, hydration drinks and painkillers; they clean up your apartment so that when you come back to life, you don’t have to do any dishes or pots, take out trash or mop the floor.





5. Delivery Drones



The idea is to enable access to all necessary medicines, vaccines and blood samples to all the people, even in hard-to-reach areas. There is a company that is developing an unmanned drone that will be able to carry between two and four pounds of goods. According to them, nearly 1 billion people don’t have a possibility to get the medical help that they may need, and it’s because of their place of living. The company will start with medicines, but eventually, the drones will work for transports of heavier products or even people. It’s just a matter of time before we get a pizza delivery drones or a drone bringing us our groceries.





Feel inspired yet? The point is to think of something useful. It’s not always obvious; in fact, the less obvious, the better and more profitable the idea. Become a good observer – see what you’re missing, what people are complaining about, what would make their life at least a little bit easier. If you find something, there’s a great chance you will make money on it. People like it when someone else is solving their problems for them. Be helpful, bold and creative. Be an entrepreneur!


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Published on January 02, 2020 22:33

How To Be One Step Ahead of your Competitors

For most of us, the times when you had to compete for your survival are long gone. It doesn’t mean, though, that humans stopped being fiercely competitive creatures. With time, the drive to become better than others found application in another field – in business. If you want to create a successful company, raw physical strength won’t be that useful. Instead, you’ve got to outsmart those around you. In a second, you’ll learn what you should focus on when trying to be one step ahead of your competitors. Let’s go!





Ways Startups Are Changing the Way Businesses Work



SEO is your friend!



One of the easiest ways to increase your sales is to learn more about SEO and how to apply it to your business. You don’t need extensive experience to create a difference – contrary to popular belief, SEO does not consist of learning the language of robots. Instead, most things that improve your Google rankings are also beneficial to the visitors of your website. By simply making it easier to navigate, and making the experience more intuitive, your website’s ranking will noticeably improve. If you want to check how well your website fares, you could use positions tracker.





Know your customers!



If you want to create a product that will be exactly what your customers want, you need to learn more about your customers first. The easiest way to do that is to create questionnaires or use tools to learn about people who visit your website. Are your customers predominantly male and slightly on the younger side? You should use this information when creating ads to target the groups that make up the majority of your clients. You don’t need to break the bank – you can create an ad campaign with the help of Facebook or Google Ads with minimal expenses. It is a much more effective way of marketing your product than printing leaflets, or renting billboards, as you can specifically target people who are more likely to be interested in your services.





Besides checking the information about the demographics, you could also talk to people. No, you won’t need to visit your customers in their houses; instead, you could chat with them on online platforms and find out about their in-depth opinions. Not only will you learn about your customers; it’s a two-way street! By chatting with you, people will learn more about you, and they are more likely to do business with someone they trust.





Everyone likes discounts!



If you want the customers to view your company in an even more positive light, offer some discounts. The increased number of sales may not balance out the lower price, but discounts are especially helpful if you don’t have a loyal customer base yet. The potential customers will be more likely to choose your products, and if they like what they got, they might choose your services again, even if there is no longer a discount. Brand loyalty can only be earned if the client has tried your services, which means that it is crucial to give them a chance to check it out, even if initially you’ll lose some money.





Know your product!



If you want to advertise your services successfully, you need to be passionate about the subject. Is your company making toasters? You need to know what are the issues that the customers frequently encounter when using toasters, and the function of each feature of your device. If you can convincingly point out why your product is a better choice for the customer, you are halfway there!





Know your competitors!



If you want to gain an advantage over your competitors, you need to research them as well. It’s impossible to create a perfect product. Thankfully, it’s enough if it’s better than that of your competitors. There’s no use in copying them – you don’t want to create something equal, but superior to their product.





Study their weaknesses and strengths, and consider whether each element matters to the customer. Remember that the clients will judge the entire product, which means that your product does not have to be superior in every way – it has to be better as a whole.





Godspeed!



Growing your business is not an easy thing. A truism, sure, but given the fact that people who aren’t motivated don’t start their own companies, it is worth repeating. It means that if you want to survive in this fiercely competitive environment, you have to be not only diligent but also smart. Hard work is something to be applauded, but your competitors aren’t likely to be idlers either. One of the ways to gain an advantage over your competitors is to study the preferences of your customer base meticulously and then acting on the basis of this information. Achieving success won’t come easily, but if it weren’t worth it, you wouldn’t start a company in the first place. 


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Published on January 02, 2020 22:21

January 1, 2020

Launching a Venture: Toronto’s Rob Morton, Former Home Capital, Home Trust Exec on What to Know

Robert Morton has seen and learned a lot from his
time working as a financial officer. 





An
accomplished leader in financial, strategic and general management, Toronto’s
Rob Morton has more than two decades of experience in the space, having served as chief financial officer at
Home Capital Group Inc. and Home Trust Company, and, before that, serving for
more than ten years at State Street Corporation, an institutional investment
services bank.





Speaking from
experience and the knowledge he’s gained over the years, Rob shared his views
on starting a new venture, the importance of building a strong workforce and
why every company should embrace new technology.



In your opinion, what are the most
common financial mistakes that entrepreneurs tend to make?







Rob Morton:
They go into building a business with the
idea they will turn it around quickly and sell it to the highest bidder.  In theory, turning a significant profit
sounds great on paper; however, it takes time to build a successful business,
and so I think the entrepreneur needs to focus on creating a solid product and
caring more about the customer rather than burning through their investment so
quickly.  That, and they tend to hire in
advance of revenue.  A good rule of
thumb: it’s not revenue until it hits your bank account. 





How
important is a value proposition for a new venture? Is it something that’s
easily defined and leveraged?





Rob
Morton:
It’s very important, especially in a
competitive marketplace. A new company needs to define what makes it different
from other companies that offer similar services. That’s how you begin to gain
a competitive edge. To get customers or clients to first select you, then
eventually make you their first, then only choice, requires articulating the
value you provide and why that value only exists within your company. It helps,
as you say, to have a proven background and substantial knowledge backed by
decades of experience and results, which is part of our brand, so to speak. But
as a new venture, you still need to prove your worth and earn client confidence
so they become repeat customers.





If someone is preparing to launch a new company, or
attempting to continue early success, what do you recommend as things to keep
in mind?



Rob Morton:
First of all, a
talented and skilled workforce is the lifeline of any organization. You can
interview people and find employees who have deep experience, strong skills and
a great work ethic. Once they’re on board, you’ll want to empower them while
also fostering a culture of teamwork, which is very important in any organization.
And you’ll want to strive for employee satisfaction. In order to build an
empowered team, companies should work towards a management cycle where ongoing
support and improvement is considered important. Organizational effectiveness
is key.





For new companies that may be operating in the
financial services industry, what kinds of things would you suggest they do as
best practices in today’s market?



Robert Morton:
Today, technology touches everything. More than that,
it creates new opportunities and makes new things possible. We’ve gotten used
to it. So the financial services sector, just like most other industries, in
all likelihood will need to introduce and implement more technologies to
improve the customer’s experience, including convenience and efficiency, as
well as productivity.





Today’s entrepreneurs need to have a technology
component as part of their companies’ operations?



Rob Morton:
I think without
question. Technology-driven services I think are now the rule rather than the
exception. Technologies like blockchain and fintech are transforming business
and economic models. Data mining has also become significant, since it allows
us to understand customer needs far more accurately than ever, and to respond
to them. Financial services firms need to adapt to these new technologies, as
do companies in other industries.


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Published on January 01, 2020 12:08

December 31, 2019

4 Reasons London is a Great Hub for Businesses

If you’re looking to relocate your business in the near future, be sure to consider London. Here in the UK capital you’ll find a host of amenities that will be sure to help you build your brand, attract a skilled workforce, and reach a much wider audience.





To find out why London is a great hub for businesses like yours, be sure to read on.





business in london



A skilled and diverse workforce can be found in London



If you relocate your business to London, one thing that you can be sure of is that you will have a huge pool of talent to tap into whenever you look to strengthen your workforce. This is because all of the world’s most skilled workers flock to London year in, year out in order to better their career prospects.





Importantly, this means that you will be able to hire a much more diverse workforce. As a result of employing people from a host of different backgrounds and cultures, you will stand a much better chance of being able to understand and ultimately attract a much wider audience.





Assistance from the UK government



The UK government might not be too good at (br)exiting, but they are good at accepting. More to the point, they are good at accepting new businesses into the city and investing in them. Should you decide to take your entrepreneurial genius to their capital city, the UK government will no doubt do all they can to support your growing enterprise. As a result, you will stand a much better chance of reaching your professional goals.





Flexible workspaces are located across the city



All businesses can benefit from operating out of a flexible workspace. Fortunately, London offers up hundreds of working environments that fit the bill in this instance. No matter what specific area of the city you wish to hang your hat in, you can be sure to find a flexible London office space to rent.





Unparalleled public transport



If you’re a smart and experienced company owner, you’ll know just how important public transport is in the world of business. In order for a venture to prove successful, you know it has to be situated next to a host of transportation links, as this results in more customer traffic and it encourages applications from job candidates that do not drive or cannot afford a vehicle of their own. 





As you may have already guessed, London’s public transportation system is of the highest possible quality. In fact, in many ways it is unparalleled. Regardless of what specific part of the city you decide to operate from, you can be sure that there will be underground trains, mainline trains, buses, and taxis all within a stone’s throw of your workspace





London has always been, and probably always will be, a great hub for businesses. If you want to give your company the bonafide seal of approval that it needs to take its all important next step into the future, then, you should be sure to consider upping sticks and relocating to the UK capital.


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Published on December 31, 2019 02:26

Analyzing the Advantages and Disadvantages of Travel Nursing


Who doesn’t love the idea of traveling? While it’s an excellent way to escape normality for a short period of time, it sadly isn’t interlinked with too many roles in the healthcare industry. Well, that’s where travel nursing stands out from the norm. 





This specialist area of nursing sees qualified individuals traveling across the United States – and even into other countries – to fill vacancies for hospitals and clinics that have nursing shortages. As each position is only temporary, travel nurses have the opportunity to continually travel around while maintaining their dream job. For many, it is the best of both worlds. 





travel



What is travel nursing?



Before moving on to the advantages and disadvantages of travel nursing, this section will take a brief look at what education is required and what the role entails: 





Typically, a travel nurse will be a registered nurse who previously attained at least 12 months of experience working on-site in a hospital. As many positions that require the assistance of a travel nurse are in a specialized field, it is advantageous to possess further certification credentials. While even nurses with minimal qualifications will find work when traveling, those with training in various specialty areas will have many more opportunities to choose from. An assignment will often last 13 weeks, or a quarter of a year, in total. Once the 13 weeks is up, travel nurses have a decision to make. They may have the opportunity to extend their current contract. They can take on a new position at a different hospital. Or they may want to have a break between assignments by taking some time off.Usually, travel nurses will work 40-hour weeks. This will typically comprise either three 12-hour shifts, four 10-hour shifts, or five 8-hour shifts. Understandably, these numbers differ depending on the facility.  



The advantages of travel nursing



Now that the role of a travel nurse is out of the way, it’s time to place the magnifying glass over the role’s advantages and disadvantages. First off, the positives of travel nursing:  





It’s an adventure



If you’re an extrovert who doesn’t like to be confined by the usual 9-to-5 grind, travel nursing is a fantastic escape. As you move around on a somewhat regular basis, you have a prime opportunity to explore new areas, meet new people, and never become bogged down by the monotony of the same workspace day after day. 





Want to sample a big city? Perhaps go to a state which is famed for its hiking trail? Or maybe you have an eye on going abroad to delve into a different culture? With travel nursing, the opportunity to land a temporary job in a dream location is entirely possible. 





An unprecedented level of control



In conjunction with the previous point, the level of control travel nursing affords you means it is perfect for those who seek personal independence. You have the freedom to pick where and when you work. The job itself could last half a year or just a few days, and you have the opportunity to go on a vacation in between every placement. 





Many travel nurses utilize a recruitment agency for work. By doing this, you can browse the agency’s job boards, pick and choose your schedule, and decide on the work which best fits your needs. 





You can still learn as you travel



It goes without saying that travel nursing broadens the mind in terms of life experience. Working in varying facilities across the country – from large medical centers to tiny rural hospitals – will also open you up to many different work experiences. This experience also ensures you’re a more attractive prospect to employers. 





While constantly traveling might seem to put the brakes on career trajectory, there’s always the chance to learn on the road. For example, you can enroll on an online Masters of Nursing course and continue with further education without needing to be based in one place. Additionally, if you need to fully focus on a certain assignment of your course, you can always take a break from your travel nursing to give it 100%. 





Financial perks 



As with any nursing role, you will receive an attractive financial package for being a travel nurse. The rate of pay can vary depending on a number of factors, but it’s entirely possible for travel nurses to rake in over $100,000 annually.





For even more incentive, agencies will sometimes cover housing costs, pay for most expenses, and even offer various tax-exempt perks.  





The disadvantages of travel nursing



You can’t have too much of a good thing. It’s true: despite the tasty advantages mentioned above, there are still a few negatives that come along for the ride with travel nursing: 





Travel logistics issues 



Traveling on a regular basis is not easy. You have to consider the reality of regularly arranging travel plans, which can include sorting out flights, packing your bags, and other moving expenses





Multiple licenses required



As you need to possess active licensure in every state you work in, it can be a pain to arrange licenses for each placement. Thankfully, a majority of US states can all be covered in one go by obtaining a Nursing Licensure Compact (NLC). Some agencies will also take care of this aspect for you – including the cost incurred by applying for a license. 





The feeling of loneliness



Even for the most adventurous of travel nurses, the feeling of homesick will kick in at some point. After all, you’re leaving a lot behind – your home, family, friends, pets, local bars, and restaurants, etc. Plus, the likes of FaceTime or Skype might not be enough to fill the void. 





Conclusion 



Travel nursing is not for everyone. Natural introverts might struggle to open up and make long-lasting relationships if they haven’t got time to settle in a new place. Those who don’t enjoy the aspect of traveling will, of course, also be averse to opting for this specialist nursing role. 





For others, however, the freedom and potential experiences associated with travel nursing outweigh any negatives. Explore the possibility of becoming a travel nurse now, and you could soon start discovering new environments, meet new people, and gain a greater understanding of yourself. 


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Published on December 31, 2019 01:42

December 30, 2019

How to Refine Your Business System With “Outsiders”

Most people do not work on refining their systems because they do not want to spend time researching, brainstorming, and making decisions to change the system to be more efficient.





This is what I talked about recently when I discussed how to refine your workflow to simplify the process in your company. If you haven’t read it, then you need to take a look once to know what significant changes asking yourself simple questions can bring.





business system



If you have done that, then by now, your workflow or process chart might look very different from the one you started with. Revamping the process of your business system isn’t supposed to be just on paper, and it definitely does not have to end with a new visual. 





Once you have identified the key areas that need changes, you need to gather key individuals and fine-tune your output. While involving the people who are responsible for said processes and resources is the most obvious thing to do, one hurdle you can face with this is that people can be rigid to change. Especially if the change requires them to learn new processes, software, or technologies. If you have had the same process for years, then you can face a little push back from your employees when it comes to change.





Yes, for your business to benefit the most, you need to get these people on board. But, wait, they are not all you have – if you include two sets of people in the brainstorming session i.e. your experienced, top-level employees as well as outsiders, you will get better results.





Bring in your experienced team members, involve them in the decision-making, take their input. These are the people who have lived and worked with the process, their insight and perspective run deep. Especially if they’ve been in the business for a long time, they should definitely be included. 





The pros of having experienced team members are that they have been with the company for long, so they know the places that need work. They’re also probably attuned to the changes that required the overhaul, especially your industry is an ever-changing one and you have been reluctant to make the switch. 





On the other hand, the cons are that, as mentioned earlier, they might be attached to the processes more than the new ones and that can make them a little less receptive to the changes.





“Outsiders” are people who have experience in the industry, but do not work with a specific company or they work for a company but are from a different industry. Most of them are called consultants.





It is a plus if the person has a strong technological background and industry knowledge that can help you identify which processes to automate or streamline using technology. That person can then figure out more ways to streamline your process.





Sometimes, people who have been with a process long enough fail to see the need for change, that is when a fresh pair of eyes can be of great help. The consultant or advisor will point out the blind spots that you and your most experienced employees might have missed. It is easier for them to separate emotion from the process and just look at the logic.





Final Thoughts



Don’t hesitate to take outside help. Bring in experts from time to time to keep your process up to date and let your employees have more meaningful discussions about the workflow. Let both parties talk and listen to the best that each has to offer. It will often reduce the time and effort that is required when upgrading and modernizing any workflow.


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Published on December 30, 2019 03:02

December 27, 2019

Do You Have What it Takes to Become a Virtual Assistant?

This is a trick question because there is no hard-and-fast
definition of Virtual Assistant (VA).
Even if your skill set is different from other people who do office work, you
can still qualify within your particular niche.





As a general rule, the job involves performing some set of needed
tasks for other businesses while remaining off-site. Many VAs work out of their
homes (fuzzy slippers are optional). Make no mistake; you are running a real
business, with any regulatory and organizational rules that may apply. However,
you decide the services that you want to perform, as well as the methods that
you use to work with clients.





This type of work can be fun and rewarding, but it is not
for everyone. Here are some questions you need to answer before getting
started.





What Services Can You Provide?



First look at your existing skill set. You may be
fully-equipped to handle bookkeeping and other complex tasks, or perhaps you
want to start small, taking on basic responsibilities like answering email
correspondence or even answering calls for a solopreneur who frequently travels
on business. The list
of needed services
is virtually endless, and, thanks to technology, there
are many ways to handle a variety of tasks from the comfort of your home office.





Of course, your current abilities need not limit your future
offerings. You will likely develop new skills on your assignments, and you can
also teach yourself how to do things of interest. With a vast array of classes
available online, you can use evenings or free time between gigs to keep
learning.





Do You Have the Necessary Equipment?



A computer, phone, and a reliable Internet connection are three
must-haves, regardless of what services you provide. Even if you don’t need
these basics to perform your work, they help you run the administrative side of
your business, which includes anything from handling financial issues, to
contacting clients, to selling your services. Most people find a printer to be
essential, as well.





You also need software. Some of it, like a bookkeeping
program and spreadsheet, help you keep track of money, clients, and more. The
offerings that you provide will dictate other needed software. Most VAs need
Word Processing. If you prepare taxes, then a good tax system is essential.
When you include graphics in your list of services, then you need anything from
basic presentation software to advanced Computer-Aided Design (CAD) systems.





Expect to send faxes, at least occasionally. But, you don’t
even need a fax machine with so many great online fax options
available. In fact, clients that rely heavily on faxing might pay for your
online account.





Your clients might also purchase other items that that they
need you to use. If they want you to attend meetings, then they will provide
access to the right software. They may also provide the phones needed to
connect you with their system or tokens needed to gain access to high-security networks.





The list is as endless as the number of services that you
perform. Make sure that you know exactly what you’ll need to take on every new
client.





Are You Disciplined Enough to Work with Little Supervision?



Telecommuting is not for everyone. In order to work
effectively from a remote location, your clients need you to have certain characteristics so that they
can trust you.





Even if nobody is watching you, someone will notice if you
miss appointments or deadlines. You also need to view your work area as an
extension of the client’s office. This means that common home-based
distractions, such as pets or children, must be addressed, even if you have to
hire someone to help. You also need the willpower to avoid any video
distractions that don’t directly relate to the job in front of you.





While discipline involves self-control, creative solutions
that address your personal issues can go a long way toward creating a
professional atmosphere.





Have You Identified Reliable Ways to Find Clients?



Unless you plan to earn a little extra cash by working for
one personal friend who needs you right now, marketing your services is an
essential part of any VA business. Done wisely, this task does not have to keep
you away from the daily work at hand.





Networking is vital, and it starts with your current client
list. Statistics show that you’re significantly more likely to make the sale
when prospects are referred by satisfied existing clients — and you’ll spend
fewer marketing dollars. Even referrals from friends and family, or those that
appear on social media increase the chances of a sale.





But, don’t forget about networking events, where you’re
likely to find like-minded individuals who need your services, as well. Check
out these networking
tips from top CEOs
to gain valuable insight into ways to develop valuable
contacts.





The VA Life is a Real Business Wrapped in Enjoyment



You may not need to perform all of the startup
steps
that are recommended by the Small Business Administration, but it
doesn’t hurt to review and consider every one of them because VAs operate real
businesses. If you fail to adhere to all regulatory requirements, you can face
significant consequences.





Just as important, becoming a VA means that you can
concentrate on using your natural talents and exploring new areas of interest.
Mark Twain famously said it best. Find a
job you enjoy doing, and you will never have to work a day in your life
.


The post Do You Have What it Takes to Become a Virtual Assistant? appeared first on Entrepreneurship Life.


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Published on December 27, 2019 14:48

December 25, 2019

Lose that Clutter – Call in a Digital Scanning Service

Businesses today are continually trying to understand how they can increase productivity. Many have not realized that paper and office clutter is one of the biggest causes of inefficiency.





Research has shown that a clean and organized work environment boosts productivity. However, many businesses often feel they do not have the time to devote to cleaning house.





Automation Software Technology Process System Business concept



A cluttered workplace interferes with your group’s effectiveness and efficiency. When files are not easily accessible, employees will lose precious time trying to locate them.





Not using time effectively is a source of frustration for employees and managers. Frustration leads to stress, which then leads to poor work performance.





There is a simple solution to avoiding poor productivity and frustration – lose the clutter.





How can you reduce the clutter in the office?



You don’t have to do it all at once if time is not on your side. You can follow a few easy steps to meet your goals.





Start with a weekly plan



Every week, make it your mission to set aside time to organize your files, and any relevant documents you may need throughout the week. You can decide if it is more productive for you to take that time at the end of the week and set yourself up for success before you even step foot in the office Monday morning.





Or maybe it works better for you to start each week by spending the first few hours, when you are freshest, to clear the decks and get things in their right place.





Leave your desk the way you want to find it



Always leave your office the way you want to find it when you return. Unless you thrive on chaos, leave your workspace neat and organized, so it is very apparent what you should begin working on first.





Items that you use frequently should be posted in a visible spot or stored within easy reach. Items used infrequently should be stored where they are out of the way, but easily accessible when needed. 





Limit the personal stuff that you have in your work area



Personal items are a great way to make your workplace feel more like home.  





However, if those special items get moved every time you need to access a file or get knocked over every time you turn your chair, there is a problem. Needing to reposition items continually is a waste of time, which leads to that frustration and work stress mentioned earlier. 





Eliminate some of the personal clutter, and you are just that much closer to being more productive.





Sort your files



Go through your files to determine which are the most important and the least important. Label your files according to how impactful they are.





It seems like every task is always urgent — decide which ones, when complete, will get you the most progress towards your goals.  





Use colors to define those that are more important than others. Keep the crucial files in a visible location.





As you sort through the files, you may find some that are not needed or not in use. These infrequently used files should be stored out of the way so as not to create any physical or visual clutter.





Maintain the system that you have developed



Once you have established an organizing routine, stick with it. It makes no sense to get everything organized, only to end up right back where you started a few weeks or months later.





What more can you do?



Keeping a clean work environment takes effort. Paper files may make it seem like the clutter is unavoidable because the documents just keep coming.





Your business is required by law to keep copies of certain documents. And we all know that the second we throw something away, we will end up wishing we hadn’t.





Continuing to set aside more and more space for paper files is not a permanent answer. A digital scanning service can provide a solution for storing all your copies in one place.





Benefits of using digital files



In a time when more and more documents originate as digital files, you may want to consider storing them permanently there as well. Some great benefits come with using digital files as opposed to paper.





Documents will remain safe



What is written on paper lasts longer! While there is some truth to this, unforeseen incidents can cause you to lose your documents.





Incidents like fire, flood, or storm damage are often unavoidable. Even if you do maintain a physical hard copy, you should back up your documents electronically.





This way, a digital backup copy, stored off-site, will always be available.





Space savings



If your company has been in business for some time, you have undoubtedly accumulated a lot of files over the years. You can downsize the amount of space those files occupy by transferring all your documents onto electronic storage devices. 





A 1GB flash drive could store hundreds of thousands of pages. Flash drives, these days, range in size from 1GB to over a TB. There is a storage device that is secure and spacious enough to store what you need in a digital format. 





Having an eco-friendly office



Besides being good for your office productivity, using less paper is good for the environment. Less paper means cutting down fewer trees. Less paper means less trash going into the landfills.





Good for the office, good for the environment. It’s a win-win!





Easy access to documents



Going through tons of drawers and boxes and cabinets looking for the paperwork you need is not an easy task. It takes up time and energy better spent elsewhere. And the worst-case scenario, you may still end up not finding your files.





Materials digitally scanned are easily indexed, allowing you to locate any documents with some simple search terms. A few taps on a computer keyboard and your files are easily retrieved. 





Clutter can lead to chaos and chaos to inefficiency. Reduce and even eliminate those productivity drainers by converting paper copies to digital scans. 





Lose that clutter by calling in a digital scanning service. They would be happy to help.


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Published on December 25, 2019 22:12