Mohit Tater's Blog, page 588

5 of the Best Accounting Packages for Entrepreneurs

Whether
dealing with personal or business taxes, or just keeping track of expenses,
many people end up feeling frustrated when trying to manage their finances and
accounts, and this often can be a big obstacle to the success of their business
or savings objectives.

But getting
your head around figures is essential if you want your business to succeed – it
is extremely rare for businesses to succeed without having a deep understanding
of their costs and cashflow, and their tax position. 

If you
aren’t mathematically inclined, you may be more prone to making mistakes as you
keep your records, and these mistakes can cause you to either lose money, or at
the least, to lose sleep over the possibility of getting audited by the taxman!
Maths isn’t everybody’s area of expertise, but the fact that business
accounting requires competence with maths shouldn’t deter you from starting a
small business and managing your accounting requirements.

Fortunately,
there are lots of advanced technological tools that can allow you to keep your
own accounting records more simply and accurately. In this post, we will
briefly discuss the top 5 accounting software packages that were specially
created with small businesses in mind. Whatever kind of small business you are
running, you’ll find it easier to keep your own records accurately, and your other
account management processes will be simplified too.

In no
particular order, here are the 5 best accounting software packages for small
businesses:

FreshBooks

This tool
is very popular because it has been around for longer than most others. It
initially started out as a tool for generating invoices and tracking expenses.
Now, it is widely used to process payroll as well as other expenses. It can
also be used to track timesheets and to produce financial reports. These days,
FreshBooks can even be linked with customer service smartphone apps.

QuickBooks Online

This is one
of the most versatile accounting tools out there for small business owners and
entrepreneurs. It contains dashboards that display all your important data and
your financial records. It can generate customizable financial reports. It can
also be used to create invoices, generate online payment receipts, and process
payroll. It can automatically record the information from your receipts to
generate a catalog of your expenses. It can also be synchronized with bank
accounts as well as credit cards, which allows you to view all your financial
data in one place. When it’s time to file for taxes, you won’t have to go
digging around for old receipts because QuickBooks Online will have a record of
all your transactions. 

Xero

The Xero website offers a great accounting package for entrepreneurs, and it includes lots of features that are similar to those found on QuickBooks and FreshBooks, all in the same place. With Xero, you will get an intuitive dashboard that shows a summarized version of your financial information, features for payroll and expense processing, a feature that allows you to create invoices and synchronize them with your bank account, and of course, functions that allow you to create standard reports and to customize them. Another big selling point is that there is no limit when it comes to how many users you can add, add as many as you like, there is no extra charge. Find out more about Xero here. 

Sage One

If you run a solo enterprise, Sage One is definitely something you should consider using. For a small monthly fee of less than $10, this package allows you to easily create invoices, and you can use it to receive online payments. There is a slightly more expensive version of Sage One that has a lot more functionalities than the basic version. With the upgraded version, you can generate accounting reports, track expenses, manage your time, and manage projects (this feature comes in handy when your business requires you to deal with contractors).

Sighted

This is a
simple yet powerful accounting solution that is extremely useful for small
businesses. As an entrepreneur, you can use it to create invoices and quotes.
You can also integrate it with whatever online payment system you are using so
that you can have an easier time managing your transactions as well as client
and merchant details. Sighted comes at 3 different price levels, so you can
select one that offers all the features you want at the most affordable price.

The post 5 of the Best Accounting Packages for Entrepreneurs appeared first on Entrepreneurship Life.

Are You Due for a Brand New Mattress?

It can be annoying to realize that the mattress on your bed is on its last legs. Sleeping on a mattress that’s past its “expiration date,” however, can wreak serious havoc onto your back and wellness. If you want to protect yourself from lower back pain and discomfort in general, then you should take the time to learn all of the indications that you’re due for a brand new mattress. 

Clear Drooping 

A mattress that droops in a clear manner isn’t ever positive news. If your mattress has taken on a nasty drooping habit, then you need to swap it out with a brand new one as soon as possible. Don’t ignore drooping of any degree, either. Seemingly subtle drooping can do a number on your comfort at night.

Bumps

The presence of bumps on your mattress can denote the need for full replacement. It doesn’t matter if you detect them with your back at night. It doesn’t matter if you can view them with your own eyes. Mattresses that include any bumps or protrusions in general belong in the junkyard. 

Age 

It’s always a wise idea to steer clear of mattresses that are getting up there in age. Older mattresses don’t have any wisdom to share with you. All they can do is reduce your feelings of coziness at night. The majority of mattresses out there benefit from complete replacement once they’re between seven and 10 years in age. If you have a mattress that’s been in your possession for more than a decade, then you most likely need to say goodbye to it without delay. 

Fatigue 

Consider your state after rising in the morning. If you’re alert and 100 percent ready to conquer the world, then you probably should hold on to your mattress for longer. If you feel fatigued and lethargic, on the other hand, then it’s probably in your greatest interests to part with it without hesitation. A mattress that doesn’t contribute to your feeling terrific is pretty much worthless, after all. 

Allergic Reactions 

If you have a mattress that triggers a horrid allergic reaction in you, then it no longer has a place in your life or bedroom, period. It can be awful to be in the presence of a mattress that makes your eyes itch. It can be terrible to have to sleep right on top of a mattress that makes you cough and sneeze. Who wants to deal with watery eyes and scratching all night long, anyway?

Aching 

If you feel constant intense and stubborn aches all over your body, then that’s a hint that your mattress just isn’t doing its job correctly. An effective and dependable mattress should make you feel incredible. It should make you feel like a spring chicken of sorts. If you own a mattress that makes your entire physique feel as stiff as a board for hours and hours on end, then you need to say ciao to it immediately.

The post Are You Due for a Brand New Mattress? appeared first on Entrepreneurship Life.

Important Facts You Need To Know About Enterprise Risk Management

Enterprise Risk Management (ERM) is a system that seeks to find out potential risks for businesses. The idea is to find risks and establish a way to prevent or minimize them. Despite coming off as being similar to the traditional risk management, it brings together the whole firm in the evaluation processes. In the long run, it affects business strategy and future actions as it is carried into the critical part of the decisions making process.

ERM follows a simple framework employed in the
process of identifying, dissecting, reacting to and tracking risks as well as
opportunities within the internal and external environment of a business. Some
of the risk response strategies include;

Avoidance: This is ridding the firm of any potential risks.Reduction: It involves lowering the chances for a risk occurrence by considering what can be done to seal any loopholes that seem to be the source of the threats.Share or insure: Evaluates the ideal reaction to either spread or finance threatsAlternative Actions: Involves finding more viable actions for the risks by considering whether there is any solution that can help avert the problem. Accept: The company may make a decision not to take any actions

In a way, the traditional risk management system looks into a problem separately and finds a solution. ERM, on the other hand, does a wholesome view of all the possible risks and establish the link to the potential problems in the firm. An in-depth view and the steps taken to deal with the matters provide the company with maximum protection and the ability to make the most of the perfected business moves that are realized in the whole process.

A perception that people have come to believe is
that ERM only looks at strategic risks affecting a business. However, the
process also identifies other areas like compliance, reporting, and operational
issues. ERM holds a broader scope for looking into issues affecting a firm
which is beneficial through combining the risks and adopting a measure that can
help the business take another direction.

The ultimate goal for applying ERM is to find and
weigh solutions that are required to cope with any risks that may pop up and
hinder the growth of a company. Finding potential problems and their solutions
allows the company to have a quick response. When the strategy focuses on the
combined risks which cut across various departments, it opens up the paths of
communication. Consequently, enhanced communication yields a better approach
when it comes to applying the solutions promoting the financial and human
resource performance of a business.

ERM benefits in different industries

ERM and health care

Traditionally, risk management looks into the
significant issues in the field such as securing the patients and lowering
medical errors when making daily plans. Since these are vivid problems that are
experienced in every health care facility, traditional risk management leads to
taking up insurance covers to cushion health facility if any errors occur. ERM
goes the extra mile and look more into other strategies like another course of
action such as competitiveness and remaining financially viable while reducing
the risks.

HIPAA has had its share when securing healthcare
providers who are ready to adhere to its terms, but adherence is a part of ERM
that people tend to downplay. Playing by the rules is not enough action for a
firm. On a broader view, the company can take one problem from one sector and
come up with a workable plan that goes beyond individualized conformations.

Common Security Framework (CSF) helps the HITRUST (the Health Information Trust Alliance) to ease the enterprise wide-view for health care providers who are comfortable within its set guidelines. It is inclusive of some standards such as HIPAA, also ISO, PCI, and NIST which make the process easy to adhere to and in turn secures the business wholly.

ERM and IT

In 2017, a survey conducted by CSIS and McAfee stated that close to $600 Billion are lost to cybercrimes annually. The amount is up to one percent of the Global GDP. Major firms have experienced significant losses due to cybercrimes.

RM is of greater use for IT firms more than the
traditional approach. Cybercrimes are not new phenomena, and they are becoming
a large part of companies all over the world. IT firms have to learn about
various ways that new threats occur and determine how well they can shield
their information and systems.

Security Operations Center (SOC) forms an
integral part in IT firms which are built to ensure the safety of the systems
that they manage. ERM approach requires that they take full consideration of a
risk they are exposed to and ready themselves if the risk occurs. They ought to
also take a look into any loopholes and what any threat that comes through them
may potentially do to the firm. Once they have all the above clearly stated, it
is easy to solve such an issue. If the case is as severe as having no way
through, the firm should have a prepared way to aid in recovery as it strives
to reclaim its former glory.

ERM success is only possible through a framework of teamwork. The involved parties include every member of the company from the most senior all the way down to the lowest rank. Every part of the firm is vulnerable; thus, it is crucial for everyone to be on board. It means that everything that involves different departments in the company should be put into consideration during the evaluation. The inclusivity is beneficial to a business as it seeks to build teamwork within the workplace.

Everything from the very beginning of pinpointing
likely issues to the very last part of surveillance and making changes to
perfect the risk management procedure, successful ERM implementation will
permit companies to meet their set goals and objectives placing the business on
the path to success.

Author
Bio

Ken Lynch is an enterprise software startup
veteran, who has always been fascinated about what drives workers to work and
how to make work more engaging. Ken founded Reciprocity to pursue just that. He
has propelled Reciprocity’s success with this mission-based goal of engaging
employees with the governance, risk, and compliance goals of their company in
order to create more socially minded corporate citizens. Ken earned his BS in
Computer Science and Electrical Engineering from MIT.  Learn more at ReciprocityLabs.com.

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Silver Trading Opportunities – Why you should invest in it

Trading in the silver market is some of the most long-standing in history. With a product so rich in trading history, it makes sense to have continued confidence in the market. As technology and trading efficiency continue to advance, traders are becoming more and more interested in trading silver, gold, and other highly valued staples of trading. Part of the reason why this appeal remains so strong is the emergence of top CFDs broker firms like TradeFW. These trading markets and opportunities have helped bring silver trading to the modern generation and ensure it still remains one of the most sought after trading markets. 

The Basics of Silver Trading

Getting started with silver trading has been
made much more accessible thanks to the increasing popularity of CFD trading. This
means you can easily trade in the silver market as a pair against the US
Dollar. After an easy registration process through the likes of TradeFW, you
will be ready to get involved in online CFD trading in a matter of minutes. This
applies in the markets for both silver and a wide range of other trading
products.

Learning how to trade silver is also something which
more and more traders can easily do. With any top broker providing excellent
additional resources to supplement learning about silver options trading, CFDs,
and the markets in general, there has never been a more open and transparent
time to enter the market.

Trading silver through a CFDs broker also
allows for extensive leverage of up to 1:20 with TradeFW. This would not be
imaginable in the traditional trading market. Added to that, the fact that the
Metatrader platform makes online silver trading easy to engage in with its
fast, and flexible ordering capability, and there is no reason not to start
trading.

Is Silver Price Headed in the Right Direction?

Silver trading price is enjoying some bullish
movement at the moment after a period of uncertainty. Generally speaking, forex
silver price when paired with the US Dollar makes for an attractive investment
to many traders. The reasons behind this are due to the fact that silver is
often viewed as a very stable, yet liquid investment. The price of silver is
more attractive than that of gold for traders who can seize the opportunity to
purchase higher volumes of silver, yet still benefit from its relative
stability in the long term.

Investing in silver within the context of the
CFD trading market also makes sense for many traders. It can be somewhat
volatile in terms of short-term price movements. This can produce significant
opportunities for traders who are seeking to profit within the CFD market.

Silver trading has always produced reliable
returns in the long-term market also, and there is every reason to believe that
the demand for silver will continue to be supported. This is particularly true
in moments of financial or political instability where investors typically move
toward gold and silver trading as a safe-haven.

Risks and Potential

Within the CFD trading markets, leveraged silver trading can function as both a risk and potential benefit for silver traders. Platforms such as TradeFW allow for leveraged trading of up to 1:20 on precious metal CFDs such as gold and silver. This provides traders with considerably more buying power than they would have in the traditional market. Naturally, this also presents a risk in terms of volatility; however silver has always shown a reliable degree of consistency in the long-term.

Silver has also risen approximately 15% in the last 3 month period. This is expected to increase further as trader’s sense value in the current pricing. Much like gold, silver price tends to trend upwards in times of political uncertainty. Although the US economy and US Dollar are performing well at the present moment, there is a sense of continuing political uncertainly which sees investors continue to place their trust in precious metals. With other world economies also continuing to emerge and grow, there is likely to remain a strong demand for investments which are considered very secure, yet flexible enough to readily trade.

Given the current geopolitical climate and the fact that many believe silver is still undervalued comparative to demand, the current time appears to be ideal for both new and experienced traders who wish to enter the CFD silver trading market.

Conclusion

Ultimately, the silver trade is one of the oldest global markets and once which has displayed consistency spanning generations. Gaining a fundamental knowledge of how to trade silver, and engage in the CFD market through TradeFW or another top broker, is something which can serve as an excellent cornerstone in the career of any trader. The present moment also appears to be ideal in terms of timing for those who anticipate a lucrative increase in the value of silver.

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A Beginners Guide to Making Tax Free Profits

The post A Beginners Guide to Making Tax Free Profits appeared first on Entrepreneurship Life.

Cybersecurity Attacks Don’t Discriminate: Is Your Company Vulnerable?

Image source: Pixabay

Cybersecurity
attacks are no longer considered a “once-in-a-blue-moon” event. It’s an
epidemic spreading aggressively, worldwide, across all sectors.

A Juniper research study forecasts that by 2023, cybercriminals are projected to steal 33 billion records, including name, address, and other personal information. That’s just one of the many shocking cybersecurity statistics that, on one hand, paints a grim picture about how susceptible your networks, programs, and systems are at being accessed by criminals; while, on the other hand, it gives you the foresight to be prepared through conducting penetration testing. Such tests help identify weak spots and shield your cyberspace assets with a comprehensive cybersecurity solution.  

No Business, Including Yours,
is Too Small for Protection

Think
your business is too small to be a victim of cybercrime? Well, here’s something
that might change your mind— 43% of cybersecurity attacks target small
businesses, and 60% of them go out of business within just 6 months of being
hit.

Small
businesses are easy targets because they naively assuming that criminals
exclusively target multinational firms. But attackers are aware of this
misconception and exploit this unpreparedness to their malicious advantage.

The impact can be disastrous with affected companies standing to lose a staggering $2.2 million in the aftermath of a cyber attack. Losing millions might just cause a small dent in a large corporation, but when it comes to medium and small businesses, that amount can sometimes stop vital operations, or even bring down the entire business.

Cybercrimes Are Becoming as
Sophisticated as the Solution

We
live in an era where data is as valuable as gold, and hackers will do anything
to get their hands on it. While solutions do exist to beat the known problems,
cybercrimes are getting sophisticated by the day. Hackers are constantly
looking for new ways to penetrate vulnerable spots to gain a foothold within an
organization’s network, to get access to databases of employee and customer
information, to steal credentials and more.

Currently, some of the most notable cybersecurity threats include Advanced Persistent Threats, insider attacks, data leaks, malware and ransomware, phishing attacks, brute force login, Denial of Service (DoS), Identity Theft, Social Engineering etc. For cybercriminals, targeting companies is much more lucrative than targeting an individual user. And, while the attacks may be varied, they all aim to steal and abuse company and consumer data to their advantage.

With
IoT devices gaining more traction in workplaces, it adds even more
vulnerabilities to a company’s cyber-ecosystem. 
Many devices are being used to connect to the internet and to collect
and distribute data. This flow of information through these IoT devices needs
to be safeguarded with effective security measures so that the hackers cannot
prod the barriers to seep into the corporate network.

Cybersecurity Solutions Are
an Investment Not an Expense

In the cybersecurity landscape, taking preventative security measures to mitigate the risk of an attack on your company’s networks, servers, and other endpoints is much less expensive than cleaning up the astronomical mess that intrusions and breaches can leave you with. And the severity of losses goes beyond money. Your company’s reputation among your workers and the consumers will also be tarnished

Although
securing your IT infrastructure might seem like a daunting task at first, it is
an effort worth your time.

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Discover How To Invest In Commercial Real Estate With No Money

Are you considering investing in real estate?
If so then you’ll need to decide on whether or not you want to deal with
residential properties or commercial real estate. Although the average person
will typically think of investing in residential homes, there are a number of
advantages to getting involved with commercial property. This type of investing
means buying office buildings, industrial buildings, retail buildings,
apartment buildings, and other similar investments. Here we will take a look at
how to invest in commercial real estate with no money.

Pros
For Commercial Real Estate Investing

1.
Easier To Determine Property Value

It’s often easier to determine the real value
of a commercial property because the current owner will often have records and
income statements that play a factor in determining the price. The asking price
is often based on the prevailing cap rate and the type of property such as
whether or not its industrial, retail, or office space.

2.
Greater Income Potential

Commercial properties almost always have a
bigger potential for income than residential ones do. It is very common for
these types of purchases to have anywhere from 5% to 15% annual return whereas
residential properties are often 1% to 4% at best.

3.
Owner And Tenants Have More Professional Relationships

Tenants of commercial properties are
businessmen and women just as the owner of those properties are. They also have
a vested interest in keeping a professional business location. This means that
the owner and the tenant will more easily work together in a professional or
business manor then would be the case when you’re dealing with the tenant of a
residential property.

4.
Fewer Upkeep Cost

Commercial leases often allow the owner to
maintain fewer aspects of the property. Those leasing can even sometimes cover
taxes on the property. Large brands like Starbucks and CVS will commonly lease
properties and take over all the maintenance because they want to maintain the
look and feel of their brand.

5.
Increased Flexibility Of Leasing Terms

With residential property, there are a number
of strict consumer protection laws that don’t usually exist with commercial
leases. The strict termination rules and deposit limits don’t typically exist
on commercial real estate.

Cons For
Commercial Real Estate Investing

When it comes to investing in real estate
there are a lot of great reasons to choose commercial properties but there are
a few cons or downsides to this type of investment. A commercial piece of
property will usually be a larger investment often because of the sheer size of
the property. An industrial complex or large shopping mall is going to be a
bigger investment. If you’re doing traditional investing it will often mean
that you’re putting a larger amount of money out of your pocket.

Because it is a commercial property it means
that there are a lot of members of the public that come onto the property and
this increases risks to those visitors. If someone were to get hurt and it was
determined that the property owner was at fault then costs could be
substantial. Even with natural causes such as ice and snow, there are still
risks that the property owner can be held at fault for. All of that said,
however, investing is inherently taking on and managing risks. Now that you
understand the pros and cons of commercial real estate investing you may now be
wondering if it’s possible to make this type of investment with no money.

Ways To
Buy Commercial Property With No Money

Regardless of whether it’s residential or
commercial property, it can be done with no money directly out of your pocket.
It will mean searching for the right property and putting together the right
offer to do so. If you structure an offer that is appealing to the seller then
you will be able to make the investment. Here are some ways to invest with no
money out of pocket.

Borrow
The Money

The obvious solution to getting real estate with no money out of your pocket would be to simply borrow the purchase price.  This eliminates the need to make a creative offer to the seller because you’re simply making an exchange of money which is what they want. This will require mortgaging the property and it may also be necessary to put up other collateral in order to get a large enough loan.

Negotiate
A Lease With The Option To Buy

Very often an owner is anxious to get out from
under any mortgage payment that they have and the best way to do that is to
either sell the property or lease it. By offering the seller a lease with the
option to buy it allows them to have you make the mortgage payment because
you’re paying a monthly lease and it gives you the opportunity to build up part
of the down payment on the property which makes it easier to get a loan for the
additional amount.

A lease with the option to buy is very often a
win-win solution for both the seller and the buyer. The seller will get a lease
payment that covers the mortgage plus an additional amount above that. If at
the end of the option the one leasing decides to buy then the added amount is
applied toward the down payment. If the renter chooses not to buy at the end of
the option then the seller is able to keep the added amount that was paid.

Find A
Partner

There are those people that have money and
that want to invest when there’s a good potential for return and because they
bring money to the table they don’t want to have to put in any time or
expertise into the management of the property. This is how you can gain that
partner by offering your expertise in both managing the property and doing any
type of maintenance that needs doing.

Investing in commercial real estate with no money out of your pocket is absolutely possible. It’s simply having the courage to look at how to make it happen and then getting it done.  If it were super easy everyone would be doing it and there wouldn’t be any money in it, so the fact that it takes added effort and expertise is why there is lots of potential to profit doing this type of investing.

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Types Of Insurance Every Startup Company Needs To Have

Running a startup entails having too many
items on the to-do checklist and having time constraints and far few personnel
to handle the various tasks. With this in mind, entrepreneurs (and their small
team if there is one) are left with little time to spare. And in the midst of
all the hassle and sometimes confusion, entrepreneurs will inadvertently
forget, overlook, or simply ignore the importance of getting insurance
coverage.

However, as many cases have shown, insurance
can play a huge role in determining whether a startup succeeds or fails. With
that in mind, herein we will explore some of the must-have insurance coverage
that every startup should have.

#1.
Comprehensive General Liability Insurance – Better
known by its acronym, CGL, this type of insurance coverage should be taken up
by every start so as to protect their assets in case a claim results from
advertising injury, third party bodily injury, property damage, or alleged to
personal property.

Costing about $500-$3000 per annum, this
particular coverage may seem expensive for many startups running on a tight
budget. However, the nature and value of the coverage more than justify the
paying for this type of coverage. For starters, a general liability claim may
cost upwards of $1 million, money which a startup might not be comfortable
forking out. Importantly, the coverage also requires the insurance company to
provider their CGL customers with legal defense when a claim is made.

#2.
Directors And Officers Liability Insurance – For many
startups, survival is dependent on taking risks and pushing the boundaries of
innovation. This means that the board has to take risky decisions, which may
not always yield a positive outcome. This may leave the directors and the
officer prone to litigation for wrongful acts.

The D&O coverage protects the directors
and the various management team members from claims alleging wrongful acts.
This coverage usually entails Side A, Side B, and Side C coverage, each
protecting the directors and officers from a particular type of claims. For
startups with a tight budget, Side A and Sib B coverage do suffice.

#3.
Product Insurance Liability – This particular
insurance coverage is important for all businesses that manufacture, market,
sell, and distribute products. It guards against claims emanating from products
defects that may cause bodily harm or property loss. Aside from protecting the
startup from financial losses emanating from claims, the insurance coverage
will protect businesses against losses incurred due to recalls. In a nutshell,
if you deal with physical goods, this should be one of the standard insurance
coverage your business takes.

#4.
Media/Cyber Insurance – As things stand today, you
must have an internet presence for your startup to not only thrive but to survive.
A lot of the commerce is moving online and businesses, whether big or small
must maintain a presence on the internet. That being said, the rise of hacking
and the ever-increasing complexity of online security leave that many
businesses vulnerable.

Hackers are always lurking on the internet
trying to gain illegal access to businesses’ information systems. On the other
hand, new security measures are either too complex or costly for businesses to
implement. This means many startups might either overlook implementing the best
cybersecurity measures, increasing their vulnerability to hackers.

Cyber insurance coverage covers startups in
the event their systems are hacked, infected with viruses, or breaches that
target and compromise trade secrets, financial information or private
information of their customers and clients is leaked. This coverage will
provide cover startups from such data losses, legal expenses that may arise
from these losses, or even cyber extortions.

#5.
Professional Liability/Errors And Omissions Insurance
– These insurance covers protect companies that offer professional services
from claims of error, malpractice, and omissions. The cover also protects
against cases where clients claim your advice caused harm or loss. This
insurance should be standard assurance for startups operating in the medical
field and other health-related industry.

#6.
First-Party Insurance – if your startup has
significant investments in equipment, this is a must-have insurance. The
coverage protects a startup’s equipment from physical damage. This ensures that
the investments made to purchase equipment is well protected and by extension,
the business is well protected. Whether you are operating a bakery or a tech
startup, this cover will protect your investment in equipment.

For the best business insurance coverage is the “all risk” type of coverage. Under this coverage, all your equipment (except those specifically excluded under the policy terms) is excluded. Furthermore, you may add a business interruption coverage to cover your business from losses arising from downtime before replacements or repairs are made.

#7.
Workers’ Compensation Insurance – For many startups,
this is all but mandatory insurance to have. As matter of fact, there are
jurisdictions that require businesses to have a workers’ compensation coverage.
However, all the emphasis for businesses to have this insurance coverage is for
a good reason. With the average cost of workers’ compensation costing $63K,
workers’ compensation can be very expensive for budding startups.

As such, it makes sense to have a compensation
policy that will cover instances of employees getting hurt while working
including their medical bills, wage replacements, and benefits. Such expenses
can drown a startup in financial chaos if the business is paying out of their
pocket. Furthermore, there is the issue of abiding by the law. You might face
stiff penalties when you do not comply with the law requiring you to have this
insurance coverage.

#8.
Home-Based Business Insurance – Forbes has reported that
approximately 52% of all small businesses operate from residential premises.
And for many entrepreneurs, their first base of operation is their homes. With
a tight budget, it makes sense to reduce overhead costs. Using your home does
reduce cost quite significantly.

However, it is important for home-based
businesses to have the right insurance. This insurance policy covers property
damage arising from business operations. The insurance also covers other
liabilities associated with the running the business from your home.

While the above insurance covers are the typical covers that startups should sign up for, there are other covers entrepreneurs may consider. These include commercial property insurance, life insurance, and unemployment insurance. The insurance you sign up for is determined by the type of business a startup runs.

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How to Make the Most of Business Phone Calls

Phones are an everyday item for most
people – and increasingly so.

In a survey conducted in 2017, it was revealed that 95% of the 18-25 year olds that took part own a smartphone. This percentage will most likely have risen since. Tech specialists CACI even predict that this year will see mobile apps usurp online banking.

It isn’t just new software that can
benefit businesses, however. The original phone function – the phone call – may
provide key insights and potential for company growth.

With this in mind, we explore how you
could use it to enhance your firm.

Monitor
Calls

This could bolster business development.
In tracking your calls, you can store and access key data on ROI and Conversion
Rate figures. And so, you can pinpoint any strengths and weakness within the
company.

With clear facts, you’ll be better able to
resolve issues – and improve performance. Therefore, call monitoring may prove
immensely useful.

For reliable software and advice, look to specialists like Media Hawk. In doing so, you can ensure that your business hits targets and objectives.

Identify
Key Phrases

Session-based call tracking typically enables
owners to identify which words and phrases drive customer conversion.

Through this function, device owners
assign a group of call tracking numbers to a website. This is based on the
average level of visits that the site receives for a specific traffic source.

Essentially, it enables you to gain
insight into the language that most appeals to clients. With a phone call, you
can enhance your optimisation strategies.

Even better, it might help with time management, too – a skill that can help all businesses to thrive.

Improve
Call Handling

Call tracking can be used to heighten
customer engagement levels. This is because most providers of this software
will deliver in-depth information on how employees manage calls.

In turn, this can illustrate highs and
lows in client outreach. From this, you will be able to build on profit rates
and ROI.

With fact-based findings, you can simplify
feedback sessions for staff, which may help to boost their professional
development.

Why not use reports to monitor
progression? If you do, you may strengthen employee -as well as customer –
satisfaction rates.

Business phone calls aren’t just useful for companies – they’re often paramount for company growth. The right equipment, knowledge and plan can guarantee positive results. With this advice, you could make the most of business calls – and encourage even higher success for your company.

The post How to Make the Most of Business Phone Calls appeared first on Entrepreneurship Life.

Logistics Tips for Small Businesses

If you’re a small business owner, you’ve probably had
dreams of running one of the biggest companies the world has ever seen. After
all, every company from Amazon and Microsoft to Tesco all started out
somewhere, and it wasn’t at the top.

However, these companies didn’t become the biggest players in their respective fields without a little hard work, and a little bit of knowledge. One key area that all businesses have to be skilled up on is their logistics, after all, this is how these companies get products from one place to another, helping to keep customers satisfied. Amazon itself has just opened a second logistics centre in the UK, due to the demands of their ever-booming business.

Of course, when you’re a smaller company then owning a few logistics centres probably isn’t feasible. But there are numerous ways to do this through companies such as Parcel2Go. Below we’ve highlighted three ways companies have kept on top of their logistics to make them extremely successful.

Technologically
Proactive

One thing that changes constantly, and has a huge
impact on businesses, and our day-to-day lives, is technology. Huge companies
such as Amazon have always kept an eye on what’s happening with tech, and have
even made a few innovations themselves.

By implementing new technology you’ll be able to streamline
your logistics just like Amazon have through their use of robotics, such as
drones. By doing this you’ll be able to conduct business much easier,
effectively, and efficiently, which will only help to improve everything for
the customer.

Adjustments
Don’t Have to be Big

Well, not all the time anyway. If you take the time
away from the boardroom and head out to your shop floor and talk to staff,
you’ll be surprised at what you could learn.

Maybe the staff will be able to tell you what could help them during the day, which could help reduce times and save money. Maybe it’ll be a simple case of re-arranging things to help people access items easier. Just look at UPS, who said simple changes like keeping boxes and packing materials close to hand at all times made a huge impact on the efficiency of the business.

Keep Watch

Not just on your own business, but on other businesses
as well. This will allow you to see what other companies like yours are doing,
and help you see if what they’re doing is successful or not. But also, make
sure you keep an eye on what’s happening in the world of law, economics and
politics, as these could have significant impacts on your company too.

All three of these are ways that big companies monitor
their logistics to help them stay on top. By implementing a few yourself, you
too could be one of the big companies someday.

The post Logistics Tips for Small Businesses appeared first on Entrepreneurship Life.