Mohit Tater's Blog, page 653

4 Tips for Choosing the Right Business Bank Account

Having an account with a reputable and reliable bank is one of the most important aspects of starting a business. Whether you operate in the Business to Business (B2B) or Business to Customer (B2C) industry, sell online, offline, or both, it’s important that your company has a stable account where monies can be paid in and out. Whether you are in need of a simple, basic checking account or require a more complex product such as an account with an overdraft facility or other lines of credit, there are many factors to take into consideration before you take the plunge.

When making the decision regarding your business checking account, it’s not only important to consider your current pertinent company needs – you should also take into account your expected business needs for the future. This is especially true if you expect to be in the market for a business loan in the future; choosing a bank which you can build a good relationship with will potentially make this an easier process.

So, what must be considered when opening a new business checking account? We’ve got the details.

#1. Your Business Needs

First and foremost, your business’ individual needs must be the highest priority when selecting any company banking products. Are you looking for basic products, or do you require a more specialized service, for example a small business loan or assistance with investments? In addition, you should also consider the amount of cash flow that you expect to be moving in and out of your company. Don’t just think about your current cash flow – this is especially important if your business is currently in the early stages, and is likely to see an increase in revenue in the near future.

You should also consider any costs; some banks charge a monthly or yearly fee, whilst others such as this free checking account NJ will not incur any additional business costs. Before selecting a paid account, bear in mind whether the services offered are worth the investment. For example, a bank that provides a financial advisor to you is certainly worth thinking about spending more for.

#2. Comparing Features

Before you can know that you’ve made the right decision when it comes to a bank, you will need to determine your business needs and requirements. Once this is done, you can then begin to compare the various features offered by different banks to enable you to find the best match.

For example, you may have quite simple needs – perhaps your business is run mainly online, and you need a checking account that provides you with easy, instant online access to your money. In this case, you may want to consider using online banks, many of which provide much the same features as traditional high street financial institutions. On the other hand, if you want to bank with an institution where you’ll be able to visit a branch and speak with an advisor, an online bank may not be an ideal choice for you.

In addition, you should also look into any specific features aimed at entrepreneurs. Don’t forget to also take into consideration factors such as interest rates, fee structures and additional customer services in relation to how they meet your business needs.

#3. Lending and Credit

Even if you aren’t currently thinking about applying for a business loan, it’s important to consider the ease of borrowing from your chosen bank in the future. At some point during your entrepreneurial career, it is likely that you may need to apply for a line of credit, whether this is a loan to help with start-up costs or a credit card to assist with covering regular business expenses.

In most cases, smaller financial institutions are a better choice in terms of future lending ability. Larger banks tend to be clamping down on credit; entrepreneurs with a less-than-perfect credit rating are often left disappointed. On the other hand, smaller banks are usually more likely to accept applications for credit from companies in their local area.

#4. Future Re-evaluation and Flexibility

The main things that you need from a bank now aren’t permanent; just a few years down the line you may find that your business’ financial needs are significantly different from what they once were. Because of this, it is important to factor in flexibility and determine how well your bank will be able to adjust to your company’s changing needs over time.

For example, you should determine how easy it would be to switch checking accounts, take out additional features and services, or borrow more credit in the future.

Would you like to add to this list? Share your top tips in the comments below.

The post 4 Tips for Choosing the Right Business Bank Account appeared first on Entrepreneurship Life.

How Can Invoice Factoring Benefit Your Small Business

If you’re a small business that only deals with consumers (B2C), invoice factoring isn’t going to benefit your business as you’ll instantly be paid upon selling products and services. However, if you deal with other businesses (B2B) you may find you’re always waiting for your invoices to be paid and when you’re only a small business, that can sometimes lead to many problems.

Often, small businesses will look to secure capital from banking institutes to get the finance they need to survive, but seeing as only 1/5 businesses manage to secure finance from banks, it’s never a guaranteed route, and sometimes it’s not even a route small businesses consider. If you’ve already tried to secure financing with your bank, but they haven’t been willing to provide it, it may be time to look at invoice factoring as an alternative to help keep your business alive.

With Invoice Factoring You’ll Get Paid in One Day

Not all factoring companies are going to be able to offer this service as some of the standard services will still have a lock-in time until you can request funds for an invoice, but the services worth looking into will provide you with the capital in as little as one day. This means that invoices that usually take 7-90 days to be paid can be paid within as little as a day minus a small fee.

This is great for small businesses who need to continue operating without having to wait weeks for invoices to be paid. When you’re dealing with other small businesses, you’ll find that invoices will be paid quicker because they know how it feels to have to wait, but when you’re in partnership with bigger businesses, their accounting departments will only pay invoices within set periods.

Cash Out When You Want

The process is very easy when it comes to cashing out unpaid invoices. By using a simple online dashboard, you’ll be presented with all the invoices that are currently unpaid. By clicking “Get paid now” next to each invoice, you’ll be able to get the funds you need when you need them. The great benefit of this is that you can request a cash out for one invoice on Monday and if you need further funds on a Thursday, there’s nothing stopping you from cashing out another invoice there and then. Obviously doing this is going to incur more costs, but it could be the only way for some small businesses to survive.

No Obligation Invoice Factoring

A lot of the good invoice factoring services out there will offer no obligation services which means you don’t have to cash out your invoices if you don’t need to. Always make sure you’re using a reputable company that has no hidden fees or questionable contracts in place like making you cash out all invoices from the same clients.

Choose a company that lets you choose what you want to cash out and when so you can save costs on invoice factoring when you don’t need the service. There are a lot of great companies out there when it comes to invoice factoring, but there are also companies out there that will be trying to take advantage of your small business so it’s always important you do your research beforehand. Choose a factoring business that is totally upfront with their fees and you’ll find you can stay in control when it comes to factoring invoices.

Grow Your Business Without Having to Worry About Unpaid Invoices

The greatest benefit of taking advantage of an invoice factoring company is that you’ll be able to grow your business without having to wait weeks or even months for invoices to be paid. This means you’ll be able to invest in new inventory, pay bills on time with lower interest rates, and keep your employees happy with wages paid on time. Obviously, there are higher costs involved than when dealing with banks, but it’s not a great deal more and an invoice factoring company could be the way forward in helping your business succeed.

A lot of businesses are put off by standard invoice factoring businesses because they’re not sure how the process works. But with a simple application process and a free online dashboard to keep your invoices organized, the process couldn’t be any easier. There are many benefits to using factoring companies to provide you with invoice factoring services, but there are common flaws as well, such as higher fees than bank loans. However, sometimes it’s the only way forward in securing your business’s future.

The post How Can Invoice Factoring Benefit Your Small Business appeared first on Entrepreneurship Life.

The Ultimate Guide To Picking The Best Marketing Tools

Have you ever wanted to upgrade your business and get new tools like a landing page creator, an autoresponder, or web analytics, only to realize that with so many options available, you simply can’t decide which one to buy? Plus, going over dozens of reviews online would only discourage you even more because of the so many pro and cons that would leave you in total darkness…

If this is your case, then The Marketing Toolbox is exactly what you need!

A Jam-Packed Toolbox At Your Feet

Being able to do your research fast, rely on accurate information and also get product comparisons – all in one place – is priceless! It saves you a lot of time and energy, which could be better invested into your business.

This 40+ page e-book is a must-have for quickly finding the best tools for your business, whether you need an email marketing suite, a social media management system, SEO or market research tools.

Inside you will find 101 marketing tools organized into 14 chapters, each focusing on a specific area of your business (e.g. Analytics, Retargeting, Landing Pages, etc.). Each chapter contains up to 10 recommended resources, including description, price, website and founders.

The purpose of this guide is to give you very specific information about essential tools for your business that you can begin to apply today and see immediate results. I’m going to show you a very powerful list of resources that will help you achieve the outcomes you know you deserve.

Automation Is Key

If you follow my guidelines, you too will be able to leverage the fine dynamics of automating your business and having more free time to do what you enjoy most. These pages will help you create a powerful roadmap that will channel your productivity into the best areas of your business. Once you learn how to automate your work, you’ll never want to go back to the old way ever again!

The more you can systematize your business, the more profitable it becomes. My collection of 101 marketing tools will help you become an automation master and earn amazing results in your work. Once you put yourself on the right path and follow a tested system, you will certainly get results really quickly.

See You Inside!

Equipped with the right information and proper planning, you too can start growing your business and having a more prosperous and stress-free lifestyle! If you take the time to try out some of these tools, I guarantee you will feel more productive and resourceful than ever before!

The post The Ultimate Guide To Picking The Best Marketing Tools appeared first on Entrepreneurship Life.

How to Draft Non-Profit Business Plan?

Non-profit business plans take a time to be drafted as you need to put up your mind in several things which need your attention. Before drafting a non-profit business plan, you should the basics of the business plan for the non-profit organizations. Let’s discuss them first:

When you are drafting a business plan for a non-profit organization, you should know who will be the audience of yours who will be taking a look at it.
You can be a non-profit organization who is making a business plan to manage yourself in a better way that definitely means that you need to share the same internally. So, you will get to know that who is your target audience so, do have a get set go with the receiving of the same.
There are many non-profit business plan templates that are available on the internet, you can off course choose one from them, but there is nothing like making one of your own, it will help you in knowing yourself and your company in a better way.
For the business plan for any non-profit organization, first of all, you need to do is need analysis so that you know what you need to write and make it in the business plan. It is very important in the initial years and in the starting of any financial year that you need to have a business plan at the place as if you do not have then you need to check out the same and fix it immediately.
Once you sit and draft any business plan then do know that you should have a non-profit business plan templates, first as to help you in getting the zest of the organization, and you can share the same with your managers too for an approval. So, do draft a template first and then go forward for the main heading and the report.
The non-profit organization is mainly created for the person’s welfare so doing, it will definitely draw you towards humanity and you will be able to take care more of the people rather than business.

A non-profit organization can give you the exposure which you were seeking a long term as you need to manage with the strict resources and have to excel in it so if you get a chance to work with them then do give them a go ahead as it will help you in the long run.

Creating a business plan for any non-profit organization is not a big deal, but executing it can be. So, give a practical touch to your business plan and then go for it. Don’t waste your time in searching the non-profit business plan templatesor already executed plan, try to get the original one from yourself. Search for the bullet points, give it a shot, sit with your colleagues, discuss the issues, then go forward and give your best take. Making the same will never be difficult you just need to have courage, so go and GET IT!!

The post How to Draft Non-Profit Business Plan? appeared first on Entrepreneurship Life.

How to Reduce Insurance Cost for Your Business

A lot has to be put in place in order to run a business and considering that adequate finance management is a major part of its long term success, identifying areas where savings can be made is a welcome development to a lot of business owners. There is always a risk factor to any business venture and with insurance, the financial liability to be borne by business owners in certain circumstances can be greatly reduced. However, with the expenses that come with commercial insurance, a lot of small businesses in the UK spend returns on premiums that would have otherwise been reinvested. If you are looking to reduce insurance cost for your business, here are some helpful tips to consider.

Shop Around

This seems like an obvious point. It always helps to find the best business insurance deals by contacting a number of providers in order to pick the one with the policies that benefits your business the most.  This can be an especially valuable tactic when it comes to finding a type of insurance specific for your industry with hairdressing insurance, for example. As such, they miss out on helpful premium reduction strategies. This is why it is important to get bids from different brokers, and communicate with your chosen agent, so as to get the right advice in relation to getting lower premium rates and discounts.

Review Your Coverage

In trying to reduce cost, it is important to find a coverage that is just right for your company. While you should not focus solely on cost to the detriment of beneficial aspects of a comprehensive coverage, getting too much coverage would result in paying for what you my end up not using. As such, the right balance has to be met. With the right advice from your agent and consistent review of policy terms, you will be able to identify coverages that may be unneeded or those that overlap.

Reduce Risk

Risk level is a factor that influences the cost of insurance coverage. This means that if you are able to reduce your business risk as much as possible by having a system that ensures safety in the workplace and precaution against theft and disaster for instance, your insurance provider may be willing to drop rates and offer you a favourable deal. This way, you have lower liability premiums to worry about, thus saving you some expenses.

When You Raise Your Deductible, You Can Have Lower Premiums

This can be dicey. However, it is a risk that pays off because with raising your deductible comes lower insurance premiums. Based on your business needs and strengths, you should determine the amount your company can afford in the event that a claim is made, so that you can operate within reasonable confines.

It’s important to remember that insurance for your business is just one of those ‘facts-of-life’, unavoidable outgoings that you should always expect to pay. You don’t however, have to put up with that cost being very high. Do the research and implement change where you can to make a saving and allow your business to grow.

The post How to Reduce Insurance Cost for Your Business appeared first on Entrepreneurship Life.

Recording Business Videos From Websites on a Mac to Watch Later with Movavi Screen Capture

Being an entrepreneur is challenging in more ways than one, and odds are you’ll find yourself constantly learning new skills and improving your ability to run your business. Nowadays there are lots of resources that can help with that, and some of the many different types of videos that you’ll find on websites certainly number among them.

Between all the interviews, business webinars, advice and strategies that are out there, you will have access to a ton of useful information that you can peruse and learn from. Of course because these videos are on websites you will have to stream them when you want to watch them – which may not be convenient at times. If you would like to save some of the business videos that you find useful so you can refer to them later on even if you’re offline, you should give Movavi Screen Capture for Mac (www.movavi.com/mac-video-recorder/) a try.

Because it is a simple yet versatile screen recorder, Movavi Screen Capture for Mac can be set up to record videos from your screen in many different shapes and forms. It will let you fully adjust the recording parameters such as the capture area, audio source, sound levels, frame rate, and so on.

In this case you will want to set up Movavi Screen Capture for Mac so that it records the area of your screen where the business video is playing. To do so just draw a frame using the mouse cursor, or select one of the preset sizes in the list. Once that is done you can check to make sure the icon indicating it will record the system audio is enabled, and you should be good to go.

While you could manage the recording using the on-screen controls, Movavi Screen Capture for Mac will give you a few other ways to do so. It has convenient hotkeys that you can tap to pause or stop the recording, and has a scheduler that you can use to automate it so that you don’t need to manually control it at all.

When the recording is complete you just need to review it, trim out any parts you don’t want, and then save it in a format of your choice. At that point you can look into using the presets that are built-in to Movavi Screen Capture for Mac, as they will help you to automatically use the best video format and settings for various devices and platforms.

As you can see it really isn’t difficult to record business videos from websites and save them so that you can watch them at your convenience. Frankly speaking the features that Movavi Screen Capture for Mac provide will let you record any type of video that you need from your screen and odds are you’ll find numerous other uses for it too. For now however it may be a good idea to give it a try and save one of the business videos that you find particularly useful – just so you can get a feel for how easy it is.

The post Recording Business Videos From Websites on a Mac to Watch Later with Movavi Screen Capture appeared first on Entrepreneurship Life.

Why You Should Have an Employee Referral Program

One of the fundamentals of having a successful business in any industry is to have a team of qualified employees. However, looking for the right people to hire can take a toll on your resources. This is especially difficult for startups and small-scale businesses since many of them go unnoticed by job seekers who mostly have their sights set on bigger companies. If you’re having problems looking for people to hire, an employee referral program might be a viable option for your company.

Employee Referral Program in a Nutshell

An employee referral programer ERP is a hiring strategy that heavily involves the people already working for your company. With this kind of strategy, your employees are encouraged to recommend people that they think will be qualified enough for the positions that need to be filled. If a recommended person is hired by your company, the employee who referred that person receives an incentive.

An ERP almost always uses cash incentives to reward employees and keep them engaged in looking for people to refer to your company. To keep the system from being abused, the program may have certain conditions that prevent an employee from “gaming the system.” A common example would be rewarding employees with successful referrals only if the recommended person has passed probationary status or have worked for the employer for three months after the date of hiring.

Benefits of Employee Referral Program

At first glance, paying your employees to look for people to hire even when you have a full HR staff may seem like a waste of resources, but an ERP provides plenty of advantages that any business can capitalize on.

More quality hires – One of the biggest problems with conventional hiring strategies is that there’s no way to see if a person is fit for the job. On the other hand, employees who participate in an ERP are more likely to refer individuals with a similar work ethic to theirs. This means your company would have an easier time evaluating a person and spend fewer resources sifting through resumes that would likely yield no results.
New hires adjust faster – Employees always refer individuals that they personally know, usually as friends or former colleagues. This may not seem like much but since people hired through an ERP starts work with someone they are already familiar with, they would have an easier time getting comfortable with their job position and your company’s culture—a very important aspect in an environment where teamwork is essential.
New hires tend to stay – People hired through an ERP don’t just adjust faster, they also tend to stick around longer. This is because most people prefer working in job positions that they are already comfortable with. There’s also the fact that they were recommended by their friend or colleague so they tend to view the referral as a favor.
It scales well – With an ERP, every employee is a potential recruiter for your company. This means the more employees you have, the more referrals you can get. This is why ERP is a viable option even in circumstances where your company expands, whereas a conventional recruitment method could fail to keep up with the sudden increase in the demand for new employees.
It’s compatible with other programs – An ERP doesn’t clash with other hiring programs. This means you can keep your original hiring program AND adopt an ERP to further increase the chances of finding people worth hiring. Instead of acting as a total replacement, you can consider an ERP as an additional option for recruiting new people.

Conventional hiring programs mostly benefit you (the employer), but an ERP benefits you, your employees, and even the new hires. You’ll have an easier time looking for the right people, your employees get rewarded for it, and new hires get to start work with someone they already know.

The post Why You Should Have an Employee Referral Program appeared first on Entrepreneurship Life.

Who Is Andrew Argue? And Why Are Accounting Companies Working With Him?

If you’re an accountant and you’re looking for a way to grow your business, you might be searching online for answers to the questions you have like, “how can I find new clients?”, “how can I make more from my current clientele?” and “how can I increase my profits?” Well, one man has the answers to those questions, and his name is Andrew Argue. But who is he? Why does his method work so well? How has he helped accounting firms succeed? Well, let’s look at our Andrew Argue review to see what’s going on.

Who is Andrew Argue?

Before we look at the methods he uses to increase sales, let’s take a moment to understand who Andrew is and why he is the right person for your business. Although he’s young, he has learned a lot in his short tenure as a professional accountant. When looking at Andrew Argue CPA reviews, it’s easy to see why his trial-and-error approach has led to nothing but success.

As far as experience is concerned, Andrew studied accounting in college and went to work for Price Water house Coopers almost immediately after graduating. He quickly learned how the system worked and advanced rapidly, earning senior status after just a few months. However, he then realized that his potential was limited by working for someone else, so he started his own company.

At first, he made some mistakes, each time learning something new that he could bring to the table. It wasn’t until he had the epiphany that sales are what drives success, that he was able to turn his mistakes into something more substantial.

What are Customers Saying?

If you look on his site, you can see a huge list of satisfied clients who have gone through his training and come out much more successful and profitable as a result. So far, Andrew has helped hundreds of accounting firms grow and build their client lists, as well as make more from the ones they currently have. With Andrew Argue training, you can achieve the same results.

If that sounds like something that interests you, why not attend one of Andrew’s seminars? He outlines all of the specifics, and if you like what you hear, then you can arrange a one-on-one training session.

The post Who Is Andrew Argue? And Why Are Accounting Companies Working With Him? appeared first on Entrepreneurship Life.

How To Tell If Your Skincare Is Working

When it comes to your skincare routine, do you know if the products you are using are actually working? Even more frustrating is the fear that your skincare routine is making things worse. Here are some signs to tell you if your skincare regimen is working or not:

Get Rid of the Bad Options Right off the Bat

If you use an all natural skin care product and experience a painful, tingling sensation, that might not be a sign that it’s working its magic, especially if the tingle leads to burning, inflammation, stinging and redness. If you experience any negative effects, immediately opt out.

Is It Right for Your Skin Type?

One of the most essential and confusing elements of skincare is figuring out your skin type. If you’re using products geared toward a skin type that is not yours, you will not be seeing the results you crave.

Be Patient

If it takes a week for a spot treatment to zap away a monster pimple, chances are it didn’t work. Anti-acne products are engineered to work quickly. However, for those wrinkles or dark spots, you need at least two weeks or a month to see results, even if you are using all natural anti-wrinkle serums. Be patient with the process.

Your Skin Is Backsliding

Pay attention to the state of your skin. If the products you are currently using seem to be doing more harm than good, quickly stop using them. For example, if you are using a moisturizer but experiencing dull and flaky skin, the product is obviously not doing its job.

Finding out if your skincare routine is really working for you requires patience and experience.

The post How To Tell If Your Skincare Is Working appeared first on Entrepreneurship Life.

Why Businesses Hire Consultants – The Truth

Businesses frequently hire consultants to deliver their expertise on a temporary basis where needed, but this often makes people curious: whether it’s employees in the company who aren’t privileged with access to the decision making process or outsiders the company, wondering just why their competitors have chosen to make this move.

You might even be wondering right now if this is the right idea for you – what a consultant can bring to the table that simply hiring a new employee with a wider expertise would not. This quick guide will help dispel the myths, so you know why bosses bring in consultants, and you can decide if it’s worth the trouble of an ir35 Contract Review for you.

Temporary Problems Need Temporary Solutions

Sometimes the simplest answer is right: if your business is facing a temporary change or working on a short term project, it makes sense to bring in expertise that they only have to pay for that length of time. Consultants specialise in acclimatising to a business quickly, so they don’t require the long training period a full blooded new employee would: they can get straight to work installing new IT systems, for example, and depart when the job is done.

To Create New Solutions and Strategies

This is often the case if a company had a new idea or technology: they have a natural lead when they first launch as no one else has access to their USP, but as others learn to how to implement similar solutions they can stagnate. They need a new strategy to keep expanding, but everyone at the executive level has a full time job running the company as it exists.

In these situations, consultants can survey the company and come up with new strategies to drive them forward. They don’t need to be employed longer than needed to understand what the business does, and develop a new plan for them: the existing executives can implement the plan.

For Added Clarity or Credibility

If a CEO sees that change is needed, she might run into the problem outlined above: a lack of resources to make the change. Another problem could be that it’s difficult to see a solution when you are so close to the problem.

A consultant can come in with a fresh eye, and the authority to tell executives and department heads news they may not want to hear.  

The post Why Businesses Hire Consultants – The Truth appeared first on Entrepreneurship Life.