Business

When it comes to your business, the bottom line is always going to be profit. And to understand profit, you have to look at all of your finances. But, after you’ve grown your business to a certain point, who is really controlling those finances? You may have had a very good idea when you were the sole proprietor of a business idea, but as the concept has expanded, you can very quickly lose track of revenue and expenses. Depending on the size of your company, this realization may come sooner than later.

So, within the construct of your current business environment, who is in charge of controlling the finances? There is a chief financial officer to consider. There is someone who is known as the Comptroller. And, to a degree, the board of directors of a company will also have a dynamic say into how finances are used. Again, this is all context-based, and the size of a company has a great deal of influence.

The CFO

Even in a small business, there is going to be someone designated as the chief financial officer. This is the person who is in charge of the money. Their primary purpose in that role is to understand where the money is coming from and where the money is going. They handle the part of the business plan that recognizes all of the revenue and expenses that go into day-to-day operations and long-term endeavors. Without someone in a CFO role, your profitability will take a big hit because you have no way of analyzing all of the information coming through.

The Controller

Another essential person when it comes to your business finances is the controller. If you’ve ever wondered what a controller does, you may have to look at larger companies that have one or more people in this position. A controller is essentially the head of a financial Department, and they are the person who reports directly to the CFO. There can be controllers over different departments, and the organizational structure of a particular company or Corporation will determine how many of these people there are and what their specific tasks will be.

The Board of Directors

You may read the news that suggests the power of the board of directors to alter the financial direction of a company. After a company goes public, the board of directors is a group of people who are gathered to represent the interests of the shareholders and other stakeholders. Though in many cases, the work that this board does is not exactly transparent, the time, effort, energy, and resources they bring to a company is invaluable.

There are some issues when a board of directors does not necessarily navigate company policy very well. In those cases, the actual stakeholders in a company can adjust who the board of directors are. The board of directors also can hire and fire different high ranking positions within a company structure. The checks and balances are fascinating.

 

Crowdfunding has transformed the way entrepreneurs get their ideas off the ground and has made jump-starting ventures much more realistic. Now, it’s very possible for an idea to go viral, explode with traction, and receive tons of backing, thanks to crowdfunding, and entrepreneurs and investors alike have been taking notice of how successful it can be. But because the industry is so saturated with ideas, entrepreneurs want to make sure they’re going about their crowdfunding campaign the right way, from the get-go. As the Vice President of Marketing for InventureX, Mark Campbell understands just how much nuance can go into crowdfunding. InventureX is the #1 crowdfunding agency, helping entrepreneurs succeed in their crowdfunding campaigns. In the past, Campbell has shared some crowdfunding marketing secrets. Now, he’s diving into 4 elements all successful crowdfunding campaigns should have.

Be as prepared as possible

When it comes to crowdfunding, Campbell says you can tell which campaigns are well thought out, and which ones have been thrown together at the last minute, by inexperienced entrepreneurs. You want to be as prepared as possible before going live with your campaign. Weeks or months can go into planning just the launch of a crowdfunding campaign alone, and if you feel you’re not ready, you shouldn’t launch your campaign.

Have high-quality digital assets

In the digital era, there’s nearly nothing more important than having high quality end eye-catching digital assets, according to Campbell. InventureX has its own in-house studio, StudioX, responsible for photo and video shoots. Campbell feels this is an invaluable part of launching a crowdfunding campaign, and that digital assets are key to showcasing the project you’re looking to crowdfund.

Identify and hit your target audience

When launching a crowdfunding campaign, you don’t want to waste time, money, and energy, trying to market to the incorrect audience, says Campbell. Identifying your target audience is key to having your venture successfully crowdfunded. For example, at InventureX, they do a lot of that legwork for their entrepreneurs. That way, Campbell says, they’re making sure their projects are hitting the right audiences and getting successfully funded.

Know that you can transform your idea into reality

According to Campbell, being an entrepreneur takes a lot of guts, but it also comes with a lot of ups and down. One element to success every entrepreneur needs to remember is that with crowdfunding, it truly is possible to transform your idea into reality. Getting the funding to launch your venture is not impossible, and on the contrary, you have the ability to tap into a massive reach. The trick is knowing how to work the world of crowdfunding to your advantage.

About InventureX

InventureX is the #1 crowdfunding agency, helping entrepreneurs launch and successfully fund their ventures. More than 350 entrepreneurs have successfully crowdfunded their projects, thanks to InventureX. More than 85% of entrepreneurs who work with InventureX hit or surpass their crowdfunding goals. For entrepreneurs who are interested in working with InventureX, the agency will conduct a free review of your project.

If you’re a business owner, choosing to build an investment portfolio is a great way to secure your future and help you to continue investing in your business. There are many great ways to start investing. Stocks, futures, and options are all ways to make a decent portfolio to secure your business’s financial future.

Trading Stocks To Invest in Your Business

 

Stocks are an excellent investment to gain steady returns over time. By creating a portion of your portfolio dedicated to stocks, you can receive dividends on your investments, offering you a bit of extra money throughout the time you own those shares. This is a great starting point for investing for your business, and when properly planned, trading stocks can be a very lucrative investment.

Stocks are shares of ownership over a company. By investing in a stock, you have a lot more freedom on how you trade, and you can take a more hands-on approach if you have the time to do so. Building a portfolio with shares of stock is a great starting point for any new investor.

Trading Futures To Invest in Your Business

Futures are another great investment to add to your portfolio, while they tend to be tricky to learn and get a productive strategy going, Futures offer a great return on investment when executed properly. Futures are contracts to buy a commodity, or other asset. The futures contract is a contract to purchase or sell an asset for a set price. Buyers of futures rarely take delivery of the asset within the agreement, futures are purchased to sell at a profit.

Trading futures is a fast-paced way to invest and can have a high return when you learn a promising strategy. When you are building an investment portfolio, futures are a great way to bring in some returns to put back into your business.

Trading Options To Invest in Your Business

Options are another contract that can make some substantial returns when used correctly. Options trading is purchasing a contract to buy a stock or share within a company for a set price. The trades are trading the options, or the right to buy a particular stock at a preset agreed-upon price. When considering the stock options and your business strategy, options can be a great way to add to your portfolio. Options are less money to buy into, and can bring high returns with the right strategy. The key to all investments is strategy.

It’s essential to find a great broker, or do your homework if you are planning to manage your investments for yourself. Having an investment portfolio is an excellent idea for securing the future finances of your personal life and your business. By finding a good strategy and sticking to it, you can put a lot of money back into your business, and make the changes you always wanted to. Practicing and following market trends will get you well on your way to successful investments.

 

Trade show display creators must strive to promote the visibility of their booths. If you are a small business owner, the thought of preparing for a trade show may be scary. When preparing, you must understand the details of the trade show and the type of effect you want to achieve. You can speak to the event organizers and find out what to expect. They can give you details of the visitors that will be attending. Keep the following tips in mind when creating a trade show display.

1. Your Table Should Stand Out

If your table is dull, people may have no reason to visit it. Use it to represent your company’s brand and color scheme. Do not settle for the table cloth that is provided by the event organizers.

2. Create Hype on Social Media

A few days before the date of the trade show, use your social media platforms to create a hype. Encourage them to participate in the show and visit your booth.

3. Use a Presentation Board

If you have enough space, consider erecting a presentation board. Use the board to explain to your customers how your business could be beneficial to them. Your presentation board must be appealing and unique. Be creative and use it to represent your brand. Use pictures and attractive graphics to showcase your company logo and name.

4. Include Food Giveaways

Food goodies always work. Package food in a way that advertises your brand. You can include your contact information in the packaging.

5. Bring a Portfolio of Your Work

A trade show is a great opportunity to display your work. Print your best projects and find a way to display them. It should be easy for visitors to view and go through copies of your work.

6. Use Videos and Slide Shows

Videos and slide shows are likely to draw the attention of visitors. Develop a video that shows some of your best work. You can mount a screen on a rack and use it to display your slide shows and videos.

7. Have Many Giveaways

Potential customers are always looking for giveaways. Use them to attract and retain customers. Some of the most effective giveaways include; pens, magnets, and notebooks. The giveaways should be branded. Have display racks with your brochures and flyers.

8. Organize a Draw

Organize a draw and offer an attractive prize. The prize should remind people about your brand. It should appeal to all your target customers. Have a guestbook where visitors can sign in. Another option is to have them drop their business cards in a gift card. It is a clever way to get their contact information.

9. Focus on Building Relationships

Successful trade show display experts put more focus on building meaningful relationships than increasing sales. You should strive to maintain a steady stream of visitors to your booth and create a lasting impression. The primary goal of a trade show is to generate leads and not sales. Engage your visitors and have conversations that are beneficial to them.

If you need help with your trade show display creator, consider working with ExpoMarketing. We have been in the industry for a long time. We have a lot of experience in creating customized solutions for different trade shows in the United States. We are happy to give you the creative edge you need to succeed. We are happy to go over and beyond to help our customers.

 

 

Crowdfunding has turned into such a popular way to raise money that it can now be broken into different categories. Donation-based crowdfunding is gaining popularity, as it allows entrepreneurs to be creative with bringing in money without having to give a part of the future earnings. Instead, using rewards or giving backers prestige is what motivates them.

One company that knows all about this trend is none other than InventureX. Joe Parker, the senior marketing coordinator at the company, works with people every single day looking to have successful crowdfunding. He answered a few questions for us on the topic, and how people can get started for the first time.

Why do you think crowdfunding has turned into such a popular method?

A lot of people are not intimidated by how crowdfunding, in general, is set up. Instead of having to count on one or two investors, the focus is more on getting a bunch of backers to donate a smaller amount of money.

It’s also great marketing for people who are trying to get something new out there. Every time someone backs the project, it helps with the marketing as well. Some of the top crowdfunding campaigns will end up going viral because of this.

What’s the first piece of advice you give anyone considering donation-based crowdfunding?

Put in the time and effort before so that the campaign goes as smoothly as possible. There are always going to be things that pop up during the campaign but being prepared for a lot can increase the chances of success.

Too many people think that a crowdfunding campaign can be thrown together in a short amount of time. It can take weeks or even months of planning, making sure that everything is set up for success to follow.

How important is a good reward system for backers?

Taking the time to provide valuable rewards for backers will help out any crowdfunding campaign tremendously. It’s not going to be the main deciding factor for some backers, but it still is something many consider.

No one wants to donate something that doesn’t seem like it will be that exciting in the future. So many people face the challenge of putting money towards something, and then not feeling like they got what they deserved. It doesn’t have to be much, as long as it’s creative.

Is it fine to switch up the reward system?

It is important to be one step ahead of the trends that are redefining the future of crowdfunding in order to be on the right track. Try to stay away from switching up the rewards system too much, simply because it can cause jealousy. If a person starts with great rewards, stick with it as long as possible. Never make the rewards even more enticing, because that’s going to frustrate those early backers who feel like they are under-appreciated.

Are we reaching the peak of donation-based crowdfunding?

I still think there is room to grow when it comes to donation-based crowdfunding. It’s more competitive, but that means the best campaigns can shine. It’s more important than ever to put time and effort into something like this.

 

The truth is, not everyone knows how to be a good supervisor. Even though it may seem easy to boss everyone around, overseeing a team comes with a considerable amount of pressure and responsibility.

A great supervisor doesn’t just encourage their workers getting the job done, but they also know how to boost morale, reduce stress, and get rid of the stigma of “we the employees” versus “them the boss.”

Since you spend over a third of your year at work, a good supervisor can make a tremendous difference in the workplace. So, what exactly makes a good supervisor? Here are some that stand out most.

Reliability

As a boss, it’s a supervisor’s job to make sure that things get done. Not only should they be pushing their employees too complete their tasks, but also themselves. They should be keeping up with records, ordering supplies, or whatever else is required of them.

Although reliability is a quality that any employee should have who is being paid for their services, it’s especially important for someone in a leadership position. The higher your position is, the less anyone should have to worry about their ability to carry out a task.

Good Communication

Supervisors need strong communication skills in order to develop effective strategies. When they have a strong sense of how to communicate with others, they are more convincing and inspirational. Heavy workloads are more likely to get finished faster with a supervisor motivating the team.

Yelling and intimidating tactics aren’t exactly motivating. A smart supervisor knows how to reach their workers on a deeper, more psychological level, inspiring greatness.

Problem Solving Skills

A greats supervisor knows how to get everyone together to work as a team to overcome a problem together. They’re capable of overcoming challenges by inspiring unity and accepting their employees’ feedback.

By fostering team development, they are able to conquer challenges and bring out the best in everyone, including themselves!

Strong Leadership

A strong and supportive work environment only happens when a strong leader is present. Leaders know how to effectively delegate tasks by identifying the strengths and weaknesses int heir team. They are able to innovate and creatively overcome obstacles.

A good leader knows how to look at a problem in the face and create a step by step process to lead their team through it.

Ability To Resolve Conflict

Employee conflicts are bound to arise from time to time. Unfortunately, event though conflict resolution may not always be the most fun part of being a boss, it comes with the territory.

It’s up to a supervisor to coach their employees through conflict and help facilitate an understanding that works for everyone.

 

One of the most exciting things to happen to your business is expanding your workforce. This is a true sign of success in your industry and is something to be proud of. As your workforce expands, so do the needs of your Human Resources department. There is a point in which a spreadsheet is no longer enough to effectively track employees. Accurate Human Resources reporting is important to the success of your company. If HR reporting is becoming an overwhelming task, it might be time to invest in HRIS software.

What Is HRIS?

Human Resources Information System, or HRIS, is software that organizes HR-related data. This can include employee information, benefits and time-off balances. This type of software can streamline all human resource systems and processes. There are a variety of different options for HRIS software. It can be beneficial to use an HR Software Buyer’s Guide to determine what software is best suited for your company. It is important to find the HRIS software that can handle all your business’s Human Resource departmental needs. Take the time to research the many different HRIS software options available and pick the one that best matches your company. Be sure to consider any process or task your HR department handles, and ensure the software can do that. Review the recommendations for business size for the HRIS software you are considering, and match that to the size of your business. The needs of your 800 employee business may differ from the needs of someone’s 65 employee business.

Why Is HRIS Beneficial?

The increased organization is a key benefit of using Human Resources Information Systems software. Having each of your business’s HR reports in one place saves time. Comprehensive data helps make it easy to monitor compliance training and track the progression of your Human Resource’s strategy. This increased organization and convenience can create an improved employee experience company-wide. Having effective Human Resources processes are important in keeping your company compliant. Your employees can be confident in knowing their information is correct and properly monitored. The reports that can be generated may also be beneficial in making decisions for your business. Reporting can help you identify trends in your company. You can use this beneficial information when making strategic decisions.

Is HRIS Right for My Business?

HRIS software is typically used in small to mid-sized businesses. Often HRIS is recommended for businesses of twenty-five employees or more. A Human Resources Information System may still be beneficial if your company is smaller. If the employee who manages your HR department also takes on other roles in the company then this can be particularly beneficial. Comprehensive monitoring and reporting of all aspects of the Human Resources role can save valuable time. With HRIS software you can allow your employees to focus on other important tasks.

What Are the Standard Features of HRIS?

Knowing whether it is time to look into HRIS software for your company is knowing the features that are generally offered. Once you are familiar with what the software can do you can match your business’s needs to what the software offers. You can also consider the benefits and tasks that this software may offer that you are looking for your Human Resources department to adopt. An HRIS can offer an employee database and directory with 401k tracking, payroll information, and benefits administration. You can also expect the software to handle scheduling, monitor time and attendance, and track time off. Most will generate reports that can be customized to best suit your needs and preferences. You can also find Human Resource Integration Systems with more advanced features. These can include performance management and mobile apps.

If you aren’t already using a Human Resources Integration System software, then it might be time to consider utilizing one. Whatever the size of your company, your reporting needs, or your business strategy, there is probably a system suited for your company. Spend some time considering how your HR department is currently handling departmental tasks, and whether streamlining the process will be beneficial. Think about your business strategy and how in-depth reporting might be the right thing for your company. Be sure to take the time to research the options available, and make the choice that is best suited for your needs. Investing in a HRIS software is investing in the future success of your business. Don’t take the decision lightly. Be surprised at how adopting a software that streamlines the reporting you want can take your company to the next level.

 

The success of your company may hinge on your customer service team’s ability to provide exceptional service. More than two thirds of customers may switch companies if they have a poor customer service experience.

This means that your customer service team has the ability to create customer loyalty, and are also the front line of defense against losing clientele. Businesses can employ strategies and changes which don’t take a lot of time, but still have a big impact on staff and the quality of service provided. Below are just a few examples.

Invest in training

Training your staff to help them improve their job performance doesn’t have to involve expensive seminars that require time away from work. It’s possible to customize tutorials into short segments that can be completed at your worksite. This means that you can invest in the development of your staff team without high costs or losing hours of work time.

Staff who feel that they have access to the knowledge and resources needed to improve their job performance are more likely to feel that their employer is committed to developing their skills. Providing staff with the opportunity to grow shows them that there may be opportunities for advancement, particularly if staff are recognized for their commitment to on-the-job training.

Install superior technology

Exceptional technology customized to meet your company’s needs can save your staff time and enable them to focus on the clients. Businesses can reduce unproductive staff hours is by installing call center software from companies like Bright Pattern, which can automatically dial numbers for your staff team. This enables staff to move from client to client quickly, without losing time reading and dialing numbers themselves.

There are also other types of software that are optimal for different businesses. Call center technology can be customized to identify a customer’s needs, and then direct calls to staff who have the knowledge and skills needed to assist them. By ensuring that the right staff members connect with the right clients as efficiently as possible, you can help reduce frustration and time.

Model an ideal customer service approach

Strong customer service involves listening to clients and taking time to understand their needs and concerns. This means that your staff team needs to know that they don’t have to rush clients off the phone to meet quotas.

Take time to talk to staff and actively listen to them. Provide platforms for them to raise concerns and receive assistance. When staff feel rushed or dismissed by their supervisors, then they will not feel like their concerns are valued. That will translate into pressure to keep calls moving rather than actively listening to callers and addressing their needs.

Encourage staff to dig deeper

Encouraging your team to ask probing questions can help ensure they get to the heart of the problem the first time a client calls. Looking for superficial quick fixes may lead to a dissatisfied customer, because fixing the immediate issue may not resolve a long-term complaint.

For example, if a doctor prescribes cough syrup to a patient who has a sore throat and has been coughing it may stop the symptoms, but it doesn’t identify the reason the person was coughing, which could be symptomatic of anything from lung cancer to bronchitis to heartburn. Exceptional customer service involves ensuring you understand the root cause of the client’s needs so that you can ensure you have resolved their issues instead of simply treating a symptom.

Promote a strong work ethic

When staff are recognized for their hard work on the job, they are motivated to continue working harder, acquiring new skills, and striving to improve their performance. They are also more likely to feel positive about their work environment.

When staff are frustrated, clients can tell. And when staff are optimistic and confident they can help resolve customer issues, clients are more likely to feel positive about your company as well.

To read more on topics like this, check out the business category.

Whether you are an own a retail outlet or a wholesale one, a service business or an administration one, having public liability insurance is an essential component for your business in the present time. For all those businesses that involve interaction with customers, there are possibilities of several slip and fall incidents that might injure the customers. In such cases, the third party might file a case on the employees of the business or the business itself. This can actually be a real concern for the business raising huge financial concerns for them. Let’s have a look at what public liability insurance is.

What is Public liability insurance?

Public liability insurance is an insurance which protects companies and organizations against the claims filed against them by general public. It is often known as the business liability insurance essentially because the liability ensures that in case of any mishap, the business will not be held responsible and the insurance will cover all the possible charges. Irrespective of whether you own a small or a large business, public liability insurance should be considered under all circumstances. This is because irrespective of the size of the business, mishaps and accidents have a high probability and can happen with anyone.

What are the kinds of mishaps that can occur?

Before option for public liability insurance, many small businesses think over the fact that how can they be involved in such cases. There are multiple negligence cases that have come up in the past that provide a clear indication that one should opt for public liability insurance in order to avoid the hassle. A customer slipping on a wet floor at your store or outlet or someone falling down the stairs or tripping over due to insufficient light are all possibilities of customer injuries that can cause real concerns for businesses.

Similarly, in case there is some constructive work going on in the store or building and a customer gets in contact with faulty electrical wires. This can ultimately cause real damage to the customers who has every right to file a claim against the business. Likewise, some stores have worn out carpets or rugs along the floor that may also cause a case of tripping over. Another very important negligence is caused by the beauty salons or hair dressers. Hair dressers at time do not may much attention and might hurt their customers while doing their hair. Similarly, the beauty salons at time leave their hair straighteners on that is a huge risk as the customers might get in contact with it and burn themselves.

These are some of the examples of negligence that a business might face. An important thing to notice here is that majority of the businesses were not large retail organizations but small and medium business enterprises. Hence, a business irrespective of their size, should consider going for public liability insurance in order to stay away from financial and legal charges. There are different schemes that provide different policies and charges. You can compare public liability insurance with iSelect.

To read more on topics like this, check out the business category.

As an employer, you want to make sure that you’re getting the most out of your employees. After all, you’re paying them, so it’s normal that you want to make sure that you’re getting the most out of your money.

If you’ve recently been seeing a dip in your employees’ productivity, it may have you worrying that it’s something you’re doing wrong. However, rather than focusing on what’s going wrong, try to focus your energy on how you can make things right. Here are some of the most effective ways to boost your employees’ efficiency and increase team morale.

Give Them The Right Tools

Regardless of what your industry is, it’s vital that your employees have the right tools that they need to successfully complete their tasks. Just like a painter can’t paint a masterpiece with a cheap paintbrush, you can’t expect your employees to do great work without the right tools.

As an employer, it’s critical that you make sure that your workplace is designed for efficiency. Otherwise, production time will be much slower. When your employees are working slowly, that means time is lost. In the world of business, time lost is money lost. The idea is to get them to be as efficient as possible in the shortest amount of time possible.

Set Clear Guidelines

Your employees will do their best work if they have a clear idea of what they should be doing. By clearly setting your expectations from the beginning, there won’t be any grey area about what your employees are expected to do.

Before assigning your employees tasks, make sure that they’re SMART. Smart, measurable, attainable, realistic, and timely.

Provide Breaks

A lot of employers make the mistake of assuming they will get the most out of their employees by making them work longer. However, many studies prove that employees are actually much more efficient if you allow them to rest in between tasks.

People need time to take a break and gather their thoughts before moving on to the next project. Exhausting your team only leads to poor performance and slower work speed.

Discourage Multitasking

A lot of people are used to multitasking throughout the day. It may seem like you’re getting more done by doing more at once, however, in reality, this isn’t the case. In fact, you’re putting minimal effort into each task in an attempt to get it finished. However, when you focus entirely on only one task at a time, the end result will be much better. Focus on quality over quantity if you have to choose.

Encourage Teamwork

Your team will work much faster if they rely on each other. Encourage teamwork by engaging in team building activities regularly. Teamwork increases communication and an overall better atmosphere in the workplace. Happy employees mean busier employees!

To read more on topics like this, check out the business category.