Why You Should Renovate Your Office

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When you are in charge of your own office, you are also in charge of any changes that you want to make to the building. It may not have crossed your mind before, but when business is going well, a revamp will never hurt! You can impress clients and drum up a good amount of business when you invest in your business premises.

The benefits of a renovated office far outweigh the costs it will take to get it looking up to scratch. Not only that, but you can focus on running your company and know that you can feel pride in what you are showing off to your customers. Upgrading your office does more than you think to make your business look good, and bringing on office architects and builders like TPM Builders will help! So, why should you go ahead and go for it with your office renovation plans? Let’s take a look at some of the reasons below.

  • Boosting Your Image. Renovating the office is a big sign you are successful. You can afford to make changes purely to make your brand look good, and this will lead to you being able to impress your clients. Your image is what sells what you can do to your clients, but if it’s not up to scratch, people won’t pay attention to you. Once your renovation is completed, you can upgrade your brochures and document your renovation journey on your business social media. Clients and prospective clients will be happy to see what you have to offer.
  • Motivate Your Staff. No one likes to work in an ugly, dark space. When you renovate your office, you get to bring in more light and changing the decor can make it a more pleasant place to work. Staff morale goes up as a result, and it’s one of the most critical components in the success of your business. Your staff will want to come to work and they’ll feel more motivated to be in the office as a result, especially if your upgrades involve more perks for them!
  • Better Productivity. An office renovation improves the productivity of all those working in the office space. A business is only as good as those who show up and do the job, and if your staff feel comfortable in their environment, they’ll work better and be happier in their role.
  • Improved Value. One day, you may grow out of your office space and start looking to move. However, if you choose renovation instead, you can expand your office and do more about the value of the property itself. Any positive changes you make will add monetary value, and this will reflect if you ever put your office up for sale.
  • Future Preparation. You already have a business plan we hope, so knowing that you are future-proofing your business with a renovation is a smart idea. You can gain some extra space, and with your advanced planning, you can save money in the long run. Office renovation is a convenient option for upgrading your business, and when you choose to deal with one single contractor for it, you can drive your business to success.

Easy Ways To Make Your Home Look New On A Budget

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This time of the year is the most common time for people to start thinking about making changes, improvements, and planning a spring clean. However, it is also the time of year where people struggle with money the most. After the cost of Christmas and the new year bringing new budgets, many people are living to a strict budget but still have the urge or need to complete home improvements.

The good news? You don’t need a huge budget to make your home look and feel newer, you just need to complete a few minor, and often inexpensive tasks. Let’s have a look at some of the ways you can do this in some of the common rooms in your home: 

Your Bathroom 

This is often a room that gets forgotten about and left time and time again because it is known as a room that may be small but can be costly to renovate. You do not need to renovate your bathroom to give it a new lease of life. Try some of these small tasks to improve your bathroom at a huge cost: 

  • Re-do the grouts on the tiles 
  • Replace the sealant around the bath, sink, and toilet
  • Replace the toilet seat
  • Change the taps or de-scale them
  • Use an unblocker on the drains 
  • Clear any limescale and scum from the shower screen 
  • Change the shower curtain for a screen
  • Update the lighting 

Your Kitchen

This is another room that people presume is going to be expensive to update, this is because they instantly think that they need to replace the whole kitchen. And, yes if you replace your entire kitchen it can sometimes be costly, however, it is possible to update and improve your kitchen without spending a fortune, some of the things you can do include: 

  • Replacing the worktops 
  • Changing the cupboard doors or painting them
  • Updating the appliances one by one
  • Changing the cupboard handles 
  • Updating the lighting 
  • Adding a boiling water tap 
  • Add in a coffee machine 

Your Master Bedroom 

The master bedroom is surprisingly one of the rooms that get left off the list. Not usually because it’s expensive to complete but because other rooms such as the guest room, children’s rooms, and main living areas get the attention first. This usually means that when it comes to the master bedroom there isn’t a lot left in the budget. Instead of trying to complete it on a budget, it gets left. You don’t need to do this though, you can easily make changes to your master bedroom with breaking the bank. You could even do a little bit month by month. Some of the things you cups change include: 

  • Adding a feature wall
  • Adding in some plants 
  • Changing the bed that has storage underneath
  • Adding in plenty of additional storage 
  • Updating your bedding 
  • Updating the  curtains, blinds, and voils
  • Cleaning the carpets and adding in some rugs 
  • Adding a few throws and cushions

These small changes can all be done bit by bit and on a budget, this way you can keep within your means and work your way towards the home that you are after. Do you have any other tips that could help? Please share some of them in the comments.

Big Business Challenges That Will Make You Want To Keep Your Company Small

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Growth is always a major goal for businesses. Whether you work by yourself or have a small team by your side, it makes sense that you would want to increase the size and scope of your operation. Of course, though, there are plenty of perks that come with being a David amongst Goliaths, and there are issues that large companies have to deal with that are completely foreign to the little guys. To give you an idea of why you might want to keep your business nice and small, this article will be exploring some of the challenges big companies face each day.

Unemployment Claims

Large companies tend to have a lot of employees working for them, and this means that they also have a lot more people leaving them than smaller businesses do. Whether someone gets fired or chooses to leave their job, they can file for unemployment if they are unable to find something new. Your state may take this money from your business, forcing you to invest in software to help you through this process and ultimately costing you on a long-term basis. Small companies can also suffer from this, though the more employees you have the greater the chances it will happen to you.

Share Holders/Boards

As companies start to get larger, they often need to look for funding from investors and other groups. To do this properly, though, you won’t be able to remain as the sole owner of the company, and it’s common for businesses to set up boards so that they can assign important roles to different professionals. This gives you less power over the company you’ve worked hard to create, while also creating the risk that you could eventually be ousted from your position if you don’t perform as expected. This can take the freedom you have as a business owner and turn it into something far more similar to a normal job.


Governments around the world work hard to make sure that companies can work on a level playing field, prompting new laws and regulations that can make it hard for a company to operate properly. The largest companies out there often get targeted with rules specific to their work, with examples like Amazon and Google under the constant threat of new laws. Of course, this can still impact you as a little company, but making a large amount each year will certainly paint a larger target on your back. In some cases, these sorts of rules are put into place because large businesses are genuinely abusing the system, though this is a separate issue.

With all of this in mind, you may want to think twice before rushing to expand your business. It would be wrong to ignore all of the benefits that come with large companies, but you need to weigh this up when you’re planning your work to make sure that you don’t make costly mistakes that will make it hard for you to keep operating into the future.

How to Build your Very First Website as a Solopreneur

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In this day and age, you have to make sure that you have an online presence as a business. Studies have shown time and time again that 97% of consumers search for local companies first and 94% of B2B buyers look online too. Creating your own site is not difficult when you look at the amount of tools that are out there, and you would be surprised at how much it could help you to make the most out of your site in general. If you want to find out more about that, then simply take a look below.

Make it Responsive

62% of shoppers made purchases by using their smartphone in the year 2016. The number has increased dramatically since then, not to mention that people are choosing to order online over going into a store.  At the end of the day, if you want to make sure that your visitors are making the most out of your site, then you have to make sure that it is responsive. 40% of customers will choose to shop with a competitor if they do not have a good experience when browsing a website with a phone. If you want your site to be successful, then catering to your mobile users should always be your first priority. If it isn’t then you may find that things end up not going your way and that you see a huge drop in your conversion rate.

Make your Site Easy to Find

You need to make sure that the domain name you have describes both your company name and your business name well. If you have multiple domains, then make sure that they all point to your site. You also need to make sure that your domain is easy to remember. If it isn’t then you may find that you end up struggling and that you also find it very difficult to get ahead in the SERPs. If you need some help, look into core web vitals.

Your Contact Information

If you know for a fact that your business depends on people contacting you or even calling your sales team then you have to make sure that you put this information above the fold. You have to make sure that people can find you easily and you also need to make sure that you are taking the right steps to boost your conversions. Your contact information should ideally be at the top of your home page so that visitors don’t have to spend too long looking for a phone number or even an address if they want to contact your business.

Make it Easy to Navigate

It’s so important that you make your site easy to navigate. If your site is not easy to navigate then you may find that you end up struggling to convert and that you have a very high bounce rate. Ideally you need to have five tabs which are all clearly labelled. You also need to have related pages underneath each one. Your users should have a way to get back to the home page regardless of where on your site they land. Very often, a search page can take your user to one of your service pages as opposed to your home page, so you need to keep this in mind.

Uncluttered Pages

Your readers need to be able to put things into context. If you are overloading someone’s mind with information, then this will make it much harder for them to retain the right information and you may also find that it’s harder for you to make your sale. You need to use a nice mixture of text and graphics if possible as this will help you to give them a very clear page and it will also help you to rocket your success overall.

One way for you to make your pages simple would be for you to cut down on the amount of social widgets you have. This can include Twitter feeds. If you aren’t sure if you should do this or not, then ask yourself, are you really adding information that your users care about? If your feed does not support the page, then remove it. It’s not needed.

Make sure Everything is Accurate

It goes without saying that information that is not accurate will turn consumers away from your company. It doesn’t matter if you have a wrong number, some outdated information or even a few grammar errors because this will make your company look unprofessional. You should make sure that you proofread each page you have before it goes live, and you should also check each page periodically too. This is especially the case if you are updating your site in other ways.


Studies have shown time and time again that over 88% of people have a negative association with sites that are buggy or slow. 28% of people say that they would go to a competitor if they felt as though the site they were trying to access was taking too long to load. It’s so important that you keep your site running smoothly by updating your software and also by trying to find a website that can actually handle the bandwidth demands that you have.

The Importance of a CTA

Each and every page on your website should ultimately entice the reader to take some kind of action. They need to sign up for a service, call you or even download the white paper you are offering. You have to make sure that there is a clear piece of information telling them what to do and you also need to keep it above the fold if possible. This will help your readers to really make the most out of their experience and it helps you in terms of conversions.

Simple Designs are Key

Limit the use of different colors, fonts or gifs. This can distract you and it can also pull eyes away from the ultimate focus of a website page. If you can add bullet points, even better as it will boost your conversion rate more.

4 Ways You Can Reduce Costs and Increase Your Business’s Profits

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Every business has a goal to turn in a profit, but several factors such as running costs affect this. Even with more affordable marketing tools and technology, business costs are always on the rise. To expand your business’s profit margin, some practices require change and involve cutting down on expenditures. You can reduce outgoing expenses and increase profitability in the following ways.

1. Cut on advertising costs

Traditional methods of advertising, such as radio, television, and ads are expensive and time-bound. Due to their time limits, you cannot reach a large audience while spending a lot of money. To cut on advertising costs, switch to more affordable and long-term methods. Some of these involve making everyone, including your employees, a marketer, and a salesperson through word of mouth.

Also, you can result in increasing your rankings on Google by creating optimized content on your website. Make your presence known through social media where there is increased use by potential customers and other low-cost methods such as emailing, requesting referrals, and cold calling.

2. Come up with different operating procedures

Some of your business procedures could be costing you money that you can save. For example, you could be having several employees to carry out different activities such as record keeping and updating data when you can automate your business to scale-down your workforce and get more work down.

Also, you can make use of different cloud computing methods to save data. To cut expenses on some administrative functions, consider outsourcing tasks. You can outsource to professionals globally and use affordable means to send money to Nepal.

3. Look for bartering opportunities

Bartering is among the earliest methods of trade through the exchange of goods and services. If you have excess supplies, carry out barter trade businesses offering products and services that you need. You can access opportunities in your local area or online, but for it to work, both parties have to fulfill their end of the bargain.

Bartering can be problematic when it comes to service-to-service exchange, so it is essential to know who you’re contracting with. Bartering saves you money on these products and services, especially during slow periods.

4. Reduce costs on office space

Location is an essential factor in terms of marketing and reaching your target audience. However, you can cut on office space costs by moving from expensive quarters to more affordable ones or negotiate better terms with your landlord. If having an office space isn’t necessary and you can work from home or become a mobile freelancer depending on your type of business.

Apart from saving on office space costs, you will eliminate particular business taxes, utilities, and insurance fees. However, check the laws in your area before starting a home-based business as there could be zoning.

Bottom Line

Running a business can incur many costs, but you can reduce most of these and increase your profit margin. To grow your small business, consider cutting advertising and office space costs, save on money by bartering with other businesses, and change different procedures. These include scaling-down the workforce through business automation, outsourcing, and using technology like cloud computing.

Top 7 Companies That Use Amazon Web Services

Amazon Web Services has grown into one of the biggest cloud-computing platforms in the world. Here’s how some of the most influential companies are using it.

Whether you work for a new start-up or an established corporation, chances are your company stores its data in some type of secure platform. While many corporations store their data on-site, a growing number of companies are switching to cloud-based platforms. And for good reason. Cloud storage offers flexible pricing, ample storage space, and reliable security. By storing their data off-site on a secure cloud platform, companies can also redirect their focus on innovating their products and services rather than worrying about maintaining their in-house infrastructure.

Are you thinking about using Amazon Web Services for your company? AWS is one of the most powerful cloud storage platforms on the market. Some of the most influential companies in the world use Amazon Web Services to store and manage their vast amounts of data. Let’s take a look at Amazon Web Services in action by assessing how its top clients are using it.

How the World’s Biggest Companies Leverage Amazon Web Services

From entertainment companies like Netflix to B2B service providers like WeTransfer, some of the top companies use AWS.

1. Twitter

Twitter is a leading social media platform used by millions of people around the world. On the business side, PR managers and reporters often use Twitter to break news stories or make announcements on behalf of their clients.

Last year, Twitter announced that it would be using Amazon Web Services to help manage its extensive content database. It planned to use AWS’s global cloud infrastructure to help support the millions of tweets sent out by users everyday. By working with Amazon Web Services, Twitter anticipated an uptick in product performance, growth in new areas, and significant savings.

2. Netflix

With over 193 million paid memberships, Netflix continues to come out on top in the streaming wars. Subscribers enjoy some of the best in TV, film, and unscripted content the entertainment industry has to offer.

In order to manage the sheer volume of content it offers, Netflix needs a powerful storage solution. That’s why the company relies on AWS for all of its computing and storage needs. For instance, Netfliix uses Amazon Kinesis to help process the billions of traffic flows that pass by each day. By leveraging this service, Netflix can provide fast and efficient customer support for its users.

3. Capital One

Capital One is one of the leading financial corporations in the United States. The company services customers across the country in auto loans, banking, savings accounts, and credit card services. By partnering with AWS, Capital One is able to provide a top-tier customer experience while AWS ensures the infrastructure behind the company’s operations remains stable.

4. General Electric

General Electric is a multinational conglomerate with divisions in aviation, power, renewable energy, digital services, and additive manufacturing. Back in 2017, the conglomerate named AWS its preferred cloud provider.

Several years prior to this announcement, General Electric had already begun to move thousands of its core applications to Amazon Web Services. At the time of the announcement, General Electric was still moving applications from its various business divisions to AWS. Several of these applications use AWS’s analytics and machine learning services in addition to its cloud storage properties.

This move toward AWS has since allowed General Electric’s IT teams to cut down time spent running its data centers and refocus their efforts back to innovating General Electric’s product offerings.

5. Kaplan

If you ever took the SAT or ACT, chances are you purchased a Kaplan book to help you prepare. This for-profit corporation specializes in test preparation for over 90 standardized tests, including the GRE, MCAT, GMAT, and LSAT. Kaplan uses AWS’s Elast Container Service, Elastic Compute Cloud, and CloudFormation. Together, these services allowed Kaplan to cut costs, improve operational efficiency, and roll out new features at a faster pace.

6. Pfizer

Pfizer is one of the world’s leading pharmaceutical companies. This well-known company makes drugs like Advil and Viagra.

Pfizer’s top data scientists teamed up with Amazon Web Services for their clinical trial that tested the efficacy of the company’s digital biomarkers. For the trial, Pfizer needed to process wearable sensor data from various participants. In order to help Pfizer process this sensor data, an Amazon Web Services Solutions Architect created an infrastructure that was scalable, flexible, secure, and reproducible.

7. Glossier

Glossier is a global makeup and skincare company that emerged from a popular beauty blog by founder Emily Weiss. One of the things that differentiates Glossier from its competitors is its focus on the providing the ultimate customer service experience.

Glossier fans love engaging with the brand on its blog and social media accounts. They also have the opportunity to interact with associates in-person when they purchase a product online before picking it up at the store. That’s why Glossier relies on Amazon Web Services for data security. With so much customer information in their hands, they needed a data solution that they could trust.

Final Thoughts

The sheer number of companies that rely on Amazon Web Services is a testament to how reliable and effective it is. Whether you are in the healthcare industry or specialize in B2B services, you can benefit from using Amazon Web Services.

Does your company use cloud platforms to store data? Let us know in the comments!

The Future Is Green, Do You Want To Be Involved?

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Engineering is the branch of knowledge that has given the greatest impetus to the technological transformation of the world. “At the World Economic Forum in Davos in 2016, the concept of Industry 4.0, that is, the fourth industrial revolution, was presented. This concept is based on autonomous technologies, cyber-physical systems, and information and communication technologies.” According to Forbes. Last year Japan presented the concept of Society 5.0, where technological advances such as artificial intelligence, the internet of things (IoT), and robotics contribute to creating a new society and a better world for everyone. It will assist with sustainability and more. Whether or not you believe in the new changes, you can certainly not argue with the fact that these businesses are likely to progress the world in incredibly positive ways.

These concepts of Industry 4.0 and Society 5.0 are based on interdisciplinary themes where engineers from their different specialties contribute to innovation. The 21st century engineer must have a solid knowledge of science to understand the world and the ability to be involved in topics beyond their specialty. With online engineering programs, you can choose what is best for you and gain the skills needed to pursue a new career. It could be your time to contribute to something bigger and better for the future of this world. 

What is the future you could be involved with? 

Green building, also called green building or sustainable construction, refers to structures or construction processes that are responsible for the environment and use resources efficiently throughout their life span. This type of building seeks to avoid and in some cases get rid of environmental pollution. Within the ecological construction we find bioclimatic architecture, focused on optimizing the use of energy through the adaptation of buildings to the climatic conditions of their environment. If this sounds of interest, you should certainly be looking further into the new changes that are coming to create a greener, more sustainable future for human life and the planet. It could change the path of your career.

Specifically, what construction elements should be influenced to meet the characteristics of an ecological construction?

In the equipment and the façade, the curtain wall, the exterior walls, because when contacting the exterior environment, thermal protection and protection from pollutants is necessary. All the elements that you use inside the building for equipment are going to demand energy and water consumption and your balance has to be there. This will create healthier buildings with better equipment to assist everything. Civil engineers are there every step of the way to ensure that this is working well and that these goals are being met. 

Can existing houses / apartments be turned into a green home?

Any type of existing construction can be converted into a construction or a green building regardless of its age. The Capitol in Denver (USA) is more than 100 years old, the Empire State Building, the famous New York building, is also a Green Building, and just like these there are many examples. All of which civil engineers have been behind. 

Dealing with the challenges 

As a civil engineer you will be expected to solve problems well. Looking at ways around things and how to turn things into positives is vital. We cannot close our eyes to the displacement of thousands of people that will occur from rural areas to cities in the coming years , a movement that, as the United Nations has pointed out, will cause around 70% of the world’s population to live in cities or urban areas in 2050. This is to assist in regaining control of the wildlife and from an agricultural point of view, allow urban areas to regrow and return to healthier states than the ones they are in now. 

In this context, the construction industry leads the way both as an engine for the safe and agile reactivation of the economy, and as a facilitator for the promotion of well-being and social cohesion. And it is precisely the construction industry that has to ensure the sustainability of this unstoppable urbanization process, imagining, contributing, offering innovative, ecological, environmentally friendly and sustainable solutions that contribute to building the cities of tomorrow. It is possible that you can be a part of that. With the right training and skills, it could be your turn to be part of something incredible, to save the planet and make positive changes. Research more and look at the skills that you could contribute to the job.

Small Things To Consider When Working At Home

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When you work from home, it can often be difficult to work in the same way as you would in an office and it can take some time to get used to the format of your working day. With the pandemic that has swept the world in the last few months, it is no surprise that a lot of us have had to start getting used to working at home in the long term and this doesn’t look to change any time soon. 

If you will be working at home for a while due to lockdown or even if you have quit the rat race to work on your own projects – today we want to share some helpful advice to keep you working well at home and things you should consider doing. 

Keep water nearby 

It is all too easy to get caught up in your work for hours on end and forget to eat or drink anything. While this is not necessarily a bad thing with food; you need to keep yourself hydrated enough throughout the day in order to stay healthy at your desk and to focus when working. Keep a bottle of water next to you throughout the day that you can take a sip of while working and it will make a big difference to your concentration and your ability to be productive. 

Clean your work area 

It is important when trying to work at home productively to clean your workspace and keep it tidy. You need to ensure that you have a workspace that is fit for purpose and one which is free of clutter. A cluttered space is a cluttered mind – and when working from home it is so important for you to have a tidy space to work in. This also extends beyond your desk itself and if you are situated in your spare room make sure it is not completely covered in clutter and mess because this will draw focus away from your work throughout the day. 

Close the door 

When working at home it is all too easy to become distracted by pets, kids, and even household chores if things are within your eye line during the day. This is why it is a great idea for you to choose a room separate from the rest of the house and shut the door so you can focus on your work. When you go to ‘work’ in the morning treat it as if you are leaving home and shut the door to your home life. It will make working so much easier and will ensure you stay focused. 

Enjoy home comforts

Even if you are working all day it is still a good idea to bring some home comforts to your office space to make it more comfortable as well as personal. There are some brilliant ways to bring home comforts into the room such as hanging art on the wall as well as plants, candles, and perhaps a blanket for when the days are colder. Make sure you feel comfortable at home and this will help you work effectively. 

Consider licensing 

It is important if you are starting a business from home this year that you contact a law firm and get a license to work. You need to have a license in order to practice business in your home and this is something you need to do before you even start trading. Working from home is a great thing to do but it is crucial you are doing this legally because you can get into some trouble if you don’t. 

Create work-life balance 

When working from home it is all too easy to start earlier and finish later than you normally would and this can be dangerous for you if you do this every day. Be sure that you consider a work-life balance when working from home and set yourself a start and end time to your day and stick to it. Working from home can be exhausting and if you burn out you can suffer some serious mental issues as a result and it can even make you physically ill. 

Organize ahead of time 

If you struggle to get going in the morning when working at home it is a great idea for you to start making a to do list the night before your working days. It is a good idea for you to write a to do list at the end of the day ready for your work the next day because it will allow you to get going on your work as soon as you sit down in the morning rather than worrying about what to do.

Server Room Organization Tips For The New Year

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Organization in the office is so important, especially if you plan to work in it! You need to be able to move around your space, get your work done, meet your team and remain calm while you are doing all of this. If you are the type of worker that will be surrounded with piles of paperwork as you plow through it all, it’s time to consider how you can get your office better organized.

If there is one place in the office more than most that requires organization, it’s the server room in the office. A twisted and tangled web of cables in the server room is not going to add to the efficiency in the way that you work, so you have to get rid of the mess and straighten out the space this year. Not only is a messy server room ugly, it’s a hazard and you’ll increase the risk of signal loss, which contributes to business interruption. The right organizational tools in your server room will not only keep the space tidy, but it will make it far easier to maintain, too.

  1. Cable Bundles. Remember we mentioned that a server room can be a hazard? Well, the best way to ensure that you don’t have a hazardous IT space is to bundle and mount your cables and ensure that they are all out of the way. You can choose from a range of tapes to ensure that your cables are organized properly. It may also be worth color-coding all wires to their machines so that you don’t get confused as to what goes where. Mounting the cables to the wall or in the rack with cable ties and sticky-backed mounting bases will help you to add a better flow through the room.
  2. Get Filing. You can outsource this if you don’t have the time to do it yourself, but all of that paperwork and those files piled up everywhere need to be packed and put away. The key to being organized is in getting through the clutter first before the rest of it all. You need a proper filing system to remain efficient, and it starts with the paperwork.
  3. Server Racks. Well-built server racks are not an optional piece of equipment for the server room. They are a must! Switches, network infrastructure equipment and routers are all to be stacked in the server rack in a way that makes sense for your business IT maintenance. You can have racks that are free-standing but smaller server room spaces often benefit from server racks that are wall-mounted. These can come in any shape, size and color, and you can even get customizable ones!
  4. Labels or Colors? We mentioned color coding wires, especially the longer twisted cables, but it may be worth looking at labelling. There are plenty of label makers out there that can help you to let others know what wires are for, too. Your IT experts may know what the colors mean, but anyone coming in won’t! Labels alongside colored stickers can help to keep the room organized
  5. Buy Storage. Lastly, invest in good storage – both online storage and physical shelves. You want your business to impress others but it cannot do that if you are just one big pile of mess!

Work Out Your Business Finances To Avoid Future Problems

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Any new business that requires funding for machinery, equipment or labor, is subject to certain difficulties. Now more than ever, companies are struggling to find adequate funding, which means that taking care of finances is becoming ever so more apparent. The speed that your business grows depends on numerous factors but one of which is the way in which you prioritize funding and take care of your company’s finances. Here are some common mistakes to avoid.

Credit cards pose a problem

New Entrepreneurs, Please Note: According to financial advisors, extravagant purchases using the business credit card are one of the known reasons for financial failure. You do not have to be a business owner to fall into the honey trap of credit cards. Many of us tend to refer to them as “out of nowhere”, and psychologically, it is easier to spend money with a credit card than to pay in cash. When it comes to a new business, financial extravagance using credit cards is very risky. Without noticing you may find yourself in the red, even if “on paper”, the business is profitable. How do you make sure you do not overdo it with credit card shopping? In many cases, financial advisors will recommend using an instant debit card instead of a regular credit card. Perhaps you have already used your credit card for purchases related to your business. You may have needed to purchase something specific such as tungsten carbide bushing or an oscillating saw (if you are in construction). 

Lack of readiness for crisis

Life is unpredictable, as we have all had to discover recently with the advent of Covid-19. No one is immune to the economic crises, even the good ones among us and you will be surprised to hear – this may happen to you too and not necessarily your fault. But why do some businesses manage to get out of the crisis relatively easily and others fail?  Experienced business owners who have experienced financial crises in the past, tend to be overly cautious in their expense funds and regularly keep in the bank account the amount of expenses of about 3 months, for any trouble that may arise.

Lack of a clear and pre-defined budget framework

This is an important rule in the field of financial advice – every business needs a budget plan and it is the only one that will determine how much you will spend each month (this rule is also important for household management). Simply put, a business plan with a budget framework will help you understand what are the financial resources available to you and how much free money you have in the account (and also how much will be at the end of the month). In the process of building a budget framework, expenditures must be defined and classified by areas, such as: Purchasing equipment, investing in advertising and marketing capabilities, recruiting staff, regular payments and more, and calculating them both separately and as part of the total expenses. 

So be sure to look after your money well and avoid any problems as the road goes along. The current crisis is crippling many companies which is why it is best to tighten your belt and focus on the positives.