Millennials, Get Your Finances Under Wraps!

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While most Millennials will have received a thorough education in various areas of knowledge, many will have complained about the same thing at some point or another: we aren’t taught enough practical things. Yes, we may well be able to do trigonometry, or analyze a short poem by Christina Rossetti. But when it comes to taking care of the must-do tasks that we face in adult life, many of us are left clueless. Finances and accounts tend to be a couple of these areas. Sadly, we are launched into the grown up world and expected to just know how to do these things. But not to worry. That’s where we can come to the rescue. Here are a few necessary pieces of information to help you get your personal accounts and business accounts under wraps in no time.

Business

Let’s start with business. Why? Well, because this area is generally where larger quantities of money tend to be involved, and you can consequently get into more serious trouble if things don’t add up properly. If possible, work hand in hand with a bookkeeping firm who will be able to keep on top of all of your internal and external reporting. This removes issues and ensures that someone who is fully qualified and competent is taking care of things. However, it’s always good to have a general idea of what’s going on. There are several types of accounts that you can have when it comes to business, so let’s quickly differentiate between the different types before we go any further.

Checking Account

A checking account will take centre stage when it comes to your business accounts. Profits from sales are deposited in here, wages are paid out of it, and expenses such as bills are taken out of it. You may have heard others talking about cash flow within their businesses and its importance. Well, this is where it all happens!

Merchant Account

If your company accepts payments by credit card, you’ll need to set up a merchant account.  This goes for those who deal with online payments and payments through third parties such as Paypal too! This is great for attracting more customers. After all, the more forms of payment you accept, the wider the audience you invite in!

Accounts Payable

Accounts payable are exactly what they sound like: a record of all of the money that your business owes out to others. This can include things like mortgages, company car payments and any other form of credit you may well have taken out. This is a purely informational account for the sake of keeping on top of your records.

Accounts Receivable

Accounts receivable are essentially the opposite of accounts payable: this is all of the money that others owe to your company. If you have extended credit or let out a loan to customers these amounts will be included in this category. Much like accounts payable, this is again a purely informational account for the sake of your records.

Payroll Accounts

If you have employees, you will need a payroll account. All worker’s wages are deposited into this account, ready to be distributed out to individual staff members’ bank accounts.

Personal

Your personal accounts solely deal with your own, personal income. Anything to do with business accounts or corporate accounts shouldn’t overlap here. This is your personal banking. Essentially, you will open up one of these accounts at a local bank branch. To work out which to choose, take a quick look here. Different banks and branches will have different strengths and benefits, so be sure to compare around the market before choosing one. They will have different interest rates on savings accounts, will offer you different overdrafts and some will have extra benefits if you take up their own branded credit cards. Your personal wages or salary will be deposited into it and you will use it to pay for personal expenses such as rent or mortgage payments, bills, food, and entertainment. Your personal tax will also be paid out of this account at the end of each tax year. Make sure not to go over your credit limits or agreed overdrafts, as this will result in you being given fines and receiving charges. Keep your statements too. Nowadays this is a little easier, as most banks encourage you to have online statements, which are cheaper for them and more environmentally friendly.

So, there you have it. The basics of business accounts and personal accounts. If you haven’t organized your own yet, it’s time to get on top of things. The sooner you take action, the better, as it helps you to get organized and avoid charges or further problems down the line.

Working From Home: Dream Come True Or Waking Nightmare?

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Have you ever been sat in the car on your way to work, stuck in traffic, just wishing you could have stayed at home? Of course, you have, it’s one of the most common feelings that people have when working any kind of nine-to-five job. They imagine being able to stay at home where they’re comfortable and not having their boss staring down their neck all of the time. Well, thanks to the rise of freelancing and remote working, for a lot of people that fantasy is very much a reality. Every day more and more people are opting to work from home instead of from the office, and there are plenty of benefits to doing this. It cuts down on your commute time, it allows you to work in a space where you’re totally comfortable, and it offers the kind of flexibility and balance that many people want but can only dream of. That being said, working from home isn’t always easy. In fact, it can actually be something of a serious challenge for a lot of people. Sure, there are benefits, but there are plenty of things that can turn working from home from a dream come true, into a waking nightmare. Here are a few things that everyone needs if they want to make working from home really work.

A quiet space

For a lot of people, one of the best things about working from home is the idea that you can work while relaxing on the couch or even while staying in bed. This might be fun for the first week or so but it wears thin pretty quickly. Not only that but being surrounded by all of the distractions that you have in your home can completely ruin your productivity. If you want to make the most out of working from home, then you’ve got to find a space where you can get away from all of that. Something like a home office is perfect but even a quiet corner of the dining or living room where you have a desk setup will work. The key is to create some kind of space where you’re able to keep your work life and personal life separate.

Somewhere to sit

The other big issue when it comes to working in bed or on the couch is that it can have an incredibly negative impact on your posture. Spending all day lying down might sound like heaven, but it can leave you feeling stiff and sore, not to mention potentially leading to even more serious problems. That’s why it’s so important to have a desk where you can sit and work, as well as a comfortable chair to sit in. The best office chairs are ones that offer a great deal of support, particularly to your lower back, while still being comfortable to sit in. Don’t assume that any old chair will do. If you’re going to be spending all day working at a desk, then you need to make sure that you’re comfortable and well supported at all times.

A decent routine

The other thing that is so great about working from home is that you often don’t have the same strict set of deadlines that you might normally have when working in an office. You’re offered a great deal more flexibility when it comes to your working hours which allows you to work around many of the other aspects of your life. However, a total lack of routine can cause as many problems as it solves. You need to make sure that you have at least some kind of routine in place so that you’re always using your time as productively as possible. Otherwise, you’re going to end up wasting time, working late, or rushing, all of which are going to end up causing the work to suffer compared to if you had just set out a specific time during the day to work regularly. It’s okay to be flexible, but it’s a good idea to have something that you can be flexible around.

Discipline

It’s great to be able to get on with your day’s work without your boss staring down your neck, but a lot of people end up finding that the level of freedom afforded to them by working from home can be both a blessing and a curse. The reality is that for those who are used to being motivated by their boss putting pressure on them, the total lack of pressure that comes with working from home is actually too much freedom. It leads them to become lazy in ways that they might not previously have been, and it can cause the work to suffer. It can be tough when there’s no one around to hold you accountable, but you’ve got to make sure that you’re disciplined enough to put your full effort it all the time.

Strong communication

Whether you’re working as a freelancer or you’re remotely working as part of a company, many employers or clients can often feel as though they don’t know what you’re doing, which can cause them to assume that you’re wasting their time and money. You shouldn’t be obsessing over spending every second of your day making sure that your employer knows exactly what you’re doing, but it’s always a good idea to make sure that you stay in communication with them as much as possible. That way, despite the fact that you’re not in the same place, they can be sure that you’re not wasting their time and you can be sure that you’re always providing the kind of work that they really want.

Of course, you shouldn’t look at this list as an attempt to discourage you from working from home. The reality is that working from home can be the very best option for a lot of people. The best thing that you can do is to do as much as research as possible to figure out exactly what kind of working situation is right for you.

Six Secrets To A Successful Startup

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It’s widely believed that nine out of ten startups don’t make it past their first year in business. While the true figure might not be quite so high, it is still sure to be a substantial number. There are many reasons why people businesses fail, but there are plenty more reasons why businesses succeed. Here are six (not-so-secret) secrets for you to follow to ensure that your startup is a success.

  1. Get On Top Of Your Finances

One of the biggest reasons business fail is because their owners don’t properly take care of the finances. After all, no business is going to survive for very long if it doesn’t have any money. If you’re not very financially savvy, it makes sense to consult an accountant before making any big financial decisions.

  1. Organization Is Everything

If you’re not organized, you’re never going to get anything done. Make sure you have a business plan, so that you know the general direction your business is going to take. You should also make to-do lists every day to make sure that you get everything done that needs to be done.

  1. Learn From Others

Even if you’ve studied business, marketing, and accounting, you still aren’t going to know everything that you need to know about running a business. A lot of this knowledge comes from trial and error, but you can easily learn from other small businesses too. Look at the things that successful competitors are doing and try to do this within your own business.

  1. Stand Out From The Crowd

If you want to be successful, then you need to get your brand and products out there for everyone to see. First impressions matter so ensure you market your small business and products well so that they attract the right target market. Be open to new approached, and move with the times, so that your business doesn’t get left in the past.

  1. Customer Service Is Key

If you’re not good to your customers, then your customers aren’t going to be good to you. Sales are where most of your income as a business is going to come from, so if you don’t focus on getting your customer service right, you’re not going to sell anything, and aren’t going to last very long as a business.

  1. No Pain, No Gain

You are not going to simply make a business and have money coming in right away, especially if you don’t put the work in. You need to make sacrifices to get your business off the ground. You’ll be working longer and harder than you’ve ever worked under a boss, but the rewards will be much greater.

Owning a small business isn’t easy, but the only way that you are guaranteed to fail is if you don’t try. Don’t give up on your business, take care of your customers, work hard, and get organized, and you should do just fine. It won’t be easy, but nothing worth doing ever is.

Could You Organize A Business Conference?

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Business conferences are a vital tool for entrepreneurs. They give you the opportunity to network, to interact with potential business contacts, and to showcase your business to the local community. If you read any guide on the best strategy for your business, at some point, you will find a suggestion that you attend a business conference.

The only fly in the ointment is… what if you can’t?

There are various reasons you may struggle to find a business conference that you can attend, including:

  • Not being able to afford the large fees for popular events.
  • Distance; if you live hundreds of miles from the nearest popular conference center, then attending would be cost-prohibitive to you.
  • You also may not be able to find a conference that suits your business. If you operate in the tech or marketing sphere, then there are endless conferences available– but if your business is more niche, there might not even be a conference to suit your company.

So what can you do in this situation? Accept defeat; acknowledge that there’s a vital tool for your business that you’re going to have to skip?

Or maybe you could organize one yourself?

If the latter option sounds tempting, then here’s a simple step-by-step guide to help you explore the possibility of hosting your own conference.

Step One: Decide The Type Of Conference

Is your conference going to be for businesses in a particular niche? Or are you going to focus on the local aspect, allowing businesses of any type to attend, provided they operate in a given geographical area? Both are good options, but you need to know which you’re considering.

Step Two: Reach Out To Sponsors

You’re not going to want your company to have to shoulder the costs of a conference alone. Reach out to potential sponsors (drinks manufacturers and tech companies are a good place to start) who may want to advertise, partner with you, or provide goods and services on the day. Ideally, you want to speak to the PR department of any company you think may be interested in being involved.

Step Three: Research The Basics

If you’re going to have a conference, you need to have a facility that can handle a large number of people. You’re also going to need to source a number of companies to provide the facilities your conference requires. You’ll need to source caterers; audio production companies to provide equipment for speeches and seminars; ticket handlers; and security. Make some calls, get some quotes, and begin to figure the math on how the event may come together..

Step Four: Decide If You Want To Pursue The Idea

When you have done all of the above, you should have a good idea of whether or not a conference is going to be possible. It’s essential that you don’t confirm anything through the initial discovery stages. Instead, you should focus on obtaining quotes and having discussions; don’t commit until you’re sure that the event is viable and you can produce a great conference experience for your attendees.

There’s no harm in deciding the idea is a no-go; at least you tried. If, however, you think you might be onto a winner, then go ahead. You can enjoy your status as the conference organizer, and give your business the boost it has been needing.

Small Businesses: Here’s How You Can Get More Customers!

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Perhaps you’ve set up a business and are wondering how to get the ball rolling. Maybe you’ve been trading for a while and it’s doing ok, but you’re wondering how to boost business. Perhaps things were going well but you experienced a drop recently in orders. Either way, here are a few ways you can boost your customers.

Perfect Your Website

Your website is likely to be the first thing your customers see when they come in contact with your business. Therefore something that looks smart, professional and is easy to navigate is essential. If your current site looks amateurish you could well be putting people off before they’ve properly had the chance to look. A smart website looks professional and builds trust with customers. It shows you’re a legitimate company who will deliver what they say, not just a scam or rip off. This is one area of your business you should invest in, use a professional web designer and have them create you something custom. It should be aesthetically pleasing, easy to navigate and quick to load. Research has shown that a website that takes more than three seconds to load would put off a vast majority of potential customers to the point that they would never return. If you want to snag those customers, your site is an important area to address.

Get Your Marketing Strategy Right

Marketing is everything, it’s how you’re able to compete with your much more established competition. You can’t set up a business and expect people to come flooding in, your potential customers need to know that you exist. This can be a tricky area so working with a professional marketing agency could be the way to go. They will help you improve your backlinks and SEO, how to navigate social media and how to improve things like your net promoter score – the vital E-commerce KPI. This is a metric that shows how many of your customers would be willing to recommend a product or service to others. These kinds of things are very important and could mean a huge increase in customers.  

Have a Responsive App Made

In the past year, sales on tablets and smartphones overtook that of computers and laptops for the first time. This is important to note as a business owner, as if you don’t move with the times you could be missing out on customers. While your site should be optimized for all devices, a proper app too allows you to get your business onto the phones of your customers which is a very powerful place to be. When you have an app on places like Apple’s App Store you have to be verified, so when customers see you on here they know it’s safe to shop with you and you are a legitimate business.

These are just three areas where you might currently be lacking or failing in your company. Take a look at each and make the necessary changes and you should see and increase in orders being placed.

Marketing Mistakes You Can’t Afford To Make

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Marketing is a crucial aspect of any business. If you want your company to be successful, you need to make sure you are sending out the right message to customers in the right way. That isn’t always easy, and there are a number of mistakes you can make that will cripple your business on the market. Here are a few of the ones that you should certainly watch out for when you are setting up promotion and marketing for your business.

Low SEO

You need to make sure that when you invest in SEO, you don’t cut corners. SEO or search engine optimization refers to the tactic of changing your site so that it is more likely to appear higher up in the search results pages. You probably already knew that.

What you may not realize is that SEO can be impacted by the specific tactic you use. There are a number of ways to implement SEO that will prove effective in the short term but will quickly lead to problems for your company in the long term. An example of this would be black hat SEO tactics like keyword stuffing. This is why you should recruit an SEO expert for your business. SEO experts know the issues that you can encounter with this area of your campaign, and they will be able to effectively deal with them. As well as this, they will use a strategy that does not utilize options that will lead to issues in the long term.

Outsourcing Alternatives

You might be thinking about outsourcing your marketing in your business. That can be a smart move as it’s a great way to save some money if your business is working with a strict budget which it may well be. However, if that’s the case, you need to make sure that you are using a company you can trust. There are plenty of outsourcing businesses that will not provide you with a service that you can count on to be effective when promoting your business.

To find a great outsourcing company for marketing, you need to make sure that you are looking at reviews. As well as this, use your business to contacts to find out which outsourcing companies other business owners trust.

If you don’t want to outsource, consider hiring freelancers. They can be useful for everything from content production to social media management.

Cutting Corners

Finally, you must make sure that you are not cutting corners on the marketing for your business. It’s easy to do this in a variety of ways like not bothering to host your site. Don’t forget, a website is essentially, the home point for a marketing campaign online. As such, it’s important to ensure that it does work effectively. That’s difficult if you don’t make sure that you are hosting because it will limit both speed and performance. Hosting doesn’t cost that much money, but some owners feel it’s best to save in small areas and spend the cash elsewhere. This is a mistake, and while it is possible to market on a budget, you have to make sure you are cutting back in the right areas. Website hosting is not one of them.

Build A Professional Bridge Over Troubled Water

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Not everything in the river of business runs smoothly. When you set up your own company, you will find that there are many trials and tribulations that you will have to overcome and some point or another. Don’t worry, though, not all of these problems are things that should stand in the way of your business becoming a success as there are many solutions to get passed them. You just need to know how to build a professional bridge over troubled water! Here are some great tips to help you do that.

Money Worries

Did you know that restaurant, shop, and hotel liquidations are on the rise? And it’s not just businesses in the hospitality sector that are struggling – the latest figures show that many administrative businesses are also folding shortly after they are set up. The main reason for all of these failing businesses is money trouble. In order to make sure you always have enough capital in the bank, you should secure your first load of investment before you launch your company. That way, you aren’t trying to scrabble around to find investors while you are also busy trying to run your company.

Regulation And Compliance Issues

As various markets and industries develop their processes and preferred methods, their regulations and compliance procedures also change. As a result, you always need to be on your toes when it comes to these two factors. Otherwise, you could be breaking some regulations without even knowing it, and this could prove to be illegal and could force you to call time on your business. So, keep reading up on all of your industry’s regulations and compliances so that you are always trading above board.

Improving Profits

Many small businesses struggle to increase their profits as time goes on. Sure, it’s easy enough for them to make a profit that is large enough to cover their expenses, employee wages, and still have some money left in the bank at the end of the month. However, when they want to increase their overall profits, the small team that makes up the business can often find it difficult to take on any extra work. But as long as you are able to be innovative about your company’s practices, you should be able to come up with new ways to keep your costs and expenses down to a minimum. By reducing your expenses, you’ll find that you have a larger profit margin at the end of the month!

Cash Flow Problems

Many small businesses will experience cash flow problems, especially in their first couple of years. Thankfully, though, these are often easy to overcome. You just need to ensure that your invoice payment terms aren’t too long, and that way you won’t have to wait too long for money to come in from your clients and customers. Taking out some short-term business loans will also help you overcome immediate cash flow issues.

Hopefully, you can quickly build a professional bridge over troubled water in your company!

How To Put The Boring Stuff on Auto-Pilot

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Life is short.  You don’t want to be bogged down by having to spend all your time paying bills, cleaning your house, managing your finances, and grocery shopping.  In this article you’ll discover five simple strategies to put the boring stuff on auto-pilot.

GROCERY SHOPPING

Grocery shopping is surprisingly time-intensive when you consider the time it takes to drive to the store, make your selections, pay at the checkout, pack your bags, unpack your bags, sit in traffic and so on.  A much more efficient solution is to order groceries online.  You can automate this process, by setting up a repeating list of regular items, which you can then add to at will.  This way, you know you have the boring basics taken care of but can still feel free to choose exciting treats for the week ahead.

BATCH COOK FOR THE WEEK AHEAD

Whilst food and cooking can be a passion for some, a lot of the time, particularly during the workweek, it is a laborious chore that isn’t about taste and creative expression – it’s about quickly putting something together as a result of being famished or time starved.  

A great solution, is to batch cook your meals in advance; as an example, you make a large portion of Spaghetti Bolognese at the weekend, that can then be stored in an airtight container such as a foodsaver bag that can be refrigerated or frozen – so, you can have a tasty and healthy meal ready in minutes.  This is a much healthier and cost effective option than to use ready meals, or rely on take-aways.  It may feel restrictive at first, but you can supplement the meals with tasty recipes such as this simple avocado toast.

CLEANING

Okay, not everyone can afford a cleaner but when you consider how many hours it can take to actually clean a house, it really isn’t many – the time intensity can be found more in organizing and sorting.  Therefore, it’s possible that you could pay a cleaner for just two hours each week and know the basic household chores will be taken care of.

AUTOMATE YOUR FINANCES

It can be very simple to systematize your finances.  A good idea is to set up your bill payments so they all leave your account on the date you get your first paycheck of the month (e.g. the first of the month).  Similarly, it would be a good idea to set up an automatic saving plan that also comes out on the first of the month – you could even divide this into specific sub-savings accounts.  This way, you know that your core financial priorities are taken care of, and whatever is left from your paycheck, is free to consume as you wish.  Not only will this save time but it will also save a significant amount of stress.

AUTOMATE YOUR BUSINESS

If you are a business owner, then you can use automated tools like Mailchimp, Buffer, and ThePaystubs.com to automate common tasks like email follow up, social media postings, and pay slip processing.  You may wish to consider taking advantage of the trend in outsourcing, where a lot of the more mundane tasks are outsourced to a virtual assistant, or even hire a more specialist virtual assistant, to help with more complex (yet boring) tasks such as accounting.

3 Ways To Share The Christmas Joy With Your Business Customers

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With a little over a month to go until Christmas, it’s worth taking a moment from your business planning and thinking about how you’re going to share the cheer with your customers.

There are many reasons why Christmas should be a special time in your business. First and foremost, for retailers, it’s likely to be the most profitable time of the year. Secondly, it’s a lovely time of year, with some element of the holiday enjoyed by people of all faiths and nationalities, and it’s natural to want to thank your loyal customers during this period.

So, what are the best ways to spread Christmas goodwill to your customers?

Offer A Small Discount Code

You don’t want to offer too large a discount code during the Christmas season; after all, this is a profitable time, and you don’t want to immediately be cutting into those profits. However, a small code — between five and 15 percent — will be welcomed by your customers, helping them to save a little money on their holiday shopping this year. Send the code out to those on your mailing list, and promote on social media the fact that new mailing list sign-ups will receive a discount code. This should stoke interest and add names to a mailing list you rely on throughout the year.

Send Christmas Cards

There are two types of Christmas cards you should send:

  • Send cards to your customers, particularly regular customers.
  • Send cards to fellow businesses, suppliers, and companies you hope to work with.

Of course, postage on all of these cards could begin to get expensive, which is why you should utilize the likes of ekarda. You can personalize the e-cards and distribute them to your mailing list, or create specific cards for business associates. This saves on postage, and will also give your business the appearance of being concerned about the environment– real Christmas cards are rather wasteful, so e-cards are definitely the way to go.

Change Your Social Media Graphics and Website

Add a little Christmas joy to your online presence with customized Christmas graphics. These don’t have to be anything fancy; just adding a snowflake or a Santa hat on top of your existing logo will suffice. If you want to go all-out and create custom graphics, then go for it– there’s enough Christmas excitement to go around!

Additionally, design an image that you can use to wish everyone who follows you on social media a merry Christmas. Keep this simple; a thank you for being a customer, and wishing them the best over the holidays, is perfect. You can schedule the image to upload on Christmas Eve, ensuring all your customers have a nice reminder of your business as they head into the holiday celebrations.

In Conclusion

Ultimately, Christmas is a wonderful time of year, and one you should seek to share with your business customers and associates. Add a little Christmas glitter to your business life this December, and you and your customers will be smiling right through to the New Year.

The Truth Behind Millennials & Avocado Toast

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Real estate mogul Tim Gurner recently took a shot at Millennials by telling them to lay off the avocado toast in order to afford buying a new home.

Of course he took heat on social media for it, but instead of getting involved with the debate let’s get deeper: what does avocado toast really represent?

Fact: it takes an exorbitant amount of money to afford a home (in a favorable city) and your dining out habits do add up.

From someone who works closely with Millennials, avocado toast is more about lifestyle choices.

Anyone in their 20’s and early 30’s prior to having kids wants to travel. It isn’t Millennial-specific.

Companies like Whole Foods 365 have capitalized on convenience over budget with products such as ready-made food that saves time (not money).

Living a nomadic lifestyle means spending less on housing while splurging on amenities like coffee, massages, etc.

In ways, what’s going on here is minimalism 2.0 – where travel meets technology and experiences.

No one wants to look back on life and have regrets, plus what’s important to one generation isn’t to others.

For instance home buying: Boomers and Gen X’ers value having a place to call their own while Millennials welcome it, but won’t sacrifice dining out and travel in exchange for it.

Millennials are disrupters and the best example of that is: Uber.

Instead of purchasing a car and having monthly expenses, the alternative is to pay only when you need transportation. This avoids gas, repairs and insurance. Besides taxi drivers, this invention has given a desirable option for both riders and drivers alike.

Air B&B is another example of not accepting the norm: hotels while paying less for housing in different cities/countries.

Avocado toast itself is an overpriced indulgence. But what it represents is choosing lifestyle and experiences over possessions.

Millennials want to have their avocado toast and eat it too.

There’s nothing wrong with that as long as it aligns with your personal values.