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Freedom Financial Gives Five Financial Management Tips Every Successful Entrepreneur Follows

To achieve and sustain success, entrepreneurs must be skilled in a variety of areas. One of the most important of these is financial management. The lack of proper financial management is one of the primary causes of early failure for entrepreneurs. Freedom Financial provides five key areas of finance that are critical for entrepreneurs to have a greater chance at success.

Proper preparation for lean months.

Entrepreneurial income typically fluctuates from month to month and even from year to year. Income can swing from high to low in a matter of weeks, without warning. It’s important for entrepreneurs to prepare for the lean months by setting aside money during higher earning months, according to Freedom Financial. While, it’s tempting to spend money to reap the benefits of your hard work, it’s wiser to put money away while it’s plentiful. Without a reserve of cash set aside, some business cannot survive.

Keep business and personal finances separate.

Many entrepreneurs fund their startups using money from personal savings or a personal credit card to get the business going. In the early stages of entrepreneurship, it’s often simpler to conduct all your transactions from a single account. Once your business starts growing, Freedom Financial recommends separating business and personal finances, is essential. Keeping funds separate funds simplifies accounting and gives your business credibility. Keep business funds in a business account and pay yourself as though you were an employee of the company.

Diversify your assets and your efforts.

Entrepreneurs have to maintain a delicate balance between focusing on their entrepreneurship efforts and diversifying their income and time. Statistically speaking, entrepreneurship has a high risk of failing. Freedom Financial recommends entrepreneurs to hedge against that risk by putting time into other ventures, putting money into other investments, or sometimes even maintaining full-time employment.

Get professional financial advice.

You may be able to do many things on your own, but you cannot do everything on your own. When it comes to matters of finance, it’s better to seek professional council. Getting professional advice from an accountant and tax professional can ensure your business is both operating legally and taking advantage of the possible tax deductions. It’s wise to shop around for the best fit for your business, but this isn’t an area where you should cut costs.

Minimize business expenses.

As your business begins to generate more revenue, owners may increase their business spending, justifying these expenses as necessary for business growth. Remember that the more you spend, the less profit your business makes. Always aim to minimize business expenses by negotiating lower prices, seeking lower-cost alternatives, and forgoing unnecessary expenses. Freedom Financial suggests having another person who has to sign off on business spending, to help keep the owner’s spending impulses in check.

To achieve and maintain success, entrepreneurs must always plan for the financial future and be careful not to take the present circumstances for granted. Spending time reviewing the business finances and constantly seeking ways to improve are two steps entrepreneurs can take for better financial management.

9 Team Building Activities Your Entire Staff Can Enjoy

In theory, organizing team building activities is a perfect way to get your team to get to know each other outside the office and form a stronger bond within the office as a result. However, finding the right activity for everyone if you are running a company that has multiple departments can be a real challenge.If your workforce is very diverse, there’s a good chance that preferences are going to vary – especially if you have a workforce in which there are employees who are not all the same relative age. This is why you need to find a way to celebrate these differences by choose activities everyone feels comfortable participating in.

Here’s a list of fun team building exercises everyone can participate in and enjoy.

Scavenger Hunt

Purpose: Teamwork

A scavenger hunt is a classic team collaboration game. The rules are easy:

Split your team into equal sized groups and send them out with a list of fun things to find. You can choose whether you want to do this in the office or outside the office. Set a time limit for all groups and put together some fun clues or even riddles that will force your teams to get creative and use not just their eyes but their brains as well! Whichever team comes back with the most items once time has run out is the winner.

Minefield

Purpose: Communication and problem solving

For this indoor game, you will need an empty room or hallway and a bunch of random office items. You can use office chairs, paper, boxes, anything you have around the office that isn’t too delicate or expensive to create obstacles in the empty space or “minefield.” Divide teams into pairs in which one of them must be blindfolded.

The other one must guide that person from start to finish without setting off any mines. That means they cannot step on any obstacles or venture outside the given boundaries. Their only guidance is the voice of their partner. You can change the number of pairs and obstacles depending on how difficult you want this game to be.

Three Truths and a Lie

Purpose: Getting to know each other

This is a really easy game. Before starting, give each team member four slips of paper where each of them can secretly write down three truths and one lie about themselves. It’s very important that the lie is believable. Instruct them not to reveal to anyone what they wrote down!

Then allow 15 minutes for conversation between the team members. This is the time when everyone should go around the room and talk about their written talking points in random order. The goal here is to convince others that your lie is a truth while you try to guess other people’s lies by asking them different questions. Remember- you should not reveal your truths or lies to other team members, even if everyone else has already guessed everything!

Say My Name

Purpose: Breaking stereotypes

Everyone should write down names (e.g. someone famous) or types of people (e.g. professor, doctor, wealthy, athletic) on name tags. Then put those tags on each team member’s back or forehead so they cannot see who they are but everyone else can.

Give people a few minutes to talk to each other and ask questions. The point is to treat everyone according to stereotypes related to the name on their tag. After each team member figures out who they are, they should exit the game and leave the rest of the people to continue playing. This game allows your employees to have fun and engage in conversation while confronting stereotypes at the same time.


Office Trivia

Purpose: Bonding

This is one of the easiest team building games to put together! All you have to do is come up with a series of questions about your office and then test your team’s knowledge. You can ask a variety of questions such as: “What brand of computer does a certain employee use?” “How many people are in the finance department” or “How many windows are there in the office?” or “Who takes their coffee with cream and sugar?”

Besides bonding people through conversation, this fun and easy team building activity is great for testing how observant people are and how much they know about their office, company and colleagues.

Community Service

Purpose: Enhance teamwork and collaboration

Find an activity that reflects your company values, get out of the office for a day and do something good for your community. This team building activity is not only excellent for getting your employees together and bonding through something that’s incredible positive, it’s also great for the overall image of your company in terms of local marketing.

When businesses go out into their communities and help people in need, the members of the community take notice and reward those businesses with loyalty.

Mural Painting

Purpose: Enhancing creativity

For this fun and creative team building activity you will need paint, brushes and something to paint on. It can be a canvas or a wall of your building/office. The point is to give each member of the team complete freedom to paint whatever they want. Give them a general theme and then let everyone create their own colorful masterpieces.

If you are giving an individual canvas to each employee, put them together and display them in your office as a mural once they are dry. Some people might refuse to paint at first because they don’t think they are talented, so make sure you explain to everyone that this is not a contest. This game’s purpose is to show that everyone has a creative side once they overcome their fears of showing it.


Make Your Logo

Purpose: Problem solving

Start by asking everyone to empty their pockets, purses and wallets and gather all the coins you can find and then place the coins on a table in front of you. Each team member should create their own logo for the company or team using the coins in front of them in one minute.

You may also use pens, notebooks, paper and anything you else you have around the office to create the logo. The logo can represent the team members individually or you can work together to create a logo for the department or even the entire organization. It’s a fun and creative game that encourages resourcefulness.

Peanut Butter and Jelly

Purpose: Communication skills

For this team building activity, you will need a small piece of paper for each employee and a list of well-known “couples” such as peanut butter and jelly, Romeo and Juliet, salt and pepper, and so on. Each team member should wear the name of one half of each pair on their backs.

Have everyone mingle and try to figure out the word on their backs while only asking each other “Yes or No” questions. Once they figure out their word, they have to find the other half of their pair. As they find each other, have them sit down while the rest of the team continues until everyone has connected with their pair.


About the Author

Tamara Luzajic is a web content writer and editor, currently working as a copywriter at Humanity, employee scheduling and workforce management software.

Assembling Individuals Into The Best Team

No team comes together overnight; most people are so focused on doing their own job to the best of their abilities, that they often fail to consult their colleagues on what needs to be done. Just because they’re all doing different jobs, does not mean that they’re not all working towards the same goal. As a team leader, you now have the unenviable job of turning all these hard-working individuals into a strong team. Unfortunately, this is sometimes easier said than done; on an average workday, most people would rather focus on their own workload than think about the bigger picture and how their job affects someone else’s tasks. To help team leaders on the challenge ahead, here are a few tips to help them bring everyone together.


Team-building exercises

Whilst getting them to do trust-falls or play Blind Man’s Buff would probably cause them to resent you, team-building exercises gives you the chance to bring your employees together, and maybe even share a few jokes if the right opportunity presents itself. That way, there’s something social that they can all share, which helps them to bond and unite. Alternatively, try an exercise to get to know every team member on a personal level. That will help you get to know them, and allows the team to view one another as people, not just co-workers. Anything you can do to build trust between co-workers will develop team cohesiveness, and it will make it easier for everyone to think of themselves as part of a unit, instead of one of many employees.

Promote communication

Communication is key to making sure your business runs efficiently. Technology has provided companies of all sizes with a very efficient tool to improve team communication; while you should never underestimate the value of the phone or email, instant messaging apps such as Slack, Hipchat, or Campfire instantly pass work updates to your colleagues. You can also use them to share files, start conversations for group projects, and automate tasks. This is faster than typing an email and waiting for the recipient to type one back. Good communication also means that you have to be clear about goals, deadlines and expectations for each business term. Sometimes efficiency can drop because employees haven’t been updated about new company goals, or the communication about new business goals weren’t clear. As the team leader, you have a better idea of the company’s business goals, but you need to accurately communicate it to your employees if you expect productivity to remain high. If emails aren’t clear enough, arrange a meeting and encourage your employees to ask questions. It will go a long way to preventing further confusion.


Make sure everyone has support

As the team leader, whenever your team is at work they are under your care. This means that you have to provide them with enough support for them to do their jobs properly, whether it’s making sure the IT support is always on hand whenever the computers are down, providing them with further training, or just making sure you have a good open door policy. If someone on your team is having problems with a co-worker, their workload, or something personal that is affecting their work, then make sure they know they can come to you without any judgements. Encourage everyone to give you feedback on their work environment and policies, so that you can tell upper management what is working and what needs improvement. Productivity will improve as a result of a more positive office morale, and your team will work better for you if they feel supported.


Assemble the right individuals

When hiring someone to do a job, it’s also important that they know how to work well with others, and know to collaborate or work independently as necessary. Everyone has different strengths; your campaign strategist might have excellent ideas, but they might be terrible at communicating these ideas with the rest of the team. If someone on your team is consistently struggling to meet deadlines or contribute to team projects, find out what it is they need to get them on everyone else’s level. Chances are, they are just not the right fit for the rest of the team and they might be better off somewhere else.

Ultimately, a good team comes together when they have a leader that inspires them. Someone who knows how to give instructions, but doesn’t micromanage. Make sure you take on a few tips to become a great team leader.

3 Things To Know When Hiring A Web Hosting Firm

There are many things to learn about operating in the online world, and some strategies are more successful than others. This doesn’t mean you should be any more or less hesitant to begin your time online because your customers will demand it long before you consider it a viable option. What matters is that you keep a solid understanding about how to best progress during this time. Not only will the following tips give you the best understanding of what to look for when hiring a web hosting firm, but they should also help you stop making bad choices when you’re unaware of all the implements a solid online strategy needs to work in the first place.

Reliability

Your firm simply needs to be as reliable as can be. Otherwise, there’s no doubt going to be plenty of issues regarding the way you firm looks to your audience. If you’re simply not online long enough for them to complete whatever they intended to on your website, you will look unprofessional, and worse, not worth doing business with. This will be all very well and good if your firm deserves this, as it can improve your service understanding. However, if this happens as a result of not being able to express your online medium because another service is failing you, that is a sad state of affairs. For this reason, reading reviews such as this A2 Hosting review before you buy can give you good insight into how well the service performs under pressure.

Support

How accessible are your web hosting agencies? Do they have 24/7 support, or are you reliant on their office times to help you out of a sticky spot if their services go down in the middle of the night? As you hope to be an engaging and wonderful platform for your customers to experience, you should also hope to be treated in the same way by the web hosting platform who are attempting to keep your good servicing upkeep by any methods they possibly can.

Advice

How much advice is the firm offering you? Are they happy to give you solid and practical solutions for problems you may be experiencing, or do they leave you in the dust to figure it all out yourself? Depending on the level of experience you have with websites, this might be better off in either intense or limited quantities. Only you will know what works best for your firm, but you must be ready to communicate it. If the advice is an option which is covered by the cost of your usage, you may be able to negotiate a better price if you forgo this service, but don’t worry if this proposal is rejected. Keeping on top and happy about your internet servicing requires that you feel satisfied with the methods being taken to keep you online, and if you feel like the first you’re using is happy to explain to you their methods, you are more likely to feel happy and able in your commission.

With these tips, you’re sure to experience customer satisfaction.

Why So Many Different Loan Types Exist

When it comes to business, there’s one thing everyone needs to get started: financing. This can come in a variety of forms, the number of which can be confusing. What do you turn to when you have specific needs and a budget to adhere to? What about the amount of variance in these things? There’s a lot to keep in mind when applying for a loan, so let’s try to make things a little simpler.

Loans exist to service the consumer, and banks exist to give it out. That’s how they make their profit: by helping you make yours, and then demanding interest on your repayments. With this in mind, there’s two big factors involved in why different loan types exist, and here’s a quick rundown of what’s on the market.


Because Every Lender has their Own Interest Rate

Some loans don’t even have interest generated and added on. When it comes to capital one, a small business line of credit means you only have to pay back what you use. If the credit just sits in a bank account, there’s no interest added and no need to give it back. This is a loan that’s virtually risk free, but of course you have to fill a criteria to get it. And being able to show that your business makes good profit and will be able to pay it back no questions asked is not something a lot of people can be sure to keep up with.

If you have a personal loan, them the interest rate is sure to skyrocket. If you’re not looking to finance a business, getting these small amounts is beneficial. Similarly, if you have a credit card, you’re likely to spend and keep on spending as it’s a popular method of payment and it seems everyone has one. But once again, the interest rate can skyrocket due to the popularity and likely overspending of the amount on a card.

Because Credit Scores Vary

As someone in business or not, you have at least one credit score. Yes, there can be more than one number to your name. Because of these multiple numbers, credit scores can be a lot more accurate, and predict your likeliness to go into debt when you can’t make up with payments after a certain period.

Credit scores mean a lot to a lender, and that’s why they’re so integral to different loan types. Credit scores dictate what you can and can’t get because of your payback period or payment rate. Loans have to be different to service these needs. Even if you have bad credit, you can find a lender to service your needs. As long as you have a credit score, or a prediction on your finances, you can guarantee there’s a loan waiting for you.

To go into more detail, a lot of your own research will be required, so set aside time. Yet, these reasons are a good starting point if you’re considering taking out your own loan.