3 Things All Business Owners Need to Know About Risk-Taking

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As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. To ready yourself for when that time comes for you, you need to know a few very important things.

Here’s are three things that you, as a business owner, need to know about the taking of risks:

1. It’s okay to predict disaster as it’s only natural

A business owner you might be, but you’re still a human being. As a human, you are naturally and inherently biased towards the predicting of disaster. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong.

First of all, you have to accept that this is your inherent bias and that you’re always going to be fearful — it’s okay to be like this, it’s just who you are. Second of all, you have to do all you can not to let your fears guide you or push you towards making decisions. Of course, if the bad does, quite clearly, outweigh the good in regards to the risks you seek to take (after you’ve taken some time to look at them subjectively), then, yes, steer clear of them. Never, however, let your natural desire to predict everything going wrong guide your risk-taking actions.

2. When it comes to taking a risk, align yourself alongside experts

There’s nothing wrong with asking for help at any point in your career, as two or more heads are always better than one. This sentiment rings especially loud and true when it comes to risk-taking, though.

Simply, whenever you enter into a field you’re not wholly sure about, before you take any kind of risk within it, you should seek to align yourself with an industry expert. By doing so, you will be able to tap into their expert knowledge and use it provide you with a better understanding of where, when, what, and how to take your risk. An example of this is you getting in touch with a high leverage broker before you seek to invest in the foreign exchange (Forex) market — by doing so, you’d learn about what it takes to trade in high volumes as well as how to perform investment risk calculations.

3. The ability to take a risk will help you to stand out

As not a lot of people in business are willing to take a risk, by doing so yourself, you will make yourself stand out. For better or worse, your ability to put caution to the wind will act as a differentiator between you and your competitors. For customers that like that kind of thing, that’ll put you at the forefront of their mind. Subsequently, this will bye you a one-way ticket to the front of your market.

If you feel like your business is stuck in a bit of a rut, why not try something new? More to the point, why not take a bit of a risk?

Designing Your First Office: A Guide

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StrategyDriven Entrepreneurship ArticleBecoming an established business with its own premises is a great leap forward in your company’s journey. No longer are you a one-person band; now you can hire talented employees and invite clients and suppliers to your office for meetings. Creating the perfect office space can be a challenge, however. After all, there are numerous aspects to consider, and each one will impact on the atmosphere, efficiency, and first impression you give. With that in mind, you will find two areas to focus on when designing your first office below.

1. Electricity, Heat & Water

Regardless of what industry you are in, you will need a reliable energy supply, which is both cost-effective and eco-friendly. You will no doubt be running a number of computers, providing internet access, telephone lines, along with lighting and more. One highly popular option, especially in newer builds, is to use solar panels to power the building. These convert sunlight to electricity, but the good news is that they work even in cloudy weather. What’s more, sunlight is free, which means your electricity bill will be reduced by opting for this energy source.

When designing your office, you will also need to keep in mind the comfort for everyone who is in occupying the space, whether that’s employees, clients, or just yourself. To keep the office warm and cozy in the depths of winter, PBE Fuels are your go-to for biomass boilers, which use sustainably sourced wood pellets to provide adequate heating for the whole building. By picking biomass, you will be choosing a self-sustainable heat supply and one which will also work to lower your heating bills.

Comfort also applies to your water supply. Without clean, running water, you will not be offering the legal requirements to your workforce. As a business owner, it is your responsibility to provide a healthy, safe environment, and this includes drinking water. Of course, most offices opt for office water coolers, but you still must ensure the water running from your taps is drinkable.

2. Décor Scheme

The next step in designing your first office is choosing how to decorate it, including the color scheme you want and the furniture. It is a lesser known fact when planning your first office, how impactful color can be in regards to productivity and overall atmosphere. The color possibly depends on your business’s logo, but take the time to consider what feel you want to evoke in the room. Purple, for instance, can work to represent magic and mystery, or it can appear somewhat fake and artificial. White, on the other hand, evokes feelings of purity and cleanliness, or it can feel stark and sterile. When deciding on the color scheme, think carefully about how you want people to feel the first time they walk into the room. Do you want to impress clients and show your authority? Use black to create elegance – but use it sparingly, as it can absorb all the natural light.

The furniture will usually depend on the industry you are in; an office-based company will require a series of desks, chairs, and computers, whereas a manufacturing warehouse will need heavy machinery. However, both buildings will require a reception area, and this is where you can make your best first impression. By creating a welcoming, friendly reception area, where clients and potential employees can wait in comfort, you will be subtly showing your professionalism. Opt to place a relaxing couch in the waiting area, along with refreshment facilities, as these are proven to wow clients and make them feel at home.

How to Create an Impressive Office

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A potential client or employee will make their mind up within a few seconds of laying eyes on your office. If you want to prove you are a professional business with a great company culture, you should find out how to create an impressive office.

Eye-Catching Wall Wraps

Give your office the wow factor by adding striking wall wraps, which will add a little color and personality into the space, and will exude professionalism and a great company culture. Pick a design that complements both your branding and office layout, so your guests will remember a visit long after a meeting or interview is over.

Branded Sweets

Clients want to work with companies that have exceptional attention to detail – and branded sweets can prove just that. It’s a fun, welcoming and professional treat for guests to enjoy when they visit, so they’re bound to be impressed by the effort you have made to create a warm welcome, while reinforcing your brand recognition.

A Friendly Welcome

A receptionist will provide a first impression of your staff and company culture. Only hire friendly, warm and welcoming receptionists, who are willing to go above and beyond to make guests feel welcome. For instance, they should smile at every guest, offer them a seat and a drink, and keep them updated on their meeting to avoid frustration. You should also ensure the phone is not left ringing, as a client will believe your company will ignore their call, too.

Welcome Natural Lighting

Exposure to natural lighting will not only make your staff feel both happier and healthier, but it can also make a space appear more open. As a result, it can increase your employees’ morale and productivity levels, which can help your business to both flourish and grow.

24-Hour News on TV

24-hour news on TV will not only allow your team to stay up-to-date on the latest happenings from across the world, but it will also prove to your guests that you’re keeping updated with the latest trends. As a result, they’ll view your brand as a forward-thinking business that is worthy of their time and money.

Display Artwork

Artwork can add a burst of color to your office space, and it can also convey intelligence and professionalism. Choose a work of art that not only adds a pop of color into a room, but complements your company’s image.

Big & Bold Potted Plants

There are many reasons to incorporate big and bold potted plants into your office. Not only are they a beautiful addition to an interior design, but they can also reportedly increase employee happiness and reduce stress levels. It will also provide a natural contrast to your décor and can prove you can take care of multiple things across the business with ease.

Offer Branded Pens

Branded pens are an ideal stationery item for your business, as you can hand them to guests during a meeting. You should then encourage them to take the pen with them, so they’ll have a subtle reminder of your brand once they leave your office. As a result, you’ll remain firmly in their minds, and a client might be more likely to hire your services.

How to Avoid a Business Bankruptcy

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StrategyDriven Entrepreneurship ArticleThe number of small businesses filing for bankruptcy increases every year, and while bankruptcies don’t always lead to the full closure of the company, in a lot of cases they do. If your dream business is currently on the verge of bankruptcy, don’t panic. There are some steps you can take that may help you to turn things around. Try to think as positively as you can and put the following steps into action.

1. Look at the Figures

The first thing you need to do is work out how much you need to make each month to survive. This includes both the money you need to actually live, and the money you need to repay your creditors. Add 20% to this figure to give yourself a cushion. Finally, add in the costs of running your business. This includes everything from your bills to your payroll to the cost of inventory. With this information at hand, you need to work out how much your business is earning each month. If you are facing bankruptcy, it’s likely you have a deficit between the two numbers. The next steps are going to focus on decreasing costs and increasing profit to give you enough to cover everything you need to pay.

2. Cut Costs

Okay this sounds simple, but there is sure to be some ways that you can lower your expenses to meet your spending goals. Consider getting rid of your traditional phone plan and switching to VoIP, look into cheaper packaging options, and look into obtaining new quotes for any services you receive that aren’t under contract. The aim here is to look for redundant costs that your business can do without and either eliminate them entirely or reduce the amount you are spending.

3. Renegotiate with Your Creditors

Phone your creditors and let them know you are considering bankruptcy. The majority will be happy to come up with a payment plan that works for you so long as it means they will still receive what they are owed (with bankruptcy there is no guarantee they will be paid). Some may be willing to waive the interest, while others will extend the terms of your debt so that you have longer to repay it. You could also file a consumer proposal with your creditors if you don’t want to speak to them directly.

4. Look at Short Term Cashflow Options

We’re not necessarily suggesting that you take out loans to cover your cash flow. Instead, speak to your vendors and ask them for more lenient payment terms. If they can extend their terms, you will free up more cash in the short term. Another option is to ask your clients to pay you quicker. You could offer them a small percentage off their invoice if they are willing to pay faster. Both of these options will provide a boost in the short term.

Sometimes filing for bankruptcy is the only option. However, it is worth giving the above a try first if it could mean saving your business.

7 Things You Should Consider When Choosing a Cloud Solution

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StrategyDriven Entrepreneurship ArticleCloud technology is expanding rapidly because of its many benefits. However, not all cloud solution providers are the same. Yet there are many cloud service providers offering themselves as the solution to your business’ needs. The question for many is what they should use as deciding factors when searching for a cloud solution. Here are seven things you should consider when choosing a cloud solution.

Your Core Needs

Before you start shopping for a SaaS service or cloud service provider, determine what your core needs are. What infrastructure and software do you need to keep your business going and remain profitable? Does it integrate with other applications, including those you consider crucial? There’s no point in shopping SaaS service providers that don’t have what you absolutely must have to keep going. Extras are just that, extra. So signing up for a Cloud Computing course may help you to decide what you want for your business according to your needs.

Support Versus Your Needs

Look at the level of support the service provider needs relative to what the cloud service offers. If you need 24/7/365 support to meet the expectations of your consumers, you can’t afford to hire a cloud service that limits support to office hours. The problem is amplified by relying on a service provider in another country that limits support to office hours that don’t line up with yours. Don’t let them tell you that their online documentation is good enough, though you should give preference to a SaaS provider with good documentation on everything from how to use the service to troubleshooting issues that may arise. Ask how they handle upgrades and whether or not you have input on when and how these are done.

We would like to warn you that an organization that promises excellent support during outages may be a warning sign in and of itself. The provider should guarantee 99.9% uptime at a minimum. Anything less than this level of uptime indicates trouble.

Trust

The trust factor is a major factor when you’re deciding which cloud solution to use. You are, after all, going to keep all of your user data and probably the data critical to your business’ operations on their servers. If you going to be posting medical data that needs to be protected in accordance with HIPAA standards or financial data that requires an extra layer of protection, make certain the service provider meets the industry standards for such. How are they protecting your data? If the vendor doesn’t use their own data center and cloud technology, what does their service provider do to protect your data?

Value

Price cannot and should not be your overall deciding criteria. After all, the cheapest service may lack the memory space or support that you need. You’ll also pay for the services you use, such as the number of users accessing the site and the number of transactions processed. Cloud service providers tend to charge based on “tiers” or levels of service. You can learn more about cloud storage tiers and their prices here and about SaaS pricing strategies here. When you’re shopping for a cloud service provider, determine your needs now and in the near future. Then compare the overall value of each provider’s package. You might want to pay a little more per month for an automatic backup of your data that is easily restored if there is a problem. If maintenance and support are included at a higher tier and you expect to hit that volume of transactions soon, it may be worth paying for the higher tier now and locking in the rates.

Reviews

A business may have an excellent service plan at an affordable price and say they meet industry standards. The experience of their customers may prove otherwise. You can find this out by checking their reviews. Reading reviews on a variety of sites, not just the business’ chosen testimonials posted on their website, allow you to really know if they respond to tech support calls in a timely manner. You’ll learn if they actually meet the terms of their Service Level Agreement or if you have to have an SLA in order to get that fast turnaround on a memory space increase or restoration. Reviews may be the only way to learn about data loss from mistakes by the service provider.

Go ahead and ask for references, so that you can ask their current customers about what they think of the cloud service provider.

Usability

You want to know what it is like to use the software as a service hosted on the cloud. How hard is it to log in? What do they offer in terms of software relative to what you’re familiar using? How fast can you log in? How quickly do the apps respond? You can ask these questions, or you can ask for a fully functional trial period to test drive the cloud service yourself. Make sure you know what service level they’re providing before you commit to another tier in a contract, so you don’t pay for something slower than the service you loved when you tried it out.

Something else to check is how well the cloud service provider supports usability across devices and operating systems. Can you check your email on their server using your smartphone? Does it work with all the various laptops and personal computers in use around the firm? Will it work with the next generation of tablets you want to use?

An Exit Strategy

An often overlooked factor is how easy it is to move the data if that becomes necessary. If they use proprietary data, it may be hard to move your data somewhere else, whether you want to change service provider or your service provider goes out of business. Incompatible data formats or unusual software applications could also create problems if you backup data with a different service provider simply to benefit from redundancy. Find out how well they support the export of data, regardless of the reason why.

Conclusion

Take these factors into account, and you should be able to find a cloud service provider who meets or exceeds your needs without breaking your budget. And you’ll be able to be confident you’ve made the right decision.