StrategyDriven Managing Your Finances Article |Finances|Key Financial Tips For Entrepreneurs

Key Financial Tips For Entrepreneurs

StrategyDriven Managing Your Finances Article |Finances|Key Financial Tips For EntrepreneursStarting a new business venture can be an incredibly exciting time, but you must also be careful and well-organized during this period, especially when it comes to your finances. Money will be incredibly precious when first starting out so you must have a clear budget in place and know where every single cent is being used. This can be tricky with so many areas that need attention and particularly if this is your first business venture. With this in mind, here are a few financial tips for entrepreneurs which should help you to manage money effectively from the start.

Secure Enough Funding

Possibly the biggest mistake that entrepreneurs will make is not getting enough funding to get the business up and running to a high standard. It can be hard to change how your brand is perceived, which means that you need to get off to a good start. Work out exactly how much money you need factoring in every expense and then use a variety of funding sources to reach this amount. This might include:

  • Personal savings
  • Loans from friends/family
  • Angel investors
  • Venture capitalists
  • Bank loans
  • Crowdfunding

Keep Costs Low

Every cent counts when first starting out, so you need to find ways to keep costs as low as possible without it impacting the quality of the product/service. There are a few different ways to do this, including:

  • Outsourcing instead of hiring staff
  • Working remotely
  • Going paperless
  • Using alternative energy
  • Negotiating with suppliers

Car Finance

Most modern-day businesses will require at least one vehicle if not a fleet as part of the operation. This can be a huge cost, which is why car finance deals are a smart option. There are poor credit car finance deals from specialists like CVS, which can make it possible to lease a car even if you have poor or no credit at all.

Invest In Insurance

It’s always better to have a safety net when it comes to insurance, and this is true in the business world too. The types of insurance that you use will depend on your industry but make sure that you have adequate coverage before getting started. You can usually make savings on insurance by shopping around and consolidating insurance policies.

Reinvest Into The Business

Once the business starts to find success, it can be tempting to splash the cash and increase the amount that you pay yourself, but this is a classic mistake. Instead, this money should be reinvested back into the company to drive further success. Putting more money in marketing is always a great idea as increasing brand awareness, and reputation is vital for growth and competing against the bigger brands in your industry.

Every entrepreneur will have concerns over finances when launching a new business, and this is for good reason. The above are a few key tips to keep in mind which should help you to use your money smartly to help get the business up and running to a high standard. You should then continue to be stringent with every cent as the business starts to grow.

StrategyDriven Marketing and Sales Article |Plastic Pipework|The Industrial Pipe Market

The Industrial Pipe Market

StrategyDriven Marketing and Sales Article |Plastic Pipework|The Industrial Pipe MarketPlastic can now be crowned the king of all pipework materials. Over the past few years, confidence has been growing and growing in the utilization of plastic pipework systems. This has most notably been displayed when it comes to industrial use. All you need to do is look at the statistics regarding the massive increase in the level of plastic pipe production in industrial areas; showing an approximate rise of one million tonnes over a ten year period in the likes of Europe and the USA. These figures are only predicted to rise over the coming years too. In fact, forecasts predict a 6.2% annual rise in the demand for plastic pipework.

There are various reasons attributed to the fact that plastic pipework systems are reigning the industrial markets. One of the main reasons has to be the fact that they boast a favourable price tag. Plastic pipework is considered highly cost efficient. This is especially important in the modern day when you bear in mind the tough financial climate experienced over the past few years. Those operating in an industrial industry know how important cost efficiency is when it comes to generating high profit levels at present. And, when considering how long plastic pipes last, you can rest assured that value for money is guaranteed.

One of the most evident benefits regarding plastic pipework is the fact that they do not suffer from corrosion or degradation. This is in stark comparison to metal pipes whereby they can corrode substantially over time. This will inevitably lead to leaks and as a result you will need to pay for costly repairs. You need not worry about this when it comes to plastic. They do not corrode, nor are they subject to scaling, and they do not rust either.

This also provides additional benefits because it means that the pipes are less likely to become blocked. When using metal pipes you often find that the scaling, rust and corrosion, leads to build up inside the pipes. Because of this you can experience frequent issues with blockages.

When dealing with industrial ventilation piping systems in particular, plastic is the preferred choice because it retains pressure better. Statistics show that pressure loss in plastic pipework is diminished by 30 per cent in comparison to metal pipework systems. Because of this, you can make better use of space on your industrial site via using smaller pipework.

And last but not least, it is also worth bearing in mind how much easier and simpler plastic pipework is to implement in comparison to other materials, and these pipes are compatible with all accessories like ultrasonic flow meters. These systems do not require a substantial amount of skill. Furthermore, as they are lightweight they are exceedingly easy to transport too.

All things considered, one can see how plastic pipework systems are now reigning the industrial markets. They offer general benefits, such as; cost efficiency, ease of installation, and lack of corrosion and degradation. Furthermore, there are also more specific benefits when dealing with pipework for certain purposes, such as the retaining of pressure in ventilation.

StrategyDriven Online Marketing and Website Development Article |SEO Ranking|3 Ways to Boost Your Company’s SEO Ranking

3 Ways to Boost Your Company’s SEO Ranking

StrategyDriven Online Marketing and Website Development Article |SEO Ranking|3 Ways to Boost Your Company’s SEO RankingSo, you have a great company, with an even better product. Once upon a time, this was enough to maintain a successful business. Nowadays, however, the majority of your company branding will be done through your website and social media channels – and it is something that will give an important first impression to your customers. When your company succeeds in building an efficient website, you may still feel the strain of having too few visitors to your website, with your website appearing low down on search engine rankings. This can be detrimental to your company’s success. Fortunately, there are plenty of ways you can give your SEO ranking an instant boost – and this guide shows you how.

Don’t Publish Irrelevant Content

A big mistake commonly made by companies is to upload as much content as possible to their website. Although it is imperative that you regularly upload content to your website to keep it active, it is also important that this content is relevant to your website and that you are not overloading it with useless information; not only will this drive your audience away, but it will also radically decrease your SEO ranking, because search engines determine how long people are staying on certain pages to determine the quality of the page.

Another way that search engines discriminate content is if it is not optimized correctly for the digital sphere – images, videos, and other multimedia assets are an excellent component for any high-quality website. However, if your images and videos are not optimized for your website, not only will this result in your website loading extremely slowly, but it will also be deemed as a flaw in the site and will negatively impact your SEO performance. Finally, use a content management system that can help you organize and publish content to your company’s website without having to do it manually day-in and day-out.

Consult a Professional

The standards for website design evolve and progress much more rapidly than other essential business components, so it is strongly recommended that companies hire a skilled web practitioner to help them look the part. Head online to find a company near you, for example, the most reliable services in web design, such as ALT Agency can offer and deliver measurable results from creative marketing campaigns. Such agencies are capable of enhancing a company’s SEO ranking and creating a beautiful and efficient interface for your customers to interact with all at the same time. They’ll also ensure that your expertly curated content will be used by as many people as possible, drawing them further into your site and towards trading with you.

Start Blogging

Blogging may seem frivolous to some businesses, but it is a powerful tool not just to entertain and stay connected with your digital audience and customers, but also because search engines recognize that there is a stream of high-quality, regular content being uploaded to your website on a timely basis. Hiring a freelance blogger is an inexpensive solution, unless you have a member of staff who is interested in dedicating some of their time to a company blog. For inspiration, take a look at some popular blogs and use popular methods to entertain your audience while giving them helpful tips, exciting company updates and, if they’re really lucky, some insider secrets.

SEO doesn’t have to be complicated and time-consuming; when you organize your content and optimize it for the correct platform, you’re already halfway there.

StrategyDriven Starting Your Business Article | Entrepreneurship | 5 Challenges of Starting a New Business From a First Time Business Owner

5 Challenges of Starting a New Business From a First Time Business Owner

StrategyDriven Starting Your Business Article | Entrepreneurship | 5 Challenges of Starting a New Business From a First Time Business OwnerYou might have heard the stereotype that millennials don’t know how to work hard, how to pound the pavement, how to put in the blood, sweat and tears it takes to build a business from the ground up but, I am here to smash that stereotype into smithereens.

I’m 23 years old and started my business when I was just 21. Usit (www.usit.care) was an idea that I had that babysitting could be done better. It could be done wiser. It could be done with more benefit to the worker bee and the worker bee hirer. Still in college with a full load of classes, I certainly made my share of embarrassing mistakes, but I lived to tell about them and I think the mistakes made me stronger and even more determined. I am going to use the word “Challenge” instead of “Mistake” as a necessary euphemism because mistakes conjure up negative emotions while “challenges” are something to overcome and persevere through- which I did and I still do as I work to expand my business into a small empire!

Here are 5 challenges I faced and some essential ways to mitigate those challenges so you don’t become discouraged while on your path to building your own business.

1. Find the Right Team

You’ve heard it said you are the company you keep – and it’s true. Aim high here. Finding the right Co-Founder or partner(s) in your startup journey is a difficult one, especially in the beginning, but even if it delays your launch, don’t settle here. Don’t go straight to your friend, family member, or roommate. Go to someone who has a complementary skill set (it doesn’t help if you are both good at the exact same things,) someone who is as passionate as you about the business, and someone who loses as much sleep about the business as you do. Find someone reliable, someone with a similar work ethic, someone with the same ‘failure is not an option’ mantra. For example, if you need to develop a website or an application it’s better to hire software development team that will do it professionally.

2. Finding Advisors and Mentors

Again, you are the company you keep. Seek out smart, successful people with proven track record. I wouldn’t be where I am now without a supportive startup community, mentors and advisors, and other founders. Get advisors who understand the startup world because they’ve lived it already. You don’t have take everything they say as a blueprint for what you must do – each business is different, but let their ideas be springboard for your own.

No one knows your business better than you do. I go to my advisors when I’m conflicted with business decisions, fundraising questions, pitch help, or general advice. They are important nutrition to the over health health of your business so find the right ones who have different skill sets and experience. You’ve heard it said “Diversify” in your financial investments. The same is true when assembling your team. “Diversify.” Find people with different superpowers. Find a person who excels at sales, find a whiz marketer, find a tough-as-nails lawyer to advise you on all things legal. You get the idea.

3. Keeping Your Team Motivated During Tough Times

To hit the peaks, you’ll be in your fair share of valleys. What goes up, must come down. You can’t defy the laws of gravity so know there will be tough times. Staff can smell fear a mile away. Never give off that sense of concern even if you feel it on the inside. It’s up to the Founder to rally the troops and keep the team motivated and positive. If you’re freaked out, the team will be freaked out and success never flourishes in fear.

4. Working With Limited Resources

It pretty much goes without saying that when starting a new business, you are working with limited resources. “Money does not grow on trees.” But there are big decisions to make about when to fundraise, how to fundraise, the how and when of green lighting big expenditures that require an investment. Talking to mentors and advisors to decide when the right time is to tackle those big questions is essential in maintaining a healthy bottom line.

5. Rejection

Take a “No” or a closed door in your face as a personal challenge. No great companies were built without rejection. No actor gets every part he/she auditions for. No singer got a record deal without hearing some naysasyer along the way. You’ll face a lot of “No thanks, Not Nows, Not Evers,” but rest in the knowledge that it’s just part of the process. That said, don’t discount every bit of criticism you receive. Constructive criticism may well be your best asset. Follow your gut, and dust yourself off every time you’re thrown onto the ground from the bucking horse that is the startup world.

Good luck! I am rooting for you!


About the Author

StrategyDriven Expert Contributor | Ifrah KhanIfrah Khan is the Founder and CEO of Usit, the last minute babysitting app that connects busy parents to vetted college student babysitters in their community. Ifrah was named one of Atlanta Inno’s 25 under 25 entrepreneurs in 2018 and has a passion for how technology can help create new communities and opportunities in dual sided marketplaces. She just completed Atlanta Tech Village’s Pre-Accelerator and is focusing on disrupting the babysitting industry by turning what used to be a huge pain in the butt for both parents and sitters into an easy and exciting process. Ifrah supports and brings together other young entrepreneurs with her position as a Kairos Society Executive with a mission of focusing the next generation on problems worth solving. She graduated from Emory University’s undergraduate business school in 2017 and previously worked in Finance at Accenture. Although she’s not a mom, she is passionate about helping mothers and children in need which is why she serves on the board of Helping Mamas, a fast growing local Atlanta non-profit aimed to help moms and children in need.   https://www.usit.care/

StrategyDriven Professional Development Article | Finding The Right Job Role To Fit Your Characteristics And Skills

Finding The Right Job Role To Fit Your Characteristics And Skills

StrategyDriven Professional Development Article | Finding The Right Job Role To Fit Your Characteristics And Skills
 
Many people are unhappy with their careers. The problem is that we all tend to focus on the salary that comes with a particular job role. Obviously, that’s important, but it doesn’t mean you have to settle for a job you hate. It’s possible to have the best of both worlds. Okay, not everybody can become the President, but there are other important political careers out there. The point is that you shouldn’t sell yourself short. You should pursue a career that caters to who you are as a person. If you’re trying to find the right job role to fit your characteristics and skills, then here are some financially rewarding industries that might have career options which suit your personality and interests.

Accounting

For people with logical minds, the world of accounting might sound quite enticing. There’s no denying that many of the job roles in this line of work are financially rewarding, but what do the jobs themselves entail? Well, it all depends on the employer. Pretty much every type of business in the world will employ accountants because all businesses need professionals to help them manage their money. If you’ve always been financially minded and numerically gifted, then this is probably the career for you.

Of course, if you want to do something that has an impact on the world, then accounting could still be the right profession for you. Obviously, it benefits the business in question, but certain kinds of accountants can have a wider impact on the world too. You could look into forensic accounting, for instance. This would involve crunching data to help with legal cases, so you’d have a positive impact on the world in that sense. And you should do some research if you’re wondering what to expect from an accounting career salary. They’re all very financially stable.

Healthcare

The healthcare industry is one that appeals to those who want to help other people. There are so many different job roles available to you in this line of work. You just need to choose your profession based on your goals. Obviously, you’ll need to accept that most job roles in this industry require a few years of training before you can become qualified to work in a particular field. That’s why you should give it some thought. Maybe you care about mental health; you could look into therapy-based roles. Or maybe you really care about animals; you could become a qualified veterinarian. This industry might be perfect for you.

Education

A career in teaching could be another good route for you if you want to change people’s lives. For those with caring personalities, this is the perfect industry. You’ll be helping to shape the minds of young people. You’ll be guiding them so that they can find their own dream jobs. The great thing about teaching is that there are so many different routes you could take. It suits people of all academic backgrounds because you have a variety of subjects from which you can pick your particular topic of expertise. Obviously, it’ll take a few years of training to get the necessary qualifications, but it’ll be worth it for the joy of doing something you love.