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Top Tips on How to Reduce Your Debt in 2021

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StrategyDriven Managing Your Finances Article |Reduce your Debt|Top Tips on How to Reduce Your Debt in 2021While the coronavirus may have had a dramatic impact on household finances in the UK, it only really accelerated a trend for rising debt levels that was already prevalent nationwide.

More specifically, people in the UK owed an estimated £1,688.5 billion by the end of October 2020, with this having increased by 21.8 billion year-on-year. This translates to a rise in debt of £412 per UK adult over the year, which is worrying when you consider the wide scale job losses that have already occurred as a partial result of lockdown measures.

In this article, we’ll consider the primary risks of accumulating debt, while offering some tips on how to reduce and effectively manage your burden in 2021.

What are the Risks of Debt?

Debt mounts when you continue to spend outside of your means, and are subsequently unable to repay your individual bills consistently or on time.

As a consequence of this, your individual debts start to accrue late payment charges and interest fees, creating a scenario where even minimum payments do little to eat into your original liability.

While this is problematic from the perspective of unsecured debts (as debt can continue to mount before creditors look to pursue court action), it’s even more damaging when dealing with secured liabilities.

This means debts pertaining to mortgages and car financing, and failing to pay these entities could ultimately cause you to default on your agreements and lose the underlying asset.

Why Online and Mobile Banking are Crucial When Controlling Debt

In the fundamental fight against rising debts, one of the best and most accessible weapons is online (or mobile) banking.

Both entities have become increasingly popular in recent times, with an estimated four out of every 10 UK adults now regularly using relevant mobile banking apps.

Virtual banking definitely offers advantages in the quest to combat debt, not least because you retain instant access to your account and can view transactions in real-time.

This makes it incredibly easy to review your spending and make achievable cash savings, which can in turn boost your disposable income levels and the amount that can be committed to paying off debts.

The type of instant online accounts offered by Monese are especially purposeful in this respect, as they can also be synched seamlessly with third-party budgeting apps to help you manage your spending in real-time.

Most importantly, you can secure a Monese account without needing to undergo a credit check, which may prove crucial for those struggling with debt and a history of missed or late payments.

How Else Can You Look to Manage Your Debts?

By using this type of account and a budgeting app in unison, you can begin to take control of your finances and structure a viable debt repayment plan.

Assuming that your budget has created enough for more discretionary spending, this will help you to concentrate a higher proportion of money on debt repayment and help you to begin repaying more than just the accrual of monthly interest.

Once you’ve begun to repay your debts on a regular and timely basis, you can open a line of communication with creditors and create the opportunity to ask for interest rates to be lowered (either temporarily or permanently).

This will really help the fight against debt, by reducing the time taken to settle accounts and the total amount repayable over time.

Communication Levels- Importance of Quality Communication Channels

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StrategyDriven Business Communications Article |Communication|Communication Levels- Importance of Quality Communication ChannelsCommunication is an integral part of any business’s operations and growth. Employees understand their roles, coordinate with one another, and operations run more smoothly. There are different levels of communication ranging from an upward, lateral and downward movement of information.

Upwards Flow

Communication starts from the subordinate levels to the supervisors, then the managers and finally reaches the executive. The upward flow of information enables the management to get feedback, state of affairs, clients’ needs and day to day reports and suggestions. The subordinate staff handle clients and other vital operations. They better understand the company’s needs and status and communicate the same to their supervisors or managers. To make the communication flow better, invest in collaboration solutions that improve and encourage free communication. It makes communication more transparent, faster, effective.

Lateral Flow

Different departments have their communication channels which enable a smoother flow of duties, coordination and transparency. Employees of a particular department can collaborate efforts and then pass reports to their managers. Managers have their horizontal communication channels where they compare performance and operations in the departments and detect any problems then extend the information to the executive. Lateral communication builds working relationships and friendships between team members and improves teamwork. Improved communication helps members work together to achieve a unified goal.

Downwards Flow

Communication about the company’s goals, vision and structural operations is passed down from the owner to the managers who work together with the supervisors to ensure the subordinate staff understand and work unitedly to achieve growth. The communication is not just through word of mouth but also the company website, training sessions, brochures, retreats and feedback reports. Through communication, a business owner can structure the operations to best suit the company vision, clients’ needs and current demands.

The Open Door Policy

Most organizations, although still uphold the three forms of communication, encourage the open door policy. Employees can freely walk to the manager or the executive without going through their supervisors and managers. The information flows more quickly, and employees and the company at large get faster solutions to problems. It also helps the managerial team better understand their employees, building more solid work relationships. Nowadays, most small businesses find it easier to work with lateral or horizontal communication channels as it encourages the team spirit.

Benefits of Improved Communication Systems

There is a better and faster flow of information, meaning that when there is a problem, it is detected, the concerned parties notified immediately leading to quicker solutions. Employees work better when they have stable communication structures. They build better relationships with their bosses and each other. Clients too are happier and more satisfied with the service delivery. Their needs and grievances are communicated fast and the appropriate measures sought in time. Everyone in the company better understands the businesses status and can easily access the information they need. Documents can be retrieved or shared easily, and knowledge passed on to different departments more efficiently.

Effective communication improves productivity which boosts company profits. In the end, everyone is happy.

Five Ways To Increase Productivity During Business Expansion

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StrategyDriven Managing Your Business Article |Increase Productivity|Five Ways To Increase Productivity During Business ExpansionEvery business aims to achieve and surpass its annual goals. The growth and expansion measure achievement of goals in entrepreneurship. It is a challenging task to steer your company through a new business opportunity. It would be best to focus on the new business and its seamless union with the existing activities. It requires a lot of patience and decision making, which is a crucial factor in business.

You also need the right support system to manage the growing and demanding needs of the company.

Re-strategize

When your business expands, you need to change your strategies to align with your new position. It is impossible to use the same resources for the expanded business. You need to analyze and budget afresh according to the new company needs.
The higher the standards, the higher the responsibility. It is essential that you first work on the additional infrastructure that the business will need. It will ensure that It will secure the business’ stable foundation. The infrastructure will ensure that new contracts or products are handled well.

You also need to modify your budget to include the new additions. It ensures that you will be ready if any extra costs will be needed. It would help if you channelled your finances to your highest prioritized department. Make sure your team is in sync with what you expect of them.

Outsource

As the business grows, the company’s needs increase to satisfy the company’s current needs. The company requires to upgrade and increase its resources to match their current needs. It is sometimes difficult for the growing company to adequately take care of the various departments. Thus, the need to outsource some of its functions like the HR and the IT departments.

Each company must take care of the employees’ welfare. With a big task force in place, it can swamp the HR department in handling all employees’ matters. Hence, the need for outsourcing some of the services. It will save.

You can get a peo company that will take over the HR department and work. It will be responsible for recruiting, maintaining the relieving of the employees. They will deal with any arising issue within the employees. This move will relieve you of the HR department and allow you to concentrate on other company needs.

By outsourcing IT services, you will be assured of quality services. The outsourced company will ensure that you are always digitally protected without extensive worry or hustle. Ensure that you carry out your research in choosing the outsourced companies. Be sure of the quality of services that they offer.

Constant Review

You must keep analyzing the new business’s performance to ensure that you are on the right track. Remember, to analyze the risk factor compared to the benefit of the new business to evaluate its performance and expectation.

Make sure you regularly hold meetings to get reports on how the business is fairing on. The reports will give you an accurate breakdown of the pros and cons of the business. You will know where to improve or make changes for better results.

Advanced Equipment and Tools

You will need additional equipment to meet the increased productivity needs of the company. It would help if you either chose to upgrade or add the tools according to the expected productivity rate. The productivity rate will be determined by the type of business deal that has been acquired. The deal might involve additional quantity, quality or tasks that will affect the production differently.

The cost of the purchase of the new equipment will also influence the time frame of its acquisition. You must quickly and efficiently set up the new department. The finances and decisions to be made will also influence the time taken to merge the businesses.

Data Security and Safety

As your business grows, it is important to secure your data and information. Data security is a vital facet of any business. It would be best if you employed the right techniques to combat any technological threat. There has been an increase in cybercrimes due to the advancements of technology globally. Hackers have devised new ways to hack into the systems.

Any loophole that is left by a network entity can be the weak point in the network. It is important to strengthen the protection against cybercrime. It would help if you also sensitized your employees on the importance of keeping your data safe and secure. Urge your IT department to take stringent measures and continuously update and review their protection methods.

Business growth is the joy of any entrepreneur. However, its responsibilities will overwhelm you if you do not follow the correct procedures. Take each task step by step and work diligently towards greater profits.

Defending Your Storefront With Care & Consistency

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StrategyDriven Risk Management Article | Defending Your Storefront With Care & Consistency

It’s important to note that when we own and operate a store, or a retail building, or our restaurant, we must learn how to defend it. Of course, that usually involves having rules as to what kind of candour is allowed within the store, and having security on hand to remove harmful people where necessary.

That said, it can also be that sometimes, our physical presence of being located in an easy-to-reach spot can be a problem. Furthermore, most people know that retail businesses have had to temporarily close down, or that offices are vacant, and that means they could be targeted by the hands of those looking to do harm. How are you supposed to defend your storefront with care and consistency in this light? Is there a best way forward?

We believe there is. Thankfully, you don’t have to feel that this is out of your wheelhouse, or that it requires overly expensive consideration. With the following advice, you’re sure to defend your storefront in the most aesthetically and purposefully intrusive manner.

Strong, Shatterproof Windows & Glass

Of course, it’s important to ensure that your store is protected with strong, shatterproof glass. This not only prevents people from getting through, but it prevents the nasty sharp edges that might unveil themselves if a trespasser were to break their way through glass and ultimately end up harming themselves. This way you can make sure that the exterior of your building not only looks secure, sturdy and aesthetically similar, but that it is much more secure than it might have been. In some older buildings especially, shatterproof storefront windows are essential.

Appropriate Warning Signage

Often, clear and direct communication is essential to prevent 90% of difficulties that may otherwise happen. This can often be applied in the form of consistent signage. For instance, you might clearly state that thieves or trespassers may be prosecuted if entering your loading bay area. You may notify just what burglar alarm you are using, or the fact that CCTV systems operate at all hours. If you have vans in your lot, a simple sign that states no tools are left in there overnight can prevent a would-be theft. Appropriate signage may not work in 100% of cases, but they certainly put your strong and firm point across -as if you were there.

CCTV & Security Measures

Proper CCTV and security measures can of course help you in the last-ditch effort that you may need to protect your retail presence. To enhance your security measures, consider installing state-of-the-art digital sign installation systems, which can not only act as a deterrent but also provide real-time monitoring and recording capabilities to ensure the utmost safety for your storefront. This might involve ensuring that your alarms are well installed, that you use a range of real and false CCTV cameras to deter would-be trespassers, and that you regularly communicate with other storefronts or restaurants in your area to make sure that you bar or ban the right shoppers, that you know who is most likely to cause trouble, and that you can adequately give evidence in the case of a difficulty.

With this advice, we hope you can more easily defend your storefront with care and consistency.

How to Stand Out in a Saturated Market: The Benefits of Niching Down

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StrategyDriven Marketing and Sales Article | How to Stand Out in a Saturated Market: The Benefits of Niching DownIntense competition and economic stagnation are forcing owners of small businesses to close their doors without any intention of reopening. Either the handwriting is on the wall, or they’ve already run out of money. Record numbers of business owners are seeking protection in the bankruptcy courts. They’re underwater, and they just don’t see things getting better anytime soon.

Less Can Be More

A few of the competitors of these sinking businesses are keeping their heads above water though. They’re prevailing and remaining profitable within their own small niche. So, what’s the distinguishing factor? The surviving business owners aren’t trying to be jacks of all trades and masters of none. For them, less is more.

They’ve identified and fitted into the needs of a smaller market segment that remains closely connected, and they’re well-known throughout that segment. Welcome to the world of the sub-niche. There’s less competition in this realm because many of the big players just don’t want to enter smaller markets. The opportunities that they’re failing to capitalize on are there for the taking.

Let’s take a look at a few examples of highly effective sub-niching.

An Eggcelent Example

When it comes to the grocery store, few sections are quite as saturated as the egg case. In an average store, it is easy to have a dozen or so brands to choose from. However, with the movement in eating awareness, people are more concerned about where their food comes from. While many consumers are satisfied with the $.69 dozen for conventional eggs, others are willing to pay a premium price to ensure their eggs are coming from humane sources.

In 2008, Betsy Babcock founded Handsome Brook Farm Pasture Raised Eggs. Prior to then, free-range was the golden standard. But Betsy exposed free range as not being quite as free as the egg industry wanted consumers to believe.

So, Betsy niched down and created a brand where the eggs came from chickens who actually spent their days outside eating bugs and being chickens. She started with a backyard flock, but by targeting a niche market, she grew the business into the nation’s largest organic pasture raised egg brand.

A Niche Children’s Advocate

When thinking about a traditional personal injury attorney, several images might come to mind. They usually involve car accidents, slip and falls, or those cheesy medical malpractice commercials. But who would you trust to represent your case if your child were severely injured in an accident? It is a thought that makes parents shutter and cringe, but accidents happen on a daily business.

One Philadelphia lawyer, Edith Pearce at The Pearce Law Firm Personal Injury and Accident Lawyers, PC., has set herself apart in the personal injury law industry as being the “Children’s Injury Lawyer.” Whether it is because she is a member of Mensa or she is a mom herself, she is exceptionally well respected and quite successful in this niche of the personal industry sector.

The Takeaway

Whether you have identified a hole in the marketplace that you can successfully fill, or you have an existing business that can promote a niched service to a target demographic, niching down can help you expand. There is generally less competition on the niche level, allowing you to capture more of the market share. So long as there is enough demand and you are properly marketing your service, this might be your most successful business scope strategy.