Successful Blog

Budget Your Business Better in 2015

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abudgeterBudgeting makes the world go around, especially if you’re a business owner.

With the New Year right off and running, there’s no better time than now to get your budget on the right track.

When it comes to better budgeting for your business, here are just a few ways you can improve your financial plan for 2015:

Make and Follow a Spreadsheet

If you don’t run the numbers as the come, it could spell trouble for your budgeting endeavors. Spreadsheets are a business’s best friend, so if you haven’t already, the New Year is the perfect time to create and follow and budgeting spreadsheet.

You’ll want to make sure your spreadsheet updates are part of your daily routine, so put aside a little time each day for your budget.

If you wait until the end of the week or month to update your spreadsheet, it’ll make finding budgeting errors complicated.

Cut Costs Wherever Possible

Just because your business isn’t over budget doesn’t mean you can’t use the New Year as an opportunity to cut costs. No matter how small your budget is, there’s always room to reduce business costs.

Whether you change suppliers to reduce delivery charges or you simply use less paper in the office, every little bit counts.

If your business has unnecessary costs, chances are they’ll quickly pop up in your budget breakdown.

Assess Regularly

Having a budget is one thing, but following it is something else entirely. Assessing your budget regularly is the best way to stay on top of your business’s finances.

As the following article shows, you can keep track of your finances with a free budget template, which will take the guesswork out of the budgetary process.

Budget templates are great tools for easily tracking your daily, weekly, and monthly spending habits.

The best part is budget templates are available for all of your mobile devices, so you can check your business’s finances on the go.

Leave a Little Wiggle Room

Your business should never live above its means, which is why it’s so important to leave a little wiggle room in your budget.

You never know what’s around the corner for your business. Some extra financial cushion will ensure you don’t have budgeting issues during slow periods or when unexpected costs arise.

In terms of wiggle room, you don’t need a massive amount. A good rule of thumb is to keep 3 to 5 percent of your overall budget open each month.

If you find you don’t need that much cushion or you need to allocate those expenses elsewhere, you can adjust your wiggle room accordingly.

Set Realistic Goals

As your business bid farewell to 2014 and entered 2015, it’s important to set realistic budgetary goals.

Numbers change all the time, so keep this in mind when setting up your budget, be it for employee costs, advertising, marketing, supplies and whatever else you need to efficiently and effectively run your company.

In other words, don’t create a budget that’s so hard to follow that your business struggles just to meet its financial objectives.

If you’re ready to revamp your business’s budget for 2015, keep in mind the financial pointers above.

As a business owner, how do you stay within your budget each year?

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including finance and small business.

Tech Products Make for Better Business

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Technology is making the business world a better place, which translates to better business for companies and consumers.

Whether your business needs a little tech boost or some on the go gadgets for traveling employees, there are plenty of options to choose from.

With a tech-fueled business in mind, here are just a few ways tech products make your business better:

Tablets for Employees on the Floor

Most customers who are on a shopping mission like to find what they want, purchase it, and move on with their day. This means your sales team needs to have your business’s entire inventory in the palm of their hands.

The solution: tablets.

That’s right, tablets are becoming increasingly popular for employees who need to look up prices, search in-stock items, and locate specific items within your store.

Even if your business doesn’t deal in retail, tablets are a great way to keep all the employees in your office connected. Whether on lunch break, in a meeting, or across the hall, tablets allow your employees to take their work with them on the go.

Anywhere Payments

Technology is also improving the payment process for many businesses.

Mobile card swipes connected to smartphones and tablets allow your business to accept credit card payments from anywhere. This not only boosts sales, it also makes shopping more convenient for your customers.

Employee Mobility

If your employees take advantage of telecommuting, then technology can help your remote employees stay better connected to your business. The same goes with employees who travel to clients throughout the day.

From employees who make service calls to employees who work from home a few days a week, major retailers like Walmart carry a full line of smartphones like the Samsung Galaxy 5 that will improve your business’s telecommuting atmosphere.

Technology and Customer Service

It’s no surprise that technology is improving the customer service sector for businesses of all kinds.

For example, call-waiting technology is making the calling process more customer-friendly and less frustrating.

Call waiting services used to simply ask callers to wait on the line until a representative could take their call.

With intuitive call waiting, your business’s call waiting service can actually give customers updates on how many minutes they have left to wait for a representative.

In addition, improved call-waiting technology can actually give your customers the option to have a representative call them back in a timely manner. Intuitive call waiting is just one way technology makes life better for your customers and your business.

Business Apps

Computer technology is improving the business world by digital leaps and bounds.

Such is the case with mobile apps that put your business in the spotlight. With a mobile app specifically designed for your business, you can keep your customers informed on your products and services, send shipping and package notifications, and accept payments for online merchandise.

If you’re looking for ways to improve your business in 2015, the technology above is sure to make a positive impact.

Photo credit: Image courtesy of stockimages at FreeDigitalPhotos.net

About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including technology and small business.

Ways to Retain the Best Workers

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ahappyemployeeYour employees are the lifeblood of your business.

The right team is the difference between brilliant ideas and lackluster ones; excellent planning and management, and costly failures; great customer service and customer service that get you noticed for all the wrong reasons.

Finding the right employees can be time consuming and costly, so once you find the right people, you’ll want to hang on to them.

The Bureau of Labor Statistics estimates that workers in the U.S. stay in a job for around 4.6 years.

What can you do if you want to retain your best employees longer than that?

Start with these steps:

1. Offer Great Benefits

Let’s be blunt. If one of your best employees is offered a similar position with better pay, they’re likely to take it. By the time you make a counter offer it could well be too late. Instead, offer your employees a good remuneration package from the start, paying well for their type of role.

Benefits go beyond wages. From medical and dental to life insurance and pensions, or even small perks like free tickets or discounted gym membership, a good benefits package can make all the difference.

Don’t forget about flexi time, telecommuting or other flexible working to show your team that their work life balance matters to you.

2. Get Real Feedback – And Listen

Happy, fulfilled employees are more likely to stay with you. Set aside regular time to chat with your employees, or ask their direct manager or team leader to do so. Find out what they like about working with you, and what they don’t. Follow up with an action plan you both agree on.

To learn more about how your employees feel about their jobs, foster open communications between employees and management. Make it easy for your team to have a chat with someone, and have their concerns heard and valued.

Consider using “stay interviews”.

Talk to your longstanding employees about why they stay, what they love, what you’re doing right and anything you’re doing wrong,  to gain insight into what you’re doing that encourages people to stay.

3. Encourage Your People to Develop

Keep working life interesting by encouraging your employees to develop within their roles. Start by looking at their daily tasks and offering further training if appropriate to help them learn new skills.

You can also invest in your employees’ education.

By funding a course of study that’s related to their jobs you’ll be helping them to grow their skills, and encouraging loyalty by showing them that you value them enough to invest in them.

If you think one of your team is a great candidate for taking on new responsibilities, talk to them about it. Showing that you want to help your employees grow within your organization is an important part of retaining them.

4. Get Clear on Growth Pathways

As pointed out in the article “5 Ways to Retain Your Best Employees“, if your best people only see stagnation on the horizon, they’ll look elsewhere. Your employees want to know that they have a future with you. Make sure you plan for that future from the start.

Having a growth pathway is particularly important when it comes to retaining the best of the best. Talk to your employees regularly and agree on a growth path that suits you and them – and then stick to it.

Good employees have immeasurable value for your business, helping it to grow, to run effectively, and to increase profits.

Value your employees and support them to grow within your organization – show them that they matter to you and they’ll be more likely to stay loyal and use their skills to benefit your business.

Photo credit: Image courtesy of stockimages at FreeDigitalPhotos.net

About the Author: Tristan Anwyn writes on a wide variety of topics, including social media, SEO, benefits packages and employee retention.

Did You Make it Your Business to Get the Right Degree?

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agraddWhether you are planning to go into business for yourself now or maybe down the road, the right business degree can make all the difference in terms of success or failure.

In a day and age when the economies of a number of countries are on shaky ground, having a solid business degree behind you enhances the chances of getting a good job, perhaps one day being your own boss.

The biggest challenge for some is deciding just where to go for that degree. Should they look for a quick two-year degree at a community or junior college, should they go to a four-year school or should they opt for a college or university specifically geared towards the business world?

Once that decision is made, the key then becomes focusing in on a generic or specialized business degree.

Educating Yourself on the Business World

In order to put yourself in position to get the business degree, consider the following factors:

  • How much education is enough? – Many up-and-coming business entrepreneurs have to deal with the issue of rising education costs. As a result, they may be hesitant to put the time and money into getting a business degree. Money saved now might actually be money missed out on down the road. Having a business degree can open many more doors for you than if you just have a high school diploma and a few college courses under your belt.
  • Multiple uses for a business degree – While some obtained degrees limit the individual in their job search, a business degree is quite universal. From running your own business to getting a job in marketing and/or advertising to working for a retailer, a business degree can be very valuable when properly used. Having a business degree under your belt will more than likely catch the eye of prospective employers. Remember, the time and costs invested now in getting a degree from a business school can pay off in great dividends in your future;
  • Being connected – Studying and graduating with other business professionals can open up a number of doors for prospective business owners. While you may not be the one to immediately open up your own business upon graduation, others you went to school with may do just that. In turn, they may need help or even fellow investors to get the business off the ground. Given the fact many individuals strive for business degrees in today’s education world, this is yet another reason having that business degree can benefit you;
  • More options – As the Internet has evolved, so too has the world of education. In the event you feel like physically going to school is too much for you at this time, you have the option in many cases to get an online business degree. The benefit here is that you can earn your degree on your own time schedule, meaning you don’t have to spend the necessary hours commuting to and from school. An important factor no matter whether you attend school in person or online is making sure the program you choose is accredited.

With many economies still up in the air at the present time, reinforce your business profile by getting the right business degree sooner rather than later.

Photo credit: Image courtesy of hywards at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as marketing and running a business.

Big Data Could Mean Big Savings

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abigdataaaaIs your business looking to save money?

Chances are the answer is a resounding yes. Look no further than big data.

The current darling of the business world offers many advantages to businesses of all shapes and sizes, including yours.

So just how can big data save you money? And what can you do to give your businesses the biggest chance of succeeding with big data?

Big Data and How to Use It

Businesses these days have access to huge amounts of data, from sources such as website metrics, customer histories and social media stats.

These sets of data are too big to handle using everyday office software, and so are known as big data. Analyzing big data can offer insights on many aspects of your business. When it comes to your budget, analyzing big data offers insights that make things easier on the purse strings.

Saving Money by Spotting Leaks

When UPS started using big data to make sure their drivers were following the most efficient routes, they saved an impressive 15 million gallons of fuel during the first year. You too can use big data to see where your business is leaking money.

For example, you might track your sales over the course of a year and notice that during November you are buying in more stock than you need, some of which is going to waste. Now you can adjust how much you buy during that month, and save money.

Or perhaps you’ll compare the amount spent on a specific marketing channel with the revenue that comes back as a result of it to find out if the outlay is worth the return.

By using big data to track in-comings and outgoings or, like UPS, to spot inefficiencies in the way your business is run, you can spot potential leaks and take action.

Save Money by Knowing What Works

One of big data’s strengths is its usefulness in tracking customer behavior, and this can certainly save your business money.

Take for example your social media stats.

By getting an overview of which updates are the most liked and shared, which topics are the most popular, you can see what matters to your customers. That means you can give them more of what they want and tailor your business to match their needs, which is a more efficient use of your resources.

By using big data to analyze what is most liked, what provides the best return on investment and what is most popular with your customers; you can save your business a considerable amount of money in the long term.

How to Succeed With Big Data

To make big data work with your business, start small.

As pointed out in “Big Data Meets the Little Drone“, it’s often best to integrate big data with your existing systems at first, rather than going all-out on new technologies.

By starting small and honing in on one specific area, you can reap the rewards of big data without emptying the coffers.

When planning your big data adoption, don’t forget person power.

Big data needs someone to harvest it and analyze it. By having a good idea of who will do that and making sure they have the skills, time and support necessary to carry out the task, you’ll be giving yourself a better chance of getting what you need from big data.

Plan carefully, figure out where it’s best for you to begin, and work in enough time and support for you and your employees to get the job done, and you will soon be using big data to make big savings in your business over the long term.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Tristan Anwyn writes on a wide variety of topics, including social media, SEO, big data and saving money in your business.

Give Yourself Credit in Finding the Right Business Credit Card

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When you run a business, you have a plethora of responsibilities that must be covered.

Hiring the right talent, keeping your company on budget, making sure your customers are happy etc. are just some of the things that can leave business owners counting sheep at night.

One area of importance that may oftentimes get overlooked is finding the right business credit card. Whether you are using a merchant card for customer transactions or one for business expenses that you and/or your team will use, means finding the right credit card provider that offers both stellar customer service and a price everyone can agree on.

Know the Numbers

First and foremost, make sure when selecting a card for your business that you do your research.

Keep in mind that not all cardholders are alike. Some may state they have great deals for you, but you will find after reading the fine print that it is not that great after all.

Ways to go about landing the right card include:

  • Research – Take to the Internet and review a half dozen or more card provider websites. Make sure the information they report jives with what you need. Also view their social media pages to see if they have courteous and prompt responses to customer inquiries;
  • Pricing – Look to see what their APR rates are (see more below). Given these numbers can and oftentimes change over time, you do not want to get locked into a card that will ultimately be bleeding you money over time;
  • Referrals – Check with others (family, friends, businesses you are on good terms with etc.) to see who they recommend. In today’s financial world, a business recommendation can go a long way.

According to Jeffrey Weber of SmartBalanceTransfers.com, for most consumers, especially those intending to use their new credit card for purchases, a 0% APR credit card for balance transfers and purchases can provide the best value. “Unfortunately, the number of credit cards offering a 0% APR on both purchases and balance transfers has become somewhat limited in recent years. However, a few credit cards still offer these deals,” Weber noted.

For the man or woman running their own business, credit cards are all but a necessity in today’s financial world.

Online Shopping Continues to Grow

Take note that many more consumers are now turning to online shopping to make product and service purchases. If you don’t have a credit card option for them, you can be missing out on a substantial revenue collection.

Secondly, there is a very good chance when running a business that your employees will either need a business credit card to make purchases (office supplies etc.) or for when meeting with current and potential clients (meals etc.). Without a credit card in hand, these transactions can be made more difficult.

If you do not already have a business credit card, take the time now to shop around and sign up with the provider that offers the best service and prices.

When you do, take credit yourself for making a good deal for your business.

Photo credit: Image courtesy of Stuart Miles at FreeDigitalPhotos.net

About the Author: Dave Thomas writes for a variety of websites on topics such as human resources and running a small business.