Successful Blog

Are You Investing in the Right Business Opportunities?

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Trying to come up with the right commercial property investments can prove tricky at times.

Making the right calls more times than not is critical if you want to avoid financial issues now and later.

So, where do you turn for the best business commercial property investment strategies?

You can and should of course talk to the experts. You may also want to do research in business periodicals. Last, the Internet can be a great go-to source. No matter where you go for advice, be sure to do some careful listening to understand what is REIT investing.

With real estate investment trusts, investors can invest in sizable commercial property assets. Those assets would more times than not be unavailable to one to invest through their own doing.

So, will you be placing your money in the right commercial investment opportunities?

Have a Plan in Place Before You Invest

Before you invest one dollar in any commercial property, have a plan in place.

Among some of the key areas to understand:

  1. What most grabs your attention? – Before investing in any commercial property, know what you have the most interest in. Would your dollars best go towards a shopping center, office building or warehouse? By knowing where your money is likely going to grow in time, you are better suited to make a sound decision.
  2. What is the potential growth possible? – In the event you have interest in an investment for an office building, is there potential growth? The factors that go into that can be a handful or many. Be sure to sit down and see how other area properties are doing when it comes to a return on one’s money. While there are slow times in the market, you don’t want to be investing in an area that has seen steady decline.
  3. What obstacles stand in the way of growth? – If thinking of investing in a shopping center, are there any obstacles that could stand in the way of its growth? An example of this would be if businesses have been pulling out of an area for one reason or another. This may be due to financial issues, higher crime etc. in the area. Although some obstacles can be overcome, you don’t want to be investing in areas where there is concern.
  4. Where you are in life – Last, where you are in life can also play a major role in your business investment strategies. A younger investor can be more flexible. They have more time to recover from an investment should it not pan out. Meantime, an older investor doesn’t want bad investments cause issues for retirement.

As you look at investing in the right commercial business opportunities, be sure to do your homework.

When you do, you will more times than not come out on the winning end.

Photo credit: Pixibay

About the Author: Dave Thomas covers business topics on the web.

 

 

Does Your Business Need a Little More Room?

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Group Of Business People Having Board Meeting Around Glass TableHave you stopped recently and looked around your office space?

For those individuals running businesses, they might be a tad overwhelmed if they stop to see how quickly their offices can fill up.

From all the office equipment to the number of employees you have working for you; it does not take long for free space to become all but non-existent.

In the event that best describes your office, what options do you have in front of you?

While there are a few options you can consider, have you thought about simply turning to a storage facility, giving you as much room as you need for excess files, office supplies, office machinery and more?

If not, you may want to give that idea a try sooner rather than later.

Store More Stuff and Reduce the Frustration

While you could consider relocating to a bigger office space in the event your current one is proving too small, that may very well prove more expensive, especially in the short term.

If, however, renting space at a local storage facility sounds like a better choice, there are some factors not to overlook in choosing the best unit for your needs.

Among these:

  • What will be stored? – If you are mostly in need of space for filing cabinets and boxes of documents, that should prove rather easy to store in a facility. There are likely a number of self storage units in your community, some of which may be very close to your current office address. Check around through your business contacts, along with using the Internet to see what would best meet your requirements. Unless you need to store excess office machinery or office furniture, finding a storage unit simply for paperwork/filing cabinets won’t be all that difficult;
  • Where will it be located? – Where you store your excess business documents, supplies, along with whatever else may be necessary, means finding a storage unit close to the office. You don’t want to have to drive clear across town just to access a couple of boxes of documents etc. Unless there is an issue with neighborhood security and/or the storage facility itself, finding the one closest to your office would typically make the most sense. That said it doesn’t hurt to check out some other nearby ones so you have at least more than one choice to work with;
  • What does it offer? – This is one of the more important parts of the decision you will have to make. You definitely want a storage facility that offers climate controlled units, along with secure locks and video cameras. Security should always be a top priority, especially when storing company paperwork, some of which is likely to include customer information on it. Entrance to the facility should also be secure, meaning only customers are allowed into the storage center. This is best done by requiring either entry with a key or a password on a computer pad;
  • What are the costs? – Last but not least, about how much can you expect to pay for renting a storage unit on a monthly basis? For some business owners, the cost will override any other factors, so this can prove quite important when all is said and done. Yes, you may not like the idea of having a monthly storage unit bill, but if it means still saving money over renting a more expensive office space, isn’t it worth it? While a bigger office may be the answer at some point and time down the road, turning to a storage facility now could be your best bet. You don’t want employees coming into an office each and every day where they are literally tripping over one another because of space issues.

As your office space becomes scarcer, this is an issue that you will have to address sooner or later.

You could look at it from the point view of your company is hopefully growing if space is becoming restricted.

More paperwork, more employees etc. can be a sign that your business is growing, certainly something very few business owners would be disappointed in.

Finding the best way to accommodate that growth may mean turning to a storage facility to take care of your items at least for the time being or becoming a whiz at reorganizing your current office.

Either way, a growing business is always a good problem to have.

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business topics on the web.

Make It Your Business to Go Paperless

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Hr Manager Conducting An InterviewHave you sat down recently to see what your small business is ultimately costing you as far as expenses?

If the answer to that question is no, it probably would not be a bad idea to schedule some time to do just that. In the end, you may find yourself saving some money over the long run, money that could help keep you in business for years to come.

As many business owners can tell you, it is oftentimes the expenses of running a company that weight on them most.

So, where can you look into cutting expenses to keep your small business moving along smoothly?

Do an Inventory of Your Expenses

Start by breaking down your costs (including if you have staff), seeing where you might save some money.

This includes:

  • Employees – Oftentimes the most expensive component in running a business, your help typically doesn’t come cheap. That said having employees takes a huge burden off of you when running a small business. Even if you are a really small business that relies on just an assistant, he or she can prove more than worth their weight in gold over time. If money is tight (yet you still need help), you can look to reimburse the employee or employees in other ways besides income. Partial or full healthcare benefits, providing them with discounts to other area merchants, allowing them to work from home (saves them commuting time and gas bills etc.) are some ways to compensate for lower salaries. Most importantly, weigh the true costs of not having others help you. Those costs in added time away from your family, additional stress etc. can certainly give you reason to want assistance in running your business;
  • Supplies – How often do you run the numbers in what it costs you as far as office expenses? You may be surprised to learn just how much money you truly are shelling out in terms of supplies etc. More businesses are going paperless (or at least attempting to) not only to save money, but expedite how they deal with clients. Instead of there being a long and expensive paper trail, your business can ultimately save money and have faster and more precise contact with clients through technology. Whether you run a medical office or another form of business, getting information to your customers via electronic means is a win-win for both parties. This is also true when it comes to billing clients. Instead of the cumbersome paper trail, everything can be neatly viewed online. When ordering supplies yourself, you should also do as much online as possible, saving you and the vendor time and money;
  • Teleconferencing – While in-person meetings with clients are sometimes necessary (don’t underestimate the value of such interactions), doing teleconferences has benefits too. Instead of having to run in and out of your office meeting with this person and that person, doing it over the computer, by phone etc. can save you time and money in the long run. If you run your business from home, set up an area in your residence where you can shield yourself from distractions, allowing you to do Skype and other video conference calls with customers. This saves you the hassles of being stuck in traffic and spending gas money driving all over town to meet with clients. In many cases, you will discover your customers prefer this mode of communication too;
  • Deductions – Given tax season is in full bloom, have you made sure to deduct everything but the kitchen sink for your 2015 returns? Oftentimes, small business owners will miss key deductions, deductions that ultimately end up costing them money. Take the time now to do a thorough review of your 2015 taxes, looking for any possible missed deductions. You might be surprised to see the money you are literally leaving on the table.

From paperless projects at work to making your meetings with clients more productive, there are many ways your small business can save on expenses in 2016 and beyond.

The goal is to take the time to find those savings, knowing that it is a worthwhile investment over the long run.

So, as a small business owner in 2016, how are you saving money?

Photo credit: BigStockPhoto.com

About the Author: Dave Thomas covers business and marketing topics on the web.

Is Your Home Office What You Want It to Be?

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aofficeMore and more people are working from home.

Maybe it’s telecommuting for an international multi-billion dollar company, or it could be running your own small business from home where you are your only employee. Maybe sometimes you’re in a company’s office, other days you’re at home.

Whatever the case may be, it’s becoming more the norm for people to be working at home.

According to a Forbes piece, at least 30 million Americans work from home at least one day a week. This number is growing and is expected to continue to do so over the next few years.

One of the main reasons people do opt to work from home, and why companies are supportive, is because work productivity is shown to increase for those who work from home.

Not only do home officers save time (which means money) by skipping the commute, they also can be more productive at home by working in more personalized comfort.

When it comes to that personalized comfort, which is conducive to productivity, how do you get the optimal home office for an affordable price?

Take a look at some of these tips to find what works for you and enhances your own space:

• A designated space – It’s important to have a designated work space aside from your home life. Keep the doctor bills and PTA forms somewhere else. Make sure this space stays all business and your productivity will increase. It’s not cost prohibitive to do this, you just might need to do some organizing.

• A comfortable space – If you are at your desk for any extended time, you need to be comfortable. Major retailers, including Walmart, offer great specials on affordable and comfortable office desks to make working from home a positive, comfortable and productive experience. Along with the desk, you need a comfortable chair to keep your posture and back healthy.

• A well-lit space – You will be happier working in a space with good lighting. If you can’t have natural lighting, find some lamps that offer good light. Even the paint color on the wall adds to the lighting feel; choose a color that works well for you, makes you happy and that you find positive energy from. Paint is an affordable way to make a big change in a space.

• A clutter free space – Even if you’ve banished all your home clutter from your work space, make sure you continue to keep it clutter free. Toss or file old documents, organize material on a regular basis and keep what you can electronically, toss the hard copies.

If you can set up your work space when you first start your home office experience, your productivity will shine. It’s beneficial to do it the right way from the start so you don’t need use valuable time to make changes.

But if you do need to change something, do it – it will be worth it for your comfort and productivity.

Photo credit: decoist.com

About the Author: Heather Legg writes about small business, staying within a budget and making the most of what you have.

 

The Formula for Better Business Productivity

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asuccesssFor your business to truly prosper and ultimately achieve its goals, you must look for ways to increase productivity or, simply put, find ways to get more done without sharply increasing your expenses.

Before exploring measures you can take to boost productivity in your workplace, it may be helpful to look at some of the things workers consider major obstacles to achieving optimal productivity.

Workplace Productivity Survey

Harris Interactive, a market research firm best known for its Harris Poll, in late March 2013 conducted a survey of just more than 2,000 professionals to get their views on productivity. The survey, commissioned by Ask.com, was designed to gather input on the factors that both hinder and maximize productivity in the workplace.

Reporting on the survey’s results in “Forbes,” Jacquelyn Smith said more than 60 percent of respondents cited noisy co-workers as a major productivity killer.

Somewhat surprisingly, 63 percent of those surveyed said they feel they can be more productive in a quiet personal workspace in the office than if they were working from home. The emphasis here is on quiet and personal.

Cubicles Rejected

More than a quarter of the survey’s respondents said they believed they could be most productive in an open office setting as opposed to a cube farm or a workplace that consists of separate offices.

The opposition to cubicles came as no surprise to Lisa Ross, vice president of human resources at Ask.com.

In the interview with “Forbes,” she said cubicles “are great for maximizing office space, but cubes are not known for being particularly exciting or inspiring. Your personal workspace is where you spend the bulk of your time, and I think office workers in general are hungry for something different.”

Impromptu Meetings

Another widely cited productivity killer is the impromptu meeting that occurs when co-workers drop in at another employee’s workspace.

Although these so-called meetings may begin with a work-related matter, they all too often devolve into conversations about issues that are totally unrelated to business. Nearly half of all survey respondents said they prefer to hash out work-related questions via email, instant messaging, or by telephone.

Other obstacles to productivity cited by survey respondents include group projects and sitting next to a supervisor.

Eliminate Productivity Killers

Hopefully, you can realize some productivity gains by eliminating some of these productivity killers in your workplace.

To do even more, here are six ways to take your office productivity into the next generation:

Five of these suggestions for increasing productivity come from Odessa Hopkins, owner of a marketing and advertising consultancy in Greenbelt, Maryland.

She shared her tips with writer Kelly K. Spors, who summed them up in an article for Entrepreneur.com.

Prioritize To-Do Lists

1. Prioritize projects based on their revenue-generating potential. It’s also helpful to take complex projects and break them into more manageable segments and attach a deadline to each.

2. Delegate or outsource tasks that don’t generate revenue. As a business owner, you may be tempted to try to juggle such essential tasks as bookkeeping, copywriting, and payroll, even though you may not be fully qualified to handle these responsibilities. This creates a time-consuming distraction from the all-important task of making money, which should be your top priority.

Don’t Over Check Email

3. Don’t interrupt your workflow by constantly checking your email inbox. Set your email server to retrieve messages only manually or at less frequent intervals — such as every 90 minutes. Respond immediately to email messages that require only a simple reply so that you don’t end up reviewing the same message two or more times.

4. Maximize your use of technology shortcuts. The inexorable advance of technology means that new tools become available every day that can streamline office and other workplace procedures significantly. Try to stay abreast of such new technology and the time savings it offers.

Train Employees Well

5. Train your employees well. While it may take a bit more time during the employee orientation process, it will save a great deal of time in the long run. Make sure your employees fully understand the jobs they are to perform and all the individual tasks involved. Otherwise, you and other workplace supervisors will be constantly interrupted by questions from employees who are unsure of themselves and how to proceed with various tasks.

Our sixth suggestion comes from an article posted at NevadaSmallBusiness.com and focuses on the importance of keeping your employees healthy.

6. Move proactively to increase workplace health. This might include the establishment of programs to help employees quit unhealthy habits, such as smoking, or the replacement of high-fat, high-sodium vending machine options with healthier choices. As a business owner, you can also encourage exercise programs and make sure that employees have adequate protection against workplace safety hazards. Cutting down on absenteeism due to illness or injury is a sure way to keep productivity at high levels.

Photo credit: newlifeoffice.com

About the Author: Don Amerman is a freelance author who writes extensively about a wide array of business and personal finance topics.

 

5 Reasons Temp Employees Will Replace One of Your Workers

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It is true that people seek temporary employment mainly to earn some income, but some temp employees may also hope that their temporary jobs may lead to permanent employment.

A permanent job is desirable to temps, because it gives them a steady flow of income, a sense of security and an opportunity to develop a certain set of skills.

So, when your small business is hiring temp employees, you should also be open to the possibility that they may one day work for you on a permanent basis.

Here are 5 reasons why temp employees may replace your current employees:

Eligibility
Many people were laid off during the recent economic crisis, and some of them have extensive work experience and strong academic backgrounds. As such, you should not be surprised that some of the temp employees you hire may be more qualified and skilled in handling certain duties than some of your current employees. These temps can be a valuable asset to your company.

Performance
The abilities, industriousness and work ethics of temp employees can vary greatly. If you are fortunate, you may get temps who are committed to delivering competent performance. It is a good idea to offer high-performing temps permanent positions if some of your current employees are under-performing.

Motivation
The opportunity to get a permanent job can be a big motivational factor for temp employees. As such, they may be more willing to go the extra mile than your current employees. This can truly make them stand out in the workplace.

Employee Relations
Temp employees are less likely to develop a negative attitude towards their colleagues because they are less exposed to workplace politics. So, they are able to establish amiable relationships with their colleagues, which can contribute to a more harmonious work environment if they become permanent employees.

Safe Hiring Option
Another reason why you may consider replacing your current employees with temp employees is because you already know the work performance of your temps. If you have permanent employees who are underperforming, offering their jobs to your temp employees may be the safest solution.

Should Current Employees Fear that They Will Be Replaced?

Your current employees have a good reason to worry that they will be replaced by temp employees if they are lacking motivation and not performing according to expectations.

As long as they maintain a high level of competence, they will most likely be able to keep their jobs, unless you are planning to reduce your workforce. Temp employees who are really capable and hardworking can be a big threat to your current employees, but in the end, it comes down to who is more valuable to your company.

Whether they are hired on a temporary or permanent basis, all employees are essential to the success of your company.

If you are unsure whether or not to replace a permanent employee with a temp employee, just make a decision based on the best interest of why is small business management important, most notably for your company.

Photo credit: blog.intuit.com

About the author: John McMalcolm is a freelance writer who provides useful information and tips on small business management.