There can be unfortunate times in peoples lives when they believe that their business is going to have to go bankrupt. This can occur when debts begin to rise and there is no foreseeable light at the end of the tunnel. There are many companies out there which once thrived, however, have not managed to withstand the test of time e.g. video hire stores. Some business owners would have seen this change coming and would have sold up early on. Others will hang on till the bitter end because they don’t want to lose their pride and joy. While this is admirable, it can often lead to great amounts of debts and a business that isn’t sellable. These are the kinds of instances where people will believe that bankruptcy is the best solution for them. This can sometimes be the case, however, there are certainly other steps to take before reaching this step and because going bankrupt is so serious, it is important to only consider this as a last resort. So, for those who may be considering this as a course of action, here is what to do when you think your business is going bankrupt.
Seek professional help immediately
It is important to know that your debtors are able to apply for you to go bankrupt. Because of this, it is imperative to seek professional help right away. This could be in the form of a financial advisor or business specialist. It is important to make the decision about whether the business should keep going or not. A business specialist or coach should be able to help with making this decision as they will have business insights on current trends and forecasts. A financial advisor will be able to help with sorting out other ways to pay off debts instead of going bankrupt. This could be in the form of payment plans, payment extensions, payment arrangements, or getting a loan to pay off all of the little debts. Different advice will be applicable to different people which is why it is so important to seek help from the experts. Whatever the decision made about a business, the important thing is to not turn a blind eye and leave things unattended. These types of issues do not simply go away so it is important to make a well thought out plan.
There are ways of eliminating overheads that are important to the success of an enterprise. Money saving is about being more than fragile, it speaks to the efficiency of a company that needs to look after the bottom line and long-term health of an organisation.
So how best to cut down on those expenses that are weighing down progress? From small start-ups to larger conglomerates who manage a significant portfolio of employees and departments, we have identified 5 key money saving tips for your business.
Leveraging your brand and co-opting marketing campaigns can be a great means of cutting down expenses. By strategically identifying organisations that cater to a community you are attempting to infiltrate, it is worthwhile engaging in a business-to-business partnership than investing in stock standard endeavours isolated from your core objectives.
Live Green And Save Green
Recycling waste and saving on power is simply common sense. Not only are you contributing to a smaller footprint, but you are cutting down on added purchases and extra energy that does not need to be used. Cut down on the need to print and examine means of tapping into solar power for electricity purposes.
Employees can work wonders but they won’t be able to achieve miracles. There will be times when a project simply requires a hired gun and rather than invest thousands in consultants or educating current team members, see what the web can offer. Millions of expert freelancers in web design, poster makers and social media operators are there waiting to compete for bids and perfect the task with a minimum of fuss at a competitive rate.
Be Cloud Friendly With Data Storage
Paying for hosting privileges online and securing hardware for backup purposes can be an expensive exercise. Thankfully with the advent of the cloud, data can be kept in a safe space that does not rely on the lifespan of a desktop, laptop, tablet or smartphone. Non-cloud options require software packages to be bought and heading for the new age option alleviates stress while cutting down on overheads in the long-term.
Purchase Bulk Stock
If occurrences such as shipping, packing, transport and warehousing costs are becoming a burden, then it is worthwhile discussing with suppliers about bulk purchasing. If the capacity is there to do so, then companies will more often than not offer a discounted rate should the goods be paid for upfront and ahead of time.
All great business owners out there will understand how important it is to spend money on business development each year. But how much is too much and when is it time to call it quits? It can become a little confusing because there are no rules or regulations when it comes to business development. For example, one business coach may cost x amount whereas another coach may charge something completely different. Similarly, taking your team to a well-known seminar such as the ones offered by Tony Robbins would be completely different in price compared to ones offered by people who are a little less well-known. So, what is the best thing to do for your business? A great way to figure this out is by setting a budget each year. This way, you know exactly how much you have to spend on business development and so you can find courses, speakers, seminars, and lectures that fit within that budget. As your business grows you are able to increase that budget, or if your business downsizes you are able to decrease that budget. No matter how much is spent each year, it is important to ensure that some focus is placed on this area as great businesses will always want to be growing and advancing.
What are some of the different types of business development?
A great way to spend money on business development is by attending seminars. There are usually different seminars that are held across Australia which are created for different fields. For example, there would be specific seminars for real estate agents. Attending a seminar once a year can be a great investment and can also be a good way to network as there will often be places to leave business cards, and it is an easy opportunity to meet different people. For those who want more of a personal experience, they are able to hire a speaker who can come to a workplace and give a talk. These talks can sometimes be known as workshops and are usually quite interactive. Others will pay for themselves or their workers to complete courses online which can be a great option because they can easily be completed in free time. Some will like to attend 3-day events which are intensive workshops designed for major growth. Whatever kind of business development is chosen, it is sure that a business with benefit from investing in this area each year.
It is a well-known fact that running a business requires much time, determination, and effort. Furthermore, it will require a business owner to go above and beyond in their efforts in order for that company to thrive. Having said this, it is still important that business owners and workers have a personal life and are still taking care of themselves while they work hard. Many people find that they let their relationships fall by the wayside when they are running a business which can often result in separation and divorce. While having a successful business can be extremely rewarding, it is important to focus on other important areas of life too such as travel, spending time with loved ones, or on hobbies. When people spend too much time focusing on their work they will often find themselves retiring and then not knowing what to do with themselves. To best avoid this unbalanced life from occurring, here is how to not let business take over your personal life.
Outsource as much as possible
The smartest business people out there will outsource as much as they possibly can. Some will do this so much that they don’t even have to do any work for their business. Others will simply want to be the face for their company but are more than happy to pay other people to complete the work required. There are all sorts of freelancers available in this age of the internet so quite literally every aspect of a business can be taken care of. All of the web design can be taken care of by a web developer and all marketing material can be worked on by a graphic designer. An accountant can take care of a business’s taxes each year and can even complete their monthly bookkeeping. A digital marketing agency is able to cover SEO tasks and social media management, and a sound engineer is able to help with YouTube videos, podcasts or other recorded audios. There are even companies that will take care of all of your shipping needs. Whatever the task may be, it is guaranteed that there is a freelancer out there who is able to complete the task remotely and quickly. Because of this, it can be a wise move to outsource as many tasks in a business as possible so that there is more room in life for the sweet things.
While working in your own business can be extremely rewarding, there can be times when you will become bored and unmotivated. This is especially the case for those who work for themselves or have a very small business. The first thing to remember is that there is nothing wrong with you. We all can become stale or stagnant at different times in our lives and this can be a common occurrence when we work for ourselves. This is because we don’t have anyone to answer to and so there are no immediate ramifications if we don’t do things on time. This is why so many people don’t like working for themselves or for small businesses because they find it hard to stay on track. So, what can you do when you find yourself dallying or procrastinating? Thankfully, there are thousands of books out there written about this topic and it is still widely researched today. Many people are keen to understand more about the human mind as well as to learn about different types of tricks and tips that can help us stay on track. So, without further ado, here are some ways to stay motivated in your business when you are bored.
Remember your why
Not every task is going to be exciting when you are running your own company, so in these moments it is important to remember your why. Your why is your motivation and is the reason that you decided to start your own business. It could be something like “I want to help as many people as I can with my products and help my family become financially free.” Some people also refer to this as their mission statement. A great little trick is to buy giant sticky notes and to write your why on to them and stick them around a home or office. Others will set reminders to pop up in their phone. Some will send a voice memo to themselves which will remind them of the reasons that they began. Using all of these different tips and tricks throughout the day to remind yourself of your why can be an extremely powerful motivational tool and will help you get through with ease when you are feeling bored or stagnant in your business. After all, you did begin for a good reason, right?
We all want loads of money and there is nothing wrong with wanting that. This desire can become an issue, however, when we begin to act in ways that don’t align with our values. For instance, many people will find themselves working for companies or even starting their own companies in fields that they don’t really believe in. An example of this could be a vegetarian who works for a meat company. Other people will find themselves using unethical tactics to make more sales such as creating marketing campaigns aimed at children so that more kids want to buy mobile phones. Some will even step over others to work their way up the corporate ladder. These are the kinds of scenarios that people that find themselves in when they do not stay true to themselves. It can be easy to get caught up in the hype and to listen to advice such as “do whatever it takes”. The truth is, there are ways to still be extremely successful without having to give up who you are. Furthermore, you don’t have to use icky sales tactics just to make a bit of profit.
People respond well to those who are genuine
It is more likely that customers and clients will respond to someone who is genuine. This means that they will be honest when they speak about the product that they are selling or the services that they are offering. Furthermore, that they won’t try and drag as much money out of them as possible. Those who are successful understand that consumers want to feel safe when they are spending their money and it is more likely that they will feel this way when they can see that a worker, manager, or business owner is genuinely happy with their job. It is also a great move to go above and beyond for people. For example, great companies will always include a little freebie with every single product that they send out. For those who offer services, they could offer a 10% discount for their clients when they return. Thinking about these types of incentives rather than trying to trick people is often a great way to increase profits without having to sell your soul. At the end of the day, while money does make the world go around, it is important to make it in a way that feels right to you.
While today’s culture is slowly changing, it is still common for people to believe that women cannot be successful in business. Unfortunately, women are still paid less than men on a global scale and this can leave women feeling frustrated and dejected. Furthermore, it can leave some women out there wondering if there is room for them in the business world. Some mums out there will be wanting to return to the workforce but will also want to have a flexible schedule. Because of this, they may wish to start their own business. Other women will become tired of working for other people that don’t appreciate them and so can get the idea to work for themselves. While there can be many benefits for women who start their own businesses, there is still some trepidation for many as they are unsure of if they can thrive. Many worry that they will have to act in a certain way to gain respect which doesn’t feel natural to them. Others may feel that their families will judge them if they decide to do something for themselves. Whatever the worry may be, there are more and more women out there who are breaking through the glass ceiling and are making a name for themselves in the business world.
Find a female mentor to motivate you
A great way to bust through any worry when starting your own business is by finding a female who has achieved a similar thing. This way, when times get hard you can simply look to them and say, “well they have done it”. If you are brave enough, you can reach out to someone you admire and ask them to personally mentor you. While they may be too busy to take this on, you still may have built a rapport with them. Surrounding yourself with successful and powerful women instead of women who are not confident and who will drag you down is the best way to make your business successful. While there is still plenty of work to do in society when it comes to women in the workforce, this is very slowly changing and if a woman out there was waiting for their chance to go into business, now would be a good of a time as any. All in all, it is definitely possible to be a successful woman in business.
Most businesses understand that it is important to have a wide variety of payment methods for customers to choose from. For example, some customers will be old fashioned and will want to pay with cash, however, some will only like to pay with PayPal. Others will favour similar companies such as Stripe, while most will prefer to pay with their visa or credit card. While it is a good idea to have all of these options available to customers, many business owners find themselves wondering if they should accept cryptocurrency as payment for their goods or services. There are many crypto enthusiasts out there who barely use “real” money at all anymore. Although it could please a percentage of people to have this as an option, many people are still unsure of if this method of payment is stable and safe. Furthermore, is there any benefit to accepting crypto aside from the fact that it will make some customers happy? Well, there are some benefits. Cryptocurrency will have lower transaction fees meaning that businesses will receive a larger portion of their money. There is also great merchant protection and many businesses will see an increase in their sales when they accept this form of currency. But even with these benefits, many still wonder if it wise to accept cryptocurrency as payment.
The element of uncertainty
While, yes, there are benefits to accepting cryptocurrency as payments, there is certainly an element of uncertainty. The rules and regulations around it are constantly changing and evolving so it is hard to know if this is a trend that is going to be around forever. While it may be popular now, in a few years it very well may not be. It is much more likely that money in its traditional form will still be used. Furthermore, cryptocurrency isn’t exactly easy to use. If a business is interested in using it, they would be wise to seek out the help of some kind of expert to ensure that they don’t make any mistakes and that they know exactly how to use it. All in all, it is entirely up to business owners to decide on what they want to do. If they are happy to accept that there is an element of uncertainty to this type of payment method, then why not go for it. For those who like stability, they may wish to stay away.