Small Business Mistakes That Can Be Fatal

You are a small business, and you are going to make mistakes. It is all part of owning and trying to build a successful company. The problem is that there are some mistakes you can’t afford to make. If you do, you could put your entire business in jeopardy. Because small businesses make big mistakes the most, your business is the most culpable. The only way to make sure that you don’t make fatal errors is to avoid them at all costs. And, to avoid them, you need to know what they are.

A Can-Do Attitude

For the most part, a can-do attitude is a good attitude because it helps you overcome lots of obstacles. However, you can’t take it too far and do everything alone. There are some things that you should never attempt on your own because they are out of your comfort zone. Instead, you need to outsource them to a team of professionals. That way, your business can flourish.

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Not Paying Tax

Of course, most businesses pay what tax they think they owe. But, that is an important distinction. What you think you owe and what you owe are two different things. Your business could have payroll tax problems and not even realize it until the IRS knock on the door. Tax is complex and hard to understand, which is why you need an accountant. With their expertise, they can keep you up to date and out of jail.

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Borrowing Money From Employee Withholding

The money that your employees pay you in tax and as part of their pension is not your money. It is their money, and you should never touch it at any time. There are business owners that think they can dip into it for a short while until they are back on their feet. And, it may work. But, you are personally liable if it doesn’t work. Not only can your employees sue you, but they can sue the business too. In simple terms, they can take everything you own. Forget about employee withholding and take out a business loan instead. It isn’t as cheap, but it’s much safer.

 

Paying Yourself Whatever You Please

As the big boss, you can pay yourself as much as you want, right? Wrong. You can’t increase your wage without giving the IRS a good reason. Otherwise, they will view it as unreasonable compensation and take it off you. Or, they might distribute it as a dividend so that you’ll have to pay corporate tax on the dividend. Then, the extra money won’t seem like much after they get their hands on it.

 

Trusting Everyone

Sorry to sound cynical, but you shouldn’t trust people because everyone has an agenda. And, even though you are the boss, your position isn’t safe. Don’t just take people’s word when they tell you their story – demand proof. Otherwise, they could take you for a ride.
Mistakes like these cost businesses a lot of money as they are big mistakes. Please don’t go down the same route

Is It Time To Sell Your Business?

It’s always a hard decision when thinking about selling your business. In fact, you’ll probably go through a range of emotions throughout the process. While it’s a sad decision, it’s also an exciting way of making money, and gives you the chance to do something else with your life. I don’t need to tell you that this is a massive decision for you to make. You’ll need to consider the pros and cons before you commit to selling. Here are a few things to think about.

How Much Can I Make?

Let’s not kid ourselves here. This is the most important thing for you to consider, so you need to have a good idea of what your company is worth. The amount you stand to make when selling your business depends on a number of factors. You can get quotes easily so get on the internet and find out what it’s worth.

Are You Still Passionate About It?

The longer that you stay in a business, the harder it becomes. You’ll grow, taking on new employees and new tasks along the way. Suddenly, it outgrows the small, exciting operation that it used to be when you started it. Some people relish this and love the success and growth that businesses can bring. Others lose touch and start to lose interest in their own company. If you’re a business owner, you really need to be dedicated to what you’re doing. If you aren’t; it’s time to think about selling.

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Is The Market Right?

It’s always good to have one eye on the market when you’re a business owner. Not only will it help you to project your potential finances, but it’ll also allow you to understand how much you could make from your company. If you work in marketing, and suddenly there’s a boom in digital marketing, it’s definitely worth considering a sale.

 

Can You Cope With Changes In Your Field Of Work?

By this, I don’t mean changes in personnel or even in the sale of your company. I mean new technologies that are set to play a big part in your company’s future. For example, tech like social media and SEO have become crucial to some businesses’ success in recent years. If you can’t keep up and you have no intention of doing so, it might be worth getting out. Think about whether your ways are becoming outdated.

Would You Be Willing To Stay On If Asked?

Sometimes, when you sell a business, you’re asked to stay on for a while. This is because the new owners will need some consulting help while they get settled in. You might have already decided that you want out as soon as possible, though. By staying on, you’ll get a better deal in most cases. Consider your options and think about whether this could work for you.

Use our tips when planning to sell your business, and they should help to make things a bit easier. At the end of the day, it’s your decision. Don’t let anyone sway you if you’re not completely happy with your choice.

5 Top Tips For Creating A Successful Building Business

Just like any other business practice, construction and building requires meticulous planning. Everything from your brand to your attitude needs to be nigh-on perfect, or you won’t see results.

The building industry is booming, and there’s never been a better time to jump on board. The personable nature of contractors is appealing to folks who are looking for a job to be done, and that’s where you come in. If you’re looking to start a successful building business, you’ll need to be smart and hard-working.

This post will run down the five biggest tips for those people looking to make their mark on the construction industry. Whether you’re a DIY pro or can’t even put a shelf up, everybody starts somewhere!

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Don’t attempt it alone

It’s mostly common sense, but it’s true; businesses are meant to be collaborative efforts. Building, more so than any other industry, relies on the hard work of several individuals, not just one. You’ll have to plan jobs, buy equipment, then actually do the job itself.

It could be raining outside or the sun could be scorching, but you still have to work. Having some reliable colleagues by your side will make some of that physicality a lot easier for you.

Building is also a skilled art form, and there will always be something you don’t know. Find the people that do, and bring them on board!

 

Be sure to cover your costs with the fees for your jobs

There’s nothing worse than approaching the end of a job only to realise you’ve gone over budget. This could be due to the weather, poor planning or just an underestimation of how hard it would be. You have to be 100 percent sure you’ve covered your overheads when you first set your asking price. If you don’t, there’s no going back!

Protect yourself and your workforce

Building can be dangerous, especially if safety procedures aren’t followed. Even if they are, accidents can still rear their head. Make sure you and your staff are covered in the event that the worst should happen.

 

Tradesure Tradies insurance can cover you and your employees in the event of an accident. In the building industry, these are (understandably) quite common, so it’s a good idea. Besides this, make sure everyone wears helmets and high-vis vests. You should be doing everything your power to make the work environment safe for them. After all, the guilt of having caused an accident would be overpowering.

 

Make sure you and your employees are fully trained

Another area that can help stop accidents is full employee training. If they know what they’re doing, the risk of failure is reduced. This also extends to you; you have to be sure to satisfy a client to ensure they’ll speak highly of you and recommend you.

Again, building and construction is a skilled art form, so surround yourself with the most qualified people. Consider enrolling in a training course of you aren’t confident. There’s no shortage of help for you.

Marketing and building a reputation

You might think that just because you’re a builder, you’ll market yourself. After all, there’s always a need for some type of construction job to be done. Well, I’m here to tell you this attitude is wrong. Just like any other business, you must market yourself. You could be missing out on a ton of clients. Make sure you have built a solid brand, and then put it everywhere. Facebook, Twitter, the local newspaper – the possibilities are endless.

Similarly, don’t be afraid to ask your clients if they’ll help you in this regard. Ask them to tell their friends about you and hand out business cards. You may live or die by word of mouth, so make sure it’s positive!

The Best Business Security Advice For 2016

Protecting your business from threats should be a top priority in 2016. Company bosses have never faced as many issues from criminals and hackers. That is why we wanted to present you with a page of information that helps to highlight the most crucial areas. If all commercial outfits followed the advice on this page, the number of incidents would reduce. In most instances, you just need to use some common sense and employ the latest technology. The last thing anyone wants if for their operation to suffer due to security breaches. So, pay attention!

Purchase the best antivirus program on the market

When it comes to selecting an antivirus program, you shouldn’t rush into the decision. There are hundreds of different packages on the market today to suit all manner of industries. You need to find something that solves all your cyber security issues with a single piece of software. Don’t make the mistake of using multiple solutions because they often interact and reduce the level of protection. Read online reviews from other business owners to ensure you make the right choice. Also, consider the adoption of physical firewalls for your network. They should help to stop any attackers before they reach your computers.

Consider your physical security options

Company bosses have to worry about a lot more than cybersecurity these days. Criminals are everywhere, and most of them will happily steal from your business. The number of break-ins decreased last year in the UK, but that’s no consolation. You still face the possibility that someone might try to gain access to your premises and steal valuable assets. With that in mind, it’s wise to ensure all areas are locked using electronic systems that require passcodes. The Fascia Graphics Membrane Keyboard linked to a secure bolting device should suffice. That would mean burglars have to break through many different obstacles to achieve their ambitions. Most of them won’t make it all the way inside your premises until the police arrive.

Link your alarm system to the local police station

For a small fee, most companies can connect their alarm systems to local police stations. That means officers are alerted to any issues the moment your sensors detect a break-in. It helps to make sure they are on the scene as soon as possible. It also means you should manage to obtain cheaper insurance packages for your premises. CCTV is a great way to identify and catch the suspects. However, making sure they are arrested while in the act is preferable. It means the police don’t have to spend as much cash on their investigation. It also results in better conviction rates.

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No matter how your business makes a profit, follow the advice on this page. You’ll regret ignoring this information if a criminal targets your operation during the next few months. The processes we’ve explained are simple and straightforward. So, there’s no excuse for not implementing those ideas right now. Time is of the essence because you never know when someone is planning to steal from your company.

How You Can Increase Sales for Your Online Business

Increasing sales for your online business is possible, whatever stage you’re at at the moment. Whether you’ve hit a plateau or you just want a faster increase in sales, there’s something you can do. Check out these tips for increasing your online sales:

Make Sure Your Site is User Friendly

You absolutely must make sure your site is user friendly. Take a look at your navigation and assess how easy it is to use. Could there be a way you make it easier and more accessible to your clients?

Always Consider Your Target Market

You must consider your target market when building your site and doing other online activities. What do they want? What don’t they want? What language do they respond to? Make sure you’ve thought about them and you know the answer to lots of important questions to make them feel more compelled to buy.

Make Check Out as Simple as Possible

The easier you make the checkout process, the more likely people are to buy whatever it is you’re offering. People have been known to quit buying something half way through because the checkout process is just too difficult. Make sure each step is quick and simple, getting people to the buying stage as easy as possible.

How to seo a website in Google

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Be Honest and Specific

You must be honest and specific about what it is you’re selling. Don’t mislead people, or it could backfire on you in a big way.

Focus on Great Customer Service

The better your customer service, the more you can expect your sales to increase. People love companies with a good customer service ethic, and they will usually return to work with you again. If they’re really happy with your service, they might even recommend your business to others.

 

Optimise Your Site

Optimise your site for the search engines so that people are actually finding what you have to offer. You might have the best site design that functions like a dream, but if it isn’t optimised, what’s the point? Magento web design ensure you have a great design that works well in the search engines.

 

Free Delivery

Free delivery can be difficult, especially if something you’re providing is particularly large and heavy. However, people are really attracted to free delivery. It can make the buying process seem like a no brainer! Try it for a while, or consider having offers where loyal customers can get free delivery with a discount code.

 

Make it Responsive

Having a responsive site is really beneficial, because this means it can work on all kinds of platforms. People don’t just use computers these days, they use tablets, phones, and other devices. If your site can be viewed on each platform, then it’s better for business!

Are you making sure you’re doing these things for your online business? If not, you could be missing out on so many online sales. Try including some in your strategies as soon as possible to see what a difference they can make for you. Good luck!

Stop Your Business Spending Money it Doesn’t Need To

When you run your own business, you need to think about how to make savings. It’s not easy to run a cost-effective business, but it is doable. You just need to consider the areas that prove the most expensive. If you can come up with ways of cutting costs you’re going to save the business money, and help it to grow.

Don’t Waste Money on Stock

So many businesses tie up money in stock, and this can be such a waste. Having warehouses or offices full of stock is just haemorrhaging cash for the business. So, you need to try to make sure you don’t fall into this trap. When you order stock, you need to be efficient and only order what you need. Excessive ordering is wasteful and will cost you a lot of money. If you have any excess stock try to come up with ways of shifting it so you can make a bit more money. Don’t buy anymore stock or goods if you don’t need to. This is probably the simplest way to save money for your business.

Outsource Important Areas

Outsourcing is the magic word among business owners and has completely changed the way we do business. The internet has made it possible to outsource almost anything these days. So, it’s important to think about what parts of the company need to be outsourced. Try to make use of outsourced procurement services, online accountancy services, and freelancers. The idea is to try to outsource as many areas of the company as you possibly can. This will save you plenty of money in the long run as well as making the business more efficient. If you haven’t fully embraced outsourcing yet, then you’re in danger of being left behind by your rivals. Make sure you try to outsource as much as you can as often as you can.

Use Virtual Offices

One of your biggest expenses as a business owner is likely to be office space. And that’s why you need to come up with ways of cutting the costs of renting, stocking and maintaining your business premises. Now, an unusual but effective way of doing this would be to make use of virtual offices. You have probably heard of these before, but you may not be familiar with exactly what they are. Virtual offices are offices you can use solely when you need them. You basically rent them when you need to use them for things like meetings, and giving out your business address. It saves you money on having to pay for a lease on a commercial premises for the whole year.

Saving money is one of the secrets to success in the business world, and one of the things many people struggle with. It’s so expensive to launch and run startups these days, but as your company grows there are more and more ways to save cash. You just have to think about what your biggest business expenses are and come up with ways of cutting these costs.

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4 Incredible Virtual Services for Your Business

Not everyone needs businesses premises with full-time employees. In fact, people with online businesses often don’t need any space. However, that doesn’t mean you can get by one your own, working out of your basement. Sometimes you need some help, either to grow your business or make it look more legitimate. In this situation, you could benefit from a number of virtual services. For example, a virtual receptionist can answer your calls and take messages for you. These virtual services provide you with a way to run a full business on a budget. You don’t need a large office space because everyone works remotely. Try these options to expand your business.

Instagram and other Social Media Apps

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Virtual Social Media Management

Any social selling business needs to have excellent control over their social media. However, not all business owners have time to do it on their own. If you require help, you don’t need the funds for a full-time or even part-time employee. A virtual social media manager or assistant can be just what you need to make things easier. Social media management is just one of the many tasks a virtual assistant can handle for you. You can give them as much or as little control as you want. You might ask them to post certain things at particular times. You might leave some aspects of social media to them and do some of it yourself.

My Office

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Virtual Office

If you want your business to look professional, using your home address won’t cut it. People don’t want to look you up and find you work out of your garage. What’s more, you’re sure to want to separate your work and home lives. So your best bet is to use a virtual office to make your business look more professional. They can offer a range of services to help you. For example, at Level Office, you get to use their address and have them receive and even forward your mail. For a slightly higher price, you can use their meeting spaces for a few hours a month too. These services are extremely useful if you don’t have a proper office you can use.

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Virtual Receptionist

Who answers your phones when your customers call? If it’s you, it might be getting a bit too much for you. It’s time-consuming to have to speak to people all the time. You have other things you need to do, and you can’t spend all day chatting. Plus, you don’t necessarily want people getting straight through to the head of the company. A virtual receptionist can be useful in this case. They can answer your calls, forward them, and take messages.

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Virtual PA

A virtual personal assistant can do just about anything for you. However, you’re most likely to use them for secretarial and admin work. They might answer your calls or respond to emails. They can also do data entry, or perhaps make appointments for you. If you need someone who’s a multitasker with a range of skills, hiring a virtual PA is an excellent idea.

 

Virtual services can be a huge benefit to small businesses. Consider using them if you want to grow your brand on a budget.