Every Small Business Needs Insurance – Here’s Why

insurance

There are several liabilities when starting a business, and a lot of young and enthusiastic entrepreneurs are facing challenge after challenge. With continual failures, from getting the appropriate resources to operate to make a reputation for yourself to branding and marketing, a true breakthrough may take years. This makes having insurance a very important factor. Some estimates suggest the first real profits might come after the second year, while this can vary depending on your initial capital investment.

With all this said, the chances of getting sued or facing damage is more than real and should be taken into account while planning the future of the company. Over 30 million small businesses are currently operating in the States alone, with the number increasing each year.

Now imagine the scope of accidents that might occur, and the range of different professions, from employer injuries to equipment damage, and potential lawsuits by customers – the final number to which it can all amount can be staggering. With all this said, the need for reliable insurance is more than obvious to the cunning eye, and if you are not convinced yet, we’ll sum up some reasons why you might need it.

Protection for you and the business with insurance

insurance

As previously said, the range of various occupations can vary, and the type of insurance you require will depend on the precise work you do. Not all businesses need vehicle insurance (as a freelance writer at home, you do not need insurance on transportation), because you might go under the category of low-risk. However, certain insurance policies cover most typical injuries, losses, and legal expenses if they occur, regardless of what you do, and provide protection in the event of several incidents. We are referring to general liability insurance plans, as they are the most common and often required depending on the specific profession.

Firstly, it is great for the people working for you, as it often is regarded as one of the many perks and benefits of a job. Secondly, you’ll be on the safe side no matter what happens and how it might occur, as you’ll protect your workers in case of damage, bodily injury, or potential lawsuits. You don’t have to worry about such things once you get it all covered by an insurance plan. To that end, you can find out more about business insurance in Edmonton and you’ll find everything you need in one place. Even if you happen to be in a profession not directly related to any risk factors that might induce body injuries, you can always protect yourself with an advertisement insurance plan, in case someone suits you for alleged false advertising.

You can protect yourself in case of a customer lawsuit, as certain customers are more than eager to find any justification or product liability that often occurs after someone fails a lawsuit after supposed malfunctions or defective design. Now, the range is wide, and generally, if you happen to be a small business reaching for the stars, all these scenarios are more than possible to occur. Other lawsuits can be absurd as it gets, such as the “slip and fall” if you happen to own a restaurant and someone sustains injuries due to the accident. If not insured properly, you’ll have to pay for medical bills, sustained emotional trauma, and other damages done.

Lawsuits and bad insurance plans without proper coverage of a wide number of accidents are often the reasons why small businesses shut down and never properly recover from the accident. To prevent this from happening, contact an agency right away. It also attracts new workers, as is an assurance of the company’s professionalism.

Insurance can be a requirement

insurance

Now, this can depend on whether you are renting a facility or not. In the case of renting a building, you can always go for an insurance plan covering any damage that might be done to the facility, due to natural disasters or human negligence. Everything can be taken into account, from plumbing issues to fires or electrical malfunctions of the installation. Now, whatever the case, it is better to have some coverage if it comes to such scenarios rather than not.

Also, sometimes if you happen to be borrowing the money for the business, the other party might require some insurance plan as part of the deal, just to be sure you have some form of protection. Or one (we hope unlikely scenario) is property protection in case of theft or any form of vandalism. This can occur no matter the political stability of a country, it might happen during the night or time of the day when the store is closed. Under vandalism, we refer to any property damage done to the facility, from graffiti to breaks, and theft is also a quite common occurrence and might cost you a lot.

Another reason to have an insurance plan for a small business is to safeguard your tools or equipment, thereby staying protected in case something happens. Equipment malfunctions can setback the business for days if the whole business is dependent on it.

Giving workers repayments

Now, imagine something were to happen to some of the workers in case of an accident which by all accounts is your fault; the whole weight of the accident falls on the business. Any form of worker compensation, without any insurance plan, will be paid by you if you want to prevent any potential lawsuits filed by the worker.

This means you’ll be paying for medical bills, treatments, and even compensating for wages lost due to the accident. This, with all other hidden expenses, can amount to a staggering number and can cost your company.

A proper insurance plan covers all this, assuring the worker gets his legal rights and everything he is owned while protecting you from going bankrupt.

With all the above stated, it is more than obvious why insurance plans are a must in most cases, and how things can easily turn against you if you happen to miss on getting a plan. Of course, there is a chance of everything going perfectly fine without any incidents, but in the case of some of the above-mentioned scenarios, the costs are extremely high and the money would be better off invested in the business. 

small business coach

4 Crucial Steps for Securing Your Business

securing-your-business

Nowadays, running a successful business in an ever-changing market can truly be challenging. Once you have put in a great effort, time, and funds to start a business, you surely want to secure it from all various risks that could threaten its growth. As such, securing your business is vital to its success.

As a business owner, you must take care of records, legal documents, data breaches and cyberattacks at all times, while making sure that your employees are well-taken care of, and that they’re happy and healthy.

Below, we highlight 4 crucial steps you need to take to secure your business and provide it with a chance to achieve long-term success and growth.

Obtain Business Insurance for Securing Your Business

If you have recently opened a startup or a small business, you’ve probably made huge investments with your hard-earned savings and managed to raise capital to secure a funding stream for your operation. This is why you must protect your business venture against any possible claims and liabilities.

For this reason, we advise you to look into a good E&O policy for your small business and get covered with professional liability insurance. This is an excellent way of protecting your business from lawsuits and claims of inadequate or negligent work and business errors. Do your research and get your business insurance from a policy provider that specializes in small businesses so it can be customized to your specific industry needs.   

Look at the possibility of getting other useful insurances like commercial proper insurance to protect the building, premises and equipment you may have bought or rented. In addition, getting worker’s compensation insurance is also a clever move so your workforce can get benefits, as well as data breach or cyber insurance to help you respond if any data is lost or stolen.

Enhance IT Security

securing-your-business

Data breaches and cyber-attacks are among the biggest risks for a business these days. In fact, in a recently published report, cyber risks topped the list of what made the surveyed business leaders most worried. The pandemic we recently went through also led to a direct increase in cyber attacks. With a security situation that reinforces the fear of cyber threats, many people are wondering how their organization is doing.

If you’re thinking about how protected you are, it can be nice to take concrete measures and invest in reliable systems with high security that protect a business’s data and information.

Something that most companies have unfortunately experienced is important files or data disappearing which is a loss that can be difficult to recover from. To avoid losing information, it is, therefore, advantageous to use a backup solution that securely saves your data. There are different variants of backup solutions, but the most common is to use cloud storage or internal servers that are dedicated to just this.

To increase your IT security, it’s wise for your company to segment the wireless network with at least two networks, and it’s especially important to distinguish between the network used by those who work at the company and what guests use. The users of the guest network would be customers, partners and everyone else who doesn’t work at your company.

Maintain Good Hygiene

Expectations of good hygiene and safety in the workplace have increased and new effective routines are now needed for people to be able to work safely. By encouraging good hand hygiene and regular cleaning routines, businesses together can prevent the further spread of infection and your business can reduce the cost of sick leave.

Implement thorough and good cleaning routines so that surfaces and premises are cleaned regularly. Ensure that touch surfaces such as handles, switches, keyboards, handrails, sinks, water taps and other surfaces that many people touch are cleaned thoroughly and regularly. Remember to also do a risk assessment for the employee who performs the cleaning, so that risks are minimized and the right preventive measures are taken.

Dirt, dust and messy spaces create stress, in addition to allergies, asthma and infections. A dirty environment affects employees both physically and mentally, causing them to lose concentration and perform worse. Therefore, a clean workplace is a very important part of the general work environment.

Develop a Social Media Policy

Social networks and emails have become a huge security concern for companies as they make it easy to disseminate information. Once the information leaves your company, it is difficult to be recalled. For this reason, to make sure things remain private, your email policy should address appropriate content for social media and emails.

Final Thoughts on Securing Your Business

As a business owner, it’s your job to secure your business and prevent threats to your business systems and work processes. Protecting your employees and safeguarding their health is also a prerequisite for a thriving working environment and business success. 

small business coach

8 Benefits Of Implementing An OKR System In Your Business

okr

The OKR model is a powerful tool for expressing a company’s ambitions and achievements.

It may help with purpose and vision development, staff engagement, and bringing to the surface the ultimate OKR: a company’s top objectives.

Many large corporations, like Adobe, Google, and Netflix, have already used OKRs with outstanding success.

So, what makes OKRs so effective? Continue reading to find out. In this blog article, we’ll go through eight benefits of establishing an OKR system in your company.

Let’s get started.

What does OKR mean?

OKR is an acronym that stands for “Objectives and Key Results.” It is a goal-setting process that is used collaboratively by teams and individuals to establish demanding, ambitious objectives with quantifiable outcomes. 

To put it simply, OKRs are used to measure progress, promote alignment, and inspire participation in the pursuit of quantifiable objectives.

Components of OKR system‌

An OKR system includes objectives and key results. Let’s see in detail what they are.

Objectives 

The company’s objectives outline significant aims that will propel it toward its mission. They can, however, also be represented by enhancements that the firm would want to adopt in order to improve specific aspects of the organization.

The objectives should be:

  • Challenging but realistic
  • Clear and concise
  • Qualitative

Key Results 

Following the establishment of an objective, the standard requires that the organization maintain track of the outcomes got in order to identify whether or not the aim has been reached, as well as the metrics to use to determine this.

When defining key results, keep into consideration the following characteristics and tips:

  • Measurable
  • Relevant and focused
  • Three or four key results per objective

Initiatives

After identifying the objectives and key results, you must specify how you intend to achieve the objectives you set. For example, if the goal is to improve the customer experience, the initiative may be to introduce in-app live chat.

8 Benefits of implementing OKR system in your business

There are many benefits that explain why you should implement an OKR system in your business. Here are listed the eight most relevant ones.

1. Give a clear direction to your team and company in general

One of the initial benefits of creating targets and defining important results is that you are effectively giving your firm a direction with which to move forward.

It’s like charting a course that will lead you and your team to the objectives you want to achieve in terms of sales, visibility, or any other goal.

As you may expect, this may enable you to avoid a potentially confusing situations in which no one knows what to do.

2. Increase productivity by focusing on goals

As previously mentioned, OKR entails the formulation of particular objectives and critical outcomes.

This means you’ll be constructing a step-by-step plan to guide you and your team to the desired outcome.

The establishment of particular targets and important outcomes will undoubtedly aid you and your team in concentrating on a single activity at a time.

As a result, all energy, time, and efforts will be directed appropriately and to their maximum potential in order to complete that assignment, and so on for future ones.

This prevents you from focusing on several activities without getting a good outcome‌.

3. Align and connect your employees to your corporate goals

Employees may get disoriented and unsure of what their job’s mission is if precise goals aren’t defined that help the organization achieve its main mission.

okr

An OKR system, on the other hand, enables workers, both new and old, to grasp what your firm does, why it does it, how it does it, and what it intends to achieve.

This clarity in mission, objectives, and outcomes will help your staff connect to your company’s goals, making them more engaged and likely to achieve them.

4. Promote innovation

The defining of objectives and outcomes not only aids in the achievement of your company’s business goals but also in the facilitation of the inventive process.

There will be greater room for innovative ideas and thinking if there is a defined route to follow in terms of activities to complete, processes to follow, and results to attain.

Indeed, when you go through objectives and achieve results over time, you may discover alternative approaches to complete a task, speed up a process, increase productivity, and so on.

As you can expect, this will boost your company’s innovation, vision, and performance.

5. Achieve measurement, accountability, and transparency

Aside from commercial objectives, establishing an OKR system in your organization will enable you to meet additional objectives such as measurement, accountability, and transparency.

This is especially important from an analytics standpoint, as it will allow you to get a true picture of your company’s goals, employee engagement, and data transparency, among other things.

6. Make more informed decisions

The description of objectives and key results will assist you in gaining an understanding of what your company’s goals are, the activities and procedures involved, and the expected outcomes.

With everything in order and understanding, owing to the monitoring of prior important outcomes, you and your team will be able to make better-informed decisions about the future stages, activities, and procedures on its pipeline.

Make informed decisions for future initiatives in order to attain more quick and secure results.

7. Analyze root causes of why objectives are not achieved

When it comes to analyzing the important outcomes, it becomes clear how a certain result became achievable, or what transpired that prevented the results from being reached.

In these terms, you and your team will be able to pinpoint what went wrong and what not to do in the future. You’ll also be able to devise tactics that will prevent you from making the same mistakes you’ve made in the past.

In this approach, you’ll be able to identify emerging difficulties or challenges and develop new solutions or methods to avoid them in the future.

8. Track regular progress towards goals

Key outcomes provide a summary of the goals you achieved and the statistics used to attain them.

You can monitor them if you keep track of them. This allows you to see the pattern of your company’s successes.

By tracking your progress on a regular basis, you’ll be able to see problems early on and take corrective action to avoid costly blunders.

In addition, it would be great for generating reports to display to investors, potential business partners, or prospects to convince them to work with you.

How to create a winning OKR system in three stepsokr

Now that you know what OKR systems are and what benefits they provide, you may be wondering how you can effectively adopt them in your company.

If that’s the case, we’ve included some considerations in this section to help you get it done as fast and easily as possible.

1. Run a meeting with your team

One of the first steps in creating and implementing a winning OKR system within your organization is running a meeting with your team.

It is essential that you and your team decide what are the company’s pain points that need to be treated, what innovative solutions need to be implemented in order to ensure greater efficiency, and so on.

The meeting should also be used to establish how and who will carry out specific duties in order to reach the common, end goal. In this case, it may be necessary to give distinct responsibilities to your employees.

This initial phase should also assist in identifying the key results and, as a result, the metrics to consider when assessing accomplishment.

2. Use a Google sheets based OKR template

Setting up an OKR system from the ground up can be time-consuming and difficult for you and your team, especially if you have more urgent tasks to complete.

Fortunately, there are alternative, pre-compiled solutions that allow you to start from a great spot and simply need to enter information specific to your organization.

A Google sheets based OKR template, for example, may be an excellent starting point when establishing your objectives and key results.

3. Select the right OKR software and tools

You may need to employ additional tools for the drafting, organizing, and brainstorming of ideas, as well as the analysis of crucial outcomes.

In this case, you may want to select an all-in-one OKR software or distinct tools to employ separately.

Conclusions

This brings this blog post on OKR systems to an end.

As shown throughout, OKRs can provide a myriad of benefits to your business, including improved productivity, innovation, and goal management.

As a consequence, incorporating it into your company will enable you to monitor great outcomes in a short amount of time.

small business coach

 

The Ultimate Guide To Creating a Business Plan To Grow Your Business

business plan

Every small business owner needs a business plan to guide strategy and growth.

A good business plan separates failing small businesses from successful ones.

We regularly see our clients increase their profits by 50%, 400%, and even 1,500% starting with a proper plan as one of their most powerful business growth strategies, allowing them to make conscious and informed decisions.

This guide will teach you steps that will assure a steady growth of your business using one of the most rudimentary, yet overlooked strategies: writing a business plan.

How Does Writing a Business Plan Impact Your Business?

We said that planning is one of the most pivotal business growth strategies.

But how does it work within the big picture?

Say you have your business rolling for quite a while now. It’s not growing fast, but it’s not stagnant. 

What you’re missing could be the reason most businesses fail within their first year

business plan

CB Insights recognize multiple reasons for small businesses to fail, from failure to raise capital to personnel issues to pricing issues.

But look closely at the chart.

What do all these reasons have in common?

If you’re thinking ‘a viable business plan’, you’re right. 

The first thing we ever ask of our clients is to delineate where they would like to be and how they see themselves getting there. It turns out that if you do not plan your way towards success—or even worse; you don’t know what success would look like for you—it is hard to get there.

For entrepreneurs who move quickly and like to get right to the point, planning might seem like a formality or useless paperwork when in fact, executed properly, planning is the foundation of business growth.

  • A business plan compels you to analyze the current state of your business. So, instead of overlooking your business needs, you’ll overcome situations before they turn into challenges
  • Knowing where you are, you can analyze and pursue opportunities for business growth. You gain a better perspective of what you can do now to expand your business, be it finding new prospects, building and managing your team better or systematizing your internal processes and procedures.
  • When you know what the ideal future of your business looks like, you have a clearer perspective on what your priorities are. You should see planning as a strategic framework that guides your decision-making process. This way, making decisions regarding your business will be less a game of guesswork and more a game of taking strategic action.
  • When you know where you want your business to be in the far future, you can better track your near future. Another way to put it, a business plan provides you with key performance indicators that will help measure the progress towards your business goal

business plan

Typically, a business plan requires you to assess all aspects of your activity.

A standard business plan usually includes an executive summary, a business overview, business objectives, a description of products and services, an overview of market opportunities, sales, and marketing strategies, a competitive analysis, a financial auditing, a financial analysis, and a delineation of the management structure.  

While useful for raising capital, these standard plans are the reason many business owners’ eyes glaze over when they think about developing a plan  

Instead, our approach to business planning is a little different…

We take planning to the next level. 

This guide shows you how to use planning to envision the actionable steps towards your goal. 

All that using the knowledge you gathered in a traditional business plan.

business plan

This means analyzing the current situation including a SWOT Analysis, creating a business plan around the weaknesses that need immediate attention, setting hard and fast deadlines for accountability, and tracking your progress in terms of business KPIs. 

First, we’ll make sure you make an informed decision when choosing your goal, meaning that we will walk you through how to make a thorough audit of your current situation. 

Then we’ll help you write clear-cut business KPIs that will guide your future tactics and strategies.

And finally, we will guide you through planning actionable steps to achieve your goals, and show you how to measure your success.

A successful business plan factors in these elements

Step 1. Analyze Your Business To Identify Your Strengths and Weaknesses

To make long-lasting and growth-inducing changes, treat your business with honesty.

A business plan imposes a thorough (and sincere) inspection of the state of facts within your business. So the changebusiness plans you make are congruent with the reality of your activity.

Once you’re well acquainted with the present state of your business, you can spot new growth opportunities.

Now, it’s time for you to touch base with your business.

Your Activity as a Business

Start by revisiting your core business activities. 

You have already sent your services and products out into the world for people to enjoy. Hence, you have enough data to learn about your offer.

To take the pulse of your business, ask yourself the following questions.

  • Which products or services work well in your target market? Which are not? 
  • Do you find that your products or services still fit the needs of your audience? And if they don’t, what doesn’t work? Analyze the cause of low performance (price, packabusiness planging, sales, marketing, functioning, etc.).
  • Your target market is it overly saturated with this type of product? If the answer is ‘yes’, is there something that differentiates your service from your competitors? 
  • What is the distinct value of your services to your customers?
  • When was the last time you reviewed your prices? Can you improve your profits and the quality of your services by making changes in your pricing, package offerings, service delivery, and so on?
  • Your team – are they motivated? Do they perform the way you want them to every day, or is it a constant battle to get work done the way you want it done?
  • Do you have standard, documented processes, and procedures that guide you and your employees to produce consistent results every time?

Take time to answer all of these questions. And don’t forget to take notes along the way.

The Efficiency of Your Internal Organization and Processes

business planThere’s a lot to analyze in terms of efficiency.

From the grounds where you conduct your activity and the equipment, you use to the efficiency of your management structure and the skills of your employees.

So, buckle up! You’ve got some reviewing to do.

Business Premises 

When it comes to where your business is located, ask yourself: is this place responding to our business needs now & does it allow us to grow? 

Although they are easily overlooked, your business premises should contribute to your small business success.

  • Do you have long-term commitments to the property? 
  • Do the premises present you with advantages or disadvantages? 
  • Is moving out an option to reduce costs?

Equipment and Technology

Whether your business rests on services, manufacturing, retail or you carry out your activities exclusively online, you use equipment and software.

Is your equipment modern or outdated? Does it help you to better execute your activity? Will new equipment help you speed up processes, reduce costs, or improve services?

business plan

When it comes to IT systems… 

  • What software, platforms, or gadgets do you use in your activity? Are they sufficient to help you provide outstanding services or products? 

And more… 

  • Can you use them for growth? When your business grows, will they meet your needs?
  • Are there any new devices, informational systems, or tools that you can use to improve the quality of your products or services or to streamline your internal processes?

The People of Your Business

business plan

By this, we refer to everyone who works in your business including yourself, employees and subcontractors.

Let’s first look at your management structure.

And the first question you require an answer to is: is your current team formed by the right people?

  • Do they constantly learn and grow?
  • Does their performance meet your expectations? Is your business thriving under their management?
  • Are they attuned to the company’s values? 
  • Do they have the appropriate skills for their positions?

And the next question is: do YOU have the right skills to guide your business towards growth?

Be honest. The point of this question is to guide you to learn where you can improve and where your teams need more training.

This leads us to the questions about your employees.

  • How skillful are your employees?
  • Do you have a training structure in place to assure the constant growth of your business performance?
  • Do you think that your employee engagement is high? Find out if your employees are aligned with the company’s goals. Moreover, are they satisfied with their work?
  • What are you doing to keep up the employee engagement and satisfaction? 

Your Business Through the Lens of Competition

business plan

You know by now that you’re not alone in the market. You’re surrounded by businesses that want your customers!

This means that you’ll have to know your competition well, provided you want to find growth opportunities.

To learn about  your competition, get curious about this:

  • What is their offer in opposition to yours? What are their market advantages and disadvantages? 
  • How do they price their products and services?
  • And how do they advertise their products, services, and themselves? 
  • How do they attract customers? 
  • What’s their reputation in the market?

Consider ‘secret shopping’ them to learn the answers and see what it feels like to be their customer.

Learning this information will help you identify opportunities to grow your business in a place where your competition won’t

Your Business from a Financial Standpoint

business plan

We’re saying it, and you should be thinking it—manage your business by numbers.

Poor finance management will bury your business alive.

To avoid that happening, take some time to review your financial statements: cash flow statement, balance sheet, and profit and loss statement. If you don’t know what to make up of all that information, get your accountant beside you.

business plan

This is what each of these statements will tell you

This type of investigation will make you familiar with how your business is using and producing money. And this will show you if you’re using your money efficiently.

 

Finding Market Opportunities

As you might have guessed, this implies doing further research about your customers and your market.

You must renew your market research because markets shift. Trends evolve. People change their minds. 

You have to know what’s happening out there so that your business can take part in it.

  • What are the actual market demands and needs? Interview some of your clients.
  • What’s the present business environment – aka the economy, the technological developments, social changes?
  • Are there new, emerging services and products creating more competition?

client success history

Step 2. Write Informed and Clear Business KPI To Guide Your Business Growth

Dare not skip this step! 

It is imperative that you answer each question and complete each task in this step.

Because, otherwise, we would have to ask you:

Are you sure you want to grow your business?

If your answer is yes, let’s get you to write a business plan like an expert.

For this section, you will use your previously gained knowledge to write a business KPI that will constantly remind you of your path to small business success.

What is a Business KPI?

business plan

KPI stands for Key Performance Indicators—a quantifiable measurement you choose to help you gauge your progress towards business success.

You can use KPIs to measure almost every aspect of your business: financial achievements, operational activities, marketing efforts… ANYTHING. Nevertheless, KPIs differ from business to business, industry to industry. 

So don’t copy what others do. You have to find out on your own what is critical to you and your business. 

That’s why, first and foremost, you will have to select the area that you want to improve for your business.

How Do You Know Which Business KPI to Select?

With the help of your previous analysis (and your fellow knowledgeable business coach), you will identify what stands in the way of your business growth.

Is it your employees that require a nudge? Are you leaking money in the manufacturing department? Is your marketing not rising to your expectations?

Task 1: Identify One Pressing Business Weakness.

KPIs also depend on the past (background data) & on where you want to be in the future.

business plan

Task 2: Think of What Long-term Success Looks Like. Then Find a Benchmark to Gauge Short-term Success.

Side note.

Be careful what success metric you choose. Let’s say you find that your employee training programs don’t show astounding results. And you want to change that.

The improvements won’t produce better results in the training program in itself. You should see upgrades in the decrease of errors in product production.

Why Choose Only One Business KPI?

business KPI

Your business is a complex mechanism working on thousands of integrated and interconnected points and systems. 

So it’s a matter of course that changing one thing will affect the entire business.

But you can’t make changes in each segment of your business that needs improving in one go. 

That would wreak havoc on your business! 

You will not know for sure what does and doesn’t work. And it would be difficult for you to measure and keep track of what’s going on.

For this reason, we will track one thing at a time.

Do you need inspiration for finding your business KPI? Here are some ideas.

What Makes up a Good KPI?

business plan

A great KPI is succinct, straightforward, and relevant.

Consider these questions when writing your KPIs:

  1. How do you want your business to perform in the future? What are your projections?
  2. Why are these projected results important?
  3. How are you going to gauge any changes in numbers?
  4. What will you do to achieve the projected results? 
  5. Who will oversee this project? 
  6. How often will you evaluate the potential advancements?

Task 3: Write Your Business KPI, Answering Each of the 6 Preceding Questions.

Get ready, for you’re about to reach the—almost—last step in creating a business.

Step 3. Implement Your Plan and Measure the Results To Ensure Small Business Success

Here’s the process of action planning for business success and measuring the results. 

Action Planning for Business Success

business sucess

You should approach implementation through the lens of an action plan. Why action planning?  

Because it is the utmost actionable part of your business plan.

It provides an explicit delineation of what steps you should be taking to achieve your goals. It aligns your actions to your objectives. And, finally, it saves you from guesswork.

Now it’s time to prepare the list of tasks that will get you to your goal. 

And to achieve your KPI. 

Meaning honoring your business. 

This also means growing your business. 

We’ll return to our thought bubble.

business plan

If you have followed each step, at this moment, your action plan is half done.

What more you need to do is to expand on point 4: “how can you influence the outcome”.

 You’ll have to: 

to do list

  • Write down each activity that needs to be done and break them down into tasks.
  • Designate the action or specific tasks to a staff member.
  • Determine a timeline for each task.
  • Identify what resources you and your team need to complete the tasks.

Then, all you have left to do is get things rolling.

Measuring the Growth of Your Business

Do you remember when we asked you to be specific about your KPI? Well, the time has come to check on how things are going according to your benchmarks.

business sucess

Generally, you would review the performance of your business every quarter. But this timeframe may not be relevant to your business plan.

When you measure results, you go back to the initial source of information that you have used when analyzing your business. For example, when you had checked the performance metric indicating your conversion rate, you perhaps used a CRM. Now, you should go back to your CRM and look at the stats.

Take notes and compare them with your projected results.

Is everything going according to the plan? Or are the results signaling that you need to come up with new business growth strategies?

projected results

If results don’t live up to your expectations, don’t fret. Go back to

 your business plan, tweak it a little, consult with your stakeholders or business coach, and try again.

Rome wasn’t built in a day.

How to create an action plan [+ Template]

Do You Need More Guidance in Planning the Growth of Your Business?

business plan

Find more freedom and raise your profits with one-on-one business coaching sessions.

If you struggle to find the optimal direction to grow your business, we can help you. No need to commit to the entire coaching program. For now, jump on a 30-minute strategy session

Before the meeting, we will send you a scorecard or a survey. Before and during the session, we will review the information you submitted, and we will help you figure out the next steps for your business.

 

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5 Tips For Finding The Best Digital Marketing Agency

digital-marketing-agency

As its name implies, a digital marketing agency can help you out with your digital marketing needs. Those campaigns can be classified into two: inbound marketing and outbound marketing. For the former, the digital marketing agency focuses on tactics like Search Engine Optimization, web design, and social media marketing. For the latter, your chosen agency will work on email marketing, as an example.

With the comprehensive role a digital marketing agency plays for your business’ success, it’s easy to see how there’s no skimping on this choice. You have to choose the best to implement your digital marketing campaigns and you should be ready with your budget to maximize everything. If not, the agency may not do so much for you to actually elevate and improve your marketing efforts.

It’s a great idea to look for preferred and reliable digital marketing agencies online and check out this recommended site to determine if they’re the one you’re looking for to suit your marketing needs. 

This article helps you out with some of the best tips to help you find the best digital marketing agency for your brand.

1. Determine What Your Company Needs

digital-marketing-agency

Digital marketing agencies come with their respective strengths and weaknesses. The only way for one to be considered as the best is for you to weigh what they can offer versus what you need from them. Otherwise, if the digital marketing agency you hire can’t address your needs, then you’re never going to be satisfied with what they can offer you.

To make this ascertainment, you can start by answering the following questions:

  • What is it that you want to accomplish with digital marketing?
  • What services do you regularly need from a digital marketing agency?

Spending time answering these questions can increase the likelihood of finding a digital marketing agency which can turn out to be the best match for your business.

2. Ask About The Services They Offer

Once you’ve determined what your company’s marketing needs are, you can then proceed with asking the digital marketing agency about what their services are. This can help you compare the services of one agency to another. It’s important, for you to have a well-founded comparison of what services are included in the price you’re paying for, and what aren’t.

Generally, some of the services offered by a good digital marketing agency include:

  • Search Engine Optimization (SEO). This refers to that branch of digital marketing which is needed to get your website to rank higher in search page results. This is very important, given the numerous websites which are all over the internet today. You can only put your website a few steps ahead of the competition when your website makes it to the top results, therefore also increasing traffic to your site.
  • Facebook advertising. As its name implies, this refers to advertising on Facebook, usually through paid or sponsored ads.
  • Content marketing. This refers to the creation of various types of content, so the proper keywords can be incorporated to help make your content rank higher.

3. Field Of Specialization

There are digital marketing agencies that have a field of specialization, while there are also those that are general in nature. If you’re not particular about choosing one with specialization, then you don’t have to be so concerned about the specialty. However, if this is something important to you, then ask the digital marketing agency what they specialize in.

In particular, there are certain areas you may want to pay special attention to, like:

  • Web Design vs. User Design

When it comes to designing a website, there are agencies that lean more towards the aesthetic, or the website design itself. On the other hand, some digital marketing agencies focus on the user design experience and the functionality of the website to its browsers. 

You can have an idea of what the agency’s focus is by looking through their portfolio of past websites made. If you notice that the majority of the websites they’ve made lean towards graphics and other design matters, then you can gauge that web design is their specialty. Finding a reliable Philadelphia web design company can solve all your problems, regarding website design, but also regarding marketing and content creation. On the other hand, agencies that focus on user design take into account key performance indicators (KPIs) and other metrics.

  • PPC and Paid Advertising

There are digital marketing agencies that also work as paid advertising consultants. They’re agencies that can help you create a valuable proposition to come up with effective advertisements that are optimized to deliver results.

4. Know Your Budget

digital-marketing-agency

Whatever budget you have, stick to it. There’s no reason for you to spend any more than you can afford, given how there are so many digital marketing agencies you can hire. Don’t be pressured to pay for the services of a more expensive digital marketing agency, when you know you can hire cheaper ones, with services that are just as competitive.

The best way to determine which agency could be the best for the budget you have is to compare the services offered, quality of the work done, and the overall reputation versus the price of their services. 

Keep an open mind to have that discussion on the table. If you’re able to determine with certainty that your budget may be too narrow, that’s when you can stretch it. But, remember to keep it only within the allowable limits of what you’re comfortable spending.

5. Go Through The Reviews And Testimonials

By the time you go through the agency’s reviews and testimonials section, you should have already narrowed down your options to at least three to five. Be as thorough as you can with reading the reviews, so you can spot any potential red flags.

On top of the testimonials themselves, check the dates of the reviews. If you can find positive reviews that go back three years or more, that’s a tell-tale sign that the agency means business. They’ve been committed to providing quality service to their clients for many years now.

Final Thoughts on A Digital Marketing Agency

Before signing up for a digital marketing agency to hire, it’s important to be able to narrow down your options first. Given the demand for digital marketing, it’s not surprising how there are numerous digital marketing agencies springing left and right. However, you ought to know that not all of those digital marketing agencies are equal, as there are some which are better than the others. To achieve the best results for your business, you have to settle not just for the best, but for an agency that understands and can fulfil your marketing needs. Let the tips above guide you in making that choice.

 

small business coach

7 Different Invoice Templates and Finding What’s Right for You

invoice

Invoice templates are like the bread and butter of a business—they keep the money coming in, keep track of the money going out, and generally form the basis for those all-important financials. But in this day and age, even something as seemingly straightforward as an invoice requires some background knowledge and expertise. Especially if you’re in the early stages of building your business.

Invoice templates provide a welcome structure for new entrepreneurs who don’t want to draw up documentation from scratch. That said, you might be relieved to find out that most people continue to use templates throughout their careers!

There are several different types of invoice templates you might need to use at some point in your business. Let’s go through seven of the most commonly needed invoice templates so that you know what to use, when, and why.

Why Professional Invoice Templates Are So Important

invoice

If you don’t know your way around a good invoice, your business is practically asking to be fraught with payment issues—whether they’re coming in or going out.

Knowing how to compile, assess, and send out the right invoice at the right moment will mean your business gets paid on time, reduces billing queries, and experiences minimal payment tracking problems.

You really can’t afford to miss out on the benefits that a great invoice can bring.

Well-timed, properly laid-out invoices also communicate a sense of professionalism to external parties. This is extremely important, especially for younger businesses that are just starting to develop a reputation in their industry.

Invoice templates are much easier to navigate because they already contain all the structural and formatting requirements of the invoice you are sending. So instead of creating one from scratch, you can simply enter your details and hit “send.”

From purchasing supplies to getting paid for your first gig, knowing your way around a proper invoice template will make your life—and the lives of those around you—significantly easier.

1. Basic invoice

A basic invoice is typically sent from a business to a client. It’s the most common and straightforward of all invoice templates, which makes it an important one to learn for future reference.

A basic invoice is simple and flexible enough for businesses to make it fit their industry and style. It contains:

  • Your business’s name, address, and contact information
  • The recipient’s name, address, and contact information
  • The date
  • A unique invoice number (such as INV0001)
  • An outline of the goods/services exchanged
  • The payment amount due

This is the invoice type that your business will need to use on a fairly regular basis. Finding a basic invoice template online is extremely easy, and there are lots of different stylistic options to choose from.

2. Debit invoice

A debit invoice (also known as a debit memo) is an invoice you would issue if you need to increase the amount owed to your business from a client.

This invoice type is particularly useful for freelancers and small businesses, who often need to adjust their bills due to timing or project-related changes.

For example, if you have already sent your client a basic invoice but two weeks later, the project requires additional hours to complete, you might want to send them a debit invoice for the extra hours of work.

If your business uses a project or hours-based payment system, knowing where to find a great debit invoice template can save you a lot of frustration in the long run.

3. Credit invoice

A credit invoice (also known as a credit memo) is typically issued when a business needs to give its client a refund or discount for a previously determined payment. It’s also the appropriate invoice type to issue when you have made an error in your previous invoice.

Something important to note about this invoice type is the fact that the numbers are always written as negatives. For example, if your business is sending a credit invoice to a client detailing a refund of $100, the total sum on the document would read as–$100.

4. Mixed invoice

A mixed invoice is a combination of both a credit invoice and a debit invoice. It’s not often that most types of small businesses need to issue a mixed invoice. However, it can be useful when billing a client for two different projects (one that requires a refund and one that requires an error adjustment).

5. Commercial invoice

A commercial invoice is an invoice you would use when seeking payment for goods your business has sold internationally. It will include information pertaining to the shipment of goods involved, such as:

  • Weight or volume of shipment
  • Description of products
  • Packaging format
  • Shipment quantity
  • Total amount owed

All the information added to a commercial invoice should answer any questions posed at cross-border stations, making the overall transportation, delivery, and payment procedure as smooth as possible.

invoice

6. Timesheet invoice

 

A timesheet invoice is an invoice used for outlining payments based on both hourly rates and a standard pay rate. For example, if you run a small creative agency, you might need to send an invoice that highlights what you’re owed per hour and how many hours of work it took you to complete a project.

 

7. Final invoice

A final invoice is what your business would send once a project has reached completion, especially if it involved numerous formal changes and adjustments along the way. This type of invoice clears everything up and acts as a final statement of what is owed.

Final invoices must include:

  • Invoice number
  • Invoice due date
  • List of all goods/services provided
  • Total amount owed
  • Acceptable payment methods

As a small business owner, managing your money is crucial every step of the way. A lack of proper invoices can quickly cause problems, especially when you’re short of funds, or tax season is on the horizon. Fortunately, thanks to a wide variety of online invoice templates, no business needs to fret over these essential documents for long. Now that you know the basics, your business can send or receive payments with ease.

 

small business coach

A Comprehensive Guide To Outsourcing Your CNC Machining Needs

cnc-machining

Once upon a time, computer numerical control (CNC) machining was a production process that only giant corporations and businesses could afford. 

However, in today’s competitive business world, it has become possible for small- to medium-sized businesses to have access to CNC machining. Machines as a service (MaaS) is on the rise in the same way that software as a service (SaaS) is now widely available. 

Outsourcing your CNC machining allows your business to do more with less cost. However, with the increasing popularity of CNC MaaS, you also have more choices for providers, making it challenging to find the right partner for your business.

This article outlines the benefits of outsourcing CNC machining services and how to choose the right vendor. You’d find this guide helpful whether you’re looking for a general manufacturing partner for your small business’s products or a one-stop aerospace machining shop for your aviation business.

Benefits Of Outsourcing Your CNC Machining Needs

  • Cost Savings

CNC machines are expensive. Plus, they require specialized training and tools to operate correctly. For this very reason, most small businesses can’t afford these types of machines or even have the space to house these bulky pieces of equipment in their own shop. 

So, outsourcing your CNC machining needs means you don’t have to worry about the price of owning, housing, and operating the equipment. This can help you save money and allow you to focus more time on running your business. 

  • Production Improvement

cnc-machining

CNC machines are sophisticated and high-tech equipment that can quickly improve your parts’ production quality and process. These machines are convenient if you want to manufacture the same designs repeatedly. 

So, instead of paying for tooling every single time, you can outsource these needs, which saves you money, time, and labor. 

After all, operating a CNC machine will require constant supervision to ensure the production of high-quality parts and components. By outsourcing your CNC machining needs, you can reduce manual labor for your workers, allowing them to focus more time on other essential things in your business. 

  • Varied Capabilities

Another benefit of outsourcing your CNC machining needs is the flexibility it provides. An in-house CNC machining can have limited capabilities, particularly if you have new products. If you wish to expand your production, you’ll have to invest in additional equipment to accommodate your needs. 

Outsourcing with a CNC machining service means you won’t be affected by these limitations. They are a specialized manufacturing company with diverse CNC machining equipment. Plus, the diversity is not confined to the number of machines. Aside from offering different file formats and materials, they also handle secondary processes such as anodizing and heat treatment. 

Things To Consider When Choosing A CNC Machining Provider

  • High-Quality Equipment And High-Caliber Technicians

The best CNC machining provider should have the latest equipment and tools at their disposal. This allows them to create a high level of precision and quality when manufacturing your machined parts and components. 

In addition, they should also have a team of highly skilled technicians who can efficiently supervise and use these tools and equipment to produce your products. Capable technicians can pinpoint any quality issues with your parts before they even go into production. 

  • Transparency And Accessibility

Choosing a CNC machining provider means developing a partnership that can make or break your business. And a true partner is transparent about their role in your success and their relationship with your business. You’ll always know where you stand. 

So, when looking for a CNC machining partner, look for those that employ effective communication. They should be able to give quick answers to your question or have a variety of communication channels for you to access.

You want to look for providers that are customer-focused, invested in quality, and give extra attention to your products. They should be easy to contact, flexible enough to handle change orders, and willing to offer value-added services. 

During the selection process, you’d need to set specific and clear expectations and create clear terms and conditions. Let the CNC machining vendor know what you expect moving forward, outline responsibilities, and start with a positive win-win mindset. 

  • Expertise In Targeted Industries

The right outsourced CNC machining vendor is more likely to meet your quality demands if they have experience in the same or related industries. 

Working with a CNC machining provider that understands your industry is critical since they’ll be able to provide you with the targeted services you need to improve your product. Also, this ensures you get custom parts whenever you need them. 

Furthermore, they’ll be more proactive in identifying and fixing any issues before they become problems and should be familiar with your industry’s compliance requirements. 

Make sure to ask for a range of services list or case studies so you’ll know they can handle your business needs and keep up as you grow. 

  • Proven Track Record 

cnc-machining

High-end machining is worth it. You may be prepared to pay a fair price for quality services, but you also need to do your research and determine if a specific provider is worth every penny. 

You can do this by looking at their track record. Start by asking for the shop’s history. A machining business established for decades has serviced numerous companies and should be able to handle your requirements. 

Also, you want to take a look at how they work. Do they deliver promptly? Examine the financial health and stability of the machining provider as well. 

In addition, you’d need to look for customer reviews and testimonials. A reliable CNC machining provider won’t think twice about providing you with referrals to vouch for the quality of their services. Although most CNC machining companies talk about a strong game, hearing it from a client is a different story. 

Doing your homework can help you save time and headaches in the long term. 

Takeaway

The CNC MaaS industry is constantly evolving and growing by leaps and bounds. With this, it’s tough for you to keep up with the cost and quality control of manufacturing in-house. CNC machining outsourcing is an excellent solution to your manufacturing problems if you need a rapid prototyping solution to grow and scale your business.

Make sure to consider the above factors when choosing a CNC machining provider to ensure the best fit for your company’s needs. 

 

small business coach

How To Improve Your Company’s Cloud Security Infrastructure

cloud security

For business owners, cloud computing security has presented significant benefits and advancements in terms of efficiency and accessibility. The majority of business leaders said that the cloud helped them stay competitive due to its ability to make their services and apps available faster while improving business performance and lowering overall IT cost.

That said, the cloud does bring a host of new security risks. In fact, statistics show that almost 80% of organizations surveyed experienced a cloud security breach.

Fortunately, there are several ways to minimize the risk of security breaches in your business’s cloud infrastructure:

  1. Consult The Experts

Dozens of IT companies offer services or solutions specifically designed to enhance the security of your cloud infrastructure. If your business’s internal IT staff doesn’t have cloud expertise or if your existing security solutions don’t support a cloud infrastructure, you can get outside help.

You can hire IT consultants with expertise in cloud computing security to help in strengthening your cloud infrastructure. If you’re in the area, you can visit these IT consultants in New York that can help educate you and enforce cloud security policies for your business.

Outsourcing expert help also makes sense for businesses using multiple cloud computing services from several vendors. They can also help in monitoring and managing your cloud infrastructure for any unauthorized access.

2. Take Passwords Seriously

A strong password is a best security practice not limited to the cloud. Implementing a strong password possibly helps in preventing unauthorized access. As a minimum requirement, passwords should have at least an upper-case letter, lower-case letter, a symbol, number, and should be at least 15 characters long. In addition, it’s important to enforce regular password changes every 90 days.

A password policy like this can help defend against most brute force attacks and breaches.

3. Use Multi-Factor Authentication (MFA)

While strong passwords may be a good line of defense, the traditional username and password combo are often insufficient to protect cloud user accounts against hackers. That said, you may want to add an extra layer of security and protection with multi-factor authentication. MFA is an authentication method that requires a user to provide two or more verification factors to have access.

The most common MFA factor used for one-time passwords (OTP) are four to eight-digit codes that a user received via SMS, email, or mobile apps. These codes are generated periodically or every time an authentication request is submitted. As its name implies, OTPs are only valid for one session, usually for only a few minutes.

Other than OTPs, biometrics, personal security questions, and access badges can also be used to authenticate user identity.

cloud security

4. Strict Control Of User Access

Most employees don’t need access to every piece of data, file, or application in your cloud infrastructure. Thus, you’d want to implement a strict and tight control of user access by setting proper levels of authorization with an Identity and Access Management (IAM) plan and policy. This ensures that every employee can only view and use the data and applications necessary for them to do their job.

Assigning access control helps prevent an employee from accidentally opening and editing information that’s not authorized to access. Also, it protects your cloud infrastructure from hackers who’ve stolen an employee’s credentials.

Take note that this cloud security measure is a requirement by most regulatory compliance standards, including HIPAA, GDPR, PCI, ISO, and many more.

 

5. Train Your Staff

Did you know that 95% of cybersecurity breaches are caused by your employees? In general, it’s caused by human error due to unintentional actions or the lack of action that allow a security breach. Therefore, you must train your employees on managing cloud computing access. You need to educate them on spotting security threats and how to respond to these cyberattacks.

For managers and administrators who are involved in cloud security, you should give them training and certifications. The threat landscape shifts daily, and your IT professionals can only keep up if they’re constantly learning about the newest threats and potential security countermeasures.

cloud security

6. Establish An Off-Boarding Process

In contrast to the previous point, when an employee leaves your company, you want to make sure they can no longer access your cloud infrastructure, customer and business data, and intellectual properties. This is a critical security responsibility that’s usually forgotten or pushed back weeks or months after someone has left.

Since every employee has access to different cloud platforms and data, you need a systemized deprovisioning process in order to properly revoke all access rights for a departing employee.

7. Secure Endpoints

Securing user endpoints is another aspect of sound cloud infrastructure security. Most cloud users will be accessing your cloud data and services via web browsers. Thus, it’s important to introduce security to have your users’ browsers protected from exploits.

You also need to implement an endpoint security solution. With the increased use of handheld devices and the workplace shifting to remote working, your employees often access your cloud services via devices not from your company. So, look for solutions to secure those endpoints including antivirus, firewalls, mobile security, virtual private networks (VPNs), and other detection tools.

8. Use Encryption

Encrypting data once you utilize the cloud is critical. Cloud services expose your data and applications to risks since you’re keeping it on a 3rd party platform and sending it between your company’s network and the service provider.

You’d want to have the most excellent encryption for your data either on transit or at rest. Cloud providers may offer built-in encryption services in order to secure your data, but sometimes, they also get access to your relevant information. So, consider investing in specialized encryption solutions and encrypting your files before moving them to the cloud so you can have full control.

Conclusion

Cloud security is a pressing issue for most organizations. However, concerns about cloud security shouldn’t prevent businesses from using cloud services. By following the above tips and best practices, you can significantly reduce the security risks in your cloud infrastructure while taking full advantage of the benefits that cloud computing offers.

 

small business coach

5 Reasons To Use RFID Tags In Your Small Business

RFID

As a small business owner, you’re always looking for ways to streamline your operations and make your processes more efficient. Adopting advanced technology might be your ticket to higher productivity and lower costs. One innovative tool gaining favor in the business world is radio frequency identification (RFID) tags.

RFID tags are small components embedded in products or assets, giving them unique ID numbers that RFID devices can read. These tags are either active or passive. Active means they’re continuously functioning, battery-powered sensors. Or passive that gets energized utilizing from tag reader’s power.

So, when it comes time to upgrade your business operation, consider adding RFID tags technology. Here are five reasons why:

  • Accuracy And Visibility Of Inventory

RFID

Inventory is one of the most vital and challenging tasks to manage. It’s a task that requires a lot of coordination and accurate data. Because you have to account for every product, every asset, and team member, errors can quickly happen. This is where an RFID asset tracking comes in handy.

This system provides a complete and accurate view of your inventory. You’ll get access to real-time data, including the location and status of your items. This method helps employees to pinpoint inventory easily and quickly. And you’ll see the benefits of increased accuracy and visibility in your inventory reports.

There’s nothing as good as a solid inventory system. It’ll help you perform more efficiently, reduce the risk of loss or damage to your products, and improve your internal processes. Above all, this approach will reduce human error, one of the most common challenges for any business.

  • Enhanced Customer Experience

Customers serve as your most powerful marketing tools. They spread the word about your business through their recommendations and referrals. Ensuring that they receive exceptional customer experience is key to retaining them, keeping them coming back to your business.

RFID tags can help you win more customers by making your customer experience memorable and hassle-free. With this technology, you can track the movement of every product from receiving to on-shelf. You can also know if an item is on special discount or out of stock.

Additionally, customers might ask queries about the products they’re interested in, or perhaps your staff needs to follow up on a customer’s request. You can do all these tasks with just a simple touch or scan of a product tag. This combination of speed and convenience makes RFID tags an ideal choice for small businesses.

  • Save Time And Money

Time and money are critical elements of any business. You spend a lot of time and effort on your inventory management, logistics, and even sales activities. RFID tags technology can make these processes efficient and effective.

With this approach, you’ll save time and effort by eliminating the need for paper-based transactions. You can do it all with just a touch, scan, or even a wave of your RFID tag. As a result, you’ll spend less time on monotonous tasks, allowing you to foster high performance and do more strategic activities for your business.

In addition, RFID tags are versatile in their application, making it easy to find the right solution for your unique needs. As a bonus, these tags don’t require much maintenance. They’re waterproof, economical to use long-term, and extremely easy to install, making them a cost-effective solution.

  • Ability To Track And Locate Employees

RFID tags are not only for your products and assets. You can also use them to keep track of your employees. This advantage will be particularly beneficial for companies with high team member turnover rates.

Employees usually wear tags for security reasons or primary attendance tools. In an organization, for example, you’ll see them attached to the ID badges of staff members. This way, you’ll be able to monitor their movements and activities throughout the day.

Moreover, it’s also helpful for your staff’s safety and security. The RFID tag in their ID badge can help you track their whereabouts in the case of emergencies. It’s an efficient way to keep an eye on all your team members, regardless of their position or location.

  • Prevent Theft

This scenario is most common in retail and other industries, like clothing. For example, you have to deal with many merchandises and stocks. Theft will undoubtedly be a concern if no proper inventory management system exists.

RFID tags could be your anti-theft solution. If an item with an RFID tag goes out of the security gate without authorization, the alarm will immediately sound. Or, if someone tries to steal a specific product from the store, that product’s tag will set off the sensor. This system is highly efficient in preventing the loss or theft of your products.

Types Of RFID Tags

RFID

RFID tags are a broad category of innovative labels encompassing low-frequency (LF), high-frequency, ultra-high frequency (UHF), and more. These common types have unique characteristics and use, but they can all store data.

  • LF RFID Tag: LF tags range from 30 kHz to 300 kHz. This tag uses inductive coupling for data transmission, making LF tags useful in basic applications. However, since LF RFID tags have longer wavelengths, they’re less vulnerable to interference from metals and liquids. As a result, you can use these in applications where an RFID label is attached to metal substrates such as automobiles.
  • HF RFID Tag: This tag ranges from 3 MHz to 30 MHz. It has a more extended read range and higher memory capability than LF tags. These RFID tags are usually passive and don’t require a battery’s power source. You can use HF tags in various applications, including payments, ticketing, library book tracking, and general data transfer.
  • UHF RFID Tag: As the name suggests, this tag is the highest range of RFID tags that most retailers prefer. They range from 300 MHz to 3 GHz, ideal for applications where accurate inventory tracking is necessary, like in retail stores. UHF tags are considered the supply chain’s best option because of their high memory capacity and tracking capability.

Conclusion

Embracing RFID tag technology is an excellent move for a small business owner. You can already find different types of RFID tags on the market, which allow you to improve your workflow and minimize errors.

Moreover, as new technologies emerge, you’ll likely see an increase in these discoverable tags on products and even on people. This innovative approach will help simplify your life and make your daily tasks more accessible and convenient.

 

small business coach

6 Reasons Why Businesses Should Use Online Contract Maker

online-contract-maker

Do you have a business? Do you have any partnership agreements with other businesses, independent contractors, or vendors? If so, you should consider using an online contract maker. 

Using an online contract maker will ensure that all your contracts are up-to-date and legally binding.

It can be complicated to prepare contracts on your own. First, you need to make sure that the agreement is explicit and elaborates all the business terms. Then, you must also understand what your obligations are under it.

Sometimes, legalities require specific clauses to be included in the contract. So, for example, if you’re contracting with an overseas partner, then there are also dispute resolution procedures that might need to be spelled out in the contract as well.

Six reasons why you need to use an online contract maker for your business

When it comes to entering into agreements with others, it’s essential to do so responsibly for both parties involved. So, this article will discuss six reasons why using an online contract maker is vital for your business. Let’s start:

1. Legal obligations and an online contract maker

online-contract-maker

The first reason why using an online contract maker is essential for your business is legal obligations.

When you’re entering into agreements with others, it’s essential to make sure that a legally binding document covers all your legal obligations. It ensures that there are no conflicts between the terms of the contract and your legal rights.

On the flip side, if you use a manual contract, you must ensure that all of the legal obligations are being fulfilled. In addition, since it will be a manual task, it will consume a lot of your precious time that you could spend growing your business.

Or, if you hire an experienced person for this purpose, you will have to pay them a fixed salary every month. Not only the salary but also the cost associated with hiring the right person for this job will just be another cost for your business.

If you are a large enterprise, these costs may not affect you. However, for a fledgling business, these costs can indeed break their bank. So what’s the solution? It is to use an online contract maker that will take away all your hassles associated with the legal obligations of a contract.

If you are confused between multiple contract makers online, Bonsai’s online contract maker is reliable and useful in almost any use case. In addition, it offers tons of features that a business, especially a freelance business, agency, or individual, would require the most.

Bonsai has an arsenal of pre-made, frequently used contract templates to choose from, such as Service Contract Template, Non-Disclosure Agreement Template, Videographer Contract Template, and many more.

The captivating thing about them is that they all are legally binding. They include all of the necessary clauses, so you don’t have to worry about missing any essential terms of your business with the other party.

2. You get tons of pre-made contract templates

Another cost associated with manual contracts is their design. Had it been about designing a few contract templates, you could have continued with the conventional, manual way of contract making. But, since you come across different deals every day, you need different contract templates.

So, to get each new contract template designed every day would not be a wise choice. Not only will it cost you a lot, but it will also consume much of your time every day. So, to optimize this process, you need an online contract maker.

An online contract maker would provide you with the templates of almost all frequently used contracts. You will also have an option to customize the pre-made templates to tailor them to your exact needs.

These pre-made templates include but are not limited to:

  • Employment Contract Template
  • Consulting Agreement Template
  • Vendor Contract Template
  • Product Design Contract Template
  • Professional Services Contract Template

Simply put, you will get access to many pre-made templates to save much of your time. Remember: all of them are legally binding, so you don’t have to worry about missing out on any essential legal clauses.

3. Protecting your business

online-contract-maker

Before entering into partnership agreements with others, you need to make sure that you’re prepared. One of the best ways to protect yourself is using an online contract maker. 

Your business needs to enter into agreements with others in a clear and enforceable way. Therefore, whenever entering into a deal or partnership, it must be made sure that every detail is incorporated in the contract. Neglecting even a subtle detail may cost you a lot in the end. 

Also, you must know the legal clauses that give you the right to make those details enforceable in the future.

For instance, if a dispute occurs between you and the other party at any later time, you will have this contract to present against them in court.

If you don’t have it, or even if it is missing the crucial details, clauses, and the opposing party’s signatures, the contract will lose its significance in the eyes of the law.

It all comes down to the point that you must incorporate all the details, clauses, and signatures into your contract to add a bar of protection for your business. Yes, it is humanly difficult, but an online contract maker can help you do it within minutes.

4. Easy to create

At times, a generic, pre-made contract template may not cater to your specific need. So, you need a customized contract template that incorporates the specifics of your deal. It may sound like a hectic task, but it is as easy as inputting your specifics.

Firstly, you will have to choose a pre-made template that best resembles the contract you want to have. It would have most of the details you want, but you can add those it lacks by editing it.

Then, the online contract maker will walk you through the whole process in an easy way. It will show you the guidelines of what needs to be done, making your task much easier.

Usually, these steps would include adding your basic information, the scope of the work, payment details, and more.

At the end comes the best part—the digital signature that legally binds the parties. Once you are done editing your contract, give it a thorough review. Then, you can digitally sign the contract and send it to the other party for their digital sign.

5. Low cost with an online contract maker

An online contract maker’s cost is considerably lower than the cost if you create them by yourself.

You’ll probably need a document designer if you can’t do that by yourself. But, then, you may also require some legal help to know about your rights and the other party’s rights in that scenario.

Doing all of it would require a lot of time that in itself is a cost. Also, this way becomes a lot more demanding if you have to sign many contracts every week.

On the flip side, you can remove all of these hassles by using an online contract maker. For instance, Bonsai’s online contract maker would cost $19/month for its basic plan that comes with many benefits.

Not only the contracts, but it can also help you with invoicing, time-tracking, project management, and many other important business tools. So, it’s a bundle of many benefits besides your primary contract-making needs.

As also mentioned earlier, the contract you’ll create with an online contract maker will include all the contract essentials, such as legal obligations, clauses, and ready-to-sign. Hence, you don’t have to bear any further costs other than buying the above-mentioned plan.

6. Supporting relationships

online-contract-maker

Contracts are a big part of business. As your business grows, so does the number of contracts you might have with others. So, as your company expands, it’s essential to make sure that everyone involved understands their obligations and responsibilities.

Using an online contract maker would be a great way to ensure that all parties are clear on what they agree to. It will also provide an easy way for you and your business partners to communicate back and forth about any changes or updates in the agreement.

Since it will all be an online process, the communication will be real-time as well as hassle-free. However, as described in the process of an online contract maker above, you will have to send the signed, reviewed contract to the other party for their review and sign.

If the other party requires any modification, omission, or addition to the contract specifics, they can easily communicate. So, it will ensure that the binding parties are on the same page.

This way, an online contract maker supports the binding parties’ relationship and minimizes the chances of dispute at any later stage of the business.

Wrapping up the reasons for an Online Contract Maker

Simply put, contracts are a necessary part of doing business, and you need to make sure you have the right ones in place to protect your company. But what if you’re not a lawyer and don’t want to pay for one? What do you do?

Luckily, you can use an online contract maker that can help you create the perfect contract in minutes. It cuts down on time and costs, and it also prevents costly mistakes when you’re filling out the contract yourself.

To elaborate on these points, this article mentioned six main reasons why businesses should use an online contract maker. We hope you enjoyed it. So, if you are not currently using an online contract maker, now is the perfect time to start.

 

small business coach