Running your own business can have a lot of costs involved, so just like how you manage your own household budget, you need to make sure you’re being smart when it comes to how you run this side of your business so as not to end up in debt.

In this post, we’re going to share with you 4 different ways that you can save money in your business:

Go Remote

Even though more people than ever are now working from home thanks to the current COVID-19 pandemic that we find ourselves in, and many companies are now looking at this as a potential longterm option, there are still a lot of companies who are set on the idea that things only get done properly when in an office.

However, one of the biggest things that people are seeing when taking their employees out of an office and working from home is the obvious cost saving. Rents for commercial property are very expensive, so for any business owner looking to cut costs, then going remote is one of the best ways to do that.

Keep Track Of Finances:

As mentioned above, keeping track of your finances is crucial in business just as in any area of life, taking a finance course on money master academy can help you better understand your finances. In the other hand, using some kind of business expense management tool like Haslle is always good as an additional help to stay on top of this very important part of your business.

Hire Freelancers:

Depending on your business, you may only have a few team members or you could have a big rota of staff, but for certain things, instead of hiring full time employees all the time, you should consider using freelancers who specialise in certain areas such as marketing, finance or IT. Freelancers who come in a as contractors are responsible for their own taxes and insurance, and the terms of contracts are far more flexible, so you could really save yourself a lot of money by brining in experts only when needed.

Go Green:

Recycling and taking care of the planet is not only something you should be doing at home, but you can do this in your business and save a lot of money in the process. Things like cutting down on plastic use, going as paperless as possible and even shopping around for a renewable energy provider if you have an office are all great ways you can get started with going green and save money in your business.

These are just a few of the ways you can get started with saving money in your business, and there are certainly many more you can try that may be more applicable to you and your company, though we hope that they’ve been helpful in giving you some ideas to start from and hopefully you’ll be able to implement some of them in your business.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 4 Ways To Save Money In Your Business appeared first on OpenBusinessCouncil Directory.

Recently, Huawei has held Global FSI Summit 2020 (online overseas part) with the essential theme of “Thrive Digitally in a Mobile Future.” Financial institutions and enterprises were invited to share their experience and insights in dealing with the “new normal” in the post-pandemic era, involving accelerated mobile first implementation and using FinTech to ensure business continuity and reshape financial services models. Huawei believes that mobile capabilities are key to future banks. Supporting this mobile-centric business will require new IT architectures and key capabilities of cloud, AI and 5G. As a leading tech player, Huawei provides its global financial customers with competitive financial ICT solutions, and works with various world-leading partners on joint innovation.

The summit attracted the world’s leading financial institutions including Shanghai Pudong Development (SPD) Bank, China Construction Bank, Singapore DBS Bank, Sberbank, BBVA, Isbank; the world’s leading financial solutions provider Temenos, and analyst institutions IDC and other global industry participants.

Financial Institutions Adhering Mobile First Strategy and Going Digital Success

The COVID-19 pandemic has advanced digital operations in the financial industry with more confidence and determination in such implementation. Moreover, the industry has demonstrated its advantages and value in applying new technologies in digital operations.

Peng Zhongyang, Director of the Board, President of the Enterprise Business Group, Huawei, stated: ” Based on cloud computing, big data, artificial intelligence, 5G, and other ICT technologies, innovative FinTech will embrace new opportunities and lead the upgrade of financial services. We have combined our 30 years of technical experience, capabilities, and industry insights with customer needs, to provide competitive financial ICT products and solutions that span multiple domains, and collaborate with various partners for joint innovation. We believe that financial institutions that are ready to go digital will probably see greater success.”

Adhering to the “mobile first” principle to achieve smart experience is the foundation for financial institutions’ customer-centric business strategies, said Jason Cao, President of Global Financial Services Business Unit, Enterprise BG, Huawei stated. “We do believe that the mobile capability will be the core of the future of the banking industry. It not only is applicable to the interface that connects with client, but also to the internal operations and collaborations with partners. Supporting this mobile-centric business will require new IT architectures and key capabilities of 5G, AI and cloud. As a leader of these technologies, Huawei has unique advantages that supports the cloud transformation of financial institutions, builds new connecting capabilities, and helps financial institutions improve their agility and innovation capabilities,”.

The Transformation Experience of Banks in China Empowers the Global Financial Services Industry

Huawei has loads of experience globally as well. Especially in the Chinese market, Huawei has gained experience in leading banks’ transformation and thriving in the mobile App era. Notably, the banking sector has taken a series of measures to ensure business continuity in different stages of the pandemic. In the post-pandemic era, banks need to proactively reflect on their business model and prepare for any uncertainties in order to ensure an agile business moving forward.

Shanghai Pudong Development (SPD) Bank has applied technologies such as 5G, IoT, artificial intelligence, and cloud computing since 2018. At the beginning of this year, our bank established a three-year action plan, aiming to strengthen open banking, promote full-stack digitalization, and create new development drivers by focusing on customer experience and digital technology. From the strategic perspective, we will promote data operations, technology upgrade, and cross-industry collaboration. For example,SPD Bank has developed an AI-powered virtual employee, Xiaopu. Through professional training, Xiaopu is capable of offering risk assessment, financial consulting, investment advice, and news broadcast services online. In the 5G environment, she can work perfectly on various devices such as mobile phones, smart watches, and cars, making high-quality, personalized, and intelligent services more convenient and inclusive.

Pan Weidong, President of SPD Bank, also said: “Adhering to ‘customer-centricity’, SPD Bank uses 5G and other technologies to continuously innovate customer experience, business models, and open ecosystems, and expand the breadth, depth, and width of financial services. We will strengthen cross-industry cooperation and innovation. We want to create infinite possibilities with connections, inspire infinite momentum with intelligence, serve the industry ecosystem with FinTech, and jointly promote high-quality social and economic development to embrace a better future.”

China Construction Bank (CCB) launched the “TOP+” strategy for financial digital transformation as early as 2011. It uses technology and data as a two-wheel drive to actively embrace new technologies such as AI, blockchain, cloud computing, and 5G, and embed financial services into the four essential sectors, namely, clothing, food, housing and transportation. During the pandemic, the application of new technologies allows CCB to provide customers with “no-contact services” correspondingly. An online loans channel, for example, is set timely to meet customer’s financial needs. In early February, the bank launched a comprehensive service of “anti-epidemic zone” through mobile banking and WeChat Bank, providing real-time data on the epidemic situation, application for late personal loan repayment, charitable donations and other services.

Niu Wenchao, Senior Engineer of China Construction Bank, said at the summit: “During the epidemic, while the over-the-counter transactions decreased significantly, CCB’s online transactions increased slightly. Thanks to CCB’s dual cloud strategy, the private cloud provides stable operations and public cloud assists innovation and development. More importantly, we relies on the intelligent data center infrastructure and the highly automated and intelligent network jointly built by Huawei and CCB. Digital transformation has laid the foundation for us to quickly respond to emergencies and maintain continuity of customer services.”

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Huawei’s Global FSI Summit To Empower Digital Transformation with Mobile-Centric Strategy and Cloud, AI, and 5G Capabilities appeared first on OpenBusinessCouncil Directory.

It’s been predicted that business recovery will rise in the following 28 weeks, which however would suggest a much longer lockdown , as it will take longer to rebuild. But despite this, more than two-fifths of businesses (41%) report a positive outlook for next 12 months, offering a glimmer of hope for economy

One in ten businesses in the wholesale and retail sector (9%) are facing a collapse as it’s been stated they will not survive another month of the lockdown period, which is being said by the latest wave of the Opinium-Cebr Business Distress Tracker.

Furthermore, the long-term damage the economy will have to face continues to grow as the time that businesses anticipate they will need to recover from the crisis is now 28 weeks. This is a 3 week rise since the last Tracker, just a fortnight ago, and suggests the longer the lockdown persists, the longer it will take for businesses to rebuild.

Business Distress Tracker topline results

• Despite the damage that is piling up, there is a glimmer of hope that some businesses have made it through the lowest point of the coronavirus crisis, as more than two-fifths (41%) reported a positive outlook for the next 12 months. This is the first time during the crisis that the number of businesses with a positive assessment of future conditions has outweighed the number with a negative assessment.
• However, even though there are improvements in sentiment, conditions remain extremely challenging by any historical standard, and more than half a million (510,000) businesses are at a high risk of entering insolvency.
• The severity of the crisis varies between sectors. While, nearly one in ten (9%) businesses in the wholesale & retail sector state that they will not survive another month of the lockdown, manufacturers appear more resilient.

The Opinium-Cebr Business Distress Tracker checks the pulse of the UK business community on a fortnightly basis, as firms across the country grapple with the unprecedented challenges brought about by the coronavirus crisis. The Tracker is based on a survey of 500 business across the country, representing a broad range of industries and business sizes.

James Endersby, CEO at Opinium said “We are all going through the most immensely challenging time and all businesses are doing their best to keep their head above water. The good news is that there is no further bad news, with businesses adapting to life in lockdown as best as they can, but it is hard to avoid the large number still facing the risk of insolvency.

“Another ray of hope is that B2C businesses appear to be responding to steadily rising consumer demand by bringing some of their workers back from furlough. However, the incredibly challenging trading conditions across the board means that B2B businesses are yet to see any noticeable improvement in their outlook.”

Pablo Shah, Senior Economist at Cebr said “The latest results of the Tracker show that long-term damage to the economy is stacking up. Businesses now anticipate needing 28 weeks after restrictions are lifted to return to pre-crisis levels of production – 3 weeks longer than in the previous edition of the Tracker. Meanwhile – at more than half a million – the estimated number of businesses at high risk of insolvency remains alarmingly high.

“With that being said – while present conditions remain challenging to the extreme – the survey results suggest that we could perhaps be starting to see some break in the clouds. More than two in five companies now describe their prospects for the next 12 months as positive, while assessments of current trading conditions have also picked up marginally.”

Business insolvency risks

Insolvency risks for the business community as a whole appear to have receded marginally, with nearly 3 in 5 (58%) of businesses indicating that they are safe from insolvency as a result of coronavirus-related disruption. However, 9% of firms – amounting to 510,000 – remain at a high risk of going insolvent as a result of the current crisis.

Eight weeks after the national lockdown was introduced, many businesses are now on the cusp of closure. 5% of firms surveyed indicated that they could not survive another month if trading conditions remain as they are currently. The situation is particularly dyer in the wholesale & retail sector, where nearly one in ten (9%) of businesses do not think they can survive another month of lockdown.

Trading conditions and employment impacts

Though there has been a slight decline in the number of businesses making workplace adjustments, over four fifths (84%) of UK businesses continue to make changes to their operations. Positively, there has been a small reduction in the average number of employees on furlough (32% down from 35%), though the number of staff facing reduced hours (33% up from 32%) and wage cuts (34% up from 33%) have increased very slightly.

Most noticeably, B2C businesses have appeared to turn a corner. In our first wave at the height of lockdown two thirds (67%) said their trading conditions were poor, but this has dropped by 8 percentage points to 59% in our latest wave. Although they remain in incredibly difficult circumstances, it suggests both business and consumers have improved their ability to navigate their way through the lockdown measures. This has resulted in B2C businesses reducing the proportion of their staff on furlough (30% down from 36%) or with wage cuts (36% down from 41%).

Business activity rates

The latest business survey was conducted between May 7th and May 11th. At this time, all of the restrictions introduced on March 23rd remained in place, meaning that there was not a material change in the trading conditions faced by most businesses relative to two weeks prior when the previous survey was conducted. Profits over the previous 30 days were 30% lower than would have been expected under more normal circumstances. This is a fractionally larger fall than the 29% recorded in the previous survey.

Economic recovery

Although businesses have become marginally more optimistic about their prospects over the next 12 months, the survey results also suggest that the longer the lockdown lasts, the longer it will take for most businesses to rebuild once restrictions are eventually lifted. On average, businesses anticipate needing 28 weeks to return to their pre-crisis levels of production – up from 25 weeks two weeks ago. Meanwhile, more than a fifth (21%) indicate that they will need at least a year before output can recover fully.

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post 1 In 10 Businesses Face Collapse As The Economic Crisis Deepens appeared first on OpenBusinessCouncil Directory.

Owning your own business is a goal for many people. Unfortunately, the majority of small businesses fail within the first few years. This does not have to happen to you. Preparation greatly improves your odds of success. Take the time to research the market and make sure you are in the best position possible before making the jump into self-employment.

Streamline Your Budget

When you start your own company, you are the person who is responsible for the day to day activities, making sure products are ordered, and bills are paid. It is a huge responsibility, made more stressful if you don’t have a handle on your finances. Before jumping into becoming an owner, make sure that you have a personal budget in place, your bills are paid on time, and that you make regular contributions to your savings account. It is important to know exactly what you spend each month on everything from utilities to groceries. What areas could you cut if necessary? You don’t need to live on a bare-bones budget when you start a new business, but you should have a feel for how much you can cut, and where those cuts could be made if necessary.

Reduce Debt

Putting yourself in the best possible position to launch a business means not dragging unnecessary debt with you. If you have credit card debt, work on paying it down. If your credit is in good shape you can look to transferring your balance to a zero-interest or low-interest card while you work on paying the debt off. Reducing credit card debt before starting your business has another benefit. If times get tight, having available credit can help you through the lean periods. You should never plan to live off your credit cards, but having that open line of credit can smooth the rough edges of a business start-up. Check the interest rates on your student loans. You may be surprised at how much money you can save by refinancing your loans at a lower rate. This will free up money and lower your monthly expenses without making any changes to your lifestyle.

Don’t Expect to Make a Profit Immediately

If you need to draw a salary from your new venture immediately, you may want to delay your launch. Even if your business is an immediate success, it is nice to have the freedom to invest that money back into your business in the early days. Count on everything involved in starting a new business to cost more and take longer than you plan, and if you are wrong, you will be pleasantly surprised. Having a cushion in your savings account that allows you to hold off drawing a salary immediately has another benefit. If yours takes off quickly, you can use the money you would pay yourself and start staffing. Launching and running on your own is rewarding, but demanding. Having someone else to share the burden with will allow you to focus on the many management issues involved in being an owner, and helps prevent burnout.

This is an article provided by our partners network. It does not reflect the views or opinions of our editorial team and management.

Contributed content

Hernaldo Turrillo

Hernaldo Turrillo is a writer and author specialised in innovation, AI, DLT, SMEs, trading, investing and new trends in technology and business. He has been working for ztudium group since 2017. He is the editor of openbusinesscouncil.org, tradersdna.com, hedgethink.com, and writes regularly for intelligenthq.com, socialmediacouncil.eu. Hernaldo was born in Spain and finally settled in London, United Kingdom, after a few years of personal growth. Hernaldo finished his Journalism bachelor degree in the University of Seville, Spain, and began working as reporter in the newspaper, Europa Sur, writing about Politics and Society. He also worked as community manager and marketing advisor in Los Barrios, Spain. Innovation, technology, politics and economy are his main interests, with special focus on new trends and ethical projects. He enjoys finding himself getting lost in words, explaining what he understands from the world and helping others. Besides a journalist, he is also a thinker and proactive in digital transformation strategies. Knowledge and ideas have no limits.

The post Get Your Finances in Order Before Starting A Business appeared first on OpenBusinessCouncil Directory.