The world of business has changed dramatically in the last 10 years. With social media platforms, 24-hour news coverage, and an ever-increasing global presence, small business owners must stay abreast of the changes.

If you have a clear vision of where your business is heading and have built an established business, then reinforce your IT department, think creatively about your recruitment strategy, and review your marketing plan to grow your business faster.

Develop a Strong IT Team

A solid business presence requires more than just a great website and robust software. To handle any technical issues, you should also create a team of IT experts. You never know when a technical problem could come up unexpectedly, disrupting your staff’s workflow in the middle of a busy day.

When your website slows down, for example, in addition to fast WordPress hosting you will need experienced technicians to diagnose the problem.

Your website could be slow for many reasons:

• Your images might be too large.
• Your videos might be too long because they are filled with unnecessary information.
• Your web browser might not be up-to-date.
• Your website might have too many plugins.
• Your platform might have too many scripts running in the background.

Rethink Your Hiring Options

For a small business, finding the right candidate is not always easy because the hours at your business might be long, the tasks difficult, and your expectations high. Still, it’s essential to fill all your open positions.

As each potential employee represents a substantial investment, they must bring something of value that will make the investment worthwhile.

If you can’t find the right people and your company has limited resources, here are some alternative ways of hiring employees:

• Engage part-time subcontractors who are subject matter experts.
• Employ part-time workers who only work certain hours during the day to create a more balanced workload.
• Hire temporary workers when you have a new client project and need to onboard more people for it.

Improve Your Marketing

You can always improve your digital marketing. Transforming it will have a significant impact on your company.

Today’s high-impact marketing techniques extend beyond appearing in the top search results or generating website traffic through pay-per-click marketing.

Besides these proven methods, here are two other strategies you can try:

1. Use Social Media Platforms to Reach a Wider Audience.

One of the fastest ways to reach your target audience is through social media. With it, you can connect with people directly, build a following, and create relationships. Besides being low risk, it requires no money or up-front commitment.

Find innovative ways to engage your audience on social media. Identify which channels you should use, how often you should post, and what kind of content you should create.

2. Find Out What Is Trending in the Market

It’s difficult to determine which tactics will be effective and which ones won’t. As a business owner, you must be aware of the latest marketing trends that are most successful.

To avoid wasting time and money on ineffective techniques, conduct research before committing to any strategy. After this, evaluate the new tactic before adding it to your marketing mix because the results from one company’s test may differ from those of another.

Stay on Top of Emerging Business Trends

Adapting to the constant changes in technology and consumer behavior is essential for your small businesses to remain competitive. Growing it requires that you do much more than just sell the best products or services, you also need to be adept at handling unexpected technical issues, using the best hiring practices, and developing marketing strategies that engage your customers.

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 How to Grow Your Small Business Faster appeared first on OpenBusinessCouncil Directory.

Time Management

It’s great to work for yourself. But that means that you will end up doing all the work unless you outsource some things. As well as this, the only person around to keep track of your goals and deadlines is yourself. If you’re a product seller, then getting deliveries out on time is very important or you’re going to end up with some disgruntled buyers. If on top of that, you are creating your products, then that adds another thing that will take up your time. Finding a good way of managing your time and keeping reminders of critical tasks is very important. Try to stay organised and you will find that the work will become a lot easier.

Marketing

You’re never too small to market your products or services. Make good use of intuitive, easily accessible design software and keep your social media accounts buzzing away. The only way you’re going to maintain a healthy customer base is by keeping your brand relevant. You could also outsource these tasks to an agency or freelancer if you have the funds or contacts.

Don’t Do Everything Alone

Speaking of outsourcing, finding other professionals or businesses that can assist you in your work can be invaluable. Whether you’re paying for designers, tech helpers, or even logistics companies, you’ll be saving time in the long run, and time is money! If you’re selling and shipping products, you’re going to need to make use of a delivery service. You might even be selling products to people on the other side of a large city such as London. Consider paying for a courier service like Mango Logistics Group to take advantage of quick, same day deliveries.

Don’t Take On Too Much

Always make sure you’re not overdoing it too. If you’re taking on too many jobs or orders, you can end up both burning yourself out and being unable to fulfil those orders too. That leads to so many more problems and ultimately will harm both your business and your health. Using those time management skills, determine what you can comfortably take on and learn to say no to things you can’t.

Look After Yourself

Ultimately, you need to look after yourself. If you’re giving yourself unhealthy work hours from poor time management and taking on too many tasks as mentioned above, this will risk impacting your mental and physical health. Make sure you eat, stay hydrated, and adopt a good sleeping habit. This will bolster your attitude and health and can only help your business overall.

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 Running Your Online Store: Tips For The Solo Business Owner appeared first on OpenBusinessCouncil Directory.

When should You think of Selling Your Small Business? Small businesses can close because of so many reasons. The main reason being the business is not able to meet the expectations of people. For instance, so many people sell their business due to financial or health issues. Lloyds Business Brokers come into the forefront at this point to help you get the right price for the business. Further, when the business shuts down due to immense competition, they will want to sell off a reasonable profit percentage. Also, the more prominent competitors may prompt the business holders to see the economic drives with the business. Owners may want to sell it sooner, but the process is not so easy.

Many of the business owners are planning to retire, but they can’t do so. Likewise, many of the businesses don’t even want to quit. It includes the day-to-day responsibilities right from owning the business. The freedom gives the owners to get the price just like how they want it. Lloyds Business Brokers help in looking for the change and move the business forward. The clients check out the business to see if there are any negative consequences to it.

When should You think of Selling Your Small Business?

Things to see when you plan to sell a small business

Setting the goal for the sale

When you plan to sell the business, explore various options with the investment banker. Besides, see the change if you want to see the change structure. The owners might get prices above their expectations and sometimes below them. You have to set goals for the sale date. You have to know what you want to sell.

Try to analyze the offer well.

It’s best to showcase the business at events and trade shows. People get to analyze the offer well through Lloyds Business Brokers. Secondly, the request can be a simple one with no unique clauses. Some private firms specialize in dealing with recommendations, and all of them are ethical. Take the offer only after negotiating the same.

Do the calculation well.

Business owners stay in assumptions that they can sell the business to save enough for the retirement. Further, the companies require enough capital at a 4% distribution rate. If a business owner hopes to get the retirement amount from the sale, the business has to produce more. For instance, if the company produces $5,00,000, the business must be sold at $17,50,000. Try to do the math to get the business at the less price but sell it at a higher price.

Planning ahead of the sale

You also have to prepare ahead of the sale. Likewise, the sales business should be a rewarding one. But it will require a good set of business, goals, and policies for all the plans to survive.

Conclusion

Maintain the lifestyle even after selling the business. Also, take the fruits of labor and earn well enough. However, with the help of prime brokerage services, it can be much easier. Make your business good enough so that you get good money for it. If the business is no longer a successful one, it’s best to be sold off.

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 When should You think of Selling Your Small Business? appeared first on OpenBusinessCouncil Directory.

If you’re an entrepreneur, you’re probably so busy trying to make your business a success that you take care of everything else but yourself… with so many tasks to complete, and people  to please, from employees to customers – we spend so much energy taking care of business that we often forget to take care of ourselves.

We are consumed with distractions, and things we need to find out more about, for instance, the statement “learn more here” can pull us into a bottomless rabbit hole of discovery about various aspects of business form setting up a limited company to marketing and website technologies.

The point being that we are often so consumed with developing our business that we forget to develop ourselves.  Therefore, in this article we’re going to take a look at some of the aspects you will want to consider when it comes to ensuring you take good care of  your most important business asset – yourself!

See, without you being on top form, it doesn’t matter how great your business plan is, as you’ll be unlikely to execute your ambitious plans without being in a peak state yourself.  Without question, you are the most integral and important component of your business, so taking care of yourself should be of paramount importance.

TAKE TIME OUT FOR YOURSELF

It’s really important you make time for yourself.  It can be so easy to run yourself into the ground when running a business.  Therefore, you’ll want to take some time out for yourself.  Many business owners work through the weekends, evenings and holidays — this isn’t healthy, as it doesn’t give you the time you need to replenish your energy.

Think of how a mobile phone needs charging, from time to time, in order to perform optimally, as without it, it’s performance becomes so low it eventually stops working… the same is true of business owners.  You need to make sure you have plenty of time to replenish and enjoy life, rather than be  working the whole time.

SLEEP

The importance of getting enough sleep cannot be overlooked.  You want to ensure you get enough deep sleep (rather than light sleep) as this is the sleep that replenishes your mind and body at a cellular level… power naps can be helpful to quickly recharge, for an important  meeting, but you cannot live on them.

Thinking back to the mobile phone charging metaphor – sleep is like plugging your phone into a charger… you need to ensure you have plenty of rest in order to be able to perform optimally.

HYDRATION AND NUTRITION

We’ve all heard the term “we become what we eat” and this is true, yet for an entrepreneur, the core advice is to make sure that you do actually eat and drink – as many business owners are guilty of skipping meals due to their busy schedule.

When you consider that a ninety minute presentation has been scientifically proven to be as exhausting as running a half marathon – it goes to show just how important it is for you to keep your body fuelled in terms of food and water.

This is an article provided by our partners network. It might not necessarily 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 Taking Care of Yourself as a Business Owner appeared first on OpenBusinessCouncil Directory.

If you are a small business owner aged more than 65 who wishes to continue doing business in your 60s or 70s, you certainly aren’t alone. As noted in the Financial Times, over-50s are ‘the new business startup generation’. Many have opened their business later in life because they have money to invest and may find that job prospects are lacking. If you were one of these brave founders of startups or small businesses, you may wonder if retiring at 65 is a wise decision. Around 19% of people aged 65 or over in America are choosing to remain in the workforce. Not all of them are doing so out of necessity; many find that continuing to be active employees or business owners enables them to stay active, feel productive, and maintain important ties.

 What Are The Financial Benefits Of Keeping Your Business Open?

In their report Gig Economy and the Future of Retirement, Betterment found that seniors are taking advantage of the ‘gig economy’ to its full benefit, with around 76% of people aged 55`using a gig economy job to save for retirement. If your small business is landing lucrative contracts in this pro-freelance environment, it makes little sense to retire, since you can quickly build a nest egg that will enable you to lead a comfortable life when you decide your current lifestyle is no longer for you. There is another financial plus to retiring later: the big tax advantages you can obtain as a small business owner. Bear in mind that social security tax is only due on the amount you pay yourself; the rest of your business’ profit (in effect, your income) is not subject to tax. You can save thousands per year, though this may mean receiving a smaller benefit later in life. It is up to you to weigh the pros and cons of this strategy.

 The Health Benefits Of Working Longer

In addition to bringing greater wealth in your retirement years, keeping your business open can also wield significant health benefits. A study by researchers at Oregon State University found that healthy adults who retired at 66 instead of 65 had an 11% lower risk of dying of any cause. Even those who had some kind of illness but stayed active in business or as an employee enjoyed this benefit. Other studies have shown that the main reason for this phenomenon is purpose. Older people who choose not to retire can find greater meaning from their lives and can also feel that they are contributing more to society. Social ties are also key; many seniors appreciate the chance to meet and connect with friends and clients at work: it keeps their mind agile and instils a sense of being part of something greater than themselves.

If you are a small business owner who would like to stay in the game longer, there are many ways you can do so without tiring yourself or stopping you from engaging in hobbies you enjoy. If you wish to free up a little more time, think of how you can delegate tasks involving your core competencies, so you can concentrate on management. This will free up a little more time but ensure that your business acumen continues to be the driving force behind the continued growth of your company.

This is an article provided by our partners network. It might not necessarily 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 Should Small Business Owners Work In Their Senior Years? appeared first on OpenBusinessCouncil Directory.

As a business owner, you probably spend a lot of time on your company finances. Whether you’re calculating profit and loss or working out the tax for the year, you’re always thinking about the numbers. For this reason, you might be neglecting your personal accounts, as you just don’t have the time for them.

If this sounds familiar then we have some great tips to get your personal finances back on track.

Keep things Separate

If you want to keep a clear definition between your business expenses and your personal ones, then you have to put this in place. This will allow you to understand what’s going on with each side, without getting them muddled up. If you do have trouble with this, then you might want to seek the help of an accountant.

The different sides of your finances should be kept separate, as you don’t want to end up getting into trouble with the law. This kind of muddy bookkeeping will only serve to harm your business in the long term. So define these lines and keep the money separate, even if this means using two separate accountants!

Use a Budget

You probably have a budget set up for your business, right? You know the money that is in the bank and how much capital you have to spend. This gives you a clear direction on what you can afford and how you will grow your business moving forwards. So why don’t you have this in your personal life?

You can open online bank account with the likes of BB&T to have on demand access to your finances. From there, you can assess your current spend on things like food and bills, working out whether you’re sticking to that budget or not. This will help you to save and possibly have more money to invest in your business in future.

Plan for the Future

Again, this is most likely a practice that you employ within your business. Therefore you have to think about where it comes into your personal life too. As a business owner, your income can be more sporadic than a regular worker and you have to plan for those rainy days. When the going is good, take time to plan out what you’ll do with that extra money.

If you have kids and a family to support, this becomes even more important. You can look into income protection and insurance so that if you ever become unable to work, you can still support them. This kind of forward planning is a great idea to secure your earnings into the future too.

If you have the time to plan for this, then you will thank yourself in the long term.

With so much to think about as a business owner, your own finances can fall to the wayside. However, you can impact your future earnings if you don’t think about this. As a business owner, you don’t want to leave yourself open to this kind of danger, whether that’s in business or in your personal life.

This is an article provided by our partners’ network. It might not necessarily 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 Managing your Personal Finances as a Business Owner appeared first on OpenBusinessCouncil Directory.

Everyone needs some kind of financial protection for the future and that is no less of small business owners. Many believe that because they tend to have a higher income than average, finances are rarely a concern beyond running the business well. However, a little planning can help you avoid disaster, maximize profits, and even find an exit route from running the business when you want one.

A fitting structure

The best choice you can make is often the first one: deciding the structure of your business. If you are a sole proprietor or in any other arrangement where you share liability with your business, it’s best to consider switching. Turning your business into an LLC has significant financial advantages, even if it does take a little more accounting work. For instance, you are not personally liable where your business might run up a debt. Furthermore, you have to run your business finances separate from your personal accounts, which can make it easier to organize your money responsibly.

The right insurance

As you may already know, some forms of insurance are legally essential depending on the circumstances of your business. If you have employees, they must be insured, for instance. Liability insurance is a must-have for any businesses that operate in person with clients. But you should also consider personal protections. Health insurance may be essential to keeping the business running after a bout of bad health, and life insurance is crucial to making sure your family doesn’t have to use the assets you want to pass on to them at the end of your life. Figure out how much insurance you need and have the policies in place while they are still reasonably priced. The longer you wait, the more likely that your insurance costs will rise.

A good line of credit

Building your personal credit and your business credit is essential. Business credit can allow you to ensure that you are able to get a hand on the resources you need, even if you hit an unexpected lull in a seasonal market. Personal credit can allow you to trim your personal finances if you need to invest even more in the business, making repayments much easier when you boost your salary back up.

Your own retirement savings

Don’t rely on the idea of selling the business as a nest egg. Business is unpredictable at the very least. You might be doing excellent now, but you don’t know what the market will look like in twenty years. Never neglect to choose a good retirement savings account and build your retirement fund independently. If you do so, and you do end up selling the business, that only means that you will get to enjoy the fruits of your labor without having to set it aside for retirement living expenses.

Everyone needs a personal strategy for their finances, not just a business one. The tips above will ensure you are keeping the protections you and your family need while finding new ways to grow the business and streamline your accounts both inside and outside of it.

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 Financial Protections Small Business Owners Need appeared first on OpenBusinessCouncil Directory.