Author: Igor

  • 5 Things You Can Do to Protect Your Small Business’ Cash During an Economic Slump

    If you think that all businesses make cash management their top priority, think again. A whopping 82% of businesses fail because of cash flow mismanagement. If such a large percentage of companies fail because they can’t manage their cash during good times, that percentage could only get worse during a recession. 

    Small businesses and new businesses are at a greater risk of failing during a recession than companies that have a firm financial footing. But there is hope. With a bit of prior planning, companies can recession-proof their business and survive tough economic times.

    1. Take control of your cash flow and protect it

    To be able to control your cash, know your numbers. Thoroughly understand your cash inflow and outflow. Cash flow is the life of your business and as long as it exists, money must continue to flow in and out of your company no matter the economic conditions. Your objective is to ensure that the amount of money coming into your company is more significant than what leaves.

    You can ensure more cash flow by increasing sales and billable services and at the same time, cutting back on unnecessary expenses.

    1. Invest in public liability insurance

    Lawsuits could end up in the loss of several millions of dollars or even the closure of your business.Suppose you are into the tree service business and decided to invest in public or general liability insurance for tree service. You protect your customers, yourself, and your small business and prevent money from being lost on costly litigation. Public liability insurance is designed to protect small business owners like you from costly litigations sued by your customers, the public, or even your suppliers. You also need to see how criminal investigations into your corporation can affect your business.

    When investing in public liability insurance, keep in mind that not all insurances are the same. There are several insurers and each one offers variations of this insurance. Check this article for information on how to choose the best public liability insurance for your business. You can also visit Quote Radar’s public liability insurance page to compare quotes: https://www.quoteradar.co.uk/public-liability-insurance/

    1. Review inventory management

    Cut back on costs whenever and wherever possible, without cutting back on the quality of the goods/products sold. Here are some ways you can do this and save money:

    • Stop ordering excess of items and get rid of obsolete inventory. Instead, set up an automatic re-order on your logistic software for when stock gets low and not before that.
    • Shop around for suppliers who will provide your requirements quickly at a lower price.
    • Keep inventory costs down by speeding up supplier lead times.
    • Choose alternative shipping services like drop-shipping so you can eliminate shipping/warehouse costs.

    1. Build several revenue streams

    Have multiple revenue streams. That way, you can ensure you maintain your income even in an economic downturn. With revenue coming in from many sources, your business can stay flexible and withstand any shifts that might be necessary for the future. Here are some revenue stream ideas that you might be able to add to your business:

    • Incorporate services like affiliate marketing, monthly/recurring membership subscriptions
    • Provide business services like one-on-one consultation services
    • Generate more revenue from ad revenue and sponsored content
    • Offer metered services, product subscriptions, or product subscriptions

    1. Ensure your financial records are in order

    According to an Australian survey, a business’s survival depends to a large extent on timely and accurate financial records. 

    The basic requirement for a small business to succeed in uncertain economic times is good accounting records. It’s effortless for business owners to turn a blind eye to their financial records. So, ensure your financial records are up to date and accurate at all times. These records provide vital information to grow your business and monitor KPIs.

    Many companies invest in accounting software beyond their understanding, skill and requirements that further complicates their accounts. If you use accounting software, ensure you understand how it is to be used, meets your needs and is kept up-to-date at all times.

    There is no single solution to make your small business recession-proof but there are steps that you can take to ensure that you have control over your cash during challenging economic times. If you incorporate these tips well in advance, you can even hope to make profits even while an economic slump hits businesses around yours. The first step is to analyse how your business is currently doing and then making improvements.

    Reference

    BizCover. 2020. 5 Tips for Getting the Best Public Liability Insurance for Your Business. [ONLINE] Available at: https://www.bizcover.com.au/5-tips-for-getting-the-best-public-liability-insurance-for-your-business/. [Accessed 2 September 2020].

  • How to Travel During the Current Travel Restrictions

    How times have changed since last summer. With flights being cancelled, borders being shut, and having to self-isolate when going to or from certain countries – the current situation doesn’t exactly lend itself to international travel. However, this doesn’t mean you have to stay locked up at home. With restrictions slowly being lifted and businesses reopening up across the country, there is plenty you can see and enjoy from the UK.  

    Tourist at Home 

    Whether you’re craving a city break, or you want to get out into nature – the UK has got you covered. If you’ve lived somewhere you’re whole life, the chances are you’ve never treated your home country like a tourist destination. Well, now is the perfect time for you to do just that. You can explore the coast lines, the capital, or even go camping. One of the best things about the UK is how easy it is to travel, especially thanks to its trainlines. With Grand Central Rail you can get exactly where you need to be.

    Stay Safe

    There are a number of things you can do to stay safe while travelling the country. Wear a mask for the duration of your journey on public transport. Try and keep two meters apart from those around you. Wash your hands regularly and if you don’t have access to a sink, it’s a good idea to carry around a bottle of hand sanitizer with you. You will have heard these rules time and time again but for a very good reason. The current guidelines in place not only to protect you, but everyone around you. They’re small things but they make so much difference.

    Small Steps

    Everyone is responding to lifted lockdown restrictions at their own pace. You may have noticed some people jumped at the chance at being able to go back to a pub, whereas others still get nervous having a friend over in the garden. You might feel a pressure to start doing everything now, after not being able to do much for so long. It’s important to take small steps and feel confident, rather than do too much too soon and set yourself back. You don’t need to compare yourself to others, you should do what you’re comfortable with.

    Whenever you make the decision to travel, make sure to follow the safety guidelines in place and you’re happy with your plan. When you’re ready, where would you like to travel next?

  • Top 5 tips to start stand up paddle

    Stand up paddle boarding is all the rage these days, and with pretty good reason. Of all the water sports options out there it’s easily the most accessible for beginners, making it the perfect pick up and play option for those looking to get out on the water in an active but relaxing way.

    Even with that pretty gentle learning curve, though, there are still a few things you need to know about getting into the world of SUP. Here are our top five starter tips for wannabe paddlers.

    Choose the right board

    Choosing the right board comes down to a variety of factors: how you’re going to use it, how it’ll fit your body and how you want it to handle when you’re on the water. There are plenty of physical characteristics to consider, from the shape of the board through to volume and capacity and any extras and accessories you might want with it.

    In fact, there are an awful lot more questions that you might think when it comes to picking paddleboards, so we’d recommend finding an in-depth guide to get you started.

    Find the right spot

    One of the great things about SUP is that you can paddle almost anywhere, but finding a quality spot – as in a place or two that can be your favourite locations to go out and paddle, will be key to helping you develop your skills and fall in love with the hobby.

    A good place to start would be to join an SUP club or SUP social, or use this map of UK SUP spots to find some established locations that are great for paddleboarding.

    Make the right moves

    Learning to move around on your SUP correctly will be a key part of your early learnings in the hobby. You’ll want to find out what stance works for you, whether that’s neutral, hybrid or a full surf stance and get to grips with the best balancing techniques to keep you on the board.

    It’s not a bad idea to get a few lessons to start you out with all these fundamentals, and there are plenty of SUP instructors out there ready to help you get up and running. 

    Learn to fall off

    Falling and hitting the water is a natural part of just about any water sport you can think of – and it’s certainly something you’ll need to get used to as a SUP beginner. The key thing to learn in this regard is how to fall off and get back onto your board properly.

    As a general rule, feet first into the water and away from your board is best, while it’s easiest to get back on your board at the centre. If you pick up a few lessons to get you started, your instructor can walk you through the art of falling and recovering safely.

    Stay relaxed

    Perhaps the simplest tip of them all, and maybe one easier said than done for newbies, is to relax! Paddleboarding is made to be a chilled exercise where you can head out on the water and enjoy the views and the motion of the ocean. The sooner you can learn to keep cool on your board, the quicker you’ll get to grips with staying on your board and being able to enjoy the world around you – which is what SUP is all about.

    New to SUP? Don’t be afraid! With a great community of paddleboarders in the UK and loads of ways to get into the sport, you could be up and running before you know it.

  • Fun Hobbies You Can Share With Your Child

    Are you trying to think of something fun that you can do with your child? One of the suggestions that we have for you is that you should take up a hobby that you two can do together. This promotes bonding between you two, bringing you closer than ever before. Just ensure that when you are choosing a hobby, it’s one that you have time for. The reason we say this is that we don’t want you to end up letting your child down because you are busy when the hobby would be taking place. In this article, we’re going to be taking a look at some of the hobbies that you can try, so keep reading to find out more.

    Arts

    Source Link – CC0 Licence

    The first thing that we want to mention is arts. There are so many different ways to create art, and we think that it would be a nice thing to do together. You can draw, paint, sketch, and a range of other things as well. Find the one that is right for you two, and then you can continue to do so for as long as you like. If you are going to be painting, then watercolor brushes are an essential, so ensure that you invest in quality ones for you and your kid. Don’t forget, sometimes hobbies can be a little expensive, so try to find the best ways to get around the price if you are on a budget. Keep in mind that there is always a way to get what you want.

    Music

    Another thing that you can do is take up musical instruments. Or, if you don’t think that instruments are for you two, then your hobby can always be listening to new music together. You can really appreciate the songs and their lyrics, rather than just listening to them as background noise. Music can be a lot of fun, no matter which of these two options you choose, and you never know, it might inspire your child to take this further in their life if they find they love it.

    You should always encourage passion in your kids, even if it comes from hobbies. It’s important that they know they can do anything!

    Sport

    CC0 Licence – Credit Source

    Finally, if you want to keep fit but also want to do something fun, then taking up a sport could be a fantastic solution. According to Athletic Lift, sports involve a lot of fitness, but they are also super fun if you can get into them. For example, soccer is a great option that doesn’t see too many injuries while playing, as well as netball, tennis and others. Just see what you guys like best, and then go from there. 

    We hope that you have found this article helpful, and now see what some of the fun hobbies that you can share with your child are. These can be a lot of fun when they are done properly, so make sure that you are both taking the time to learn. If at any point you find that you are not enjoying it, choose another of the options so that you both do something that you are enjoying together. We wish you the very best of luck.

  • Becoming a Digital Nomad: 3 Precautions To Ponder

    Becoming a digital nomad is, for many people, the breath of fresh air they need. Going from the 9 to 5 to working remotely from any location in the world can be one of the best decisions you will ever make. But it’s important to have some knowledge of the best practices and precautions before you start on your journey. It shouldn’t be something you jump into blindly. What do you need to consider before you take the leap? 

    Source – CC0 Licence

    Know the Right Locations for Your Needs

    You might think that you could go anywhere you want, but there are countries or cities that are not necessarily suitable for digital nomads. You need to consider costs at this stage because you will have to look at the visa policies but also look at the cost of moving. There are ways around moving as cheaply as possible, such as downsizing your personal belongings, but if you’ve got a lot to transport, you will need to consider how far you can realistically go for your budget. Companies like Bekins Moving Solutions can certainly help in these instances, but you’ve got to get your budget right. When you find the right location, it’s not just about proximity, but also internet connectivity. Some of the most beautiful countries in the world have incredibly poor internet connections, such as Egypt. For this reason alone, you may be better off going to a bigger city that is slightly closer to home rather than a rural area. 

    Having the Right Tech

    It sounds obvious, but being a digital nomad means that you’ve got to make sure your computer is firing on all cylinders. Without your computer, you are not going to be able to earn money. Additionally, if you are unable to work because of poor internet or a broken computer, you could lose clients. Unfortunately, not every country has a great laptop repair store, so you need to have a backup plan. The best backup plan is to have a spare laptop or a tablet with a keyboard attachment. Also, you should have spare cash should you need to buy another computer. It’s always worth noting the internet cafes in your location, so at the very least, you can go and work while you are figuring out your next plan of attack. 

    Knowing How to Protect Yourself

    There are two things to consider here, protecting yourself from digital attacks, but also protecting yourself when you are in unknown territory. You will need to have adequate anti-virus software, such as Bitdefender, but also make sure that you know how to look after yourself when you are frequenting internet cafes or working in public. It’s important to look after your personal belongings, and find locations where you can work securely, but you should get the benefits of being in another country while you grow your customer base. 

    Being a digital nomad is one of the best ways to experience the world and earn money, however, you’ve got to be aware of the precautions that you need to take.