Posts tagged business decision
Peace of Mind in Business - What Does It Take?

Running a business is stressful—a statement that could possibly be the understatement of the century. After all, companies in your industry would naturally prefer that your business failed because that means one less organization to compete against and potentially swallow up their market share. On top of that, for your business to survive and thrive in today’s competitive digital landscape, you must continually evolve with the market, maintain a coherent strategy, continuously streamline all of your overbearing systems, and never get too attached to creative ideas, specifically ones that do not work.

As a business owner, you have a lot on your mind. You are trying to solve things in your head all day while trying to still remain present with the current day’s demands. This can feel burdensome with so much load to carry on your own. Shutting down mentally can seem almost impossible, and to think that you will ever have a day where you do not have to worry about anything, or that the wheels will someday spin themselves, is a pipe dream. So, you diligently attack your never-ending to-do list with everything you have.

Peace of Mind In Business

@viancasoleil reminding us that it is possible to create a life and business that is a reflection of anything you desire. This includes managing your business in a way that promotes peace of mind.

Fortunately, you can certainly be in control of your business to the point where integrations, software, and contingency planning can give you a sense of security and protect you from security threats that could spell disaster for your business if not implemented.

Additionally, if something goes wrong, your business will remain strong. You will have the luxury of avoiding unnecessary downtime because you have put in effective measures and protections beforehand that will provide reassurance and peace of mind for when you need it.

Here, we will discuss a few ways that we believe are necessary to achieve peace of mind in your business. Giving these items immediate attention will help you avoid unnecessary expenses or challenges in the future.

01

Stated, Definable Goals

Confusion is often the best breeding ground for stress, which is why leaving vital business priorities vague can only cause chaos, no matter how good of a manager or owner you are. It is good to cement your work week, workday, and overall visionary priorities into concrete, executable goals—those that help you move forward with care so you genuinely understand what the next step will be. Integrating that into the time blocks of productivity you use daily will ensure you know what you are doing, and how to build on what you have developed beforehand. This personal example will help your managers conform to your style, and as such, structured approaches to tasks will take root throughout your organization.

02

Proper Documentation & Contractual Management

It is important to make sure you learn about the contract management life cycle before you agree to contracts or embed them into the structural policies and plans of your business. This way, you know that as contracts expire or as you work on your record-keeping and transparency, you will have no administrative deadwood that causes confusion and breeds mistakes. This will also help manager training and employee onboarding, and ensure complex B2B connections are honored at every level.

03

Cybersecurity Is A Growing Concern

Regular cybersecurity training can help you defend against hacking and social engineering methods used by online criminals, says Lumify Learn. Your staff does not have to be negligent or unintelligent to suffer a hack, as even very popular tech brands can come under fire from time to time. Regular backups, password changes, file protections, data encryption, and secure communications will help you avoid a small issue from turning into a system-wide issue. The more you can do that, the more you can rely on your systems to protect you as opposed to wondering where the next threat will come from.

@viancasoleil is the founder of Unna, an interior designer, and a photographer. We are inspired by her calming, island aesthetic which keeps us dreaming of a work-life balance that includes a bungalow beachside and drinks at sunset.

04

Automation software & AI tools

With the advances in automation and artificial intelligence, simple tasks can now be done with software that promises efficiency, accuracy, and time management. Finding software to fuel your business growth is one of the best things you could do to ensure that you are fully integrated with systems that help manage the day-to-day activities of your business to increase productivity for yourself and your staff. Using software to manage your time, budgets, and projects are effective ways to keep everything all in one place and organized for your team.

Takeaways

These are just a few processes that can be implemented to avoid future battles that can be avoided with intentional integration within your business. With this advice, you are sure to identify and eradicate stress where needed, helping you remain clear, focused, and calm as much as possible so that you can run your business smoothly. Maintaining a business can be easier when systems are being utilized in areas that are fundamental to the success of your business and when they are specifically used to protect you from future threats or liabilities.




Ensure Your Marketing Business Gets Paid On Time
HLL x Ensure Your Marketing Business Get Paid on Time

Have a pricing guide to present to your clients that showcases all of your services and payment terms.

Running your own marketing business can be a gratifying way to earn a living on your terms doing something you love, but it can be pretty stressful at times, especially when you are struggling to get a client to pay you on time.

There is nothing worse than when a client will not settle their invoice. You spend too much time chasing them and stressing about what you will do if the money does not come through. The good news is there are several things you can do to ensure your marketing business gets paid on time.


01

Send prompt invoices

Using software to send payment invoices automatically when a job is complete is an excellent way to get paid on time because the sooner you send the invoice, the sooner it is likely to be actioned by the client. It does not always work out that way, but as a good first step, immediately sending out your invoices is helpful, and it is simple to do with an automated system.


02

Create clear terms and conditions

Right from the start, when working with a client, no matter who it is, you should ensure that you have a written contract with transparent terms and conditions around every aspect of your time working together, including payment timescales.

By creating a detailed contract, you will ensure that both parties know what is expected of them, and you can ask for payment at a specific time. You can also create a clause that lays out the fees you will charge for late payments and what will happen if a payment is not forthcoming so that you have legal recourse should the worst happen and the client refuses to pay despite you holding up your end of the bargain.


Hello Lovely Living

Have a company profile to present o your clients. It includes a pricing guide so that all bases are covered prior to you working together.

03

Track payments

One thing you should always do as a small marketing business is to track the payment patterns of your regular clients. Doing this is one of the best ways to reduce the risk of your company not being paid on time or, even worse, not being paid at all.

If you track payment patterns and you find, for example, that X company always pays a month late or that you have to endlessly chase Y company to pay at all, then you can make decisions about firming up their contracts so that they settle their debt in a more timely manner. You could also opt to refuse to continue business with them at all if it is too time-consuming and stressful to chase them. This will put your business in a much better position from now on and reduce the odds of you losing money in the future.


04

Offer incentives

If you are struggling to get paid on time, then take a leaf out of the marketing playbook and offer your clients incentives to pay just like you would create incentives for customers to buy products from your clients.

If you offer, say, a 10 percent discount for early payers or a freebie for clients who pay on time when it comes to them making their next order, you will find those slow payers suddenly become prompt at paying off their invoices., and everyone wins. Of course, only do this if you can afford to do so, and it is built into your business plan, but if it is viable for you, it can be very effective indeed.


05

Offer more payment options

Something else that can help your marketing business to get paid on time is offering multiple payment options--from Paypal to credit cards to bank transfers. By providing a wide range of options, you are making it easier for your clients to complete the transaction, which means they are less likely to hold off on doing so until they can find a convenient time in their window.

It has never been easier to set up numerous payment options, so there is no reason not to do this if you want to get paid on time and have an easier time planning your company's cash flow in the future.

Not getting paid on time sucks, but you can vastly reduce your chances of having it happen to you by simply incorporating some or, even better, all of the strategies above into your business model going forward. If you want to be paid promptly, these changes will help.


The List

Money


✔️

Chime

Chime is a new approach to online banking that doesn’t rely on fees, gets you your paycheck up to 2 days early with direct deposit,  and helps you grow your savings automatically.

Their mission is to make financial peace of mind a reality for everyone. They are doing that by changing the way people feel about banking.

Chime’s business was built on protecting its members and making managing your money easy. “We’ll never profit from your misfortune or mistakes, and everything we build is focused on improving our members’ lives.” - Chime

Earn $100 when you join Chime and receive a qualifying direct deposit.


✔️

Moneylion

Earn up to $60 when you use code $hellolovelyliving when you join MoneyLion.




Do Home-Based Businesses Need A Financial Advisor?

According to the SBA (Small Business Administration), approximately 50% of all US businesses are home-based. Additionally, reports from the Pew Research Center reveal that 16 million Americans are self-employed. This makes up nearly 30% of the total workforce. The majority of these businesses are sole proprietorships; thus, every decision, be it related to inventory or financial investment, is made without any additional advice or support.  

Unlike large companies, small business owners like sole proprietors do not have a CFO (Chief Financial Officer) to advise them about their company’s financial condition or direction. Thus, home-based businesses struggle to maintain their good standing or fail to grow. What can a home-business owner do in this situation? The answer is simpler than you think: Hire a financial advisor. In this article, we discuss a few points to consider when hiring one.

What does a financial advisor do? 

Generally speaking, financial advisors assist entrepreneurs with deciding the course of action for their revenue earned. However, their role is not limited to financial advice. Rather, there are numerous services that you can select from based on your current and ongoing needs.

  • Debt Management: Creating strategies to pay off debt and avoid the same costs in the future. 

  • Tax Planning: This includes tax return preparation, planning tax-loss harvesting security sales, enhancing tax deductions (and exemptions), using capital gains tax rates wisely, and more. 

  • Insurance & healthcare advice: Providing the best solutions for you and your teams’ healthcare on a long-term basis. 

  • Budgeting: Strategies to meet business goals (both short-term & long-term) within your budget. 

Apart from this, financial advisors can also assist you in retirement and estate planning.

Signs you need a financial advisor

Though you do not need any specific reason to work with a financial advisor, certain signs call for professional assistance. These signs include: 

  • You do not know how and where to invest business earnings.

  • You are frequently losing money on your investment(s).

  • You do not have an estate plan.

  • You are currently struggling with debt payments.

  • You are constantly failing at creating a budget. 

If you have already designated personnel to manage your finances and assist you with business decisions, you do not necessarily need to appoint a new person. Instead, you can connect with a financial advisor business coach to train your already appointed staff. They can help you in deepening your client relationships, and you will be able to envision your business's future growth with just a few helpful insights. 

It is important to note that not all coaches are created equal. Try to find one with a well-developed signature program that aligns with your business goals and objectives. A signature program is a coaching framework that has been refined and perfected over time, providing a structured and effective approach to achieving specific outcomes. With a signature coaching program, a business coach can help you develop new skills, improve your performance, and achieve measurable results, ultimately leading to the success and growth of your business.

How to choose a financial advisor? 

A financial advisor can make or break a business. Therefore, you must practice due diligence when appointing one for your home-based business. Some of the things you need to take into consideration when selecting a financial advisor include: 

  • Is the financial advisor certified? Check the certification of the advisor.

  • What types of services are offered and what are the fees? If they have connections with a prime broker for small and emerging hedge funds, that's better.

  • Understand the financial advisor’s approach and beliefs, and check if it aligns with your goals. 

  • Look for someone who has the appropriate tools and resources to teach you financial freedom.

Takeaways

It does not matter whether you own a small business or a global enterprise; you need a financial advisor or an entire team to help you make the most appropriate financial decisions for your business. Nevertheless, it is good to keep in mind that every financial advisor will have different strengths to bring to the table. Not any one individual receives the same level of training and experience, so you must be vigilant in selecting a professional that is knowledgeable and capable of bringing you positive results.