Creating Your E-Commerce Store: A Guide

Contributed article in our business series. Enjoy! – Kimberly

The internet has democratized who can start a business because now all it takes is a website to get your company up and running. An e-commerce store is simply a website with added payment functionality to enable web users to make sales through your website. This is a very simple piece of code that will work in harmony with a pre-existing layout, helping you shift your goods without a physical store. There are, however, additional risks and considerations to make in relation to your e-commerce store. But don’t worry, this simple guide will take you through every element that needs to be considered.

Security

Your clients will be submitting their data to your website in order to make purchases online, therefore it is essential that you invest in the best protection for your site. There are many ways to improve your website security and to ensure that its SQL is not violated in any way. An unsecured site can be damaging for your business should it be found in breach of data regulation.Continue reading

Finance Strategies For Beginners

Contributed article in our business series. Enjoy! – Kimberly

The key word in life when talking about our financial state is investment. Simply put everyone should and could do it. A lot of people can make a lot of money from this very broad activity. The most common problem we encounter is the false presupposition that investing is impossible for the inexperienced beginner. Those kinds of concerns, especially in today’s abundance of information and investment opportunities, are unfounded. Anyone can understand the basics and move on from there. The trick is to get started as soon as possible. With whatever we currently can. In this article, we will go over the basic principles that go into all financial endeavors.

1.    Knowing the Terminology

We do not need much to get started on our own investment journey, but we do need to know all the necessary terms. So, let’s go over the most basic ones to make our life easier down the line.Continue reading

How Is Internal Rate of Return a Key Element In Making Financial Decisions

Contributed article in our business series. Enjoy! – Kimberly

Every business aims to achieve a considerable growth rate, and it can be scaled by making the right business decisions. Growth can be expected out of a change in plan i.e. diversification of business activities. This can be achieved by investing in new projects and new developmental opportunities.

What affects this crucial decision is the Internal Rate of Return (IRR) of the enterprise. It is the effective annually compounded rate of return at which all the cash flows associated with a particular investment comes to zero. Let’s have a quick view at how IRR helps you in making life-altering business decisions.

  • Helps in choosing the best project

An organization can have several project ideas to invest in, but it’s wise to select the best fitting investment option which yields better results. IRR helps in analyzing all the project values and provides you with an idea of expected yield from it. An ideal IRR exceeds the cost of capital of the company.Continue reading

How to Save Money as a Startup

Contributed article in our small business series. Enjoy! – Kimberly

Startups are notorious for running into financial difficulties before they reach the maturing point at which they’re stable and secure enough to be considered successful small businesses. It’s imperative that startups are tight with their money, ensuring that their cash flow is as efficient and well-attuned as possible. Hemorrhaging cash when at the startup phase is an absolute path to failure. It’s in this sense that this article aims to provide money-saving advice to startups. The tips provided below are designed to reduce losses to an absolute minimum, which will mean your young startup will be best-placed to succeed.

Consider Your Tax

Small companies benefit from a series of tax breaks and incentives that you should school yourself on before you make specific financial commitments. Continue reading

How to Best Avoid Product Problems and Handle Them When They Occur

Contributed article in our business series. Enjoy! – Kimberly

Developing a line of successful products is no small task. There’s much that goes into the creation of physical goods and it’s a highly involved process. Many steps are required, which opens the possibility of something going wrong at any point along the line.

Here are some thoughts about how to avoid problems with products and what to do should they arise.

First, Research the Target Market

One of the biggest mistakes when creating a new product is not doing the market research first. Commonly, a triumphant decision is made that that “we can create this product” while making the erroneous assumption that the product is needed or wanted in the marketplace.Continue reading

The Importance of IT Security for Every Business

Contributed article in our leadership series. Enjoy! – Kimberly

Not only is it reckless to build a business without security precautions, but it can also be illegal. For instance, users in the EU must now agree to the cookies and data you take from them for whatever purpose (usually to offer a seamless and customized experience). As for your company, not investing in your IT security will put you in danger of having your entire company held hostage with what is known as ransomware. There are so many reasons why IT security is important for small, medium, and large businesses alike:

1.    Your Customers Expect Secure Transactions

Mobile purchases and online shopping is more popular than ever, but that doesn’t mean that every online store gets a piece of the proverbial pie. You need to have a great looking site that functions well and looks great. You also need to offer the right levels of security and encryptions in order to protect said transactions for both party’s sakes.

2.    Malware Can Ruin Your Company

Continue reading

5 Tips for Running an Efficient Legal Business

Contributed article in our business series. Enjoy! – Kimberly

The first thing to do, whatever type of business venture you have your heart set on, is to have a plan in place. It can be long and detailed or concise and to the point. The important things it will need to cover will include how you’re going to start and then run it. It should include a profit-loss forecast, a cash-flow analysis, and a break-even analysis. Once you’re up and running, there is a variety of things you can do to make it more efficient. Running a legal business is not the easiest of ventures to choose. The hours are long, and you’ll have the problem of juggling several responsibilities. However, with these five tips in mind, you will be the proud owner of an efficient, successful legal business.

Automate Your Processes Where Possible

There’s a large amount of paperwork constantly floating around in a legal firm. A great way to save time and speed up some of your processes will be to use software that can be used for merging data into document templates. Using cloud storage for client and court documents, bookkeeping and internal processes will mean everything is available whenever and whoever needs it, whether they are in the office or not. Continue reading

5 Ways You Can Ruin Your Startup Before Getting Your First Customer

Contributed article in our entrepreneurial series. Enjoy! – Kimberly

If you are planning a startup, know this: you are statistically unlikely to succeed. According to Forbes, nine out of ten startups fail. They may have run out of cash, have ineffective management, fail to properly market their product or service, or some combination of all the above.

But you are not destined to fail. Before you even think about opening your doors to the public, you need to ensure that your business is prepped for success. Here are five factors that commonly cause startups to fail and what you can do to keep your future business afloat:

1. Financing Your Startup with Predatory Loans

Getting startup capital can be a struggle. Bootstrapping your business is a challenge for most starting entrepreneurs, so getting a loan can seem like a wise move. Continue reading

Why is Positive Cash Flow So Important to a Small Business?

Contributed article in our startup series. Enjoy! – Kimberly

Cash is the lifeblood of any business. To use a medical analogy, think of your business as a heart. The cash flows in via paid invoices (the veins) and the cash flows out to creditors via your ‘arteries’. If you have a blockage in a vein, it starves the heart of oxygen. This is not good. You might limp on for a while, but unless the blockage is cleared, your heart (the business) will stop beating.

Unfortunately, many small business owners don’t pay close enough attention to their cash flow. They are too busy marketing their products and services, schmoozing new clients, and expanding the business to think much about whether existing clients have paid their invoices. It’s only when the cash dries up and they don’t have enough money to pay a creditor that panic sets in

Why Cash Flow Matters

Negative cash flow is the main reason why businesses fail. Statistics continually show that 90% of all businesses fail in the first year. Those that do survive will fail within five years. In the majority of cases, a lack of cash flow is the reason why it all goes wrong.Continue reading

How to Approach Company Data Loss

Contributed article in our business series. Enjoy! – Kimberly

Technology has transformed business operations across the world. With the emergence of ground-breaking innovations year after year, companies can utilize technology to grow their business, granting organizations with greater data storage options to protect and preserve private documents, audio files, photos, videos and more.

Prevent a Data Problem

Data issues are preventable, and it is your job as a business owner to prevent them. It is easy to focus on different areas of the company and leave files to be stored only on your desktop, but it is smart to back-up onsite, offsite and on a cloud-based server. Continue reading