How To Dramatically Decrease Small Business Costs In 3 Easy Steps

Turning a profit and creating financial flow

When you have a steady stream of consumers and successfully provide the agreed-upon goods or services without any issues, you will know you have advanced past the existence stage. Small business grants can be part of this. Soon after that, you’ll start comparing sales to expenses a little more closely and start thinking about ways to increase the profitability of your business. After all, there is no other way to expand your business healthily.

Additionally, this is the time when excellent communication is most important. And not only with your employees. You need to be able to interact not only with members of your team (usually your employees, contractors, or freelancers) but also with prospects and clients.

Yes, a business phone will be necessary, but that is the very minimum. You might require additional communication methods in addition to the phone, depending on your industry and your clients’ preferences. Will you need to be able to video chat with clients or contractors who are situated abroad? Would you rather text customers instead? What about quick communication?

If you find yourself in this circumstance, we recommend looking for a solution that combines all of those channels into a single app or piece of software. This reduces the amount of tools you use (and pay for) and simplifies your life because you won’t have to keep track of numerous different tools. For instance, RingCentral’s desktop and mobile apps let you use phone, video, and message services simultaneously.

Maintain profitability while growing?

You have an option. At this stage of your business development, you’ve built operational procedures and client retention plans that keep your margins stable. 

To put it another way, your small business is operating automatically. 

What should you do next? 

That depends entirely on what you want your business to be, though. 

At the success stage, you may choose to either let your company enjoy steady profitability or strive for more growth (a high-risk, high-reward choice) (a low-risk, lower-reward option). Your tiny business could soar into the stratosphere—or go bankrupt—if you decide to invest everything you have back into it to expand. 

Delegate

On the other hand, sustained profitability enables you to delegate part of your founding responsibilities to others and pursue other interests, but your absence may risk the future of your business. Having said that, you always have the choice to experience consistent profitability while continuing to have a significant role in the day-to-day management of your company. Let’s imagine for a second that you made the decision to take the risk at the success stage. 

You put all of your company’s income and extra resources back into the business in an attempt to achieve extremely rapid growth. 

And it succeeded!

Your small firm is currently in the take-off stage, which happens when you enjoy quick growth. This stage is both exciting and terrifying since significant expansion necessitates enormous sums of money to maintain covering overhead (e.g., employees, rent, vendors, etc.). 

At this point, it is crucial for you to start creating a pitch deck and reaching out to investors since, if you don’t start raising money quickly, you’ll be headed down an expedited route to bankruptcy.

5 Tips to Make Switching to a New Business Insurance Policy Easier

The thought of switching business insurance can be extremely nerve-wracking and maybe even a bit confusing. You might be wondering where to start, what to look for, and how to make sure you don’t end up with any gaps in your coverage. The good news is that when you know what to do, it is not as difficult as it might seem! With a little planning and these helpful tips, you can switch to a new business insurance policy with confidence and ease with these five simple steps. Switching to a new business insurance policy will help protect your company for when an emergency occurs.

 

1. Know Your Needs

 

Before you even think about contacting commercial insurance companies, take some time to understand your own business needs. Consider what kinds of risks you face along with your assets and liabilities. If you have difficulty figuring this out, you can create a spreadsheet and analyze everything carefully. Sometimes, it helps to see it in front of your face rather than trying to juggle it all in your head. Knowing your needs will help you choose the right insurance policy.

 

2. Do Your Research

 

The insurance market is like a giant mall with tons of different stores, and each of them offers different products and prices. Do not just go with the first one you see! Take your time to shop around and compare different insurance providers. Look at their coverage options, their premiums (that is, how much you must pay for the insurance), and their deductibles (how much you must pay out of pocket if you make a claim). Do not be afraid to ask questions, either. It is critical that you do everything you can to understand your options. Online reviews are also a great source because they help you to see what others are saying about the various insurance providers.

 

3. Time It Right

 

Timing is important when switching insurance policies. You do not want to end up with a gap in coverage, where you are not insured for a period. The best time to start shopping for a new policy is a few months before your current one expires. This gives you plenty of time to find the perfect fit and make the switch without any difficulty.

 

4. Talk to Your Current Insurer

 

Before you say “goodbye” to your current insurance company, it is a good idea to have a conversation with them. Explain why you are considering switching and see if they can offer you a better deal or address your concerns. You might be surprised at what they can offer to keep you as a customer.

 

5. Keep Good Records

 

This might sound boring, but trust that this is important! Keep track of all your communications with insurance companies, and this will include quotes, policy documents, and any correspondence about your old and new policies.

 

Switching business insurance policies does not have to be a headache. This is because following these tips will make certain that you can make the process smoother and less stressful, and make certain that your business is always protected.

6 Tips for Choosing a Prepaid Phone That Fits Your Needs

A prepaid phone lets you pay for the service you need in advance and with no contractual obligation. Often, users can choose services and limit a la carte in order to find the best deals for them. With that in mind, let’s explore six tips to consider before you choose a prepaid phone.

 

1. Locked or Unlocked?

 

Locked phones are only usable with one carrier. Unlocked phones are usable with any carrier, and switching is as easy as swapping out the old SIM card for a new one. Many carriers sell locked prepaid phones at a discount, but the early savings may not be worth it long term. You may have to pay more for an unlocked phone initially, but you’ll enjoy the freedom of switching to the carrier offering the best deal.

 

2. Consider Network Coverage

 

Determine which networks offer the best coverage in the areas you live and work in. This is especially important when choosing a prepaid plan offered by one of the major carriers. Some prepaid phone companies are resellers in that they purchase minutes from the major carriers in bulk and then resell them to their customers. With those, your prepaid plan may give you access to a range of networks. Still, it’s a good idea to check which ones and coverage in your area.

 

3. Read the Terms on Rollover Minutes

 

Ideally, you should purchase as little minutes and data as you need each month. When picking a plan, read the fine print to determine what happens to minutes you don’t use. In some cases, you simply lose those minutes. In others, they roll over, but only if you purchase the service for another month. Often, if you skip a month, you’ll lose any rolled-over minutes. It’s another way that prepaid carriers try to incentivize your loyalty.

 

4. Cell Phone vs. Smartphone

 

If you only need basic talk functionality, a prepaid cell phone plan may be significantly cheaper. It costs more to add data for web, text, videos, and so forth. You might even find a smartphone option that is on a prepaid plan.

 

5. Burner and Prepaid Phones Aren’t the Same

 

The term “burner” refers to a phone that a person intends to use temporarily and then never again. In common usage, the term is often user-specific and has no bearing on the phone itself. You could, for instance, purchase a prepaid phone that you can re-up but never choose to do so. Nevertheless, some brands market and sell phones specifically as burners. That means you can’t continue the coverage after the initial service period ends.

 

6. Save With Bulk Purchases

 

One month of service is a standard term for prepaid phones, but it isn’t your only option. You can get a reduced rate by purchasing three or even 12 months in advance.

 

A Flexible and Cost-Effective Alternative

 

A prepaid phone plan is cheaper than a traditional contract plan and avoids a long-term commitment. Still, not all prepaid plans are the same, and researching the right phone for you can save you even more money while helping to avoid inconveniences.

5 Ways to Achieve the Fitness Goals You Set for Yourself

As we enter into a new year, many people are setting fitness goals. It could be to exercise five days a week, to hit a 400-pound deadlift, or to take a weekly hot yoga class. Regardless of what your fitness goals are, we’re going to share with you five great tactics for ensuring that you hit those goals.

 

1- Set Clear Goals

 

One of the most important strategies is to ensure that you set a clear goal. Saying I want to be able to deadlift a lot of weight is not a clear goal. There are a lot of gray areas where you could say 200 pounds is a lot of weight or 1,000 pounds is a lot of weight. Without a clear outline of where you need to be, you’ll never know when you get there. It’s important to set a very clear goal, such as deadlifting 450 pounds. This makes it very obvious when you hit your goal.

 

2- Stay Organized

 

Another key to ensuring that you hit your fitness goals is to stay organized. It can be easy to forget things or overestimate what we have done. For example, if your goal is to work out at least four days a week, you want to record every day on a calendar that you work out. If you try to rely on memory, you may falsely think that you worked out on Monday when you actually didn’t. Before you know it, it’s the end of the week and you’re one day short. By accurately tracking your fitness goals and your progress, you can have real data to refer to when determining whether you’re reaching those goals or falling short of them.

 

3- Be Realistic

 

One other thing to keep in mind when setting fitness goals so that you can achieve them is to be realistic. For example, if your current deadlift is 200 pounds, it’s not going to be very feasible to think that you can increase it to 800 pounds within a year. All setting this goal would do is constantly show you that you’re falling short of an unrealistic goal which can deter you from setting more fitness goals. To ensure that you achieve your goals, they need to be relatively realistic for you.

 

4- Have a Plan

 

Another key aspect of reaching fitness goals is having a clear plan to get there. If you just say that you want to work out four days a week but don’t have a plan of where you’re going to work out or what you’re going to do, it’s going to be a very hard day to maintain that goal. Anytime that you decide to work out, you have to come up with the answers of where to go and what to do. When you already have planned out that you can work out by doing cardio at the gym, weight lifting at home, and even walking at the park, you have a clear path to an easy decision.

 

5- Enlist a Friend

 

One surefire way to help ensure that you reach your fitness goals is to work alongside a friend. Both of you should set goals and push each other to achieve them. It can be very helpful to have another person who relies on you to help get you motivated on those days when you just don’t feel like doing anything. People are more likely to do more for others than they are for themselves.

 

Important Member Notice for Bylaws Amendment Now Available!

Proposed Amendments To The Society Bylaws – September 2020

In accordance with the The Society of Women Engineers Bylaws, Article XIII – AMENDMENT, this proposed bylaws amendment is being presented to the membership. The SWE Board of Directors will vote on these changes following the 45-day notice period. The amendment proposal contains the rationale and pro/con considerations. B2520: Amend SWE Bylaws – Absolve Non-Strategic…

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