Category: Leadership

Many entrepreneurs and business owners are not aware of how legal spend management software can save them money. Many managers feel that they don’t need legal software because their company is too small to qualify. This could not be further from the truth. Failing to get the organization’s financial affairs in order can be the downfall of any business, no matter how big or small it may be. However, with more than 80% of smaller businesses having a lawyer on retainer at any given time, there is no reason why you should not take advantage of this technology. In addition to saving you time and energy that is spent managing your contracts manually, these tools offer other features such as contract templates, automated reminders, and alerts when deadlines approach or payments are due. They also provide expense tracking capabilities so that you know what has been paid out in advance versus invoices received and fulfilled. In this article, you’ll discover the 7 important things you need to know about legal spend management software.

1. Keeps Track Of Expenses

This software keeps track of payouts and contracts so you can see exactly how much you disburse on legal matters. This tool can help you better understand your billing cycles and any peaks or valleys in terms of expenditure. It also lets you know what to expect as your company grows so that you do not have sudden budget shortages. This program helps you stay organized and provides comprehensive reporting, which helps you quickly spot high-value, low-cost opportunities to save money. In addition, it can shorten the time it takes a company’s legal department to close costs and invoices, thus allowing them to get back to focusing on core business matters.

2. Identifies High-Value, Low-Cost Opportunities

This software identifies high-value, low-cost opportunities to save money. Legal spending analytics can pinpoint what contracts and expenses are costing a company, thus helping legal departments see where savings could be had. It can help you identify where your company might be overspending or under-budgeting. This software is also a great tool for finding ways to cut unnecessary costs of law-related services. Moreover, it helps a company’s legal department determine whether it is more cost-effective to solicit quotes or renew contracts every year. It empowers the concerned departments with information that can make them smarter and more profitable.

3. Creates And Manages Budgets

This software helps the legal departments of a company to create and manage budgets for specific projects or initiatives. Beyond simply keeping a tab on law-related expenditure, this program also monitors how much time has been spent on various projects. The software provides these departments with the same budgeting tools used by financial managers in other departments. One of the best features of this tool is its ability to generate detailed reports that provide information about how much time has been spent on your contracts and what your budget allocation goals are.

4. Assesses Time Spent On Tasks

Another great thing about this software is that it can help legal departments find out how much time has been spent on various tasks throughout the year. This is an effective tool for lawyers, departments, and law firms to see how much time is spent on legal work. Managers can tell which team members are taking up the most time and see which team members show optimal efficiency, thus allowing them to redistribute workloads accordingly. As explained by the software management specialists at Brightflag, following action-oriented criteria can help companies easily manage their resources. This program will ensure all departments of a company receive an overview of how the employees’ time is being spent and where there are challenges with budgeting. Running consistency reports on legal spend analytics can also be used to make sure law firms are delivering on their promises in terms of turnaround time. This software provides team managers with greater insight into team efficiency and productivity. These insights allow for more efficient and productive oversight of the team as well as advice on legal matters.

5. Oversees Team’s Progress In Real-time

Legal-spending software enables legal departments to stay on top of team members’ progress in real-time. This allows the department to see what members or teams are working on at any given time and the progress that these teams have made. This software connects the management team members to the company’s contracts and tasks to quickly (and efficiently) see where any delays or overspending on authorized services might be happening.

6. Helps To Stay On Top Of Your Company’s Legal Needs

This technology helps departments stay up to date with their company’s needs. Legal departments can set this tool up to help managers see exactly where a company stands in regard to its law-related obligations. Business intelligence data is one of the most useful features of legal spend management tools. It helps companies identify where they may be over or under budgeting no matter what type of law they practice. Law firms can use this service to find out from their clients where exactly the budget is going towards. This puts legal departments to advise clients on ways to save money and cut back on expenses. Managers can also use it to stay on top of sanctioned expenditures for the company. As a result,  lawyers can ensure that their clients are getting the best services at an affordable price.

7. Identifies Overspending Or Under-Budgeting 

When departments use legal spend management technology, they can identify areas where they are overspending and under-budgeting, making it easier for managers to identify which team members are expending at higher rates than budgets allow. Legal spend is an invaluable resource for any team to use. Managers, in particular, can identify which staff members are overworking and receive detailed reports on staff productivity. It is a good idea for a company’s departments to use this tool that points out which law firms are not subcontracting work or squandering on sanctioned services.

Legal spend management software is a great way to stay on top of your company’s legal needs. It can help you gauge which areas in your company are lacking and where you can cut costs.  Investing in this type of advanced technology will also give you an idea of how much time has been spent on various tasks throughout the year and what high-value opportunities exist for spending less money without negatively impacting the end result.

If you’re experienced and passionate enough about something, then you should certainly consider starting your own business. Running your own business can be a risky proposition, but the right legal structure can help make things easier. A Limited Liability Company (LLC) is a popular choice for many entrepreneurs because of its low cost and flexible approach to corporate law. But with so many service providers offering LLCs, how do you know which one is best? LLC’s are a great way to protect your assets, but the expenses that come with them can be steep. That is why it is important to find the cheapest and most reliable LLC service on the market. On that note, check out this article for some practical tips to help you find an affordable option.

1. Look For a Company That Offers Affordable Rates

Most business owners are on a tight budget, so the more you can save on LLC costs, the better. LLCs follow state laws and regulations but they also have their own requirements that must be met before forming an LLC. As such, it is important to look into what your state requires before choosing a service provider. Some states may charge extra fees or impose certain limitations for out-of-state businesses to form an LLC. Before signing up with any company offering LLC services, make sure to find out who your (if any) registered agent should be and if there are any penalties for late filings or annual reports in your state. You might get lucky and find some companies that offer discounted LLC rates for out-of-state businesses, as long as they do not have to go through the extra hassle of filing annual reports.

Find a service that offers help with any state paperwork you might need to file. Many of them will even draft the articles of organization for you so that you can simply sign off on the documents and submit them to your state agency, which, in turn, takes care of publication. This is much faster than going through the entire process alone!

2. Find Out How Long The Service Has Been in Business

Unfortunately, there are plenty of fly-by-night businesses offering LLC services online. The problem with this is that these companies may be unreliable or lack experience when it comes to fulfilling their promises. It is important to do a bit of research and find out how long the company you are considering has been in business. If they have been around for a while, then you know that they aren’t going anywhere anytime soon. Many LLC services offer a free consultation to help sell their service but then charge an arm and a leg once things get rolling. While this may be legal, (some states let companies change their prices at will) it is still something that can cause problems during the formation process if you aren’t prepared or aware of these issues before signing up with any specific provider. Invariably, always read your contracts carefully! 

3. Ask About Customer Reviews 

Just like most other types of businesses, it will be up to you to take your organization elsewhere if things go wrong or there are problems. You should try to establish a rapport with one of the representatives working for the company before signing any contracts. This is important because they should be able to answer all your questions and offer more information about their services, which can help you make an informed decision before going ahead with anything from them.

4. Check for Complaints or Lawsuits Filed 

When researching almost every aspect of a service provider, you must read between the lines to get the whole picture. Even if a service provider has been in business for a while and has very little to no negative reviews, it still pays to inspect their records, read online reviews here, or look up if they are registered as an LLC with your state’s Secretary of State office. This will give you an idea of how trustworthy a company is and what kind of experience they bring to the table. These tips not only apply when looking into LLC service providers but also apply to all other aspects of your business.

5. Compare Prices 

It pays to be smart and do some research before signing any deals or contracts. In addition to researching the service you select, it is important to make sure that they are reliable and trustworthy. Start by comparing the pricing and services offered from various providers before deciding on which one will suit all your needs best. As tempting as it is to believe that the lowest price is always the best option, this simply isn’t true. You have to find the right balance between cost and quality of service if you want your LLC formation process to go smoothly without any additional stress or hidden fees.

6. Check That The  Company is Registered and Licensed

When searching for an LLC service provider online, there may not be a lot of information available other than what their website offers in terms of facts and figures regarding their services. It is highly recommended to contact your state’s Secretary of State office to see whether the company in question is credible. In other words, check that they are qualified to provide the services that they claim to offer. This will show you if the company is registered and has been certified by your state government, which can also help you better gauge how trustworthy a company is and whether clients had issues with the said company in the past.

It always pays to do some research before signing any contract. You should never take someone’s word as gospel because there may be hidden agendas or contingencies that may not be completely upfront at first glance (or even second). It will be up to you to determine the credibility of a company when choosing an LLC service provider, so comparing services and prices from various providers may help you find the one that best suits your needs.

Most marketing teams use KPIs (Key Performance Indicators) to measure the success of campaigns. They provide you with a metric on which you can determine success. Without them, you might as well be feeling your way through the dark. Here are six benefits of using KPIs.

They Let You Measure Results

The most obvious benefit of using KPIs is that they allow you to measure results. There is a huge creative element to any marketing campaign but data is also extremely important. With analyzing data, it’s impossible to know how well your campaign is working and why it’s working. By using KPIs to measure results, you can improve campaign performance and make the most of your marketing budget.

They Help You Set Business Goals

Every successful business has clearly defined goals. KPIs provide a metric to measure business goals. For example, if the business has a goal of growing its social media audience, it could be measured by follower count, impression, web traffic, and conversions. This then turns a vague business goal into a highly specific goal that can be measured.

They Offer Incentives to Your Team

One of the best ways to motivate employees is to provide them with incentives. For example, a content creator could be tasked to get a certain number of articles to rank on Google. The incentive could then be a bonus structure based on the percentage of articles ranking. This is an excellent way of encouraging employees to work harder and perform better.

They Help You Find Issues in Your Business Strategy

KPIs are an excellent way to identify issues with a business strategy. A business’s strategy is a definition of where it wants to be in the future and exactly how it’s going to get there. Implementing KPIs into a strategy makes it easier to measure certain goals and objectives. Here’s an example – a business has a strategy to grow a larger social media presence to drive traffic and ultimately sales via the website. The KPIs tell you that the follower count has grown and the amount of traffic to the website has grown with it. However, the sales haven’t grown significantly. That tells you that the problem is with the website itself or the type of traffic being sent there.

They Allow You To Measure The Success Of Competitions

Online casinos are a great place to look for marketing inspiration. They often run competitions that allow customers to play now with free credit. All they have to do is offer up their details. However, without using KPIs to measure the success of these competitions, online casinos would have no idea if it’s worth it.

They Align Your Marketing And Sales Efforts

In many businesses, marketing isn’t measured in the same way as sales. When it comes to sales, it’s easy to measure the success of individual employees or teams. In marketing, this is more difficult. However, implementing a KPI strategy allows you to measure campaign success. This will help you align the efforts of your marketing and sales teams.

When it comes to running a successful business, enthusiastic business owners tend to prefer the approach of taking care of everything themselves. However, with the growth of a business, it can become difficult for an existing workforce to manage the increasing workload.

This is where businesses tend to focus on either increasing their workforce to manage the increasing workload or outsource the relatively expensive wings of the company to maintain finances. Since increasing the workload can be a burden on the wallet for most businesses, the option of outsourcing is like help from the Heavens.

Therefore, we have created a list of common business functions outsourced to experienced professionals by the majority of businesses to relax their workload and manage things smoothly.

Role of Outsourcing Services

Outsourcing services provide the company with external resources to perform business activities usually performed by internal resources. Generally, companies appoint the services of an outsourcing team when they plan to cut on their in-house resource costs or when an organization plans to scale its growth.

This allows the recipient company to improve its focus on the core activities and utilize the services of talented individuals at lower costs.

6 Common Functions that are Outsourced by Companies

The concept of outsourcing services has gained great importance in recent years. For this reason, it is essential for emerging businesses to identify the operations and departments that can be outsourced without denting the company’s core operations.

1. Customer Support

With everything going digital and accessible online, the expectations for effective customer support have risen dramatically. Furthermore, customers now judge companies based on their quality of customer support to ensure that they do not go through the horrors of contacting ghosting customer care helplines that are of no use in the case of a faulty product.

2. Event Management

Although the global pandemic has dismantled the concept of physical events and mass gatherings, event management is a department that is easily outsourced by the majority of businesses. It allows the companies to only pay for the decorations and be pleasantly surprised by the genius professional event management services.

3. Human Resource Management

The Human Resource department of an organization is one of the busiest departments. With decisions related to managing your team, hiring and onboarding new members, and taking care of existing employees, this department is an integral part of a company. However, considering the nature of work in an HR department, it can easily be outsourced to yield better results.

4. Shipping and Logistics

Companies that deal in physical goods can outsource the shipping and logistics department to relieve themselves from the long-lasting tensions of warehousing. The majority of e-commerce sellers choose to opt for this option to channel their focus on the business logic for their company.

5. Research

A company is nothing without a research wing that brings in new dimensions to be explored to increase the radius of the company’s domain. However, an in-house research department can become expensive for emerging companies. This is why they should choose to outsource their research department to decrease costs while receiving proper research services.

6. Social Media Marketing

Many companies like to keep their marketing in-house to restrict the spillage of trade secrets. However, with the increased popularity of social media marketing (SMM) and modern techniques to lure customers online, it is important to outsource your SMM team to obtain the required results from your marketing team.

With the increase in the existing workload, businesses tend to delegate their work to outsourcing services to manage the increase in work. These outsourcing services provide professional services like excellent IT support, financing and bookkeeping expertise, and great customer support. It allows the businesses to plan their strategy of managing the existing workforce while controlling workforce management to manage the consistent increase in its scale.

Benefits of Outsourcing For Businesses

Outsourcing is an essential facility for most growing companies as they witness growth in their scale. However, to understand the scale of importance, we need to take a look at some of the most common benefits.

• Focus on Core Activities

With an effective outsourcing team in place, the company’s core activities are safe, and the company can focus on them with full control. This is advantageous for most companies as the process of business expansion demands premium support from the business’s core team.

• Maintain Operational Control

When you are expanding your business, departments with the most costs are considered for outsourcing to maintain the finances while meeting the rising work demands. In this situation, an outsourcing company helps you with your management needs with their professional skills. Furthermore, this option will be effective cost control as increasing the workforce in the said department will only disturb the finances.

• Promotes Growth

As the scale of operations increases, the overhead costs start to witness a noticeable increase. At this point, businesses are forced to choose between satisfying their customers or maintaining their financial conditions. This is where outsourcing is always a good option as it allows you to delegate difficult and expensive to handle tasks.

• Reach out to Skilled Resources

The greatest advantage of outsourcing your high-cost tasks is that it provides you with skilled resources in cheaper or almost similar price ranges. However, the availability of skilled resources is what entices the businesses to continue working with them as they provide remarkable work performances for the same prices.

• Staffing Flexibility

Outsourcing allows the company to temporarily delegate the tasks that can disturb the finances as the company strategizes its plan to scale its growth. This helps the company to temporarily manage its need for an extra workforce with decreased costs.

It is an undoubted reality that the option of outsourcing your business functions is a clear advantage for many businesses willing to maintain their finances while expanding. With the increase in workload, businesses are required to increase their workforce to manage the increased work. However, the lack of feasibility to accommodate an increased number of employees forces the businesses to outsource some of the work to manage the new workload with ease.

Managing a business really means working thirty different jobs at once. This is part of what draws entrepreneurs to the work as it is challenging and, therefore, rewarding. It can also be a source of great confusion and frustration at times, especially when a business isn’t doing as well as the manager knows it could be.

The following will explore some of the things you can do to help encourage your business to grow and thrive. Special attention will be paid to drawing in more customers.

Understand Your Purpose And Your Ethical Lines

Before you begin making any changes, it is crucial that you get really specific about your purpose with the business. This will include particular goals regarding sales and revenue but also will include your overall aim with the business. Why are you selling this product or service? To make money isn’t a good enough answer. Every business that truly thrives is one that is solving a real-world problem for ordinary people. Do you want to make their lives easier? More comfortable? Safer? Figure out why your business is important and construct a statement around that.

As your business grows, you will encounter challenges you could never have anticipated. This is part of what it is to manage a business. If you have a statement that clearly outlines your values and your ethics (what is ethically acceptable to you in exchange for profit and what isn’t), you’ll have a paradigm from which you can begin trying to solve problems.

For example, let’s say one day (knock on wood), it is discovered that the primary material used in your product causes cancer. If one of your values is promoting the health of your customers and employees, you cannot carry on producing your product with that material, even if it ends up shrinking your margins.

This might sound like a far-fetched problem to have, but toxic ingredients are one of the most common problems bigger companies are having right now. And, you’d be shocked how many are not changing their ingredients or materials in response to new information. Triclosan, for instance, has been connected with several types of cancer and has been shown to wreak havoc on the endocrine system, messing up people’s hormones and increasing the risks of birth defects. Despite this, the ingredient is still located in hand sanitizer, antibacterial soap, face washes, mouthwashes, and cosmetics.

As more and more customers develop the ability to educate themselves about products, ingredients, and materials, as well as other ethical concerns like labour rights, sustainability, and fair trade agreements, you can expect that sooner or later, the ethical stances of your company will be discussed. Moreover, having this information front and center on your website and as part of your employee training materials can result in more customers over a period of time. A good reputation takes time to build, but ethical companies are seeing very positive responses from clients and customers.

Test, Test, Test

When running a business, data is your best friend. You want to know how people are feeling about your products and services, and you can’t do that without running tests on a regular. You should be seeking feedback on your website and beta testing new products. One of the most crucial elements of this testing is the acceptance that it is part of your job forever. That you should be constantly revisiting and testing everything you do to be sure that you’re keeping up with the times and customer expectations which vary widely. This is never something you do once and then leave. It should be a quarterly task at the minimum. Every few months, come back and see if what you’re doing is still working. If it’s not, adjust.

Give Things Away For Free

If you’ve done your due diligence with the ethics of your business and you’ve tested out your products or services and made things as perfect as they can be, then letting people try out your product or service will help gain you more sales, follows, and loyal customers. If applicable, offer free trials of your products or services.

You might have to get creative with this. When it comes to books, many authors give out the first few chapters of their book for free. When it comes to software, companies often allow people to try out the program for a week free of charge. This makes life easier on your customers by taking away some of the pressure to make buying decisions as they will have proof of concept or quality before they make a choice to spend their hard-earned money. People want to drive the car before they buy it.

As a bonus, this step will help reduce some of the stress that comes with returns, cancellations of services, or other refund-based situations as it will be less likely that someone will be mistaken about what they’re getting into and want to return it.

Sales, Discounts, And Rewards

Finally, once you’ve gotten your company paradigm shifted to the right place from which to make decisions and tested and improved your products to the best of your ability, and found the right audience for your services using free trials and other gifts, it’s time to focus on customer retention—getting customers to come back and buy more or different products for you.

Encouraging loyalty among customers involves excellent customer service (which you have because you’ve been testing and pivoting based on the feedback, right?) and the occasional discount or reward to get them back on site. If you have an email list, this gets even easier. Sites like The Gift Card Cafe allow you to send gift cards to people in a number of formats for promotions (buy one get one free) or discounts (10% off). When someone is on the fence about a purchase, a gift card can make the difference. This sort of approach is an excellent way to get people to return to their online carts that have been abandoned with items still inside.

The above four steps might seem simple, but if they’re continually applied with dedication, they can be mighty. Whenever you’re in doubt about the direction you need to take your business in, return to that first step and your purpose: what are you trying to do for other people?

Any small business may struggle in the beginning due to financial or organizational obstacles. One of the things that can help your small business grow and succeed is optimizing your payment processes. You need to worry less about payment methods when you’re still starting your start-up company. Investing in digital or automated payment will reduce costs and expenses, giving your small company a chance to save more money. Additionally, paper invoices were found to be more expensive. Not only can’t they be automated but also, they have to be conducted manually. It takes a single invoice up to six days to process, which costs approximately $20. With the growth of technology and mobile phones, it’s become possible to switch to more advanced payment methods. On that note, read to know how developing payment methods can benefit your small business.

Efficient Business and Increased Profit

Whether you have a small-scale company or an enormous corporation, optimizing your payments can help you have a better insight into improving profits and managing inventories while tracking your daily sales. Moreover, when you participate in e-commerce using digital payments, you will be able to widen your clients’ visibility, which will allow your business to grow massively. Furthermore, when you’re starting your small business, you don’t want your finance team to spend a considerable amount of time processing manual transactions, collecting checks, and sending payments. Refrain from having tedious processes by opting in digital or automated means to pay. This way, you will run your business more efficiently, hence increasing your profit.

Error- and Fraud-Free Environment

Any employee, no matter how good or proficient they are, can make mistakes. However, in some businesses, errors are inexcusable since they can cost the company tons of cash. The best thing you can do to avoid financial catastrophes is to have reliable and stable digital payment software that will be responsible for validating data and identifying errors. In addition, this software is able to update itself automatically, so you don’t have to worry about catching up with the latest technicalities.

Your start-up business will benefit greatly from simple software that is easy to handle, especially in the beginning. Therefore, you should choose a reliable software provider. Many small business owners have reviewed the Clover Station POS and reported back that it has simple and straightforward payment software. Your small company needs payment software that keeps your customers happy and your business expanding.

If you aim to face the fierce competition in the market today, you should have an automated system that is ready to identify any invalid or fraudulent invoices. When you work on optimizing your payments by installing proficient software, you make it easier for your business to single out suspicious invoices by flagging or reporting them.

Benefits for Business Women

Optimizing standard payment methods and opting for digital or automated ones has a great influence on any business owner, especially women. Society and traditions often make it challenging for women to travel or fly far destinations. Even though female entrepreneurs have proven to be equally competent as men, if not more, social and communal norms still prevent them from going to faraway destinations. Digital or automated payments make it easier for women to access the marketplace without the need to travel to deposit or collect money from banks or suppliers. For example, pregnant women and moms can easily start a small business and still be able to manage payments remotely. Furthermore, computerized payments are safer than regular methods as they ensure that your money is secure and is less likely to be stolen.

Faster Payments and Lower Cost

Any business owner wants to ensure the satisfaction of their suppliers. In order for that to happen, you should invest in automated payments that make the settlement process more efficient and faster. Moreover, when you pay your suppliers early, you save money and earn payment discounts. The faster the payment process is, the more productive your employees are since they don’t have to spend long hours entering sums and rates and checking whether or not they’re precise and accurate.

It is important to know that paper checks and invoices are more expensive than automated payments. By using digital payments, you can reduce costs up to 80% in comparison to manual or paper-based techniques.

Less Scrutiny From Suppliers

With electronic payments, your business can work with actual-time visibility and run transactions smoothly through a digital threshold, which will cut back the time you may spend on responding to inquiries and developing relations with your suppliers. Moreover, the negotiations between you and your suppliers become easier when they know that you use automated payments. When dealing with costs, taxation, transportation, and general payments, your suppliers and clients need to confirm that you have a secure payment method.

Credit Cards Are The Old Deal

As a business owner, you need to offer your clients various ways to pay you, especially if you want to be a part of the global market. Studies show that 1% of Chinese citizens use credit cards, while only 25% of the German population use Visa and Mastercard for online shopping. Therefore, retailers, sellers, and merchants need to provide their clients with different payment methods. Furthermore, tech-savvy customers live in a digital world, where everything advances every day. They would rather deal with businesses that have better payment options than credit and debit cards. For this reason, you should optimize your payments and incorporate various methods, such as gift cards, electronic checks, and mobile wallets.

Nowadays, our world is concerned with digital technology. Therefore, offering simple payment methods is a fundamental factor of success for any business owner. It is a crucial element that can either make or break your company, and its impacts can either enlarge your small project or put an end to it. The last thing you want for your customers is them discarding their purchases from your retail or online store when the means to pay is too complicated or limited to one option. You need to apply sturdy and effective payment methods to grow your business and help you stay ahead of your competitors.