Reginald Chan

Category: Business

  • Systems You Should Outsource As A Small Enterprise

    Systems You Should Outsource As A Small Enterprise

    When starting a small business it is so important for you to automate as many processes as you can and to ensure efficient working. One of the ways to ensure both accurate and efficient work every day in your small business is to outsource some processes and take the burden off yourself. 

    We all know how hard it can be to manage a small business on your own, and putting your fingers in too many pies can damage your productivity and lead to mistakes. Instead of trying to manage every aspect of the business yourself – today we want to discuss outsourcing. 

    Outsourcing is a way to provide yourself with business services without hiring in house. It is cheaper, more efficient, and often the best choice for small entrepreneurs in early days. Here are some of the best departments you can outsource today for your business. 

    Project management 

    Project management can be a complex subject – and you cannot simply pick it up from reading a few online articles. You need to have a strong understanding of business processes when learning project management – and you should leave this to the experts. Hire a project management contractor or agency to help you complete a project; and once the project is done you can end the contract. The beauty of outsourcing is that you only need to keep the service running for as long as you need it for the business. This is of course much more complex with in house employees and can be difficult to manage. 

    Finance 

    Finance is complex, and even if you have a good handle on your personal finances you will not be prepared for the complexity of business finance. It is so important for you to not underestimate business finance and outsource this to an accountant. This will ensure that you don’t make mistakes regarding tax and other things that could land you in trouble later on. 

    SEO 

    Marketing is a huge part of running a business and while you might be able to handle social media marketing; SEO is a whole different ball game. SEO is what determines your viability online and it can be complex if you are new to the concept. Increase your reach and visibility by hiring SEO specialists to help you with your efforts. You’ll see a huge impact on your business with proper marketing and you can grow and thrive as a result of this. 

    Architecture 

    Architecture isn’t just about buildings – it is also about business. Roles such as business architecture solutions are crucial to a business because they literally determine the building blocks of your business. When considering how to improve your business processes and become more profitable, hiring a business architecture firm is a great idea because they can advise you and help you shape the direction of your business in the future. These are the wizards of business and will make a massive impact on your success. 

    Outsource these processes for your small business this year and allow yourself more time to focus on your own talents and skill set. 

  • How To Be Productive With Your Business While You’re Traveling?

    How To Be Productive With Your Business While You’re Traveling?

    When people are asked why they wanted to start their businesses, there are various answers given, but some common throughlines. Many people look forward to the idea of being their boss because it means that they have the freedom to organize their days, weeks, months, and entire lives in a way that is ideal for their family or travel goals.

    In practice, many people discover it’s not so easy to keep up with their work obligations while they’re traveling. The following will examine some of the things you can do to help keep your productivity levels high while you’re traveling. Particular emphasis will be placed on tips that don’t require you to miss out on the travel experience.

    Wake Up Early

    We all know we should be waking up early, but very few of us do it. Why? Because it’s a hard habit to develop. However, once you’re in the “rise at five club,” it’s hard to stop. Once you’ve gotten over the hump of feeling sleepy (this can take up to two weeks), you can get more done in the quiet hours of the early morning than you can during regular business hours. There seem to be unlimited distractions during the day, whereas in the early morning, we have the time and quiet we need to focus.

    Many business owners find a few hours in the early morning with a fresh mind is worth nearly double the amount of work time required in the later afternoon. We know some freelance writers who finish all their assignments between 4 AM and 11 AM and have the rest of the day to do with what they please. And yes, some of them do travel in that time.

    Ensure You’ll Have Access To All The Tools You Need

    When it comes to preparing for a productive trip, one of the biggest things you can do is make sure that you’ll have access to everything you need. Bring all the items you use to work (laptop, phone, tablet, sketchbook, notebook, camera, etc.) and make sure that anything else you need you can get while on vacation. You might need to get an international phone plan or have calls forwarded to a new number while abroad (typically, this can be done in the airport wherever you’re arriving).

    Internet access is crucial for completing your work remotely. Unfortunately, it’s one of the least reliable things while traveling. Make sure that you have a wifi plan and a backup plan. Maybe even a third option like a wifi hotspot device that you can use whenever and wherever you need to. As you can see in detail if you read this article, having your hotspot device is something that any connected businessperson needs during travel. You don’t have to go into expensive prepaid plans or even consider possibly different standards if you manage to reach a bit more exotic destination.

    Employ The Pareto Rule

    The Pareto Rule, sometimes also called the 80/20 principle, is relatively simple and is designed to help you prioritize your work. Studies have found that, in general, 20% of your work is producing 80% of the results. Applying this principle involves taking stock of the work that you do every day, week, or month and analyzing which tasks, clients, or steps produce the majority of your results, financial or otherwise.

    Foremost, this principle allows you to put all the aspects of your job in order of priority to know what needs to be done first. Secondly, subscribers to this principle encourage you to make cuts. The inverse of the rule is also often true; 20% of your tasks or clients tend to cause 80% of your headaches. By removing or outsourcing these elements from your work, you can make your entire day smoother and more manageable.

    Get Some Sleep

    When we’re traveling, many of us tend to get slack with our sleeping habits. We want to see the new city at night, but also at dawn. We’re jet-lagged and moving from town to town at strange hours to save money on train tickets. We’re spending more time than usual walking or hiking and don’t want to miss out on one second of experiencing this new way of life. But we know that maintaining a consistent sleep schedule is one of the most crucial aspects of being a productive (and happy) human being. Ensure that you’re getting enough sleep as you travel, maybe even a little more than usual, because of the physical exertion and time zone adjustments.

    The above tips and tricks should keep you on schedule for work results, even if you’re traveling. When you plan things out before your trip, you should be set. It might take a moment to find the right balance, but if you keep striving for it, you’ll get there.

  • Effective Tips That Will Vastly Improve Your Business Procurement System

    Effective Tips That Will Vastly Improve Your Business Procurement System

    The job of procurement in an organization or business can be very tasking. You are required to be updated, less gullible, friendly, a negotiator, trendy, analytical, persuasive, and the list goes on. You are also supposed to have a network that gives you access to whatever you need. It is a role that determines a part of business expenditure and income. 

    Every business owner wants to save costs, and in saving costs, you must find better ways to improve your procurement system. Here are a few tips below.

    Grow Your Network

    Having a variety of choices can be very useful. These different options for purchase expose you to a variety of products available in the market. It also highlights the price ranges that exist, the quality, and quantity, the availability, and updates you on the degree of competition. 

    This knowledge improves your negotiating power and places you in an advantaged position. Growing your network eliminates the middlemen, plus you can find your way to the top of the chain of supply and get goods and services at a cheaper rate. 

    In procurement, you never stop finding new suppliers for products you require or might need in the future. Growing your network also has the advantage of opening your eyes to new and viable opportunities. 

    Forge Strong Relationships

    Relationships are built on trust, loyalty, friendship, and discipline, especially in business. It is critical to forge strong bonds with suppliers and business partners who have proven themselves over time. These relationships make it easy to do business because now you understand yourselves better. It is necessary to make timely payments that enable the supplier to build trust in you.

    Manage Your Procurement Accounts 

    Dealing with figures can be a bit cumbersome, especially when procurements are unsystematic. In procurement; it is essential to keep all suppliers, contracts, purchasing, invoicing, and sourcing data in one suite. A robust dedicated framework that connects all your activities with consistent, accurate reporting and analytics is paramount to success. It might be stressful, so I advise you think up ways to upgrade your procurement accounting. You can employ a procure to pay software, as it assists in managing your procurement dealing seamlessly. It is necessary to stay updated as technology has made the business a lot easier than it used to be. 

    You can have a comprehensive store of suppliers’ contact, and a marketplace with more shopping, buying, and payment options. Keeping your accounts up to date and tidy is an attribute of a procurement professional, so you do not make financial errors.

    Know Your Strength

    In procurement, it is crucial to know your strengths and weaknesses. It is a rule from the swot analysis since, in procurement, you cannot be an expert in all areas of purchase. At times like this, it is brilliant to outsource such to experts in those fields. 

    They know how to get the product, negotiate its price, and deliver on time, thus improving your efficiency. Always have this as a plan B option. You can also try to grow your knowledge, strength, and network in such areas too. The goal is to get to the top of the supply chain.

    Train Your Team

    When you have a team of staff that is untrained, most of the workload falls back on you. That is not healthy and slows down business. It is necessary to bring all team members up to speed with how the system operates. This way, they are taught to use initiative, brainstorm, and bring up innovative ideas on how to move the business forward. In training, you help improve their communication, analytical, listening, problem-solving, and professional skills. With the more professional hands-on board, you can delegate duties and expect the best results.

    Be in Touch with Global Trends

    There are new developments and changes daily in the field of procurement. New products are surfacing in the marketplace with better technology that can make work easier. You can harness this to your favor. The world is a global market with many business opportunities out there. It is important to act locally but think globally. 

    It means you can purchase local products because they are cheap and available. But do not play down quality for quantity. Accessing global trends expands your business horizon and launches you to a new platform.

    Fuse Your Procurement

    It is a way of saying ‘centralize’ your procurement system. It can be disadvantageous to have different people running your procurement. Most businesses do this because of a lack of trust. But this takes your cost up and messes with your organization. Fusing your procurement procedure helps you make better decisions, manage your accounting, and strategize better.

    In a delicate period as the pandemic when businesses are shutting down, you must minimize the cost of running your business in whatever way possible. And one of the best ways to do this is by improving your procurement system.

  • How to Solve Your Bookkeeping Problems Forever More?

    How to Solve Your Bookkeeping Problems Forever More?

    Do you have recurring problems with your bookkeeping? If not taken care of, bookkeeping issues can bring your company down. Failing this process can make you suffer losses, fail to pay required wages on time, and suffer other financial inconveniences. You should never leave a bookkeeping issue to persist in your company.

    How do you solve these problems? There are many measures you can adapt in your accounting department to ensure bookkeeping problems do not occur. In this article, we will discuss some of the effective measures approved by experts. Here is the list.

    Understand the difference between profits and cash flow

    As highlighted by experts, it’s easier to spend money than earning it back. If you spend as much as you gain from the sales, you can run bankrupt and lose your business. You might accrue more assets with less cash to pay for business expenses. Growing your business too quickly can lead it to have debts with minimal cash flow. The investments will only leave you running your business using loans, which then accrue interest. To solve this situation, you must understand the difference between cash flow and profits and separate them. Cash flow is the money that gets in your bank account. The gains get taxed in every financial year. You can be making profits but having issues with cash flow. It is essential to keep track of your expenditure and minimize things like buying too much stock or having massive expansions, which you can’t manage with the cash flow.

    Take bookkeeping seriously

    Some businesses do not take their bookkeeping seriously. Some do not have the accounting departments or professionals to check on their book records. It would be best to have an accurate picture of your business’s finances at any given time. This situation will please the taxman and provide the direction where your business is heading financially. Besides hiring an in-house account, it’s crucial to get outsourced bookkeeping professionals to check on your books regularly and advise you on your company’s financial matters. Through their bookkeeping, you will pay your bills on time, prevent fraud in your business, and will help you save money. They will ensure you get a good credit score on your pending loans and will seal leaks that make you lose money in your business. Other than this, it would help if you had bookkeeping software for accuracy in your accounting department.

    Understand the impact of assets

    Do you keep on buying assets regularly? Please read this keenly. Buying assets in your business is a good thing. However, you shouldn’t exceed the limit since it can deplete your cash, leaving your business at risk of closing down. Also, assets are not expenses. What you spent on is not easy to recover even when you decide to sell the asset. Only buy the crucial business assets and save on the cash flow. When purchasing more considerable assets, including vehicles, please consider taking a loan. This will avoid stagnating all other processes, keeping your business running.

    Reconcile accounts with bank statements

    At times, your accounts department can make mistakes on your profit and loss account. It is essential to reconcile the accounts statement with that of the bank to avoid discrepancies. This ensures every transaction is accounted for. It also saves time and money going over processes again in case of losses. It is essential to have accounting software to help you with these tabulations. Going through this will help track your business’s financial situation and point out smaller spendings that go unrecorded, affecting the business’s financial statements.

    Keep all accounting records up-to-date

    Do you usually wait until the end month or at the end of the financial year to update your records? This situation creates more problems for your bookkeeping procedures. The accounts department must update all accounts statements and financial records regularly to ensure the business runs smoothly. Ensure that invoices, receipts, and other documents are updated every day to reflect the current situation. This idea also prevents inconveniences and issues, especially when the taxman requires such records. Staying on top of the daily transactions makes you manage even the larger transactions. You will know what your profits or losses are on time and gives you confidence in running your business. 

    The above five points can help you significantly manage your bookkeeping process. Always try as much to be top of your records, reconcile everything on time, and get experts to manage complicated processes. When you do this, you will be sure of running your accounting department flawlessly. One extra point, try as much to separate personal finances with that of your business.

  • Find A Home In A Modern And Digital World

    Find A Home In A Modern And Digital World

    Home, sweet home: how hard it is to find the right one! In fact, if it has happened to us at least once in our life to have to look for a house, we know how complicated it can be to find the solution that is really suitable for us. Better a new house or a period apartment? Or, choose the tranquility of the countryside or the convenience of the city?

    Finding your way around the various ads is not easy at all, especially since we don’t always know what we are looking for. 

    You have to request the quote

    When looking for a new home it is essential to understand what our personal tastes are and what are the elements we do not intend to give up. If we are a couple it will obviously be appropriate to do this reflection together, to avoid wasting time unnecessarily viewing solutions that certainly will not be appreciated by the other person. Precisely for this reason it could be useful to draw up a list of the factors that we consider indispensable – such as the garden or the elevator – and of those that we would like to avoid, such as a ground floor apartment, rather than a house without a garage. Or without the second bathroom. Based on this list, we can then quickly select the ads that are really interesting for us.

    You have to request the quote

    How many people will actually live in the new home? Here is the question from which we will have to start to define the characteristics of the house that we will have to find. In addition to the people who will live there at the moment, let’s try to think about what the situation will be like in five years. In fact, if we are now looking for a two-room apartment, perfect for young couples, in a few years the family could expand and we may need at least one more room. Or, if just one room for our two children could be enough for now, when they grow up they may feel the need to have their own spaces, especially if it is a boy and a girl. For this reason it is very important to take these elements into consideration when looking for a new home: perhaps it might be enough to move towards flexible housing, able to adapt to the various changes in the family through relatively simple solutions to implement, such as a veranda or a mezzanine. Do you need a big garden? Make a long list. 

    Where to look for your home? 

    To answer this question we will have to play with our imagination and take a leap into the future, trying to think about how the management of our daily life can be in one area rather than another. For example, if we love nature and dream of moving to live in the countryside, we will have to understand if this choice is actually compatible with our lifestyle and with our working needs: living in the green could mean having to travel a long path every day to reach the workplace and therefore, if we have children, be able to count on a person who can take care of them while we are still on our way home. A tip: let’s draw up a list of the pros and cons of each area in which we think we can move, considering for each what effects it would have on our daily life.

    In this way, we will be able to easily identify the most suitable solutions for our real needs. If you are looking for the number one source for new homes in Lake Charles, you don’t have to look any further.

    Establish the budget 

    What price are we willing to pay for our future home? What can you afford? Look at refinancing hdb loan for further reading. Whether it is a rented house or that we intend to buy, we will have to have a clear idea of the budget at our disposal to pay for it: this is to avoid unnecessary waste of time in viewing houses out of our reach, but also to prevent any unpleasant situations, in the event that we discover, for example, a few days before the deed, that we do not have enough money. If we are looking for a house to buy, it will therefore be advisable to first check with our bank if it is actually possible to obtain a mortgage and how much the monthly payment will be.  

    Your new home is waiting for you, so are you ready to find it yet?

  • Methods That Can Improve Your Website To Get More Views

    Methods That Can Improve Your Website To Get More Views

    You’ve successfully established your online presence. Now, all you need to do is think of ways to get more viewers to your website so many can be aware of your products and services. There are a lot of marketing hacks you can try, from social media to a more conventional way. However, there are a few techniques that are proven effective. 

    In this article, it will help you figure out what is the importance of increasing website traffic and some methods that can improve your website to get more views. 

    Implement Good SEO

    If you are in the business industry for quite some time and don’t have an idea of how SEO works, you better start knowing more of this. Learn about the magic of SEO so that you are engaging in the right type of delivery strategies. Plus, by fully understanding the power of SEO, you can get a high number of views. According to a Hong Kong SEO Agency that is managed by Google Search and Scoring experts, SEO is very important, not only because it attracts many visitors, but also can help a business increase their return of investment if implemented properly. By creating a website that ranks at the top of search engine results, you are doing your business a favor.

    Write Good Content

    As long as you create good and insatiable content on your website, you’ll have more and more potential customers to become loyal customers. Plus, if you have high-quality content, the more engaged your visitors will be. They will even share your link to their social media, helping you promote your services out to the world. 

    Use Instagram

    We all know that Instagram is one of the most popular apps in the world today. Most people post their stories there almost every day. It is a platform that lets you share photos and moments with other people around the world. Yet, a few businesses know how to use this to their advantage and drive traffic to their site. If your business does not have one, you might consider creating an account there. According to experts, many people have reached their target market solely by using Instagram alone. Instagram is free. You may use it to promote your services and utilize it as your strategy to drive more traffic to your site. 

    Mobile Usability

    If you are intentional to drive more viewers to your website, then you need to make your site available to all kinds of devices as much as possible. You need to ensure that your website is mobile-friendly. You may use different tools like Google’s Page Insight Tool to check if your website is friendly enough and see all the guidelines towards a mobile layout. You should also ensure that all your content, posts are AMP specification ready. 

    Getting more visitors and driving them to your website does not happen with just a snap of a finger. It is good that you know how to exert effort to do this. By using these methods, you can get the right visitors, and most importantly, you are converting these visitors to loyal customers.