Tag Archives: business

Cash Flow Problems? It Could Be Your Employees

Cash FlowCash flow – it is always a business’s sticky situation. Many things can cause it to disappear very quickly. One of these is your employees.

How can employees drain your business financially? Here are two ways.

Employee Theft

Many employees steal. In fact, more than 70 percent of them do it. They are also doing it habitually. In a 2017 survey by the National Retail Federation, the inventory shrink rate went up. About 36 percent of it was due to shoplifting while 30 percent was because of employee theft.

The average cost per employee theft was almost $2,000.

Solution: Implement penalties or punishments against those who steal. Since employees are more likely to steal a lot of money through manipulating the accounting books, businesses should invest in online bookkeeping app or software to establish control, accountability, and automation.

Employee Turnover

Businesses lose employees for a wide variety of reasons. Some of them leave due to better work opportunities. Others you have to terminate because of poor conduct or work ethics. Either way, you are bound to lose money.

In 2012, the Center for American Progress published a paper concerning the high cost of employee turnover, especially for high-skilled work. It can be as much as 213 percent the annual salary for the position. Overall, it can be between 10 and 30 percent.

Meanwhile, a bad hire could cost the business around 30 percent of the employee’s earnings for the first year. The spending usually goes two things: the re-hiring process and retraining. However, a high employee turnover rate can also affect productivity, which also translates to more losses.

Solution: Set up an employee retention program. Constantly measure the turnover rate and, most of all, know the reasons. This way, you have better knowledge on how to manage the problem.

There is no foolproof plan to avoid these two employee-related issues, but you can minimize them from happening. Most of all, you can learn some ways to protect your cash flow as much as possible.

Advertising plan

Vehicle Wraps: The Moving Ad that Benefits Your Brand

Advertising planBusinesses of any size need constant brand awareness to grow clients continually, and this is particularly true for small to medium companies. Business owners must know which advertising methods they should focus their efforts on to guarantee that they are not wasting their resources. This is why you should consider using one of the most efficient and most straightforward types of advertising, a mobile advertising tool with car wraps in Fort Worth.

Below are advantages that you can reap:

A Permanent and Extremely Affordable Form of Long-Term Advertising

Without a doubt, vehicle wraps yield great ROI to the business. Besides, this form of marketing won’t even require you to allocate more of your finances or renew contracts. As soon as you apply the wrap onto your vehicle, it will stay there until you want to alter the design or remove it. The best thing about this is that you don’t have to overhaul your entire vehicle because you can just go for a partial vehicle wrap.

A Mobile Billboard with Highway Driving

If you want a fast and easy method to widen your brand exposure throughout a greater geographical location, then have your driver course through the highway. Think about it, a few gallons of gasoline is way more cost effective compared to a roadside ad or a radio airtime. This tactic may sound pointless at first, but this is the most stress-free method to spread the word. Who knows, you might end up getting an email or call inquiries from possible clients after seeing your mobile billboard.

A Professional Finish

With a vehicle wrap, your car will appear like a fleet vehicle. It doesn’t only make your brand appear more modern, but it will seem bigger than it is. This tends to communicate reliability. People assume that a brand that uses vehicle wraps is already well-known in the industry.

As you read above, you must not undervalue the power of basic static marketing tools like these. With the capacity to frequently and quickly publicize your brand, it provides you with an economical method of advertising.

4 Steps Hospitals Can Do to Prepare for the Peak Season

A doctor attending to a callLike any business or establishment, hospitals experience a peak season when it comes to patient count. Sadly, not all hospitals are equipped to handle a deluge in patients as resources are already strained as it is. For hospital managers who are anticipating the arrival of a peak season, the following tips may be able to assist in the hospital being able to make the most out of their resources:

Hire locum tenens physicians

Peak seasons usually demand so much on the hospital’s medical staff. If there is a need for more doctors on duty, you may need to hire temporarily. This is where locum tenens workers come in. These doctors usually do “freelance work” on hospitals that have staffing shortage. All you need is to contact those who are trying to search for locum tenens physician jobs to fill your roster.

Institute an online appointment system

Most of the time, the peak season of patient inflow coincides when many people also come in for appointments. To put a system in how you accept appointments, it may be best to have an online appointment system so that all appointments are taken care of.

Adjust processes accordingly

For efficient processing of patients, it may be better for the hospital to make contingency plans that will fit their resources.

Do regular facility and equipment checks

You do not want an equipment or device failing when you are doing an important surgery, right? To avoid this, the hospital must have regular facility and equipment checks to see if there are items that need repairing or replacing.

As hospitals are pledged to serve their patients, managers need to ensure that everyone is getting the care that they need. Even when it is the peak season, hospitals can do that if they prepare well.

The Latest Trends in Retail Packaging Design

Strawberries neatly packed on a clean and safe disposable food containerMarketing is a competitive field and any organization that wants any consumer to notice it has to invest in advertising. Almost every firm is investing in targeted and blanket advertising. Though you might be reaping good ROI from these ads, you might be forgetting a crucial aspect of marketing.

An integral and typically forgotten aspect of brand marketing is retail package design. Red Rider Creative says that a good marketing agency in Utah can help emphasize the importance of your product package design when building your brand. Humans are visual creatures and what attracts customers to your product is package designing. Here are the latest trends for this crucial marketing tool:

Geometrical Shapes

This trend revolves around simplicity and approachability through shapes and patterns. Most package designs are shifting towards squares, circles, and triangles in monochromatic colors. In markets with exaggerated designs, the simplicity of these packages makes them stand out. The familiar colors and shapes communicate with consumers more than excessive designs.

Simplicity

The best design packages try to keep their message as simple and clear as possible. This trend is a hit with consumers who do not want to spend so much time trying to understand what you offer. Sell your brand using simplified and clearly stated messages on your package.

Hand Lettering

Your package should not blend in with your competitor’s products. Hand lettering is the latest trend for product communication as opposed to digital lettering. The individuality of hand lettering creates a connection with your consumers and makes your product visible among its competition.

All products in the market compete for recognition. Unique product package designs are the best way to advertise your product and stand out from others. Get a reputable and well-equipped marketing agency to help you with your package design. It will become one of your primary advertising tools when done right.

4 Problems Killing Your Business (And How to Solve Them)

Business PuzzleNo one goes into business to fail. The sad reality, however, is that the majority of businesses fail within its first few years. And it’s not just startups that collapse. Major companies do too. If in your business has been declining recently, it could be because of one or more of the following reasons:

1. You are using the wrong approach.

If your sales have been decreasing, it’s an indication that your marketing methods are no longer working. Evaluate your entire marketing campaign and see how you can tweak it. Try new ways to reach potential customers. Try working with an experienced Utah-based SEO company. Attend trade fairs and make presentations that stand out. Develop a referral scheme. In a lot of aspects of business management, experimenting on what works and doesn’t work is the only step forward.

2. You have problems with your capital.

When you start experiencing problems with raising enough capital for your business, you are well on your way to collapse. As you start a business, you need to determine how much capital you’ll need to keep the business running until you start making profits. If you’ve been in business for years and suddenly find you have inadequate capital, consider a business loan.

3. Your brand is no longer appealing.

With competition in business ever on the rise, you sometimes need to rebrand to ensure you stay attractive to your clients. There are many simple ways you can enhance your brand without necessarily losing your identity. For instance, you can slightly alter your colors and improve your logo. This creates a sense of freshness.

4. You are working with the wrong team.

When a member of your staff or a section of your employees are no longer productive, consider that it’s time to let them go and bring in a fresh team. You want to know your staff understands and shares your vision. A new team also can also inject new ideas in your staff.

It’s what you do when your business is on a downward spiral that will determine its fate. By taking a few simple steps, you can turn things around.

Leveraging Domains for Localization Marketing

Computer PPCMany companies are now using multilingual websites or at least those specific to a particular city or country that uses the same language. As a website owner, you’d want to create unique experiences for a visitor, doing so improves conversion rates and overall user experience.

Experts on PPC from Denver cite the following ways you can leverage domains, subdomains and subfolders for your localization strategy.

The Domain Level Strategy

One of the most common ways to reach a different audience using another language, regardless of the size of your business, is to use different domains. Americans may prefer sites with the .com URL, others would want to see .jp, .ca, .cn or others. This is the easiest way to reach other groups across continents; however, the domain may be unavailable.

Different domains also improve your authority and reach; you’ll get more links directed to your website from various sources. Diverse traffic helps your search results rank and makes it easier for algorithms to index and crawl your pages.

Subdomain Approach

Another approach is using a subdomain at the country and language level. Japanese users may want a URL of jp.site.com, and a Canadian may want ca.site.com, and so on. This strategy is similar to using subfolders; however, both strategies have one glaring limitation, which is poor intuitiveness.

Link Building

Link building isn’t dead, but has only evolved; with the help of domains and subdomains, you can improve your ranking results and reach a wider audience. Links to your primary domain and website boosts your authority, because of the different sources of traffic and link profiles.

With different domains and subdomains, you get to customize your approach based on your intended audience. You can have a site specifically for non-English speakers, those using mobile devices and for those looking for a particular product or service. This flexibility enables you to maximize your reach, use resources optimally and convert at a better rate.

 

6 Ways to Succeed in the Mental Health Practice

Person Receiving TherapyStarting a private practice is a dream for many healthcare professionals. In fact, more than half of healthcare givers in some specialties are in private practice. However, it is a bold step. Professional expertise alone cannot guarantee success. If you are ready to get your feet wet, here are five things that will set you up for success.

1. Think like an entrepreneur

For most healthcare professionals, the drive is not just a good paycheck. However, when you decide to go into private practice, you will have bills and salaries to pay and again, it will be your primary source of sustenance. Therefore, the moment you make a decision to start out, you must think of ways to be profitable. There is no avoiding it! You are now in business; unless of course, you are starting a nonprofit.

2. Write a business plan

Business plans are not overrated. Experts agree that most startups fail because of lack of clear long-term and short-term goals. A good business plan will help you build a good foundation for your practice. It will help you set a clear vision, mission, and values. And then, it will help you determine where you want to be in a given time frame. A strong business plan can also be thought of as a map, it will show you where you are, where you came from and where you’re heading.

3. Identify a niche

While it might be tempting to see everyone who comes knocking, it is not always a good idea. Servicing groups you do not enjoy working with can be nerve-wracking, to say the least. For example, if you are not comfortable around individuals with specific medical conditions, dealing with such clients may put you under unnecessary stress and pressure. Do not go beyond the scope of your skills. Instead, establish yourself as an expert in what you are best at.

4. Choose a good location

As Realtors say, “location, location, location!” You must establish your practice in a proper location if you want to be successful. The ideal location is relative because it depends on who you are targeting. However, your facility should be located in an easily accessible area and if possible where you can easily be noticed. As a rule, it pays to be near the people who will most likely be interested in your services. For example, if your specialty is families, a location in the suburbs is more viable than the 30th floor of a small building in the city.

5. Automate administrative processes

Administrative work can be time consuming and tiresome. Management software that will support your mental health practice can simplify processes such as invoicing, scheduling and reporting, payment processing, records management among other office and clinical processes. Such software can help you save time, minimize paperwork and eliminate redundancy.

6. Market your practice

You must communicate your presence and convince people that you can help them with their conditions and problems. The good thing is that you don’t really need a huge budget for this. It could be as simple as developing a good website, networking with other healthcare professionals, volunteering to speak at local schools and churches and doing some really good work. Word of mouth is the most powerful marketing tool.

Going solo may not be the easiest decision but its rewards can be great. It can be a path to great accomplishment and personal fulfillment.

Should You Start a Liquor Business?

Liquor License in Florida Have you been wondering what type of business you should set up in Florida? Why not opt for a liquor store? This is a highly lucrative business that could bring in huge cash to your ledger.

Many health advocates will tell you not to drink liquor because of their perceived negative effects on health. On the other hand, some health specialists will tell you to drink one glass of wine a day. Despite these opposing statements, many people still choose to engage in the liquor business, opening up their own liquor stores.

A Lot of Patrons

It cannot be denied that many individuals in the United States are alcoholic drinkers. According to the National Institute on Alcohol Abuse and Alcoholism (NIAAA), about 87.6 percent of individuals who are 18 years old and above stated that at one point in their lives, they have drunk an alcoholic beverage. As a matter of fact, about 56.9 percent of them drank in the month prior to the study. This goes to show how prevalent drinking is. Hence, it creates a huge market for entrepreneurs, especially those who are Florida liquor license holders already, according to The Liquor License Guy.

Long Shelf Life

Unlike ordinary drinks, liquor has a long shelf life. It is good for business, considering that you don’t have to worry much about expiry dates. According to Kitchn, one rule of thumb to follow when looking at the shelf life of liquor is that when it is unopened, its shelf life is technically indefinite. Compare that to the shelf life of bread, juice and other products, and you will appreciate it even more.

Good Income

Apparently, if the shelf life of the product you are selling is “indefinite” and the market is huge, you will enjoy a good income. Think about it, the primary purpose of having a business is to earn a profit, and these things could definitely benefit you.

Now that you know why many people prefer to run a liquor business, it won’t be a surprise if you decide to open one in Florida, too. But like any other business, remember that you must learn the ropes first before starting your own.

Protective Trust Rights That Every Beneficiary Should Enjoy

Protective Trust Rights in AucklandA trust becomes a family trust when the grantor and beneficiary are related, regardless of whether it’s revocable or irrevocable. In an irrevocable trust, the beneficiary has legal access to the assets although the fiduciary authority of the trustee may interfere with it. Conversely, the beneficiary has no legal right to the assets in a revocable trust since they belong to the grantor.

Accounting North Ltd and other experts noted, however, that both the revocable and irrevocable family trusts in Auckland and most state laws have reserved clear rights that a beneficiary should enjoy. Here are some of them:

Authority Over the Trustee

The primary role of most trustees is to protect the trust assets until time is ripe for the beneficiary to inherit them. If the trust assets are wasted through self-shoddy deals, negligent disappearance, or mismanagement, the beneficiary can go to court and seek damage compensation from the trustee. In case the beneficiary discovers the trustee is mischievous, they can file a petition to replace them. Before the court makes a replacement ruling, however, they will first study if the trustee was committed to fulfill the fiduciary responsibilities as the trust grantor wished.

Distributing Assets

The trustees have no right to stop the beneficiaries from receiving the assets entitled to them. Of course, a beneficiary receives the trust assets once the terms in the trust deed are honored. Trusts that give discretionary authority to the trustees deny the beneficiaries the right to their discretionary distributions. The beneficiary could overturn the situation particularly if the trustee seems to violate title deed terms or favor some beneficiaries.

Power to Terminate

The authority of a beneficiary to terminate a trust varies from one state law to another. Most states, however, give beneficiaries unanimous consent to terminate irrevocable trusts. In other some states, the beneficiary cannot terminate a trust without getting consent from a grantor or trustee (in case they are alive). Courts in other states insist that the beneficiary should be 18 years and above to terminate a trust. Trust termination creates the way for the beneficiaries to receive the trust assets according to the grantor’s original intentions.

If you are a legitimate beneficiary, it’s important to know the rights that entitle you to the trust assets. Beneficiaries who are ignorant to the rights contained in Auckland family trusts end up losing their trust assets in the hands of the shrewd trustees.

Operation Dance Studio: Running Your Business Like a Pro

Dance StudioNow that you have your dream dance studio, you have to make sure that you run it right. After all, the success of your studio goes beyond profit — you’re bringing new talent into the industry.

Incorporate these tactics for bigger success.

Never forget your current customers

Happy customers mean more business and referrals. Keep in touch through social media, your website, emails, surveys, newsletters, and special events.

Ensure that your beloved employees are on board with your philosophy

If you’re having problems with an employee, address them immediately. Remember, your business means your rules; just ensure that your rules are proper and not impossible to abide by.

Consider building niche programs

Consider programs specific for different ages and levels, as well as programs for those who can dance, sing, or act. Don’t forget dance teams, competitive teams, and those who dance for fun.

Consider extra income sources

These could include subletting your studio, rentals, events, or birthday parties.

Love numbers and organize them

Aim for a specific number to hit each month; the amount of students you require to pay off bills and the number of students you’ll need to profit. Figure out how you weigh each of your students’ worth in terms of their fees. Once you have a goal number in mind, note this in your computer. Better yet, get yourself the best dance studio software to help you with your notes and all your other administrative tasks. As The Studio Director notes, this can better streamline your business.

Create a system for referrals

For example, consider slashing $49 off a regular student’s fees if they can bring in a new student. Slash the same amount for the new customer if you can afford it.

Make a proper marketing plan

Figure out your goals — what you can afford to spend and how you’ll spend it. Monitor your results, so you know what needs improvement and what’s working for you. Keep in mind that marketing isn’t all about getting new customers, but also strengthening your relationships with your regulars.

As long as you have a solid plan, you can direct your new dance studio business towards success.