Category: Business

  • Your Basic Guide to Surety Bonds

    Your Basic Guide to Surety Bonds

    Business deals require guarantees. Nobody wants to make their investments without proper protection. The most elegant means of protecting your business these days are surety bonds. These guarantees are required by business entities (often government agencies) to ensure that their contractors will meet all the requirements from the contract. However, the deal is not made directly, but through a surety company.

    Why ensuring through bonds?

    Bonds serve to literally bond someone to stick to their promises and agreements. Let’s say that you own a construction business. In the bonds world your name is the principal. When you want to work for any of the government entities, from the federal to the local level, you are asked to buy the bond. This entity that requires that you buy the bond is called the obligee. That way they want to ensure you will finish your tasks on time. Finally, the mediator behind the bond is the surety. If the principal fails, the surety pays the obligee. Everybody gets proper protection when they are ensured through these bonds.

    Bonds can boost your business

    First of all, there are different kinds of bonds. They all represent a different sort of guarantee. For instance, when a business owner wants to get a license or a work permit, they need to ask for a license bond. Moreover, if you want to protect your business from fraudulent schemes, you can introduce fidelity bonds. That way you will ensure that your workers and clients cannot pull any dishonest tricks against you.

    Finally, bonds that ensure that business gets done are most often required by the government. Their main purpose is to ensure that tax payers get the services they have paid for through their taxes. Therefore, businesses that are assigned to do projects on behalf of the government actually work for the people of the USA. If your business keeps scoring public projects and delivering great performance, you will be recognized as a reliable and punctuate associate.

    Do bonds insure your business?

    What new business owners fail to understand is that bonds issued by surety agencies do not bring you any kind of insurance. They are here to ensure that you do your job properly. You are the bonded site in that process and surety bonds should force you to do all your tasks on time, to avoid being charged for deadline breaks and other postponements. This is why business owners can seek protection through other kinds of bonds, as illustrated in the previous paragraph, as well as real insurance deals.

    Additional requirements for a business

    While it is clear that the surety pays the claim to the obligee, it remains blurry how they charge the principal. Every surety agency will ask every principal to sign an indemnity agreement. By agreeing to terms of such an agreement, you accept to give your personal and business assets to the surety. They will allow the surety to reimburse all the claims that had to pay to the obligee. Because of that, it is good to know that even the most beneficial surety bonds are nothing to rush into.

    Bonding is obligatory in every field of business. What differs from niche to niche are types of bonding. Although there are dozens of protection strategies on the free market, many of them are highly risky and often cause more harm than protection. Surety agencies are licensed entities. What is more, government bodies are more often than not included in business deals with these bonds. This is why business owners should not hesitate to gain advantage from participating in deals based on surety bonds.

  • Top 10 tips for online Branding

    Top 10 tips for online Branding

    In order to shape up and create the identity of a certain company, branding is something that has to be done! Becoming recognizable for both existing and possible clients is very important for any business looking to expand and find its own place in the market.

    Create a logo

    Having a specific logo that will make people think about your products and services as soon as they see it is a great start when it comes to branding. It can be placed anywhere – at your web page, as a profile picture at social media, as a signature in e-mails, etc.

    User-friendly website

    Most people look for solutions to their problems online so make sure that you devote enough time in building your website that will be easy to use with all important information for further research presented at the front page.

    Mobile-friendly website

    Apart from being simple to use, a website should also be mobile-friendly, considering the great popularity and rising need for Smartphones nowadays. A lot of people do their shopping and browsing on their phones, so it is very important to create a website that would prove to be useful on both computer and phone screens.

    Lead a blog

    Having a website sometimes is not enough with more demanding clients. Therefore, creating a blog that offers useful and meaningful content that explains some of the most common topics people look in their search and is related to your business is a great way to implement your branding image in the market.

    Add diversity

    Some people are just not into reading articles and find it more comprehending to receive information from an audio-visual source instead. Therefore, do not forget to include videos, pictures, charts, etc. in your blog to appeal to the wider audience.

    SEO

    Even a great website and purposeful blog will not do you any good if possible clients are not able to find you in the search. Therefore, investing in professional Search Engine Optimization is a sure way to generate more traffic to your business brand.

    Social Media

    Online social platforms such as Facebook and Twitter are integral part of today’s society and you have to make your brand visible in this area as well. Moreover, people are more likely to seek answers and read reviews at social media than bothering to visit your website in search for contact form. This is why your social page should always be active and responsive.

    Social buttons

    This is related to social media but it involves your work with website and blog. Do not forget to add social buttons at pages for different products, services and blog entries so that people can share your brand more easily.

    Newsletter

    Make sure to take advantage of your customer’s email list and send them newsletters with new products and offers. This way, you can inform your clientele about any changes quickly and efficiently. A simple yet informative newsletter will play a significant role in establishing your brand.

    Marketing strategy

    In order to always move your brand further up, you need to work on your marketing strategies constantly. With many other things that have to be taken care of, no single person can do this job properly all the time and therefore it is best to seek professional help from digital agencies in Sydney in order to work on fresh and innovative ideas without any setbacks.

    If you make sure that you do not skip any of the important steps and keep working towards your goal establishing your brand online will prove to be an essential part of your overall business success.

  • Hidden Costs of Running a Small Business

    Hidden Costs of Running a Small Business

    Many people dream about starting their business and being their own boss. Only one small part of them have a real and achievable plan, others just want to run away from boring 9 to 5 corporate jobs. First-time entrepreneurs often underestimate costs their new company requires which leads to financial troubles and possible bankruptcy. In this article we listed some of the hidden costs entrepreneurs tend to overlook.

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    Employee turnover

    Having talented and steady workforce is a life saver for any small business entrepreneur. Unfortunately employees tend to leave their firms in order to find better conditions, higher salaries or positions among company’s ranks. When this happens entrepreneurs face several different costs, including:

    Unemployment benefits claims- unemployment insurance costs will rise if entrepreneurs don’t contest their ex-employees benefits claims.
    Recruiting replacements- recruiting process can be very difficult and tiresome and it also costs a lot of money, especially if it is done by outsourcing HR firm.
    Training- new employees require long and difficult training. It can be internal or external and both kinds cost a lot. First one will take a lot supervisor’s time and the second will require fix rates that should be paid to licensed firms.

    Legal fees

    One time or another every entrepreneur is forced to settle some business dispute in court. The dispute can start from a simple copyright or patent infringement and it can turn into frivolous lawsuit that will hurt your company’s finances and reputation. There are plenty costs that are tied to this lawsuits and these are just some of them:

    Attorney costs- if you don’t want your company to bankrupt over a minor patent infringement or employee dispute you need to hire an expensive attorney;
    Settlement- best way to end a lawsuit is to reach a settlement, but this will also cost you a lot;
    Higher insurance costs- your insurance rates will definitely increase, after you have been sued by bogus lawyers;
    Lost opportunity- time you will spend on preparing your defense can be used in much more productive and profitable ways.

    Maintenance and office equipment costs

    Entrepreneurs usually count operating costs in their budget, but smaller maintenance and office equipment costs usually passed unnoticed, at least until the printer or the computer breaks down for the first time. Many companies that require lots of printed documents are closely following their monthly printing costs, and constantly trying to make their business more efficient. This is always recommendable, and cost-reevaluating concept should be applied for all equipment costs.

    Professional help

    Even in the first phases of your business development you will need professional help for various tasks. You will definitely need to hire some sort of tax lawyer or accountant to help your with your finances. Tax agencies won’t give you a free pass, which is why the whole accounting process should be done by professionals. Also you should be aware that tax laws defer from one country or state to another, which is why you need to hire local accountants. If you running your business in New South Wales, you should contact accountants form Sydney CBD, while if your company is registered in California hire accountants from LA, San Francisco, Oakland or some other city in CA.

    Insurance

    All smart business people know that insurance is very important for corporate level risk management. Other than regular insurance companies should choose policies that fit their business model in the best way. Some of the things your business should be insured from are: illnesses, negligence, work-related injuries etc. You should try to negotiate better deals with insurance agents. Try to tailor several policies and pay them in the bundle. Even if you succeed you should review your coverage at least once a year to see whether they meet your business needs.

    Even with all these unexpected costs, entrepreneurship is still one of the most dynamic and rewarding ways to continue your career after you quit your corporate job. With minding every detail and hiring professional help when you are in doubt, you will be able to boost your company growth and continue its development even in the toughest moments of your entrepreneurship career.

  • Sure-fire Way to Hire Your Next Best Employee

    Sure-fire Way to Hire Your Next Best Employee

    Putting together an awesome team to work for your business will take time and you need to be aware that finding the perfect employee is a difficult and tedious process. Nonetheless, you need not rush into hiring people to have them work for you, if you are missing a key worker. Instead, figure out a way to be able to find the best of the best.

    What Is Your Method of Recruitment?

    You need to ensure that you have the right method for finding potential candidates, because if you have a lack of people applying to work for you, then you must be doing something bad. Ensure that you market vacant positions and that it is easy to find your business. On the other hand, try to avoid filling positions by outsourcing other departments, as your new employee might not be up for the task. Keep in mind that everyone has a special skillset they can bring to the table, and you should not force onto them jobs they are not qualified for.

    Do You Really Need to Hire New Staff?

    While it might seem like a good idea to hire new employees, you should consider whether it will be a good idea or not. Having more people work for you mean that you have to pay more salaries as well, which could be problematic if your profits are not doing so great. After all, bear in mind that it is better to have a good employee, earning a higher salary but making a bigger profit than a higher number of weaker workers.

    Look Beyond the CV

    Even though it is a must for any candidate to bring their CV, you should only use it as a reference to weed out those who do not fit your business. Consider the 7 Cs of what an employee can bring to the company. Commitment and competence will be the most important keys, because if your new staff is unable to perform well, you should not even consider hiring them at all.

    Let Your Employees Evolve

    Each employee will want to become better eventually, and unless you provide them with the opportunity to do so, they will avoid your business at all costs. Hiring a good worker will also mean that you will take care of them and not just look at their current skillset. Your business swill grow and evolve into something bigger as well, and you should have your staff grow together. Otherwise, you will be looking at hiring new employees every so often.

    Have Professionals Help You Out

    As a growing business, it might be hard to put together a team to assess and recruit new employees without making a mistake. Instead, it is possible to hire an outside source, who will be able to objectively evaluate potential candidates and to decide if they will be a good choice or not. Going with a recruitment agency from Sydney you will make sure that your new workforce will be the best, and that you will not have to look into hiring new ones anytime soon.

    Consider Past Experience

    With people coming freshly out of college, with earned degrees, you have to sit down and consider what you really need for your business. Experience can never be learnt, and to gain it, you will need to go through a lot. But, you should also give a chance to those who are new, to be able to grow and enrich your business as time goes on. All in all, make sure your team is mixed with those rich with fresh knowledge and experience, to help and teach each other.

    Hiring the perfect employee will be a demanding task, and you will have to look into a number of factors to ensure that you go with the best. On the other hand, you need to create a versatile team of highly experienced and knowledgeable people who will be able to take your business to the next level. While it is a good idea to give many a chance, it is not the best course of action in most cases. Take your time, and analyse each candidate when hiring, to give your business the push it needs.

  • FiveThings to Consider While Looking for Managed Connectivity Services

    FiveThings to Consider While Looking for Managed Connectivity Services

    Technology is an ever-developing concept and it is imperative for all of us to keep up with all the innovations in the field in order to be at par with excellence. However, for businessmen, things get really tough when they need to keep a tab on everything related to the industry. Hence, instead of burdening themselves with extensive tech support requirements, discovering reputed managed connectivity service providers is always an easy way out.

    When a company opts for managed IT services, it can ensure the combination of professional services along with technological expertise which is vital to keep the company running at peak all the time. No matter what the size of your business is, you can easily discover the customized and inventive solutions to manage all your IT requirements. Such services make sure that your business does not experience downtime ever and also the technological issues of your company will be managed with much ease.

    Need for Managed Network Services

    In light of this, a number of organizations are choosing to outsource the network functions to various network service providers. It is lucrative and also increases the overall flexibility of work along with providing the businesses with a set of skills which otherwise might not be available in-house, like security, networking, and communications. Also, a company can easily devote all its IT resources to the core business works and leave the network service management task to the outsourced service provider.

    However, it is vital to choose the right kind of service provider. Here are five aspects to look into while selecting a managed connective service provider for your business:

    • Cost: Always choose the service provider that fits your budget perfectly. There are a number of managed connectivity service providers available today, so you must always look for a company which will offer you with a low and fixed pricing. The reputed ones will always assess your company first and then provide you with an agreement along with a quote defining your needs and expectations.
    • Standard: Secondly, check for the standards of network availability, security and reliability of the service provider before signing the agreement. Most of the companies will have all these mentioned in the agreement or contract. Also, the agreement should speak about the all-time availability of the service provider as a downtime can happen at any time which might cost you a lot of money. Hence, read out the agreement properly and understand everything before committing anything.
    • Connectivity: The service provider should offer you with a secure, cost-effective and high performing service. Good connectivity is essential at every phase, whether you need to connect a building with the other, join remote users to your home office or link data and voice traffic with multiple sites on one network.
    • Flexibility: A reputed managed connectivity service provider will easily change and adapt to your evolving business needs and will also match its services with your specific requirements.
    • Monitoring: The service provider should always offer you with real-time performance reporting along with complete access to the entire network monitoring through a customer web portal.

    Today, managed connectivity services are being used by nearly 70% of all the businesses worldwide. With its help, the organizations enjoy a lot of benefits as all their networks get managed by an outsourced company that allows the IT staff to concentrate on the other more important business tasks. Not only is this service a cost-effective one, it is also one of the most efficient ways of increasing business profits in today’s job market.

  • Securing your business is essential for success

    Securing your business is essential for success

    If there is something that can severely affect a business then those are definitely thefts and criminal acts which, unfortunately, entrepreneurs are exposed to at all times. Therefore, some preventive measures are in order if you want to protect all your hard work.

    Choose reliable staff

    Optimize your selection processes and human resources and hire people lacking in financial troubles, which may reduce the possibility of temptations within your organization. The socio-economic studies are reliable and help especially when the contracts are for positions where workers have to handle money.

    Establish mechanisms for identification

    Provide your employees with photo badges, identity codes, keys and customized systems to establish who is responsible for what happens within the company as well as the times of entry and exit of each person. This may sound cumbersome but necessary in order to demand accountability at all times.

    Implement audit mechanisms

    A simple but effective audit is to check regularly at random and surprise your staff to see if all the responsibilities are met orderly. You can ask them to show you important documents such as receipts and invoices. This control lets you detect any suspicious or abnormal actions and take preventive measures before an event occurs.

    Hide the information

    Information is one of the most important assets of your company business. Do not let anyone be open to all kinds of data such as customer lists, products, inventory and access prices. Be twice as strict with financial and banking information. Selectiveness in these situations is necessary, so allow only few people you can trust to have an access to all the data.

    Use formal monitoring mechanisms

    Many businesses, in an effort to cut costs, use informal mechanisms that are often entirely at the discretion of employees, promoting the possibility of altering the billing systems and under reporting of the real situation. A good investment that will help you have more control is to invest in automated control systems such as cash registers, software systems and warehouse inventories.

    Train your personnel against criminal events

    It never hurts to pay a security company to train your staff on how to act in case of critical situations or prevent possible attacks and robberies, kidnappings and assaults. A better-trained employee can make good moves and reduce losses in such situations.

    Protect your vehicles with satellite systems

    One of the best ways to reduce attacks against your goods transported by vehicles is installing satellite tracking systems. These are not only very effective on the issue of location but also make criminals leave before attacking the vehicles. The costs of these systems are not low but they have a tendency to become increasingly accessible. And make sure that you have a very visible sticker that says ‘Truck protected by satellite system’.

    Invest in computer security

    The security of systems is becoming increasingly important as many frauds can be perpetrated from the (internal or external) network. Implementation of certain minimum actions such as acquiring a good firewall, antivirus or regular password changes as well as making backups reduce the chances of risk.

    Consider automatic monitoring systems

    If your budget allows it or need demands it, you can install a system of surveillance cameras that allow you to monitor both the movements of customers in your store and the actions of your employees within the company. Some systems can be very functional with one or two cameras and there are even systems that allow remote security monitoring, either from home or any other organization.

    Invest in safety

    Another useful alternative, if your business is located in a high risk area, is the acquisition of insurance. Insurance can be much less expensive than what you think and be very useful when recovering your assets. Consider insurance against theft, fire or total or partial destruction of your property.

    Reinforce security in your store or office

    Think strategically – protection means identifying possible points where an offender may try to access your site. In that sense, reinforce your main doors and windows with access to the street with stronger materials or safer locks.

    Install infrared automatic lights

    The infrared security lights placed in hallways, courtyards and offices can be very useful to ward off intruders. These systems can be achieved even in the supermarkets; they are inexpensive and will not take more than 30 minutes to install.

    Safety limits are defined by the budget only. Hiring security guards, patrols, shelter systems, cash transfers and other more sophisticated and expensive measures are always good if your investment capacity and the size of your business allow it.