Business

Financing Your New Small Business

Financing Your New Small Business – When it comes to starting a new business, it can all be a bit too overwhelming, not to mention costly. There seem to be endless costs popping up here, there, and everywhere, and if you are not careful, the costs can put you off starting a business. Of course, you should not be put off starting a business; you should just change your mindset and instead focus on how you will get the necessary funding for your new small business.

Getting a Job

Yes, you want to run your own business, and this will happen in time, but right now, you need funding, and one of the ways to get funds into your account is to get a job. There are lots of jobs you could start and search for right now, and an industry that is always thriving is the shipping or driving industry. You may want to consider courier jobs or shipping jobs as they offer you flexibility, and they offer you a chance to work when you want to and where you want to. If you go down the route of getting a job to finance your new business, then you should remember what your end goal is. Set regular targets and goals to ensure that you stay on track with your funding needs and requirements.

Seeking Traditional Financing

Banks, and loans, can often be the best way to get your business the finance it needs to get off the ground. When looking at getting funding, such as a loan from a bank, you will want to ensure that you have a business plan in place and that you have your financial forecasts ready to hand. A traditional bank, whether online or offline. Will need to see that the business has the potential to work and make money.

Looking at Crowdfunding

If you are launching a community support business, or maybe even a social-based business or enterprise. Then you may wish to look at crowdfunding. Launching an appeal or two for your business can help raise awareness and build interest in what you are wanting to do. And it can help you get seen by potential investors and backers. Crowdfunding can help you quickly get the funds you need to get your business up and off the ground. To ensure crowdfunding is a success, your material has to be targeted and relevant to your audience. And you must be as honest, open, and transparent as possible.

Family and Friends – Financing Your New Small Business

Your family, friends, and loved ones are your biggest backers and supporters, and you could even consider approaching them for financing. In return for their backing, you would of course ensure that you pay them back with interest. But you may also want to offer a bit of your business. Such as a small share or percentage, in return for their backing. Of course, your family may not want any of your business in return for financing. But it is worth considering as it may just help to sweeten an impending offer.

In today’s competitive and fast-paced marketplace, companies seek international expansion to diversify their revenue streams, access new customers, and enhance brand recognition. Savvy businesses are now investing in EOR services to tap into their global talent pool and maximize growth.

An Employer of Record (EOR)  takes up the management of your business’ crucial HR functions. It manages global employment compliance, employee benefits, and payroll. Outsourcing an EOR allows an organization to make international hires without having to set up business entities in foreign countries which can be costly.

Here are six reasons to use employer of record services (EOR)

1. Makes Global Hiring A Seamless Process

Employer of Record services helps you bypass the strenuous efforts required to establish a legal business entity in the country you wish to hire. The service saves you significant money and time by streamlining the international hiring process.

An EOR sets up employment contracts per the local laws and conducts your hiring process for the international workforce. Once your service or product has succeeded in the foreign market and you wish to set up in the country, you can simply transfer the employees from EOR.

2. Employer Of Record Streamlines International Payroll

Global payroll processes can be complicated and time-consuming. Countries have different statutory and payroll requirements. Handling the differences can be highly time and resource-consuming. The right EOR partner saves you the hassle of:

• Navigating unfamiliar laws
• Tax filings
• Onboarding and offboarding processes
• Cultural differences.
• Statutory benefits

3. Add Employee Benefits And Insurance

When recruiting global employees, it’s essential to ensure they are well cared for through benefit plans and insurance. An employer of record makes it easier to administer these benefits and insurance.

An EOR will administer life insurance, pension plans, life and health insurance, and travel insurance.  Some providers will even offer unique offerings like equity.

4. Management Of Employment Contracts, Termination, And Compensation

By entrusting an EOR partner with these core HR duties, you alleviate the stress of employment contracts and termination. Managing these processes is vital during acquisitions and mergers where support is critical to maintaining your operations.

An EOR ensures accuracy and precision by handling employee contracts, compensation programs, and terminations. The support saves on hours of administrative duties and accuracy in law compliance, significantly saving on your operation costs.

5. Decreases Potential Risks

Your business avoids risks associated with international hires by outsourcing employer of record services. EOR significantly lowers your risk footprint by assuming responsibility for all your employee-related liabilities. The partner protects you from issues with international labor laws, tax withholdings, and any other compliance issues. An EOR is also more informed on risks your business may miss and local laws, which saves you the trouble.

6. Reduces Operational Costs

One of the overall benefits of outsourcing an EOR partner is that they lower the operational cost of working with global talent. EOR services implement technology systems that save money and time and maximize efficiency.

The services hire expediently, reduce your need to increase HR and legal staff, register and set up fees for a new business and save on the cost of infrastructure.

Invest in Employer Of Record Services Today

Outsourcing an EOR is one of the most significant decisions a business can make to compliantly and successfully assemble a global staff. They will save you time and money while assuring top-notch services. Get an EOR service to get a centralized system for international hires as your business expands.

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Easily Convert Your Excel to PDF

Despite Excel spreadsheets being widely used as a format standard on many corporate computers, they still have some drawbacks when it comes to distributing documents. Yes, it is easy and simple to edit, copy, and extract information in Excel files. But it comes with limitations; format changes depending upon the fonts available on the computer and even with the printer you use to print.

That’s why it is necessary to convert your excel file to a PDF so that anyone can open it even if they don’t have a Microsoft Office installed on their devices. Printing and distributing your Excel spreadsheet will be easier as well, allowing you to do other tasks. There are many options on how to convert your file; one is creating PDF versions directly inside the program and using an online converter tool. In this article, we will be sharing six efficient ways on how to quickly convert your Excel to PDF.

Use Online Converter Tool

There are many online converter tools in today’s advancement where you can rely on converting your XLS to PDF files. They even offer great features for free, like PDFBear. It is top-pick use for most people as it is accessible to any operating system. You can access it using your laptop, desktop, android smartphones, and tablets.

Besides, you can quickly access the converter tool to their official website anytime and anywhere as long as you have an internet connection. The greatest perks of using PDFBear is that you don’t need to download or install any program on your device just to access it. It is handy software if you are always dealing with bunches of files. You can pick whether to convert, split, compress, merge, add watermarks, add numbers, repair, or protect your PDF or any file format. The four-simple steps are available on its portal.

Save Excel file as a PDF file

This is definitely the most used way of converting your excel file to a PDF file. Perhaps, you have already used it once or twice. Here are quick and easy steps on how to do it:

• The first thing you need to do is go directly to the FILE TAB.
• Next, go to the save a copy tab.
• Then, pick PDF as the file type.
• Finally, click the SAVE button.

As easy as these four steps are, your converted file will be saved in a similar location to where your excel file is already saved. If you want to save it to another location, simply click the more options link you’ll find below the type selection. This will lead you to save it as a menu, and you can then navigate to where exactly you want to place it.

Export Excel file to PDF file

If ever you haven’t noticed it yet, there is an export option in the File menu. It will allow you to export your XSL file to a PDF file. Here are four easy steps how to do it:

• You need to go directly to the File tab.
• Next, go to the export tab.
• Then, pick and create a PDF/XPS document.
• Finally, click the create a PDF/XPS button. Wait for about a few seconds to finally have your new PDF file.

Email Excel file as PDF Attachment

This is the easiest way to convert your excel to a PDF file. Plus, it can do two things for you; convert XSL to a PDF file and create a new email message in which PDF is already attached. This can be quickly done without a need for a code. Here are simple and quick steps on how to do it:

• In the options menu, make sure you’re on the Quick Access Toolbar tab.
• Next, you need to select all commands.
• Then, scroll down and choose Email as a PDF attachment.
• Here, you need to press the add button to add the command to your Quick Access Toolbar commands selection.
• Finally, press the OK button. Just wait for your new converted file until the process is done.

Convert Excel file to PDF file in Power Automate Action

All of the previous options of how you can convert Excel to PDF files are great ways to use and will save you time just to click and click, but they aren’t automated. There is a process you can use to convert files —Power Automate action. This can be quickly done, allowing you to convert PDF files as part of some automated process.

This method can be used when you want to automatically create and send important PDF invoices via Email. Take note that the file you wish to convert will not be saved in your OneDrive. There will be two actions you need to add to your automation; convert the file and create it. Here are  simple and easy steps of how to convert your Excel to PDF file:

Convert file

• Using the OneDrive connector, you need to convert file action.
• Next, pick the file you wish to convert.
• Then, pick PDF format as the target conversion type.

Create file

• Using the OneDrive connector, you need to create a file action.
• Next, choose a folder where you prefer to create the PDF.
• Then, put a label or name to your PDF file. Keep in mind that you need to end the name with the .pdf extension.
• Finally, press the dynamic content button.

Takeaway

Converting Excel to PDF files is a bit of a common task to perform nowadays. There are many options you can use, and it is much pretty easy to follow it. You can always look for one that is best suited to your needs, either using an online converter tool or navigating all of the features you have inside the Microsoft program. We have listed five efficient ways above; you can use how to convert your files for easy sharing, printing, and distributing. It’s all convenient and hassle-free to use, letting you finish your task in no time.

Workforce plans are customized to the complexities of the organization because each company has unique and specific needs. Asset managers and corporate clients looking to benchmark against competitors can use the best standard guidelines to develop their plans. From workforce intelligence to staffing gap evaluation and solution deployment to performance assessment, here are the main components of a workforce plan:

Workforce Analysis

A workforce analysis examines the company’s labor supply, its current needs, and future workforce needs. The first step of developing a workforce plan involves a comprehensive analysis of the current state. Analyzing the existing workforce and needs can reveal how equipped the team is to fulfill the company’s short-term and long-term objectives. Workforce analysis reviews three main areas as follows:

1.) Current Labor Supply/Demand: Involves evaluating the current supply of labor at the company’s disposal and the level of labor required to fulfill present goals.

2.) Future Workforce Needs: Examines external and internal variables impacting workforce needs and the ability to meet future staffing requirements.

3.) Skill & Interest Inventory: Reviews current and needed job/competency requirements and employee skill sets.

Workforce analysis is useful in strategic workforce planning as it uncovers the details of the company’s current situation. You can quickly determine strengths, weaknesses, opportunities, and threats, all of which can help you identify the best solutions and adjustments. The goal is to have a deeper understanding of the current situation, including what’s available and what’s needed. You can then predict future needs and make the right moves to meet your goals.

Staffing Gap Analysis

Modern companies can use a staffing gap analysis to reveal the current workforce supply and demand gaps. The analysis also examines gaps in the present ability to predict and adapt to future workforce needs and changes. Staffing gap analysis uses data from the workforce analysis to uncover gaps between overall staffing needs and available labor supply. Three main parts highlight this step of workforce planning:

1.) Workforce Surplus/Shortage: Reviews the current labor supply and demand and compares them against future workforce needs. The analysis will reveal the presence of labor surplus or shortage.

2.) Potential Employee Retirement: Involves determining the demographics eligible for retirement, when they’ll retire, and who will replace them. The goal is to place contingency plans for replacement or alternative work arrangements to avoid retirement-induced vacancies.

3.) Talent Action Plan: Outlines the designated responsibilities for each acquired talent, including steps needed to fill existing positions. The plan can address skill gaps and maintain a talent pool capable of achieving projected growth rates.

Companies can suffer staffing gaps in different scenarios. Gap and risk analysis calculates and analyzes the ridges between demand and supply concerning staffing capacity and capability. The study considers various scenarios, including the risk of not addressing gaps and impacts on company objectives and business operations. You can then secure enough talent and personnel for your business’s current, emerging, and future needs.

Strategy Implementation – Workforce Plan

Workforce and skill gap analysis can reveal what needs to change. Once you determine the gaps in your processes, the next step is to develop a strategy/solution to address each one. Strategy deployment is where your efforts come together for effective execution. Deploying a workforce plan is an ongoing process focused on continuous improvement, adjustments, and adaptation to changes. Deployment involves the following:

1.) Succession Planning: Involves establishing a progression for key business positions.

2.) Leadership Training: Identifies high-potential employees to coach, mentor, and develop.

3.) Talent Acquisition: Involves calculating needed headcount, positions, and locations to ensure seamless recruiting.

4.) Talent Retention: Entails forecasting turnover, identifying high-risk employees, and finding ways to keep them.

Solution deployment has many facets, including employee redeployment, contingent workforce, backfills, internal placements, and outsourcing. Some organizations offer career counseling to help employees move up in rank. Strategy implementation is why you create a workforce plan. Modern companies can leverage workforce intelligence to achieve smooth deployment and cover all gaps and risks.

Performance Assessment

Every workforce plan needs a way to evaluate its performance. Developing the plan takes time and resources and is meant to resolve specific issues. Performance assessment is an ongoing process involving select organization members monitoring predetermined workforce success metrics. The goal is to assess how well the workforce plan benefits the organization as a whole and to determine flaws in the processes and strategies.

Monitoring a workforce plan can help you evaluate your business’s success and make necessary adjustments to optimize business strategies. The workforce plan should specify what metrics will be used to assess performance. Performance evaluation also features instructions for modifying scenarios if underlying assumptions change significantly. The evaluation feedback is used to refine the workforce plan and facilitate goal accomplishment.

Leveraging Workforce Intelligence – Workforce Plan

A workforce plan has many standard components, including the executive summary, introduction, purpose, scope, and governance. Each company can create a unique guideline and framework, depending on its needs. Businesses can also leverage workforce intelligence hubs to see what successful companies are doing for benchmarking.

Corporate Moving For Small Businesses

If you’re a small business or small businesses owner, chances are you’ve been eyeing that corporate move for a long time. This can come in a lot of forms – be it expanding into new branches, getting a bigger office, or moving into a more ideal location. Either way, this corporate move can greatly help your company move to greater heights – but unfortunately, you might soon realize that certain elements of this move can be quite stressful. Aside from the actual move into your new office space, you also have to consider factors such as permits, requirements, and your overall business operations. Would this mean you need to forego your small businesses move? Not necessarily!

In fact, with some quick tips and tricks, you may be able to pull off a proper corporate move for your small business without getting through all of the hassle. It’s important to remember your business move can actually work to your favor with the right kind of planning and preparation. Here are some quick tips you might want to pull off:

• Secure your requirements and documentation as soon as possible. Once you’ve finalized your office move, it’s best to submit and secure and submit your requirements as soon as possible. These include submitting the necessary documents for your leases and utilities, securing the appropriate certification for your leasing of the business, as well as submitting the right moving permits if you’re planning on hiring movers.
• Manage your inventory as soon as possible to avoid setbacks. Another important step you need to take when managing a business move is to secure your inventory as soon as possible. You need to log in not just your office equipment, but also make an inventory out of your office supplies to ensure you know which items you need to restock, repair, or even replace. Moreover, it helps to log in the items you have in your store’s inventory as well, such as things you sell, especially if you’re handling sensitive equipment, perishable goods, and other forms of merchandise.
• Streamline your schedule to synchronize your operations with your move. Another important element when it comes to making a corporate move is to properly streamline your current schedule. This means ensuring there’s enough room within your calendar to accommodate various moving processes but at the same time accommodate a skeleton crew to ensure operations go on smoothly. Fixing up your schedule as early as now is a great way to capitalize on growth opportunities while ensuring that your move is still ongoing as planned.
• Assemble a crew to help you with the move and your operations. Instead of allocating everyone to either the move or your operations, try to assemble a separate group of employees dedicated to helping with the move as well as a skeletal workforce to man the fort while you’re busy with the rest of the moving process. Doing this division early on will avoid unnecessary panicking amongst your team members and they’ll know a more accurate division of tasks for everyone.
• Incorporate your corporate move into a marketing campaign. One of the best ways to maximize your office move is to try incorporating it into a marketing campaign. For instance, it might help your team to actually have a campaign revolving around giving discounts, freebies, and special promos to people who will shop at your old store days before the move, and in your new store after the office move. That way, you’ll at least be sure that you’ve done your due diligence not just in announcing your corporate move, but actually trying to get people to join you in your new location. This is a great way to attract new customers in your new location, too.
• Hire professionals to help streamline your logistical concerns. If you’re having a bit of trouble streamlining your current business schedule with your office move, especially if you’re located in a big city like New York, you might want to hire the best moving companies in NYC. With their expertise, skillset, and manpower, you’ll be able to have a reputable team managing the rest of your moving needs. They’ll be able to provide comprehensive assistance with regards to the various concerns of your move, as well as provide a wide range of specialized services. This can be helpful especially if you’re handling various specialized equipment, unique inventory items, or have to deal with unique moving parameters.

Business Moves 101: Getting Moving Quickly, Efficiently

With the above tips in mind, it’s important to remember that you can actually pull off a successful corporate move for your small businesses with the right kind of approach and planning. Remember, the success in corporate moves really lies on how you properly manage your operations while the move is currently ongoing. And the above tips can help you ensure that everything is in tip-top shape to make everything work in your favor.

Saving accounts is beneficial for savings, especially when someone plans for short-term or long-term goals, hence making it crucial for stability and emergencies. Suppose, for example, a medical emergency or a down payment for a car or house. Apart from this, saving accounts offer interest at higher rates for people who like to save and earn money. Well, there are a variety of savings accounts, and most of them provide high interest rates. Now, the primary question that comes to mind is that savings accounts typically offer much more interest than what? Let us look at the accounts that have lesser interest than savings accounts.

What is the Account that has a Lower Interest Rate?

It is the checking accounts. This account will offer easy access to your money for your daily requirements and help you get cash quickly. People use debit cards to access money to make purchases or pay bills. Since the primary purpose of a checking account is to facilitate easy access to funds, it typically has low or no interest rates since the amount is not fixed.

Checking accounts classically focuses on providing easy and convenient access to your money with the help of debit cards, online transactions, and checks. So, their primary goal is easier access than saving as compared to saving accounts.

Further Differentiation between Saving Accounts & Checking Account

Saving Account:

• One of the significant factors of a savings account is that it provides a higher interest rate when compared to a checking account. Still, we must remember that any fund’s interest rate will depend on the economy.
• Saving accounts will have limited transactions and withdrawals since there is a withdrawal restriction, so excessive spending is not done. The minimum balance should be maintained in the savings account.
• Saving accounts are suitable for emergency financing, funds for future savings, or if you want to earn some interest with your balance. This interest will help to grow your wealth.
• Having a set balance in your account is crucial to avoid monthly fees. Start saving less amount, then increase gradually. Keep at least six months of expenses in the account to assist you in emergencies like medical issues, unemployment, etc.

Checking Account:

• Checking accounts will not have monthly fees set to maintain the balance. Even if you don’t have money in the account, it does not matter.
• A checking account will allow you to access your funds whenever you want. There is no limitation to transactions. You can access your account balance through mobile apps, checks, or more and use money whenever possible.

Conclusion

Both accounts have different benefits, but you save money with saving funds. And also another advantage is that the bank offers loans to people. You can get the interest money, so you are expanding your balance from this account. So, if you want to save and earn money, you can use savings accounts. You can select one or both accounts depending on your requirements and position.

6 Tips for Giving Successful Performance Reviews: An important part of running any successful business (or a small team), is to praise and motivate staff through effective performance reviews. Though the return of the performance review cycle might bring sighs around the office each year as workers wonder how they’ll be judged and managers try and think of something useful to say, it doesn’t have to be all doom and gloom.

With the following six tips, you will be able to give more successful performance reviews and spur your staff onto greater achievements.

1. Be honest

In all aspects of business, one should be honest. However, a performance review is a particularly important place to be honest, as there is no room for false accusations or pretend compliments: if you fail to tell a staff member where they should improve, and later punish them for not doing so, it is on your head for not being honest in the first place.

2. Give notice

A manager should always give a reasonable amount of notice before launching performance reviews. Employees need to be given the time to gather their thoughts and prepare for what can be a stressful experience.

Springing unexpected performance reviews on staff members is disrespecting their time, something which might save you effort and administration time but certainly does not lead to improved employee performance. Respect their time, understand a review is something they will want to prepare for and give them significant notice.

3. Use modern, customizable review forms

Once you are in the performance review itself, you should use modern HR software to conduct the meeting, allowing you to fill out responses digitally, provide easy to read feedback, set your own questions and even provide an anonymous space for employee feedback.

Conducting performance reviews with printed paper forms is an outdated approach to an aspect of business that needs to be proactive and flexible in this modern corporate world.

4. Allow feedback

Do not allow a performance review that you are leading to become one sided. Read into the non-verbal reactions of your employee and consider how what you are saying is making them feel – don’t get defensive if the reaction isn’t positive, as this is not conducive to allowing constructive feedback and could upset them. With over 47 million people quitting their job in the United States in 2021, the Great Resignation is in full flow and you don’t want a bad performance review to lose you some hard-working staff members.

5. Check in regularly – 6 Tips for Giving Successful Performance Reviews

Don’t underestimate the power of kindness at work. Simply checking in with your employees each day and asking them how they are will lead to a more open and honest performance review when the time comes. In fact, your performance reviews will be much easier and shorter if you are giving constant feedback to employees and connecting with them personally throughout the rest of the year.

6. Tailor your approach – 6 Tips for Giving Successful Performance Reviews

Finally, never forget that no two employees are the same. One may prefer to be told criticisms very directly while their colleague needs a gentler approach. Modern business is about being flexible and personable and this should remain incorporated into performance reviews.

Try taking these 6 tips above to turn an activity that most dread. Into something genuinely productive for your employees and your business. By getting to know your employees throughout the year and changing your approach to suit the individual. These meetings will become less intimidating and more rewarding. 6 Tips for Giving Successful Performance Reviews