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5 Business Mishaps That Could Cost You Dearly

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There’s nothing quite like the excitement of opening a business. Especially when the primary ideas are destined for success. Nonetheless, those winning innovations will count for very little if you allow the fundamentals of running a company to hold you back.

The harsh reality is that there are plenty of pitfalls waiting to knock you off the path to success. Being aware of them will give you a far better shot at avoiding them. Here are five to avoid at all costs.

1. Wasted Money

Before making money, you’ll need to spend some. Sadly, overspending can cause your venture to fail before it even gains take off. So, you should go the extra mile to reduce costs by using the best staffing methods, energy providers, and production methods. Automated price comparisons can secure savings on various purchases. The power of negotiation is strong too. When your capital is made to work harder, you will find that there’s far less pressure to gain huge sales volumes right away. Buying some extra time can make all the difference.

2. Wasted Time

Time is your greatest resource, which is why you must use it well. Productivity can be significantly harmed by inadequate tools. It’s not all about manufacturing either. The conveyor belt and other commonly overlooked features of the production line are equally crucial. Investing in staff communication to ensure max efficiency from all staff members will transform the whole firm. This can range from utilising modern tech features to using shorter team meetings. Either way, each improvement can ultimately boost your bottom line.

3. Not Knowing Your Niche

You want to reach the biggest possible audience. Sadly, that doesn’t mean you can sell products and services to everyone. Conducting the right research to find your demographic allows you to make data-driven decisions. Those moves relating to packaging, marketing, and client interactions lead to greater conversions. In turn, this takes profitability to a whole new level. Respect your audience.

4. Cyber Security Threats

Building a successful business is one thing, but sustaining that success is another altogether. Sadly, your business is under threat from several sources. Given that around 40% of all cyberattacks hit small companies, it’s vital that you get cybersecurity under control. Aside from the major financial damages that are caused by unauthorised access, you will see your rep take a hit. Once a client has lost their trust in your company, it’s often impossible to win it back. Worse still, they will spread negative views to their friends, costing you further conversions.

5. Lacking Ambition

Not every business needs to take over the world. However, even if you merely want to gain a strong presence in your hometown, it’s necessary to show some ambition. Most companies need to take some risks in order to reach their goals. This could mean trying new marketing ideas or bringing unique attributes to their products and services. If you fall into the trap of merely emulating the other brands in your sector, it’ll be very difficult to win new clients. Besides, when you work with passion, it will shine through to influence consumer decisions.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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Upgrading Your Website To Suit The Modern Market

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Photo by Domenico Loia

In the modern world, almost every area of society and commerce is advancing at a particularly fast rate. New ideas are introduced each and every day, and the opinions and expectations of customers are changing just as quickly. Maintaining a successful business amongst the hustle and bustle of progress isn’t always as simple as you might expect, as you need to take part in regular assessments and updates to identify the need for improvements, especially when it comes to your website. Your online platform is one of your most vital features in the modern day, so you must learn how to upgrade and revamp your platform to suit the modern market. Luckily there are a few key tips and tricks that you can make the most of to boost your brand like never before, and it couldn’t be easier to get started today. 

Focus On Design 

Though you may not consider the design of your website to be of utmost importance, the general aesthetic value of your platform can actually have a dramatic impact upon your success. With more and more websites being released onto the web every day, it’s getting harder for customers to tell the difference between the honest, truthful brands and the high risk scam artists that seek to steal their money. As a result, customers will thoroughly assess things like the design of your website in order to try and figure out whether you are actually authentic or simply a facade to gain their personal information. Providing a sleek high quality minimalist design that includes lots of attention to detail is the best option, as it shows that you are a professional business who takes their commerce seriously and this reflects well on your products and services. 

Add Extra Features 

With such a huge advance in all things technology related, extra features and add ons are popping up left, right and centre. Some of these options can totally transform the capability of your website, allowing for a smoother, more enjoyable web experience that leaves the customer coming back for more. For example, including accessibility options such as differing background colours and larger text sizes will mean that every person is able to utilise your website to its full potential! To add to this, including the option for overseas payment processing through a currency changing app will allow you to market your brand all around the world with ease. These advanced features require some skill to install, but such a change can have a dramatic effect on the way that customers receive your website, encouraging them to trust your service and become a valued customer before you know it. 

Upgrading your website to suit the modern market has never been so simple when you are able to utilise the brilliant tips, tricks and ideas described above. Industries and customer opinions evolve and adapt by the day, so it’s vital you are able to keep up with this progression in order to maintain success for as long as possible.

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Why Is Access Control So Important For Companies?

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Perhaps one of the most overlooked areas of business for small businesses is. Access control, it sounds fancy and futuristic, but it’s been around for decades. it has rapidly evolved since the dawn of modern biometrics but it has also become inflated in price and maintenance. Many small enterprises just steer clear out of it because they think it will outprice their needs. But if only they knew why it was so important and the amount of damage it prevents from happening, they wouldn’t think twice about investing in a good access control system. So why is it important, what does it provide and what could be the cost?

What is access control?

You’re probably thinking of Star Trek, where there are certain rooms on the spaceship that cannot be accessed unless you are a certain person, like the captain. Well, this is sort of the idea. You want to make sure that your own personal office is never accessible to those that you don’t want accessing it. It sounds plausible simple, but the issue is, how do you implement it and not erect a barrier between you and your workers? Access control comes in many shapes and sizes, one of them being discreet and out in the open systems. Having a keycard system is a good idea for your office. It’s open and no one feels like you have a secret password on your door that is known only by you. 

Why do you need it?

Access control puts up small borders within a business, so everything stays nice and neat! That’s one way to put it, but it basically allows for certain parts of your business to only be open to those that work for you. For example, you have managers which have access to folders and files that normal employees don’t. This isn’t because you don’t trust your employees, (or maybe you don’t) but it’s because you want those files to only be altered by those who are managing teams and projects. If everyone had access to such files, they could become overloaded with concerns that don’t really concern them specifically. 

Who can provide it?

There are a lot of options for access control security. But for small businesses, it’s probably best to find someone local instead of a large business that will charge you more. Go onto a website like Snupit and you’ll find lots of talented professionals in your area who can provide you this type of solution. It’s best to read their reviews first and their profile. Visit their page by clicking on their name or icon. Access control is a very personal layer of security, so always choose someone you can trust to implement your infrastructure.

Access control is at all levels, applicable. Whether it’s your computer network, IT, doors, rooms, and or special areas like a testing facility, access control puts up small borders to keep every section of your business safe.

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How Will the US Election Impact the Stock Market?

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We all have a lot of questions on our plate following the results of the recent US election. We want to know what’s going to change, what’s going to stay the same and how the general switch from one president to another will impact our lives as a whole. This is perfectly natural. The truth is that with a new president will come new changes – especially considering the party in power will be switching.

One area that people are interested in seeing the results of the election’s impact is the stock market. As you can imagine, the stock market will be significantly impacted by a change in presidency. Recently, before the results of the election, the stock market was experiencing instability. Why? Because there wasn’t a clear cut front runner for the presidency – it could have gone either way. This uncertainty results in stock market instability, as investors aren’t sure where to place their money and because hedge funds aren’t sure where to invest their funds. Different presidents mean different policies, which can have a direct impact on which areas and sectors will profit and which won’t.

Now that a president has been chosen, the markets will experience a bounce. They will experience the stability they’ve been craving and more investments will be made as a result. However, as the win was for Biden, this boost will have a limited lifespan. A Trump presidency would have pushed deregulation of the markets, while a Biden presidency is likely to see more regulation. This means that the bounce will be limited.

You can learn more about the US election in the infographic by Pepperstone AE below!


Infographic Design By: Pepperstone AE

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