Latest Mata https://latestmata.com Start, run and scale your business Sat, 04 Apr 2020 22:56:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.4 https://i1.wp.com/latestmata.com/wp-content/uploads/2019/01/xbox-l.png?fit=32%2C32&ssl=1 Latest Mata https://latestmata.com 32 32 156895903 How to prepare for a change of business leadership https://latestmata.com/how-to-prepare-for-a-change-of-business-leadership/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-prepare-for-a-change-of-business-leadership https://latestmata.com/how-to-prepare-for-a-change-of-business-leadership/#respond Sun, 05 Apr 2020 23:38:03 +0000 https://latestmata.com/?p=4139 In company the transition to new leadership is a normal phenomenon. Nonetheless, for some workers the news of a shift can be frightening. Using a one-on – one strategy, it is best to break the news to the significant players in your business. So be as open as possible for workers. There are different forms …

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In company the transition to new leadership is a normal phenomenon. Nonetheless, for some workers the news of a shift can be frightening.

Using a one-on – one strategy, it is best to break the news to the significant players in your business. So be as open as possible for workers.

There are different forms of change in leadership – emergency unplanned succession, transition planning, succession planning – there is a strategy in place for how you can address such changes.

In almost every company there comes a time when members either change positions or leave altogether.

That “best boss in the world” mug is packed away and ready for retirement, and workers are left looking for answers.

Who in line next? Anybody new will take their place? And how does that affect their jobs?

 

Changing leadership in most industries is a common phenomenon, but the change can be challenging for many employees.

1. Breaking the news

Although it may sound like a daunting job, you need to warn your change team and do so with respect. That will ease the stress and create trust in your employees.

 

“If we have an internal shift of leadership, we like to take the informal one- approach with as many key people as possible,” said Hammer & Nails Grooming Shop for Guys president and COO Aaron Meyers. “It is important to contact all major players inside the organization personally … before the official announcement.

Taking the time to make calls and speak to your staff is a major effort, but the more you have one-on – one interactions with the opinion leaders of your company, the more they can vocalize support for the transition.

It is said that openness is important, as well as maintaining contact with employees at all levels.

Do not hide something from your workers or view them as emotionless.

2. Preparing for the change

It can be difficult to switch from an old leader to a new one, particularly if the previous executive was well-liked and easy to work with.

This form of transformation can intensify anxiety and affect the workflow, which can affect the whole business and community.

The best way to come to grips with this problem is to ensure that everyone knows that this decision has the best interests of everyone at heart, and that the concerns of everyone are considered.

Helping the firm understand the fact of what precipitated the transition, Business results are also the catalyst of change.

Many businesses are not consistent about results, and their customers are not aware of a company’s health … providing a clear image of where you are and where you are going is the best way to prepare a organization for new leadership.

It is suggested that talking to your workers every day, promoting input and initiating conversations so that they can be a part of it. Above all, stay positive for your team.

“We undergo everyday change in our environment, and that’s happening faster than ever before,” Meyers said. “This means the team is possibly nervous or unsure of how the story ends and what the future holds.

They need a leader that makes them see an optimistic future and guarantees that they will be worth the hard work they need to get to the top.

Have respect for your team and show that respect in how you interact.

Make sure you have a well-thought-out strategy to achieve the company’s objectives and be realistic.

Concerns tend to be weigh less when a comprehensive plan is in place.

Be comfortable in your organization, even though you have your reservations. Fear will filter down to all workers if you aren’t, and generate a spark of fear.

 

“Either you are all in and have faith, or you fight as a dictator,” Meyers said. “The attitude of a team is also a reflection of that of their leader, and whether their opinions, suggestions and concerns are being heard and accepted.”

 

Stages of transition in leadership

There are different kinds of changes in leadership to be informed of and prepared for.

They are:

Emergency unplanned transition

 

While it’s preferred to have time to prepare for a change of leadership, it’s not always realistic.

 

In certain situations, these leadership shifts arise without warning, so there is little time to plan for them.

 

If you find yourself in this predicament, take the following steps according to Empower Success Corps:

  • Hold a meeting to explore the immediate opportunities for new leadership.
  • Appoint a management manager to handle the process.
  • Develop a short-term, and long-term management strategy.
  • Check signatories and security issues.
  • Reach out to inform funders, investors, external stakeholders and others related to the business about the changes.

Transition preparation

You should take the time when you have advance notice to prepare the transition properly.

You should take the following steps according to Culture IQ:

  • Determine who is to communicate the transition.
  • Say the basics to all (whom, what, where, where, why, how).
  • Decide how you’ll share the news with workers.
  • Create a project plan to discuss who will be impacted, and how to provide help.
  • Build a Transitio Timeline

Succession planning

 

According to the Harvard Business Review, succession planning means focussing on growth over preparation, performance over process, keeping it straightforward and being practical.

 

Onboarding new leader

 

According to Asana, the best practices for embarking new leaders include ensuring that existing employees are trained, concentrating on face-to-face communication, checking in regularly with employees and the new leader, discussing all important issues and getting feedback as appropriate.

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4 lessons to take from a business failure https://latestmata.com/4-lessons-to-take-from-a-business-failure/?utm_source=rss&utm_medium=rss&utm_campaign=4-lessons-to-take-from-a-business-failure https://latestmata.com/4-lessons-to-take-from-a-business-failure/#respond Sat, 04 Apr 2020 23:20:57 +0000 https://latestmata.com/?p=4134 As Thomas Edison’s associate, Walter S. Mallory, addressed innovations, once said to him, “Isn’t it a shame that you haven’t been able to get any results with the enormous amount of research you’ve done?” Edison replied with a smile, “Results! Why, yeah, I got lots of results! I know many thousand things that won’t work. …

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As Thomas Edison’s associate, Walter S. Mallory, addressed innovations, once said to him, “Isn’t it a shame that you haven’t been able to get any results with the enormous amount of research you’ve done?” Edison replied with a smile, “Results! Why, yeah, I got lots of results! I know many thousand things that won’t work.

“We view success as good and failure as negative. Edison’s quote shows that failure is not a bad thing. You will learn, improve and develop from your past failures.

In business, failure is an all too normal phenomenon.

That statistic may make you sad, but it’s one worth learning. Failing once, twice, or even hundreds of times doesn’t mean you’ve reached the end of the road – it means you’ve made another turn and you’re one step closer to success.

You’ll learn important life lessons from those mistakes as you go through life and experience failures.

 

Today’s aim is to help you learn from your mistakes and become a more efficient and effective person and entrepreneur.

1. Be calmly humble

It seems like nothing can deter you, when you’re doing well in life. No words can properly pin down feelings like you are on top of the world.

It hurts though when failure hits. Often it hurts so much that you think you are never going to succeed again.

Staying calm helps to mitigate the feeling of defeat and disappointment.

Although flying high on the feelings of achievement, never forget that you are human, and treat others with the same modesty and respect you expect in return.

 

If you’re calm, when it comes your way you’ll be emotionally prepared for disappointment.

 

2. Learn from your mistakes

Finding a success story which doesn’t have a trail of mistakes behind it is almost impossible. To a certain point in their lives almost everyone encounters disappointment.

The secret to overcoming challenges and making themselves successful starts with learning from your mistakes.

Tell yourself why it happened when failure hits. Was that a product of something that you have done? Or did external force play a part?

Don’t be afraid to be responsible for a company loss. In certain instances, to avoid the failure anything should have been done differently.

Think deeply about your condition and don’t be afraid to do some searching for your soul.

3. Accept change

One way of learning from the mistakes is by accepting transition. Some people are utterly contemptuous of change and it is easy to see why.

People get wrapped up in the things they do, they get used to seeing the same people in the workplace, they like the routine.

Even when you fail you need to radically change things. If things don’t go your way, and you need to start again, sometimes you need to step back and look at the adjustments you need to make and accept.

You’re promoting positive mental growth and development when you accept improvement after a loss.

If you want to be a healthy businessman, then you need to be a mentally stable person.

4. Proofread your ideas

Not every idea that comes into your mind is a positive one. It is easy to want to act upon any business idea that comes to mind when you’re on a roll.

Maybe you want to make a new product? You may want your marketing plan to beefed up. You might have only a bunch of blog idea that you know would carry more traffic.

 

Relax. Slow down. To work through your thoughts the only thing you can do is take notes. Just bring a tiny notepad around, or attach your smartphone or laptop to an website.

Just jot them down as ideas pop up. Give the time to marinate your thoughts before you act upon them.

There is a proverb that for every good idea there are 100 bad ones. Bad ideas can lead to small as well as large scale failures.

Remember your reflections and revisit them in the hours, days or even weeks to come. You will find, in most instances, that most of your proposals were not as successful as you initially thought.

In summary

Without failure there can be no success. You’re going to struggle when chasing your entrepreneurial dreams.

Failure is also said not to stop people, it is how people treat failure that prevents them. Tackle it head-on when you experience disappointment, and learn from your mistakes.

 

Realize that not every idea that pops up in your mind will succeed. Take the time after a mistake to collect your thoughts, and understand what you have done wrong.

Be willing to learn, and evolve, above all else. Everyone can get it right. It comes down to just how much you want it!

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7 Ways to succeed in sales during a shutdown https://latestmata.com/7-ways-to-succeed-in-sales-during-a-shutdown/?utm_source=rss&utm_medium=rss&utm_campaign=7-ways-to-succeed-in-sales-during-a-shutdown https://latestmata.com/7-ways-to-succeed-in-sales-during-a-shutdown/#respond Fri, 03 Apr 2020 23:27:16 +0000 https://latestmata.com/?p=4109 Organizations adapt to the way they work during market transitions, and what their goals will be during difficult times. One big obstacle in a downturn for most businesses is how to find and maintain their pipeline and sales cycle.   Sales are important for company survival and there are measures that businesses can take to …

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Organizations adapt to the way they work during market transitions, and what their goals will be during difficult times.

One big obstacle in a downturn for most businesses is how to find and maintain their pipeline and sales cycle.

 

Sales are important for company survival and there are measures that businesses can take to ensure they make progress and boost their sales results both during and after a time of deflation in the market.

All business starts with a sale and a emphasis on how to bring goods and services into the market. Enhanced sale is an excellent discovery in any season and at any time.

1. Invest in or develop the Customer Relationship

Most businesses make the mistake of attempting to handle customers or clients without a Customer Relationship Management (CRM) tool.

More than half of small businesses do not have a CRM, but when they hire one each company will sell better.

If you’ve never deployed a CRM, there are several fairly inexpensive but successful options to consider.

Options like Nutshell or Fishbowl can be viable alternatives for small companies, while Salesforce or Hubspot is a commonly recognized CRM for larger businesses.

CRM applications help companies monitor a sale’s progress and collect important business-related information to build a stronger relationship with the potential client.

CRMs provide helpful information to a company when the relationship with a prospect is transferred from one salesperson to another.

 

Good sales start with good data. CRMs help companies to collect good data so they know more about their opportunities and needs.

The more knowledge you can obtain about a client, the more productive a salesperson can become as they understand how to recommend the right product to a prospective buyer at the right time at the right price.

Many CRMs give free trials so you can ensure that they suit your business budget.

To track your pipeline and build an accurate forecast for your company, it is important that you leverage technology.

2. Update the sales pipeline

A slow growth cycle is an opportunity to delete opportunities in the sales pipeline that should be eliminated.

A prospects analysis to decide if they are still viable is a good use of time for any company, but even more so when the market is slowing.

Some sales pipelines can get filled with lost opportunities and delayed connections because salespeople don’t always have the time to update or delete customers that are no longer interested in a product or service in times of high development.

Most sales start with a good list, and downturns provide an ideal opportunity to improve the sales list so that the sales team does not waste time on buyers no longer interested in the sale after the decline.

A reassessment of potential prospects can also be helpful in providing an accurate estimation of the future revenue outlook for the product.

 

Documentation is also important in a CRM tool as to the cause the opportunity was missed.

A study of missed opportunities will help the company and the sales team understand, and make changes for potential leads to be more successful

3. Reach out to current and past customers

Every customer is valuable and vital. This assertion is even more true during times of a downturn.

Companies seeking to be successful in a shutdown should contact all existing customers and prospects individually to better understand their current condition (all business and personal), and ask what the company might do to help them.

Enterprises and sales teams displaying empathy and maintaining a genuine customer relationship will find that those partnerships will pay dividends for the company in the future.

Downturns also offer a opportunity to re-start relationships with former customers.

Most firms are neglecting past clients, and doing so at their own cost. Current customers also have the ability to become future customers when interest is demonstrated for the former customer and a new opportunity to become a customer once again.

 

Past consumers should be considered warm leads, because they are still familiar with the goods and services of companies.

A communication with a former customer would also allow businesses to learn why a customer has left and possibly fix issues for the customer has not been discussed beforehand.

One fast way of improving sales efficiency and growing a company is by enlisting past clients. Past buyers are likely to purchase goods more efficiently and easily add a margin to the bottom line.

 

As part of the selling cycle, through businesses cultivate the practice of reconnecting with past customers. Each business will respect current and past customer relationships in a time of downturn.

 

4. Align the CRM with the current selling process

Any CRM analysis will include awareness of the sales process and represent the current sales process that the sales team is engaged in.

Many businesses spend time and resources, creating a structured selling process, but instead the sales process with the entire sales staff is not introduced or executed.

Once sales teams and sales strategies cooperate, transactions are made easier, and transactions people are made more efficient.

Many salespeople are underperforming because they don’t work the sales process aggressively, but want to assume that their approach is better than the carefully thought-out sales process developed by the business.

Sometimes, salesmen are self-starters and rugged individualists. This mentality can be helpful in sales activity but can also undermine the efficiency of the sales.

Across every sector, sales leaders recognize the importance of operating and conducting an efficient selling cycle.

 

One excellent time management during a downturn is to thoroughly review all information in the CRM and map it to the selling process.

Detailed notes should be made to a customer information profile, assignments, and necessary next steps on ventures and opportunities should be considered to help the sale keep going forward in the well thought out selling route.

5. Strategizing on a limited time deal

Downturns provides the ability to provide discounts on goods and services to inspire potential customers to establish a business relationship.

Try discounting the most valuable goods and services to effectively boost immediate income and increase cash flow.

Discounts offer an ideal opportunity to contact the consumer and remind them of a new opportunity to buy the product or service for a period of time at a reduced cost.

Downturns are also encountered on the markets by several customers. Therefore it is often understood and accepted when a discount is given due to a shift in the marketplace.

Premarketing the discount is a valuable method to inform client base.

 

Discounts should be given in order to start a particular date, and given only for a limited period.

Every consumer loves knowing they get great value at the best price possible.

A limited time discount strategy will revive cold or declining customer relationships, and reinvigorate the sales team to talk to consumers about a unique opportunity that the company provides.

6. Analyze the strengths and limitations of the sales team

A review of each sales team’s developmental needs may be beneficial during a downturn.

Every salesperson’s assessment to evaluate the long-term cultural fit of a business will provide insight as to whether a organization has the right team to deliver the right results as the market starts to grow.

Honest and honest interactions with each salesperson that prove useful in helping the salesperson achieve breakthroughs and making appropriate sales behavior corrections to produce a higher production level.

One area of measurement that should be addressed is the salesperson’s development and learning capacity. Sales are likely to stop flowing when a salesperson quits rising.

Many businesses that concentrate on growing and expanding their sales force can see a direct impact of their sales success growing.

An unsuccessful team will never produce very good results. It is much more important than ever in today’s competitive marketplace that organisations have the best salespeople who are a good match for the organisation.

The organization which develops the right sales staff is the organization which is ready to increase revenues and expand on the market after periods of recession and correction.

7. Invest money and time in sales staff training and growth

Downturns can be a good time for sales team training and development.

A training program will be developed and enforced after an analysis of the strengths and limitations of each salesperson.

Although sales training should be individualized and unique to each company, a few examples of macro-level sales training may include learning how to tell the sales tale, practicing active listening, and finding new leads and leading sources.

Any investment in the sales team would prove to be beneficial in the performing sales team at a higher level than a sales team that is never trained, built or improved.

 

Organizations should train their workforce to be stronger and become more competitive as the market is slowed so that they can be prepared to manage the amount of possible new business once the company returns.

Sales that aren’t ready for are sales that never get. Today a sales manager will be ready for the sales tomorrow.

 

In conclusion

These tips and insights will help any company boost its sales performance.

Industries who use a market downturn to strengthen their selling systems, and customers would be in a stronger position to boost revenue after downtown and into the future.

There is often work to be done in sales, and decisions to be enforced.

Downturns in these companies may have an effect on corporations and several different departments but they should never have an effect on sales activities.

Sales teams and business operations are immune to recession. In fact, every organization’s sales components should be more involved and engaged during periods of downturn than at any other time or era of the company.

The sales staff and the sales attitudes are essential to the entire organization’s current and potential performance in downturns. It can become a leading indicator of the business ‘future when the sales team is involved.

Any sales team therefore should take action to ensure sales success even in the midst of a downturn.

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What is a hard money loan? https://latestmata.com/what-is-a-hard-money-loan/?utm_source=rss&utm_medium=rss&utm_campaign=what-is-a-hard-money-loan https://latestmata.com/what-is-a-hard-money-loan/#respond Thu, 02 Apr 2020 23:10:31 +0000 https://latestmata.com/?p=4002 Every business needs capital to survive. Maintaining a sufficient cash flow is essential to maintaining operations, while new acquisitions and developments are needed to increase liquid capital in market demand. Businesses frequently turn to lenders for support, but what happens if traditional lenders refuse your loan application or take too long to meet their needs? …

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Every business needs capital to survive. Maintaining a sufficient cash flow is essential to maintaining operations, while new acquisitions and developments are needed to increase liquid capital in market demand. Businesses frequently turn to lenders for support, but what happens if traditional lenders refuse your loan application or take too long to meet their needs? Hard-money loans may be an option in those situations. Hard money loans are a growing form of private lender financing in the world. Private borrowers are usually considered more versatile than traditional borrowers, and are also able to deal with lower credit ratings or reduced cash reserves. Private lenders also have the ability to grant loans quicker, helping the company get the funding it needs more quickly. Nonetheless, there are also considerable risks associated with hard money loans, so it’s important to consider the pros and cons before a private lender takes any money.

What does the hard money loan mean?

A hard money loan is a form of lending that is being provided by the borrower based on the value of certain collateral, usually real estate. A private lender can bid a loan as a percentage of the assessed value of the asset.   “What [a hard money loan] does is allow a company or person to turn a real estate asset into cash which they can use for whatever legitimate business reason they want,” said Jon Hornik, chairman of the Private Lender Group. “It’s the way a hard asset can be turned into cash.” A big benefit of hard money loans is that they don’t allow traditional borrowers to use the same underwriting requirements. While evaluating a loan application, traditional lenders, including banks, look at borrower credit score, debt-to-income ratio, revenue and more. While private lenders often look at these elements, collateral value is the dominant factor for hard-money loans.

How does hard money loan work?

Hard money loans are short-term, collateral-backed loans, usually some form of immovable property. In a financial institution they are financed by private investors rather than by depositors. The fact that the money is borrowed privately gives borrowers more leeway when it comes to deciding which loans to accept and which to refuse.   While applying for a hard money loan, it’s crucial to remember that each private lender may have special underwriting criteria of their own. Two private lenders may treat a loan application in very different ways; however, a hard money loan usually always returns to the collateral asset’s value. The borrower asks for a proportion of the collateral asset value as a loan, which is known as the debt-to-value ratio.   Conventional lenders must comply with stringent requirements for the underwriting. A bad credit score or low debt-to-income ratio will prevent businesses from having a loan. Banks usually often limit the amount of loans they offer to a single person or business entity. When you already have several traditional loans, hard money loans may be a way to obtain further financing. “If you have less-than-steel loans, then hard-money loans are better because the underwriting is focused on the asset, not your credit history,” said Breyer Home Buyers owner Shawn Breyer. “Banks [also] restrict the number of traditional loans a individual can have at a time. Generally speaking, borrowers owe points (or 1 per cent of each loan value) due at the closing of the loan, as well as the principal and its interest. It can get very costly, depending on the terms of the loan.

Advantages and Disadvantages of Hard money loan?

A hard money loan can easily and without the strict underwriting conditions imposed by traditional lenders offer a business much-needed cash. This means that companies, including those with poor credit ratings, will usually get the cash they need quicker and faster than when they’re applying to a traditional lender.   “The cash flow to businesses is like oxygen,” Hornik said. “Without cash flow, you go down pretty fast. In some situations, the funding given by private lenders is crucial to the survival of companies.” Hard-money loans, however, grow quickly and carry high interest rates, making them very costly if not immediately paid back. “The terms and conditions associated with hard money loans typically include high interest rates above 10 percent, high closing costs at several exceptions, a draw-down timetable for completing different construction stages, and also a pre-payment penalty if the loan is to be paid early,” said David Reischer, Legal Advice.com’s real estate attorney and CEO. These terms render especially costly, and probably restrictive, hard money loans. Since hard money loans are often used for short-term building or renovation projects, the lender has a vested interest in the property’s “as-improved” value. Which means they could pressure you for any projects to meet strict deadlines.   In fact, if you default on a hard-money loan, the lender has the right to foreclose your collateral property and sell it to fund your mortgage, even though you have already done substantial work on the land. It’s important that you have a plan to repay a hard money loan and then flawlessly implement the plan, Hornik has said. One warning is… hard money loans have a one-year or two-year duration. Several times, lenders apply for a loan, close a loan, and don’t know that the day after they close is when they will focus on how to pay the loan. There is no wasting time. The cost of a hard cash loan over a period of three or four years will eat you up

When does a firm consider loaning hard money?

Since a hard money loan could end up costing you too much if within the short maturity period you can not repay it, why should you take one? There are many explanations why companies take on hard money loans every day and many are able to pay them back quickly without incident. Usually, hard money loans and private lenders represent companies that fall into at least one of these categories:

1. Can’t get a conventional loan

Conventional lenders must comply with stringent requirements for the underwriting. A bad credit score or low debt-to-income ratio will prevent businesses from having a loan. Banks usually often limit the amount of loans they offer to a single person or business entity. When you already have several traditional loans, hard money loans may be a way to obtain further financing. “If you have less-than-steel loans, then hard-money loans are better because the underwriting is focused on the asset, not your credit history,” said Breyer Home Buyers owner Shawn Breyer. “Banks [also] restrict the number of traditional loans a individual can have at a time. Private lenders who offer hard-money loans have more freedom to accept as the capital comes from private investors. Businesses that cannot secure a traditional loan also times pursue private lenders.

2. Need funding urgently

A lot of businesses that are willing to secure a traditional loan are still going to private lenders because their approval procedures are much quicker.     “Much of the time with a hard-money lender, you’re referring to a guy who is a decision-maker for a group of people who are, because he’s not writing the check himself,” Cole said. “It cuts right down to the chase.” Approval process for the traditional conventional lender can take several months. Sometimes, private lenders grant financing within a couple of days.

3. Need a short term loan

Hard money loans are useful for renovation and reconstruction projects as well as for the purchase of real estate. For these reasons, a short-term hard money loan helps you to use the property as collateral, and easily clear the debt from your accounts. Hard-money loans are more suitable for companies who want a short-term or small-dollar loan than traditional lenders.

Advice for companies accepting a hard money loan

Never accept any loan, particularly a hard money loan, without first trying to do your due diligence. Failure to repay would have steep consequences, particularly if your property is on track. Defaulting on a hard money loan exposes you to default, so establish and stick to a strategy. Here’s a few expert tips about taking a hard money loan:

1. Avoid fees for prepayment.

Stiff penalties for prepayment practically negate the concept of a short-term loan. Ensure sure that the loan agreement is checked for any deferred interest clauses. If the fines are unfair, stay away. Better still, consider a hard money loan that doesn’t levy a penalty for prepayment at all. The most important thing to look for in a hard-money loan is that there is an excessive and serious penalty for prepayment. A hard money loan has the purpose of serving as short-term financing. As such, if the loan to be paid off early is a serious prepayment penalty, then it’s typically an effort by a hard money lender to lock a borrower into a high interest rate for a long period of time or otherwise incur a punitive penalty.

2. Understand the Loan terminologies.

You should be specific about the main elements of the loan, including the interest rate, the points (a fee of 1 percent of the loan value per point) the lender pays on the loan, and when you should make those payments (up front or upside). Must be especially transparent on the credit repayment plan to prevent defaulting.

3. Project forwards.

The easiest way to make a hard cash loan work for you is to decide first how and when to repay it. Base the proposal in terms of the terms and conditions of the loan contract. Make sure that you have several ways of handling the loan in the event that unexpected events impact one of your strategies. Have prepared several exit plans before the project begins, said Silverbridge Realty property manager Cassie Villela. For example, if a flipped home doesn’t sell by a certain date, it can be rented out and then refinanced into a traditional loan.

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8 Project Management challenges remote workers face https://latestmata.com/8-project-management-challenges-remote-workers-face/?utm_source=rss&utm_medium=rss&utm_campaign=8-project-management-challenges-remote-workers-face https://latestmata.com/8-project-management-challenges-remote-workers-face/#respond Wed, 01 Apr 2020 23:40:58 +0000 https://latestmata.com/?p=4099 For years now, the digital revolution has changed the way research is done but recent advances such as the coronavirus have made more businesses understand the true value of remote workers than ever before. Remote work has many advantages, including flexible scheduling, improved efficiency and reduced operating costs. However, these advantages often come with trade-offs …

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For years now, the digital revolution has changed the way research is done but recent advances such as the coronavirus have made more businesses understand the true value of remote workers than ever before.

Remote work has many advantages, including flexible scheduling, improved efficiency and reduced operating costs.

However, these advantages often come with trade-offs in the form of connectivity difficulties and weakening cohesion of the company.

If you want to bring the full benefit of your remote workers to your market, you need to be prepared to resolve some of the challenges along the way.

 

Business leaders need to be ready by 2020 to effectively integrate remote workers into their company. Here are some difficulties you can find along the way, and how to solve them.

1. Connection snags

This is contact because there is a single key to get the best out of the remote staff.

Although communication concerns can occur in a variety of different ways, a lack of clarification is likely to impact your relationship with remote workers most.

 

Projects, and priorities can be continually explained and updated in an office. If you are using email, more detrimental than anything can be the endless alerts and check-ins.

Try to be as detailed as possible when sending out tasks, alerts or queries to ensure the full clarity. Remote staff may not require daily guidance so make it as redundant as possible.

2. Platform problems

Remote workers also have different rates of interaction with your company-some may be freelancers, others may be full-time employees.

Email may be the preferred contact channel for those less related to your core business. But remote workers you communicate with frequently may consider constant back-and-forth emails a barrier to doing business.

 

Email can be boring and frustrating to navigate through and endless phone calls are an immense waste of time.

Your business will possibly benefit from learning more about project management tools to smooth up these issues.

These platforms allow you to create dedicated contact channels for various groups or teams, meaning as little as possible get lost in the mix.

3. Scheduling issues

Alongside communication difficulties occur when schedules are coordinated. Conflicting time zones or lifestyle differences can complicate finding suitable slots for important meetings.

 

Remote team calendar management is just as critical as it is difficult.

One of the easiest ways to get everyone on the same page is to use a calendar syncing tool or a plugin that enables the exchange of calendars from one another.

This way, there is no need for constant back-and-forth emails finding out slots.

The right app helps you to easily pick appropriate times and confirm meetings on the fly, while simultaneously streamlining your communication and scheduling.

4. Lack of transparency

If you’ve never previously dealt extensively with remote employees, you probably aren’t used to the complexities that can come in.

It’s quick to test an employee in a typical workplace, and make sure they’re on top of their job. This is not so easy with remote workers.

 

One of the most productive ways of keeping the remote employees accountable is by making the standards as transparent as possible for their work.

Setting very simple efficiency and quality goals simplifies the responsibility. If issues persist even after outlining goals, seek to increase your contact with them – either through telephone or via video chat.

In person, or as close to in person as possible right now, it is almost always easier to sort out any questions.

5. Trust issues

Building cohesion and trust with remote workers versus in-office employees may pose challenges.

Being able to have meetings in person on a regular basis makes it easier to establish a friendship with someone and to create the foundation for a successful business friendship.

 

When you’re just communicating with someone on the phone, via video chat or via email, it’s far more difficult to lay the groundwork for that kind of relationship.

Although it may sound odd, having a break from the professional now and then is one of the easiest ways to get through this.

Checking in on how a remote worker is doing personally or learning off the job about some of her interests is a good way to get a sense of her as a individual, and building confidence is crucial.

6. Culture detachment

While there are organizations with a powerful workplace culture, it can be difficult to completely pass the culture to the remote workers.

 

The first step you should take is to consider what a good remote work culture is, and make as a organization a collection of goals and values.

Even if the remote staff can’t make it to drinks on Friday, a good set of expectations helps them to feel like they’re part of a bigger group working towards a common goal.

Make every attempt to include remote staff in jobs at the workplace. Although that’s probably easier to say than done, even something easy like a league of fantasy football can go a long way to promoting unity.

7. Sluggish movement

Mobility is always the name of the game for small businesses. Smaller operations need to be able to adjust and respond at a moment’s notice to compete against large competitors.

Not properly handled, a remote workforce at its most critical moments will significantly slow your company down.

 

Much of this comes down to being overly focused on older communication strategies, but information silos may also be a major factor.

When major changes occur, it may be possible to actually forget to say vital details to scattered colleagues.

One way around this is through an open office culture, a culture that helps to free up communications networks previously closed.

Holding a company-wide chat or a two-week update sent to all workers helps to keep staff in the loop without throwing productivity into a drain.

8. Dips in quality

Gallup statistics show that over 50 percent of full-time remote workers report feeling continually uncommitted to their jobs – a figure that should deeply concern any boss trying to recruit new remote workers.

 

While you can not visit and mentor each of your remote workers through every phase of their job, you can and should provide thorough input about their work.

Offer him a detailed report for any big project that a remote worker undertakes, outlining what went well and what he should have gone forward with.

Without a question from an in-office boss, most remote employees are hungry for suggestions about how to improve the efficiency of their jobs.

Remote employees are becoming ever more important to the modern workplace, but only when properly integrated.

You can make your remote employees a vital part of your business by following the steps on this list and benefit from it along the way.

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7 steps in building your business Marketing dashboard https://latestmata.com/business-marketing/?utm_source=rss&utm_medium=rss&utm_campaign=business-marketing https://latestmata.com/business-marketing/#respond Tue, 31 Mar 2020 23:05:14 +0000 https://latestmata.com/?p=4082 Your marketing campaigns effectiveness depends on the capacity to assess efficiency and make improvements. You can optimize what works when you know how well your campaigns are going, and discard what doesn’t.   Getting a way of monitoring your KPIs in a fast and efficient way will improve your marketing efforts. To help you get …

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Your marketing campaigns effectiveness depends on the capacity to assess efficiency and make improvements.

You can optimize what works when you know how well your campaigns are going, and discard what doesn’t.

 

Getting a way of monitoring your KPIs in a fast and efficient way will improve your marketing efforts.

To help you get a good picture of the state of your marketing activities, you will set up a marketing dashboard. A marketing dashboard is a tool that allows you to visually represent key metrics and results in one place.

Using a marketing dashboard offers many clear advantages for your company, having relevant information is particularly useful for a marketing team.

Customisation: To monitor almost anything you can build a marketing dashboard: email marketing, SEO, e-commerce campaigns and more. You can customize it to display any important KPI, using suitable charts.

Sharing knowledge: A dashboard will allow your team or teams to obtain timely information that will impact their performance. Key metrics monitoring can keep employees on the same page and help to share information.

Educated decision-making: It can make a difference in how you make decisions by being able to get data easily and process it quickly.

A visual interface encourages data making sense and then allows better decision-making.

Instant Visibility: You can set up marketing dashboards that display marketing campaign data in real time. This provides instant exposure which can assist in making timely decisions.

 

Time-Saving: A marketing dashboard is a multimedia resource that displays data using graphical representations. Gaining valuable knowledge at a glance and saving time is particularly useful for managers and other decision-makers.

Motivational Tool: An additional benefit to using a dashboard for ads is that it can help inspire workers. Visual representations of change will make individuals feel more comfortable and encourage them to proceed.

 

Measuring and monitoring strategies will help you make things more successful. You’ll also get powerful insights that can fuel success in your company.

 

A marketing dashboard offers an enticing visual interface that makes decisions quicker-which is why each brand should use one. Let’s see how you can build a marketing dashboard that gives you the right insights.

Setting up a marketing dashboard requires careful planning. Building one without a purpose will not serve your business and can even detract from your campaigns.

Here are some of the most critical steps to take when designing your Dashboard for marketing.

Choose the right platform

A range of online resources are available to help you build an efficient dashboard.

You may use a free tool such as Google Marketing Platform. The benefit of using it is that it interacts with many of the apps Google already has.

 

For companies using Google Analytics and Advertising it makes sense to use its marketing platform. There are many other websites offering free use of their apps too.

A major benefit is that you can use pre-made templates that make fast set-up of a dashboard simple.

Understand your audience

You can set up your Dashboard for monitoring and tracking any activity.

When setting one up, you need to consider who the audience is. A decision-maker may want a dashboard that monitors key campaign results.

Whereas a marketer in social media would need analytics that monitor social activities.

 

One of the first steps you need to take is to realize who your primary audience is for a Dashboard for marketing.

The dashboard needs to reflect what matters, whether it’s the sales team, the customer support staff, or an executive.

If you lead a cross-functional team then sit down with the leaders of your team and prioritize the relevant KPIs.

Determine your goals

When you know who your audience is, you’ll have clarity on the goals that matter. If your team or department has several goals, then you may need to prioritize the most important ones.

 

Trying to manage KPIs will clutter your dashboard for multiple divergent goals. Decide, instead, which goals are your priority. You can set up multiple dashboards for various goals, too.

 

Choosing the KPIs to imagine on your dashboard will help you with the next step: getting your goals clearly charted out.

Choose the right metrics

Using the KPIs to become simpler when you’ve decided who your target is and what your goals are.

 

The KPIs you choose can represent the specific marketing strategy that you are pursuing.

If you are monitoring your SEO results, for example, some of the metrics you can track are bounce rates, traffic, backlinks, and others.

 

Open rates, and clicks will be critical metrics for e-mail marketers. Research shows that 60 per cent of marketers use conversion rates as a means of measuring their email marketing campaigns ‘success.

You will need to take into account the time period and the data sources when selecting your KPIs.

You may want to collect data in real-time or get a visual representation of the changes that occur over months.

 

The campaign form and your goals will help you decide which time frames to use. When setting up your dashboard you need the best source of your data as well.

Pick your data source

The key advantage of a marketing dashboard is that monitoring data from various sources is a single unified location.

Often, companies need to partner with growing channels providing their own business intelligence resources.

 

Social media platforms, email marketing service providers and others have their own systems for marketing analytics.

You need a marketing dashboard that brings together all those sources of data.

 

Compile the key data sources you want to use while creating your Marketing dashboard. A dashboard can be especially useful when monitoring the output and returns from paying sources.

Design

Marketing dashboards provide you with the ability to create charts and use templates that are appealing to you.

You will have options for color and style that will allow you to create the best visual board to suit your needs.

 

Still, however, businesses make the mistake of incorporating too much information and using too many widgets.

When setting up your Dashboard for marketing, remember to concentrate on simple and effective templates.

A marketing dashboard is designed to provide information that you can recognize in one glance. Consider using premade models on many dashboards too

When it comes to conveying relevant information the final design matters.

For example, you’ll figure out the best content format for your audience by comparing different types of content.

You’ll know that image articles get 94 per cent more views without any graphics than one. You can note that videos do better than any other kind of content on social media.

 

It’s important to design your dashboard, as it needs to be easy to understand. It should relay relevant information, too. A complicated, cluttered dashboard can only lead to confusion and misinformation.

Control and scale

Once you have set up your dashboard for marketing, it’s important to make adjustments whenever necessary.

Over time, you’ll be able to understand how your system suits your business or whether you need details to be added or subtracted.

 

Your marketing dashboard may need to be updated to reflect more practical objectives.

It will also help to make improvements to the timeframes, data sources and architecture. Creating your Dashboard for marketing is not a one-time task.

You will continue to monitor whether this is useful and make changes so that it gives you timely and accurate information.

Knowledge is strength, and as in any other field, this is true in marketing. Using a marketing dashboard will streamline your ability to collect and track relevant data.

 

You will save time and get insight from a visual format which will communicate substantial information at a glance. We have looked at the reasons why a marketing dashboard is relevant, and how it will help you build one.

Use the information provided and build your own dashboard of visual data to drive your company

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8 Top Ways to make your Business Eco-friendly https://latestmata.com/eco-friendly-business/?utm_source=rss&utm_medium=rss&utm_campaign=eco-friendly-business https://latestmata.com/eco-friendly-business/#comments Mon, 30 Mar 2020 23:12:23 +0000 https://latestmata.com/?p=4079 When you intend to launch an entrepreneurial company it is of utmost importance to stand out in the crowd of thousands. While imagining something enigmatic is a good way to distinguish yourself, going green is also a highly sensitive tactic to remain in the limelight, or even involving eco-friendly operating techniques. There are those who …

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When you intend to launch an entrepreneurial company it is of utmost importance to stand out in the crowd of thousands.

While imagining something enigmatic is a good way to distinguish yourself, going green is also a highly sensitive tactic to remain in the limelight, or even involving eco-friendly operating techniques.

There are those who will be shocked to hear that green business practices can have a positive impact on a brand’s bottom line.

In addition, with global warming shaping up as a monumental challenge, it is important for smaller and even larger companies to take responsibility for working in a more responsible and environmentally sustainable manner.

In the next few pages, we will recruit some of the best and easiest methods that companies should begin immediately pursuing to maintain a sense of green activity in addition to adhering to eco-friendly standards:

1. Hydro conservation

Charity starts at home, and the eco-friendly approach begins right at the office for a business.

Therefore, saving water is a simple approach which would involve business owners and employees in repairing the faucets and taps to prevent water wastage.

Recruiting a plumber for the job is a smart way to go about the same, specifically to recognize the gaps that could impede water conservation.

Although this may sound like a small step, it is expected to be highly successful in the long run, as long as this strategy is adopted by thousands of companies.

A good way to do the same is to check the water taps, even as far as considering waterless urinals for the workplace in question.

In addition, some of the other low-flow solutions are also in trend, including urinals, gray toilers, rainwater harvesting, and xeriscaping.

2. Focus on PCW

Post-consumer waste is an important part of business operations and companies need to be vigilant about the disposal and recycling of it.

Items classified as PCW are considered to be environmentally friendly, and entirely recyclable.

Therefore, a reasonable way for companies to be more environmentally friendly is to opt for better packaging, paper-specific raw materials, and goods — specifically by selecting the PCW paper.

The PCW mark will also differ depending on the consistency and recyclability of the mark.

3. Go for Biodegradable cleaners

If you’re doing a workplace cleaning, going green will also be a smart idea. This will mean you have to let all of the daily laundry detergent, shampoo, and soap extracts concentrate more on environmentally friendly alternatives.

Nonetheless, the first approach is to integrate organic and non-toxic critical cleaning into the mix.

4. Practice carpooling

As a company owner, you can change workplace transportation and related options. If you are actually looking to go green with the activities, you need to add carpooling.

The key goal of carpooling is to reduce the use of petrol, and thus the local population. When several people are boarding the same vehicle, the resulting emissions will be easier to reduce.

5. Appreciate the use of green batteries

Every business needs to work with some type of electronics, typically battery-operated.

It is important to remember that most of the modern batteries are made of metals that are unethically mined and processed which is hazardous to the environment.

Green batteries like Samsung 25r, sodium-based and salt-based chemistries, liquid-centered technologies, and paper-based concepts need to be prioritized as a move towards green service.

6. Carry out energy auditings

In more basic terms, in the form of audits, a company must calculate and regularly assess the energy leaks and other anomalies in the organization’s current work model.

Ultimately it all depends on how reserves of energy, specifically electricity, are used.

 

In addition, it is a known reality that corporations suffer significant losses if energy use goes unregulated as a result of surveys, almost 20 percent of overhead costs are attributed to energy-centered loopholes.

There are several corporate bodies that also perform free audits of resources when resolving the problems without extra costs.

7. Add gadgets that are energy efficient

Some office-centered appliances have star-ratings against them, precisely to determine the energy consumption pertaining to each.

A more environmentally friendly solution would be to replace the old appliances with the new ones with 5-star ratings, primarily to reduce energy usage.

Although some areas have star ratings to indicate the efficiency of internal cabling and lower electricity consumption, other regions have yellow tags to reflect the likelihood of better environmental and economic savings.

8. Go for an alternative energy source

If you are a business owner, then by replacing the same with the current electricity supply you have the option to opt for a green energy source.

Many countries give the business owners the versatility and choice to choose the source of their power supply.

Hence, Green Power can be chosen by businesses who aim to make a difference to the current environmental landscape.

It must be noted that green energy comes at a higher cost because it is generated from wind, solar, hydropower, plant material, and geothermal energy sources.

As it is difficult to obtain and transform the energy into a more functional form, the costs are typically on the higher side.

Nonetheless, the final decision to integrate renewable energy sources is with the business owners, and depending on the company’s financial positioning they can either opt for the same or skip.

9. Encourage the use of green web hosting

Because we all know that online exposure is of utmost importance when it comes to expanding scope, businesses who are willing to make a difference only have to partner with green-web hosting companies to get the job done.

This includes interacting with hosting firms already interested in purchasing carbon credits and using renewable energy.

Therefore, if you are affiliated with green web hosting firms, even corporate reputation would get a significant boost.

While these are some of the best approaches companies should pursue to incorporate eco-friendliness within the operations, there are some bottlenecks that still impede the global implementation of these techniques.

Firstly, most companies are also unaware either of the potential risks to the economy or of the strategies that can help mitigate the same.

Second, financial positioning is also a challenge that prevents most small businesses from combining carpooling and green energy likes.

Nonetheless, each of these loopholes can be solved if at the beginning companies begin with the simple green operations processes.

Whether it is repairing the splurging of water or replacing old and obsolete equipment with the latest ones, the fundamentals of green operations are safe and much easier to execute compared to the more common techniques.

In conclusion

Implementing those nine tactics will save a lot of money quickly for companies.

Besides that, these are the cornerstone of green business and if businesses continue to stick to the above principles, they will find it easier to get the respect that they deserve.

Green operations, or rather eco-friendly activity, is one thing that the businessmen have long overlooked.

However, with the world turning rapidly toward an environmental crisis, caution is inevitable and it is clear that companies are adhering to the aforementioned policies and adding value to the current environmental domain.

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Ultimate guide to small Business credit card processing fee https://latestmata.com/credit-card-processing-fee/?utm_source=rss&utm_medium=rss&utm_campaign=credit-card-processing-fee https://latestmata.com/credit-card-processing-fee/#comments Sun, 29 Mar 2020 23:20:02 +0000 https://latestmata.com/?p=4016 To get the best possible rates for your small business credit card processing, you need to know about how and whether to use the various rates types of processors. You will need to be mindful of the various fees paid by credit card processing firms, and the fees you will never have to pay.   …

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To get the best possible rates for your small business credit card processing, you need to know about how and whether to use the various rates types of processors. You will need to be mindful of the various fees paid by credit card processing firms, and the fees you will never have to pay.

 

You will analyze this important business service as a smart customer using the details in the guide and negotiate for lower prices and pay less fees. For a list of processors for credit cards, see our overview of the best companies that process credit cards.

How are rates different from fees?

By negotiating with a payment company for a credit card, you usually incur two separate types of costs: rates and fees. Prices are the prices you are charging for every purchase. Fees are the costs you pay for managing your account with the system.

 

Processing rates for credit cards (which, on average, range from 2% to 4% per transaction) usually consist of one of two parts: a discount rate only or a discount rate plus a per-transaction fee. The discount rate reflects the amount of any purchase. The per-transaction charge is a flat rate that you pay every time someone purchases with a credit card, irrespective of cost of payment. You need to know what’s included in the prices to understand the different pricing models and which prices are negotiable.

 

The following prices and markups include both the discount rate and the per-transaction fee:

  • Interchange fees: This rate varies according to the type of card the customer is using. It accounts for much of the discount rate and is billed to the bank that sold it. It is a expense that the card brands set non-negotiable, and each processor pays the same price. The card brands post their tariffs on their websites.
  • Assessment fees: these are extra non-negotiable costs imposed by the brands of cards, and each processor charges the same amount again. That fee will vary based on the card brand used by your client, such as MasterCard or Visa, which will be billed to the card company. Assessment fees can also include Network Access and Package Use (NABU) for MasterCard, Network Acquirer Processing Fee (APF) for Visa, and the Data Use fee for Discover.
  • Processor’s Markup: It is the only negotiable discount rate section. Pricing is set by the credit card processing service, rather than being set by the card brands.

Small business processing Credit card payment pricing models

The cost of transaction fees may be tempting to pass to your customers in the form of a surcharge but it is not recommended. If accepting credit cards, overloading is not a common practice and is illegal in some jurisdictions.

 

 

Many credit card processing firms offer one or more of the following pricing models for determining the transaction rates you pay: interchange-plus, flat-rate, and tiered pricing. Your company’s best pricing model depends on the number of cards you process every month, the average ticket size of your transactions and which type of cards you most accept.

Interchange-plus pricing

Also called cost-plus (or cost-+) pricing, interchange-plus pricing applies to each transaction a discount of a fixed percentage above the interchange rate. The processor will take the markup as their bill. This pricing model tells you exactly what percentage of your costs is going to the processor, no matter what sort of card you accept or how you process the transaction. This pricing model is recommended by industry experts as the most cost-effective alternative, and is the best pricing model for most small businesses.

While most credit card processing companies provide interchange plus (the best processors give it to all of their customers), you will have to ask for it when you call for quotes, because many companies choose to set up tiered pricing for you. In fact, certain businesses are mandating that you meet certain conditions before you can process interchange-plus pricing cards. You might have to process a certain dollar sum of transactions per month, for example, or you might have to be that processor’s customer for a certain period of time.

Flat-rate pricing

This pricing model is widely used by processors of mobile credit cards but is still not provided by conventional processors of credit cards. You are paid a flat percentage of each purchase, no matter what sort of card you use. That means that if a premium card, such as a rewards credit card, has a lower markup, there is a larger markup on other cards, such as standard debit cards. If you’re looking for convenience, if your tickets are thin, or if you’re processing a low sales volume every month, look for flat-rate pricing when you’re looking for a processor.

Many processors charge a flat rate plus a per-transaction fee as a flat rate price variance. The percentage rate for these programs is typically smaller than other companies that only charge a flat amount. However determine which alternative is more cost-effective for your company before you select a payment plan. If you process a large amount of small sale tickets, the per-transaction fee pricing model may be more costly, even though the discount rate is lower.

Tiered pricing

Tiered pricing, also known as bucket pricing, arranges prices in tiers on the exchange tables, and sets a premium for each tier. Processors usually have two to six thirds, often with different debit and credit card rates. The most common tier system has three tiers each for credit and debit cards and these are typically classified as “qualified,” “mid-qualified” or”non-qualified.” These words do not mean whether or not a card is eligible for processing; rather, they apply to the type of card and how it is processed and checked.

  • Registered: If the customer swipes or dips the token, and then signs or enters a Code to allow the transaction, a transaction is eligible. Typically it’s a credit or debit card with no rewards attached.
  • Midqualified: When you key in a transaction manually and use an Address Verification Service (AVS) to validate the cardholder’s address, it could be deemed midqualified. This tier can include credit or debit card rewards, although some processors classify rewards cards as non-qualified purchases, particularly those with premium rewards.
  • Non-qualified: transactions that you manually enter without using an AVS program are considered unqualified, as are transactions made using credit and debit cards provided by multinational, corporate and government. In addition, some processors categorize credit and debit card rewards as non-qualified transactions, especially premium rewards cards.

Qualified rates are temptingly low, especially for debit cards, and this type of pricing model can be a good choice for your business if your business accepts a high percentage of regular debit cards. However, if your customer tends to use high-end rewards credit cards, or you can pay expensive non-qualified rates if you key in a lot of sales, such as for phoned-in orders. Of this reason, it is important to understand what kind of cards your customers use, and how they are classified by your processor.

Recurring payment fees for credit cards

In addition to the payment rates that you pay for each purchase transaction, most businesses charge account maintenance fees. The cheapest processors charge very few fees, and there are no extra fees paid by the cheapest prepaid credit card processors. Typical fees include a monthly charge, a PCI compliance charge and a monthly gateway fee, if you accept electronic credit cards.

Monthly fee

Also called a declaration fee, processors charge monthly fees to prepare the statements and to provide customer support. Some processors offer monthly fees for printed statements, others charge an extra fee if you choose to submit written, mailed statements.

 

 

Gateway fee

A gateway to payment is the electronic counterpart of a credit card terminal. Processors may have a proprietary program of their own or may operate with third party providers such as Authorize.net. If you sell your goods online via the website of your company, you’ll need access to the gateway. For this service, most businesses charge a separate monthly fee although some include it in the monthly fee.

Monthly minimum fee

Most payment processors require you to process a certain number of transactions by credit card per month. To insure that your account remains active, certain businesses allow a monthly minimum, and add the entire dollar amount of your purchases to the monthly minimum. Many processors, however, use it to ensure that they receive at least a certain amount of transaction fees from your account per month and then add the processing costs to the minimum monthly.

All that means is that you can measure a total of $25 a month very differently. If your company is small or seasonal, it’s crucial to be specific about the amount of dollars you have to process to reach the minimum. If you fail to reach the monthly minimum, processors charge you the difference rather than the full cost, so please ask your processor about this cost in advance to prevent surprises on your bill.

PCI-compliance fee

The payment card industry has data protection requirements that must be complied with for all retailers to accept credit cards. These regulations help to deter fraud and protect you, your customers and the credit card company from expensive breaches of security. You’re expected to complete a self-assessment questionnaire to qualify as compliant, but you may need to meet additional criteria depending on your company. This fee is paid by most conventional credit-card providers, not all. Most aggregators, or companies accepting mobile credit cards, do not charge fees linked to the PCI.

The fee can be charged on a weekly, quarterly or annual basis. Ask if there is a PCI-compliance fee, how high it is, how long it is paid, and what services the processor offers to help you achieve PCI requirements, it is not always disclosed when you call processors for quotes. If you are already compliant with PCI, or if you handle PCI compliance at home, ask for this fee to be waived.

PCI non-compliance fee

Normally you have a few months to develop PCI compliance when you sign in with a processor. Nevertheless, you can incur a monthly fine if you fail to comply or if you do not re-establish compliance annually. The size of the fine varies depending on the processor and can be very expensive; thus, review your statements regularly for reminders that your renewal of approval is due or if new fines appear on your document.

Batch fee

This is a nominal fee charged when a batch of transactions is released, which is usually once or twice a day. Usually it is the same rate as the per-transaction fee, varying from 10 to 25 cents.

 

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Business structure- full-time vs part-time employees https://latestmata.com/business-structure-full-time-vs-part-time-employees/?utm_source=rss&utm_medium=rss&utm_campaign=business-structure-full-time-vs-part-time-employees https://latestmata.com/business-structure-full-time-vs-part-time-employees/#respond Sun, 29 Mar 2020 17:24:56 +0000 https://latestmata.com/?p=4066 For years, many companies and businesses have avoided requiring their workers to operate remotely, thinking certain functions could not be converted into a remote model. When the now-infamous COVID-19 coronavirus struck, however, everybody got a major wake-up call about what could be. Seemingly overnight, thousands of staff have switched from on-site jobs to remote full-time …

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For years, many companies and businesses have avoided requiring their workers to operate remotely, thinking certain functions could not be converted into a remote model.

When the now-infamous COVID-19 coronavirus struck, however, everybody got a major wake-up call about what could be.

Seemingly overnight, thousands of staff have switched from on-site jobs to remote full-time workers, posing a new question: exactly what do we expect from our workforce? Today, concerns are being posed not only about the remote and in-office employees, but also about part-time and full-time jobs.

Today, questions are being posed not only about the remote and in-office employees, but also about part-time and full-time jobs.

After all, several positions that were supposed to need an in-office presence are not, so maybe some of the old distinctions between part-time and full-time need to be re-evaluated too.

This is especially important for small companies struggling to attract and retain talent.

If you’re getting ready to hire new workers while keeping your bottom line in check, you’d do well to consider which positions a full-time employee needs and which jobs could better be filled as part-time jobs.

Here’s what you need to know about full time and part time jobs.

What are full-time vs part-time workers

Let’s continue with what a full-time or a part-time employee constitutes.

 

There is some leeway from business to business on this, but part-time workers are generally workers who work less than 30 hours a week while full-time employees work more than 30 hours a week, usually between 35 and 50 hours a week.

 

As per the U.S. Department of Labor, “The Fair Labor Standards Act (FLSA) does not specify full-time or part-time employment; this is a matter for the employer in general to decide.”

Advantages of hiring a full-time worker

Full time workers in many sectors are the norm. Some of the advantages of hiring full-time workers are ease in arranging meetings, loyalty perception and more hours of work per worker.

 

Facility of scheduling: It will be easier to arrange meetings if you know that all of the employees work exactly the same hours. Of, that might not be the case if you have full-time workers who are remote or in various time zones.

 

Loyalty perception: Employers also see full-time workers as being more loyal to the business, and less likely to be employed than contractors or part-time employees. Though in fact this may or may not be accurate, perception persists.

More work hours per person (i.e. fewer workers): Flexibility and ease are the primary reason people recruit full-time employees. Growing work requires a fixed number of hours to complete, and many employers would prefer to hire one full-time employee rather than two part-time individuals.

Disadvantages of hiring a full-time worker

The simple response is that hiring full-time staff is onerous. Through default a single full-time worker costs more than a single part-time worker.

And if you do not provide the full-time workplace benefits (which many businesses are forced to do by regulation to further raise the costs), it costs more than 20 hours a week for 40 hours.

 

Additionally, when you have to pay somebody’s time for 40 hours a week, you will have to settle for a slightly less experienced full-time worker, as opposed to a more experienced part-time worker (and more expensive per hour, but still cheaper overall).

Advantages of hiring part-time employees

The value of hiring part-time staff is double. First, charging for less hours of work is less costly, so for those living close to the balance sheet a lean but productive workforce is key.

Second, overall charging for less hours of work will make recruiting more skilled professionals competitive.

 

Although recruiting staff for less time can seem wasteful, this isn’t always the case.

Many reports suggest that workers spend a significant amount of time not working while being paid at work.

If you set realistic goals for your part-time workers, you might be shocked at what one effective part-time employee can achieve.

Another big advantage of hiring a part-time employee is that it will allow you to get a higher-caliber professional than your small company would be able to afford at full time.

For example, if you can only afford to spend $35,000 a year on a salary for a new social media marketer and want a full-time job, you’ll have to recruit someone with very little experience.

Nevertheless, if you take the same $35,000 and use it to employ someone highly skilled for part-time hours, they can achieve more in 10 or 15 hours a week than a new college graduate would accomplish in 40 hours or more.

 

Further clock time isn’t necessarily equal to more production.

 

Disadvantages of hiring part-time employees

You can’t have part-time workers 40 hours a week, they can or may not have compensation from you, and they may have other clients paying for them.

Many of these reasons, some employers fear that, if waters get hard, part-time employees are more likely to jump ship.

These are seen as less reliant on sales than full-time employees whose salaries (and sometimes health care and retirement accounts) are tied to their employment.

Nevertheless, several businesses offer part-time staff insurance, which may alleviate this problem (although it may raise costs).

Furthermore, scheduling part-time employees on their own or alongside full-time employees can be a logistical challenge for organizations that are not yet adept at flexible scheduling.

Departments of Human Resources may be reluctant to add a new type of worker to their management routines, and managers may struggle to adapt to having employees not available throughout the day but only during certain shifts.

What does Job sharing mean?

 

The separation of one full-time job into two part-time jobs is job sharing.

Work sharing may be helpful for small companies that are in the early stages of growth or have trouble recruiting excellent full-time employees.

Many highly qualified professionals are available only for part-time hours, such as certain parents, people with disabilities and people who seek greater work-life balance or follow certain part-time goals, such as higher education or starting a business.

As per the U.S. Department of Labor, “The advantages of work sharing are said to include improved morale and efficiency.

Work sharing may also be an effective way of hiring new workers and maintaining current ones.

However, in order for a job sharing arrangement to be productive, both people must be able to perform the job as effectively as one person.”

In conclusion

Which structure is best for your business?

The short answer is, it’s up to your business. If you’re not sure how many hours a job takes to complete a week, you could be better off beginning with temporary or part-time workers because they work fewer hours and cost less money.

When you have an understanding of the production for your company’s part-time jobs, it would be easier to see if you just need someone for 40 hours or more a week.

Many business owners believe that recruiting full-time employees means paying for costly benefits such as health insurance, but this is valid only for companies with 50 or more staff.

Unless your company is smaller than that, you have no legal duty to give all of your workers health benefits, irrespective of the hours they work.

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10 Top Cloud Storage services for your Business https://latestmata.com/business-cloud-storage/?utm_source=rss&utm_medium=rss&utm_campaign=business-cloud-storage https://latestmata.com/business-cloud-storage/#respond Sat, 28 Mar 2020 22:22:31 +0000 https://latestmata.com/?p=4055 According to TechTarget, cloud storage is a way of maintaining and handling the data for individuals and also in business Many of these providers have a model based on the storage quantity you need. They are typically versatile and scalable in their plans. Normally, they sell the rates you pay. Cloud storage tools allow for …

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According to TechTarget, cloud storage is a way of maintaining and handling the data for individuals and also in business

Many of these providers have a model based on the storage quantity you need. They are typically versatile and scalable in their plans. Normally, they sell the rates you pay.

Cloud storage tools allow for files to be backed up and shared, data to be stored and services for disaster recovery.

Why invest in the cloud servers and all the equipment, and the cost of supporting it? You have access to your data anywhere, 24/7 and therefore can concentrate on your market without thinking about other issues like technology management.

Financial may be the greatest advantage. No cost in advance. You can easily scale up or down with up or down business conditions. So you pay a fixed fee on a regular basis.

Security Issues of Cloud Storage Services

Safety is often a problem to place confidential and competitive information in a third party’s hands.

Data breaches, and worse, data loss outages, are always a possibility, regardless of whether your data is stored in the cloud or on a server next to your office.

This could, potentially, be easier in the cloud.

As Outsource IT Headaches to the Cloud points out in The GlobeandMail, “Since big cloud computing firms have more money,[…] they are often able to offer security levels that an average small company might not be able to afford to enforce on its own servers.”

Almost all cloud providers have some free storage, but these are mainly intended for consumers; a company of any reasonable size does not have a free lunch, while free trials are usually available.

In addition to simple storage, the majority of cloud storage services include: Web-based dashboards to view data files Mobile apps Data backup and Encryption, Use archive reports Drag and Drop file transfers Email / live support.

Pros of using cloud storage for your business

Cloud providers are buying a large amount of storage and can give value for their customers.

Furthermore, the use of cloud services removes the need to purchase hard drives for computing needs.

These services also reduce on-site hardware requirements and that equipment’s management and monitoring.

Despite their tiered price structure, cloud services can be more affordable.

Based on how quickly you store information and how often you back up that information, you can select the plan that meets your needs.

Services can provide short-term and long-term storage for you. Those needs can decide the storage type you need.

If you decide your current plan no longer works, you can easily migrate to another plan.

Here are 10 cloud storage providers that small and medium-sized enterprises might want to consider.

Amazon Web Services

provides a variety of levels, including a 12-month free usage tier for new users up to 5 GB of its S3 (Simple Storage Service) and up to 30 GB of EBS (Elastic Block Storage).

The range of options is largely why Amazon Web Services is recognized as a leading provider of public cloud.

Business plan Box:

$15 a month for at least five users. The Business package is $35 per user per month, with unlimited storage.

Carbonite

Carbonite is primarily focused on backup solutions, with annual Pro Plan pricing starting at $269.99. We also have server plans which provide more flexibility, starting at $799.99 a year.

Business Plans Dropbox

This platform starts $12.50 per user per month, with at least three users and 5 TB of storage space.

Google

Google for Business Bundled with various apps, the basic plan is $50 per user, per year, besides 30 GB of online storage per user. The storage plan is unlimited at $120 per user

Microsoft’s OneDrive

It provides a few different plans to choose from. A marketing plan is $2.50 per user with an initial commitment of 25 GB per user (1 TB is promised for potential rollout) and an extra 20 cents per GB of storage.

OpenDrive Business

Plans start at $29.95 a year, a user for unlimited storage; if you sign up for the $299 annual plan, there’s a $60 rebate.

 

SpiderOak Businesses

You can choose between three plans. The Small Business package costs $20 per user per month (billed annually) for 1,000 GB of storage (this package serves two users) The Corporate product costs $24 per user per month and covers up to 100 people.

Business version of Synplicity

Synplicity costs $15 per device, per month, for a total of three users, with an option to buy unlimited storage.

 

Zoolz

Pricing varies from $15 per month for 100 GB to $75 per month for 5 TB. One interesting feature is Cold Storage to store rarely accessed information cheaply.

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