A recent data breach at German IT service provider Citycomp has resulted in a flood of data being published online — including financial and private information on all of Citycomp’s clients. You need to know how to fortify your defenses against data breaches. The data breach included a client list that covered major companies such as Oracle, Airbus, and […]
It’s fairly common, in my experience, for small business owners to have unorganized business bank accounts. Some small business owners don’t even HAVE business bank accounts when they start their companies. While money is at the heart of our businesses, most people tend to think about generating sales and increasing revenue, and leave the behind […]
Using a business credit card can really help you manage cash flow and even offset some of the startup costs surrounding your venture. Still, credit cards are like short term loans. You borrow against your credit limit but you’re also expected to pay back what you spend in addition to interest. Just like with personal […]
The saying goes, “we are only human.” You usually hear that when someone makes a mistake. This human error is often attributed to common human behavior where certain factors like mental distraction, physical exhaustion, or lack of skill or knowledge lead to a mistake. We never hear that technology makes a mistake, though. Although some […]
It may sound old-fashioned in an age of online investing, but everybody needs to have uninvested cash – at least a little. But the problem is interest rates. They’re still at historically low levels in all the usual places, like local banks. That’s why we need to take a close look at the two best […]
One of the biggest problems faced by businesses today is maintaining liquidity or access to public funding. This is most true for startups, which often take funding from wherever they can get it in order to bring their business plans to life. Small business loans and private equity or venture capital firms tend to be popular sources, […]
“Always be innovating” — a de facto motto for most entrepreneurs. If you’re not in a constant state of innovation, you could become obsolete. Does that count for a new service line as well? Take it from Toys R Us. The retailer was once a kingdom, carving out a niche in the toy world where even […]
The future of global trade depends on automation tools, and any company eyeing international expansion must invest in this technology. Artificial intelligence, in particular, is transforming international commerce, as companies use intelligent systems to identify ways to increase productivity and distinguish themselves in the market. Increased productivity will drive economic growth in the nations that harness […]
A cloud contact center is the meeting place between customers and your company. This touchpoint forms a vital layer of your business. It does not just create first impressions. It also helps to organize employee-customer relationships and provides in-depth insights that will help you grow into the future. With a contact center housed in the […]
At some point, we’re all new to freelancing. We’re building our portfolios and we’re scrapping for clients. In the rush to sign clients on, new freelancers can easily forget about the administrative aspect of the job. How should you handle invoices? How and when should clients pay? Here are invoicing mistakes that new freelancers should […]
Starting your own business has never been easier given the availability of investors and the interest of so many in the startup space to help create the next "big thing" or to be behind a disruptive product or service that really shakes up the marketplace. However, when it comes to the actual work involved in tackling all aspects of a business, including its functions like sales and marketing, accounting and finance, human resources, information technology and more, it becomes considerably more challenging for a small business owner or founder.
With statistics that show up to 90% of new businesses failing soon after launch, it's critical to know how each of the functions pertaining to running a business, can work the most efficiently, including how to budget appropriately to sustain your business through all types of economic cycles. However, so many business owners admit that they do not have much knowledge and very little experience about most aspects of running a business and they tend to "wing it" and figure it out as they go. The problem is that this approach to running a business is the very reason why so many fail.
A better strategy is to invest time, energy and effort in a continual learning process that helps build knowledge and skills across all aspects of your business. Even if you do not handle all these functions yourself but have team members or outsourced talent for some of the more technical roles, it is still good to familiarize yourself with the issues. Knowing and understanding trends, technology and opportunities that impact all functions of your business will help you to better shape your business decisions. Additionally, this strategy of ongoing learning can help you identify those areas in your business that could benefit from additional technology or tools that add efficiency and help you maximize the time spent on many non-revenue tasks.
We have dedicated a category of our Due.com blog posts to providing business tips to help you enhance your working knowledge and skills across all aspects of your business and help you make more informed decisions that will speed growth, revenues, brand reputation and profitability. These business tips include such topics as:
- Marketing strategies, including social media platforms, creativity and messaging, content marketing strategies, branding and how to promote your company online.
- Financial planning, such as emergency funds, retirement accounts, budgets, invoicing, how to handle clients that haven't paid, why you should accept credit cards and how to finance business expansion.
- HR issues like whether to hire employees or freelancers, training, motivation to retain talent, how to find a business partner, where to find outsource talent and tax issues related to employees and freelancers.
- Productivity tips like how to manage your time, tools that maximize what you can get done, and how to effectively manage a project.
- Mindset strategies, including whether you are a freelancer or an entrepreneur, how quickly to expand your business, and how to build a business around your lifestyle.
These are just some of the dozens of articles now available in this subject category that are designed to help you get the most out of your business for the investment of time and money that you have put into it. Not only will you learn more about how an efficient, successful business works, but you will also be able to create a more effective strategy to ensure your business doesn't become just another unwanted statistic. We want to help you succeed.