Building a company from the ground up is a scary business. While some would think it all starts with the name, there is a lot more to do to establish a successful first venture. It takes courage, willpower and the ability to know that failure is part of the process. As an entrepreneur, one of the most important things is to manage finances effectively. For those of you reading this, here are a few tips on how you could get your finances in order for the long run.
1. Track your spending
When you first start your business, there is a lot going on with the startup. From the employees to the different amenities in the office, everything needs to be paid and looked after. The first cheque you write is always exciting. However, unless you keep track of your spending, there is no looking at where the money is going. Like the wind, money comes and goes, without a filter. So do not forget to track your spending. There are plenty of accounting softwares available out there or you could opt for Google Docs as well to keep an eye on all your finances!
2. Don’t rely your business on credit card debt
For every story of a successful entrepreneur, there are a handful of unsuccessful attempts that don’t make for interesting stories. Credit cards are not the only way to finance a new company, they’re a very short term liability. They should be used as a tool to manage cash flow, not create cash flow. So, it is better not to rely your business entirely on credit card debt.
3. Set goals
Setting goals are very important and following them is even more important. This will allow you to keep an objective view of your business. Where you stand and what changes you may have to make along the way. So, be clear with your goals and follow them religiously. What to buy, why to buy and how to buy. Keep this in mind!
4. Seek out professional advice
As an individual, you can seek out mentors that can help you with personal finances. As an entrepreneur, you can continue to work with these people or seek out more established financial consultants that provide you with the guidance you need to run your business. Do not shy away from seeking out an advice from a professional.
5. Stick to a budget
For those who are in the early stages of their company, you need to know your personal financial needs to map out how much money you will need to survive and how long your current savings will last. This needs to be prioritized accordingly! Plan a budget and categorize the finances depending on your cash flow process.
The bottom line is entrepreneurship is not an easy task and getting your finances right plays a key role in any business! So, as a beginner, you need to spend your money wisely on anything and everything!
How To Build Trust With Clients
For new businesses to grow and have their marks felt, the most important factor is trust. When you are working at a company, your reputation is everything and when that does not work the way you want, things can get messy. With your entire future at stake, building and establishing your trust factor is definitely the most important thing. Here’s how you can get people to not only take you seriously, but also believe in what you have to offer to the world.
1. Show your clients your human side
More often than not, one of the biggest mistakes a company makes is the way you approach your clients. Have a human touch to your messages and make sure people understand what you are saying.
2. Show your clients you trust them as well
One of the primary things to learn about trust is, it has to be earned. You need to let the other person know you trust them as well and that can only be done if you put everything about you as a company on the table. It is also important to know that your clients are not stupid. They know what they are doing and saying, so make sure you give them the benefit of doubt in these cases.
3. Stick to your commitments
The moment your clients realise you are a company which sticks to your word, trust is not far off. If you can’t keep to your commitment, then explain the situation and let your client know why something didn’t happen as planned. The more you give your client an insight into your ways of working, the more validation you get from the client. Always a good rule of thumb for building trust!
4. Display competence
When you show your clients you are in the business for the long run, one of the key ways to do that is by displaying competence. Know what you are talking about and when you don’t, understand the situation and get complete clarity on what is happening. Make sure you are completely honest about what you are saying because while people can understand lack of knowledge, a lie is harder to forgive.
5. Value feedback
While you may know what you are saying and doing as a company, it is important to understand the other person is only saying what they are because they have constructive feedback. The feedback may be obtained in the form of a quick survey or through pointers received from the client. Take what makes sense to your business and let your client know you appreciate what they have to say in a manner which does not come off as defensive.
6. Create an experience
Treat your clients in a way which lets them know they have your complete attention. Always remember the saying, “Marketers don’t make the brand, people do.” Make every interaction with your client memorable, in a manner that ensures longevity in memory!
While building your company in itself is a hard task, establishing trust is harder. If you think there other ways you can build trust between you and your clients, comment and let us know!
Signs Which Show You Are Meant To Be An Entrepreneur
Have you ever had that itch, when you worked at the same place for a long time and realised you just are not meant to work for someone else? Have you ever had that feeling where you are never satisfied with what you do, no matter how interesting your job profile may be? Then you probably aren’t cut out to be a part of the corporate world. While most people don’t think they can branch out on their own and become an entrepreneur, if you have these signs, then this is the role for which you have been looking!
1. You like taking risks
Were you the first one to jump into things everyone was scared of doing when you were a kid? Were you always known for walking down the longer and scarier route instead of taking the easiest road out? Then these are all clear signs of you being a risk taker! One of the key features of being an entrepreneur is to be able to take calculated risks and if you were able to do this all your life, then the stars are clearly aligned in your favour.
2. You never felt like you belong
More than half the entrepreneurs in the world never felt like they fit in the normal ways of life. If you think the 9 to 5 schedule is not meant for you and you were never able to stick to a pattern, then the corporate life isn’t meant for you.
3. You want to keep learning
One of the major traits entrepreneurs have is a love for learning. Everything is new and everything is exciting. There is no dearth of knowledge in the world and when you think there’s a new subject, the learning is always better and more exciting.
4. You like walking on the path not known
The ability of being able to think outside the box is what sets entrepreneurs and businessmen apart from each other. While most entrepreneurs have the urge to move beyond the conventional path of what is already there, it is the entrepreneurs who work toward creating their own boxes. If you were never okay with being ordinary and common, then the entrepreneur life is for you.
5. Competition is your middle name
Have you ever had the urge to always be better than everyone around you? Were you never satisfied with standing second on the list? Then you are a truly competitive person and you like coming out first, always! Having a competitive streak is one of the most important traits possessed by an entrepreneur and if you fit under this category, you know what your end goal should be!
6. Your eyes are set on the bigger picture
If you were never bogged down by the inconsequential things in life, then you know you have your eyes set on the bigger things in life. You have a vision and your mission in place and when you work to make your dream come true, you know you have your eyes set on a future which is far from what meets the eyes.
When you are an entrepreneur, you don’t just wake up one day and realise you want to branch out on your own. There is always an urge and a push which makes you want to do something bigger in life. If you think we missed out on any other characteristics, comment and let us know!
HR Tools To Automate Procedures
In the past few years, with technology having a large hand in every field of life, it comes as no surprise that there is a massive upgrade in the way things function as compared to earlier. This growth is all the more evident in the way a typical office functions, with the Human Resource department benefiting the most. When LinkedIn first came to be, it came as a blessing in disguise to recruiters and with the advance of technology, this blessing grew even more. Here are some apps that help in streamlining hiring processes.
1. Zoho People
A cloud based HR management software, Zoho People lets users coordinate, organise and manage data of all the employees in the company. From tracking leaves to timings to appraisals and performances, this app helps in automating all things related to HR. Further, by using the Human Resource Management System (HRMS software,) this particular app lets one track everything related to all the time consuming things together in one place. Zoho People helps in giving you free time to get other things done.
An assessment platform used to conduct different tests and to assess potential candidates, Mettle works well because it provides streamlined and detailed information about the employee. With an eye on two processes, hiring and deployment, this particular tool helps in giving a detailed understanding on the kind of people HR wants to hire.
3. Uber Conference
Despite technology being what it is today, there are still a lot of bugs one faces when it comes to things like conference calls. Uber Conference is a blessing in disguise when it comes to this. With a free web client based structure, all one has to do is call a unified number and the conference call gets enabled. One of the other advantages of this service is, it is extremely easy to use, with the only requirement being signing in through Google.
A web based platform which helps one in analyzing and visualizing projects at hand, Trello helps connecting people across an organization. This app is extremely useful for when work is directly monitored by the HR. Furthermore, one of the other advantages of Trello is, it facilitates the integration of third party organizations like Stack, GitHub and Salesforce for users who pay to use the app.
5. Wade & Wendy
Wade & Wendy, an app based robot enabled with artificial intelligence, helps in identifying and shortlisting candidates who are best suited for the company. A two way street for both the HR and the potential employee, Wade & Wendy helps in improving the employee’s career path by tracking their performance as well.
One of the most streamlined websites in terms of improving the structure in companies, Kissflow helps in improving the approval processes between the employee, the manager and the HR. Not just that, Kissflow also works because it improves the response time between the request raised and the reaction received to solve the problem.
Last but not the least, Impraise helps in giving continuous and automated feedback to the employees, especially during the appraisal period. With just the click of a smartphone, the app helps in giving access to a host of data and information, which further reduces the amount of time the HR teams puts into the entire process!
The Human Resource department always has a lot to do and with technology spreading its arm over different areas, it comes as a happy change to see it being used in this field as well. If you think we missed out on any other tools related to this, comment and let us know!
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