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  • Financial Resilience: Building a Robust Financial Strategy in Uncertain Times

    Financial Resilience: Building a Robust Financial Strategy in Uncertain Times

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    Did you know that a strong financial resilience could help your company get through any financial crisis in the fast changing economic environment? It is necessary for ensuring long-term profits. Let us discuss more about the components of a resilient financial strategy and the steps that can help get rid of uncertainty. 

    What is Financial Resilience?

    Financial resilience is a company’s capability to progress smoothly in difficult financial crisis without having to sacrifice its assets, employees, and brand value. 

    Building financial resilience encompasses everything, starting from strategies, practices, and preparedness. When a business organization is financially resilient, it can absorb nearly all the difficult economic shocks without many issues. 

    5 Ways to Build Financial Resilience?

    Financial resilience is not something that can be achieved overnight; it requires time and the right strategy. Below, we will mention some tips that can help you develop a financially resilient institution:

    Create Emergency Fund 

    Creating an emergency fund by diverting a part of your revenue to a savings account is the most basic and advisable strategy. This fund is stored and not used under any circumstances, until there is a legitimate need. 

    Moreover, we suggest you keep the savings in a liquid state so that it is easily accessible. Whenever there is an emergency, take out chunks from this fund, but keep in mind that expenses should be limited. 

    Cash Flow Forecasting

    This method suggests identifying the cash inflows and outflows by experienced professionals like the CFO (Chief Financial Officer), in order to reduce or diminish the problem areas.

    Generally, CFOs are well-trained to manage liquidity and also mitigate any financial risks. Cash flow forecasting involves identifying possible cash shortages and offering suggestions that delimit such happenings. 

    Limiting Costly Business Affairs

    It is also important to note that there are many processes or steps in running a costly business. They may not always have to be the unnecessary examples, but they are extremely costly and cannot be managed accurately. 

    For instance, businesses can outsource HR processes to other firms at a low price, including are PEO, payroll management, etc. They can also adopt cloud-based services and automation in order to reduce labour cost. 

    Dispute Resolution Strategy 

    Customer dispute resolution serves as a key goal that you need in order to maintain a good cash flow. Use AR intelligence or other automation tools to gather in-depth data about customer behaviours. 

    The collected data from the tools helps you to analyse the problems and expedite a resolution process. It is a good strategy to make the customers stick to your products and services in order to build monetary resilience and avoid uncertainties. 

    Avoid Debts in Operations

    One of the common practices that company owners follow is taking debt for an immediate cash requirement. While it helps with temporary requirements, but builds a long-term liability for the debtors. 

    Taking a loan is equivalent to creating additional financial pressure when you are already struggling. Instead of using loans, try to make an emergency fund and utilise it during immediate needs. 

    You can manage the expenses by outsourcing the complex parts of your operations. Build cash reserve and maintain a good connection with your clients to sail out of financial constraints. 

    Final Words

    Building financial resilience is one of the utmost measures a company or institution must take. Not only does it help you sail through times of uncertainty, but it also indirectly offers you insights into how to control your operations. Using professionals like CFOs (chief financial officers) also helps you make expert recommendations when managing finance. 

    If you need such strategic management or scope to outsource costly operations like HR, PEO, or managing employees, then contact us. If you are seeking more information about how strategic partnership works in streamlining finances, consider reading our blogs. 

    Reference Links 

    https://www.hansfordbell.co.uk/what-is-financial-resilience/

    https://www.protiviti.com/uk-en/blogs/building-financial-resilience

    https://www.hdfclife.com/insurance-knowledge-centre/about-life-insurance/coping-with-financial-stress-and-building-financial-resilience

    https://www.freepik.com/free-vector/hand-drawn-flat-design-finance-leaders-concept_19930510.htm

    https://www.acclaimfcu.org/building-financial-resilience-strategies-for-overcoming-financial-stress/

    https://kpmg.com/xx/en/home/insights/2022/05/wealth-management-can-help-build-financial-resilience-in-an-uncertain-world.html

    https://l1nda.com/blog/financial-resilience/

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Why is Employee Well-being an Imperative Aspect for Successful Business?

    Why is Employee Well-being an Imperative Aspect for Successful Business?

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    Do you know employee well-being plays a major role in uplifting your business? Among the plethora of strategies that companies apply to build their credibility, employee well-being counts as an imperative one. Employee health not only includes health benefits or insurance, but much more. It focuses on mental, physical and emotional well-being of an employee within the workplace. 

    Keep reading to know how maintaining employee well-being can contribute to the long-term success of your business venture.

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    7 Reasons why Employee Well-being is Essential for A Successful Business

    A healthy and happy workforce can uplift a business in many ways. Here are the 7 best ways that you must know:

    Increased Productivity

    A sound mind and heart accelerate productivity efficiently. Physical and mental fitness improves employee engagement, focus, etc., fostering work efficiency and perfection. If an employee is not valued or encouraged, he may not be mentally present in the workplace which will degrade the work quality. Thus, focus on fostering a healthy work environment where employees will actively perform their tasks, boosting productivity and improving business performance.

    Talent Retention

    Talented employees are always in demand across all companies. However, retaining the right talent can be challenging if your company fails to foster employee well-being. Companies that maintain a positive work culture to enhance employee well-being always attract skilled individuals and retain them for a long period. Talented employees always look for a healthy work environment and if your company offers it, you can easily hire and retain the best talents in the industry.

    Reduced Turnover Costs

    Companies need to bear hefty expenses for new recruitments, onboarding, and training as employee turnover costs. Besides, a new employee needs time to learn the aspects of the business. Thus, business growth gets affected. Companies that maintain employee well-being can reduce this cost as satisfied employees will not leave the company frequently. It will help you save on the turnover costs and gain profit.

    Better Employee Engagement

    When you take care of employee well-being, they will also remain emotionally engaged and committed to your company’s goals. As a responsible employer, you need to make them feel valued, connected, and supported in every aspect. This will help foster an engaging environment, compelling employees to put in their best efforts for the company’s growth.

    Problem Solving and Creative Approach

    Well-being isn’t just about physical health; it also includes mental and emotional health. Employees who are mentally and emotionally well are better equipped to handle stress, adapt to change, and think creatively. This can be especially valuable in today’s rapidly evolving business landscape where innovative solutions are often needed to stay ahead.

    Enhances Brand Reputation and Credibility

    Encouraging employee well-being helps in building credibility and business reputation. An employer who is committed to employee well-being sets an example before business partners, clients, and investors. This helps increase the reputation of the company, attracting potential investors and loyal customers.

    Regulatory Compliance

    In many industries, it is a mandatory legal requirement to comply with employee well-being, health and safety standards, etc. Companies that are not following these regulations can be fined and led into legal hazards. Thus, maintaining employee well-being also helps your company in staying compliant with the legal norms.

    Final Words

    Now you know that employee well-being is essential to maintain a healthy working environment and build business credibility. It imposes a direct influence on the company’s productivity, employee retention, overall business performance, etc. If you are struggling to foster the much-needed employee well-being strategies into your company, feel free to contact us. We provide professional assistance at an affordable price to boost your business. For further information on employee-wellbeing or a healthy workplace environment, read our previous blogs.

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    Reference Links:

    https://hrme.economictimes.indiatimes.com/news/workplace/why-cultivating-a-culture-of-employee-well-being-is-now-a-business-imperative/94189958

    https://blog.zenhr.com/2022/02/21/why-is-employee-well-being-important/

    https://mondaymerch.com/blog/monday-merch-3/the-importance-of-employee-wellbeing-for-business-success-54

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Planning to Grow Your Business in 2022? Here Are 5 Budget-Friendly Ideas That You Should Know

    Planning to Grow Your Business in 2022? Here Are 5 Budget-Friendly Ideas That You Should Know

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    Let’s face it! Scaling a business is hard. It requires consistent effort and doesn’t happen overnight. There is no ‘secret shortcut’ to surpass other companies and pave your way out to success, especially when you, as a business owner, have to budget the business expenses in an effective way. 

    Indeed, escalating a business on a shoestring budget is challenging. 

    But, it is not impossible!

    By employing modern technology and smart investments, even a small business can outgrow the big names in the industry. 

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    Below are five low-cost methods you can implement in the coming year to grow your business:

    1) Embrace a growth mindset

    Adopting a growth mindset is one of the first things that you should do to attain success. In this regard, you can hire an intern to assist you with data-driven observations. This will help you validate the speculations about your ideas and central product value, recapitulate swiftly, and determine what’s already serviceable for your organization. 

    Embracing this technique will also help you double down the investment and save a substantial amount of money. 

    2) Build a strong culture

    The strength of your business lies in your employees and initial clients. Building a solid company culture means ‘practicing what you preach’. Company values only bear fruit when you practice them around your organization. 

    For instance, if you believe that you are a people-first company, show this by encouraging your people. Having said that, failing to demonstrate this can lead to distrust in clients and result in a disloyal culture. 

    Consider a strong company culture as the glue that binds your clients and employees together. A missing culture will eventually result in a demotivated and detached team.

    3) Grasp social media networking

    Social media platforms like Instagram, Facebook, LinkedIn, and YouTube are the most convenient ways to accomplish your target market. 

    Engaging on these platforms creates brand visibility and increases the understanding of your business’ products and services. This results in increased market reach and brand positioning – free of cost, in some cases. 

    Further, you need to tailor your posts depending upon the platform you are using. For example, on Instagram, try to use more pictures and fewer words to encourage your followers. To increase follower engagement, develop newer techniques, and roll out a friendly approach. 

    You must also leave some room for feedback – let your audience tell you their honest viewpoint regarding your products and services.

    4) Create employee engagement

    This is yet another fruitful method to scale your business. Make your business operations transparent and get every employee engaged with the numbers that drive your business. When your employees know the company’s financial reports, they can help you with innovative approaches that you alone could not do. 

    In simple terms, trust, empower and include your employees in the organization’s budgetary decisions. 

    5) Focus on client segments and develop meaningful connections

    As a small or medium business owner, you know your customers in a better way. In addition, your organization shows immense flexibility and can adapt to changes swiftly. As a result, one of the best strategies that you can adapt for business growth in 2022 is to focus on specific client fragments. Accordingly, tailor your products and services to meet your customers’ needs. 

    You must also strive to develop meaningful client relationships. How? The simplest way to achieve these types of relationships is by including gifts, rewards, or coupons as giveaways. 

    In the dynamic business world, companies are more inclined towards exploring the correct amount of investment. Carefully analyzing the infrastructure and business needs could be a great place to start with growth plans. If you are skeptical about devising a cost-effective strategy, feel free to contact us. We will assist you in lowering employee turnover and administrative costs so that you can reach the heights of success. Read our blogs and know-how we encourage fellow business owners in their journey towards growth. 

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    References:

    https://www.forbes.com/sites/forbesbusinesscouncil/2021/05/19/13-low-cost-ways-to-grow-a-business/?sh=111d0dde20d0

    https://iseeq.co/blog/4-budget-friendly-ideas-to-grow-your-business-in-2022/

    https://news.badabusiness.com/business-motivation/planning-to-grow-your-business-online-here-are-4-budget-friendly-hacks-that-you-should-know-7602.html

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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  • Top 5 Business Ideas in 2021!

    Top 5 Business Ideas in 2021!

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    YOLO!

    However, wearing yourself down with a 9-to-5 job hardly seems like the life the American Dream so spiritedly promises.

    What can be the alternative?

    Starting your own business, of course!

    Sure, there will be long hours, burnouts every other day, massive emotional investment, some and then some more financial outlay in this prospect initially. But –

    • You will get to do what you do best
    • You’ll be working on your own terms
    • Most importantly, you will do it for YOURSELF!

    And who knows? Intrinsic factors barring, you might just end up creating the next big thing by employing the right strategies at the right time.

    We will get into that later.

    For now, let’s explore a few in-buzz business ideas trending in 2021 but with a promise to stick around for the long haul.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default” hover_enabled=”0″ width=”53%” sticky_enabled=”0″][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_video src=”http://www.youtube.com/watch?v=wDtp6kO5LSg” _builder_version=”4.9.3″ _module_preset=”default”][/et_pb_video][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Graphic Designing

    Various enterprises have migrated online, with the pandemic showing the door to most brick-and-mortar businesses. But it has made the Internet a cobweb of newly-initiated and old websites fighting for space and customers’ attention. 

    Luckily for graphic designers, this dog-eat-dog competition has prompted business owners to invest heavily in how their websites look. Everyone wants a professional-looking, sleek website with eye-catching logos and designs that help them cut through the clutter and noise.

    In case you have always been that creative with an eye for the unique, this is a space you can explore.

    Also, let us break a myth for you. To set up a graphic designing venture, you don’t necessarily need to know the ins and outs of it or even how to draw. You can collaborate with your friends/acquaintances who are expert at it that while you proffer the creative vision.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Web Developer

    Speaking of cluttered and noisy Internet, it’s hard to overlook the prominence web developers have gained in recent times. If you have been passionate about website development, or better, if it’s something you do the best, it’s about time you monetize it.

    There are literally thousands of businesses trying to join the online bandwagon, and if you get a few contacts, you’re good to get started.

    Recommendation: Begin with only one or two clients. A slow start never hurts when you are trying to build credibility and a niche for yourself in the market. Once you have delivered solid work on those, new clients will automatically flow in, and you can even charge higher.

    Or, try looping in a few of your friends/acquaintances in this venture if you have quite a few leads to start a small-scale web development enterprise.

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    Drop-Shipping

    The post-pandemic era is a period with people accustomed to the convenience of goods being delivered to their doorstep, from medical supplies and groceries to literally anything.

    If you have a car, or better, a van, you can partner with local stores to deliver goods to people’s doorstep. Other than the regular items focus on commodities generally not delivered online.

    Start narrow, focusing on only a small neighborhood. It will let you gain the necessary insights into that population’s requirements so you can make your operations more efficient and cost-effective.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Digital Marketing

    There’s no better time to put your digital marketing skills to use than now! The market is chock-full of websites looking to leverage the digital wave, and marketers inept in the ways of it are hot stuff.

    Small business owners are the key demography you could tap into. They are the ones without a dedicated team of digital marketers or unable to hire the services of a full-fledged agency. Offer your services at low rates and slowly build your credibility.

    You could start with local businesses to that end since it’ll be easier to make them stand out and then slowly get into the big leagues. Also, try and involve various areas of expertise so you can proffer the same range of services as a full-time agency at lower prices.

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Personal Chef

    The pandemic has shifted people’s focus to healthy, nourishing meals. But hectic lifestyles seldom allow us to prepare food with these considerations in mind. That’s where personal chefs have emerged as a go-to option.

    Put your culinary skills to tap into this niche, emerging trend. First, gauge the scale at which you can operate, how many people will be involved in this operation, and what will be your service range.

    Thereafter, select your clientele – families, offices, hospices, care facilities, or all before you start. It’s better to begin small even if you can manage a larger client base because working under-capacity initially lets you plug gaps that only crop up once you start operations.

    When it comes to starting a business, above all, it’s essential to identify where your expertise lies. And, remember, it’s not defined by your professional background or educational qualifications.

    What’s important is what you do best and whether your expertise offers a solution to the modern crises. If these criteria are met, and you undertake a few strategic initiatives timely, like hiring a PEO when business is booming, the sky is the limit.

    Want to know how a PEO can help your business grow? Get in touch with us today!

    [/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=”4.9.3″ _module_preset=”default”][et_pb_column type=”4_4″ _builder_version=”4.9.3″ _module_preset=”default”][et_pb_text _builder_version=”4.9.3″ _module_preset=”default”]

    Reference links:

    https://blog.hubspot.com/sales/small-business-ideas

    https://www.businessnewsdaily.com/2747-great-business-ideas.html

    https://www.uschamber.com/co/start/business-ideas/pandemic-business-ideas

    https://www.uschamber.com/co/start/startup/businesses-to-start-during-pandemic

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    Contact Us

    Find out if a PEO is the right solution for your business.
    Fill out the form below and we will contact you to schedule a chat.

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