The COVID-related Tax Relief Act of 2020 was enacted as part of the Consolidated Appropriations Act of 2021. The COVID-related Tax Relief Act of 2020 amended the CARES Act to specify that no deduction would be denied, no tax attribute would be reduced, and no basis increase would be denied by reason of the exclusion from gross income of the forgiveness of an eligible recipient’s covered loan. The change applies for tax years ending after March 27, 2020.
Both the Treasury Department and IRS have provided guidance towards allowing deductions for payments of eligible expenses. These payments are expected to result in the forgiveness of a loan that is under the Paycheck Protection Program (PPP).
Optima Tax Relief provides guidance on the Revenue Ruling 2021-02 which dictates that eligible taxpayers may not deduct certain expenses to the extent that the payment of the expense in question is expected to result in the forgiveness of a loan guaranteed under the Paycheck Protection Program. This new guidance reflects changes to the COVID-related Tax Relief Act of 2020 which was signed into law on December 27, 2020.
Revenue Ruling 2021-02 obsoletes Notice 2020-32 and Revenue Ruling 2020-27. This obsoleted guidance disallowed deductions for the payment of eligible expenses when the payments resulted (or could be expected to result) in the forgiveness of a covered loan.
The new COVID-related Tax Relief Act of 2020 has amended the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and details that any amount that would otherwise would be included in an eligible recipient’s gross income by reason of such forgiveness would be excluded from gross income.
For more information about this, the COVID-related Tax Relief Act of 2020, and other tax changes, visit IRS.gov.
Optima Tax Relief investigates Eligible Expenses that are now Deductible through the Paycheck Protection Program was last modified: February 1st, 2021 by Addison Yes
When you’re a first-time business owner, there’s already a lot that’s on your mind. Establishing and building business credit is probably not a top priority. In the future when you’re planning to grow your business, having business credit will become very important. That’s why setting yourself up with a strong business credit profile early on is helpful.
What is Business Credit?
You’re probably already familiar with personal credit scores and how lenders use them to make decisions about whether to loan you money and at what interest rate. Business credit works in a similar fashion, except it qualifies businesses for financing. Yes, that means credit reports and credit scores are for businesses too.
Business credit bureaus create credit reports for businesses . The three major business credit reporting agencies are Dun & Bradstreet, Experian Business, and Equifax Small Business. Experian and Equifax also manage consumer credit reporting, but those are held separately from your business credit files.
Business credit reports aren’t legally required to be accessible to businesses by the bureaus like personal credit reports are. You can request access to your business credit report for a fee. Another difference between business credit reports and personal credit reports is that as a business you have no right to privacy. That means that a business credit bureau is legally able to sell your information to whomever will pay for it.
Information that’s gathered by these business credit bureaus include:
Print Directories such as the Yellow Pages
Data Furnishers including suppliers, creditors, etc.
Public Records sources like liens, judgements, bankruptcies, incorporations
Internet Web Mining
Press Releases and News/Media stories
Corporate Financial Repots
State, City, and County Business Registrations
Federal Government contracts, grants, loans, and debarments
Business credit scores are similarly much like personal credit scores. You can have more than one credit score including from places like FICO LiquidCredit Small Business Scoring Service, Intelliscore PlusSM, and PayDEX Score.
The scoring models that are used to create business credit scores are different than what’s used in consumer credit scoring models. So you can have a great personal credit score, but that doesn’t mean you get an excellent business credit score doing the same things.
Why is it Important to Build Business Credit?
It takes time to build credit score, so starting to work on it when you first open your business is ideal. Business credit may give you access to more capital that you will need to grow your business in the future.
Similar to your personal credit, having a strong business credit profit will improve your chances of being approved for a loan and eligibility for lower interest rates.
Low insurance premiums, approval for a lease, better terms from vendors and approval for a business line of credit are among the other benefits.
It’s possible that you have encountered why business credit is so important during the process of starting your business. When taking out a business loan or opening a business credit card, it is often required that you sign a personal guarantee. A personal guarantee will hold you personally liable for the debt in the event that the business can’t repay it. After establishing business credit, you could qualify for a business loan or credit card without it being necessary to put your personal finances at risk.
How do you Establish Business Credit?
There are many ways to start establishing business credit for your company. Here’s some steps you can follow as a roadmap to your goal below.
1. Get your Business Recognized as a Business
Opening up your business doesn’t necessarily equal having an established business. Have your business set up as a LLC (limited liability company) or incorporate your business. Get a federal employer identification number. You can apply for an EIN on the IRS’s website.
Set up a business phone number and make sure that it’s listed. Be sure to open up a business bank account that has your legal business name and used regularly for operating your business.
To start establishing business credit, you also need to open a business credit file with Dun & Bradstreet. You can apply for a free D-U-N-S number or check on Dun & Bradstreet’s website to see if your business has one. For Experian and Equifax, you simply ned to open a business credit account to establish a business credit file.
2. Have Good Credit Relationships
Your vendors and suppliers are very important relationships in the business arena. Great relationships lead to better terms such as not having to pay for goods or services up-front. Securing a line of credit or payment terms (net-30, net-60, etc.) with a couple of vendors and suppliers that report payments to the business credit reporting agencies will help you maintain a great history of business credit credit.
3. Pay all your Bills on Time
This principle is the most important factor in every credit scenario because it shows that you can be counted on to pay and manage your debt. Lenders look at your payment history as an indicator of how likely it is that you will repay your loan with them. A history of late payments can lower your business credit rating and business credit profile, making it very difficult to find lenders willing to work with you.
4. Apply for a Business Credit Card
A great way to start establishing business credit is to open a business credit card. Ideally the creditor will report to the three major business credit reporting agencies. Start by opening up at least one business card and managing it effectively. Having more than one business card can be helpful, but only after you have been using the one responsibly.
Building Business Credit
After establishing business credit, its time to start building upon that foundation so that you have strong business credit. If you’re following the guidance above, you’ll be in a great place to building that strong credit profile. But let’s take it a step further.
There’s three things that you should focus on once you’ve established business credit. First, start paying your bills early. You may be able to score some “extra points” with some business credit scores by doing this. Another step you should take is to find out if your accounts are reporting to the business credit agency. Not every vendor does this so you might consider adding other credit references that do. Last, try to keep your credit utilization under 30% of your total available credit. This is particularly important if you’re seeking more financing.
How to get Small Business Credit was last modified: February 1st, 2021 by Marc
Data is a driving force of most business decisions in a company. The information that you store should be treated as crown jewels. You should put an effort to make it accessible for all the employees if you want to establish an efficient communication channel among all team members in your company and increase productivity,
Data management strategy is the key to success. Firstly, you must undertake a few steps to make your employees know how to access the data they need for work. Secondly, you must pay attention to cybersecurity and prevention measures to avoid data breaches and teach your employees about your company’s cybersecurity culture.
Make It Accessible for Everyone
There is a vast part of the society that suffers from various sorts of disabilities. It can be both your employees and customers who visit your website. In order to make the company’s data available for them, you need to be sure that your website is compliant with The Americans with Disabilities Act.
ADA Website Compliance regulates the rules of making the content you share or store available for those who have issues with screen reading. What’s more, it’s an official regulation. That’s why, if you want to avoid legal complaints, you need to make sure that regardless of their disabilities, each of your employees can easily reach the information necessary for their work.
Choose the Right Tools
You need to find the right tools to make the company data as accessible as possible. It’s vital so that each company member can easily open and analyze them before making a decision.
Search for the tools like plug-ins for Google Analytics that can easily give you reports from the websites you host. The right tools can make the data available for each department. Your employees responsible for marketing might use them to the same extent as analytics in your company. Standardize the tools you use so that each employee has the same technique and your business is not fragmented.
Additionally, you need to choose the right software. One of the great options to make the data shareable is deciding on cloud computing technology. Plenty of companies store the data in cloud-based systems so that each employee has access to the information through various devices, such as computers, tablets, or mobile phones. It’s an extremely convenient solution, especially in the era of remote work.
Train Your Employees on Cybersecurity
Data management strategy also concerns cybersecurity. While deciding on giving your employees access to the sensitive data you store, you must be sure that they’re aware of the possibility of a data breach.
As already established, data is crucial to your company’s development and progress, so to avoid sensitive information being lost or stolen, make sure that your workforce knows how to protect it. Train your employees so that they wouldn’t click on suspicious links in phishing emails. Ensure that they use strong passwords and don’t share sensitive information. Warn them against using unprotected devices to work operations to prevent cyberattacks to the greatest extent.
Your employees need to be aware that handling sensitive data is a responsible task. You need to ensure they know what steps they should undertake in case of a cyberattack. Remember that even though some security prevention measures are evident for you, your employees might not be aware of them.
Organize the Data Management Process
Last but not least, if you plan your business data management strategy, you need to analyze your company’s needs. Determine which kind of data needs to be stored and organize them depending on their purpose. Remember that you don’t need to gather every single piece of information about your customers and competitors. To avoid a mess in the databases, establish the data-gathering plan that meets your objectives.
By creating transparent yet secure databases, you are assured that your employees would find useful information in a shorter time that contributes to your company’s efficiency.
Collect valuable data and prepare them so that they’re ready for further analysis. Categorize them and determine which one is structured and unstructured. Don’t forget to regularly inform your employees about the changes in your data management strategy.
Remember that when you make your data accessible for your company members, you need to make it secure. Invest in data protection software, and create a data protection system that would be a standard in your working environment. Your data is too precious to get to hackers’ hands unprotected – any cyber attack might seriously disrupt your business continuity plan.
How To Keep Business Data Accessible for Employees was last modified: January 28th, 2021 by Jennifer Clare
Every entrepreneur wants to see their enterprise grow. Nonetheless, it is much easier said than done. Even some new and exciting ideas cannot come to fruition because of different reasons.
Building trust in your customers and boosting your client retention rates takes time. After all, creating a brand people respect was never said to be easy. Additionally, there are many obstacles that careless businesspeople may not spot until it is too late.
Sometimes all it takes for some business to fail is one unaddressed problem. Before you know it, one can become two, then two can become three, and you have suddenly found yourself in the wrong spot with lots of problems to deal with.
To avoid such a scenario, we have prepared for you five tips on building brand equity. What should you NOT do as an entrepreneur? Let’s get started.
Implementing Poor Translation
Of course, English is a dominant language in our world. However, when you expect your company to grow worldwide, reaching the markets where other languages prevail might prove to be indispensable.
In such a case, look for translation services near your company’s location. For example, if you live in England, looking for translation services in Manchester is an option you should consider.
Remember that your competitors are also looking towards other markets. Ensure that your brand is well-perceived everywhere on Earth by relying on quality translations!
Not Defining Your Focus
Successful brands know what they are all about. Make sure that yours does too, and you should be well.
Think about the primary value of your company, something that differs it from others. Perhaps you value loyalty and treat your long-term clients exceptionally well? Maybe you aspire to be the most transparent or positive brand on the market?
When you create a niche for yourself, you will notice that customers can relate to your business more easily. Build your marketing strategy around your focus and reap the benefits today!
Not Delivering on Promises
One of the worst things that can happen to any company is not bringing its customers the quality they seek. If you do not want to ruin your brand value, make sure to fulfill all the promises you make.
Moreover, maybe you do not have to overhype the product you are selling to your audience? Add some level-headed marketing and do not create unrealistic expectations as it happened in CD Projekt Red’s case!
Remember that consumers can oversell a product to themselves with almost no help from you. Be honest about everything you do, and your customer base will only grow.
Of course, every business wants to stand out. Nonetheless, this process should never come at the expense of your customers’ convenience. Sometimes, a more straightforward way is the right one.
How many times, while coming up with a branding strategy, you noticed that the message you want to send does not seem as strong as you would like it to be? Perhaps the best way to combat this problem would be to keep everything simple?
Do not blindly assume that every client has some prior experience that will help them understand your offer! Instead, let your brand loyalty increase naturally by being more approachable than your competitors.
Expecting Instant Results
Doing some social media marketing will not immediately lead you into the brand’s upper echelon. Remember that you have to work for your success for years as this is the price every business has to pay to build their brand awareness.
Take, for example, Amazon. It has built its position through years of hard work. If you desire to join the big leagues, you must be prepared for a long journey.
Additionally, ensure that your brand equity is constantly getting bigger. Read the latest reports and monitor the feedback you are given, both positive and negative! It is very important not to stay complacent and keep pushing forward.
Nevertheless, do not expect a miracle because none is coming your way. Learn from your mistakes, share your company’s plans with your customer base, and patiently wait for the results! If you are persistent in your branding and passionate about what you do, success will find you sooner or later.
The Bottom Line
When you build brand equity, it is easy to overlook some things. However, after reading this article, you know how to avoid the most common mistakes and not share some brands’ fate!
Remember to keep matters related to your brand name simple! Additionally, be customer-oriented by sacrificing some time to brush out your social media marketing. You can also focus on your foreign consumer more by enlisting professional translation services.
If you want to establish solid brand awareness, be prepared that it might take some time. However, if you will use your assets right, you should boost your brand equity without facing daunting challenges. Good luck!
5 Things To Avoid When Building Brand Equity was last modified: January 28th, 2021 by Jennifer Clare
It’s not enough to keep your employees happy with a good salary and amazing benefits. It’s also a must that you ensure that they are working under the best conditions possible and that they are always in good shape. A lot of companies tend to forget to manage their employee’s health but luckily, some apps are able to help those companies out.
If companies are going to make key changes in their work environment, then one of those should be with regards to employee health. Aside from offering good insurance and healthcare plans, companies can also try using a selection of health and wellness apps to keep in touch with their employee’s well-being.
Specialized Tracking Apps
Some industries should have better safety precautions than others such as the healthcare industry. Employee health in the sector is an even bigger priority now with the pandemic still active. Specialized tracking apps cater to the health monitoring needs of certain industries which is a must nowadays.
For hospitals and medical institutions, such apps are crucial to help mitigate the spread of Covid-19. At the same time, these apps help healthcare workers continue on with their job of treating the infected. These apps come with symptom monitoring features that make it easier for management to detect if something’s amidst.
The best cure will always be prevention. In this light, companies should invest in organizational fitness trackers. These function similarly to any other fitness trackers. They take note of calorie intake, calorie loss, heart rate, and a few other crucial metrics on a deeper scale. Some apps even allow workers to manage their dieting habits.
Fitness trackers are a great way to boost one’s overall health and heart health. Employees don’t always have the time to work out and keep track of their health. You can encourage your employees to try out fitness trackers by giving them subscriptions to the top options on the market.
Fitness trackers usually go well with smartwatches. It might be a great idea to invest in these gadgets as well.
Mental Health Focused Apps
Health isn’t just about the physical aspects of the body. It’s also about mental health. Employees go through stress and fatigue on a daily basis. Poor mental health makes it harder for them to focus on work and become more productive. This is especially the case now considering that people also have the pandemic to worry about.
Mental health apps can help your employees effectively manage the other spectrum of one’s well-being. Aside from giving your employees access to mind relaxing puzzles, audio, and self-help guides, these mental health apps can also check in on your employees regularly if they are undergoing something serious like anxiety or depression.
Being the top company is no longer about giving your employees the best benefits and healthcare plans. It’s also about making sure that they are fit and healthy all year-round. These apps are going to be great additions to your company’s healthcare plans and these also help you manage their health on a deeper level.
Effective Apps That Will Help Workers Monitor How Healthy They Are was last modified: January 28th, 2021 by Pete Brown
There’s this undercurrent of global culture that praises the movers and shakers of the world. People look to Jeff Bezos and Elon Musk. They look to the super-elite. The reality is nothing gets done without the skills and the knowledge of the people on the ground. The pipes don’t work, the lights don’t flicker, and the structure fails without the men and women who dedicate their lives to their craft.
One such craft is metalworking. The ability to conceptualize, form, shape, and use the forged pieces of molten Earth as an end product for something bigger is, without a doubt, the core of our modern world. The ore and its supply ushered in the technological age. Without it, we’re centuries behind. Metalwork is, to this day, extremely important. It’s one of those professions that will not depreciate. It doesn’t matter if you’re a lifelong professional or a new hire, there’s always something new you can learn. If you’re looking to expand your knowledge or hone your skills in metalworking, here are a few effective tips.
Brush Up On Maintenance
You may know the machines you work with like the back of your hand. That doesn’t mean you shouldn’t brush up on maintenance and care. When you put your nose to the grindstone and get the tasks done, you invariably put some wear and tear on the tools that you’re working with. Since we’re not in an iron forge with a hammer and a kiln, it’s important to keep up with parts, too. It’s all well and good until we need to turn and mill metal parts on short notice. General upkeep and familiarity are good. It’s part of proper quality assurance. So to acquainted, or reacquainted, with your machines. It does not hurt to do a once-over read on the manual. It may be boring, but it’s a good idea. Check the parts and maintenance logs. Make sure that you can put out the best work with the best conditions you can facilitate.
Adopt New Technologies
Adopting new technologies is another way to get better at metalworking. Fabricating is what makes modern tech move forward. There is no new model or cool product without fabricating. But what does improve is the techniques and the technologies used. Don’t be the only person stuck to old ways of thinking. Adapt, just like in any other industry. If there’s a means that completely contradicts your process, be open to letting some of that in. If there’s a detail you’ve noticed impedes on production, cut it out. The dirty secret is that there’s a lot of room for improvement in a lot of manufacturing and fabricating. Most professionals are set in their ways and avoid change. The ones that do ultimately get better, more confident, and attract better business.
People fawn over the lean/6sigma model of manufacturing. Yes, it’s important to keep things down to a predictable and quality assured science. But the belt thing is pretty odd. It reeks of Silicon Valley babble. That’s not to say the principles should not be followed. They absolutely can. But there are ways you can adopt them without the terminology. Simply put, you should know what the client is looking for and strive to get it done as simply as possible with virtually no waste. What’s the biggest thing clients are looking for these days? Lower cost and minimal lead time. How does one achieve that? Shorten setups. When you’re setting up, you need to have the software and the tooling to get things done as quickly as possible. Quick-change tooling on a press brake and turret punches, for example, can be outfitted with software that allows one to maintain precision—even in beginners. In terms of being a “better” metalworker, it will certainly seem like that to your clients.
Keep In Touch With The Old
Even with the advancements in technology, there is value in the older ways. There is so much to be learned when you do things with a more manual approach. Semi-automated means and less detailed software can be used on projects and jobs that don’t have the same sense of urgency as the others. Keep yourself knowledgeable the same way a doctor keeps a clinical eye. Don’t rely too heavily on new tech. Use them. Assure your clients you have them. But when push comes to shove, you should be able to work under the harshest conditions. That means without the new bells and whistles.
Getting better at metalworking is part of an ongoing pursuit of excellence in the field. It’s part of being a better worker in general. If you apply the principles above and keep these words in mind, there’s no doubt you’ll improve. Stay strong. Stay hungry.
Effective Tips That Will Help You Become Better in Metalworking was last modified: January 25th, 2021 by Pete Brown
Working in accounting management requires you to carefully manage a team of skilled employees. You’ll be responsible for coordinating scheduling and hours, coaching employees to improve their performance, and ensuring your team is poised to accomplish its overarching goals. That’s a lot of responsibility, especially when you have a set of individual tasks to achieve on your own every day.
Fortunately, the job gets easier when you have the right strategy in place.
How to Better Manage Accounting Employees
These tips can turn you into a better accounting manager:
1. Choose the right HR and payroll software
HR and payroll software for accountants can make or break your working efficiency. If the software is intuitive and easy to use, you won’t have to spend much time training, and you can accomplish all your needs in less time. If the software is functional and well-organized, you’ll always be able to find the information you need. And with good reporting and analysis, you can track productivity, recruiting success, and dozens of other metrics to help you find better candidates and manage them better.
2. Recruit the best candidates
The best employees functionally manage themselves. Bringing the right people onto your team will save you lots of work in the long run. Look for self-motivated, disciplined people who don’t need constant direction or leadership from external sources. Also look for good attitudes and optimistic mindsets; these are contagious and could positively impact the rest of your team.
3. Set both team and individual goals
If you want to get the most out of your team, make sure you set both team-level and individual-level goals. Team goals will encourage collaboration and get your employees to work together, while individual goals will focus on the strengths and weaknesses of individual members.
4. Be transparent
Transparency can help almost any team succeed. Maintaining a transparent organization will lead to increased trust, higher morale, and more openness – which is great for collecting more feedback. You can increase transparency by discussing your motivations and perspectives openly (and refusing to keep secrets from the team).
5. Address employee strengths and weaknesses
Don’t shy away from employee strengths and weaknesses; instead, focus on them. Some of the people on your team are going to excel in specific areas, so make sure they have plenty of opportunities to show off those strengths. Almost everyone is going to be weak in at least one area, so give them a chance to improve themselves (and let someone else tackle those responsibilities in the meantime).
6. Keep developing your own skills
Just because you’re in a leadership position doesn’t mean your growth and development have ended. It’s still important to continue growing in this position, both to set a good example for the team and to better serve the organization. Attend classes and workshops regularly to learn new skills and consider cross-training to better understand how this organization works.
7. Take breaks
Being a leader in the finance world can be exceedingly difficult. It’s easy to overwork yourself if you aren’t careful. The best way to avoid this is to take breaks consistently. Consider taking more breaks throughout the day, giving yourself a chance to destress and decompress. And at least once a year, take a long, relaxing vacation; you owe it to yourself to prevent burnout and reset your expectations.
8. Give feedback
Work on giving better feedback to all your employees. Pay attention to their habits and how they interact with the team. Then, provide recommendations for how to improve, and ample praise for all the things they’re already doing right. You don’t have to wait for an annual review to do this, either.
9. Collect feedback
Feedback works both ways. Make sure your employees have a chance to provide you with feedback as well. Are there areas of leadership they feel are lacking? Which of your tactics do they find most effective?
10. Pay close attention to your mistakes
Admitting mistakes is powerful. Correcting them for the future is even more powerful. No matter how effective you are as a manager, there will be times when you slip up, set a bad example, or do something incorrectly. Take note of these moments as learning opportunities and commit to preventing those mistakes in the future. Additionally, express your mistakes to the team – it will help build trust and rapport.
Finding Your Personal Approach
These strategic tips can help you become a better accounting manager overall, but there are many legitimate managing styles worth considering. For example, are you more of a hands-on manager, or someone who likes to trust employees to handle things themselves? Take your time and experiment to find the best managerial style for you.
10 Tips for Better Managing Accounting Employees was last modified: January 25th, 2021 by Alex Sanders
You have probably heard people talking about modern automation numerous times. Maybe you have an idea what it’s all about or maybe you do not. If by chance you do not know, you should try to research more as it has affected many aspects of human lives.
When you hear about modern automation, you should think about a self-governing system consisting of machines that perform different tasks. A series of programmed commands are what guide this system to do what is supposed to do and execute the needed results. This is why computers have been the center of modern automation.
Now that you have read a few details about modern automation, you are maybe thinking about applying it in your factory or industry. There is a lot more that you need to know before applying it. Below is a discussion of some of the things concerning modern automation that you need to know.
1. Modern Automation Increases Productivity
With modern automation, control systems, information technology and machines are used to increase productivity during the production of goods and service delivery. Also, they increase the efficiency as well as the speed of the tasks performed. The machines perform a lot of work within a short time. Besides, they carry some tasks that human beings cannot perform.
2. Modern Automation Lowers Production Costs
Some of the big automated machines perform tasks that should be performed by many people. Imagine buying such a machine and doing away with the many people that perform the task that it is supposed to perform. You will definitely save a lot of money and achieve economies of scale.
3. Modern Automation Can Be Applied In Economic And In Everyday Activities
Industries can buy different machines and use them to perform different industrial processes. For instance, if you are in the pharmaceutical industry, you can buy a bagging machine for packaging drugs in small bags. You can know more about these machines by looking at an automated bagging machines website. This type of machine can also be used in cosmetic industries for packaging cosmetics in small sachets.
Have you ever thought about how a dishwasher or a washing machine operates? These are examples of applications of modern automation in everyday activities. Washing machines and dishwashers are programmed to wash clothes and dishes respectively according to the instructions given by the user.
4. Technologies Have Developed Out Of Modern Automation
Think about robotic technologies. These technologies were developed in an attempt to replace human labor with machines. They involved the designing, construction, and the use of robots to perform different tasks. Robots are now used to perform tasks in environments that can be hazardous to human beings. Also, people prefer to use them where repetitive work has to be done since human beings are likely to get bored with doing the same things all the time.
Robots are used in the motor vehicle industry to move automobile body parts during assembling. Also, they are used for loading and unloading different things during production in many industries. A lot of industries have replaced human labor with robots because when programmed well, they are able to repeatedly do the same activities perfectly.
5. For You To Experience The Advantages Of Modern Automation, You Need To Maintain Your Machines
For a machine to serve you well, it needs to be kept in working order. Do not start looking for maintenance services when your machines break down. Rather, have them checked regularly to ensure that they are in good working condition.
6. With Modern Automation, Good Quality Products Can Be Developed
A lot of people associate good quality products with human labor. However, this is not always the case. With human labor, products that vary are likely to be developed since it is hard for human beings to repeat the exact things that they have done. However, with machines this is possible. This is why a lot of consistency in the quality of products produced will be noticed when machines are used during production.
7. Modern Automation Has Led To The Efficient Use Of Raw Materials
With modern automation, industrial processes are better controlled. This means that the raw materials to be used in different industrial processes are known and can be controlled. Where will the misuse of raw materials come from when raw materials are efficiently used?
Imagine how the world would be like if machines were not in existence and every task had to be performed by human beings. Modern automation has made work easier in many places. For instance, people use machines to perform different tasks in industries. Robots have come to existence due to this and are now used in many industrial applications.
What You Should Know About Modern Automation was last modified: January 19th, 2021 by Charlene Brown
In 2020, there were over 3.6 billion people worldwide who were using social media. This number is likely to reach almost 4.41 billion in 2025 and will probably climb exponentially after this. These figures make social media usage the most popular reason why people go online.
With an ever-growing population of people being dedicated to social media networks, you cannot afford for your business not to be on social media. However, with so many marketing choices available, it can be difficult to choose which network is right for your organization.
We must caution against trying to have an active presence on all social media channels as, to be successful, it is necessary for you to keep up an active presence on all of them. If you spread yourself too thin, you could end up neglecting them, and getting stressed out. This is a risky spot to be in as a neglected feed could show consumers that your business is no longer active. So, rather choose two or three social media networks that you want to invest your time and energy in.
Here are a handful of the available social media networks and will show you what they are best suited to showcasing.
If you have a brick-and-mortar business, you may want to consider putting up a profile on Yelp. This is a directory of businesses that you can browse based on your current location or a location that you set manually. On each business’ page you can review the company, which means that people browsing your listing can make an educated decision about choosing you.
Whether you own a B2B or B2C business, you need to be creating video content and putting this on YouTube as this is the second-largest search engine next to Google as video marketing is becoming an increasingly useful way of getting your brand out there. In terms of SEO traction, YouTube offers the maximum traction.
This social media platform is driven by pictures that people take and upload to their Instagram pages. With the ability to now upload video content to the platform, Instagram allows your audience to get behind your brand, get invested and follow your every move. This makes it a great platform for you to share your brand.
An often-overlooked social media network is Pinterest. Often thought of as just a platform for people to share their crafting and home improvement ideas, it has become a great way to get content going viral. So, if you have great-quality pictures that display aspects of your product and/or service offering, you should give Pinterest a try.
LinkedIn is definitely the best platform for business-to-business marketing as it allows you to post professional content about your company’s goals and achievements so that you can generate a conversation with your potential customers. If you want to play on this site, just remember its business orientated so you must act accordingly.
Marketing is not an exact science as what may work for one organization may not necessarily work for another. The trick is to try out the platforms you think may work for you and measure the results. If they don’t work, don’t be afraid to stop with what you’re doing and try another platform.
What Are The Best Social Media Channels To Market Your Business On? was last modified: January 19th, 2021 by Mark Morrison
It’s easy to make mistakes when it comes to starting your own business, especially if it’s your first time. There are a lot of moving parts when it comes to running a small company or even just being self-employed. Of course, one of those mistakes is believing that you won’t make any errors. The idea is not to avoid them—if you tried to do that, you’d also avoid the risk that is inherent to a successful business—but to minimize the ones you do make and bounce back from them with resilience. The common ones listed below can all be avoided.
Neglecting Your Personal Finances
You might think that your personal financial situation is irrelevant when you’re starting a business and that you only need to worry about your business finances. However, this is not the case. Your own finances might be a factor with investors and lenders. If you can pay off any debts before you get started, you should. If not, you might want to look at how to better organize them. For example, you might have several student loans that you can consolidate as a single payment with a private lender. This could also reduce your monthly expenses. Having your personal finances in order also means you have a better idea of how much your business needs to bring in if it is your sole source of income.
If you are not seeking loans or investments, you may think you don’t need a business plan. However, it’s always a good idea to write one even if it is not as extensive as a formal one you would prepare to get others interested in your idea. Writing a business plan forces you to be concrete about your mission, your finances and your marketing. You’ll be better able to anticipate any obstacles that could arise and may see blind spots you did not consider. You may also want to think about whether you might want to hire other people even if you are a sole proprietor. For example, you may want an attorney to look over paperwork or an accountant to assist you with your taxes.
Creating a marketing plan should be part of your overall business plan, but it is so important that it should be a consideration all on its own. You need to know who your customer base is and what they want. A particularly common mistake is for people to assume that because their friends and family think their business idea is good, it must be. You need to look beyond your immediate circle. Some market research, including reading some industry literature and doing focus groups or surveys, could help.
People often start out charging too little for their products or services because they are afraid their customers won’t pay for them otherwise. There are a few problems with this approach. One is that customers may think of the product or service as low quality. Another is that it can make it difficult to raise your prices later. When setting your prices, be sure to keep your overhead in mind on top of your pricing.
Avoid These Mistakes When Starting Your Business was last modified: January 18th, 2021 by JJ Watt