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  • Here’s What Everyone Needs to Know Before Selling Their Business | Entrepreneur

    Here’s What Everyone Needs to Know Before Selling Their Business | Entrepreneur

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    For most business owners, there will come a time when they must decide whether they want to sell their company. If the answer is yes, a significant portion of their financial and professional future will suddenly hinge on an undertaking they’ll be doing for the very first time. And let’s be honest, there are few things in life we get right the first time.

    Years ago, when our business first started to attract potential suitors, I sought out the advice and experience of several experienced business owners in our industry who had already navigated the process successfully. Not only did I gain a realistic sense of what our company, Acceleration Partners, might be worth in the eyes of a buyer or investor, but I learned how to put myself and my business in the best position for a good outcome.

    A few years later, we ended up finding the right partner and making a deal. Since late 2020, I’ve sat on the opposite side of the mergers and acquisitions (M&A) process. I’ve evaluated over 75 businesses as a buyer, as we continue to build out our platform with our partner.

    All too often, I’ve run into people who remind me of myself a few years back. These sellers are approaching what could be the most important transaction of their life without the right support team, materials, or expectations, and as a result, they are unlikely to get across the finish line.

    With the wisdom of hindsight and now having now been involved in selling two businesses and buying three, here are the six pieces of advice I would give to potential sellers who want to get the best deal they can with the right buyer.

    Rely on Experts With Transactional Experience

    You would never try climbing Mount Everest without an experienced guide. Similarly, the worst thing a founder can do is try to navigate the M&A marketplace without expert assistance. Specifically, you’ll likely need accountants, lawyers, and a transaction adviser who understands the M&A process, can help prepare you for the sale process, and can manage negotiations with buyers. The most common forms of transaction advisers are investment bankers for larger deals ($50M or more) and M&A brokers or advisers for smaller deals.

    While some businesses really are too small to afford a traditional investment banker — for example companies worth less than $50M in valuation — oftentimes the seller is just hoping to save money by doing things themselves. In my experience, the vast majority of businesses taking this DIY approach either didn’t sell at all or sold after an undesirably long timeline for a lower-than-expected price.

    Quality bankers, brokers and transaction advisers know how to effectively navigate the M&A process. Aside from the accounting and legalese, an M&A transaction process is frankly a lot like dating. There’s a certain order of operations that helps everyone feel comfortable with the progression of the relationship and the sharing of information. Momentum and competition are really important factors in getting a deal done. You’ll sell faster and get better offers, if buyers know other buyers are interested.

    Understand the Buyer’s Mindset

    Conversely, buyers might take advantage when your deal process loses momentum. If you tell a potential buyer there is substantial interest in your business and then you don’t have any offers or progress when they check in later, they might sense you are getting fatigued or that interest is not as strong as expected. A good banker or broker avoids this issue by creating a competitive process with specific deadlines and leading negotiations, so you don’t have to negotiate directly with a buyer.

    Experts also protect sellers by keeping buyers honest. Many prospective buyers try to quickly move sellers to sign a Letter of Intent (LOI) just to eliminate competition, knowing that they can renegotiate or “retrade” at a more favorable price before closing. Experienced bankers and brokers know this game well and help sellers keep the buying process competitive. They’ll often move forward with multiple parties and multiple bidders up until a deal is closed. Almost everyone I have spoken with got a meaningful premium for their business running an expert-led, competitive process compared to the offers they got before enlisting a banker. It’s just better to lean on people who know the game.

    Choose Your Team of Experts Wisely

    One last note on experts: don’t assume the lawyers, accountants or advisers in your network today are the ones you need to go through the M&A process. Your family lawyer is probably not the right person to represent you in a sale nor is your solo practitioner accountant uncle. I’ve even had a founder tell me that they did not need an M&A adviser, because their partner worked in investments/finance. This founder spent over a year trying to sell their business in a very strong market, with several failed transactions.

    To get the best deal, you need the right team of experts. Treat it like a hiring decision that you absolutely cannot afford to get wrong — proceed with caution and rigor.

    Understand the Market for Your Industry, Size, and Business model

    Most sellers are not very objective when valuing their own business; everyone thinks their baby is beautiful. Sellers tend to believe they are more differentiated from their industry competitors than they really are and therefore should command a premium on the market. And while it only takes one irrational bidder to overpay, markets tend to be efficient, and a seller should get a clear sense of what the market has actually paid for similar companies in their industry.

    When selling your business, remember the potential buyer is often a larger, more established company within your vertical or a private equity firm who has studied your industry’s M&A market and understands how you measure up to other acquisitions in your field. To attract these buyers, you have to know what constitutes value in your industry and understand how your company’s size and pricing model look to scrutinizing eyes.

    Key Factors to Consider

    While no two businesses are the same, a business’ value outside the world of hyper growth, venture-backed tech business generally depends on a few core factors:

    • Industry
    • Level of Profit
    • Growth Rate
    • Business Model

    Many founders and owners mistakenly compare their selling prices to companies that appear similar to theirs, but they aren’t always very comparable on those four core factors.

    For example, almost all professional services businesses are valued based on their level of profitability. They typically don’t have proprietary assets or intellectual property and earn money from their people, who walk out the door each day and aren’t guaranteed to return.

    An acquirer most often values a services business as a multiple of the company’s EBITDA, or Earnings Before Interest, Taxes, Depreciation and Amortization, from the past 12 months. In valuation shorthand, this is referred to as TTM EBITDA, or trailing-twelve-months EBITDA. This is a proxy for the annual cash flow a business generates before debt service.

    Businesses with higher levels of TTM EBITDA get higher multiples (for example, 10X EBITDA versus 5X EBITDA), especially as EBITDA surpasses the $5/$10/$20 million thresholds. Companies that pass these round numbered thresholds are viewed as more established and sustainable, and therefore acquirers consider them safer bets.

    Considerations for SaaS Companies

    In addition, a company that sells a software-as-a-service, or SaaS, solution will command a higher multiple than a typical services business, even if it’s selling within the same vertical. SaaS businesses often have recurring revenue from customers, on multi-year contracts that renew automatically, which assures more reliable revenue as compared to one-time or project-based revenue. SaaS sellers also don’t need to worry about their proprietary technology walking out the door during the next Great Resignation.

    You can probably guess where this is going: if the owner of a services firm enters the M&A market believing they will be valued the same way as their friend who owns a SaaS business, they are in for a rude awakening.

    Once you objectively identify the closest industry comparisons — something an experienced banker or broker can easily help you do — you then need to anchor your expectations around other deals that have actually closed, by looking under the hood of those deals. Too many founders and owners get caught up in the headline value of deals in their industry without knowing all the details.

    Knowing What to Expect

    Just as your social media feed will only show you the best five percent of others’ lives, the rumors and tall tales you hear about M&A pricing are often greatly exaggerated. In some cases, people simply embellish the truth; in other instances, the devil is in the details.

    For example, there is a big difference between a company that sells for $10 million in cash and one that sells for the same $10 million price tag but with only $5 million in cash up front and a five-year earn out. In the latter case, only the initial $5M is guaranteed and the other $5M is paid out if milestones are hit. Very often that earnout requires the founder or leadership team to stay onboard for those five years to achieve the full $10M. That extra $5M is effectively being paid out of the business’s future earnings, and because of inflation, it’s worth less in the future than it would be in an immediate payout. Most founders I know would prefer a lower “headline” number for their freedom and more money guaranteed.

    Understanding the Proposal Details

    Also, don’t assume that an offer or LOI someone in your LinkedIn network got for their business represents accurate market value. Harvard Business Review found that between 60 and 80 percent of proposed acquisitions fail to close. As mentioned earlier, many acquirers make a practice of using LOI’s to get a business under agreement with an explicit plan to “retrade” the seller before close or change material conditions of the deal after a long and exhausting due diligence process.

    I can’t stress this enough: tune out everything but market-clearing prices — the realized value of the deals that have actually closed in your industry or in industries similar to yours, with an awareness of the business model, the size of the company and the deal terms. Otherwise, your expectations won’t match reality.

    Clean-up Your Books

    Many business owners, especially those who have co-mingled their personal and professional finances for years fail to understand or appreciate how a potential buyer will interpret their financial picture and bookkeeping. Your definition of profit is likely differ from a buyer’s. A potential buyer wants to see financials that adhere to generally accepted accounting principles (GAAP) and what’s known as Adjusted EBIT, which gives a more accurate financial picture of the business for a new owner.

    Some of these adjustments benefit the seller, such as when there are vacations, non-working family on payroll, and other expenses that are run through the business for tax purposes and will not continue after a transaction. These are “add backs” to Adjusted EBIT that increase profit.

    Just as often, however, sellers fail to account for “subtractions,” which are unaccounted for expenses that will reduce the go-forward profit of the business. For example, a founder might show a business with $500,000 in annual EBIT to potential acquirers or investors, only for the buyers to discover that the founder takes a paltry $50,000 salary and generates most of their income from profit distribution.

    Things to Consider

    If the founder’s role has a market salary of $200,000 and they, or their replacement, will need or want to earn that same level of income when the deal is closed, then the new owners will have to add that extra $150,000 to costs going forward, which is a subtraction from profit. Instead of the $500,000 annual profit the company shows on its income statement today, the adjusted profit is $350,000. If the buyer made its offer by valuing the business at 5X EBITDA, or $2.5 million, this necessary change would lower the deal value to $1.75 million.

    This is a common occurrence — 51 percent of entrepreneurs don’t take a salary when they launch their businesses. And this type of incorrect financial representation can sink a promising deal.

    In other instances, the seller may be showing a profit on a cash-accounting basis, when buyers want to see accrual-accounting, which presents a far more accurate financial picture without any distortion of timing. For example, the seller may have counted a large customer deposit toward their revenue and profit for the quarter when the deposit was paid, when the actual services and correlating expenses will be delivered over many months or years in the future.

    These nuances are a great example of why it’s important to work with an experienced M&A adviser and/or accountant who can help you put your best foot forward before sharing your financials with a buyer. Cleaning up your finances is not an overnight process, which means you should think about hiring these experts far in advance of going to market. First impressions matter a lot and a business with poorly organized financials that misrepresent the company’s value will almost always lead to problems and mismatched expectations down the road.

    Do Your Own Due Diligence

    Warren Buffett once said, “you cannot make a good deal with a bad person.” I would argue the inverse may be true too: you cannot make a bad deal with the right person. The buyer is the most important factor to consider before selling. Be sure to research any potential buyer accordingly.

    First, it’s crucial to find out whether the buyer actually closes deals. Familiarize yourself with the acquisitions they’ve made and find out if they’re serious about doing business with you or if they’re just casting a wide net and stringing you along or making you a good offer that they’ll just retrade later.

    Second, if you are going to be staying with the company or if you have any future earnings tied to the long-term performance of the firm, learn as much about the buyer as they will learn about you. Get acquainted with their leadership team and understand their culture to see if they’re a good partner. If they’ve bought other businesses, ask to talk to the leaders of those companies to get a sense of how they’ve handled acquisitions in the past.

    While you might think money is the most important factor in a deal, that viewpoint can change quickly. I know plenty of people who got lucrative earnouts from selling their businesses but ended up begging to be let out of those earnouts after less than a year of misery under their partner’s leadership.

    Be Prepared For the Grind

    The process of both selling and running your business simultaneously is a grind that will wear on you both mentally and physically. Let’s say you are one of the lucky ones who finds a good buyer, agrees on a price, and signs an LOI. Congratulations on getting this far. Your reward is now months of grueling due diligence to get to the finish line.

    Due diligence will involve endless calls and meetings explaining and validating every tiny facet of your business, for several hours a day, often for months with bankers, buyers, accountants and lawyers. It means pulling together data you didn’t know you’d ever need and often locating documentation for any contract, deal, or employee in your company’s history

    I’m not a hyperbolic person, so you can trust me when I say that due diligence is the most exhausting thing I have ever experienced. The first time I went through the process, I needed six months to recover mentally and physically. And our process was amicable.

    Plus, in those months where you and your leadership team are overwhelmed by due diligence, you need to ensure your business is still running at peak performance while you and the rest of your leadership team are focused elsewhere. If your sales or profit begin to slip, buyers may get cold feet and decide to pull out of the deal.

    Closing Thoughts

    Once again, if I somehow haven’t made this clear enough: this is why I really don’t recommend trying to sell your business yourself. Get a banker or transaction adviser who knows the M&A world and can run point. You should also have a lawyer and accountant who have done it before. You may even want to consider bringing in a consultant or project manager to help you stay organized during due diligence. They will help to ensure you have time to keep your business running at a high level.

    Selling a business doesn’t take as long as building one. However, it can feel like the same amount of work compressed into weeks or months. If you surround yourself with the right team and go into the process with the right expectation and data, you’ll be much more likely to get across on the finish line and on your way to a well-deserved vacation.

    Featured Image Credit: Photo by Yan Krukau; Pexels; Thank you.

    The post Here’s What Everyone Needs to Know Before Selling Their Business appeared first on Due.

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    Robert Glazer

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  • 10 Enhanced QA Practices To Boost Your Company’s Revenue | Entrepreneur

    10 Enhanced QA Practices To Boost Your Company’s Revenue | Entrepreneur

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    Before the rise of the advanced technologies that many companies use today, traditional quality assurance practices required products and services to be evaluated manually. They evaluated key factors, such as workflow development, process improvements, and revenue generation.

    The American Society for Quality (ASQ) tells us that in late 13th-century medieval Europe, artisans formed guilds (or unions) that managed the development of stringent guidelines regarding the quality of products and services. The same model has been used and re-envisioned throughout the centuries. Eventually, they adopted key processes and standards to deliver exceptional value.

    Today, we see enhanced QA practices that are specific to individual sectors and yield a significant return on investment (ROI) for businesses. Below, we provide ten ways entrepreneurs and business leaders can enhance their QA practices and increase revenue growth. By improving product quality, customer satisfaction, and operational efficiency, businesses can unlock increased profitability and gain a competitive edge in the market.

    1. Prioritize QA on Every Level

    A 2023 Gartner study on modernizing quality assurance found that “88% of service leaders say their current Quality Assurance processes are ineffective and rarely match up to the customer view of quality.”

    Such is often the result of quality assurance not being the company’s central focus, where C-level leaders need to place quality at the forefront of their mission. To effectively deliver high-quality products, processes, and services, a quality-centered culture must be built from the top down to guarantee that quality assurance becomes prioritized by leaders on every level.

    When companies go beyond satisfying customer expectations and instead ensure top-tier quality assurance becomes a defining part of their brand, quality becomes a vital value of each employee and a natural part of the company landscape.

    2. Establish Collaborative Team Environments

    Building highly collaborative, cross-functional teams is one of the most overlooked ways to enhance quality assurance outcomes. With your first action of prioritizing QA as an integral part of your mission, values, and vision, each worker understands the importance of quality assurance across the organization. Therefore, with an established strong QA culture, teams can work together to integrate QA practices for heightened satisfaction and profitability.

    Establishing a collaborative team culture regarding quality may seem complicated. However, encouraging strong communication among leaders and individuals will help ensure that quality outcomes continue.

    Beyond internal collaborations, businesses can work closely with other companies or owners. By doing so, they can drive even greater brand awareness and quality assurance. Modern business collaborations are done through social media chats, live streaming, webinars, podcast interviews, and traditional local partnerships to identify where leaders could improve quality improvements. These same methods, including QA socials and discussion boards, can unite teams for an essential cause.

    3. Lead With an Objective Mindset

    In 2021, The New York Times published an article highlighting what defines a good leader and the importance of objectivity, as discussed in the highly acclaimed book, “Vital Voices: 100 Women Using Their Power to Empower.” The article’s retrospect notes that long-held assumptions about power have often led to biased mindsets among leaders. Still, the book recognizes how compassion, empathy, and humility create a path of informed and fair decision-making.

    Likewise, leaders and employees who focus on completing daily workflows and communications with a limited sense of bias can efficiently find answers to everyday QA problems. When presented with a challenge, an unbiased mindset allows outside-the-box ideas to be considered and innovative thinking to occur.

    4. Leverage AI and Automation

    According to McKinsey & Company, generative AI has the potential to significantly enhance quality assurance, not only paving the way for workforce development and productivity but also unleashing economic value for businesses across every sector.

    MaestroQA is a company leveraging the depth of AI-driven QA workflows to gather actionable insights and directly influence customer satisfaction. Using MaestroQA’s AI classifiers and AutoQA application, customer service teams are empowered to successfully facilitate a new level of analysis and deeper quality metrics like never before. As a result, companies are developing a more comprehensive understanding of customer issues and needs by capturing feedback to identify KPIs and develop more effective internal processes.

    With automated quality assurance testing, businesses can improve team productivity and decrease QA times. By identifying improvement areas, quality assurance automation and AI tools allow for streamlined resource sharing and decision-making.

    5. Integrate QA and QC Approaches

    A well-formulated quality assurance and control framework is essential in today’s modern business world. The absence of a complete quality assurance approach or quality control method leaves the potential for missed problems and opportunities. Consider them two sides of the same coin, where each is necessary to guarantee customer satisfaction with the product.

    For example, Ford Motor Company has long been recognized as a reliable automotive maker in North America. However, according to The Wall Street Journal, in 2022, Ford could no longer sustain the slogan “Quality is Job 1,” with its quality assurance and warranty costs under fire. While the company’s CEO continues to battle these quality concerns, including leading the auto industry in recalls for two consecutive years, its heightened focus on QA and QC practices has been essential to its persistence.

    6. Track and Document QA Changes

    Especially in the customer-oriented business environment, quality is more than in-the-moment interactions with each customer. The fundamental changes in quality assurance come from data collection and customer feedback. Whether using a digital management system or other reporting methods, it’s important to have an organized documentation system. This can help identify which internal processes your business needs to adjust, or how your business should handle a situation.

    Proper documentation of quality issues and successes can make identifying inefficiencies easier. This reduces lost time and productivity and ensuring consistency across the organization. It also allows team leaders and other decision-makers to implement changes more effectively and efficiently.

    7. Maximize QA Brand Awareness

    Brand awareness is essential for any business’s growth and maximizing target audience reach. But what about brand awareness when it comes to quality assurance?

    Companies that can heighten awareness of their QA best practices and deliver the highest quality of transparency can more readily prevent quality issues in the future. They can accomplish this by identifying real-time quality issues and developing more efficient solutions. One corporate leader suggests that to become a brand recognized for its quality products or services, the image and presence of your brand are integrated deeply into everything from the company logo to customer service proficiency to clear and consistent content.

    So, whether seen in the interactions among customer service agents or in the design of a company’s online content, the quality you show your customers has a tremendous impact on the future growth of your business.

    8. Establish QA Review Policies

    Quality assurance is now mission-critical for your business. Therefore, it is essential to have specific and comprehensive QA review policies in place for each level of the organization. When considering good practices for QA reviewers, the Council of the Inspectors General on Integrity and Efficiency notes that the most effective auditing requires policies and procedures to be readily established, be regularly monitored to determine compliance with QA/QC standards, and be summarized for change recommendations on at least an annual basis.

    Ultimately, employees, team members, leaders, CEOs, and board members must have an aligned understanding of quality expectations. Your business should implement regular quarterly meetings, annual reviews, and peer reviews. These help to ensure that everyone is adhering to policies and procedures. These meetings can also give your business a chance to re-evaluate anything if necessary.

    9. Measure Quality Differently

    According to the Harvard Business Review, focusing on high-quality practices ensures your company has predictable, profitable, and diverse revenue growth. If your company sees low revenues with your current quality assurance practices, consider how competitors measure quality across their organization. Note whether there is a strong enough differentiation of how they measure quality assurance practices across the organization and its departments.

    10. Identify Investment Opportunities

    Finally, if your business repeatedly witnesses poor ROI regarding quality assurance, consider what areas need the most improvement and potentially more significant investment.

    A Nielsen study recognizes North America and Latin America as two of the most robust ROI opportunity zones, with growth opportunities from additional investments leading at 48% and 42%, respectively. While the study focuses on the quality of marketing practices, we find similar ideas across every level of an organization regarding general QA.

    For instance, instead of targeting the right audience to increase ROI, focus on recruiting and hiring employees with a strong track record for quality assurance. As mentioned, use automation and AI to track QA metrics to meet short-term goals and identify long-term brand-building opportunities. Stay creative and adaptive when facing quality challenges. This will help to ensure processes are manageable and the right tools are in place to enhance QA practices and increase revenues.

    A Focused QA Strategy Pays Dividends

    Enhancing the quality assurance process of a business can be daunting. But, the result could substantially improve your company’s return on investment. Take a closer look at how you can implement and improve quality practices at every level of your organization. In doing so, you will quickly see positive changes in customer satisfaction, service levels, and future growth.

    Featured Image Credit: Photo by Vlada Karpovich; Pexels; Thank you.

    The post 10 Enhanced QA Practices To Boost Your Company’s Revenue appeared first on Due.

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    Deanna Ritchie

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  • 7 Hidden Costs of Running a Small Business | Entrepreneur

    7 Hidden Costs of Running a Small Business | Entrepreneur

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    For most prospective small business owners, many of the costs of running a business are clear from the beginning of the process. Expenses like leasing commercial office or retail space, equipment, product inventory, and payroll, for example, usually don’t come as a shock to entrepreneurs who are planning their business startup costs.

    So, why do so many of them end up running into issues with the bottom line?

    According to the latest data from the US Bureau of Labor Statistics, a staggering 90% of startup businesses ultimately fail in the long run. Among these, 16% fail due to cash flow problems or other financial issues—and that figure doesn’t even count startups that fail due to poor marketing strategies or a bad product-market fit.

    In many cases, it’s not that these businesses fail to account for these predictable one-time expenses or their fixed costs—despite the fact that they’re typically on a tight budget. Rather, it’s a lack of preparation for the unforeseen problems that arise when running a business, and the unexpected costs that come as a result.

    With a virtually infinite number of types of startup business, a wide variety of possible unexpected expenses exist. With that said, some of the hidden costs of starting a business seem to come up frequently despite the industry—let’s examine some below.

    Shrinkage

    Shrinkage, or inventory shrinkage, is an accounting term that describes when a business has less items in its actual inventory than has been recorded in the balance sheet. In other words, if physical inventory is less than recorded inventory, shrinkage has occurred. The calculation for inventory shrinkage is simple:

    Shrinkage = Recorded Inventory – Actual Inventory

    What Causes Shrinkage?

    Common factors that contribute to inventory shrinkage include the following:

    • Shoplifting
    • Employee theft
    • Vendor fraud
    • Administrative errors
    • Damaged product

    Put simply, inventory shrinkage refers to preventable losses that are either deliberate or arise from human error. Shrinkage is a big issue for any business—big or small—that sells physical goods. Typically, a small amount of shrinkage is unavoidable. If it gets out of hand, however, the bottom line can be negatively affected—especially in businesses with thin profit margins.

    Retailers, for example, are hit the hardest by inventory shrinkage as their business models often rely on moving products in large volume with a small profit margin. In fact, according to the National Retail Security Survey released by the National Retail Foundation, inventory shrinkage accounted for a peak $61.7 billion loss for US retailers in 2019.

    Shrinkage isn’t just limited to retail businesses though. Things like vendor fraud, employee theft, and clerical errors can affect businesses of just about any kind. For example, food service businesses can experience shrinkage if food items arrive expired, if less items actually arrived than are recorded, and even from things like employees taking food.

    Preventing Shrinkage

    In many cases, implementing a few new processes can help to reduce an organization’s shrinkage. Focus on better communication, clarity around organizational policies, and proper training of employees to create a culture of accountability and efficiency in the workplace.

    Additionally, better technology for inventory accounting, employee management, and security are all powerful tools for combating shrinkage in any industry.

    Another simple, but very effective measure to take is making a habit of double and triple checking vendors’ deliveries. In many cases, checking every single one for errors like missing or damaged products is enough to stop some major issues in their tracks.

    Merchant Fees

    Merchant fees, or credit card processing fees, are a percentage of each transaction charged by a merchant service (such as VISA, MasterCard, or American Express) to a vendor for processing credit card transactions.

    In a world where eCommerce is becoming more and more commonplace, especially for small businesses, this becomes even more relevant because transaction fees are typically higher for online purchases—creeping as high as 2-3% per transaction. This can have a big effect on an online retailer’s bottom line!

    How to Save Money on Merchant Fees

    There are several ways a business can try to bring down these transaction fees, including the following:

    Negotiating Lower Transaction Fees

    Credit card processors are motivated to work with organizations that deal in high volume, as they get more fees. As a business grows and shows steady increases in its revenue and transactions, business owners should continually check if they’re getting the best deal possible.

    Take Steps to Minimize the Risk of Fraud

    The risk of fraudulent transactions is factored into processing fees, so boosting the security of each transaction helps to reduce this risk, and thus, the fees.

    This can be as simple as ensuring cards are swiped/have their chip read as often as possible in physical locations, or requiring certain security information (such as a billing address) in online transactions.

    Properly Set Up POS Terminal

    Simply having their payment terminal and account set up the right way from the beginning will help most businesses to lower processing fees to merchants. Factors like business type, transaction types, and frequency of transactions all play into the final processing fee for each transaction.

    Additionally, when the transactions are processed can affect the fee. It’s recommended that businesses process their transactions every 24 hours. The more transactions there are to process, the higher the fee is—so processing them every day reduces the total number of transactions and fees for that period.

    Equipment Upgrades, Repairs, and Maintenance

    When planning the start of their business, entrepreneurs typically have an idea of what kinds of costs they’ll incur to get the equipment they need. What’s not always considered, though, is that things like IT equipment, company vehicles, tools, and specialty equipment have costs that go far beyond the initial price tag over time.

    Take, for example, a small coffee shop. A considerable investment in equipment is required to get a cafe up and running—from coffee machines and industrial-grade blenders to refrigeration, ice machines, an oven, and a dishwasher. And that’s just naming a few!

    The cost of all these items can be calculated and accounted for with relative ease before going into business. The tricky part is that it’s almost impossible to be sure of when (not if) the commercial-grade equipment in a business like a cafe will start having issues and need pricey specialized repairs or even replacement.

    Big ticket items like dishwashers, walk-in freezers, or commercial ice machines are known for being expensive purchases, but what often catches new business owners off guard is how often equipment like this runs into issues—and that gets pricey.

    Combating Surprise Equipment Costs

    To counter costs from equipment repairs and upgrades, many businesses have moved to leasing or renting certain heavy equipment items—particularly ones like the small cafe in our example.

    Instead of paying thousands up-front and hundreds every time there are equipment issues, renting or leasing things like dishwashers, ice machines, and refrigeration units helps keep costs low, and perhaps even more importantly, predictable.

    Even if the equipment is owned, simply planning around these inevitable issues and subsequent costs puts small business owners in a much better position when it comes to unexpected equipment costs. Make cleaning, upkeep, and regular maintenance a priority in daily operations, and budget for repairs ahead of time—not just the cost of equipment.

    Expensive Loans

    It’s very common for an up and coming business to apply for a small business loan—most entrepreneurs simply don’t have the capital needed to get things up and running without taking out loans of any kind.

    For this reason, loans themselves aren’t exactly a “hidden cost,” but not all loans are created equal—some have much more favorable terms for a business that’s trying to make their ends meet.

    For instance, small business loans offered by the Small Business Administration are very popular with entrepreneurs because they require lower interest payments, various types of loans available, and offer predictable monthly payments.

    And of course, like a personal loan, a good credit score helps to earn more favorable, inexpensive terms when it comes to a business loan.

    Be aware, however, that defaulting on an SBA loan can be very costly for a business.

    Legal Costs

    The extent of legal costs involved with starting a business vary, but are usually involved in some capacity. For example, a prospective entrepreneur might need to meet with a lawyer to discuss which business entity type makes the most sense for their organization.

    If the business is going to be incorporated or registered as a limited liability company, articles of incorporation must be filed with that state, which is an additional expense.

    Other examples of legal business startup costs include:

    Like many of these costs, the extent and amount of legal fees an organization encounters will depend on the type of business in question, and the above instances are just some examples of many possible situations that justify hiring a business lawyer.

    Insurance

    Going beyond the costs typically associated with employee benefits like medical or life insurance, the business itself also requires several types of insurance. The types of insurance needed largely depend on what type of industry a small business owner operates in and the state the business is located in, but some types are almost always a good idea—like general liability insurance, professional liability insurance, and workers’ compensation insurance if the business has multiple employees.

    There’s sometimes overlap in the types of claims that these insurance policies cover, so some providers work with small businesses to create a general small business insurance plan that includes all of the features that specific business needs. As a small business and its revenue grows, naturally, insurance premiums rise.

    General Liability Insurance

    These insurance policies help protect businesses from claims like bodily injury, property damage, or personal injury like slander or libel. Costs that a policy like this helps cover include:

    • Medical expenses if someone is injured at a business
    • Judgments, settlements, and other court costs of covered claims against a business
    • Costs of property damage claims against a business
    • Costs of damage to landlord’s property
    • Any administrative costs involved with a business’s covered claims

    Professional Liability Insurance

    Also referred to as “errors and omissions insurance,” this type of insurance protects businesses from mistakes employees make when providing services or products that result in a financial loss for the customer. This includes claims of:

    • Misrepresentation
    • Inaccurate advice
    • Negligence
    • Copyright infringement

    Workers’ Compensation Insurance

    Often simply referred to as “workers’ comp,” these insurance policies provide medical, wage, and other financial benefits to employees who get injured or become sick at work. Most states do require that most businesses carry some form of workers’ comp—in some cases, even if there’s only one employee or the company is run by a self-employed business owner.

    Other Common Types of Small Business Insurance

    The types of insurance mentioned above are usually the most common types for small businesses, but let’s examine some other types that are frequently utilized by small businesses below.

    Commercial Property insurance

    • If a business operates on a physical commercial property like a retail or office space, these policies cover claims of damage . Claims that are covered include property damage from events like floods, fire, or even theft.

    Business Income Coverage

    • Business income insurance, also commonly referred to as “business interruption insurance,” helps cover any loss in income due to a covered event that leaves a business unable to operate. For example, if a business encounters flood damage, business income insurance will cover the loss of income while repairs are made, while commercial property insurance would cover the costs of the damage itself.

    Commercial Auto Insurance

    • For companies that have deliveries, service calls, or any other job functions that require a vehicle, commercial auto insurance is usually a good idea. Like personal auto insurance, these policies protect a business in the event of an accident or other road incident involving a company vehicle that results in injury or property damage.

    Commercial Umbrella Insurance

    • Commercial umbrella insurance essentially extends the coverage of other liability policies a business has. For example, let’s say an employee is driving a company vehicle and gets into an accident that results in property damage and bodily injury to the other party. This company’s commercial auto insurance covers claims up to $1 million, but the injured party seeks damages of $1.3 million. If the company is found liable for the accident and must pay, the commercial umbrella policy would cover the remaining $300,000.

    Saving Money on Insurance

    One of the first things to keep in mind is that the terms of business insurance, including the costs, can often be negotiated. In fact, there are entire organizations devoted to helping businesses find insurance that works for them and negotiate more favorable terms on the policy.

    As previously mentioned, there’s often overlap among different types of insurance—so combining the types of coverage needed into one plan is usually helpful when it comes to that monthly or yearly bill, and most businesses do this in one way or another.

    If minimizing monthly costs is a priority (as it often is for small businesses), an organization can raise their deductible in order to lower their premium. If taking this course of action, it’s important to ensure there’s enough money available to pay the deductible if the business must file a claim.

    Of course, the best way to save on insurance is to minimize risk. This applies not only to safe practices in daily operations, but the type of business in question as well. Minimizing risks looks different for different types of businesses, but one common denominator is ensuring that safety policies are abundantly clear and rigorously followed by employees.

    Digital Services

    As time goes on, a digital presence is becoming more and more important for just about every type of business—small or large. And that doesn’t just mean a website anymore, but can also include things like social media and content creation.

    To build out a website and buy hosting for it is a big project—and one that is often overpaid for. When it comes to the world of the internet, business owners often feel overwhelmed by the “tech” side of things, allowing vendors to overcharge them for things like building a website, maintaining a social media presence, creating content to attract business, and handling other forms of digital marketing.

    Getting the Best Value from Digital Services

    Patience and a willingness to learn about what these services actually entail is the first step to being able to effectively shop around for different providers of these digital services—but at the end of the day, adequately shopping around to begin with is a huge step for getting the best value when it comes to an organization’s digital presence.

    Rather than being more of an afterthought (as is often the case), these types of vendors should be vetted and treated with the same attention to detail as any other vendor that’s crucial to a business’s operations.

    The post 7 Hidden Costs of Running a Small Business appeared first on Due.

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    Peter Daisyme

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  • 6 Tips for Efficient Meeting Management | Entrepreneur

    6 Tips for Efficient Meeting Management | Entrepreneur

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    Meetings make the business world go round. However, it often feels like meetings are actually slowing everything down. There are some stark differences between an effective meeting and a waste of time. When you’re in charge of a meeting, you always want to trend toward the former.

    As common as meetings are, there’s not always as easy to put together as you might think. The success and efficacy is a direct reflection of both your experience and the amount of effort you put in. However, this doesn’t mean that meetings should have a super high frequency or involve a lot of heavy lifting.

    To help you become a meeting management master, this nifty guide can act as your roadmap. The following tips will help you plan meetings that are more effective, enjoyable, and efficient than ever:

    1. Be Prompt

    Meeting management is all about time. Each point in this article will reflect that to a point. The first aspect of time management to consider is punctuality. When you’re able to start a meeting on time, it tends to run more smoothly.

    Start by setting clear expectations for attendees. Set a start time and stick to it, even if some people are running late. This will incentivize timely attendance and help you keep the meeting in your designated time window.

    If tardiness is a recurring problem, consider adding a little incentive. For example, donuts or raffle tickets can be handed out to everyone who arrives early or on time. If you walk in the door late, then better luck next time! Little incentives such as these also lighten the mood for those who arrive early. Light conversation over coffee and donuts can help strengthen workplace relationships in the minutes leading up to the meeting’s start.

    2. Follow an Agenda

    The last thing anybody wants is for a meeting to run longer than planned. To help keep meetings concise and effective, follow an agenda. This will outline the most important points of the meeting and keep the group on track.

    Create an agenda that is specific to your next event. You can follow a template, but you should make sure you’re hitting all of the points that are specific to this meeting in particular. Next to each point or topic, assign a time constraint you’ll try your best to stick to. You can’t spend half an hour going over the details of the last meeting when you have half a dozen other topics to cover in the same gathering.

    You can take this a step forward and share your completed agenda with invited guests. You can print these out, or save the paper and ink and send copies via email. Team members will then be able to arrive prepared to ask questions, make comments, or provide other contributions to the meeting. This transparency can make a meeting run a lot more quickly and smoothly. Your team can even make suggestions to add to the next meeting’s agenda, making it a lot easier to plan for subsequent meetings.

    3. Hold a Test Run

    If you’ve got a large or complex meeting in the works, you have a lot of moving parts to manage. Instead of hoping everything goes well the day of the meeting, you could benefit greatly from a test run. Here, you can go through all of the meeting logistics to get some last-minute fine-tuning in.

    One of the most beneficial things you can do is a tech check. Make sure all of the devices you bring can connect to the internet properly. Next, you can test HDMI or casting connections for any presentation materials you have. Microphones, lighting, and even outlet compatibility can also get a once-over.

    If the meeting revolves around a presentation, you should also practice it beforehand. Time how long it takes for you to go through all of the information. If your practice runs are a bit long, you can work on trimming it down to stay within an appropriate time. Remember to take questions and comments into account when calculating the total meeting time.

    4. Vet Your Meetings

    There is such a thing as having too many meetings. The quantity of your meetings can be just as important as their quality. In fact, the two can often be related. Holding fewer meetings means you can put in more focus and effort into them rather than always feeling stretched thin.

    Whenever you think about having a meeting, ask yourself a few vetting questions. Does this topic warrant a full meeting, or can it be summarized in an email or short video? When can a meeting feasibly be scheduled? When was the last meeting held? Based on these criteria and any others you set, you might decide to forego planning a meeting so soon.

    There are numerous benefits that come from managing the frequency of your meetings. First and foremost, your team will be grateful that they don’t have to spend so much time in a conference hall. Additionally, a reduced frequency is also an easier workload to take on when you have other responsibilities to stay on top of.

    5. Extend a Call to Action

    What is the goal of your meeting? Is it to inspire your team to work harder? Is it to outline a new work process to follow? Having a meeting goal is the first step to success. The next is to make sure employees leave the meeting with a new resolve to change.

    No matter how good your meeting turns out, you might not see the most success until you incorporate a call to action. This consists of an invitation that requires tangible and recordable action. A call to action is commonly used in the sales world to help guide prospective customers through a sales funnel by taking action.

    Let’s say your most recent meeting was focused on improving the company’s online reviews. Your call to action could be to have team members ask every customer to leave a review after their visit. During your next meeting you can see how many new reviews have been added and ask for personal experiences from following the call to action.

    6. Delegate Tasks

    Who said you have to do all of the meeting prep and execution by yourself? In reality, you can delegate tasks to lighten the workload. This can eliminate some personal stress and get more people involved in future meetings.

    If you’re responsible for the overall meeting, you should still be involved. At the very least, you should conduct each meeting and create the outline. Small presentations and reports, however, can be delegated to other team members. Meetings will have greater variation and participation, which generally leads to a more positive experience for all.

    There are two long-term solutions you can consider moving forward. Some meeting responsibilities can be permanently delegated, such as designating a team member to act as secretary and take notes. If that doesn’t sound fair, you can rotate roles instead. This way one person isn’t stuck with the same job every meeting.

    Don’t feel discouraged if your next meeting doesn’t turn out perfect. Even with the adjustments you make, there are a lot of variables to work with. You’ll get the hang of meeting management over time, and soon your gatherings will be the envy of the professional world.

    Featured Image Credit: Fauxels; Pexels; Thank you!

    The post 6 Tips for Efficient Meeting Management appeared first on Calendar.

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    Angela Ruth

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  • What the Self-Employed Need to Know When Applying for a Mortgage  | Entrepreneur

    What the Self-Employed Need to Know When Applying for a Mortgage | Entrepreneur

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    Buying a home or owning a property can often feel like a pipeline dream for those that are self-employed, or working as a freelancer. Typically, any lender will carefully evaluate the financial criteria of any mortgage applicant. What many lenders are hoping to see is someone with a steady, full-time job, and a bulky paycheck.

    This can create a big problem and numerous challenges for those who are self-employed or freelancing. Luckily, you’re not the only one who might be doing this alone, as several sources claim that there are millions of people across the United States currently working as freelancers or tax-registered as self-employed.

    The Small Business Administration (SBA) claimed that more than 27.1 million people claimed a “non-employer” small business — considered to be those without employees nationwide, had filed Schedule C tax documents during the most recent tax year.

    Being approved for a mortgage loan is typically a lengthy process, not to mention the complexities of ensuring you submit all the necessary documents. As a self-employed worker or even someone who works on a contract-to-contract basis, you want to make sure that you have checked all the boxes before you apply for a mortgage loan.

    What You Should Know When Applying for A Mortgage?

    As a self-employed worker or freelancer, you might experience the process being slightly more complex, as you will need to prove to lenders that you have the financial stability to meet loan demands and requirements.

    Build Good Credit

    Unfortunately, applying for a mortgage will require you to have an existing credit score. This is one of the hardest things for many freelancers and contract workers seeing as credit scores are used to evaluate your debts, income, and any savings. What’s more, the credit score you will need will mostly depend on the size of the loan that you’re applying for.

    On average, lenders consider a credit score between 580 to 669 as fair, while anything between 670 to 739 is considered a good credit score. The threshold between 740 to 799 is very good, and a credit score above 800 is excellent, according to the credit bureau company, Equifax.

    Make sure that you have already started building your credit score, and if you haven’t done so already, apply for a credit card, and make use of it for daily purchases. Be sure not to spend beyond your threshold, and that you can make the repayments.

    Clear Outstanding Debt

    Additionally, you will want to make sure that you are clear of any other outstanding debts, beforehand. This may include things such as car loans, student loans, or outstanding hospital bills. While these accounts may still be active, consider decreasing your debt as much as possible before you apply.

    While there are cases where individuals have been approved for a mortgage loan, while still having additional debt obligations, as a freelancer or contract worker, you will need to prove that your debts do not exceed your income or earnings.

    Make sure that you minimize any debt you may have, either by making monthly installment payments or paying all of your debts off at once. Try not to deplete your savings or emergency funds at the same time while doing this, as this will be reflected on your bank statements, which will be reviewed by a loan officer.

    Work with A Professional

    While you or your partner may be considering going about this alone, you must take some guidance from a professional to help you throughout the process. Getting a professional on board will help clear out any questions you may be having, but also put you in the right direction in terms of what documents you may need to gather and information you need to provide mortgage lenders with.

    At times you may feel that hiring a professional or using their services is considered irrelevant, however, as someone working for themselves, you will need as much professional guidance as possible.

    You can reach out to your bank, or even consult with a mortgage officer beforehand, they will provide you with the necessary forms you will need to complete. Additionally, you can also speak to a real estate professional, as they typically have a good grasp of how the process works, and what lenders require from self-employed mortgage applicants.

    Have Sufficient Savings

    Before you can apply for a home, a loan officer or mortgage lender will require you to have sufficient savings to use as a down payment or deposit for your loan. The amount may vary, depending on the size of the loan required. However, many people typically have a 10% value of the property as a down payment.

    This isn’t always the case, and many times applicants tend to have less than 10%, anything around 5% for a downpayment. Nonetheless, it’s important to consider that having a larger down payment will help reduce the loan amount significantly, and can also help you secure a better mortgage rate.

    Experts suggest that anything between 15% to 20% of purchase value is considered a good deposit amount, as this will help decrease the loan amount, but also provide you with substantial financial cushioning.

    What You Need to Do Before Applying for A Mortgage

    Before you can be approved, and sign the deal on your future home, you will need to make sure that you have all the necessary documents and financial statements within arms reach to help smooth out the application process.

    Tax Filings

    One of the first steps in the process is to compile all the necessary tax filings. These documents will be used alongside your application, and lenders typically evaluate a person’s financial risk based on their historic tax filings.

    Seeing as you may be a freelancer or a self-employed worker, you will need to collect at least the last two years worth of tax filings. This will help give lenders more clarity on whether you have received a stable income over the last 24 months, and whether you meet the financial threshold of the loan you are applying for.

    For individuals that are self-employed, or have registered as a small business, with no employees, you will need to submit at least two years of business tax returns, which can include K-1, 1120, and 1120S forms.

    You may also be required to submit a business license, a year-to-date profit and loss statement, and your current balance sheets. This is to thoroughly evaluate the financial well-being of your self-employed business.

    Income Statements

    Apart from your tax filings, you will further need to provide lenders with your income statements. This may also sometimes be called bank statements, and can be used to prove your employment history, and whether you meet the financial threshold.

    Keep in mind that the financial requirements for a mortgage can be different, based on the loan type. However, the general consideration is that lenders will evaluate the criteria of an applicant based on their income, credit score, credit history, and any current debts they may be carrying.

    Additionally, you will need to prove that you have any form of liquid savings or assets. This is usually the deposit or down payment you will be making on the purchase of the home you’re looking to purchase. A general rule of thumb is to already have a 10% deposit based on the current market value of the property you want to purchase.

    Employment History

    This is where a lot of the complexities begin to take shape. Seeing as you’re not employed full-time, and don’t have a standard 9-to-5 job, you will need to provide lenders with proof of work or employment, even if you are working on a contract-to-contract basis.

    Typically, a loan provider or loan officer will determine your financial well-being by reviewing any work you have completed in the past, any current contracts you are working on, and whether these will exceed at least three years beyond the loan closing.

    As a self-employed person, running a small business, you will need to ensure that your business prospects look good and that you can provide sufficient information that proves you receive a stable income as a self-employed worker.

    One of the biggest downsides in this scenario can be that for periods, or months where you experienced declining income or received less-than-expected income, you may decrease your chances of qualifying for the mortgage you applied for.

    5 Tips to Help Increase Your Chances of Getting a Mortgage as A Freelancer

    While it’s not always an easy process to apply for a mortgage as a freelancer or someone who might be working on a contract-to-contract basis, it’s not completely impossible. Here are some tips you can follow to help improve your chances of getting approved for a mortgage loan.

    Get All Your Documents Sorted

    Make sure that you have all the necessary documents, including bank and income statements, tax filings, and any work-related contracts that will help support your application. There’s a lot of paperwork that goes into applying for a mortgage loan, so make sure you have all of this on hand when the time comes.

    Take on More Work

    Take on as much work as possible, without overwhelming yourself. Being able to prove that you have substantial work and income, will help strengthen your chances of being approved. The more you can show lenders that you have the financial capacity to make your repayments, the better.

    Don’t Do It Alone

    As a freelancer, it may be somewhat harder to get that mortgage loan you’ve been hoping for, however, you can always apply for the loan with someone else. If your partner has a full-time job and steady income, apply for a joint mortgage. Lenders will still evaluate both your incomes, however, their full-time employment will help give your application more leverage.

    Bulk up On Savings

    Don’t ignore how important having enough savings in the bank can be when applying for a mortgage loan. Make sure that you already have at least between 5% to 10% of the value of the property at hand that you can use as a deposit or down payment.

    Talk to An Accountant

    There is no harm in talking to an accountant before applying for a mortgage loan. As a self-employed individual or even a small business owner, you want to make sure that your balance sheets are in good shape. An accountant will also be able to advise on any forward-looking guidance and provide you with insight into what you will need to do to help boost your chances of being approved by a mortgage lender.

    Frequently Asked Questions

    How Much Will I Be Able to Borrow as A Freelancer?

    This is where things tend to become a bit tricky, however, mortgage lenders will typically assess your income from the last two to three years to evaluate your affordability. As a freelancer or contract worker, lenders will then usually assess the combined value of your contracts, while there are instances where they may evaluate your affordability based on your day-to-day rate.

    How Do Mortgage Lenders Assess My Self-Employment Income?

    As part of the process, you will need to provide your lending officer, or mortgage lender with at least two to three years of income statements and tax filings. For instances where you are registered as a small business, lenders will typically assess your business balance sheets, income history, and tax records. Being able to provide lenders with proof of income, i.e. project contracts is the best way to showcase financial stability.

    Do I Need a Credit Score as A Freelancer to Apply for A Mortgage?

    Yes, many lenders will often require you to have an existing credit score before applying for a mortgage loan. Your credit score will be used to measure your affordability, but also your financial well-being. Having bad credit will only make it harder to be approved for a loan, and it’s advised that any freelancer or self-employed individual build a credit score before they apply for a loan.

    Can Freelancers Get a Joint Mortgage with Their Partner?

    Having the option to apply for a joint mortgage will help to shorten the process. Freelancers and self-employed individuals can apply for a joint mortgage with their partner if their partner can prove they have full-time employment, and receive a steady income.

    Instead of doing this alone, consider applying with a spouse or partner for a joint mortgage, as mortgage lenders will evaluate your application based on their income and less on fluctuations that may occur in your income as a freelancer or self-employed individual.

    Final Thoughts

    While you might think that it’s impossible to secure a mortgage loan as a contract worker or freelancer, the process is typically more challenging and may involve a considerably large amount of paperwork and documentation.

    Getting everything in place beforehand will help you save a lot of time, but more importantly, consider how improving your financial situation in advance can help boost your chances of being approved.

    If you get turned down, take the necessary time to process all of the information that has been given to you, and ask as many questions as possible, as this will help you ensure that you have all your ducks in a row if you need to apply again, or consider working with a different lender.

    Featured Image Credit: Tim Douglas; Pexels; Thank you!

    The post What the Self-Employed Need to Know When Applying for a Mortgage appeared first on Due.

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    Pierre Raymond

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  • 7 Business Funding Ideas When Capital Gets Tight | Entrepreneur

    7 Business Funding Ideas When Capital Gets Tight | Entrepreneur

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    Raising capital is a daunting challenge faced by startup founders. While venture capital (VC) funding seems like an ideal source of startup capital, the reality is that less than 1% of startups receive VC backing. The competition is fierce and founders need a strong network and track record to get in front of the right investors.

    Venture capital is also biased towards companies in specific industries such as technology. The vast majority of businesses are not strong candidates for a VC investment. Raising money from outside investors can prove challenging until traction to prove the business model is achieved.

    Fortunately, VC funding is only one of many ways to get a startup off the ground. Financial innovation has made fundraising as well as credit more accessible in a variety of structures for business owners and founders to secure the capital they need to start and grow a business or even finance investments such as real estate.

    From the basics of raising friends and family money to accessing common business loans such as SBA, crowdfunding, or collateralized loans, there are options that every founder should consider.

    1. Friends and Family

    One of the most common sources of early startup funding comes from an entrepreneur’s closest connections: friends and family. While they may not have the deep pockets of VC firms, friends and family are often more willing to take a chance on someone they know and trust.

    Entrepreneurs should remember that small investments from multiple individuals can quickly add up. Founders can consider offering perks like a small equity share to encourage funds from friends and family.

    Entrepreneurs should keep thorough documentation whenever seeking funding this way, as mixing business and personal relationships can become complicated.

    2. Crowdfunding

    Crowdfunding platforms like Kickstarter and Indiegogo allow entrepreneurs to raise funds directly from individuals online. The idea is for founders to pitch their product or business to potential customers and supporters to generate excitement and capital.

    A significant benefit of crowdfunding is market validation. If people are willing to put money behind an idea, that indicates a product-market fit. However, These platforms take a percentage of funds raised and sometimes won’t release any money until entrepreneurs reach the total campaign amount.

    3. SBA Loans

    The Small Business Administration (SBA) guarantees loans from banks and other lenders to small businesses struggling to secure traditional financing. There are general small business loans, but SBA offers more specialized options, like disaster assistance or microloans.

    A clear benefit of SBA loans is lower qualification barriers than traditional loans. That said, maximum loan amounts are capped, and the process still involves extensive paperwork. Additionally, defaulting on SBA loans can hurt the borrower’s credit score.

    4. Personal Loans

    While personal bank loans can be a high-risk option that puts your personal credit score at stake, they can still become a source of last-resort capital if you have exhausted options for other lenders and investors. It’s essential to remember that qualifying for a personal loan will require meeting the lending standards of your local bank, and if your business fails, you are still liable for the repayment of the loan.

    5. Equity Loans

    A lesser-known source of personal loans is borrowing against personal assets that could be used as collateral.

    Equity loans are becoming an increasingly common lending source when liquidity tightens. They allow an entrepreneur to tap into the value of their luxury assets without selling them. These loans are sometimes known as collateral loans, where borrowers use items like diamond jewelry, watches, and designer handbags as collateral for quick business financing.

    The lender appraises the market value of the items and extends a cash loan up to a certain percentage of that value. The collateral is then held securely by the lender during the loan term and returned to the borrower upon repayment.

    Mills Menser, the CEO of Diamond Banc, one of the largest jewelry equity lenders, explained, “Your ability to borrow is primarily based on the liquid value of the collateral you provide, facilitating a quick and uncomplicated funding process.”

    These types of loans can offer access to expedited funds and the benefit of not impacting your credit score. “Loans up to $75k are typically funded within a day,” Menser explained. “For loans exceeding $75k, funding usually occurs within 24-36 hours, depending on the borrower’s efficiency and responsiveness.”

    6. Peer-to-Peer Lending

    Startup business founders who cannot qualify for traditional loans or venture capital funding might benefit from peer-to-peer (P2P) lending. This type of funding has gained popularity in recent years as an alternative way to secure the financing of various projects, including starting a new business.

    This type of business funding involves connecting individual investors or lenders with borrowers through online platforms. Entrepreneurs can list their financing needs on these platforms, including the amount and purpose of the loan. Investors can browse these listings and select the projects they are interested in funding.

    P2P lending offers a unique opportunity due to its accessibility. For founders who may not have access to a traditional bank, P2P lending provides competitive interest rates and a viable alternative to conventional funding options. However, it is important to note that interest rates can vary widely depending on the borrower’s creditworthiness.

    This alternative type of financing comes with risks. Not all P2P loan applications are successful, as investors may choose not to fund a particular project. Late or missed payments can also negatively impact the borrower’s credit score.

    Despite the risks, P2P lending can be a viable financing option for startup founders who may otherwise be unqualified for traditional loans or venture capital funding.

    7. Government Grants and Programs

    In addition to the various types of business funding options available, founders should consider exploring government grants and programs designed to support small businesses and startups.

    Small Business Grants:

    Though highly competitive, small business grants are popular among entrepreneurs in specific industries or with a focus on research and development. Offered at both the state and local levels, these grants are a desirable option because they do not require repayment. There is, however, a downside: the application process can be daunting and usually has strict eligibility and reporting requirements. Applicants need to take their time and do their research before applying for a small business grant.

    Small Business Administration (SBA) Programs

    The Small Business Administration is an excellent resource for small businesses, including startups. This agency offers various programs and services to support entrepreneurs and their endeavors. Programs offered by the SBA can include access to loans with favorable terms, technical assistance, and mentorship. The SBA also offers disaster relief programs for businesses affected by natural disasters or economic downturns.

    State and Local Economic Development Initiatives

    To draw business to their jurisdictions, many state and local governments offer economic development initiatives. These programs vary by region but can include tax credits, grants, low-interest loans, and site selection and workforce development assistance. Founders should conduct thorough research to explore what programs are available in their area.

    Research and Development (R&D) Tax Credits

    If your startup is engaged in research and development activities, R&D tax credits are offered by some governments as a viable option for funding. These credits can offset the costs associated with product development and other innovations within your startup. Technology-related startups may find R&D tax credits particularly beneficial to their operation.

    Founders engaged in R&D activities should research federal and state-level R&D tax credit programs to determine eligibility for these incentives. Consult with a tax professional or experienced tax accountant to maximize the value of these programs.

    Incubators and Accelerators

    Incubators and accelerators aren’t direct government funding. But, they can provide business startups with access to investors, resources, and mentorship programs. Often, founders can seize opportunities through these programs to participate in demo days or pitch events to showcase their business to potential investors.

    Incubators, as the name suggests, nurture startups from the very beginning stages. They tend to offer a broader range of supportive services. Accelerators are designed to accelerate the growth of more established startups and have a more specific focus on scaling the business and securing funding. Founders should consider their business’s particular stage of development, needs, and goals when deciding whether to join either of these programs.

    More Than One Way to Fund a Startup

    Raising startup capital takes creativity, especially if you want to avoid the rigors of traditional lending and VC funding. By tapping into personal networks, online crowds, government-backed programs, and luxury assets, entrepreneurs have more options than ever to get their ventures off the ground.

    While not without risks, alternative financing solutions allow founders to validate and launch new products and businesses on their own terms. As your business grows and builds a track record, you can always circle back to institutional investors down the line.

    Featured Image Credit: Photo by RDNE Stock project; Pexels; Thank you.

    The post 7 Business Funding Ideas When Capital Gets Tight appeared first on Due.

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    Deanna Ritchie

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  • 3 Tips for Turning Aspirations into Actionable Plans | Entrepreneur

    3 Tips for Turning Aspirations into Actionable Plans | Entrepreneur

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    “A dream is a wish your heart makes,” says the Cinderella song. While your dreams during sleep might not be your true wishes, your goals in life are. You might have accomplishments on your bucket list, like owning a house or having a good job. These dreams could also be personal projects, like writing a book or renovating your kitchen.

    Part of living a motivated life involves setting goals for yourself. But sometimes, you might not know where to start in making those goals a reality. Maybe the time commitment sounds overwhelming, and you don’t know how to adjust your schedule.

    Luckily, making changes to allow yourself to accomplish your aspirations isn’t so hard. There are some key adjustments to make and strategies to follow. Keep reading for some tips and tricks on how to get started with this.

    1. Utilize Your Calendar

    You might not realize it, but calendars are incredibly useful for different situations. When it comes to taking those first steps in achieving your goals, looking at your schedule can actually help significantly. First, make sure you have a good calendar system figured out, whether on paper or online. Next, you can start using your calendar to break down those goals into less daunting tasks.

    Track Progress

    You’ll need to set a timeline for your project. Using a calendar to do this will make your process a lot easier, and you’ll have a visual aid. Set a realistic timeline of how long this task will take. Now, you can accurately measure your progress as time goes by.

    With every week that goes past, you can look at your calendar and see if you’re on-track with your project. You can even create a checklist after breaking down your task into smaller parts. Being able to “check” a task off can feel motivating and encouraging while you work.

    Schedule Milestones

    Scheduling milestones is another good way to keep yourself focused and follow your timeline. When you break down your project into smaller pieces and create a timeline, you can divide these parts into segments or categories. When you complete one of these segments, you’ve accomplished a milestone.

    This might occur on a periodic basis. Say you’ve separated your project into categories that should each be finished at the end of a month. Therefore, at the end of every month, you’ll have passed another milestone — as long as you’re on-track. This will keep you motivated and allow yourself to celebrate the process of fulfilling your goals.

    Check-in on Yourself

    Think about how your boss might check in on you to see how you’re doing. What’s your progress, how’s the project looking, and whatnot? When it comes to achieving your goals, you must essentially become your own boss. You’re in charge in this situation, so you must keep yourself on-task and committed to accomplishing your dreams.

    One of the ways you can do this is by doing a “check-in” with yourself. Periodically schedule these once a week, once a month, or whenever you want. Let these be moments to sit down and honestly survey the work you’ve completed. Are you on track with how quickly you want to tackle this project? Do you need to adjust your time constraints? Are you feeling overwhelmed?

    Ask yourself these types of questions and look over your work. If you’re not on track with your original schedule, make adjustments to be more realistic. Or, institute some self-discipline to follow your desired timeline. Remember, you have to be your own boss, which means making the tough decisions and keeping yourself in line. Don’t be afraid to be firm with yourself if you need to, but also don’t be so tough that you’re being unrealistic. It’s all about balance and knowing your limits.

    2. Block Time for Better Efficiency

    Speaking of balance, alternating between focus and free time is important. To avoid burnout, you need to have what’s called a “work/life balance.” This means giving yourself separate spaces to focus on work and your personal life, while prioritizing the importance of both. You can be a devoted employee without sacrificing your mental well-being or personal life. This also applies to working on your own goals in life, as sometimes they can turn into feeling like a chore.

    Set Your Work/Life Balance

    Getting your work/life balance in check is important — you’ll need to assess your current daily schedule or routine. How many hours a day do you need to work at your day job? Do you have outside commitments, like family, pets, or volunteer duties? Coming up with a general idea of your usual schedule is the first step to creating this balance.

    Now that you have a sense of your days, you can figure out how to space out your different priorities. Block out your work hours, then another hour or so sometime after you get home to work on your personal project. However, make sure you’re giving yourself a break between your day job and your other work. Otherwise, you could feel overwhelmed. Letting yourself have a moment to relax, eat dinner, or watch an episode of your favorite show can do wonders.

    Understanding the importance of a healthy work/life balance is vital for success and mental well-being. If you don’t have this, make sure you get it in a healthier state before taking on more work. Once that’s set, you can utilize the time-blocking technique.

    Try Time Blocking

    Blocking out spaces of your day for pure focus on a task can sometimes be the secret to success. If you’re easily distracted or want to get better at being motivated, this technique can be helpful. Plus, following this can help you get more work done within smaller time constraints, meaning you’ll use your time more efficiently. That also means you’re less likely to have to use your free time to work, so you can keep your work/life balance.

    Time blocking involves planning in advance how long you’ll devote to working on something. For example, you could plan to spend an hour solely on putting together a presentation. Devoting this specified time to a task can help you stay motivated and work more efficiently.

    This motivation will also be helpful when working on your personal projects. As mentioned above, you could block out an hour for it in the evenings after work. This is a healthy amount of time to devote to your personal goals without overloading yourself. Remember to focus on the task at hand during these time blocks.

    3. Make Some Adjustments

    Your goals in life are essential. Therefore, you should prioritize them accordingly. If you want to make your dreams a reality, you’ll need to devote the time and effort to do so. That doesn’t mean you must completely uproot your regular schedule. Adjusting your time management system can help free up the space you need to work on your projects.

    Don’t Be Afraid to Change Priorities

    Just like starting a new chapter in life can seem scary, changing your priorities can be daunting, too. However, if you know this project deserves the time and effort, it’s okay to make that a priority. If this is the start of a new career move, then you should especially give it the room it needs to grow.

    Increasing the priority of your personal project might require you to cut back in other areas. Can you afford to work a few less hours a week? Or do you need to spend less time going out on weekends? Figure out what you’re comfortable with cutting back for the time being. And remember, this doesn’t have to last forever — projects aren’t meant to take up your whole life.

    Invest in a Routine

    One of the best ways to maximize your efficiency is to establish a daily routine. This could involve how you spend your mornings, evenings/nights, or even your workdays. Following a routine can use less brain power, so you’ll have more time to work on your project later. This can also take less time than you usually do when getting ready for the day or after you come home for the night.

    Freeing up space to tackle your project is necessary to complete it within a reasonable timeline. Moreover, this doesn’t require you to change your schedule. This is an excellent baby-step to valuing your time so you can work on your priorities.

    Anything is Possible

    Remember that your dreams in life can be more than just that — a dream. You can make your goals into reality simply by making some small changes. Switching priorities, establishing time-saving routines, and keeping a schedule can make a difference. You’ll find that it’s easier than you think, too. Your goals are important, so treat them accordingly. Now, get going on making your dreams come true.

    Featured Image Credit: Photo by Bankole Ade-Oni; Pexels; Thank you!

    The post 3 Tips for Turning Aspirations into Actionable Plans appeared first on Calendar.

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    Angela Ruth

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  • Calendar Etiquette: Best Practices for Collaborative Event Scheduling | Entrepreneur

    Calendar Etiquette: Best Practices for Collaborative Event Scheduling | Entrepreneur

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    Collaborative events come in all shapes and sizes. Some are as small as school projects with a pair of classmates. Others are as large as company workshops, with dozens of guests planning to be in attendance. Each gathering is important — no matter the size. They can also be equally challenging to organize and execute due to their unique challenges. In all of your scheduling, you can keep calendar etiquette in mind.

    As with most things, there is a right and a wrong way to schedule a collaborative event. You can follow an ineffectual pace, have a poor attitude, or even select an ineffective venue. Even one mistake such as this can tarnish an otherwise flawless event. Especially with collaborative events, you will want to follow some type of calendar etiquette.

    To help present and future event planners in their endeavors, this article will outline some of the best practices one can follow when scheduling a collaborative event. This will help you lay the proper groundwork for an event so that it has a greater chance of succeeding and exceeding expectations. Let’s begin:

    Calendar Etiquette: Respect the Time of Others

    When people RSVP to an event you are running, they sacrifice their time to be there. You must respect their time when planning and carrying out a collaborative event. For starters, the duration of your event should be reasonable. You shouldn’t expect guests to block out half of their day for a collaborative event that could feasibly be finished in a couple of hours.

    You should do your best to check and verify the availability of others before sending them an invite. This way, you can coordinate a day and time that works for the greatest number of people. Certain days also work better for groups you are a part of, making it easier to carry out an event. Rather than forcing people to shift their busy schedules for you, you work with their timetable as a courtesy.

    In the days leading up to your event, double-check your invitation list to ensure you didn’t miss anybody. You should also verify event details to ensure everything is correct and precise for guests. An incorrect address or virtual meeting link can waste time and effort.

    Resolve Collaborative Scheduling Conflicts

    So what do you do when there is a scheduling conflict with one of your guests? Surely, you won’t just shrug them off as an unfortunate loss. You should at least try to create a solution for scheduling conflicts before settling on a fixed schedule.

    Many collaborative events are work-related. Team huddles, company retreats, and professional seminars are some of the many examples that can be mentioned. Employees can’t always make time for extra events outside of regular work hours. Instead of making attendance mandatory or telling them “too bad,” you can keep collaboration in mind by proposing a solution.

    In this case, a couple of things you can try include video technology. Team members who live out of state or are away on a trip can be offered the option to join via video conference call. Additionally, you can use video tools to record events and meetings so they can be revisited later by those not in attendance.

    Coordinate Across All Platforms

    Not all of your attendees will use the same platforms to communicate or make plans. Platforms like IOS and Android users attending an event will want their needs met.

    There are apps and platforms that can work for everyone, regardless of device type or degree of tech knowledge. For example, Calendar has multiple integrations that make it work with other online calendars. When you create an event, you can be assured that it will be sent to Google, Yahoo, and Outlook users.

    A good rule of thumb is not to introduce unfamiliar elements unless necessary. If your team needs to download a new app they will be using daily, that’s acceptable. If you’re trying to plan a single event through an unfamiliar app, you’re asking for complications to arise.

    Communicate Clearly

    Attendees to your event will inevitably have questions that need to be answered. Addressing questions and concerns about your event is just as important as running the event itself. This inspires confidence in your event and gets people excited to attend and contribute rather than showing up with reservations.

    When a question is posed, provide as prompt a response as possible. If you don’t know the answer immediately, at least let the individual know that you have received their message and are actively working on answering it. When you answer a question, share the solution with all other attendees just in case they were also wondering but didn’t think to ask.

    Failure to communicate can doom your event from the start. Fewer people will RSVP if details are foggy or uncertain. You’ll also have a more challenging time getting guest speakers and punctual arrivals, among other things. The more reliable you are with your scheduling communication, the more reliability you can expect in return.

    Include Everyone

    A genuinely collaborative event calls on the participation and talents of every individual in attendance. There won’t be much collaboration if the event consists of a single person standing on a stage going through a PowerPoint presentation.

    If collaboration is your goal, your planning and scheduling should reflect that. Start by scheduling a venue that allows guests to mingle and interact easily. You may have to do this weeks in advance to get the best possible location.

    To further inspire collaboration, set some clear expectations in advance. As part of the invite, let people know you expect them to participate and get involved. Everyone planning to attend will arrive more prepared to rub elbows with each other. An itinerary detailing collaborative activities can further help attendees know what to prepare for and what to expect.

    Delegate Responsibilities

    When planning any event, collaboration is key from the very foundation. This is an extension of including others that goes behind the scenes. The secret to good event prep is to delegate responsibilities to a broad and qualified group.

    Putting all the responsibilities on a single person to plan an entire event is too much. The stress that a person has to endure can lead to mistakes made due to fatigue or overexertion. Whether that person is you or someone else, they deserve to have some help. The success of the event and one’s mental health will benefit greatly from an extra set of hands.

    Let’s focus on the scenario of you being the lead event planner. You can certainly take the brunt of the load, but encourage yourself to delegate as many smaller tasks as possible. Even getting another person to focus on sending invites, coordinating with catering, or doing tech checks can take a hugh load off your shoulders. The more help you receive, the smoother the event can go.

    The first event you schedule will almost always be the hardest to pull off. The more experience you gain, the better you will get at event scheduling and execution. Hopefully, some of these tips will help make your next event easier to tackle, whether your first or your hundredth collaborative event.

    Featured Image Credit: Photo by RDNE Stock project: Pexels; Thank you!

    The post Calendar Etiquette: Best Practices for Collaborative Event Scheduling appeared first on Calendar.

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    Abby Miller

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  • The Pros and Cons of Color-Coding Your Calendars | Entrepreneur

    The Pros and Cons of Color-Coding Your Calendars | Entrepreneur

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    Staying organized is one of the best approaches to keeping a schedule. Finding what you need and staying on track of upcoming meetings, events, or appointments is easier. However, if you’re new to keeping a schedule or have difficulty developing organizational techniques, you might consider color-coding.

    Color-coding is a pretty straightforward technique for maintaining an organized calendar. It involves categorizing your events and assigning a specific color to each category. This makes glancing at your schedule more pleasing, for one, while also keeping a structure.

    You might not be sold on the concept of color-coding yet. After all, how can you decide you want to switch when you don’t have all the facts? Keep reading for the pros and cons of color-coding your calendars.

    Pros

    To kick this list off in an optimistic light, here are the many pros of keeping a color-coordinated calendar system.

    It’s an Easy System

    Organizing might make you think of the perfectionist in your life who goes to lengths to schedule, structure, and categorize everything. However, you don’t need to commit to the same extremes just to become more organized. That’s one of the reasons color-coding is so popular and a go-to categorization method for many — it’s super easy!

    This technique doesn’t take much effort or time to do, yet it can effectively put your schedule in order. All you have to do is create categories for the types of events you’ll be putting on your calendar then choose corresponding colors. For example, yellow could be doctor appointments, and green could be work meetings.

    It’s not very difficult to accomplish this on an online calendar, either. On Google Calendar, press the three dots to the right of your calendar, and the color options will appear. On Outlook, click “categorize,” “all categories,” then “color categories,” and you’ve got it. For the Calendar app, hit the little “i” button on the right of your calendar to access color choices. Have a different operating system? Finding out how to color-coordinate is a simple internet search away!

    It Makes Finding Events Easier

    Sometimes, you’re in a hurry and must quickly check your calendar for what event is coming up soon. Or maybe you can’t remember a project deadline and have no idea where to look on your schedule. Both of these problems can be easily solved through color-coding.

    Glancing at your calendar and understanding what your week or month involves is simple with color-coordination. Even without checking the details of all your tasks, you can see what kind of events you have coming up just based on the colors.

    You can quickly scan through the category colors when looking for a specific event on your calendar. For example, if you have a deadline and can’t remember precisely when — look through events with the corresponding color. Looking something up in your calendar has never been easier.

    It Can Help You Prioritize Tasks

    Do you struggle with effectively prioritizing tasks in your life? Perhaps you’ve been trying to improve at priorities, but the concept has been challenging to follow or remember. Well, you guessed it — color-coding can help.

    When choosing colors for your schedule’s categories, try to base these selections on color association. This means you’ll pick a category’s color based on what feelings or associations those colors bring to you. For example, red might make you think of urgency, so you could color-coordinate your projects due soon.

    Now when you check your calendar, you can easily find what needs to be done first. And, now, you’re less likely to forget what tasks you wanted to prioritize.

    Color Improves Memory

    Paper calendars can be pretty colorful on their own, depending on what patterns or designs you choose. An eye-catching picture can grasp your attention for sure. However, most of the time, the actual calendar part itself is a neutral color, like black or gray. Even if you use an online calendar system, the colors are usually standard black and white.

    Adding tasks in bright colors can help your events stand out. Not only does this catch the eye better, but it can also help with remembering what you need to do. A 2013 study found that colors, aside from neutrals, can actually improve your memory. This means your brain holds onto information more easily when it comes in a bright color instead of black.

    Therefore, color-coding your calendar can help you remember your schedule. You’re less likely to have to repeatedly pull up your calendar when adding new appointments or remembering a due date. Although, double-checking yourself is always a good idea!

    It Makes Shared Calendars Simpler

    If you share calendars with coworkers for your job, you’ll know looking at all of them can feel like one big mess sometimes. Luckily, you can assign a different color for each person’s calendar to better differentiate between them all.

    For example, Google Calendar allows every user in a workgroup to customize their own calendar color. This way, every user can more easily identify each others’ schedules based on these specific calendar colors.

    Your workspace won’t look like a total mess anymore, and you’ll be able to view someone else’s calendar more easily. And just like that — you’ve simplified one aspect of your job.

    Cons

    Of course, no system is perfect. There are always cons, which might differ from person to person based on personal preferences. Here are a couple of examples to consider before switching to color-coordination.

    It Might Take Extra Time

    When starting any new routine or technique in your life, you might have to devote some extra time to perfecting the process. This is also true when it comes to beginning to color-code your calendars.

    The start-up process will take a moment to set everything up. You’ll need to decide each category’s color, which might take a few minutes if you’re picky. This will take significantly longer if you have multiple categories.

    Then, you’ll need to devote the time to putting everything into this new order. If you use a paper or dry-erase calendar, you’ll have to rewrite everything down according to its color. With an online calendar, you’ll have to go into your settings and change every task’s color. Ease and time length will be determined by how simple or difficult the process is with your specific calendar software.

    It Could Take Some Getting Used to

    Additionally, be aware that starting a new organizational system will take some getting used to. You might, by default, forget to write tasks down according to your decided color scheme. Then, you’ll have to go back and redo this entry.

    Moreover, it might take a little while to get used to what each color means. To help yourself remember your code, write down a legend of what each color corresponds to.

    And while this isn’t the end of the world by any means, re-doing something might elicit a groan or facepalm. Correcting yourself will take longer than if you were already used to the process.

    It’s Up to You

    Whether or not you change your whole scheduling system to a color-based organization is up to you. This list of pros and cons is not exhaustive — some other aspects, whether negative or positive, might come to mind. How you organize your life is your choice at the end of the day, so go with your gut.

    Featured Image Credit: Pixaby; Pexels; Thank you!

    The post The Pros and Cons of Color-Coding Your Calendars appeared first on Calendar.

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    Howie Jones

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  • Scheduling Time on Your Calendar to Disconnect From Work | Entrepreneur

    Scheduling Time on Your Calendar to Disconnect From Work | Entrepreneur

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    Work is such an integral part of our lives. If you’re working a 40-hour week, that’s nearly a quarter of your life spent just working. That is a significant portion of your life, for better or worse. As important as work is, it’s not typically our first choice of activity each day. The activities we really want to pursue, such as hobbies, entertainment, and time with family, tend to take a backseat when work is concerned.

    The challenge is figuring out how to disconnect from work long enough to make time for these things. This article focuses on the use of an online calendar to disconnect from work. With this simple tool, you can maximize your time at work and maximize your time away from it. Better life balance awaits you as you learn to harness your time in the following ways:

    Take Breaks Throughout the Day

    One of the leading causes of burnout, if not the highest, is being overworked. This shouldn’t come as a surprise to anyone. More hours equals more effort and exertion, both physically and mentally. You’ll beg for a vacation after a long week of work, let alone several of them strung together.

    You deserve to be taking breaks throughout your busy days. A short break can extend your focus and energy throughout the day, reducing the symptoms of burnout. If you do physical labor, proper breaks can also help you to avoid injury which would prevent you from continuing to work effectively.

    There are more optimal ways to take breaks than just leaning back whenever you feel tired. For example, try a time management technique like the Pomodoro Method. With this approach, you set a timer for getting to work broken up by intervals of short breaks. Your work time becomes more productive, and your break time becomes more meaningful.

    Front Load Your Week

    It’s no secret that the end of the workweek is more challenging to push through than the beginning. The allure of the weekend plus the toll of dozens of hours on the clock will have you thinking of home much more than thinking of the office. To work around this end-of-week slump, you can try front-loading tasks at the beginning of your week.

    To front-load your work week, schedule your most significant and most difficult tasks for the first couple of days. While your motivation is at its highest, you can tackle these challenges head-on and more effectively. As the week winds down, you can relax by finishing up with the more menial tasks on your plate.

    Front loading your workload may also enable you to shorten your work week. If you get all the most important things done early, you can opt to work from home on Friday or leave the office a little earlier than usual. You’ll still be completing all your required tasks while getting extra time to disconnect from work.

    Block Out Your Calendar

    Saying no can be a very difficult thing to do, especially when relationships are involved. When it comes to work-life balance, you have two different sides to worry about. Obviously, you want strong relationships with your friends and family, but you also want your professional relationships to be in good standing.

    If the ultimate goal here is to disconnect from work, you can block out periods specifically for spending time with family. Once a section of time has been effectively blocked, don’t budge from it unless a true emergency presents itself.

    When you create time blocks in your calendar for personal and family time, do so in a shared calendar. This way, managers, clients, and coworkers can see when you have plans made. This can also enforce a personal rule to not take work home with you. If your calendar is booked out once you’re off the clock, you won’t be so easily sucked back in.

    Share Events With Family

    One of the many wonderful features of an online calendar is how easily everything can be shared. You can share your entire calendar with your significant other or share single events with affiliated parties. This can help you manage your work-life balance by making more people aware of your current obligations.

    For example, you can share the calendar event for your work gathering with your spouse or partner. This way, they will know that you commit to that day in advance. With this knowledge, they can better plan their next date night or family outing.

    From the other perspective, your family can also share their events with you. Remembering the dates of every dance recital, sporting event, and dentist appointment is understandably tricky. With the help of your kids and your significant other, your calendar can be updated to make time for these events. This way, you won’t inadvertently overbook yourself, causing you to miss valuable memories with your family.

    Fall into a Routine

    People are creatures of habit, whether they know it or not. There’s a lot of comfort to be found in a routine. It helps you feel more comfortable and in control, even when the world around you feels extra chaotic.

    Following a routine can help you disconnect from work and stay disconnected when possible. In particular, routines you follow after work can help you to disassociate immediately. For instance, an afternoon run after you clock out can instantly shift your mindset from being in the office to being out in nature. If this is a daily habit, you can even start to look forward to it at the end of your shifts.

    Nighttime routines are great for unwinding after a long day on the job. Your go-to solution might be anything from a cup of tea with your favorite Netflix show to a warm bubble bath right before bed. These evening routines can help you sleep better and help you enjoy your time away from work rather than stressing about the upcoming day.

    Use Your Time Off

    The number of people you will hear talk about their stockpiled vacation hours is astounding. These hours are meant to be used. Even if you don’t take a luxurious beach vacation, some time off can really help you feel refreshed.

    If you’re having a rough work week, consider using some of your accrued time off to take a mental health day. Don’t check in on work and focus entirely on yourself. This will allow you to catch your breath and regain your bearings.

    If you plan on taking time off, get it approved first. Disappearing without making proper arrangements is unfair to your employer or team. If your company is not treating you fairly, you don’t want to burn any bridges preemptively. Start applying for new positions with organizations that are more accommodating to your needs.

    Looking for ways to stay engaged and motivated at work is still essential. However, it’s equally important to enjoy your time off the clock. You will better manage your mental and physical health by disconnecting from work at the appropriate times. Additionally, doing this may help you be even more connected to work during the hours you are there. The best of both worlds await you.

    Featured Image Credit: Eli Sommer; Pexels; Thank you!

    The post Scheduling Time on Your Calendar to Disconnect From Work appeared first on Calendar.

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    Angela Ruth

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  • How to Add Recurring Time Blocks to All of Your Digital Calendars | Entrepreneur

    How to Add Recurring Time Blocks to All of Your Digital Calendars | Entrepreneur

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    You keep meaning to block off time for daycare pickup on Thursdays when your nanny has to leave early. However, your boss has just scheduled a vital client call for the same time. You’re scrambling to figure out if your partner can grab the kids or if a neighbor or relative can pick them up instead. This mishap has caused you more stress than you’d like to deal with on any given day.

    This situation — or a similar one — has happened to nearly everyone. A recurring event you noted in your brain doesn’t make its way to your digital calendar. You can reschedule a call in some instances, but not always.

    This is where adding recurring time blocks to your digital calendars comes in handy. With a few simple clicks, you can block out portions of your day for any appointment. It’s also a way to block off time for you to have heads-down time where there are minimal chances for others to disturb your flow state.

    Let’s Talk Time Blocking

    Time blocking is gaining popularity thanks to social media apps like TikTok and Instagram. Time blocking is a time management method that divides your day into productivity chunks. You set the boundaries for how long you work on one task. Once the time is up, you move on to the next task, no matter where you ended up with the prior one.

    If you find yourself jumping from task to task but not really getting anything accomplished, time blocking may be for you. It’s also a way to set your workday up for productivity. While someone on your team could schedule a meeting first thing at 9:00 a.m., you may find that’s when you’re most creative. Instead of meeting internally with others, you should use that time to tackle an independent project, like working on a client-facing presentation. A recurring time block from 8:30 a.m. to 11:00 a.m. signals to others that’s when you’re working independently.

    Also, recurring time blocks can help establish a better work-life balance. If you’re constantly in meetings, you may skip lunch and run yourself ragged. Rather than taking 30 minutes to eat a proper meal, you’re snacking on processed foods and upping your coffee intake. This isn’t helping your health nor setting yourself up to be productive; you likely crash in the afternoon and find yourself completely drained. Setting a recurring time block for lunch may be the push you need to actually get up from your desk and eat a nourishing mid-day meal.

    Adding recurring time blocks isn’t complicated, no matter what email platform you use. Below are the how-tos for Microsoft Outlook Calendar, Google Calendar, and Apple iCloud Calendar. Note these directions are all for laptop users, but the same general principles can be applied if you are on your phone’s app.

    Adding Recurring Time Blocks in Microsoft Outlook Calendar

    To add a recurring time block in Microsoft Outlook Calendar, switch over to your Calendar tab. On the top ribbon, click ‘New Appointment’ and ‘Recurrence’ from the Options menu. A new window for Appointment Recurrence will open. From here, you can select the start and end times for the appointment. You can also adjust how often the appointment occurs, such as weekly or monthly. Lastly, choose how long you want this appointment to occur such as the next month, six months, or year.

    You can also make a recurring time block from an existing appointment. To do so, follow the steps above, but instead of ‘New Appointment,’ click on the existing appointment you want to recur. Also, it’s important to know there is a distinction between an appointment and a meeting in Outlook. Appointments are for you to schedule for yourself, think physical exams, car maintenance checkups, and even personal training sessions. You invite others to meetings, including everything from one-on-one sessions to company-wide all-hands.

    Adding Recurring Time Blocks in Google Calendar

    It’s a similar process for Google Calendar users, without the distinction between appointments and meetings. On the top left of your Calendar window, click ‘Create’ (also known as the + button). Select ‘Event,’ or ‘Focus Time,’ ‘Out of Office,’ or ‘Task.’

    Then, add the details for the block of time, such as ‘lunch break’ or ‘respond to emails.’ To set it up to recur, click the down arrow next to ‘does not repeat.’ Select how often you want the event to repeat and when it ends. Hit save, and you’re done.

    You can also create time blocks by clicking on the day and time you’d like the event to occur. But from there, it’s the same as creating a time block from the Create button.

    You can always edit the event’s details or change their occurrence. Simply go to the event and hit ‘Edit’ to make the necessary changes. Always remember to hit ‘Save’ before you exit out of the Calendar.

    Adding Recurring Time Blocks in Apple iCloud Calendar

    Creating a recurring time block from an existing event is easiest if you’re using Apple iCloud Calendar. To start, click on an event you want to recur by double-clicking or force-clicking. Select the Repeat pop-up menu and choose the appropriate length of time, such as weekly.

    If you don’t see the length of time you would like, such as every other week, hit Custom. From there, you can customize when you want the event to repeat. You can also choose to make the event on a specific day, such as the second Wednesday of every month.

    Apple also has the feature of deleting some occurrences in a series. Let’s say that you need to cancel a handful of team meetings due to summer vacation schedules. Instead of deleting the original calendar invite series altogether, you can modify it. To do this, select the specific invites you want to remove and hit ‘Delete.’

    Top Takeaways for Scheduling Your Day

    Recurring time blocks can be created for regularly scheduled appointments or heads-down work time. They can also be designed to establish moments of pause or breaks throughout your day. Hopping from one Zoom meeting to another may make you feel like you’re really productive. But at the end of the day, what did you get done? A growing to-do list or working past regular hours may indicate that you need space in your day for actual work time.

    Before the start of the week or month, look at your calendar. Are there weeks when you’re going to need to add more recurring time blocks for heads-down time? Do your kids have a new extracurricular activity for which you need to set aside time? Also, what did you notice about your time blocking that either worked or didn’t work for you in the last week or month? Asking yourself these questions may spark a new way to approach your day.

    One of the best parts about recurring time blocks is that they are automatic. You don’t need to take time to think about adding it each and every day. The more you automate, the more you can plan ahead confidently. You can spend more time working on what really matters and less time handling more admin-like tasks.

    Featured Image Credit: Photo by Nothing Ahead; Pexels; Thank you!

    The post How to Add Recurring Time Blocks to All of Your Digital Calendars appeared first on Calendar.

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    Howie Jones

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  • Five Ways to Use Your Calendar to Make More Informed Investments | Entrepreneur

    Five Ways to Use Your Calendar to Make More Informed Investments | Entrepreneur

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    Investing in the stock market can be an intimidating experience. Market conditions are constantly changing, and for some individuals new to the stock market, keeping track of everything, while ensuring actionable results can become a daunting task while building a stable and well-performing investment portfolio.

    Every few months, thousands of publicly traded companies release financial reports. This is an event that allows current shareholders and potential investors to get a glimpse into the financial well-being of a company.

    Now, the stock market adds even more complications to an already complex scenario; not every company that trades publicly uses the same type of financial calendar. Some may have unique calendars, while others use a more traditional approach that follows three months, often called quarters.

    During each quarter, companies will make announcements on their stock performance and any new developments they have implemented during the last trailing three-month period.

    Seems relatively easy to understand. This isn’t always the case, and some companies will have different financial calendars than banks or government institutions. What’s more, these events or financial reports can impact individual portfolios and a company’s stock performance.

    Understanding the complexities of financial calendars can leave any first-time investor feeling overwhelmed. Luckily, there are some things you can do to get a better grip that will allow you to understand how to use a calendar for investing, plan accordingly, and make necessary adjustments to your investment strategy.

    Here’s how to make the most of your calendar to make more intelligent investment decisions.

    Keeping track of investments

    Let’s say, for instance, you’ve purchased shares in a technology company for $100 and have set it up to deduct this amount from your account each month on a specific date; a digital calendar will help to inform you about upcoming payments.

    This not only ensures that you are aware of the money being deducted from your account, but it will also notify you that you will need to have that specific amount available in your account to avoid overdraft penalties or fees.

    At the very least, an investor needs to keep track of the companies they are investing in or will potentially invest in. Doing so allows investors to ensure their portfolio remains balanced and doesn’t slant toward a specific industry or sector.

    This is what investors and professionals call “diversification,” which ensures they spread their money or cash among several different investment vehicles, which ultimately helps to lower their risk exposure.

    Now, with this in mind, investors need to keep track of the investments they are making. A suggestion would be to use a digital calendar that helps to keep track of when a specific security was purchased and in which industry or sector this may belong.

    Things can quickly become complicated and even more confusing if investors lose track of where their money is going or if they are blindly investing in stocks or companies they know little about.

    Staying informed about important dates and events for investing

    As already mentioned, many companies that trade publicly will follow different financial calendars for which they mark important dates and events. Companies may use these dates to release important information, such as financial data, stock performance, growth and performance, and any forward-looking plans.

    These dates are crucial to any investors, and it should be your responsibility to keep track of them to know precisely when a company will release its financial data. Remember that these events can often be referred to as an “earnings call” or “quarterly reporting.”

    Typically companies will publish these dates well in advance on their website or even inform shareholders several days before. Generally, some companies will already have a financial calendar published, allowing investors to keep track of when an important event will occur throughout the quarter or year.

    Marking these important dates on your calendar will allow you to be more informed about any possible changes that may take place before or after the event. This could be a smart way to track the performance of certain stocks, allowing you to make the necessary adjustments that might positively impact your portfolio.

    Marking these dates every quarter and setting reminders will help you be aware of any new developments that will unfold in the days leading up to the event or what might occur right after.

    Investors leverage this opportunity to make strategic changes to their portfolio, as some companies may witness a decrease in profits and revenues, which could lead to a more significant sell-off of the company’s stocks and drive down prices. It’s wise to remain informed about these dates, when they will occur, and how to schedule them into your calendar.

    Creating notifications for more significant events in the market

    Not every company will follow the same public financial calendar. However, in some instances, you might come across a range of different companies from the same industry, all making their financial reports public within a single week.

    This is often referred to as reporting season and can occur at different intervals depending on which type of stock market you are trading on and the variety of industries you invest in.

    These earnings seasons are a big deal for investors because, usually, during this time, a lot of them will either increase their stake in a company or perhaps decrease their holdings based on both the company’s financial performance and the broader industry.

    For example, earlier in the year, several big-tech companies, such as Amazon, Google parent company, Alphabet, Meta, Microsoft, and Apple, among many others, announced their earnings within one week.

    This follows several months of these big-tech giants making significant job cuts to stabilize their bottom-line performance. This was a big week for many investors, as this would give them a clear indication of whether or not the technology industry has improved on the back of slowing economic conditions and whether or not these companies have improved their financial conditions.

    With this information, you can easily set up an automated financial calendar, in which you can give yourself enough time to attend each earnings call event and read through the financial reports of companies. This is especially important at a time when multiple companies release financial data.

    Creating a watchlist for potential investing activity

    Let’s say you have been following specific security for quite some time, which allows you to keep track of daily or weekly fluctuations. Doing so lets you measure whether the investment will be worth your time and money.

    Using a digital calendar that’s synced with your mobile phone or computer and connected to the investment platform you are using to access the market, you will get immediate notifications if a specific security is trending upwards or moving downwards.

    This isn’t anything new, and some investors set up their trading platforms to send them immediate price updates throughout the day.

    With a digital calendar, it’s possible to keep track of more than just one security without having your phone being blown up by dozens if not hundreds, of watchlist notifications every day.

    Investors can sync specific securities on their calendars. This allows them to follow and track the bitcoin price today, while being informed about a specific stock that is trading below value and is poised for growth.

    Investors need to think of their investment calendars as their day-to-day schedules, whereby they remain informed on the go about any new events that are taking place or might be happening in the near future.

    Setting financial goals both now and into the future

    A digital calendar can help improve your investment decisions and the money you are investing by establishing financial goals.

    These goals will look different for every person. However, it’s essential to know what you are working towards and how your decisions influence when you may achieve these financial goals.

    Using an online calendar allows you to keep better track of your progress. Some days, weeks, and months, you might find yourself gaining less on the stock market; other times, the opposite might happen again.

    Setting forward-looking goals makes it easier to know what you are working towards, but it can also help you keep better track of your finances and how you invest your money.

    Some months, you may find yourself investing more in stocks, while other times, you may buy more exchange-traded funds (ETFs) or different types of commodities where prices continuously fluctuate.

    All-in-all, using a calendar to track your financial goals is one of the best ways to ensure you stay on the right route to reaching these milestones and that you can make the necessary changes whenever you might have been derailed.

    Final thoughts

    There are many different benefits to why a calendar can be important when you are an active investor. Market conditions are constantly changing, and keeping track of everything while ensuring a balanced portfolio can be daunting.

    No matter the situation, ensuring you have a calendar that works with your investment strategy will keep you informed and up-to-date about any critical events that unfold over the financial year. The more you know, the better of an investor you can become.

    Featured Image Credit: Photo by iam hogir; Pexels; Thank you!

    The post Five Ways to Use Your Calendar to Make More Informed Investments appeared first on Calendar.

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    Carma Khatib

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  • Proactive Planning: 5 Tips for Effective Calendar Maintenance | Entrepreneur

    Proactive Planning: 5 Tips for Effective Calendar Maintenance | Entrepreneur

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    Effective calendar maintenance is key to achieving your goals and avoiding stress along the way. Successful people know how to be proactive and schedule their plans in advance. Doing so can help you visualize your schedule and prepare for what’s to come. Consistently maintaining your calendar, even during the busiest seasons, ensures that things will go off without a hitch.

    If you feel like there’s something currently hindering your success, try improving your calendar maintenance skills. Here are five tips for effective calendar maintenance.

    1. Clean Up Your Current Calendar

    Clean up your current schedule before you find a calendar to use or work on improving your calendar skills. If it’s already a mess, even the best calendar tool in the world won’t fix that. Clean up the clutter on your schedule, for example, unused recurring events. If you notice that an event can occur bi-weekly, monthly, or not occur at all, make this adjustment.

    When you free up space on your calendar, you’ll have a clear view of what’s important. A calendar that isn’t overly cluttered is much easier on the eyes and much easier to maintain. It’s also a good idea to create naming conventions and common themes so your calendar looks and feels cohesive. If you’re having difficulty deleting events but want to clean up your calendar more, reach out about meetings in advance. See if you can move things around or cancel unnecessary events to make your schedule more manageable.

    2. Find a Calendar That You Like to Use

    In today’s fast-paced digital world, there are countless ways to maintain your busy schedule. Digital calendars make it easy to carry your plans wherever you go. Gone are the days of carrying around planners to keep your schedule (unless that’s what you prefer). The point is that you have to find a calendar you like before you can start using it effectively.

    If you’re currently using multiple calendars, consider merging them. Merging calendars can take a lot of time and effort, depending on how many you have. But it will be worth it in the end to condense them because everything will be in one centralized location. Multiple calendars can cause quite a headache, especially if you’re extremely busy and could benefit from some organization. If you want to know what’s going on during any given day, week, or month, one master calendar is the way to go.

    3. Customize Your Calendar to Meet Your Needs

    Any calendar, especially the latest and greatest digital ones, can be customized to fit your lifestyle and needs better. There are several ways you can customize your calendar to serve you better. Your schedule can look completely different; plus, you might have another way you like to plan. This is where customization comes in — make your calendar yours.

    Use Color Coding

    One great way to customize your calendar is to color-code different things. Calendars are usually filled with meetings, personal events, and reminders (to name a few). Color coding your calendar organizes it and makes it easier to maintain. When viewing your calendar, adding to it, or updating it, you shouldn’t feel stressed. In fact, it should make you feel the opposite. You should feel organized and on top of things. This is precisely what color coding has the power to do.

    Set Reminders

    Any digital calendar will have a feature allowing you to set reminders for yourself. So, utilize those reminders (and don’t forget to customize them to your liking). You can choose which types of events have reminders, how far in advance you get the reminder and more. Maybe you want to set a reminder for work meetings to receive a notification 15 minutes before the start time. Or, perhaps you’d like to know about personal events with friends a week in advance. Whatever the case may be, you choose how the reminder works.

    Utilize Notes

    Every event in your calendar is different. Even recurring events can change from week-to-week. The problem is that one day on a calendar only has so much space. Too much information and it can become a cluttered mess quickly. Luckily, digital calendars will usually provide you with a notes section for each event in your calendar. For work meetings, enter notes saying what the meeting is about, your action items, etc. For a friend’s birthday, use it to jot down gift ideas. Your notes will help you so much on a week-by-week basis.

    4. Explore Calendar Features and Settings

    When using a digital calendar or scheduling app, explore all the features. Yes, customization is nice, but most digital calendars have even more capabilities to take advantage of. For example, some platforms allow you to create multiple calendars and then overlay them. If it makes more sense for you, create separate calendars for everything. Maybe you have one for work meetings, one for personal events, and one for holidays. You can merge all of them into one and save yourself the headache.

    When using a digital calendar, make sure you also explore the power of automation. You can automate things like sending reminder emails to meeting attendees. This saves you time and makes your life a lot easier. It’s a way of being proactive and ensuring that you’ll be productive in the future.

    It’s also important to familiarize yourself with the basic settings in your calendar. If you travel often, for example, you’ll want to make sure you know how to change your timezone. Do you want a sound to go off when notified of an event? Do you want others to be able to see your calendar? These settings are important to configure before you use your calendar effectively.

    5. Set Aside Time to Update and Plan

    Last but certainly not least, ensure you set aside time at least once a month for yourself. During this time, update your calendar accordingly to better work for you and plan for the upcoming month. Make sure to add things even if they’re far away. You won’t regret being proactive and planning ahead.

    When you set aside time to look at your calendar in a monthly view, you’ll also learn which view you prefer. Monthly, weekly, and daily all have their advantages. Which one makes the most sense for your busy schedule? Looking at the monthly view gives you an idea of what you can expect in the coming month. The week view prepares you for the upcoming week so that there are no surprises. And a daily view is excellent for those hectic days when you need to focus on what’s happening right now. Dedicated planning time is a great way to ensure you’re prepared for things well in advance.

    Proactive planning is essential to be organized and minimize stress in your life. This is where effective calendar maintenance comes into play. Learn how to use your calendar so that it helps you instead of hinders you. Only then will you be able to take control of your busy schedule and plan for the future with ease. Remember — the calendar is your friend, not something that should add additional stress.

    Featured Image Credit: Photo by Fox; Pexels; Thank you!

    The post Proactive Planning: 5 Tips for Effective Calendar Maintenance appeared first on Calendar.

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    Angela Ruth

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  • 6 Reasons Shared Calendars Create More Productive Teams | Entrepreneur

    6 Reasons Shared Calendars Create More Productive Teams | Entrepreneur

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    Many hands make light work. At least, that’s what they say. The truth is that many hands only lighten the load if they’re all working together. Work might be even more difficult if some hands are pulling in a different direction or not pulling their weight at all.

    Whether you’re a team manager or a team player, unity and productivity should be among your highest priorities. After all, who wouldn’t want to get more done in less time? This earns your business more money, lands your team more achievements, and opens up new professional opportunities for both.

    Teams have tried to become more productive with varying degrees of success in many ways. One method that is easily vouched for is the implementation of shared calendars. This article will outline some of the many ways this simple tool can unlock an entire new tier of potential in your team:

    1. Easier Communication

    Communication is one of life’s most valuable skills. Through proper communication, your personal relationships can thrive. Good communication also makes working as a team a whole lot easier. There is a lot of evidence out there regarding families, friends, and teams that have fallen into disarray due to poor communication.

    While you might look at a calendar and see a bunch of dates in boxes, this tool offers numerous other benefits. For example, any event you create in your calendar can be shared. This can let your entire team know about the time, date, location, and nature of an upcoming meeting or event. They can add this to their own calendar and quickly access all pertinent information.

    When you’re planning upcoming meetings and events, you can also get a clear picture of everyone’s availability. This makes date selection a whole lot easier, especially for remote teams. The fewer messages it takes to get information across and to make plans, the better.

    2. Better Coordination

    Being a part of a team requires a lot of coordination. Efforts need to be unified despite staggered deadlines, rotating schedules, and last-minute adjustments. Some teams even operate across different time zones, which is a separate challenge entirely.

    One way a shared calendar can help with coordination is through increased schedule transparency. Let’s say as a manager, you want your team to know what your availability is like for any questions and updates they might want to bring to you. Instead of corresponding through a long stream of emails, you can share your calendar with its open slots. This way they can quickly check when would be a good time to contact you.

    3. Improved Time Management

    How your team uses its time is crucial to its overall productivity. Time is perhaps the most valuable resource, but it is so easily wasted. An online calendar can help your team maximize their use of time to complete projects faster without sacrificing quality.

    There are several different time management methods that can be implemented through the use of an online calendar. One such method is called time blocking. Simply put, you block out sections of time to dedicate to a singular task through this method. This can help teams focus by hyper-fixating on the most important task at that particular time. Blocks of time can also be used to ensure adequate break time is being taken so team members aren’t overworked or stressed out.

    These time management techniques can be implemented as a team or individually. Sometimes, helping a single team member become more productive and efficient helps the group. For example, they can’t move forward if the team waits for one member to finish their specified task. Help that member manage their time more effectively; everything will move along more quickly.

    Better time management helps with your team’s work-life balance. When team members can pursue hobbies and spend time with family, morale tends to go up. Happier employees often work harder, stay motivated longer, and unite more easily. A content team is more likely to be retained and only get better with time.

    4. Even Workload

    Each member of your team is vastly different from the others. They have their unique strengths and weaknesses that hopefully complement each other well. They will also have varying levels of motivation, commitment, and energy. As a team leader, your goal is to spread the workload as evenly as possible, considering all of these variables.

    You can look at team calendars and individual work calendars to gauge the workloads of each team member. With this information, you can better delegate new assignments so as not to overwork anyone. This provides improved tracking of responsibilities so that you’re better aware of where everything has been assigned.

    To help you view this easily, try using a couple of your online calendar’s special features. For instance, color coding tasks based on who they are assigned to provide a quick overview of team balance. Time analytics can give numerical values to the division of labor in your organization.

    5. Automatic Updates

    Even if you diligently use your calendar to plan every aspect of your day, unexpected circumstances will lead to changes. Some of these changes you’ll need to relay to your team as quickly as possible. An online calendar will automatically update itself when changes are made, even to those you’ve shared it with.

    Of course, you can’t expect your team to be eyeing their calendar at all hours of the day. Luckily, they don’t have to receive updates. Notification settings will notify all member participants of any changes you make. If the time or meeting location is being changed, they will be made aware of it.

    You can also receive notifications when you’re added to a new event. Employees can do this to notify you of their progress on an extended series of projects. A calendar event can signify a new deadline they have set for themselves, along with any notes they’ve made regarding it.

    6. Better Scheduling

    Ask any team manager you know, and many of them will tell you that scheduling is one of their least favorite parts of the job. Between sick days, vacation times, and overtime, there are many scheduling hurdles to jump through. This can bog down your personal workflow and your team as they try to get situated.

    Everything about your online calendar can make this easier. Time off requests can be processed much more quickly. Better layouts make rearranging schedules a much simpler task. The improved visibility and sharing capabilities means that employees can work with each other to cover shifts better. The less time spent worrying about these details, the more time can be spent making business happen.

    Through an online platform, you can create multiple calendars. One of these calendars can be specifically for scheduling needs. This can show the team which shifts need to be picked up, when available vacation days are, and any hour changes to be aware of.

    You can’t go wrong with an online calendar for yourself or your entire team. Many online calendars are free to use, accessible across multiple devices, and easy to learn. Start implementing one into your work routine and watch how the improvements start stacking together.

    Featured Image Credit: Thirdman; Pexels; Thank you!

    The post 6 Reasons Shared Calendars Create More Productive Teams appeared first on Calendar.

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    Howie Jones

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  • Streamlining Your Company’s Finances: The Key Benefits of Employee Retention Credit | Entrepreneur

    Streamlining Your Company’s Finances: The Key Benefits of Employee Retention Credit | Entrepreneur

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    When it comes to managing your company’s finances, it’s crucial to be proactive, efficient, and strategic. Every possible avenue for savings should be explored, and that includes leveraging credits and incentives provided by the government. One such opportunity that can have a significant impact on your business’s financial health is the Employee Retention Credit (ERC).

    The ERC is designed to encourage businesses to keep employees on their payroll during periods of significant disruption or economic hardship. It was first introduced in the United States under the CARES Act in response to the COVID-19 pandemic, but its value extends far beyond these specific circumstances.

    But how does employee retention link with company finances, you might ask? Employee retention plays a vital role in a company’s financial health. High employee turnover can lead to significant costs in hiring and training, lost productivity, and reduced morale among the remaining staff. By contrast, when employees stay with a company for longer periods, businesses can benefit from lower HR costs, improved productivity, and better overall financial performance.

    In this blog, we’ll explore the key benefits of Employee Retention Credit and how it can be used to streamline your company’s finances. We’ll cover everything from its direct financial advantages to the role it can play in strengthening your employee retention strategies. Whether you’re already familiar with the ERC or hearing about it for the first time, we’ll provide you with valuable insights into making the most of this opportunity.

    Understanding the Employee Retention Credit

    Before delving into the many ways the Employee Retention Credit (ERC) can benefit your company, it’s crucial to understand what it is and who can qualify for it.

    As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, the United States federal government will offer a refundable tax credit known as the Employee Retention Credit (ERC). The original intent of the credit was to assist COVID-19-affected enterprises in continuing to pay their employees despite the economic downturn. Its original scope was narrow, but subsequent relief legislation has enlarged the credit to cover a wider range of circumstances.

    The credit is applicable to the employer portion of social security taxes and is calculated based on wages paid to employees during the applicable period. The percentage and maximum wage amount that can be considered for the credit have varied over time, so it’s important to stay up-to-date with the current rules.

    Now, who can qualify for the ERC? Since the credit was first established, the criteria for receiving it have changed. At first, it was designed for companies whose operations were either completely or partially halted because of government COVID-19-related orders or whose quarterly gross receipts fell significantly compared to the same quarter in 2019.

    However, subsequent legislation has expanded the eligibility criteria and the time frame during which the credit can be claimed. As of my knowledge cut-off in September 2021, new provisions also made it possible for start-ups and companies that launched after February 15, 2020, to claim the credit. Always consult with a tax professional or refer to the latest IRS guidelines to understand current eligibility criteria.

    Applying for the ERC involves reporting your total qualified wages and related health plan expenses on your quarterly tax return. In certain circumstances, you can request an advance of the ERC by submitting Form 7200.

    Financial Benefits of Employee Retention Credit

    The Employee Retention Credit (ERC) offers a plethora of financial advantages that can significantly boost a company’s economic health. Here are the primary financial benefits businesses can glean from this initiative:

    Immediate Financial Advantages

    The most direct and immediate financial benefit of the ERC is the reduction of tax liability. Offering a credit against the employer’s share of Social Security taxes, lowers the overall tax burden, freeing up cash that can be invested back into the business. Furthermore, if the ERC is higher than the total amount of Social Security taxes payable, the difference is refunded to the employer, providing a further influx of cash.

    Long-term Financial Impacts

    Beyond the immediate tax savings, the ERC has several long-term financial impacts. Incentivizing employee retention, helps businesses save on the substantial costs associated with employee turnover. These costs include not just the expense of hiring and training new employees, but also the less visible costs of lost productivity and decreased efficiency as new employees come up to speed.

    Additionally, businesses that maintain their workforce during challenging times are better positioned for recovery. With an experienced team already in place, these companies can quickly ramp up operations, seize market opportunities, and drive revenue growth once the economic situation improves.

    Example Showing Financial Benefits

    Let’s consider a few hypothetical scenarios. Company A, a small business with 40 employees, was significantly impacted by economic conditions. However, by leveraging the ERC, it managed to retain its entire workforce. With the ERC covering a substantial portion of its payroll costs, the company was able to invest in new business development initiatives. When market conditions improved, Company A was ready to take advantage of the upswing, leading to increased revenues and a stronger financial position.

    On the other hand, Company B, similar in size, chose to lay off a significant portion of its workforce. Although this provided short-term financial relief, the company struggled to meet increased demand when the market rebounded. They had to bear high costs to recruit, hire, and train new employees, which hindered their recovery.

    Employee Retention Credit as a Retention Strategy

    While the financial advantages of the Employee Retention Credit (ERC) are clear, the credit also offers substantial benefits as a tool for employee retention. Let’s explore how this credit can bolster your retention strategies and contribute to a more stable, engaged workforce.

    Understanding the Link between Employee Retention Credit and Retention

    Employee retention is a critical component of a healthy business. Retaining employees save on recruitment and training costs, minimizes productivity losses, and contributes to a stronger and more cohesive company culture. The ERC provides an added incentive for businesses to keep their employees on the payroll during challenging times. In effect, the credit reduces the cost of employee compensation, making it easier for businesses to retain staff rather than resort to layoffs.

    Ways in Which Employee Retention Credit Can Enhance Retention Strategies

    There are several ways in which the ERC can enhance your company’s retention strategies:

    1. Financial Stability: By offering a credit against payroll taxes, the ERC can help businesses maintain financial stability during economic downturns, reducing the need for layoffs.
    2. Employee Confidence: Keeping employees on the payroll, even during challenging times, can boost employee confidence and loyalty. This can lead to higher job satisfaction, lower turnover, and increased productivity.
    3. Preserving Company Culture: By enabling businesses to keep their teams intact, the ERC helps preserve company culture and maintain employee morale. This, in turn, can increase employee engagement and retention.

    Example Demonstrating Improved Retention

    Let’s consider Company C, a mid-sized company that was affected by an economic downturn. Thanks to the ERC, Company C was able to keep all its employees on the payroll. The company’s decision to retain its staff boosted employee morale, reinforced the company’s culture, and increased employee loyalty. When economic conditions improved, the company benefited from a highly engaged and productive workforce, ready to seize new opportunities.

    On the flip side, Company D, similar in size to Company C, decided to lay off part of its workforce during the same downturn. When the economy recovered, Company D faced a high turnover rate. The employees who remained had lower morale, and the company’s culture suffered.

    The Role of Employee Retention Credit in Streamlining Company Finances

    Effectively managing company finances often involves finding ways to streamline costs and improve efficiency. The Employee Retention Credit (ERC) plays a significant role in this process, helping businesses reduce costs, stabilize their financial planning, and enhance their overall financial performance.

    Reduction in Turnover Costs

    One of the key ways the ERC helps streamline company finances is by reducing turnover costs. The costs associated with hiring and training new employees can be significant, including advertising job openings, conducting interviews, onboarding new hires, and the inevitable period of lower productivity as new employees get up to speed. By incentivizing businesses to retain their current employees, the ERC helps to eliminate these costs, resulting in significant savings.

    Increased Stability and Predictability in Budgeting

    Employee turnover can also introduce a degree of uncertainty and volatility in your company’s financial planning. The unexpected loss of an employee can lead to unforeseen expenses and may disrupt your operational budget. By encouraging employee retention, the ERC contributes to more predictable and stable financial planning.

    Improved Financial Performance Through Higher Productivity and Employee Engagement

    Beyond direct cost savings and budget stability, the ERC can also help improve your company’s overall financial performance. Studies have consistently shown that companies with high employee retention rates tend to have higher productivity and better financial performance. When employees stay with a company longer, they accumulate more experience and knowledge about the business, which can lead to more effective performance and higher productivity. Furthermore, companies that are able to retain employees during challenging economic periods are better prepared to ramp up quickly and take advantage of opportunities when conditions improve.

    In summary, the Employee Retention Credit offers a valuable tool for streamlining your company’s finances. It not only provides direct financial benefits in the form of tax credits but also contributes to cost savings, more effective financial planning, and improved financial performance. By integrating the ERC into your financial and HR strategies, you can help ensure the financial health and success of your company.

    Beyond the Financial Aspects: Non-Monetary Benefits of Employee Retention Credit

    While the Employee Retention Credit (ERC) provides a variety of financial benefits, it also offers several non-monetary advantages that can significantly enhance your business. Let’s delve into the broader implications of the ERC, beyond the financial realm.

    Positive Impact on Company Culture

    A strong company culture is one of the pillars of a successful business. It shapes your company’s identity, drives employee engagement, and can even influence your bottom line. By incentivizing employee retention, the ERC contributes to preserving the company culture during challenging economic times. Stability in your workforce helps maintain traditions, shared values, and team cohesion, all of which are essential elements of a vibrant company culture.

    Enhancement of Employer Brand and Reputation

    How your company responds to challenging times can significantly impact its reputation. By taking advantage of the ERC to keep employees on the payroll during tough times, you demonstrate a commitment to your workforce. This commitment can enhance your employer brand, making it easier to attract top talent in the future. It can also boost your company’s reputation among customers, partners, and the broader community, potentially leading to increased business opportunities.

    Improved Employee Morale and Job Satisfaction

    Employee morale and job satisfaction are critical for maintaining a productive and engaged workforce. Job security plays a significant role in this. By providing businesses with a financial incentive to retain employees, the ERC can contribute to increased job security, which in turn can boost employee morale and job satisfaction. Higher morale and job satisfaction can lead to improved productivity, better customer service, and ultimately, stronger business performance.

    Overcoming Challenges and Misconceptions about Employee Retention Credit

    While Employee Retention Credit (ERC) is undeniably beneficial, it’s not without its challenges and misconceptions. As a business owner, it’s important to address these challenges and dispel any myths to make the most of this credit.

    Addressing Common Misconceptions

    Misconception 1: The ERC is only for large businesses

    The ERC is not limited to large businesses. Small businesses and even startups can benefit from this credit. Eligibility is primarily based on the impact of economic hardship or significant disruptions, rather than the size of the company.

    Misconception 2: The ERC is too complicated to apply for

    Although the process may seem complex, with the right guidance and resources, it’s entirely manageable. Many businesses consult with a tax advisor or use financial software that simplifies the process.

    Misconception 3: Only businesses directly impacted by COVID-19 can claim the ERC

    While the ERC was originally introduced as part of COVID-19 relief measures, eligibility is not strictly tied to direct COVID-19 impact. It’s designed to assist businesses experiencing economic hardships or significant operational disruptions, whether directly or indirectly related to COVID-19.

    Strategies for Effectively Managing and Maximizing Employee Retention Credit

    • Strategy 1: Stay Informed

    Tax laws are dynamic, and changes can occur frequently. Ensure you stay updated with the latest IRS guidelines or consult with a tax professional regularly.

    Proper documentation is essential when claiming any tax credit. Keep a thorough record of wages and other relevant expenses to support your claim.

    • Strategy 3: Consult with a Professional

    Navigating tax laws can be complex. Engaging a tax advisor or a financial consultant can provide valuable guidance and ensure that you’re making the most of the ERC.

    Solutions to Potential Obstacles in Claiming the Credit

    If your business is experiencing difficulties in claiming the ERC, consider seeking professional assistance. Many accounting firms and financial consultants specialize in tax credits and can guide you through the process. Additionally, several online resources and tools can help simplify the process and ensure you’re claiming the maximum amount you’re entitled to.

    By understanding and addressing these challenges and misconceptions, you can ensure your business fully leverages the Employee Retention Credit to enhance your financial standing and employee retention strategies.

    Conclusion

    In today’s dynamic and often challenging economic climate, businesses must explore every avenue to enhance their financial health and stability. The Employee Retention Credit (ERC) offers a powerful tool in this regard, providing both direct financial benefits and contributing to broader business strategies around employee retention.

    The ERC not only reduces the tax burden for businesses but also promotes employee retention, resulting in substantial savings on turnover costs. Moreover, it lends stability to financial planning, contributes to a company’s overall financial performance, and preserves company culture. It also has the potential to improve a business’s reputation and employee morale, offering benefits that extend far beyond the realm of finance.

    However, to reap the full benefits of the ERC, it’s crucial to stay informed about eligibility criteria, maintain proper records, and tackle common misconceptions. Despite the challenges, the advantages of integrating the ERC into your business strategy are clear.

    By effectively leveraging the Employee Retention Credit, businesses can strengthen their financial health, foster a stable and engaged workforce, and prepare themselves to seize opportunities as they arise. It’s not just a financial strategy; it’s a path to a more resilient and prosperous future.

    The post Streamlining Your Company’s Finances: The Key Benefits of Employee Retention Credit appeared first on Due.

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    Melissa Won

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  • 6 Calendar Tips for Improved Focus | Entrepreneur

    6 Calendar Tips for Improved Focus | Entrepreneur

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    Life can get pretty hectic sometimes, and you might feel overwhelmed or prone to distraction. But never fear, because the power of the calendar is here! You might not realize it, but maintaining a schedule can actually help improve your focus. The key is making the most of your calendar and using certain capabilities to keep you on track. Keep reading for tips and tricks on accomplishing these hacks, and stay focused.

    1. Invest in a Good Scheduling System

    Before you start developing your calendar into a tool for success, make sure it’s the right system for you. As they say, “if it’s not working for you, then it’s working against you.” Don’t get caught up in the appeal of new, flashy technologies; go for one that caters to your needs.

    However, there are so many calendar apps and software to choose from; you might not know which to pick. Comparing and contrasting programs ” capabilities is a good idea when looking for a scheduling system. Do simple setups work best for you? Do you need something easily shareable with your friends or coworkers? These are just a couple of things to note when choosing a calendar app.

    Once you’ve determined which system to use, you can move on to setting up that schedule to maximize your focus. Now the real fun begins!

    2. Set Reminders

    This might seem the most obvious tip, but how many people forget to set reminders on their calendars might surprise you. It’s one thing to jot down an appointment or meeting on your schedule, but ending there isn’t enough. You never know when you’ll be caught up in a moment and lose track of time. And being late for an important meeting is never a good look.

    Take advantage of all your calendar’s capabilities by giving every entry a timed notification. This way, you’ll get a little ping that reminds you of upcoming meetings, deadlines, or appointments. You can even set multiple reminders, like an hour and a half hour before an event, to ensure you’ll remember the task.

    This is a feature you don’t want to “snooze” on. Besides being on time for events, you’re more likely to stay on task when you have reminders.

    3. Try Color-Coding

    You might not think color-coding your calendar would help you with focusing. However, the method can be beneficial for keeping you on task.

    Picture this: you’re working tirelessly on a project, but suddenly you can’t remember the deadline. You want to take a quick glance at your calendar to find out the answer. You pull up your schedule but are alarmed by the sea of events each day. How will you ever find this project and its due date?

    Not to worry, because color coding can help solve this issue and similar problems as well. You can use a color scheme to organize your tasks. This could be based on how urgent their deadline is, which client a task is for, or what kind of task it is. For example, weekly reports for your boss could be green, while staff meetings could be blue. A quick glance at the colors can help you differentiate between the kinds of tasks taking up your schedule.

    And how does this keep you focused, you might ask? Because you won’t be spending much time scanning for a specific type of event on your calendar anymore. That means you’ll have more time to stay focused and on task.

    4. Block out Time for Focus

    Most people use their calendars to write down tasks they have to do or appointments they need to go to. While that’s what a calendar is for, there’s also no limit to how much you can customize your own schedule. Creating an event on your calendar doesn’t mean it has to revolve around a specific task.

    In other words, you can schedule time on your calendar for uninterrupted work. You don’t have to specify what tasks you’ll do; block out work time. If you’re a student and need to focus on studying or an assignment, schedule a chunk of your day for that purpose. Inside those time barriers, stay on task until that span is over.

    This is a great way to motivate yourself to focus on your work. You can even block out small amounts of time with short breaks scheduled in between. You could even try scheduling work time with the Pomodoro Technique to take this concept to the next step.

    5. Use the Pomodoro Technique

    The Pomodoro Technique is commonly used by college students who need help staying on task while studying. This method, created by Francesco Cirillo sometime between the 1980s and 90s, revolves around blocking out focus time and breaks.

    So how exactly does this technique work? It’s pretty simple — do 25 minutes of work, and take a five-minute break. You’ll repeat this four times, then let yourself take a 15-minute break before repeating the whole process. People who use this method claim it helps with procrastination and overcoming a short attention span.

    If you have trouble staying focused on work, this technique of short intervals can be the answer. While most people use a timer, you can actually set up your calendar in a Pomodoro format. Have notifications go off when the working interval starts and ends, keeping those five-minute breaks in between. If you think about it, it’s a kind of reward system that can also motivate you to stay on task.

    Creating a structured work environment like this will encourage you to focus. Your mind is more likely to wander when you don’t have these time intervals, so structure your workday. You might surprise yourself with how much better you stay on task.

    6. Share Your Calendar With Others

    One of the keys to focusing better is to eliminate potential distractions. Believe it or not, your calendar might work against you if you must keep scouring through it to schedule a meeting or event. To avoid this from happening, it’s in your best interest to use a calendar system that can be shared with others.

    Many workplaces use or encourage scheduling software where co-workers can see each other’s calendars. This eliminates the time needed to figure out a mutual time for meetings or assignment deadlines. No more emailing back and forth to schedule an appointment — instead, they can look at your calendar.

    You might not realize how time-consuming scheduling an event can really be. Sharing your calendar with others will help you get around this and focus on your work. Not to mention, you can be more productive without these avoidable occurrences.

    The Effort is Worth It

    While redesigning your schedule or downloading a whole new system might sound daunting, it might be necessary. When something doesn’t work well, it’s in your best interest to change how you do it. In this case, if your calendar isn’t helping you stay focused and productive at work, you should try to change that. It might take some extra time to set up your calendar more efficiently, but it’ll be well worth it.

    Featured Image Credit: Photo by Oladimeji Ajegbile; Pexels; Thank you!

    The post 6 Calendar Tips for Improved Focus appeared first on Calendar.

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  • Decide Between Outlook and Your Other Digital Calendar Options | Entrepreneur

    Decide Between Outlook and Your Other Digital Calendar Options | Entrepreneur

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    On the afternoon of the first Tuesday in March 2018 — you were alive. You had a day full of thoughts, emotions, and experiences, and yet, do you remember any of them? Unless that Tuesday was unusually significant for you, you likely remember as much about it as what you ate for breakfast two weeks ago.

    The vast majority of the days of your life slip by without much notice, but some are different. Some are special. Some days change the fundamental direction of your life, their memory etched into your psyche. Because on days like those, you finally ask the burning questions that have haunted your thoughts and dreams for years. On a rare, monumental day like today, you ultimately decide what digital calendar to use.

    The Players

    As you might imagine, there are many excellent digital calendar options to choose from. Each offers unique strengths offset by its weaknesses. Which one you choose depends on which addresses your needs as an individual. With this in mind, here’s a brief overview of some of the best players in the game.

    Outlook, developed by Microsoft, is a widely used digital calendar with a strong presence in professional settings. Google Calendar is a cloud-based platform offered by Google built to incentivize collaboration. Calendar.com aims to simplify scheduling and appointments and help its users improve their productivity. Finally, at least discussed in this article, Trello is a project management calendar that enables users to take a Kanban-style visual approach to planning.

    Outlook

    Pros:

    • Seamless Integration: Outlook integrates seamlessly with other Microsoft Office Suite products. This allows for more efficient management of emails, tasks, and contacts alongside your calendar. It’s easy to source information from one Suite program and transfer it to another.
    • Robust Features: Outlook offers numerous support features like conditional formatting, customizable views, and advanced categorization. It also supports complex scheduling, resource management, and meeting invitations. These robust support features are ideal for large businesses.
    • Offline Accessibility: Unlike most other options on this list, Office is still useful when you’re offline. You can still access your calendar and make changes to it without an internet connection. Your updates will sync the next time you have a signal. This makes Office an appealing option for frequent travelers.

    Cons:

    • Limited Cross-Platform Support: While Outlook is technically available on multiple platforms, its integration and functionality work best on Windows. The Outlook experience on Mac or other operating systems may not be as seamless or efficient.
    • Steep Learning Curve: Outlook’s extensive customizable features and options can make learning overwhelming. New or less tech-savvy users may experience difficulty with its learning curve. Increased tech support may be necessary during the initial phases of integration.

    Outlook’s emphasis on professional usefulness informs much of its design. It’s a great option to consider for business-minded, tech-savvy individuals and teams. It’s effortless to recommend if you’re already using other programs in the Microsoft Suite.

    Google Calendar

    Pros:

    • Collaboration and Sharing: Google Calendar excels at collaboration. You can easily share dates, events, and entire calendars with others. You can invite attendees to events and customize permissions. This makes recommending for individuals, friends, families, and teams easy.
    • Easy Synchronization: Gcal syncs seamlessly across multiple devices, platforms, and operating systems. You can switch between desktop and mobile, web browsers and apps, and your information is preserved. This accessibility ensures you can access and manage your calendar anywhere with an internet connection.
    • Third-Party Integrations: Like Outlook, Google Calendar seamlessly integrates with other Google services, such as Gmail, Meet, and Tasks. This creates a cohesive productivity ecosystem that can scale.

    Cons:

    • Limited Customization Options: Google Calendar’s basic customization options will be sufficient for the average user. But those seeking extensive customization options may want to look elsewhere. Advanced features are few and far between.
    • Dependency on Google: By design, you’re encouraged to adopt other Google services to maximize the benefits of its Calendar. Those invested in other productivity and workflow ecosystems may find Gcal’s options lacking.

    Likely the most ubiquitous option in this article, Google Calendar’s main strength is its scalability. It’s great for people from many walks of life and can adapt as you and your business change. Just keep in mind that Gcal is best used in tandem with other Google products.

    Calendar.com

    Pros:

    • Intuitive Interface: Calendar.com provides one of the cleanest user-friendly interfaces on the market. It’s easy to navigate and manage different events with its intuitive display. This focus on simplicity and ease makes it appealing to those seeking a more straightforward solution.
    • Smart Scheduling Features: This digital calendar leverages AI to suggest optimal meeting times, reduce double booking, and even automate scheduling. These features can save time and increase productivity opportunities by streamlining appointment management.
    • App Integration: Calendar.com offers excellent integration with various third-party applications. Users can connect their calendars with popular work apps such as Zoom, Slack, and Salesforce.

    Cons:

    • Relatively New: As a newer player in the digital calendar space, Calendar.com doesn’t have the same level of ubiquitous brand recognition as other players. This leads to a smaller user base with less extensive documentation and troubleshooting in the community.
    • Limited Traditional Advanced Features: Compared to more established platforms, this option offers relatively few traditional advanced features. More prominent players, such as Outlook with Microsoft Suite or Gcal with other Google products, may provide more self-integration.

    Calendar.com offerings emphasize a host of features that some of the more established players do not. Calendar’s emphasis is on AI integration and increased productivity. Calendar.com is an especially excellent option if you or your team heavily use popular third-party software.

    Trello

    Pros:

    • Visual Organization: Trello’s Kanban-style boards provide a unique way to organize tasks and events. Originating from Japan, this workflow pipeline uses visual boards, lists, and cards to represent various aspects of project completion. You can easily see your calendar at a glance and drag and drop tasks into different dates or categories.
    • Flexibility: This project management calendar is highly flexible and customizable so that you can adapt it to your specific needs. You can create different boards for various projects or areas of your life, customizing them with labels, due dates, and descriptions.
    • Third-Party Integration: Like Calendar.com, Trello excels at integrating with third-party apps and services. This allows you to connect your calendar with regularly used tools and streamline your workflow.

    Cons:

    • Limited Month / Week View: Trello’s Kanban-style boards are primarily designed for task management. This means the month or week view may not be as comprehensive or detailed as in more dedicated calendar apps. This can be a drawback if you rely heavily on a more traditional calendar layout.
    • Learning Curve: Trello is an amazing planning and management tool. But new users may encounter initial confusion when learning its unique Kanban-style system. It may take some time to grasp and use Trello’s full capabilities.

    Overall, Trello can be a flexible, highly visual way to organize your tasks and events. It’s a unique alternative to traditional calendars, prioritizing project management over date-keeping. It’s an excellent option for productivity-minded individuals and teams interested in adopting a new workflow.

    Actualize Your Calendar and Your Self

    Today is different. Today you read about some of the best digital calendar options in 2023. Now, which option you choose depends on your individual needs and preferences. Each has pros and cons, and it’s essential to consider which is most useful for you. Ultimately, the best digital calendar is the one that lets you get the most leverage out of your work and your life.

    Featured Image Credit: Photo by Karolina Grabowska; Pexels; Thank you!

    The post Decide Between Outlook and Your Other Digital Calendar Options appeared first on Calendar.

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  • 3 Ways to Be More Productive With Outlook Calendar | Entrepreneur

    3 Ways to Be More Productive With Outlook Calendar | Entrepreneur

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    Part of the Microsoft 365 family, Outlook is a widely popular email provider platform amongst professionals. But besides being an email provider, this system is well known for its Calendar. Unlike Google Calendar and Gmail, which are connected but located on separate apps, Outlook’s Calendar is embedded within Outlook.

    When you open the Outlook app, you can toggle to the Calendar button to view it entirely. Outlook and, therefore, Outlook Calendar can be accessed across all devices and platforms, including iOS and Android.

    Of course — just like anything — it may take some time to set up Outlook Calendar for your particular use. If you’re an administrative or personal assistant, you’ll want to ensure you can view and edit your manager’s calendar. Sharing Outlook Calendar will therefore be of the utmost importance. But if you’re an entrepreneur, freelancer, or just a pro multitasker, then notifications and To-Do lists will be essential for you too. Someone working remotely from the rest of their team will want to adjust their Calendar settings to account for various time zones.

    No matter how or where you access or use Outlook Calendar, there are ways to make the platform work better for you. After all, the purpose of a digital calendar is to make your life easier, not harder. Calendars should take some of the burden off of your shoulders so you can focus on your priorities. Fortunately, there are various features and integrations to do just that. With this in mind, below are three ways to be more productive with Outlook Calendar.

    1. Categorize Your Calendar

    Meetings are part of the norm in today’s professional world. With the average worker having 25.6 meetings per week, or just over five per day, they can disrupt your productivity. While Outlook Calendar won’t lessen the time you spend in meetings per se, there are functionalities to approach your calendar better. One of which is using Outlook Categories. This is Outlook’s labeling system, allowing you to classify items within your Calendar, and sort, and filter them more easily.

    In addition to leveraging Categories for events and meetings, it can also be used for emails, tasks, and your To-Do list (more on that feature later). To create a new Category, select from the Categorize drop-down menu on the Home tab.

    Outlook has pre-identified Categories based on a color system, like the “blue category’ and “green category.’ You can edit these Categories and rename them as you please. There are 25 colors available, so you have a Crayola crayon box at your disposal to select the best one for each Category.

    Assigning different colors to each Category allows you to quickly look at your calendar and see where your priorities are for that day.

    Of course, to avoid your calendar looking like a complete rainbow, use Categories mindfully! Outlook will prioritize your top Categories, but try to delete ones once a project is complete. Doing so is fairly simple under the “Edit Categories’ dropdown. This will allow you to focus on your most urgent tasks and decategorize ones no longer needed.

    2. Make To-Do Lists

    If you’re reading this article, chances are you are a fan of to-do lists. While you may not be a fan of having to get so much on your list, these lists can help you stay on track. Outlook’s To-Do list is a way to remind yourself of certain tasks at a specific time. This feature, located within Outlook’s Task folder, allows you to name the task, add a priority, and set a date. So if you want to reserve a table at a sought-after restaurant, you can remind yourself on a particular day to book it.

    In the latest version of Outlook, you can display your list at all times while your Calendar is open. This gives you a better sense of all that you need to accomplish on a particular day. Tasks can be created manually, such as probing yourself to book a dinner reservation or created right from your inbox. If you receive an important email but don’t have time to look at it immediately, you can turn it into a task for later. To do so, click on the flag and select the appropriate dropdown, such as “Follow up Today.’

    If you’re really enjoying the To-Do list functionality, you may consider leveraging Microsoft’s To Do app as well. This is a more advanced task management app with greater capabilities than the standalone Outlook. It’s cross-functional, meaning it will work with your current Outlook Calendar and can be accessed across your devices. “My Day,’ a feature within the app, predicts and personalizes your task list daily or weekly. So if you typically prepare for your team’s weekly meeting on Tuesday evenings, the app will suggest adding it to your weekly list.

    3. Adjust Your Meeting Settings

    This tip is for you if you are always a few minutes late to your meetings. Adjusting your meeting settings under Calendar Options can help ensure you show up on time. The default reminder is 15 minutes before a meeting, but that may not be enough time for you. You may miss the notification if you’re at the office and away from your desk. Or, you may find that 15 minutes is a tad too long, and you’d like to be nudged five minutes before a meeting begins.

    Adding different time zones to your calendar is another trick to save you time while setting up meetings. This is especially great for hybrid or remote teams with employees across the country or the world.

    Figuring out what time of day it is for them may have you going to Google to look at the time difference. Instead, you can add multiple time zones to your calendar under the Time Zones section in Outlook Calendar. From there, you can appropriately name the new time zone, such as “Los Angeles’ or “Tokyo,’ and schedule meetings without referencing Google.

    Also, if you are remote or work with remote employees, consider automatically turning all your meeting invites into online meetings. This functionality is built into your calendar invites if you utilize Microsoft Teams for video conferencing.

    However, it also works with other platforms, including Zoom, Cisco WebEx Scheduler, Google Meet, BlueJeans Meetings, JioMeet, and GoTo. Remember that you may need to download a different app, such as Zoom for Outlook, for full integration across the platforms. Once it’s up and running, however, you’ll never have to frantically send out a Zoom link immediately before the meeting begins!

    Final Thoughts

    Scheduling your day for productivity is easier said than done. You may have a set of priorities at the beginning of the day, but an obstacle may have you switching gears by lunchtime. With Outlook Calendars’ various features, you can stay on task and on top of your priority list.

    Whether you are sharing an office space with your teammate or working remotely, Outlook Calendar is there for your needs. Utilize the shared Outlook Calendar tips and tricks to manage your time better and maximize your daily accomplishments.

    Featured Image Credit: Fauxels; Thank you!

    The post 3 Ways to Be More Productive With Outlook Calendar appeared first on Calendar.

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    Howie Jones

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  • Productivity Theater: The Dangers of Pretending to Be Busy | Entrepreneur

    Productivity Theater: The Dangers of Pretending to Be Busy | Entrepreneur

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    A lot of pressure is put on employees to be productive in today’s fast-paced workplaces. It’s not uncommon for us to hear messages about how hard, long, and intelligent we should work. Furthermore, workers are gaining recognition from employers by engaging in activities that make them appear productive, despite growing fears about layoffs and job security.

    The result can be a phenomenon called “productivity theater.” And, although it may seem harmless, it can actually be quite detrimental.

    What Exactly is Productivity Theater?

    The phrase “productivity theater” refers to tasks that employees perform to appear busy without actually doing any meaningful work, according to Visier, a workforce analytics company. Specifically, it involves hacking our digital communications to make ourselves appear more productive than we are.

    It is possible to engage in productivity theater in a number of ways, but the most common ones are:

    • Even if it isn’t urgent, respond to emails immediately.
    • Attending unnecessary meetings.
    • Even when you aren’t working, stay online late.
    • Keeping your laptop screen awake to make it seem like you are working.
    • Maintaining the illusion of working by using a mouse jiggler.

    According to Visor’s survey of 1,000 full-time US employees, 43% spend more than 10 hours weekly on “productivity theater” tasks. The survey also found that nearly half of hybrid workers – at home and in the office – spend over 10 hours on performative activities per week. The same is true for 35% of remote workers.

    According to the survey results, nearly half of an organization spends 1.25 days on performative rather than meaningful work.

    Among the most common performative activities are responding to emails or messages immediately, scheduling future emails or messages, or attending useless meetings. In the past 12 months, more than 80% of respondents reported doing one or more of these activities.

    The Reasons People Engage in Productivity Theater

    People engage in productivity theater for a variety of reasons. It’s a way for some of them to keep up with the Joneses. Others do it to impress their bosses or colleagues. Some perform these activities out of fear of being labeled lazy or unproductive.

    Here are a few of the most common reasons:

    Fear of appearing unproductive.

    Many workplaces reward employees for being busy, even when unproductive, through a presenteeism culture. As a result, people may engage in productivity theater to avoid appearing unproductive.

    A lack of trust between employees and managers.

    In the absence of trust between employees and managers, employees may engage in productivity theater in order to show their worth. When managers constantly monitor employees’ activities, this can be particularly true.

    There are no clear expectations or goals.

    To cover their bases, employees may engage in productivity theater when they are unclear about what is expected of them. Workplaces with a lot of ambiguity about what constitutes “good” work are especially susceptible to this problem.

    Having a desire to impress their peers.

    Occasionally, there is a culture of competition among employees in some workplaces. As a result, people may engage in productivity theater to appear good to their peers.

    In fact, according to the Visier survey, performing work is motivated primarily by the desire to look valuable to leaders and managers — regardless of whether the work is actually useful.

    The need for recognition and approval.

    In an effort to gain recognition and approval from their managers or colleagues, some people engage in productivity theater. The problem is particularly acute for those who lack sufficient positive feedback or feel insecure about their work.

    Conflict avoidance.

    People sometimes engage in productivity theater to avoid conflict with their managers or colleagues. Conflict-avoidants and people who fear speaking out are especially vulnerable to this.

    They lack control over their work.

    To feel in control, employees may engage in productivity theater when they feel powerless over their work. Micromanagement is especially prevalent in workplaces where employees are constantly monitored.

    Fear of job security.

    Gallup reports that at the start of the pandemic, a record-high 25% of workers said it was “very likely” or “fairly likely” that they would become unemployed. Currently, most people believe that losing their job is “not too likely” (30%) or “not at all likely” (55%).

    Still, there are plenty of people who aren’t as optimistic. Therefore, workers also want to appear busy and boost their visibility at work out of fear of job security.

    Consequences of Productivity Theater

    Regardless of the reason, there is a lot of pressure these days to be constantly visible and productive, which can lead to productivity theater. Although it may seem productive, it’s not. It can actually be counterproductive, as it consumes time that could be spent on more meaningful activities.

    In short, productivity theater can have many adverse effects on both individuals and organizations.

    For individuals:

    • Stress and anxiety can result from productivity theater.
    • You may be unable to concentrate on the critical tasks at hand.
    • Employees may be unable to take breaks or vacation time, resulting in burnout.
    • Engagement and morale can be negatively affected.

    For organizations:

    • In addition to missing deadlines, productivity theater can also result in poor decision-making.
    • There is a possibility that it will reduce innovation and creativity.
    • Spending time on tasks that do not contribute to the bottom line can increase costs.
    • Having employees who are perceived as lazy or unproductive can damage the organization’s reputation.

    How Can You Avoid Productivity Theater?

    You can avoid productivity theater by following these tips:

    Define your own productivity.

    In your opinion, what does productivity mean? Do you have any goals in mind?

    Identifying your goals will help you focus on the tasks that will help you achieve them.

    Focus on outputs, not inputs.

    The best way to measure people’s performance is to measure their results, not how long they spend working. As a result, people will be more likely to focus on getting things done in lieu of just looking busy.

    Set clear expectations.

    Everyone should know what to expect in terms of their work output. By doing this, people will not feel like they have to prove themselves by pretending to be busy to prove their worth.

    Be honest with yourself and your boss about your workload.

    Please do not hesitate to speak up if you are feeling overwhelmed. You might be able to reduce your workload with your boss’s assistance because they will appreciate your honesty.

    Be mindful of your time.

    As you are working on a task, take a moment to consider how your time is being spent. Do you actually accomplish anything or are you simply going through the motions?

    Focus on quality over quantity.

    Producing a few high-quality items of work is better than producing many low-quality items.

    Create a culture of trust.

    Employees who are able to trust their managers will be less inclined to pretend to be busy. Providing autonomy and open communication to employees can help managers build a culture of trust.

    Encourage breaks.

    Regular breaks can make people more productive in the long run. After all, when people are stressed or overwhelmed, they engage in productivity theater. Managers can keep employees focused and refreshed by allowing employees to take breaks.

    Avoid distractions.

    Whenever you are trying to be productive, avoid distractions. Finding a quiet place to work requires turning off your phone, closing your email, and closing your browser.

    Use time-tracking tools.

    Tracking your progress and identifying potential improvement areas can be done through these tools.

    Celebrate successes.

    People are less likely to pretend to be busy when they feel valued for their work. Managers can celebrate their successes by recognizing employees’ contributions and giving them positive feedback.

    Set boundaries between work and personal time.

    Establishing boundaries between your work and personal lives is crucial. During work hours, you should not check your work emails, or work on your personal projects while at work.

    Delegate tasks.

    If you need help, don’t be afraid to ask. Don’t overload yourself with tasks; delegate them to others if you have too much on your plate.

    The use of AI productivity tools can also help you do more, save time, and improve your workflow.

    Take time for self-reflection and identify your productivity strengths and weaknesses.

    By doing this, you will be able to develop more productive strategies.

    Take care of yourself.

    Regular exercise, a healthy diet, and enough sleep should be the key to a healthy lifestyle. The ability to concentrate and be productive is increased when you take care of yourself.

    It is not a sign of weakness to seek help if you are experiencing productivity theater. Whether it’s your boss, a mentor, or a therapist, don’t be afraid to talk to them. By breaking the habit and becoming more productive, they can assist you.

    Don’t let productivity theater destroy your life. When it comes to your health, your relationships, and your productivity, pretending to be busy isn’t worth it. Consider taking a step back, reassessing your priorities, and focusing on the most important things.

    FAQs

    What is productivity theater?

    In productivity theater, you pretend to be busy to look productive. There are many ways to do this, including checking email constantly, attending unnecessary meetings, and working on low-priority projects.

    Often, productivity theater is motivated by a desire to impress others or a fear of appearing unproductive.

    What are the signs of productivity theater?

    Someone who engages in productivity theater may exhibit the following signs. Among them are:

    • Checking social media or email constantly
    • Taking part in unnecessary meetings
    • Prioritizing low-priority tasks
    • The avoidance of deep work
    • Responding to messages too quickly
    • Making excuses for not completing a task

    What are the effects of productivity theater?

    Productivity theater can have negative effects on both individuals and organizations.

    Individuals may feel stressed, anxious, and burnt out as a result. Consequently, organizations may experience decreased productivity, missed deadlines, and poor decision-making.

    How can I avoid productivity theater?

    Keeping productivity theater at bay is as simple as following these tips:

    • Focus on results, not busyness. Rather than focusing on your busy schedule, you should measure your performance based on the results you achieve.
    • Set clear goals and priorities. Doing this makes you more likely to focus on the most critical tasks.
    • Delegate or automate tasks. You shouldn’t be afraid to delegate or automate dull and low-priority tasks if you have too much to do.
    • Take breaks. To avoid burnout, take breaks during the day.
    • Be honest with yourself about your work habits. How busy are you really? Are you just wasting your time on busy work?

    What can managers do to prevent productivity theater?

    Managers can take the following actions to prevent productivity theater:

    • Clearly defining expectations. Employees should know what is expected of them in terms of their work output.
    • Trust your employees. Employees should be trusted to work hard even if they aren’t always visible to their managers.
    • Encourage open communication. It is vital for employees to feel comfortable discussing their workload and challenges with their managers.

    Image Credit: Pixabay; Pexels; Thank you!

    The post Productivity Theater: The Dangers of Pretending to Be Busy appeared first on Calendar.

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    John Rampton

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  • The Future of Business Finances: How AI is Changing the Game | Entrepreneur

    The Future of Business Finances: How AI is Changing the Game | Entrepreneur

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    The finance industry is undergoing a revolution, and AI is at the forefront. Businesses are increasingly turning to artificial intelligence to manage their finances more effectively and efficiently. AI applications are being used to detect fraud, forecast trends, manage risk, and optimize operations. 

    With the potential to revolutionize the future of finance and business, AI is quickly becoming an invaluable tool for businesses. In this article, we will explore the current state of business finances, the applications of AI in financial management, the benefits of AI in financial management, and the potential impact of AI on the future of finance.

    The Current State of Business Finances

    Businesses today face numerous challenges regarding managing their finances, from budgeting and forecasting to cash flow management. With the emergence of online banking and payment services, companies have access to vast amounts of customer data, requiring analysis and interpretation to make sound financial decisions. Fluctuations in exchange rates, commodity prices, and macroeconomic conditions add further complexity.

    Regulations from governments worldwide increase accountability, with companies investing more resources in compliance, which can be difficult without adequate tools or personnel. Internal dynamics can also create discrepancies between department budgets, hindering communication.

    To meet these challenges, businesses require innovative solutions for greater efficiency and accuracy. One such solution is AI, offering benefits such as fraud detection, forecasting, risk management, financial operations optimization, and personalized customer service. 

    Additionally, AI can provide an omnichannel customer experience that integrates multiple communication channels and use conversational AI for chatbots and virtual assistants. Together, AI can help deliver seamless service to customers and enable 24/7 support. With AI-powered insights, businesses can make better-informed financial decisions, automate manual processes, and focus resources on core competencies.

    AI Applications in Financial Management

    A study on AI in customer service reported that 94% of people working in the finance industry have a positive perception of AI. 74% agree that AI has helped them save time, and 78% report positive outcomes from using AI.

    Fraud Detection

    AI algorithms can uncover unusual patterns in customer data or transactions that might not be easily detectable, enabling them to quickly identify and prevent potential fraud cases. Moreover, AI-based systems can continuously improve their accuracy over time by learning from past experiences with fraud cases.

    Customer Service

    One of the most significant use cases for conversational AI and chatbots in the financial services industry is providing 24/7 support to clients and enabling them to receive answers to their inquiries even when agents are unavailable. This improves the customer experience by ensuring that clients can access assistance at any time, enhancing their satisfaction with the service provided.

    Another example of AI in customer service is contact center AI. Financial institutions are increasingly adopting cloud contact centers to enhance customer service and support. These contact centers leverage natural language processing (NLP) technology and machine learning algorithms to provide customers with personalized and accurate responses to their inquiries.

    Forecasting and Trend Analysis

    AI can provide predictive analytics by analyzing historical data points and current market conditions to identify future trends that could impact a company’s financial performance. As a result, businesses can make more informed decisions regarding budgeting or investment, leading to better outcomes for their bottom line.

    Risk Management

    When it comes to risk management, AI has the ability to automatically assess risk levels associated with different investments or strategies. This helps organizations make better decisions regarding managing their finances by providing an objective view of potential risks versus rewards for any given situation.

    Benefits of AI in Financial Management

    AI is revolutionizing the finance industry, offering numerous benefits to businesses. It improves customer experience and satisfaction while empowering data-driven decision-making through the use of predictive analytics.

    Predictive Analytics

    Predictive analytics brings significant benefits to financial management. It enhances decision-making accuracy by leveraging historical data and advanced algorithms to forecast future financial trends. 

    Financial managers can proactively assess and mitigate risks, detect and prevent fraud, optimize costs, identify revenue growth opportunities, and improve financial planning and budgeting processes. By harnessing the power of predictive analytics, financial management becomes more effective, data-driven, and capable of driving sustainable business success.

    Customer Satisfaction and Experience

    The finance industry has consistently high CSAT scores, likely due to ‌stringent security and privacy standards. However, financial institutions are increasingly adopting digital channels like mobile apps and self-service automations to provide customer support. This trend creates a better customer experience by simplifying tasks such as reporting lost or stolen cards, opening new accounts, and more.

    The Future of Business Finances with AI

    AI is projected to have a major impact on the future of finances and business. With its ability to detect fraud quickly and accurately, process customer data efficiently, automate laborious tasks, and provide predictive analytics to aid in decision-making, AI has the potential to revolutionize financial management in the long-term. 

    Businesses can also use it to create sophisticated chatbots that can provide tailored advice and guidance based on customers’ needs. The introduction of AI technologies into the finance industry could lead to greater accuracy and efficiency, enhanced decision-making capabilities, cost savings, and improved customer experience and satisfaction for businesses.

    In conclusion, AI integration in financial management offers significant benefits in accuracy, efficiency, and cost savings. However, it comes with challenges that must be addressed for successful implementation. Risks include errors from incomplete data, privacy concerns, cyber threats, and ethical issues. To address these, establishing robust data governance policies and rigorous testing protocols is crucial to maximize advantages and minimize risks or challenges.

    The post The Future of Business Finances: How AI is Changing the Game appeared first on Due.

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    Melissa Won

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