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How to Get Your Business Bounce Back After Coronavirus?

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Good news!

Bouncing back your business a little stronger after coronavirus is not as difficult as you think.

You might have been one of the business owners who keep on discovering ways to bounce back after being shut down for a couple of months. It is undeniable that the pandemic has made gigantic losses to many businesses as the government orders shut down of those that do not offer essential goods and services. The havoc creates to the global economy is so damaging.

Needless to say that the pandemic has painted the world with nothing but hopelessness and fear. For everyone except business owners, staying optimistic and calm is such a challenge. Through long years of experience, business owners have acquired the capability to stay calm under pressure. Most of them have started taking big leaps towards a more secure and stronger business. Fail-proof initiatives are drafted to recover what has been lost the moment that such a health crisis subsides.

Steps to Bounce Back Business as Coronavirus Ends

Be a little more personal with your customers.

You are not the only one who is gravely affected by Coronavirus. Your customers surely have struggled as we speak. This is the best opportunity for your business to link these people back to your business. They’ll surely appreciate it knowing that somebody understands the things that they’ve been through. Help them overcome these anxieties in your little way. A marketing plan that addresses these customers’ hitches and uncertainties are a sure-way to bounce back.

Use alternative sales channels.

If lock down hits your walk-in sales so badly, create new ways to serve your customers through e-commerce or selling your products online. Restaurants may take advantage of takeaway meals. Since in-person sales meetings do not work these days, engage your customers into conversations through social media and LinkedIn. Bear in mind that although businesses are closed temporarily, there should be no reason to stop earning because, in this so-called “new normal” society, business is done online.

Consider long-term investments.

Re-assess your business platforms, processes, and operations. If you spotted a glitch of a short-term slowdown in your business, create a long-term strategic plan. As much as possible, work your way up and build strong lead management and create long-term opportunities or investments. Plan for contingencies as well. Assure everybody that you are always ready to lend a hand. That’s how good business works.

Get ready for pent-up demand.

The moment this pandemic ends, economic recovery is foreseen to be faster than expected. Therefore, a business needs to make bigger and smarter moves to position itself for a bigger success in the months to come. This does not mean underestimating the health crisis that we are in. Instead, this is a manifestation of a business that is more than ready to face the greater demand.

It can never be denied that the Coronavirus crisis is one of the biggest challenges that have caused turmoil all across the globe. For business owners, the best thing that they can do is to embrace and adopt change and create better opportunities out of a serious disaster like this.

Bounce back and give your business a good fight.

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What are the Top Drivers of Employees Who Quit their Jobs

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Most people, particularly employers think that the main reasons why employees quit are about money. In reality, money is just a small percentage of why people leave. Money is important but it isn’t the only factor. It is typically a combination of things that weigh on their minds and affects their decision to quit eventually. 

An average person spends 13 years and 2 months of an entire lifetime at work. With that, you want to make sure that we become a part of a company with a good work-life environment, equal rights, and fair shot at promotions and compensation. 

Every company wants to hold on to their best talent but sometimes the irony in that is these top performers often want to leave. When they do decide to quit, productivity starts to sink, morale suffers and the other staff struggle with increased workloads. 

One thing that employers can do to keep their best employees is to make sure they are happy and some expectations are met. 

Check out these common, valid reasons that impact employees’ decision to quit.

Overworked/ Lack of Flexibility

Consistently being asked to work more than the agreed hours which is typically 8 hours a day can be one of the reasons that will push your employees to the edge and quit. This often happens to top performers. Companies consistently rely on their top performers. but overworking the top performers or any employee can be counterproductive because it can lead to inefficient work. There should be a balance in everything. The more responsibilities they receive should equal to them receiving a raise, promotion, a bonus, etc. This gives them more motivation and stay. 

Living in the digital age, employees expect a more relaxed schedule. We are done with the traditional 9-5 jobs that will require you to be at the office the entire time and employees prefer companies that have the option and leniency to work part-time from work and office. 

Management

One of the main reasons why employees quit is because of their managers. A manager’s role is to motivate the employee, point him in the right direction, provide feedback. As a manager, you have to invest time discovering what each member of a team needs. A manager that has poor people skills can do damage to the work environment very quickly and will leave your employees feeling lost and doubt their skills because they do not feel valued and acknowledged for whatever important contribution they made.

A manager should always be consistent. When expectations from the start are set and rules don’t change on a whim, you will make all employees feel more secure

No Room for Advancement/Stagnant

Every employee wants to have a chance to move forward into a new role. One of the top drivers of good employees leaving is the feeling that they landed a dead-end job with no advancement in the horizon. One of the most important things for employees is future growth and a chance to be promoted to a higher position. Employees especially the top performers always want to continue moving forward, earning more, and learning more. Lack of career opportunities results from them disengaging in their jobs. The management must learn how to find opportunities to develop their employees, initiate team projects, collaboration initiatives, etc. 

Personal Reasons

This is probably one of the not so common reasons why employees leave. There are instances in an employee’s personal life that requires them to move to a different state. This is mostly family-related, health reasons, etc. 

There are a lot of ways where you can keep your employees. Show respect, be consistent in your promises and responsibilities as an employer, let them grow and take the lead, and always be open to giving them more opportunities to enhance and acquire new skills. 

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Want to Open a Salon for Business? Here’s How.

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When we speak of putting up a business, a salon is a safe bet. The beauty industry is strong and stable even in the face of economic recession. It is on the boom and is believed to be on the rise in the next 25 years. So, if you have decided to put up your salon, today is the perfect time to realize such a business goal. 

Running a salon is not easy. Other than styling skills, there are a couple of things that you needed to work on before making your first step towards your chosen endeavor. Funds, locations, employees, and customers are some of these. 

Enumerated below are some expert-shared tips that can help you get your salon business up and running. 

How to Open a Salon Business?

Have a good marketing plan in place. 

Photo taken from Unsplash.com

A business plan is your roadmap to success. In most cases, business planning is time-consuming. But, if you have already visualized how your salon business works, everything will go smooth and slick. Scribble the things you have in mind on a piece of paper. 

Owning a brick-and-mortar business like salons needs you to sneak through becoming a significant part of the community. A good marketing plan helps attract loyal clients. Make sure that your salon shows up in online directories. Build partnerships with local small businesses by taking part in some of their events. Promote your business on social media. Offering referral discounts is a sure hit too. Once you have made plans for all of these, you are good to go for the next step.

Secure startup funding. 

Photo taken from Unsplash.com

Figure out a startup capital to open a salon. Aside from securing the necessary business permit, license, and insurance, you need cash to purchase salon equipment and pay the security deposit upfront of the location that you are planning to rent for your salon. 

Seek financing help from alternative lenders and other lending institutions. As long as you have a good credit score, you will not have any problem in finding the best option with the lowest interest rate. 

Choose the right location. 

Photo taken from Unsplash.com

The location can make or break your business. It eats a lot of time, I tell you. Drive through spots where you want your salon to be situated then hunt for properties that are open for rent or lease. Never rush things up. Instead, carefully look into factors like high visibility, ample parking, good traffic, and target demographics in choosing a location for your salon business. 

Focus on branding. 

Photo taken from Unsplash.com

Think of ways to make your salon stand out apart from the rest. Build a brand based on your target market’s preferences. Everything you have inside your salon should gear towards customer satisfaction and comfort. Provide your clients with reasons to visit your place regularly. Design your salon in a way that it captivates the interests and habits of your customers. Your services should be well-picked too. 

Provide exceptional customer service.

Photo taken from Unsplash.com

Regardless of how tight the business competition could be, a salon that offers excellent customer service always wins the game. Hire staff based on personality and character rather than on skill. Consider yourself lucky if you can find someone who has both. A skilled, friendly, and highly-motivated salon staff allows your salon business to maintain its professional reputation and retain loyal customers. 

As I mentioned earlier, it is no joke to open a salon business. It needs more than just money to start up. It takes a handful of courage, careful marketing strategy planning, patience, and intelligent decision-making to make it successful. 

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Business

5 Best Tools to Track Your Business Expenses

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The importance of tracking your business expenses is beyond expectations. It is sad to know that many businessmen still do not understand how significant expenses management is for a business. They look at it as time-consuming and taxing. I must admit, it is.

Tracking business expenses gives business owners several advantages. First, it helps them become more financially aware of what is going on with their business. Careful management of cash flow is far more essential than the cash flow itself. Never allow business expenses outstrip income. 

Another thing about tracking business expenses is that business owners become more prepared for the tax season. Nobody would love to scramble things around just to look for receipts and invoices. Meticulous keeping of tax deductable expenses provides business owners with money back. Proper tracking and categorization of business expenses avoid leaving your hard-earned money in the hands of a tax man. 

Lastly, tracking your business expenses gives you a vivid picture of how profitable your business could be. When it comes to profitability, never settle on an educated guess. 

On that note, listed below are the five best tools that many businessmen have found helpful in tracking their business expenses. 

What are the Five Must-Have Accounting Tools for Your Business? 

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Wave

It is a cloud-based accounting tool that consolidates all scanned expense records and receipts. Its mobile receipt scanning app enables you to scan and submit receipts of expenses while you are on the move. It can automatically compute multi currency expenses vis-à-vis the exchange rate associated with the tool. It has a user-friendly dashboard that allows you to organize your payments, invoices, expenses, and income in a very easy way.  

Wave can be linked to your bank account so that you won’t have to manually enter the receipts of your expenses. Save yourself from budget overruns with Wave. Lastly, it ensures that your business account is separated from your personal account as you pull up transactions from it.

Xero

Xero is the right tool for small business owners who want to have a comprehensive view of the business’ outstanding invoices, bank balance, expense claims, and upcoming bills. It is a renowned account reconciliation tool that can record and report all credit card and bank transactions in real-time.

Being able to get helpful insights about your business’ expense patterns is one of the many amazing benefits of using Xero for business.

FreshBooks

It is software that connects the people working on a particular project- the client and the contractor for instance. This tool accurately bills work hours by tracking time spent on a project. Through this, budget overruns and random delays are passed up. Moreover, it does not only organize business expenses but also auto-categorize them to make tax calculation a lot simpler. You can store expense receipts in digital copies by scanning them via FreshBooks mobile app. You can also retrieve any of these documents at anytime and anywhere you want.

Zoho Books

It is designed for independent consultants and businesses. This tool takes care of all expense management tasks and accounting like a pro. It allows you to team up with stakeholders in real-time. It also saves you from manual expense entries as it automates expense generation of bulk and recurring operating costs. A detailed graphic report is made accessible periodically. So, you got more time to focus on strategic work after getting a clearer picture of your business’ assets in general.

QuickBooks Online

Aside from having a consolidated dashboard that shows invoice details, payments, and billing details, QuickBooks Online has customer support that helps out users on matters about software set up down to execution.

This tool is one of the most-favored accounting tools among businessmen because of its predictive reports generation based on the preceding year’s everyday expenditure. It makes business owners handle their financial health better.

Now, here’s is the bottom line.

Keeping track of your business expenses using these tools does not only save you from running around like a headless chicken when tax season comes. It gives you the benefit of making good money from your chosen endeavor. As a bonus, it lets you stay on top of your business. 

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