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Why Self-Funding Your Business is a Better Way to Go?

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Starting up a business is a thing for the brave. 

It takes years to build a successful business. It needs a lot of patience, perseverance, and hard work to make a dream business a reality. For most business owners, self-funding a business is tough- they confess. To survive, they needed to be financially-innovative. 

As a business neophyte, finding clients is easier than done. Who would trust an unproven brand? It is for this reason that many aspiring businessmen consider finding a full-time job just to sustain their business during the first few months.   

On a positive side, most entrepreneurs find sweeter success in self-funding business. For them, it is the best decision they have ever made in their entire lives. Do you want to know the reasons why? 

Spelled out below are several reasons why self-funding a business is ideal. 

Benefits of Self –Funding a Business

Financial Control

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Self-financing your business gives you the full control over its finances. You don’t depend too much on investors who could pull out their support anytime. It gives you financial freedom, the fact that you need not pay back lenders with a certain amount each month. 

Full Ownership

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Being able to receive the entirety of your business’ profit is a taste of heaven. Self-funding your business gives you this advantage. Since your business doesn’t have investors, you take full ownership of all its revenues. 

Avoid Excessive Spending 

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You live within your means since your financial resources are very limited. You only invest in marketing tools and business equipment when the need arises. This helps you prioritize your needs and regulate your business spending. 

Expediency

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Self-financing your business does not need you to undergo the tedious process of loan application. You simply utilize your own savings just to keep the business up and running. 

Tips in Self-Funding a Business

At this point, I feel that you are considering self-financing your business. If you do, you are definitely on the right track. To increase your chance to succeed, here are some tips that you might find useful. Go ahead and check them out.

 Dedicate more of your time. 

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As you spend more time on your business, you bank money. If you can manage everything from your end, avoid hiring employees. It does not only save you cash but also allows you to master your trade.  

However, in circumstances when you can’t carry out tasks on your own, hire someone capable of doing various tasks. Get the most out of his services. 

Have a side income. 

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Your newly- found business won’t start generating profit right away. In most cases, it takes years to make it profitable. It calls for an outside income to keep it from dying in the vine. Failure to do so can burn your nest egg in no time. 

Manage your time well. 

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As you juggle your tasks in your new-found business along with your full-time job, you need an exceptional time management skill. The moment that your business gets in the way with your full-time job, seek creative ways to manage the situation. You may request a more favorable work alternative with your employer- remote working for instance. Or let somebody perform some of the business tasks for you. Hire an employee. But then, it does not mean devoting less time to your business. 

Be patient and appreciate small victories. 

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Unlike getting into partnerships with investors, the journey of a self-funded business is a little longer and tougher. Expect that the early stage of your business is the toughest. I think I have said that earlier. Challenges here are there can make you call it a quit. So it is important to be patient and persistent. Bravely face all these challenges and take the pleasure in the little achievements you get hold of. Be happy as you bring in a client. Your enthusiasm to push through amidst doubts and setbacks can bring you a very long way.   

The Bottom Line 

Even though small business owners started as workers of bigger companies, they never drop the idea of becoming their own boss. The secret of a successful entrepreneurship is a miscellany of optimism and individualism. Along with patience, persistence, good decision-making, and creative financial management, success awaits a self-funded business. 

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Business

7 Apps to Use for Your Remote Business

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COVID-19 hits the world’s economy very hard. As a business owner, you cannot afford to lose without giving a good fight. Admit it. The lockdown which lasted for a couple of months, has caused you big financial loss. So, you’ve decided to run your business remotely to bounce back.

To be honest, I admire you for such bravery. Running a remote business is not everybody’s game. Keeping the remote workers together even with their unique characteristics and location differences demands an incredible management skills. Fortunately, there are several great apps today that can help you bring your remote team on the same page.

What are the 7 Best Apps for a Remote Business?

When it comes to brainstorming sessions, video and audio communication tools are essential. Project management tools, on the other hand, can help business managers effectively put all their employees’ tasks in order.  

1. UberConference

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UberConference is an impressive tool for video conversation. It works as if you are engaged in a real conversation. Unlike other existing communication tools, UberConference does not require any PIN. It has some unique features that are perfect for staff meetings and deliberations. Some of these include screen sharing, analytics, document sharing, and capability to make another call while you are engaged in an on-going video conference.     

2. Join.Me

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This app is one of the most popular due to its user-friendliness. It is suitable for webinars. To join a meeting, first-time users need to key-in a meeting code provided by the meeting host. They may opt to create their account too.

3. Google Hangouts

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Aside from being very functional, Google Hangouts is fast and reliable because of its intuitive interface. Since it is powered by Google, it is well-suited to all Google services. It can be used in phone calling, video calling, and messaging. Although this app is not recommended for team conferences, it is a perfect option when it comes to exchanging a few words with clients. Well, almost all clients have Google account these days.   

4. Skype

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Over the years, Skype continues to fulfill its promise for a rewarding instant messaging and group call experience. It is amazing to know that this app includes new features other than group video calling. I am talking about instant messaging, screen sharing, voice messaging, and document sharing. It can be used for calling landline and mobile numbers too. Having this app in place allows you to reach your clients through their landlines.

5. Meistertask

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As far as task management is concerned, Meistertask is the name you can count on. The simplicity of its interface can make your every project less difficult. It provides you with a project overview and progress reports. Its project board is adaptive to your team’s workflow. With Meistertask, you can stay on top of your remote business.    

6. ProofHub

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Loved by many remote teams all across the globe- that is ProofHub. As you sketch out your team’s day-to-day tasks, this app lets you pool your resources and get things done on time. You can also use it as you team up with your clients too.

Another thing that makes this app very sought-after is its easy-to-use interface. Its features include custom reports, time tracking, online proofing, real-time discussions, file sharing, Kanban boards, Gantt charts, and task management.

7. Apollo

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Apollo’s user-friendly interface is remarkable. It has an out of the ordinary functionality. Through it, you can make complex tasks look way a lot easier. It simplifies the tasks and maintains efficiency at all times.

This project management tool allows you to schedule duties, organize tasks, integrate e-mails, set project milestones, create contact tabs, and manage team discussions.

For a remote business owner like you, there is no way that distance can hinder your team to make a good profit. The experience in running a remote business can never be this good without these project management and communication apps that I shortlisted above. With these tools, I bet that you are more than ready to dash a remote business. Go ahead and take the lead.

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Business

Best Software to Use for Managing Documents in Your Business

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If you are still using a filing cabinet to safe-keep your documents, you are way too behind others. Due to the popularity of document management software, more and more people have been using it since then. The software never fails to fulfill its promise of flexible document safekeeping. Having this kind of software in place lets you access and share important files while you are on the go.

Companies who go paperless including those that wish to better manage their important business documents have found it out of the ordinary. So if you are planning to utilize this software, you better give it a go, or else you will be left in the wake of others.

The number of document management software in the market is overwhelmingly. Hence, deciding which to draw on is never easy. This being said, please allow me to help you clear the cobwebs out. I listed down five fail-safe software that can help you manage your business documents.

5 Best Document Management Software for a Business

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M-Files

This is the future of document management. It is powered with AI technology that automates the data management process. The moment you upload a file through it, it categorizes the file based on what it is by design. Though this software is not ideal for small businesses, it is the top choice of bigger enterprises.

Unlike other existing document management software, saving and accessing a company’s files need not have to be a headache. With M-Files, everything is perfectly-organized based on the established criteria. Another amusing fact about it is its automatic detection of duplicate content. It updates the documents in real-time. For that reason, you are assured that the document that you are viewing is the correct and updated one.

eFileCabinet

For two decades now, eFileCabinet continues its mission to help small business and enterprise owners manage their data online. It does not only manage your documents but allows you to sign contracts too. This is one of the most trustworthy data management systems in the market today.

For a minimum of $15 each month, you can upload any document or file you have in hand. As you need them, all you have to do is key-in the file name or locate them through pre-defined folders. These files are ready to be pulled up via smartphone or laptop anytime and anywhere.

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When we speak of data security, eFileCabinet lets you work collaboratively with others on documents that are being uploaded to its system. Of course, these people that you are sharing the documents with are authorized to work on it from their end. A two-factor authentication is in place aside from file sharing and requests, and role-based permissions.  

Hightail 

The feature that makes Hightail exceptional from other software is its ease in sharing large files. Being able to send 500 GB files to colleagues is mind-boggling. With this software, you can put in your file receiver’s email after uploading the file into your Hightail account. Set a file expiration date and password protection too. Lastly, monitor your sent files as to who downloaded or opened it.  

Templafy

The one million users can attest how dependable Templafy is in managing their documents through the cloud storage. It is one of the most in-demand document management software for large businesses at the moment. It is designed to manage content based on its relevance to your position and usage. This means that there is no chance that an accounting team pulls up marketing documents and vis-à-vis.

As I mentioned earlier, Templafy entails cloud storage. It lets you access documents from anywhere you are through any device you have. It can be used in both online and offline. These are a few of the many reasons why popular brands like IKEA and Pandora rely on their document management needs to Templafy.

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MasterControl

Aside from being the best choice when it comes to professional document safekeeping, MasterControl is designed to track revisions. You can send the files for review to a particular person at the given schedule. You can take full control over the documents you uploaded in the software’s database. You can restrict other people from making revisions. Not just that, you can also utilize its location tracking facility to decide on the number of copies allowable for your files.

The Bottom Line

With document management software, managing important business documents has never been this good. Despite the slight distinctiveness of these above-listed document management software, they all give out the same benefit to business owners all over the world. To name a few are security, ease of collaboration, and user-friendliness. So no matter which of these software you choose, you are self-confident to be picking one of the best.

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Business

How to Improve Your Business Environment

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The success of an organization greatly relies on the work environment. Similarly, with its effects on the employer’s mental health and mood, a positive work environment influences performance and employee motivation, and performance. A work environment that is full of life gives employees the confidence to speak up and do their best. It enables them to spill out their ideas that can help the organization accomplish amazing things.

A positive environment trims down the episodes of employee absenteeism. Though it is the most common setback in the field of human resources, a positive company environment is a proven alleviation to this problem.  

On a similar note, keeping employees is harder than finding the right ones. A more engaging work environment gives these skillful and competent talents a powerful reason to stay. These people won’t go out and knock from doors to doors to seek better job opportunities if they are satisfied with their work environment.

You might be mulling over about improving your business environment and keep your employees’ productivity on fire. Now, let me show you how. Below is a quick guide-through on how these things are done.

How Can You Improve Your Business Environment? 

Make the environment more pleasant. 

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Happy employees are productive ones. They sure won’t feel good about being blown up with loads of difficult tasks. As an employer, the best thing that you can do is manage their workloads better. If job demand is high and that there is no way for you to free them from a stiff workload, make the work a little lighter. Provide rewards after every successful carrying out the tasks.

Initiate team lunches at least twice a month. Letting your employees feel that you care about them makes them more motivated with their jobs. This does not only improve their work motivation but also their socialization too. It goes a very long way, I must say.

Enhance the physical setting. 

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A depressing physical environment can make the employees unhappy. Check on the lights and the walls too. Though you don’t want to lose money for small office renovations, I am sure that you don’t want to lose potential employees. The workforce is far more important than money. Invest to create a more inspiring business’ physical environment. Freshen up the walls with paint. Change the lighting and add up pots of plants on the tables or the corners.

Keep the stress level low. 

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Stress is rooted in poor practices and inefficient management. No matter how competitive your employees are, stress can catch them off-guarded. Worse, it can cause low performance. It leads to higher rates of absenteeism due to health issues also. With a high level of stress, the workforce weakens. Your business productivity can be hit very badly. Don’t let it happen. As early as now, employ some stress management strategies in your company.

Give out professional growth opportunities.

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The moment that your employees feel like being stuck on a job that gives them no opportunity to enhance themselves, they work less productively. Offer promotions. Give them the chance to learn new skills through training sessions. They will surely appreciate knowing that their employer believes in their potential and values their professional growth. This can be a useful employee retention idea.

Infuse teamwork. 

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Completing the task with the team is far better than doing it on your own. Team tasks are less stressful as long as there is good communication and teamwork in place. It helps them communicate their ideas with others rather than being trapped in a workspace with no one but themselves. But then, the absence of these elements can make team tasks more complicated. So be a little cautious.

As an employer, you must understand that teamwork can do miracles for your business. A simple tap at the back for a job well done is more than enough to encourage teamwork and boost employees’ work enthusiasm.

As we speak, more and more employers have shifted to a pleasing and optimistic environment. These tips above have helped them indeed. But then, if you are doubtful, give it a try and see it for yourself. Keep this in mind. An employer who sees his employees as humans rather than tools is destined to succeed.

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