Categories
Management

Managing a Startup During the Covid-19 Pandemic

Managing a startup is difficult at the best of times, but the coronavirus pandemic has turned the world upside down in 2020 and made life very difficult for businesses of all sizes and in all industries. Startups are having to adapt to survive and it will require careful management and planning, entrepreneurial spirit and support in order to come out the other side.

Here are a few key survival points for startups during the coronavirus pandemic.

managing a startup
Image by pexels

Remote Working

One of the biggest changes that has occurred as a result of the pandemic and lockdown is that millions of people are now working from home. This can bring benefits to both the employer and employee, so you may want to think about continuing with this in the future too. The key to succeeding with remote working is learning how to manage employees remotely and to make sure that you have the best tools available.

Seek Government-Support

The Government has rolled out various support schemes which will be critical to startup survival so this should be looking into immediately if you have not already. This includes a furlough scheme that will help you to keep staff on as well as an interruption loan scheme to provide financial support to small businesses.

Funding

Following this, business funding is changing as a result of the pandemic with newer finance models which could help you to manage during this difficult period. This includes loans such as a business cash advance, which involves making repayments via an agreed percentage of future card transactions as opposed to a fixed amount each month. This is helpful in times like this where sales will drop and fluctuate heavily.

Communication & Transparency

These are clearly troubling times for everyone, so it is important as a business leader that you are communicating and being as transparent as possible with everyone related to the startup, including staff, customers and suppliers. You need to keep them informed on developments relating to the startup, provide reassurances where possible and give support.

Reduce Costs

In times like this, one of the first steps that you need to take is to free up cash where possible by reducing costs which could help you to survive throughout a difficult period. Remote working will already be helping with this, but you could also reduce supply expenses, eliminate unnecessary costs, lower expenditures and various other strategies.

Adapt Business Plans

Of course, the business plan will now need adapting in light of these unforeseen circumstances. It is still hard to predict what the near future looks like, so you need to consider different eventualities and create strategies for the immediate, the next few weeks, the next few months and the next 1-3 years. You should also keep a close eye on the latest news and advice from experts so that you can make the right decisions at the right time.

It is a difficult time for startups in all industries right now, but the above advice will hopefully help you to manage and adapt to the current situation as well as built for the future when things start to return to normal and you will be keen to make up for lost time.

Categories
Management

Which Collaborative Technologies Are Best For Your Work-space?

Which Collaborative Technologies Are Best For Your Work-space?
Image by Pexels

When it comes to the modern business world, few things are more important than communication. In every meeting, we emphasise the importance of open and clear communication and the benefits that it will have throughout the company, so it’s vital that we do all that we can to ensure that we’ve got the right facilities to be able to effectively collaborate and communicate through technology.

Collaborative technologies are tailor-made to encourage and enhance teamwork and creativity, giving us more avenues to explore whilst we’re working, sharing, and chatting. Kinly has put together their top options in terms of collaborative technology below, so find out how to further advance your communication by reading on.

Platforms

The first thing that you’ll need to consider is the platforms that you can use to collaborate through. Quite often this will be determined by a lot of other existing technologies you already have in your business. Do you already have a lot of Cisco tech in your business? Do you use a lot of Microsoft applications for internal communications (outlook, Skype for Business, Microsoft Teams) or are you, in fact, a G Suite customer?. Quite often this will play a huge factor in the devices you deploy. Microsoft Teams is one of the fastest-growing platforms on the market thanks to its clean interface, fantastic communication channels, and practical file sharing features. It keeps teams connected daily – new spaces can be set up for different projects, and all content produced in these workspaces is automatically saved in these areas so that everyone involved has easy access. The ability to stay connected even out of the meeting room helps group projects to flow far more smoothly and effectively, so you can improve your workflow whilst encouraging a more creative and inventive way of working together.

Devices

Then you’ll need meeting room devices that are suited to the collaboration platform, as you can’t start to properly embrace this change in communication without having the correct infrastructure in place. A few different companies are offering collaborative tech for use in a corporate setting, so you’ll need to decide upon your needs and then find the devices that are best suited to those.

If you’re a small business or a large company that’s divided into smaller teams, huddle spaces will be a useful tool to utilise – these are small and intimate areas that are great for brainstorming and problem-solving. Alternatively, larger meetings call for heavier technology and vaster spaces.

The devices that you’ll use between these rooms will differ greatly – bigger spaces with more attendees are likely going to need more screens, more intelligent microphones, and better device management systems. The smaller rooms tend to be better centred around devices that have whiteboarding capabilities and multi-user functionality.

If it’s a high-powered all-rounder that you’re after, the Surface Hub 2 by Microsoft is a brilliant option. The device is a touch screen piece with a 55” HD display that’s perfect for video calling and displaying content in a way that maximises its potential.

Coupled with an intelligent mic that blurs out background noise and delivers crystal clear voice – this is ideal for video calls and video conferences where quality audio and video is of the utmost importance. The device also features whiteboarding capabilities and full integration with the Microsoft suite, so you can expect seamless use with your favourite apps; simply log in using OneDrive to access all of your files instantly!

If you’re looking for systems that are more conference orientated, the Logitech Tap is a good starting point for Microsoft Teams and G Suite – the edges touch screen device acts as a central hub for all connectivity during meetings, so you’ll be able to join calls, add participants, and end calls in a stress-free manner. The sleek design is a fantastic fit in the modern meeting room, with cable management something you needn’t worry about with this desk or wall-mounted hub. Logitech Tap is also a great device when it comes to sharing content on a communal screen, with a single tap allowing you to display the most relevant content when it’s needed. On the Cisco side, you have a range of Webex Devices available including the new Webex Room USB, ideal for companies that are going big with BYOD, Cisco Webex Room USB is a definite must-have. The device is ideal for meeting rooms with 2-5 participants, thanks to its 120-degree field of coverage.

Rooms

If you’re serious about having dedicated collaboration and conferencing spaces, it might be a good idea to have these rooms specifically designed for that purpose by an experienced integrator; this way you’ll have a great setup that’s always ready to go and which already includes all of the facilities you’ll need to ensure that the meeting goes off without a hitch. You can have rooms for small teams of around 3-4 people to huge conference rooms for company-wide meetings arranged, so don’t worry – there’s a meeting room setup that’s perfect for your business!

Categories
Management

Valuable Growth Management Tips for Small Businesses

Growth is a key objective for businesses of all shapes and sizes. But effective management skills are even more important for maintaining success. This is especially true for SMEs.

Making sure that you can continue to flourish financially – as well as grow in brand awareness – can really affect your small company.

So, how can you manage growth as a small business leader? Here are a few steps to point you in the right direction.

growth management tips for small businesses
Image by pixabay

Simplify Company Tasks

When profits are rising, it’s tempting to take adventurous business risks. Of course, hiring more experts and considering business partnerships can deliver many advantages for a small business. But remembering the value of consistency in basic business tasks is always important.

Whatever your financial prospects look like, using services designed to aid the improvement of all companies – including small enterprises – could guarantee high levels of customer satisfaction at all times.

An honest and straightforward courier service, for example, can ensure that deliveries reach customers swiftly and promptly, maximising your likelihood of happy clients – and better profits – as a result. Investing in this kind of partnership on a long-term basis could, therefore, assist with growth management.

Regular Finance Checks

Organisation is key to the smooth running of any business, whether big or small. And this is particularly applicable to money. Small enterprises often don’t have the strong business partnerships that larger establishments can enjoy.
So, if an SME should encounter financial difficulties, it may struggle to find fellow businesses to help. That’s why regular financial checks can prevent businesses from sinking.

As QuickBridge President Ben Gold says, successful management isn’t just about cash flows and profit margins – constantly adapting budget plans with every financial change can massively help leaders to avoid slumps in growth.

Because your small business may be in competition with larger, better supported companies, preparing for any potential surprises – such as the need to spend money quickly – could help in not only achieving, but also sustaining financial growth.

Build a Reliable Team

When it comes to small businesses, a reliable team sometimes means the difference between success and failure. But how can we make sure that our team works together to manage growth of any kind? Well, the answer may be easier than you think.

Interactive seminars can be an effective way of keeping all employees on the same page when it comes to growth management. Think about enrolling into public speaking classes in nyc to improve your communication skills, for an example: Introducing these sessions to the workplace will not only help staff strengthen their knowledge in sustainment, it could encourage cross-departmental cooperation on the subject, too. Doing this could result in excellent growth management, an improvement in morale, and the ability of staff to go above and beyond company goals.

Growth is a huge achievement for business, specifically small ones. But the real challenge lies in sustaining it. Hopefully, thanks to these tips, you’ll be able to manage this more effectively.

Categories
Finance Legal Management

IT Governance and Legal Compliance; How to Practical and Effective?

Every small and big enterprise needs legal compliance and IT governance. It is important to ensure that the company has the right support for their business management and success. The corporates are formally powered by IT governance by the lawyers and legal advisors like Dolan Dobrinksy Rosenblum, LLP who help the businesses. Effective practical compliance manages and strengthens the company with all legal requirements. It is important for a competitive environment of the corporates to helping to stand them as unique. Here is the complete guide on how it can prove effective for your business.

IT Governance and Legal Compliance
Image by pexels

What is IT Governance?

It is the framework that ensures that organizations’ structure gets enough IT support for achieving their business objectives. IT governance provides the future strategy for the businesses that are actually the formal framework for the companies that they can follow and achieve their goals. This framework considers the interests of the stakeholders, staff and the employees to make the process working and helpful for all. To sum it up, IT governance of the most important part of enterprise governance.

Why Organizations Need It?

It is extremely important for multinational companies and leading organizations. It also increases competitiveness among the corporates. A balanced and integrated IT support is the best investment you can ever make for your company.

Companies and corporates are subjected to so many regulations by the authorities that provide them with the security of their data, information, damage recoveries and financial accountability. The corporates among others with IT governance can have better relations with the market, employees, stakeholders and consumers. A formal IT program is required to be implemented for the best working, practice and control for all internal and external obligations.

Both Public and Private Sector require IT governance

It is also crucial for the public and private sector to make sure that their IT section is working well and it supports their strategies and goals. The established and supportive technology system for accountability and financial support need time and effort. The larger organizations have a goal to reach a point for being a developed and flourishing state where IT governance is fully regulated. Small business organizations might need practising only necessary elements of the IT governance but the big companies need to have a mature and complete strategy.

How to Implement the Program?

An IT governance program can be implemented with the help of the legal advisories and firms that provide support and services in this regard. You can ask the business experts or experienced corporate IT governance program providers certain frameworks to you and your company. You can choose from a number of frameworks for streamlining and operations. It is the investment that is best for your business management and achieving milestones.

You can ensure a program is best for you and your business and monitor the progress of the business while keeping it aligned with the parties.

Consider Compliance

You should consider the framework that it should comply with the company regulations, risks and responsibilities. It should speed the growth by taking decisions for the company. It should also help the company to keep going for day-to-day operations. IT governance and legal compliance should be mature but flexible for better capabilities.

Categories
Finance Management

How Companies Manage Cash?

When it comes to business and handling your own company, the most common question that is being asked by people on the internet is how do companies handle their cash. What are the kinds of strategies that they use to common management their cash? Apparently, there are two levels on which the companies handle their cash flow. The first is the operational level and the next is the strategic level. Operational level deals with the things that are in the business. The usual time for the operational level is 8 to 12 weeks in which the amount of cash flow can be identified. On the other hand, the strategic level deals with the things on the business. It involves all the kinds of strategies that are used before the operational level. The duration of this level is 8 to 10 months.

How Companies Manage Cash
Image by Freepik

Following are the things you should know about cash management in companies:

Spotlight on Cash Flow Management, not Profits:

This may sound conflicting; however, it’s most certainly not. Utilize your breakeven point as a benchmark. After you reach breakeven and your business is beneficial, regardless you have to deal with your income, obviously. You have achieved another phase of your business’ life.

Keep up Some Cash Reserves:

You will have money deficiencies. Your business’ exceptionally survival may rely upon how you move through those shortages. In the event that you begin with some trade out your financial balance, it will be less demanding to centre on income and you won’t worry about the setbacks.

Urge Customers to Pay up Faster:

Offer your clients early instalment rebates and keep credit prerequisites strict. Set up a composed arrangement of norms for figuring out who is qualified for the credit. Uphold those models inflexibly. You don’t need each client strolling in the entryway endorsed for credit.

Broaden Payables to the extent that this would be possible:

Conversely, get the best give you can on payables. Stretch out your payables to net-60 or net-90, on the off chance that you can. A few providers charge late expenses, nonetheless, so ensure you pay on time.

Lift Sales with Creative Incentives:

Inventive approaches to rapidly support deals may incorporate supporting a challenge, facilitating a client gratefulness occasion, offering referral motivators, or taking your workers on an attention visit.

Assign a Cash Flow Monitor:

Appoint the errand of checking income to a dependable representative. Have that individual illuminate you when you achieve a specific limit — for example, when your income hits $1,000.

Treasury management:

The next thing that many companies are involved in is treasury management. This is very important and this is why many people train their officials before they do that. When it comes to money, there are not many people that you can trust. SO you have to limit yourself and find some trustworthy people in your company. Learn from other companies and see how they are handling their finances. It is better to learn from someone else’s failure than your own.

Categories
Management

Can an Introvert Become a Successful Entrepreneur?

Most people assume that to be a successful entrepreneur you need to be outgoing, or in other words, an extrovert. When we think of entrepreneurs we picture outspoken, gregarious people who are comfortable standing in front of a room of people, putting their ideas out there and being the life and soul of the party. In reality, this couldn’t be farther from the truth.

Many well-known entrepreneurs, including Bill Gates, Mark Zuckerberg, Warren Buffet and Sam Ovens are all self-confessed introverts. Not one of these people is loud and in it for the personal glory. Instead, like most introverts, they bring to the table a host of other, far more valuable, skills.

Introvert Become a Successful Entrepreneur
Image by tec_estromberg

What Makes an Introvert?

Twenty years ago, introverts were pigeonholed into a box that said they couldn’t possibly be successful in business. Now, modern psychology takes a different view and we better understand that it is impossible to pigeonhole a person as an “introvert” or an “extravert”. The truth is that we all have qualities of one or the other in varying degrees. For example, introverts tend to avoid noisy social situations, but there are very few people who actively go out of their way to avoid the rest of humanity completely. Most people sit somewhere in the middle.

The Qualities of an Introvert

The important thing is to remember how many amazing qualities you have as an introvert.

You are cautious. Instead of leaping head first into a situation, you think about it first. You process the facts, ask questions, and then make a carefully thought out decision. Entrepreneurs tend to be more successful when they think before they act. It gives people like you the time to come up with better working strategies. After all, as the old saying goes, ‘fools rush in where Angels fear to tread’.

Introverts are comfortable being alone. The life of an entrepreneur is not all parties and networking events. More often than not, entrepreneurs have to work alone until they get their business off the ground. Introverts are hard wired to be comfortable spending time alone. Solitude doesn’t scare them. Instead, they are happy to use this time to come up with creative new ideas. They don’t need to brainstorm with others whereas an extrovert would be crippled with anxiety if forced to work alone.

Introverts don’t need the affirmation of others to be successful. For many extroverts, success is all about being in the spotlight. Introverts don’t need to feel the adoration of other people. For them, success is about a job well done. They don’t feel the need to speak to other people about their ideas. They are happy to rely on their own judgement.

You are a great listener. To be successful in business, you need to hone your listening skills. It’s not only important that you listen closely to clients to find out what they want or need; you also need to listen closely to your employees. Extraverts are often bad at listening. They are too busy talking to listen to those around them. This causes them to miss important clues or advice that could help them build a better business.

Entrepreneurship Suits Introverts

Introverts are well suited to entrepreneurship. They often hate working in crowded corporate environments, surrounded by people. Life as an entrepreneur gives them the time and space to forge their own way and be a success on their own terms.

Embrace your qualities as an introvert. You are thoughtful, a great listener, and above all, a realist. This makes you perfectly suited to life as an entrepreneur.