Business Plus Baby

February 25, 2016

How to Work Efficiently From Home

entrepreneur-593356_640 There’s been a huge growth in the numbers of people working from home, or starting up their own businesses at home. There’s an estimated eight million Britons running an enterprise – be it crafting or providing an online service – from their own properties. It’s a great solution – you use your own heating, don’t pay to commute and you can order your HP ink and claim it back against your tax! What’s not to love?

Well, for a start there’s the friends who think you’ll be able to drop everything to run an errand for them, or the delivery drivers who know you’re usually in to receive a parcel for the neighbour. Then there’s the housework – just a few minutes to put a wash on ends up with you descaling the washing machine, and the kettle, and finally the coffee machine. Then there’s the kids. Let’s stop there and think positive with four ways to work more efficiently…

Have your own space to work

This can be a desk behind a screen, an under-stairs cupboard, or even the shed. As long as your nearest and dearest know that when you’re in The Zone, you’re making things happen and you need to be left alone. Desks are much better than reclining on a sofa with a laptop, covered in crumbs watching Borgia.

Have a defined working day

You need to have definite business and working hours. If you run an online retail operation, you should aim for regular office hours – 8.00am to 5.00pm, for example. If you’re a writer, it’s a bit more flexible, but if people know you write between 10.00am and 2.00pm while the children are at school, then a couple of hours in the evening, you’re less likely to be disturbed.

You should also take a lunch break, as well as another couple of breaks in the morning and afternoon – there’s a reason office workers take a breather, it restores productivity.

Mind your own business

You need a certain amount of networking with other, similar businesspeople, but don’t fall into the trap of comparing yourself with what and how they’re doing. If your aim is to earn extra money to pay the mortgage off quickly, stop wishing you were your associate who has just bought his second boat.

Get organised

Working from home plays tricks with your time management – you sometimes tend to work better when you have fewer free hours than when you’ve got the whole day free. Deadlines can shift and morph, with priorities changing and confusing you. Your to-do list shouldn’t be a simple list – it needs to be filtered by priority and deadline. This doesn’t include moving documents into folders when you’ve got billable work on your plate.

Working from home is a tough nut to crack, especially if the people around you don’t see it as “real” working. However, being self-employed can be liberating and empowering, especially for mums, as they can set their own agenda and hours. The important word is “employed”, though. You are working.

February 22, 2016

How to make outsourcing work for your business

If you run a business, you will know that outsourcing has many good qualities. There is no doubt that you can benefit hugely from outsourcing if you do it correctly as it cuts costs and improves standards. The problem is getting it right in the first place. Lots of businesses make silly mistakes when it comes to outsourcing because they are either ignorant or not focused on the job. The last thing you want to do is make a mistake because then you won’t reap the rewards. To make it work, you need to make sure you cover these bases.

Strike When The Time Is Right

As the owner of the company, you will find it hard to delegate tasks to an outsider. That is reasonable because you don’t know if they are going to share your vision and foresight. However, while you are clinging to power, your business is going to struggle. The time to outsource is quite easy to spot if you are open to the prospect in the first place. As soon as you can’t afford to perform the tasks internally, you need to pick up the phone. Alternatively, you should always consider it when you are wasting time and energy that you could put to better use.

Pick The Right Tasks

In all honesty, you could outsource every one of your business processes and still run a profitable and successful business. The thought isn’t too appealing though because it would mean that you wouldn’t do anything. What most businesses tend to do is come to a compromise. First and foremost, they start with the tasks that they can’t complete on their own because they lack the skill or the experience. Then, they move onto the jobs that save them time and money. Customer service is a great example of outsourcing a job that saves time and money. Marketing, on the other hand, is something you may delegate to a professional if you lack the expertise. If you need inspiration, here are the most popular jobs that businesses outsource.

Choose Carefully

The one sticking point you may encounter is the outsourcing company themselves. Although most of them are good at their jobs, some of them are cowboys. If they don’t share your enthusiasm or professionalism, avoid them like the plague. You only want to work with businesses that suit your needs, which is why you need to choose wisely. The best option is to take a look at their credentials. Do there specialize in any particular sector, or are they a jack of all trades type? How long have they worked in the industry? Are there testimonials from their previous or current customers? Answering these questions should give you a better insight into the company.

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By Sumasoft (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Know What You Want

Before you sign an agreement, write down what you want to achieve from your partnership. Look at these goals as a plan. By writing them down, you can look at them and figure out whether you are making progress or going backwards. Plus, it also makes it easier to translate it to your company of choice. The easier you can communicate, the more chance you have of hitting your briefs.

Risk Analysis

Still, it is not just them that can be a problem – you can also present a problem to them. How? You can present a problem through your business processes. You may be focusing on whether it is a good idea to do business with them, but they are doing the same thing. Before they jump into bed with you, they will want to know the risks. If the risks are high, they may not choose to form a partnership. But, if they are low, they will be happy to strike a deal. Any company that asks for a financial risk analysis from you beforehand is a good sign. It shows you that they are a professional and organized firm that takes their business seriously. These are the types of firms that you want to work with if you want success.

Communicate

Obviously, communication is a huge factor in your success as a business. You put a lot of emphasis on communication within your internal processes, so do the same with outsourcing. In fact, it is even more important because you won’t converse with them on a daily basis. As they are not in the office, they are out of sight. And, out of sight means out of mind. All you have to do is send off an email or pick up the phone to make sure there are no problems. Plus, you can make sure that you are getting what you need from them by frequent communication. Remember that they may not be experts in your sector, and they may need help from time to time. speak2

Treat Them As One Of You

The easiest way to communicate effectively is to embrace them into the company. If you treat them as outsiders, your relationship will suffer. A good business relationship is essential if you want the process to be a success, so you need to get on good terms. Instead of seeing them as a separate entity, treat them as an equal. Talk and share information like you would with anyone else in the company. That way, you can achieve the best results possible from your time working together.

One thing you need to keep in mind is that a good thing does not last forever. Your partnership may work well for a time, but it could start to deteriorate. As soon as it does, you need to cut the cord. Don’t stick around for sentimental reasons because it is a business deal, and business comes first. To make sure you are not in a one-sided relationship, review your progress on a regular basis. If the numbers don’t add up, it is time for a change. Or, you should also change if there is another firm that offers a superior service.

Outsourcing is essential, but it is not a foregone conclusion. Thankfully, these tips make it less risky.

February 22, 2016

Save money when creating your own home office

Working from home, you’re going to need a designated office for yourself. It’s space away from any others you might live with where you can get your head down and get engaged in work, free from distraction. That means it’s going to need to be kitted out so it serves all your needs. However, that can seem like something of a pricy prospect. So this guide is to help you set up your office space without breaking the bank.

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Outsource on a budget

If you’re working as a small business, the chances are that you will need to outsource some of the maintenance of your company to others. Outsourcing can be very expensive, however. Don’t be afraid to rely on the help of local freelancers or those aiming to gain some experience after education. Barter to offer them more than just money alone and it could cut the costs down a lot.

Go paperless

Keeping a paper system has the benefits of keeping everything in physical form that you can find. However, it can cost a lot of money and space. First, there’s the cost of paper. Then maintaining the printer, ink and toner. Add to that, the cost of filing cabinets or whatever kind of physical sorting system you have. Going paperless can keep almost everything you need in one location and for absolutely no cost except your internet bill. Just make sure you have everything backed up, too. Don’t want your work lost to any security risks on the computer.

Go used or remanufactured

When it comes to the furniture, why does it have to be completely new? You’re certain to be able to find something that will fit your standards in the used and remanufactured piles. After all, between the fancy computer desks and comfy chair, you would normally need to spend quite a lot to get your office ready for yourself. Dip into the sections that aren’t sparkling new. You might be surprised by what you find and save a bundle.

Use free software

You will most likely have need of all kinds of software. Some of these can’t be avoided when it comes to opening up the wallet. Others, however, have helpful free alternatives. The most basic of office software all comes completely free with the online Google Docs. Writing documents, creating graphs and tables. Even storing it all. Nearly everything you want to do has a free alternative. So take a look to see if you can find one before forking over the cash.

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Keep things organised on the cheap

You might be trying to go paperless, but there will almost always be enough physical clutter to keep you on your toes. You don’t need to go buying big filing cabinets to stay on top of it all, however. There are lots of alternatives that are much cheaper. Cork boards are cheap and can hold as many things as you have pins, for instance.

Save on the energy bill

If you’re spending a lot of time in your home office, the energy bill is something you might find rapidly growing in no time at all. Being a bit more environmentally aware in the office can save you a lot in the long-term. Keeping things insulated and using LED bulbs are just a start for those looking to go green.

February 20, 2016

A newbie’s guide to learn Forex Trading

6225881707_9afb3cc3bb_z As a newbie starting to learn Forex trading, you will need to understand the basics before you delve deeper into trading. If you are entirely new to this kind of trading, never commit any money without learning the ropes first.

Understand how exactly the whole Forex market works

In order to learn forex trading, you have to first understand exactly how the whole market works. There is more to Forex trading is more than meets the eye. It involves the trading of any two currencies as against each other. You will purchase a currency of a specific country, then sell it later for the other currency with an expectation that it will strengthen over time. In so doing, you will realize profits from your currency trading.

Learn what impacts the Forex trading market prices

The leading factor that impacts the rise and fall of foreign currencies is the country’s economic status. You will see that the country’s economic status is directly proportional to the strength of their currency. This is one important information to put in mind when you want to learn Forex trading as a newbie. Take note of government changes, vital statutory announcements, etc. These will dictate the market prices. Neglecting these pieces of information can lead to a loss on your part.

Learn to limit the time you trade

As you may have known the foreign exchange market works 24/7. It is a non-stop enterprise. But, despite the 24 hour trading period, it is important that you set the right timing and devote the exact amount of time you do Forex trading. Timing is everything. When your mind is overwhelmed, chances are this can result to indecision and confusion on your part. Avoid information overload at all times and learn to limit your trading times. Carefully trade on a give set of time and watch what happens next.

Use stop losses and learn Forex trading in-depth

You do stop loss when you want your broker to place on hold your order so you can have full control over potentially big losses that are impending. The Forex market is so volatile and losses can happen very fast. In this case, you can stop losses that will prevent any further damage to your trading account.

Always go with a reputable broker

Regardless of the broker you finally choose, make sure you opt for one that will offer you 24/7 support in order to learn Forex trading properly. Since the Forex market is up day and night, it will help you if you have access to help anytime you needed it the most. Your broker must be able to support trading in various major currencies such as USD, AUD, CAD, GBP, and more. This is crucial as these are the most liquid and highly traded currencies of all.

These are just a few of the useful tips and advice that you can use when you want to learn Forex trading as a newbie. There is so much information overload when it comes to Forex trading, you have to take time to learn all of them. Utilize online demo Forex trading accounts for this purpose or signup for trial accounts and learn Forex trading in no time at all.

February 16, 2016

Grow your business: How to take things to the next level

If you’ve got a really successful business model in the works, and you think that it might be time to expand and grow your business, then go for it! Don’t let your introverted character get in the way of your corporate success.

Have A Strong Brand Identity

This means more than just a logo. Building a brand is tough, it’s not an easy feat by any means. Social media is an excellent tool for helping to increase brand identity. It’s free, too, and so won’t eat up too much of your marketing budget! By putting your public image out there on some of the world’s most visited websites, naturally, your reputation is going to increase. Utilizing social media to your advantage is important, too. On Twitter, for example, start an advertising campaign via a hashtag. With luck, it will go down well with your followers and your idea could start trending. This would really put your business on the map and fully initiate its growth.

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Develop B2B Relationships

Making strong business connections with other companies is only going to enhance your growth. Doing favours for each other will put you on the right side of them whether they’re competitors or not. You’ll still be able to make great gains from them. Attaching yourself to a much bigger company is also great for brand awareness. For example, if you can get huge companies to outsource some of their work to you, then this is a great thing to tell prospective clients. It really shows your ability to work and liaise with the ‘big boys’ in business.

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Open An Additional Location

Expanding on your existing premises is pivotal to business growth. This could be another store if you’re in retail, or an additional branch of offices if your business is more serviced-based. Either way, it will enable you to employ a higher number of employees, and hopefully, resultingly, get more work done! Opening offices in big cities such as London is a big statement of intent, too. Being at the centre of a place where trade and business is high can only bode well for your company’s image.

Target New Markets

If your business currently only offers one variety of product or service, then it may well be time to expand on what you’re already doing. This is, of course, if you really want to grow your business. Branching out and targeting new markets is the way to do just this. For example, if your company already creates a food-based product then why not trial the launch of a new drink to compliment it. Alternatively, if your business is a broadband service, why not try out offering TV or phone call packages, too? By entering new markets, you are reaching new consumers. Therefore, ultimately, you are enabling yourself to earn more profit. The business will grow accordingly!

Hopefully, this post has inspired you to grow your business. If you follow these top tips, then you could definitely take your company to the next level. Good luck and all the best!