You have worked hard to build your retail store into a profitable business. Providing your customers with safe and secure credit is what keeps them coming back, but how can you protect your finances? Here are a few steps your retail store can take to protect itself from financial loss.
Make sure your data is well protected
The world of retail is changing. It’s gone from floor to web, and now it’s in the air. Technology is advancing faster than anyone can keep up with. How we buy and sell goods has changed, but the basic rules have stayed the same: you need security.
Investing in cybersecurity for your business is a big part of protecting your retail store finances. Data breaches are reported in the news every day. Be prepared to defend your assets by ensuring your data is well protected from threats, viruses and hackers.
By safeguarding your finances with Internet security systems that aren’t easily hacked into, you’ll be able to focus on the rest of your business.
Invest in the proper type of insurance
Business insurance helps protect your business finances by providing you with protection when you need it. Public liability insurance can protect your business finances against a variety of risks from property damage to customer injuries and legal claims. This will also stop you from going bankrupt if someone makes a claim against your business.
Protecting your retail store finances can provide peace of mind for you and your business. Whether you’re a new or existing business owner, learn about how the right retail business insurance can help protect your business finances and assets.
Control your expenses
Understanding how to control your expenses is crucial for any retail business, big or small.
Reducing the amount of expense in your retail business is a good first step to protecting your money. Know what you are paying for, how much, and if you’re getting value for it.
Make it a point to keep an eye on your budgets, but you also want surety that you’re aware of every penny that flows in or out of your business. With timely, easy-to-read reports and data-driven insights from book-keeping apps, you can be certain that every transaction counts toward your bottom line.
Separate personal finance from business finance
Business owners are highly motivated to grow their business. From hiring additional staff to purchasing expensive equipment, you’d like to have funds available when you need them. However, a lot of companies do not separate their personal finances from the finance of their business. Everyone knows that mixing your personal and business finances in a single bank account is not a good idea, so always separate them.
If you are like many small business owners, your personal finances and business finances are mixed. If the two are intertwined, then business decisions can have a direct impact on your personal financial situation and vice versa.
Explore additional sources of funding
Protecting your retail store finances is one of the biggest challenges faced by small businesses. Growing insurance costs, cash flow shortages and general overheads often get in the way of long-term financial planning. For many, a bank overdraft is used to balance books and stave off insolvency, but you could be risking much more than just your overdraft interest rates.
Furthermore, as a business owner, you are personally liable for all company debts – which could leave your personal credit rating negatively impacted if the unexpected happens, and your retail store can face financial challenges that could threaten the success of your business over time. It’s important to explore funding options and solutions to help protect your profits in the long-term.
No matter how much you invest in your retail store, your ability to protect yourself and your store’s finances should be the most valuable investment you make. Protecting your retail investment is important, and hopefully, this short article has provided somewhere to start from.
A Great Start: How to Plan a Successful Business
While there is no denying that starting a business in any industry is considered a milestone and an achievement to be proud of, the prospect of trying to keep the business afloat during the first one or two years is another story entirely. It can be challenging enough trying to keep your business afloat by gathering clients and clout within the community, but preventing a new company from being overshadowed by industry giants requires passion and careful planning.
When you consider that the slightest mistake could lead to potentially devastating consequences for a new business, it is almost ironic that one of the most challenging phases of business management is typically helmed by inexperienced business owners.
Fortunately, you do not have to go in blind. Here are a few ways you can plan ahead for a successful business.
Knowledge is power
While it is common knowledge to gather as much information as you can about your industry, many startup owners end up focusing on the immediate needs of their business. Keeping in touch with the latest trends in your industry ensures that you have a wealth of knowledge to consider when you start making big decisions for your business.
It also helps to keep in touch with industry trends, as it allows you a glimpse at what your competitors might be into. For contracting businesses, it might be techniques such as using a precast retaining wall, and for restaurants, it might be a new superfood making waves as an ingredient in common recipes.
Focus on the loyalty of employees
For any business out there that makes use of employees, they are the lifeblood of a company. For startups, how your employees perform dictates whether or not your business falls flat. Fortunately, one of the tried and tested ways to bring out the potential of your staff would be through the use of employee incentives. It is all right to start small if you do not have the budget to go for an all-out incentive plan – the crucial part is your staff understands that you are looking out for them.
The moment your employees start thinking that you have no intention of providing an incentive, they will likely only give the bare minimum to keep your business going.
Look into reasonable coverage options
While it might not seem like an immediate issue, coverage is undoubtedly one of the most crucial aspects of building a business. The right type of coverage means you can focus on building your company without having to worry about legal issues potentially making your goals impossible to achieve. It would be a good idea to look into a business owner’s policy (BOP), as it typically combines coverage types your business needs while simultaneously being cheaper than the sum of its parts.
There is no denying that running a business and keeping it afloat amid a competitive industry is a substantial challenge. That said, the tips above can help you maintain a foothold and forge ahead in your chosen industry.
4 Ways To Encourage Health And Well Being In The Office
Your workforce is your most important commodity. It, therefore, pays to take good care of them.
Yet the latest statistics show that poor health and wellbeing measures in the workplace is the prime cause of absenteeism. As a result, enterprises suffer diminished productivity and turnover, and high medical, legal and insurance costs.
The World Economic Forum says work-related stress is a pandemic and costs the global economy £255 billion a year. Moreover, stress is the largest single predictor of absenteeism and poor workplace performance.
Promoting health and well-being in the workplace essentially revolves around four pillars; eating healthy food and drinking more water, managing stress levels, promoting mental health and getting sufficient sleep.
Offer Nutritional Snacks and Meals
Chocolate and sugary snacks may be more appealing but they are not good for the health of your staff or the productivity of your business. Sugary foods may provide an initial spike in energy, but quickly crash. This leads to fatigue and a deterioration in cognitive function.
The best healthy snacks contain protein, fibre and carbs such as nuts, banana cake and popcorn. Homemade energy bites and smoothies go down a treat as well!
According to the American Heart Association, sitting is the new smoking. Sedentary jobs increase the risk of heart disease and other cardiovascular-related illnesses.
Encoring employees to move around the office has been identified as a potential solution. Today’s agile office designs encourage employees to work in specified zones and take the stairs instead of using the lift.
Agile office designs also incorporate break out areas which encourage people to take the regulated 20-minute break every hour and refresh their brainpower.
It’s likely that all your employees know that exercise is good for them but few of them actually engage in physical activity. Motivation is the key issue – so why not poke your workforce with an exercise stick.
For example, you could organise weekly sports events, or encourage a work team to enter in local sports events such as 5-a-side soccer. Perhaps you can strike an arrangement with a local gym or yoga class, or install bike racks to encourage people to cycle to work.
You could also encourage your staff to download the Sweatcoin app which rewards people for walking. The app counts your number of steps and converts them into a digital currency directly on to your smartphone. You can then exchange the sweatcoins for merchandise and earn massive discounts.
Invest in Mental Health Strategies
Now it has come to light that mental health issues impact work performance, more companies are investing in strategies that place health and wellbeing of their staff at the centre of their workplace strategy.
Human-centric approaches include offering childcare benefits and e-coaching services that help staff manage stress. Virtual support systems for employees working from home also help people feel less isolated and part of a team.
Experts also advise employers to remove the pressure of targets. Stress can drive people towards drugs and alcohol as a coping mechanism. In doing so, their workplace performance suffers.
If you notice signs of workplace stress in your employees, you should seriously consider installing strategies that foster health and wellbeing. Companies that neglect their workforce will notice a drop in performance and a rise in absentee-related costs.
The Power of Color In Your Branding
Take a refreshing drink from your favorite soda pop brand or hop on a flight from your customer service-oriented airline service. Oh, you have a hankering to go on social media to see what’s going on and tell what is on your mind?
Remember that each of these brands has simple colour schemes but evokes different emotions and makes you think about their services and products.
In many cases, the more you see those similar colour schemes, the more you are likely to think about these brands and use their products and services.
One major component that you will notice is that these brands only come with simple colour schemes. They don’t vary their colours throughout your entire experience with them. If they choose a shade of blue, that is what you will see for their whole brand.
The power of colour psychology is something you should certainly pay attention to and utilize within your company life. Remember that simplicity in your brand’s colour palette matters in more ways than one and is of vital importance.
Let us learn more about the value of colour and the psychological catalysts entangled within it.
Every single powerful brand has simplicity and standardization in their branding from their colours to their websites and their various banners and physical advertising.
Experts at places like Banner World go as far to note that colour patterns and the overall implementation of these patterns can create or destroy the business perception.
Did you know that first impressions apply to brands as well? That people will have an immediate perception of your business within the first few minutes? That impression of your business and overall presentation will make them want to interact with your brand or will repel them.
Again, the major point here is that every single business must make sure to choose the right colours and pay close attention to how the print, push the brand, and create value for their consumers. The overall standardization and continuous push is what makes people see the brand and recognize it for what it is.
The right psychology makes a world of difference and enables people to see your brand differently.
Did you know that different companies conducted research into the value of colours in the latter part of the 19th century? That shows you that future-forward thinkers in the 1800s were thinking about the different reasons why one brand succeeds while another fails due to presentation.
One of the more astounding aspects of the research is that different dues might not trigger sales and may bring about a vast sense of success from the hue choice alone.
But why do you think that it is so? The primary reason is that people view the world differently and notice that it is subjective instead of objective. That means one colour might affect one person in one way while it affects another person in a different light.
Now, why is that, why are people seeing the world differently? The first point is that they might literally see the world in a different light because of their brain makeup. The second point is that people will see the world differently because everyone has different lives and experiences. That means that various cultural and life experiences will bring about different emotions with different hues.
Your particular hue choice will vary from who your audience is and the type of groups that they have an affinity with in their lives.
The truth is that there are some colours that evoke certain types of energy. For instance, red is associated with passion, energy, and even speed. Blue is a color that is in line with calm and tranquility and even trust.
When you think about the color green, you think about life and objects that are thriving and full of vigor.
We think about yellow and think about the sun.
Meanwhile, you would have a strong attachment to purple and the idea of nobility or royalty. For some reason that is what people see when they see these colours and that is how the perception for these colors continue to be in many cases.
What do you think is the best colour for your brand? You must ask yourself what you are trying to convey and who you are trying to reach. The colour choice must be something that can appeal to your community while establishing your brand as something that they can trust and build a relationship with for your product and service.
One major point here is that you must align your brand patterns to what is in line with consumer expectations. Remember that consumers have a certain expectation for your business and your brand choice, and they will respond accordingly.
Yes, that is right, it is all about the details, and colour patterns are a critical component of brand details.
Don’t stress out too much when it comes to your colours but make sure to think about how you can stay in line with your customers and move them when they interact with your brand.
Remember to have fun with it.
Social Media Stardom: Which Platforms Should Entrepreneurs Prioritize This Year?
How to Grow Your Brand Regardless of the Industry
Tips on How Your Business Can Overcome Economic Despair
- Blog2 years ago
3 Risks Every Business Faces Online
- Blog2 years ago
How to Protect Your Company Laptop While on a Business Trip
- Blog2 years ago
Your All-Important Guide to Selecting the Best Air Conditioning System for Your Business
- Business1 year ago
What You Need to Know Prior to Starting a Business
- Blog2 years ago
SEO Tools for Digital Marketing