Questions to ask before starting a business expansion project

Questions to ask before starting a business expansion project

Aug 5, 2017

New projects in the form of new services and products is a good way for businesses to reach untapped markets and increase revenue. However, it is important that a new business project is sound and well thought of for it to make money. Here are some questions that you should ask before starting a new business expansion project. What am I going to achieve by expanding? – Consider what you will need to expand your current operation. For example, will you need more equipment, extra room and how much will these changes Do I have enough financing to expand my business? – Your plans will require funding, therefore look at how you intend to finance your operation. Start off by accounting for all the costs that you know off and look at how much money you currently have for your new project. Will I be able to afford to hire new staff members? – Expanding operations means that you will need extra employees to manage your new project. Finding the right staff a time-consuming task but one that should be done correctly. How will costs increase permanently? – Additional equipment, space, and staff will mean that your costs will increase. Remember that most of these costs will be consistent costs until you make a profit from the project. Do I need additional financing? – Look at how much funding you will need and how best you can access it. Researching different methods of getting a business loan is a good way to get a loan with the lowest interest....

The Future of Payment Processing

The Future of Payment Processing

Jul 26, 2017

Today, there are many ways or a merchant to accept money to process a transaction. If you manage a brick and mortar retailer, then you’ve seen cash, checks and credit cards all used as tender on a daily basis. More and more, shops are also seeing a new form of payment that comes from digital wallets. These new innovations may soon be the standard for all payments around the Web, and in store. How Digital Wallets Work Essentially, digital wallets utilize a device (usually a smartphone) to send data to another device. Sometimes, both devices are phones (or a phone and a tablet), but registers are increasingly able to handle this type of transaction as well. Chips on the devices help to encrypt the data that is sent from one device to another. All the user needs to do is keep his device safe from theft. Even if the device is stolen, the user can wipe account data remotely and change the password on the digital wallet. Sophisticated features on the phone often prompt the user for credentials when utilizing the payment. In addition, the user also has the option to limit the funds placed in a digital wallet. Wallets are linked to the user’s bank accounts, so customers will funnel money between the two accounts. The wallet will hold money from international transactions as well, such as payment for contract work. The future economy will rely on digital payments, which offer faster transfer rates and a more secure exchange of money to people around the world. Expanding into Retail According to Charge.com, the demand for retailers to accept diverse methods of payment is growing. More consumers want to use a digital wallet, a debit card, cash or smartphone payment methods interchangeably. That’s put a great deal of pressure on retailers to adopt new technologies that can meet this growing demand. In addition, smaller shops struggle implementing systems without proper support. A strong merchant service provider usually provides a robust support system, including installation assistance, in order to set the system up and ensure some success using it. That said, this is new territory for many retailers. Training employees to meet customers out on...

6 Questions to ask before choosing an office space

6 Questions to ask before choosing an office space

Jul 2, 2017

Choosing an office space is an important decision as it can impact your sales, your employees and the success of your business. Here are some important questions that need to be answered before choosing office space. Is there room for my company to grow? – You should not only consider your immediate needs but also look at your space needs for the next few years. Is it the right location for my key employees? – Although you may not be able to find a location that is convenient for all your employees, you should consider a location that is suitable for your key employees. Before selecting a location, speak to your key employees and take their opinions into consideration. Is the location convenient for clients? – Your clients should be able to access your office with ease. Sometimes a smaller location in the city maybe a better option for your clients than a larger office space in the suburbs. Does this office send the right signal? – Your office space should match how successful your business is. In other words, the décor and the location must be affordable and within the company’s budget. Are there hidden costs I’m not considering? – Look at other expenses like rent, utilities, construction costs and moving expenses, before choosing your location. What is the parking situation? – You need to provide your employees as well as your clients with parking spaces that are...

5 Financial survival tips for small businesses

5 Financial survival tips for small businesses

May 2, 2017

Small businesses often struggle to receive funds to start or maintain their business and therefore statistics show that most small businesses fail within the first five years. Here are some simple tips that will help a small business make great business decisions and survive in the process. Start small – Although small businesses start off with a lot of passion and momentum they can sometimes invest all their money too quickly. Instead of following this approach, look at growing steadily but slowly. Therefore, hold off on new office space and brand new equipment and look at how your business grows before investing. Happy employees – Happy employees are an asset as they will get people talking to understand and rectify grievances and create an environment that is customer oriented. Bank loans – Look at creative ways to keep your business running and try avoiding bank loans. Bank loans can eventually cost a lot more, and most small businesses will struggle with the extra interest. Instead, look at peer lending, crowd funding and other modes of funding. Credit card payments – Before you accept credit card payments, analyze your customers and their payment habits. Some businesses will benefit from accepting credit cards, and others may not need it as most of their customers pay by cash or check. Not accepting credit cards will save the business money as charges for this service can be...

The Benefits of Split Payments

The Benefits of Split Payments

Apr 26, 2017

When your customers shop online they expect to be able to pay with any form of payment they chose, and without much hassle. If you configure payment processing to accept split payments, you can accept more than one credit card without much of an additional cost to you. You close the transaction, the customer gets to pay with the payment methods he or she prefers, and you’ll save cash on each transaction with the right payment processor. Speedy Checkouts The customer will appreciate that split payments are speedy, especially if you allow him or her the option to save payment methods to an account. If you allow customers to create an account, and save their cards for transactions, then credit card processors will be quick and efficient. Plus, the account is password protected, so the information is secure as long as the customer chooses a strong password. Closing the Deal Customers who can’t afford to put the costs of a big ticket item all on one card will close transactions if they are allowed to split a remaining balance on another account. Retail outlets don’t run into this problem because their credit card readers typically allow for split payments. This is also beneficial for customers who want to place orders for a friend, or under a business account. Allowing multiple forms of payment works with the customer’s wishes. Saving If you choose the right payment processor, you’ll save money on the transactions you split payment methods for. Avoid flat fee processors and you’ll usually save. That’s because flat fee payments will charge you the same rate, even if the bank charges a lower rate to use a particular payment method. Money transfers are a good example, where the cost of a transfer on an interchange plan will usually be reduced. Bio: Charge.com offers free credit card processors and software, so you can accept credit cards online quickly and...

5 Reasons Your Employer Should Give You Free Lunch Everyday

5 Reasons Your Employer Should Give You Free Lunch Everyday

Feb 5, 2017

Article Written by : Financial Haze A new trend has emerged where companies are offering their staff free healthy lunches. There are many benefits for the employer as well as the employee by offering this benefit. Here are five reasons why employers are offering free lunches to their employees. Increased employee morale – Employers have noticed that by offering free lunches their employees, morale has soared. The free meals caused an increase in productivity that outweighs the cost of this benefit. You could also stand out from your competitors as an employer of choice because most job seekers will choose your company over a competitor who does not offer this benefit. Stronger connections between employees – When different departments and grades of employees sit together they have stronger connections with each other. This helps employees to interact better with other staff members from different departments. Increased productivity – Employees will not have to head out of the office to get their lunch and will, therefore, have more time at the office. Offices that offer healthy meals have also noticed an increase in employee activity and concentration, after offering this benefit. Healthier workforce – Healthy employees will cost the company less as they take less leave, are more productive and cost less regarding health insurance. Tax benefits – Most companies will be able to deduct their yearly spend on this benefit when they settle their taxes. Although there are requirements if an employer offers lunch, snacks and drink they can deduct these costs from their income tax....