Business

Key Ways To Help Reduce Your Risk Of Bankruptcy In Business – Law Office of Ronald D. Weiss

February 7, 2018 by Painter Mommy Leave a Comment

Bankruptcy in business is a topic that isn’t often discussed by businesses, primarily because this is something that should be avoided. Unfortunately, this doesn’t mean that the threat to bankruptcy in a company isn’t removed. It’s important to be able to understand how bankruptcy is a real threat to a business so more measures can be undertaken to avoid it. Below are some key ways to help reduce your risk of bankruptcy in business.

Knowing how these tips could work to help you reduce your risks of bankruptcy will be able to allow to set up proper plans to secure the financial future of your company. Understanding bankruptcy may not be the easiest thing to do, but it can be an efficient way to ensure there is some degree of preparation on your end for all eventualities.

According to Intuit’s Quickbooks, risk of bankruptcy in business is always present in whatever kind of industry you choose to be in and in whatever form your business takes. There’s no sure way to stay in the market forever, which means you have to be constantly on the move to make sure your assets and resources are placed and utilized correctly in order to avoid chances of bankruptcy. Below are some key ways to help reduce your risk of bankruptcy in business.

Get Alternative Revenue

One of the biggest reasons businesses have to file for bankruptcy is because the revenue generated out of the business isn’t enough to support its operations. Without the appropriate capital, businesses have to resort to debt and, given the lack of capital in the first place, the cycle can continue into a deadly spiral. However, this doesn’t mean having to resort to debt or lacking a bit of capital so low sales expectations mean having to close down immediately. You might be in need for alternative revenue.

When you say “alternative,” you can actually borrow the money from investors or ask them to step up for now and help you finance some aspects of the company’s operations. Their contribution can help ensure you can get the business back on track as you just need that push to help it regain its stability.
You can also start assessing the kind of sales, budget, savings, and deficits your business is earning in order to check which areas are lacking in terms of performance. This is especially important when you look at your expenses as you can see which areas of the business are you spending money on that don’t necessarily matter for now. For instance, are you insured in areas of the business you don’t currently need, or do you have subscription services you’re subscribed to but don’t use? These might be removed for now in order to save money.

Get Managerial Changes

Sometimes, when you’re seeing a problem in your business, it might be a sign that you have to change leadership roles in-house. Humans are creatures of habit, and sometimes ideas fail to spark and appear because your staff have gotten used to a certain protocol that don’t necessarily help in the long run. Gather your teams’ managers together and assess the kind of problem you have and what can be changed in the management’s outlook in order to get more positive changes in the long run.

These changes can simply be about how management runs things overall, but if you think the kind of push needed is by switching around managerial roles, this might greatly help in the future stability of your company in the long run.

Get A Consultant

When a problem is being tackled, normally things are kept in-house. After all, a company has got to be able to solve its own affairs, right? When it comes to finances, however, sometimes a little shift in perspective counts. If you think you’re having a bit of trouble managing your company’s finances, perhaps hiring a financial consultant can help make the kind of positive change you want in the company.

Try to get someone who has training in “revitalizing” companies within your industry. This allows you to get a fresh take on the issues you’re having as an outsider can get a better look at your company from an outside angle. Solutions your consultant may present don’t even necessarily require you to replace your staff.

Conclusion

Bankruptcy in business is something you have to avoid, but it’s a reality of business that has to be accepted. At one point or another, a business’s overall financial status will be too low to make a recovery, and bankruptcy can be an option. Understanding this reality can be the best way for anyone to work on a turnaround to be able to turn the tide and avoid bankruptcy altogether. This means knowing what goes on in business bankruptcy is perhaps the smartest approach in terms of finding ways to avoid it.

However, do remember that the ideas stated above shouldn’t be taken as legal or financial advice. It’s better to consult a legal and financial professional as they have the training necessary to answer your concerns on the subject matter.

Guest Post Author:

Monika Hall is a businesswoman and has been a law writer for the past 12 years. She is currently writing a new law piece and hopes to impart her knowledge to others in her writing. Monika is forever a creative spirit. She always expresses herself with creative pieces such as poetry whenever she has the time.

Self Employed Tradesman Insurance

October 10, 2017 by Painter Mommy 1 Comment

Self-employed tradesman insurance provides valuable cover for tradesmen and subcontractors. Roofers, plumbers, electricians, bricklayers, and other tradesmen have to work with their hands. You use power tools and heavy equipment. The risk of injury to self, others, and property damage is always there. There is also a chance that the work you do may lead to injury and damages after completion. Basically, there is always a chance that you may have to face liabilities arising out of one situation or another. Self-employed tradesman insurance helps you meet the costs arising from such liabilities.

Such a policy makes eminent sense, because unlike tradesmen employed by others, you do not have an employer taking care of the business’s insurance needs.

If you have to face a claim and you don’t have the backing of an employer, then you may have to do a bit of running around. With a policy in place, you have trusted people that you can consult and take appropriate steps. This is a huge benefit of self-employed insurance for tradesmen. You could be staring at a claim or multiple claims when you least expect it; if you have to pay from your own pockets then it could derail business growth, stress your resources, and also affect your personal life.

A well-rounded self-employed tradesman insurance policy is your ticket to a stress-free work life.

Look for a policy that offers the following types of cover –

Public liability insurance – This insurance is the bedrock of any tradesman insurance policy. It protects against claims made by customers and third parties for injuries and property damage. At the very least, you should aim for £1 million public liability cover. Your insurance company can raise this limit depending upon your needs. You can learn more about public liability insurance at Tradesman Saver if it’s something you know you need.
Financial loss – Insurance providers offer financial loss cover as a free adjunct to public liability insurance. It is a very useful cover to have. It protects you from costs arising from claims made for financial loss that does not arise from injuries or property damage. It is not difficult to visualize scenarios in your trade where such claims may be made against you.
Products liability – This is another cover that your insurance provider may offer free, along with public liability insurance. It comes in handy if the product you make or supply leads to personal injury or property damage. While this insurance is not a legal requirement, the insurance offers protection against a barrage of claims should an entire batch or more of products turn out faulty.
Legal expenses – This is a valuable cover to have. It gives you the ability to take legal action and face legal action without worrying about costs. This cover is meant for legal costs arising out of situations apart from injuries and damage. It covers employment disputes, property matters, tax litigations, VAT appeals, compliance issues, etc. The cover also allows you avail expert legal advice and run your business smoothly.
Employer’s liability – Employer’s liability is a legal requirement. It is invariably sold separately and not available as a free add-on. Employer’s liability works out cheaper when you purchase it bundled with other covers. This cover protects you from claims raised by staff injured in the line of duty.
Tools and equipment liability – Your tools and equipment are essential for your work. Regardless of whether you are a gardener, driver, or window cleaner, your tools enable you to earn a living. Tools and equipment cover for the self-employed tradesman extends to theft and damage. With this cover in place, you do not have to worry about paying for equipment from your own pocket.
Contractors all risks – As the name suggests, this is a comprehensive insurance for contractors. If your self-employed tradesman business involves accepting contracts then this cover is a useful one because of its scope. With this cover, you are insured for tools, construction site, temporary structures and hired-in property.
Business contents – This insurance covers expenses related to business contents, such as desks, furniture, fax systems, IT hardware, and software. As a self-employed tradesman, you depend on these things to stay in touch with clients, meet regulatory obligations, and ensure that you finish projects on time. Without business contents insurance, you could be looking at immediate and stiff out-of-pocket expenses.

3 Reasons Working Moms Need an MBA

November 24, 2014 by Painter Mommy Leave a Comment

There are plenty of obstacles that prevent working mothers from starting their MBA, let alone completing it. It’s because of these pre-conceived notions that many women who strive to improve their career options won’t begin to look at their opportunities. How can one complete an advanced degree all while trying to balance work, family, and life obligations?

Although it may sound difficult, obtaining an MBA online, no GMAT required, from an accredited online school like Marylhurst University is easy. It creates options that allow working mothers to focus on what’s most important in life: their families. For those considering taking the plunge, here are the top three reasons working mums should consider obtaining their MBA today.

An MBA Shatters the Glass Ceiling

The executive suite in any corporation can look more like an old country club instead of a progressive, forward-thinking company. Think about it. How many executives at any company are women? Having the initials “MBA” beside a title can break that barrier between being an employee and being a leader, opening up major career growth opportunities. Plus, the MBA process can teach many critical leadership skills such as negotiations and defending marketplace ideas.

Increase Your Career Opportunities

The “Great Recession” put everyone on guard of what would be coming next. And recent studies suggest that while employers are hiring, wages for mid-level professionals aren’t growing. Having an MBA is an investment in one’s self: it is an expression to an employer that a professional has dedicated themselves to constant education about their trade and understanding what success looks like at a high level. Even if the economy turns negative again, mothers with advanced degrees will have greater opportunities through experience and education. This allows continued career growth and more job opportunities.

Focus on What Matters Most: Family

At the end of the day, family matters most. That’s not a bad thing. Instead of struggling to balance both, many MBA graduates find that they have a greater work-life balance than those who may not. It’s true that MBA positions come with increased responsibility, but these positions come with a certain amount of flexibility as well. This allows working mums to be there for their family when they need, instead of being forced to precariously juggle both family and work. Getting an MBA is not just an investment in one’s self, it’s also an investment in family security and stability that will pay dividends in the years to come. Besides, nobody remembers what happened at work, but they will remember the time spent with family.

No matter what reason a working mum has for pursuing an MBA: career stability, promotion opportunities, or spending more time with family, there is no wrong reason to start an advanced degree today. With online accredited programs becoming more available, the MBA is becoming accessible with a minor time commitment, and is critical to future success across priorities.

Image via Flickr by Brett Farmiloe

Build the Best Home Office Space

December 20, 2013 by Painter Mommy Leave a Comment

Attempting to turn your home office from a boring utilitarian space into a private creative pad? You don’t need to spend a lot of money to make your alcove come alive. Here are a couple of innovative ideas that will make you open for business in a brand new way.

Add Multiple Monitors

Using multiple monitors in your home office can be godsend for multi-tasking. It allows you to have more windows open at the same time, such as a chat/IM, Skype, social media, Word documents and a web browser.

Functional Corner Desks

A desk is the heart and soul of any self-respecting home office. Corner desks generally contain a whole range of compartments, shelves and drawers for all your filing and office wares and are a good space-saving option if you’re limited on this account. Plus having two work spaces which you can switch between easily may well turn out to be a great aid to productivity.

All of the Peripherals

Consider getting spare batteries for your wireless mouse and wireless keyboard. Also it’s wise to invest in a back up device, cloud storage or a server to back up all of your important files. Make sure that you check wireless your set up properly in order to get the best speed out of your router.

Correct Lighting

Consider a multi-use approach to lighting. Various research studies have indicated that either natural light or soft ambient lighting works well for stimulating creativity. Whereas for the close-up, intensive work of architects or drafts-people, a strong spotlight works best, although you can buy daylight bulbs to fit these with.

Beware of Distractions

If you don’t have a physically separate room for your home office, then delineate the space as separate by the use of furnishings. Keep a set timetable for tackling work tasks and don’t be tempted by distracting leisure activities.

At times, it may seem as though you need superhuman levels of concentration working from home. However with the right work space, it’s all feasible.

IT Support for a Small Business

September 12, 2012 by Painter Mommy 1 Comment

Today’s small companies utilize a wide variety of electronic and technological devices to communicate and conduct business, both internally and externally. As with any form of technology, problems can and do occur, necessitating specialists in this type of equipment and processes to step in and assist the small business user.

Information technology, more commonly known as IT, involves the maintenance and repair of various systems, as well as providing any assistance to the users that might be required. IT support specialists focus on making a business more efficient, speeding-up computing processes and technological functions that might otherwise slow and even reduce productivity.

Common Computer Problems for Small Businesses

Most small businesses share common IT problems relating to their system hardware. They typically include outdated equipment in need of upgrading, low-performing hardware and hardware with a history of unreliability. These issues may only require minimal updating and adjustment in order to achieve maximum performance, but attempting to carry out such tasks without experience and training could result in damage to components or to the system as a whole. Employing an IT support company will ensure that upgrades are carried out efficiently and with the minimum disruption.

Other issues that IT support can assist small business owners and employees with include organizing and managing system files and data, virus removal and protection, system monitoring and security, remote access hosting and management and data recovery, either after a system crash or as the result of a cyber-attack.

IT support specialists can also be invaluable as an educational resource for employees. Having a knowledgeable professional at your disposal enables employees to learn the systems and processes they use to carry out their job more effectively and to access accurate help when it is needed. Having technical assistance at hand can also relieve a great deal of workplace stress, allowing employees to be more productive and positive.

Benefits of Outsourcing IT support

The current global economic crisis has raised major cost concerns for small businesses, leading many to cut corners in various areas, including important and vital functions, such as IT support. For many businesses, maintaining in-house IT support has become too expensive. In order to protect computer systems and keep the business running smoothly, outsourcing IT support has become a popular and cost effective alternative.

Outsourcing IT support can be extremely cost-effective for both the support company and for the business utilizing them. IT support companies that outsource to other less-expensive countries have the advantage of being able to employ more specialists for less money, thereby opening more assistance opportunities to the companies using their services.

For the small businesses employing the services of IT support companies, the easy and less-expensive access to support and assistance enables their employees to focus more on the core activity of the business and on increasing overall productivity, while still being able to access the technical knowledge and expertise of specialists. The result is a high level of technical support and access for a much lower cost. Outsourcing IT support also frees up funds within the company that might otherwise be expended providing in-house support.