Tag Archives: Corporate Business Solution

Setting Up a Business Phone System

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Don’t wait for your landline to be set up by the phone company. You can set up a business Phone system in a matter of minutes. That you only need an internet connection is the finest part.

A dependable and easy-to-use internet phone service such as Nextiva provides more than 35 features for business phones. The setup and installation of a fully functional VoIP (Voice over Internet Protocol) phone system involve the following processes.

1.   Log into Your Administrator Dashboard

The first thing you ought to do when joining a new service provider is for you to go into your administrator dashboard. Have a good understanding of the features of your phone system that are at your disposal. Make a list of possible questions to put to your point of contact.

You can manage your business lines and create your team through this platform. As a result, you need to decide who you want to serve as the phone service’s backup or a principal administrator.

2.   Define Hours for Business

It could take some time initially to design and implement a timetable for your vacations and business hours.

It’s clear that the job isn’t the most pleasant. However, these schedules are followed by automatic features like auto attendants and call forwarding. Create them early to save a ton of time and work later.

You won’t have to be concerned about managing phone lines during lunchtime or vacations. Have the appropriate call routing and message at the appropriate time without ever pressing a button.

3.   Configure Voicemail and Team Extensions

You can set an extension for every feature and everyone with your Voice over Internet Protocol (VoIP) system. This could be perplexing. A structured system for extensions might be beneficial in this situation.

The placement of the initial digit can be defined. The warehouse has 3000s, Satellite Office has the 2000s, and HQ has 1,000s, etc.

If you have fewer than 200 people in each office, limit user extensions to 1–200. Make 300-call groups and automated attendants. Additionally, you can create 999 group page numbers for all offices and call centers.

4.   Create Call Flows

Business experts like www.cbs-cbs.com say that it is critical to have a good understanding of how callers feel when they contact your business. Making the experience pleasant will result in repeat business and happier callers.

Ask yourself the following questions:

  • What would happen if a caller dials my primary toll-free number?
  • Do customers receive a message?
  • Is a live receptionist handling their call?
  • How can I reduce transfers of calls before a problem is fixed?
  • What could aid in making a sale in a single phone call?
  • How can I turn a call center experience into a lifelong client?

Create your call flow using a drag-and-drop interface on a canvas. Additionally, save your call flow so that you have a record.

5.   Enable Advanced Auto Attendants and Call Routing

Let’s now look at more sophisticated features, like hunt groups with numerous agents active at once.

Once an agent is available, calls can be held in call queues. Many callers can continue their conversation rather than terminate or leave a voicemail.

6.   Forward Calls to Local and Toll-Free Numbers

Contact your former supplier as soon as you’ve implemented your call flow. Request that they route any incoming calls to the temporary numbers provided by your new service provider from your business’s phone numbers.

Doing this allows you to utilize your new calling system before your phone numbers are transferred from your current carrier to your new one.

7.   Turn On Call Recording and Custom Greetings

Do you want to give your business calls more style? Here are some ideas:

  • Before your agents pick up the phone, purchase recorded audio tracks that are professional for your auto attendant.
  • Include customized greetings for your small business phone systems to appear more sophisticated and larger.
  • You can store call recordings for up to six months by enabling call recording. On request, longer durations are available.

Conclusion

That is for setting up a business phone system. With all these tips mentioned above, you can set up a professional business phone system.

How to Plan the Perfect Business Meeting

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Business meetings are the bloodline of any organizational setting. Business meetings are proven valuable tools used to keep track of the actions taken by companies to achieve their objectives and goals. Well-planned business meetings foster teamwork, aid in the exchange of ideas, fix issues among team members, and produce business growth.

No matter the size of your company, business meetings can help you evaluate your progress toward achieving your objectives and goals. Since organizations cannot thrive without business meetings, the ideal approach is to think about how to plan perfect business meetings that will be beneficial to the organization.

Below are five tips on how to plan the perfect business meeting:

1.   Decide If a Business Meeting Is Truly Necessary

First of all, determine whether planning a business meeting is essential first. We frequently believe that the best method to have a discussion or exchange information is in a formal setting. If you can simply gather a few individuals in your office for 15-20 minutes to give the news or deliver it through email, conference call, or other means, it’s generally best to forego the formal business meeting entirely.

2.   Invite Only Those Whose Presence Is Genuinely Needed For the Business Meeting

Have you ever been invited to a business meeting and wondered why you’re there halfway through? Inviting individuals to a business meeting they don’t need to attend wastes their time. That business meeting won’t be productive. Does an accounting representative have to be present at a business meeting to respond to questions about the budget? Invite one accounting employee who is well cut out for budgeting.

You don’t have to invite a supervisor or colleague to the actual business meeting if, at the end of the meeting, you will have to let them know what was discussed during the business meeting. All you need to do is write up a meeting recap and send it to them later. They will enjoy the time-saving benefit. You can rest assured that they are fully informed of the things discussed in the meeting because you put the information in writing.

3.   Send Out Reminders for the Business Meeting

Life is jam-packed and scheduled activities fill calendars quickly. Send a reminder for the follow-up meeting three days before the business meeting. The people who will be around for the meeting can then confirm their attendance or let you know if they have changed their plans. If need be, this will help you reschedule the business meeting.

4.   Have a Clear Agenda for the Business Meeting

You should establish what will be discussed to plan perfect business meetings. What is the meeting’s purpose? What goals do you have in mind? Prepare a meeting agenda in advance and give it to those attending the business meeting. Include a short list of topics to be covered along with the start time. Avoid creating a lengthy, excessively comprehensive agenda for your own meeting. Name any personnel who will be in charge of reporting on a specific topic.

Keep in mind that this is vital not only for the attendees but also for you. It would be easier for you to stay on a specific topic if you have an agenda in place.

5.   Be Specific with Expectations

Experts at Corporate Business Solutions recommend that you be specific about the meeting’s goals and expectations when you initially announce them. Will there be a power-point presentation at the meeting? Will attendees be required to take notes? Or is every employee required to attend a brainstorming session and bring suggestions and ideas?

Interacting and exchanging ideas are encouraged and often the primary goal of meetings in today’s collaborative workplace environments. Employees may not be required to participate in certain company cultures; they may only listen and return to their desks. In other businesses, employees are free to participate.

You should send out any necessary reading or other materials you want the attendees to review at the same time you’re outlining your expectations. Thus, when they arrive at the business meeting prepared, there will be no surprises.

Conclusion

The perfect business meetings keep you motivated and engaged, offer accurate information, and point you in the right direction to accomplish your goals. The tips mentioned above will enable you to accomplish that and improve the effectiveness and efficiency of your business meetings.

 

 

 

How to Create Healthy Competition among Your Employees

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Humans naturally want to share, compete, and work together. Businesses that have effectively cultivated a positive workplace culture capitalize on this social desire. They accomplish this by encouraging healthy competition at work.

According to research and Corporate Business Solutions Reviews, healthy competition among your employees inspires them to work more. The competition also improves psychological skills, forcing the body and mind to work harder.

Workplace competition can be healthy or unhealthy. Here are some tactics to make sure that healthy competition is implemented among your employees. Before delving into that, let’s answer an important question first.

What Does Healthy Competition At The Workplace Mean?

This is the kind of competition that prioritizes individual success and considers team success as the ultimate aim. A competitive spirit comes from a growth mindset and encourages an optimistic outlook.

Tips To Create Healthy Competition among Your Employees

1.   Gamify the Competition among Your Employees

The application of game mechanics to a non-game setting is known as gamification. Make it more enjoyable by including components like points, scores, leaderboards, scores, and incentives.

For instance, research demonstrates that a fun work environment inspires people and lessens stress. Workplace fitness competitions are a great example of gamification. Employees can view their performance on the leaderboard and receive points for working out.

2.   Prioritize Rewarding Your Employees Rather Than Humiliating Them

You should encourage healthy completion among your employees by prioritizing rewards instead of humiliating them. The fear of being criticized for poor performance or subjected to public humiliation produces an atmosphere of worry and stress.

In such stressful environments, employees do not thrive. The competition’s goal is to inspire employees to work hard rather than to demotivate them.

3.   Setup a Culture That Fosters Open Communication

Healthy competition among employees in the workplace depends on open communication. People should be able to discuss their opinions, engage in productive arguments, and express themselves freely.

Competition at work is a means of uniting the workforce. An open-door policy will enable workers to learn from each other. Additionally, it promotes workplace learning and improves visibility.

4.   Give Unbiased and Honest Feedback

The competition among your employees should include feedback. Feedback controls the quality of work, while competition increases output. Every business needs to have a mechanism in place for providing unbiased and honest feedback. Employees desire to do better, but they can’t unless they understand what needs to be improved.

5.   Set Measurable Goals

A company employs a diverse collection of individuals with a range of skills. Goals that are too ambiguous, like “the highest-selling representative,” might demotivate people who are still improving.

To level the playing field, it is crucial to set measurable goals like “the first representative to sell five products.”

Benefits of Healthy Competition among Your Employees

Employee performance is influenced by healthy competition in the workplace.

1.   Enables Employees to Adopt Challenging Goals

In the workplace, competition among employees is not limited to competition with coworkers; it may also be competition with oneself. Because of this, a company with a competitive workplace regularly raises the performance benchmark and challenges people to meet it, creating a habit of consistently aiming for greater objectives.

2.   It Improves Collaboration among Your Employees

Competition among employees inside the company can be developed through team activities. For example, the Homes of Clayton, a significant home builder in the United States, organized a contest for their sales crew.

3.   It Encourages Innovation among Your Employees

Your employees are more likely to come up with novel solutions to win in a competitive setting that is exciting. According to research by HBR, employees said they would use innovative methods, like developing new technological processes, in a healthy competitive atmosphere.

Conclusion

Healthy competition among employees at work has excellent benefits, which depend on its primary goal. The ultimate objective is to increase revenue growth while attracting clients and boosting sales.

But the goal of building a competitive atmosphere is to encourage open communication, flexible corporate culture, and innovation. Long-term success results when competition among employees in the workplace inspires an ideal culture.

 

 

Common Mistakes to Avoid As a Small Business Owner

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Mistakes are frequently frowned upon in society. We are advised to hide our mistakes or place the blame elsewhere to free ourselves from the terrible responsibility of making a mistake.

Most individuals are scared of making mistakes, which prevents them from starting a business. Here is the trick: mistakes in business don’t slow you down; instead, they direct you toward a more advantageous course.

Viewing your mistakes as opportunities for learning is among the best confidence-boosting techniques. After all, you will make several blunders in the business world. While mistakes are inevitable, you may prepare for some of them. To offer your business idea the best chance of success, this post will walk you through some common mistakes to avoid as a small business owner.

1. Failure to Write a Business Plan

A lot of people have faith in their business idea. The issue is that they can’t know for sure whether their business idea is realistic or not until they draft a business plan. The primary objective of a business plan is to achieve that.

Even though it takes a lot of time and requires extensive research, investing some time now will save you a lot of money and time.

2. Failing to Validate Your Business Idea

Not conducting market research is one of the major mistakes you could make when launching a new business. Competition might come from smaller companies that sell the same goods as you or from industry leaders like Amazon and Walmart. You want to become familiar with the opposition and fully grasp how you might set yourself apart from them.

Sometimes business owners enter a niche industry without first deciding if they are a suitable fit. Sometimes, a niche has too much firmly established competition and little to no demand. If so, you might not want to start a business in that line.

3. Having Too Many Products on Your Plate for Sale

Business experts like Corporate Business Solutions Reviews agree that having too many products on your plate for sale is a huge mistake. Sometimes store owners would add more products to their business if one doesn’t sell well to draw in new customers. This is not always beneficial.

Imagine you run a shop where recyclable, eco-friendly bags are sold, but nobody buys them. So, you increase your eco-friendly products from your supplier. The result is a collection of goods that have nothing in common but being environmentally friendly. It would be challenging to draw in the right customers if your branding focuses on bags rather than other environmentally friendly products.

The mistake here is more related to a branding blunder than the actual product. Developing a brand is crucial because it shapes how customers view your business and are just as significant as the goods you offer.

4. Refusing to Hire

The predominant school of thought for most small business owners is doing it alone.

You will likely accomplish everything yourself if you are running your own business. You built the website, played around with it, uploaded the products, wrote the product descriptions, and handled all of the marketing… a magnificent one-person performance. The issue is that while handling everything yourself is excellent, it takes a lot of time and effort, preventing you from focusing on other important business matters.

5. Being Ignorant of Your Target Audience

Finding business product ideas and understanding your customers are the two components of doing effective research. The tough part of this is that while it’s possible to have consumers first and then create a product, it can be quite challenging to do the reverse.

When researching a niche, the most common wisdom advises looking at analytics and statistics, which is extremely necessary. Finding the ideal consumer and creating a customer profile is another crucial step that most business owners overlook.

Conclusion

If launching a business is in your near future, realize that it is a process rather than an immediate event. The chances of your new business prospering will be much increased if you devote time to performing the planning and research, as well as avoid the common mistakes in business mentioned above.

 

 

 

 

How to Motivate Your Employees to Work Better

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In any company, there will be days when managers or employees lack motivation; nevertheless, by following these 10 simple actions, you can prevent creating demoralized employees. Making your employees feel excited and passionate about working every day and spending time with you and their colleagues are proven ways to motivate them to work better.

Achieving a high level of employee participation and work engagement doesn’t have to be a challenge anymore. Here are 10 wonderful strategies you can use to motivate your employees to work better:

1.  Create a Friendly and Comfortable Work Environment

Your team members spend a significant portion of their lives at work. Therefore, make an effort to make the office as inviting and welcoming as possible.

Your employees would be extremely happy to go to work daily if you provide a friendly, comfortable work environment.

2. Acknowledge the Achievement of Your Employees

Every individual wants to be acknowledged for what they have accomplished, whether for a company or personal accomplishment. An employee will value upper management praise for a job well done more than you may imagine. Never forget to acknowledge others when they deserve it.

3. Reward Your Employees

Sometimes it will require more than just a slap on the back. When rewarding active employees, consider using clear incentives.

Rewards do not always have to be monetary. Simple things such as a week of having a designated parking space at work would suffice. Employee rewards may also be included in the extra benefits offered by the business.

4. The Secret Is Positive Communication

Everyone talks to each other at work, so talking to your employee is likely the simplest thing you can do. However, it might also be the most challenging. Spend a brief time daily talking to your staff members and addressing anything from ideas to individual concerns.

In addition to making your employees comfortable, doing this will give you access to their valuable business expertise.

5. Promote Healthy Competition

Friendly competition among employees wouldn’t hurt. A competitive work environment promotes productivity. Encourage your employees to take part in challenges or competitions since they are fun and can foster a sense of teamwork.

Friendly competition between teams promotes employee participation and staff engagement.

6. Have a Worthwhile and Meaningful Goal

Company owners should ensure that their companies have an individual and corporate vision and goal. Employees can strive toward a goal if they have a path laid out in front of them that could result in promotion. These achievable goals are particularly beneficial since they motivate employees to work harder on their own initiative.

7. Create a Well-Defined Career Path for Your Employees

Team members are more motivated when they know the benefits or incentives offered. This will result in an increased commitment and dedication to their employer. When you allow your employees to develop new skills, both your company and they as individuals will benefit more.

Give your staff the training they need to grow in their careers and get acquainted with industry news and the latest technologies.

8. Be a Leader That Others Want To Follow

Business experts like Corporate Business Solutions Inc. have proven that employees look up to their employers as leaders to act as role models for the rest of the team. Leaders typically set the company’s values and tone. This could have a significant impact on the employees’ mentality. Positive thinking is contagious, so if managers lead by example, staff members will copy them, and the workplace environment will become more inspiring and motivating.

9. Encourage Collaboration

Work to eliminate any hierarchy and bureaucracy within the organization. Foster openness to fresh ideas at all levels and encourage collaboration to keep people engaged.

10. Welcome All Ideas from Your Employees

Everyone is unpredictable and unique, and each person has different desires and, in some cases, complex ideas. No matter how absurd or pointless they seem, never dismiss ideas or proposals.

No one technique can ever be expected to satisfy all of your employees at once. Sooner or later, a seemingly foolish idea might be developed into something spectacular.

Conclusion

With these 10 simple strategies, you now understand how to motivate your employees to work better. Remember, never underestimate the value of an employee who looks forward to going to work. Your employees should be motivated to work.

 

Business 101 – How to Properly Manage A Small Business

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It’s thrilling yet risky to start or manage a new small business in the cutthroat business world. Every day, small businesses are launched by an entrepreneur with a burning desire to tackle a particular need.

Running a business requires more than just having a solid idea. Every company, regardless of size, is constantly worried about management. Every business must have an effective management system to survive.

To make their enterprise a success story, small business owners must be well-equipped with managerial skills and talents. Keep reading to discover helpful techniques for effectively managing a small business.

1.  Proper Time Management Is the Key

You should be aware that time is your most valuable resource as a small business owner. Money can be lost and then recovered. However, you cannot recover time.

Every day, keep a proper record of the activities you spend your time on and aim to eliminate any that are not producing or contributing significantly to your organization. This can help you identify your biggest time wasters.

The 80/20 Pareto Principle rule is a good technique for deciding where to invest more time. The 80/20 rule essentially states that only 20% of your efforts will provide 80% of your results.

2.  Have a To-Do List and Be Organized

You must maintain extreme organization as a small business owner. To help you stay on track, develop the practice of making a to-do list. It’s pretty simple to manage and keep track of daily activities, including those of your staff, with a To-Do list.

Three categories should be considered while creating your to-do list: one for tasks you must complete today, another for things that require your attention but can wait. Create a final category for quick chores and commitments you can complete when you have extra time.

3.  Hire Based On Attitude and Train for New Skills

We live and operate in a world where a company’s ability to thrive depends on hiring staff members who will stop at nothing to keep prices down and quality up and constantly be on the hunt for fresh opportunities to provide value for the company’s clients.

Even in the most technically demanding positions, skills alone are only one component. Many companies have made the error of selecting employees based more on competence than attitude because they believe they can re-engineer any negative attitudes through advanced training programs.

Don’t misunderstand this point; if you need to hire a technically trained person, ensure they have the fundamental technical abilities needed for the position. However, you also need to make sure the person has the correct attitude and fits the company’s culture.

4.  Assign Tasks When It Is Necessary

Business management experts like Corporate Business Solutions always recommend that business owners give up control of the things they’re not good at. Do what you do best and ask for help with the things you don’t enjoy doing.

The desire to outsource some of your tasks so you can concentrate on expanding your business is the first step towards effective delegation. Many small business owners struggle with delegation. It’s a complete departure from what most business entrepreneurs do when their companies are just starting out.

5.  Make Adequate Marketing Investments

While expensive to maintain, marketing is also unquestionably vital. However, you must invest in marketing your company if you want it to expand in any way.

What if you don’t have a lot of money to spend on marketing? You can utilize a lot of marketing strategies that won’t break your tight budget, so don’t panic.

Word-of-mouth marketing is effective if you have a quality product or service, but it’s frequently insufficient on its own. Other proven and effective digital marketing techniques can strengthen it, such as Search Engine Marketing, Content Writing, Media Marketing, and many others.

Conclusion

Nothing is more frustrating than a manager or business owner who lacks management skills. Managing a small business requires you to wear multiple hats and maintain your attention on a variety of tasks. These techniques would assist you in maintaining your attention on the most crucial elements of your small business and keep you moving in the right direction.

 

 

Important Business Management Skills You Need As a Small Business Owner

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Running a small business is a tough and occasionally exhausting job. The satisfaction of eventually seeing your own business succeed makes the struggle worthwhile.

For a business to succeed, you must keep in mind that you will be in control of your team. This indicates that you will need to have management skills. Even though you will require various abilities to manage your business and team, there are six crucial ones you should start developing immediately.

Decision-making, motivation and delegating, communication skills, conflict management skills, emotional intelligence, customer service, etc., are some examples of managerial skills you need as a small business owner. Keep reading to find out why we highlighted these skills.

1.  Decision Making

Decision-making is one of the most crucial managerial skills you need to learn to operate a successful business. The capacity to act quickly under pressure and, more crucially, to act correctly will make a difference.

You must also understand the effects of your choices. You must explain to your team the potential effects of your choice on the business and all parties concerned.

2.  Motivation and Delegation

Delegating responsibilities and motivating your team is another important managerial skill you must master. This necessitates a thorough comprehension of the weaknesses and strengths of each and every member of your team. Without this understanding, you can end up giving the wrong individual responsibility for essential tasks. Delegating tasks will enable you to optimize their capabilities and outputs effectively.

Team motivation goes hand in hand with effective delegation. It can be challenging to encourage your staff to maintain focus and advance the company’s objective. Each person’s innate drive to accomplish their goals serves as their source of motivation.

However, this drive must come from team leaders and business owners. The greatest strategy to guarantee that your personnel will contribute to the business’s aim is to operate with clear performance standards.

3.  Effective Communication Skills

Effective communication is a skill that is necessary for life as well as in business. It is important to remember that communication involves more than just sending messages. Effective communication requires careful attention to one’s tone of voice, body language, and facial expressions.

Additionally, a component of this management skill is actively listening to your team members, clients, and collaborators’ thoughts and suggestions. Effective communication skills can influence your small business’s success.

4.  Conflict Management Skills

Conflict management is a management skill that is frequently grossly underrated. You are responsible for handling and resolving any internal conflicts as well as those with your clients or partners. You also need to acquire conflict managerial skills to recognize and understand possible disputes.

Doing this can avert a dispute that might interfere with corporate operations. Additionally, the effectiveness of your team will be improved by effectively dealing with and resolving conflicts.

5.  Emotional Intelligence (EQ)

Any business owner needs to have high emotional intelligence. You will be interacting with people all day, whether with partners, suppliers, or clients. You can develop closer relationships by being able to read their emotions.

Being a business owner is not an easy task, so you must also be able to understand and control your own emotions. Making decisions will be simpler if you are confident in who you are and conscious of your position, especially under pressure.

6.  Customer Service

A thriving business depends on providing excellent customer service. If your company doesn’t offer exceptional customer service, no matter how many clients you attract, they won’t stick around. Business management service providers like Corporate Business Solutions Inc. will always tell you that compared to keeping current customers, gaining new ones is far more expensive.

Every small business owner ought to be able to deliver excellent customer service. This entails discovering appropriate ways to handle angry clients and critical feedback and how to pay attention and react quickly.

Conclusion

That wraps up important business management skills you need as a small business owner. While there are other management skills to discuss, these are the fundamental ones every small business owner must have to thrive and succeed in business.

 

What Are Business Analytics – Why Are They Important?

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A potent instrument in the market nowadays is business analytics.

A recent survey by MicroStrategy found that businesses all over the world use data to:

  • Improve process and financial efficiency (60%)
  • Promote change and strategy (57%)
  • Track financial performance and make it better (52%)

The study also reveals that 71 percent of multinational corporations expect their analytics spending to increase for the next four years and beyond.

Achieving a thorough appreciation of business analytics will help you progress in your work life and help you make wiser decisions at work in light of this trend.

Before exploring the data analysis benefits, it’s essential to understand the meaning of “business analytics.”

What Does Business Analytics Mean?

Business analytics involves using qualitative analysis methods to get meaningful data that can help make informed decisions essential to business growth. In other words, it involves gauging a business’s operational effectiveness. It helps assess both particular facets of a business and the broader organization.

There are mainly four approaches to conducting business analysis:

●      Diagnostic

Using historical information to evaluate past events and ascertain their causes

●      Descriptive

This is the process of analyzing past data to spot patterns and trends

●      Predictive

Using statistics to predict future results

●       Prescriptive

The use of tests to ascertain which solution will produce the best outcome in a particular scenario.

One must choose which approach to use depending on the current business environment.

Business Analytics Evolution

Business analytics has existed for a long time and has developed as more technology becomes available. Operations research, which was widely applied during World War II, is where it has its roots. An analytical approach to data analysis used in military operations was known as operations research.

Over time, this strategy began to be applied in business. Here, the study of operations developed into management science. Again, the data, decision-making models, and other foundations of management science were the same as those of operation research.

Management science changed into decision support systems and business intelligence. PC software began to expand as businesses grew more and more competitive.

The Importance of Business Analytics

1.   Making Smarter Decisions

Business analytics is a valuable tool when approaching a crucial strategic decision.

Uber, a ride-hailing organization, used prescriptive analytics to determine whether the product’s new version would be more efficient than its first version when it stepped up its COTA in 2018. COTA is a tool that makes use of natural processing language and machine learning to help agents enhance accuracy and speed when issuing responses to tickets’ support.

The company discovered that the upgraded product resulted in faster service, precise resolution recommendations, as well as greater customer satisfaction levels using A/B testing. This is a technique for comparing the results of two distinct choices. With the use of these insights, Uber was able to resolve tickets more quickly and at a fraction of the cost.

2.   Increased Revenue

Analytics and data-driven projects can have a huge financial impact on businesses.

According to McKinsey research, businesses that make big data investments see an average gain in earnings of 6%, which rises to 9% for five-year investments.

According to a recent BARC study, which supports this trend, companies that do data analysis report an 8% rise in sales on average and an 11% decrease in charges.

These results demonstrate the unmistakable financial benefits of a strong business analytics strategy. Many companies will enjoy these benefits as the data market and big analytics expand.

3.   Greater Operational Efficiency

Analytics is utilized to optimize corporate processes in addition to generating financial gains.

Many businesses and business management service providers like www.cbs-cbs.com/ now employ prediction analytics to foresee operational and maintenance concerns before they escalate into bigger problems.

An operator of mobile networks who participated in a study said it uses data to predict failures seven days in advance. With this knowledge, the company may better plan maintenance to avoid outages, reducing operational expenses while maintaining assets’ peak performance.

Conclusion

Business analytics has been around for a long time, and organizations have used it to make smarter business decisions, increase revenue, and obtain more operational efficiency. It’s never too late for you to start too.

 

 

5 Reasons To Pay For Outsource Accounting Services For Your Business

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Owning a business puts you in a position where you must wear different hats. Most entrepreneurs hone different skills that serve them well in the business world, but the reality of the matter is that not one man can do everything alone. This is especially true when it comes to skills that take time to learn and master. One of those skills is accounting.

Having an in-office accountant can be unnecessarily expensive, and if your business is expanding, you just might not have the resources to add another accountant to manage all the paperwork. Fortunately, there is one thing that can help you out: outsourcing accounting services. Here are five reasons why outsourcing accounting services is better for your business. 

1. Save time by skipping the hiring process

Hiring takes time and money and you might not have all of that now. Going through the steps of posting a job online or in the weekend newsletter, to then scanning resumes and inviting people over to your offices to interview them in person, can be daunting of a task. When you outsource accounting to online professionals, the only thing you have to do is find a good third-party provider.  However, you want to make sure that whichever provider you choose, they will integrate well with the management reports you need to run the business.  Corporate Business Solutions can help design a fully integrated dashboard that incorporates both the operational and financial reports needed to run a business, including those which would be provided from any accounting function which may be outsourced. 

2. Focus on continuing your business as usual

Managing a business is hard. That is just the reality of it. Handling employees, while delivering on orders, and other responsibilities you must take care of can leave you extraordinarily little to no time at all by the end of the day. Things get even harder during the holiday season, and you need to worry more about finding someone who will fill in the job of an employee who is on a leave than dealing with your financial paperwork. Outsource your accounting tasks and make sure that business is running smoothly while your financials are being kept in check.

3. Guarantee accurate services every time

When you outsource to professionals, you know you are getting the worth of what you are paying for, and you do not have to double-check and see if work is being done right. Whether it is about getting your taxes done, managing your day-to-day finances, or preparing a full-blown financial report for your business, when you outsource to a professional third-party provider, you are guaranteed there will be no time wasted, and no loss of productivity within your business. 

4. Have full control over the service

It can be something as simple as tracking expenses or something as complicated as balancing your books. When you outsource, every time you get as much work done as you need. Say you have a small business and there is not much work needed to be done from your accountant. With an in-office accountant, you can lose money while paying them just for showing up when no work is required from them for the moment. When you outsource you hire based on your current need, and you pay only for the work that you need to be done now. 

5. Control how much you should pay

There are no leaves, no holidays, or no calling-in sick when you deal with an outsourced accounting service provider. This means that you agree to the work that will get done at the start of the month, you agree on the payment plan and amount, and you avoid any unpleasant extra fees when it comes to paying them.

What Should Happen if Your Business Partner Passes Away

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Your business partner’s death is probably the last thing you think of when you start in business together.

However, it is generally believed that one of the key aspects of starting a business is planning for when you leave the business.

Most people expect to leave a business they own either when they retire, or when they sell their share to move on to another venture.

While most businesses end with the existing business owners still alive, that is not always the case. While most people live beyond the usual age of retirement, it is a fact that some do not, and some of those who do pass away at a younger age will be business owners.

Normally when a business owner decides to leave a business, they part own, they will sell their share of the business to one or all the remaining business owners, or with the other partner’s agreement, they may find someone else to buy their shares off them.

Some sort of valuation formula will be agreed upon so that a fair price is struck. One of the problems facing business partners is how to fairly evaluate the worth of the business. Disagreements often arise when the selling partner believes the business is worth more than the other partners who are interested in buying his shares are willing to pay. One of the fairest ways to resolve differences in the worth of the business is to have the business valued by a Certified Valuation Analyst with the National Association of Certified Valuators and Analysts (NACVA).  This removes the partners with differing interests in the transaction from determining the value of the business and puts it in the hands not only of a neutral party, but one who has been certified to determine the fair worth of a business.

Once the value of the business has been ascertained in manner fair to all, the departing business owner walks away from the business with a fair monetary exchange for the value of their share of the business.

In the event of a business partner dies, the outcome should be almost the same.

It is unlikely that a new owner has been sitting waiting for one of the business owners to die, so it is more likely that the deceased’s share of the business should go in equal shares to the remaining business owners.

The valuation formula will then pay for these shares to the estate of the deceased.

Simple?

No, not always.

Just as the death had probably been unexpected, the need to front up with the money to buy the deceased’s shares is equally unexpected for each of the remaining business partners.

Let’s assume there are five business partners, each owning 20% of the business.

When one partner dies the remaining business partners must each buy 5% of the value of the business and pay this to the deceased’s estate.

What if three of the remaining partners can’t afford to buy the shares at the time of death. But the other partner can afford to buy the full 20%.

That partner now owns 40% of the company and the other three partners only own 20% each. The previously even ownership status of the business has now changed markedly. Decisions over the future of the business will have a far greater effect on one business owner much more than the others.

The solution is reasonably simple and includes three steps and the purchase of life insurance policies to fund the transfer of ownership and the payment of a fair value to the heirs of the deceased partner.

1) A formula is created on how to value the shares at any time and the value of shares is reviewed at least annually – everyone knows what the fair value price of each share in the business is worth.

2) A formal (and legal) agreement is signed by all business owners that in the event of the death or permanent departure of any single business owner, the remaining four partners commit to paying the departing business owner – or their estate – their 20% ownership (5% each) of the business, based on the valuation formula.

3) A Life Insurance policy is taken out on the life of each of the five business owners for the current value of a 20% share of the business. The value of the Life Insurance cover is adjusted each year to remain the same as the current business valuation.

Each Life Insurance policy is owned equally by the four other business owners.

With this plan in place, if a business owner dies, the remaining four business owners have agreed to buy the deceased’s shares off the deceased’s estate, at an agreed price. The Life Insurance policy ensures the right amount of money is received by each of the remaining business owners at the right time. The agreement commits them to pay that money to the deceased’s estate. The deceased’s estate is committed to selling the shares at that agreed price.

This plan keeps everyone happy (in financial terms) upon the death of any of the business owners, at the time of death, and into the future. It also avoids the complication of the four remaining business owners being forced into business with the deceased’s estate or their spouse, who most likely can provide no positive input into the business but would naturally want a maximum income from the business.

Instead, the deceased’s estate has been paid a fair price for the deceased’s shares, the remaining owners have each gained an extra 5% ownership in the business at no cost to themselves, and the balance of the ownership of the business has remained the same.

If you want to know how to plan for the transfer of shares when one partner dies, contact Corporate Business Solutions for a confidential consultation.  You can find more helpful information by consulting Corporate Business Solutions Reviews.