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How to Boost Employee Success

Employee Success

After you’ve taken in the best and the brightest interviewees into your workforce, do you sit back and relax? No! This is where many managers and business owners make a mistake. After the initial hire, they automatically think that their job is finished forgetting that they need to continually be in touch with their employee to help them grow.

Employee success and engagement is the company’s success. Are your employees emotionally invested in committing their talent, time, and energy towards adding value and progressing the initiatives of the company?

Once your employees are neglected, inevitably, you won’t get the retention, revenue, and overall success level that the company is targeting. According to Gallup’s State of the Global Workplace report, employee disengagement results in over $550 billion in lost productivity in the United States. So, it is evident that while this is a problem today’s managers and leaders face in the workforce, it is also an excellent opportunity for them to up their game.

Let’s discuss strategies to take towards boosting the success of your employees.

Share the Vision with the Workforce

An employee will hardly be satisfied in a job if they lack a sense of job significance. They would feel excited and energized about the work they have to do when you regularly share the direction and vision of the company with them.

The importance of communicating the company’s goals and plan for your staff cannot be overemphasized. And this is not a matter of taking it to them once or occasionally; you have to say it to them regularly.

Make your employees feel that they are working on something fundamental. The day to day responsibilities at work can feel tiring, but when your staff knows the big vision and purpose of their team, department, and overall company, they would be able to push through and succeed at a higher level.

Communicate Well

This is related to the first key strategy we discussed above. Nothing discourages a staff more than when they feel they are being lied to and kept out of crucial business discussions.

Over communication is one of the traits of successful leadership. So, managers and owners need to communicate always and consistently about the changes in the work structure and company. This will go a long way in helping staff members feel secure in their positions and more engaged in their jobs and commitment to the company.

Encourage Your Employees to Own the Job

To enable employees to be more successful at their jobs, you have to develop a decentralized command ecosystem. Your employees shouldn’t be just 9-5 workers who clock in and count the seconds till they can clock out. No! It shouldn’t be so.

From your VPs down to your customer service staff, enable all your staff members to think that their work is of central importance to the company. By involving them in setting the goals for the company, you’d be helping them understand and care for the company as much as you do. You can do this by empowering and encouraging your staff to be intrapreneurs and own their jobs.

Intrapreneurs have access to the capabilities and resources of an established company, and this helps them to come up with innovative projects and ideas that will enhance the future of the company. And what’s more, they are given autonomy to work on this project.

Give your workers latitude with their choices, but of course, with proper guidance. Put your faith in the ability of your employees to do a great job, and you’ll be rewarded with increased job satisfaction, ownership, engagement, and success rate.

Know the Career Ambitions of Your Employees

Several companies are usually more concerned about what they can get from an employee, than what the employee can get from them. And this ought not to be so.

The relationship between a company and its staff members should be a win-win situation for both parties. While you, the company gets the benefit of their work, their jobs should also be getting them closer to their professional goals.

Now, the question is: how do you help them with this if you are not aware of their goals in the first place? Beyond the questions and answers during the interview, when you take in a new hire, someone in the company should be responsible for learning their development track and professional goals.

This will ensure that your employees will keep moving forward (most likely within the organization, and they’ll continuously reach out for better results in their jobs.

Defined Roles and Responsibilities

Often, employees struggle with job success because they don’t know what expectations and standards they are being evaluated by. If a person is not aware of his/her specific role in the overall goals of a team, results will suffer. Thus, align roles and responsibilities for each team member according to their skills and expertise, and make them aware of it.

Feedback

How do you give feedback to your employees? Do you only give feedback when an employee needs improvement or has made a mistake? To help boost your employees’ success, it is equally essential that you provide positive feedback.

Bill Nelson, in his book “1001 Ways to Recognize Employees”, showed that the thought of making a difference and being recognized for excellent work are the two main drivers of work performance. Unfortunately, a larger percentage of the employees he spoke with during his research haven’t even heard “Thank You” in over six months. You want your staff to succeed, right? Then start showing appreciation and giving positive feedback.

Giving feedback to your employees is crucial. But even more, do they have an avenue to also provide feedback to their managers about their team and business without the fear of being judged or punished. Train yourself and your managers to listen carefully to your employees when they suggest improvements and new ways of doing things.

Bottomline

Boosting employee success is no rocket science. Even as you engage in the strategies we have discussed above, there is no harm done if you simply ask them to tell you how the company needs to improve and what needs to be effected for their work to be more fruitful and productive. Good Luck!

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Understanding Your Business’s Financial Statements

Financial Statements

Understanding your business‘s financial statements is essential for making informed decisions and ensuring the long-term success of your company. These statements provide valuable insights into your business’s financial health, including profitability, liquidity, and solvency. In this article, we’ll look at the three primary financial statements: the income statement, balance sheet, and cash flow statement.

Income Statement

The income statement, also known as the profit and loss statement, summarizes your business’s revenue, expenses, and net income over a specific period, typically a month, quarter, or year. This statement is essential for assessing your business’s profitability and identifying areas where you can cut costs and increase revenue.

The income statement includes the following components:

Revenue: This is the total amount of money your business earned from selling products or services.

Cost of Goods Sold (COGS): This includes the direct costs of producing or delivering your products or services, such as materials, labor, and shipping.

Gross Profit: This is the difference between revenue and COGS and represents the money your business earned after accounting for direct costs.

Operating Expenses: These are the indirect costs of running your business, such as rent, utilities, salaries, and marketing.

Operating Income: This is the difference between gross profit and operating expenses and represents the money your business earned before accounting for taxes and interest.

Net Income: This is the final line on the income statement and represents the money your business earned after accounting for all expenses, taxes, and interest.

Balance Sheet

The balance sheet provides a snapshot of your business’s financial position at a specific time. It includes your business’s assets, liabilities, and equity. This statement is essential for assessing your business’s liquidity and solvency and understanding how much money you can invest in your industry.

The balance sheet includes the following components:

Assets: These are the resources your business owns or controls, such as cash, inventory, equipment, and property.

Liabilities: These are the obligations your business owes to others, such as loans, accounts payable, and taxes.

Equity: This represents the residual value of your business after accounting for assets and liabilities and includes owner’s equity and retained earnings.

The balance sheet follows the accounting equation: Assets = Liabilities + Equity. This equation ensures that the total value of your business’s assets equals the full value of its liabilities and equity.

Cash Flow Statement

The cash flow statement tracks the inflow and outflow of cash in your business over a specific period, typically a month, quarter, or year. This statement is essential for assessing your business’s liquidity and understanding how much cash you have available to pay bills, invest in your business, and distribute to owners.

The cash flow statement includes the following components:

Operating Cash Flow: This represents the cash your business generates from its core operations, such as sales and customer collections.

Investing Cash Flow: This represents the cash your business spends on investments, such as equipment, property, and securities.

Financing Cash Flow: This represents the cash your business raises or spends on financing activities, such as borrowing, issuing equity, or paying dividends.

Net Cash Flow: This is the difference between inflows and outflows of cash and represents the change in your business’s cash balance over the period.

Conclusion

Understanding your business’s financial statements is critical for making informed decisions and ensuring the long-term success of your company. By analyzing these statements, you can assess your business’s profitability, liquidity, and solvency and identify areas where you can cut costs and increase revenue. If you need more time analyzing financial statements, consider hiring a qualified accountant or financial.

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The Benefits of Implementing a Remote Workforce

Workforce

In current years, remote work has earned much popularity among businesses and employees alike. Technological advancements have made it more comfortable for employees to work from anywhere worldwide and for businesses to manage a remote workforce. While some companies still prefer the traditional in-office model, there are many benefits to implementing a remote workforce. This article will discuss some of the advantages of remote work for businesses.

Increased Productivity

Studies have shown that remote workers are more productive than their in-office counterparts. The lack of distractions and the ability to work from the comfort of their own space allows employees to focus more on their tasks. Additionally, remote workers have more flexibility in their working hours, enabling them to work during their most productive hours, leading to higher quality work.

Cost Savings

One of the most significant advantages of implementing a remote workforce is the cost savings that come with it. Businesses can save on office space, equipment, and other overhead costs associated with maintaining a physical office. Additionally, remote workers are more satisfied with their jobs, leading to lower turnover rates and reduced recruitment and training costs.

Access to a Global Talent Pool

Remote work allows businesses to hire employees from anywhere in the world. As a result, companies can tap into a global talent pool and hire the best candidates for the job, regardless of their location. This can lead to a more diverse and skilled workforce, benefitting the company in the long run.

Improved Work-Life Balance

Remote work allows employees to balance their work and personal life better. Without the need to commute to an office, employees can save time and money and have more time to spend with their families or pursue hobbies and interests. This can lead to happier and more satisfied employees, translating to higher productivity and better job performance.

Increased Employee Engagement and Satisfaction

Remote work can lead to higher levels of employee engagement and satisfaction. Employees feel more trusted and valued by their employers when they are free to work from anywhere. Additionally, remote workers have more control over their work environment, which can lead to higher levels of job satisfaction.

In conclusion, implementing a remote workforce can have many benefits for businesses. From increased productivity and cost savings to access to a global talent pool and improved work-life balance, remote work can lead to a more engaged and satisfied workforce, which can benefit the company in the long run. While the remote job may not be suitable for all businesses, those implementing it successfully can reap the rewards of a more flexible and productive workforce.

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How New Office Layouts Boost Productivity

BoostThere is no denying that office layout is one of the significant contributing factors when it comes to boost business productivity. Helene Segura, a productivity consultant, stated that she has identified several issues with her clients related to client’s efficiency that is rooted in office setup and time management.

According to her, the lack of productivity is directly related to workspace set up. Gallup in its State of Global Workplace report found that 51 percent of workers fail to engage with work due to a dull office interior.

17 percent of workers stated that they were disengaged and that affected their productivity adversely. The statistics indicate that this dismal state is typically caused by office layout and can be one of the reasons for the decline in productivity.

To put it simply, workplace happiness can make a huge difference when it is about maintaining work performance. Office layouts can change the way we work. The Ethonomic’s author believes that you can change the value of your offices just by changing the approach to office design.

Having said that, here we have enumerated a few reasons why office layouts can boost the productivity of workers.

Effects of Office Layout

1.     Creativity with Space

Creative office space doesn’t only mean that employees want a lavish multi-story building to improve productivity. If you creatively design your office space, it can change the work approach of your employees. That means workers should have access to collaborative spaces, private meeting rooms, and most importantly natural light.

All these elements play a critical role in increasing employee satisfaction and productivity. These open spaces allow workers to move around freely and they will not feel tied to their desks. Plus, it will create more opportunities for workers to collaborate with each other.

2.     Productivity

There is no doubt that when you work at a place that has an interesting and beautiful layout, you feel reinvigorated. It definitely has a positive effect on your work productivity. However, if the office layout has dingy lighting, colorless walls and isolated cubicles, it creates an environment that is off-putting and uninspiring.

That is to say, investing to improve the ambiance of your office space is important as it can uplift the overall mood. This way, workers will feel motivated and energetic and look forward to their work. The pleasant workspace boosts both worker’s creativity as well as productivity.

3.     An opportunity to Collaborate

Whether you agree or not innovative and creative office layouts can shake things up. It can definitely diminish the effects of monotony and enable employees to maximize their work strength. Employees gradually adapt themselves, according to the work environment.

That means if the work environment is not isolated and employees work collaboratively, it adds to their creativity. Different departments can bounce off multiple creative ideas by working together. It is a great way to make a decision and solve problems.

Modern Office Layouts to Boost Productivity

The attractive office layouts are of paramount importance to retain workers. Modern office designs promise rich amenities and creative spaces to enhance employees’ lives. Most new office buildings, in this regard, internalize the amenities and products that employees use to seek externally.

With time, these trends have become common and prevalent.  Amenity-rich office spaces provide comfort to employees, who struggle not only physically, but also mentally due to time constraints

Considering this, here we have enlisted a few modern house amenities to help you make your workspace productive.

·   Modern Lobbies

The tranquilized and peaceful environment can undeniably have a great impact on employees work productivity. Employees, whether current or prospective, form an impression of their workspace by building lobbies.

If there are chaotic streetscapes, crowded atmosphere, and loud environment, it affects the psychology of workers. Spacious and quiet environments, on the other hand, enhance the productivity of workers.

·   Open Floor plans

It is essential for office buildings to be flexible and owners should invest in the right infrastructure. It can only happen when you recognize the needs of your workers and provide them an open, collaborative space with better communal areas.

It can immensely boost their work productivity. Furthermore, it inspires employees’ sense of well-being and makes them feel stress free and motivated.

·    Flexible layouts

It is hard to deny that the modern workforce is more energetic and not static. There has been a significant rise in startups and remote workers in the past two decades. That has increased the demand for flexible designs for office spaces.

One way you can incorporate this modern amenity into your office design is to design spaces that are not static.

For example, workstations that can be converted into standing desks, open lounges, meeting rooms, and movable walls make a great flexible office layout. Not only is it an excellent way to redesign your office space, but also to expand it. This way you can provide more convenience to your workers when it is needed.

·    Employees’ Health

There is no way to boost productivity if employers do not consider the health of the workers while deciding on the workspace infrastructure. That means if your office layout does not promote a healthy lifestyle, boosting work productivity is difficult.

By a healthy lifestyle, we mean full-service canteens or cafeterias, natural light and amenities like go-and -grab meals. Plus, office layouts should be spacious enough for meetings and free walk. The best office layouts have sit-stand desks that have a great impact on work productivity.

·    Nature

Workers spend not less than eight hours in a day inside the office that deprives them of natural light.   That is what makes choosing an office design that is airy,  open and green extremely important to boost cognition. The design trend that connects employees with nature has a powerful impact on work productivity.

Bottom Line

To a small extent, there is no doubt that amenity -rich office spaces are not just for visual appeal, but also have an optimal effect on the productivity of your workers. Thus, modern layout of the workplace can really make a huge difference in improving the productivity of your workers.

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How to Create Future Business through Bitcoin

Bitcoin

Why choose cryptographic techniques?

The most well-known cryptocurrency is called Bitcoin, and it was made for it that created blockchain technology. A bitcoin is a form of money like the U.S. dollar, but it is digital and employs encryption to control the creation of new currency units and to verify the transfer of funds.

Cryptography is used all the time in our everyday lives. For example, we use it to safely send passcodes for shopping online placed above a white complex system. The cryptosystem is also used to store your username and password on bank servers and in email clients. In our Internet – of – things world, cryptography protects all information sent, verifies people and devices, and connects devices.

Security flaws in critical infrastructure can be caused by weak or unrecognized cryptography. In addition, brand equity is eroded because of the public’s interest in publicly disclosed data. Therefore, keeping an eye on how cryptography is deployed and handled in the modern workplace is necessary.

Cryptocurrency types

1. Ethereum (ETH)

2. Tether (USDT)

3. USD Coin (USDC)

4. Binance Coin (BNB)

5. Binance USD (BUSD)

1. Ethereum (ETH) – Ethereum is a decentralized blockchain-based platform that safely sets up a peer-to-peer network that runs and verifies application code, called smart contracts. Intelligent contracts let people do business without a centralized authority they can trust. Utilizing the Ethereum Virtual Machine and the native Solidity scripting language, developers may create decentralized applications on Ethereum. Competent contract developers who used Ethereum benefit from a vast ecosystem of developer tools and recognized best practices that have developed over time as the protocol has matured.

2. Tether (USDT) – According to the market cap, Tether is the third-largest cryptocurrency. Some economists, including a member of the U.S. Federal Reserve, are concerned about this.

Stablecoins, like Tether, is a relatively new concept. To avoid the high volatility associated with most cryptocurrencies, these digital currencies are linked to tangible assets like the U.S. dollar to maintain a stable value. For sample, Bitcoin beat an all-time high of about $65,000 in April before its value tripled over the following two months.

Tether was made so that it would always be worth one dollar. As a result, although the value of many other cryptocurrencies often changes, the price of Tether is usually equal to $1.

3. USD Coin (USDC) – USD Coin (USDC) is a stable digital currency tied to the U.S. dollar.

USD Coin is a regulated stablecoin that runs on blockchain technology. It was released in 2018 by Centre, a group started by Circle and Coinbase.

Stablecoins are a type of cryptocurrency whose value is tied to another asset, like a fiat currency, a commodity, or even another crypto coin. For example, USD Coin wants to stay at the same value as the U.S. dollar.

Stablecoins like USDC are used differently than cryptos whose prices change, like Bitcoin (BTC) or Ethereum (ETH). The only reason for this cryptocurrency is to be a stable store of value, not an asset that, in theory, gets more valuable over time.

4. Binance Coin (BNB) – BNB is a cryptocurrency (token) issued in 2017 by Binance. Between the 26th of June and the 3rd of July, it was published and released for the first time via an Initial Coin Offering (ICO) crowdfunding campaign.

The native coin of the BNB Beacon Chain and BNB Smart Chain, BNB fuels the BNB Chain ecosystem. One of the world’s most widely used utility tokens, BNB may be used in various applications and use cases and traded like any other cryptocurrency.

BNB reduces its entire supply to 100,000,000 BNB via an Auto-Burn method.

5. Binance USD (BUSD) – Binance created the 1/1 USD-backed Binance USD (BUSD) stablecoin in collaboration with Paxos, as well as the New York State Department of Financial Services has authorized and controlled it (NYDFS)

Although USDT has enormous trade volumes, it is not fully supported by cash reserves and has run into reputational problems. BUSD, in contrast, has undergone more thorough auditing procedures and operates on numerous blockchains. As a result, both two currencies offer quick transaction speeds and affordable fees.

Positive or negative? The potential benefits of using cryptocurrencies

Cryptocurrency’s many benefits

Some firms could benefit from using cryptocurrency. Among the benefits:

1. Many cryptocurrency transactions are rapid and straightforward. Bitcoins can be transferred from one digital wallet to another using a smartphone or computer.

2. For cryptocurrencies to exist, a public ledger known as the blockchain must record every cryptocurrency transaction. There is a way to keep someone from spending coins they don’t possess, manufacturing clones, or canceling transactions. This means there are no transaction costs because there are no intermediaries to deal with. Payments in cryptocurrencies are becoming increasingly popular, especially among large corporations and industries such as fashion and healthcare.

Risks of using cryptocurrencies

There are some downsides to adopting cryptocurrencies for a company:

It is possible to remove your crypto money or lose your virtual wallet. Additionally, websites that allow you to store your cryptocurrency remotely have had thefts.

Some people don’t believe converting “actual” money into Bitcoins is safe because the value of cryptocurrencies like Bitcoins might fluctuate greatly.

The Financial Conduct Authority (FCA) does not supervise the bitcoin market; thus, there are no regulations to safeguard your company.

It may lose value and turn worthless if businesses or customers switch to another cryptocurrency instead of yours or stop utilizing digital currencies altogether.

Exchanges for cryptocurrencies are susceptible to cyberattacks, which might result in a permanent loss of your money. In addition, Bitcoin is vulnerable to fraud. People are frequently duped into making such transactions by scammers using websites like Facebook, Instagram, and Twitter.

How to Implement Bitcoin into Your Business

Around the world, businesses and diverse brands are beginning to use cryptocurrencies, notably Bitcoin, for transactional and operational needs. Even if its value is unstable, more and more individuals are becoming aware of its benefits. The methods listed here can help you incorporate bitcoin into your operations and start reaping its benefits if you own a business and wish to start accepting it.

What You’ll Need to Get Started

If you want to accept and move any cryptocurrency, you must have the following:

Wallet for Cryptocurrencies

Because cryptocurrency is a form of electronic cash, you’ll also need a digital wallet to store it. There are a variety of cryptocurrencies that you can use to pay for your services. Use a digital currency wallet that can keep many currencies. Banks that accept Bitcoin and other cryptocurrencies can also be linked to your cryptocurrency wallet.

The Bitcoin Address

As with all bitcoin wallets, your wallet has a unique built-in address. Numbers and letters make up the code. Wallets for digital currency have a function that allows users to generate Q.R. codes from their digital money. Payouts can be made to this address or Q.R. code by sharing it with others. A transaction can’t be canceled or reversed once it’s been sent because of the technology. Refunds cannot be requested either.

The Secret Code

The digital access to your bitcoin wallet is coded into your private key. Your bitcoin wallet’s private key is also unique; if you lose it, you won’t be able to access it. It is possible to set up an optional password for some wallets. If this is the case, you should keep your private key on a USB flash drive or similar storage device.

The Most Suitable Ways To Use Cryptocurrency in Your Company

1. Paying Your Employees with Cryptocurrency Is One Way to Use Cryptocurrency in Your Business – Paying your employees with cryptocurrencies and then converting them into fiat cash can be done at any time by the business owner. The rate might be frozen depending on an employee’s salary. When converting digital currencies, you can utilize the current market value. Payroll payments to employees might begin on a specific date.

Business owners can help employees decide how much of their earnings they’d like to accept in fiat cash and how much would be in cryptocurrency. Because everyone’s financial situation is unique, it’s preferable if employees have some input on how much they receive. Employees will likely take up to 20% of their wages in bitcoin.

As a business owner, you may also talk to your employees about what kind of cryptocurrency they prefer. Employees’ risks should be considered while considering cryptocurrency. To introduce students to digital money, they can use numerous methods and tools to convert digital currency to fiat currency.

2. Create your Bitcoin Company – Incorporating digital money into your company website is possible because of the variety of alternatives available. If you own a retail shop and accept payments online, you may introduce your clients to a new type of cashless payment by offering bitcoin as a payment option. Such considerations will aid in your search for the best solution for your business.

Pay Manually

Clients can use your public address or Q.R. code to make payments. As a result, the digital currency you purchase will be delivered immediately to your online wallet. Numerous wallets have detailed instructions for those who don’t know how to do this.

Summarize

Investors are reaping the benefits of adopting cryptocurrency since it is money. In addition, businesses are beginning to accept it as an alternative to fiat cash because it has lower transaction fees. In the modern world, there are more options than ever to encourage customers and employees to pay with cryptocurrencies. The gradual transition from cash to digital money will benefit everyone.

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How to Hire a Professional Remote Employee

Remote

Commercialized use of technology is rapidly changing conventional operations across industries. Complete sectors, such as schools and offices, are taking a digital turn. Hence, the concept of remote workers is on the rise.

Working remotely allows professionals to work outside the traditional office space. This idea revolves around the notion that individuals do not need a designated office space to perform their tasks. Instead, they have the flexibility to work from anywhere in the world as long as they effectively meet their deadlines.

There are different ways people prefer to work remotely. For instance, some people work from home most of the time but occasionally report to their offices for in-person meetings or follow-ups. Meanwhile, others choose to either work in co-working spaces or the complete opposite: hit the road to be their most productive self.

Remote employment bears mutual benefits for employers and employee. Employees relish their flexible lifestyle, which allows them to maintain a work-life balance. This is a contributing factor in maintaining good health, mentally and physically, as they bear comparatively less stress. A recent study found that remote employees, in comparison to regular employees, are 69% more punctual with their work.

According to a survey conducted by SurePayroll, 86% of participants stated they happen to be their most productive self when they work alone in a relaxed environment. Furthermore, 66% of managers stated they receive better quality of work from employees who work from home.

Indeed, increased productivity from remote employee benefits employers and employees. Employees feel more passionate about their work when they derive a certain level of inspiration from their surroundings. Meanwhile, from a diverse group of people, employers yield greater profits with better quality of work.

Here are some ways an organization can hire competent remote employees:

Evaluate Organization’s Processes and Goals

Assessing processes and goals of the organization will help determine its current potential, and the targets they want to achieve. This will give a clear picture of the type of remote employees they are looking for and where they can find them.

Even though many employers use Craigslist to post their jobs, leading organizations employ a variety of job portals and social networks to reach the ideal candidates. The most commonly used job boards are Flexjobs, We work remotely, Working Nomads, and RemoteOK. On the other hand, Work From, Nomad List, Digital Nomad Jobs, and Remote & Travel Jobs, are popular social networks for filling remote vacancies.

The recruitment process of traditional employee consists of five phases; i) recruitment planning, ii) strategy development, iii) searching, iv) screening and v) short-listing. Organizations tend to modify these phases as per their requirements.

Moreover, telephonic conversations and virtual interviews were the only sources used by recruiters to assess their pool of candidates. Today, organizations tend to use a variety of tools to assist in the hiring process.

For instance, recruiters commonly use Spark Hire, job and HireVue for conducting effective interviews. These tools enable recruiters to schedule interviews in different time-zones as employers can send their questions and candidates answer them in their own time. This way, recruiters can make viable decisions by comparing candidates thoroughly.

Most often, employers tend to make some common mistakes that render the recruitment process ineffective. These mistakes include no face-to-face contact, asking unfitted interview questions with no considerations for cross-borders, and speeding up the process of skipping skills assessments.

List All the Required Characteristics

Organizations should know the exact qualities they are looking for in remote employee. Attention to detail, self-starters, and professionalism are some of the most sought-after traits by employers in remote candidates.

To cover for the physical aspect of evaluation, employers tend to use a variety of tools to identify candidates from a cultural aspect. Tools, such as ThriveMap, Saberr, and Human, are a great way to determine if the candidate will be a good fit for the organization’s culture.

These data-driven and artificially intelligent tools not only assist in estimating candidates’ behavioral approach but remove any kind of biases that can influence decision making due to cultural differences.

Moreover, to verify the information a candidate provides, organizations should ask for referrals. Eventually, referrals are the most effective way to verify a candidate’s profile from someone who has had direct interaction.

Make Unambiguous Contracts

Employers should make a clear offer to candidates who have all the necessary information from timing, salary package, legal rights of both the parties and so on. This way, there is no room for any discrepancies, and employers and employees can proceed with their dealings in a systematic manner.

Moreover, unambiguous contracts are a great way to ensure that either party’s rights are not violated in the process and they can yield mutual benefits out of their transactions.

Manage and Retain Hires

Hiring remote employee is a long and tedious process that consumes organizations’ precious time and resources. Therefore, wise employers tend to work on their plan to retain remote employees during the hiring process.

Since employers have to compete with physical limitations to keep remote employees satisfied, they adopt a variety of different monetary and non monetary approaches to compensate. For instance, providing an attractive salary regardless of the exchange rate is one way to retain their employees.

Other meaningful benefits include memberships to co-working spaces, insurance, and professional development. Most often, employers ask their remote employees for the kind of perks they will find most useful and reward them accordingly.

The concept of remote employment brings numerous monetary and non monetary benefits to both the organization and individuals. However, both remote employees and employers need to understand that their interaction requires a similar level of professionalism as is prevalent in conventional workplaces. With the right set of practices, remote employment proves mutually beneficial.

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How to Calculate Free Cash Flow for your Business Health

free

Free cash flow is one of the key indicators used to show the health of the business, particularly its profitability. Typically, it demonstrates the amount of money any business for other purposes after all the capital expenditures that may include equipment, buildings and various other necessary expenses that help businesses sustain their operations.

Although calculating cash flow is a complicated process, there are many ways you can do it. According to experts, it is always better to use all methods correctly. If they all generate the same result, it provides you a reliable way to cross-check your operations.

It is worth noting here that cash flow doesn’t relate to all businesses. It is precisely a measuring tool that non-financial firms use rather than professional associations and investment firms.  If you own a non-financial enterprise, you can calculate the cash flow for free with these three equations.

Equations to Calculate Free Cash Flow

1.       Free Cash flow:  Subtract operation taxes and costs from Sales revenues then subtract required investments for operation capital

The equation is one of the easiest ways to calculate free cash flow. Business owners take sales revenues, including taxes and operating costs from their income statement. The fixed assets show an increase when you invest in new operating capita. The balance sheet shows everything from investments and revenue details.

For example, if your business has earned revenues of $500,000, the amount is reduced to $300,000 because of taxes due and operating costs. If your business requires an investment of $150, 000, it will have the free cash flow of $30,000 to $50, 000.

2.      Free Cash flow:  Subtract net investments in operating capital from net operating profits NOPAT (after taxes)

 NOPAT refers to the same figure we used in the previous equation: subtract operating taxes and costs from sales revenues. Net investment of operating capital uses the same figure that is used in the third term of first calculations. For calculating free cash flow through this equation, it is better to use the increased fixed assets on your balance sheet.

That means, your NOPAT will remain at the same amount of $30,000. You just need to exchange the required investment of your business in operating capital for your net investments in operating capital.  If you assume the same figures, your free cash flow will remain the same.

3.      Free Cash flow:  Subtract capital expenditure from the net cash flow of operations

 You can also calculate free cash flow by subtracting the capital expenditure from the net cash flow that comes from operations.  Net cash flow in this equation comes from the cash flow statement, while capital expenditure is taken from the increase in the business’s fixed assets.  For instance, if your operation’s net cash flow is around $200,000, the figure might be reduced by your capital expenditures.

Interestingly, all these free cash flow calculation methods will give you the same answers when you work with these equations. You might feel like approaching the same information and data from three different angles.

How does Free Cash Flow Calculation Affect Your Business?

As mentioned earlier, free cash flow is useful for the health of your business. Firms with healthy free cash flow are financially stable to meet the bills and investments every month. Plus, they also have leftover funds that they usually distribute among dividends and shareholders. Man firms use this extra fund to seize opportunities to help them generate more revenues through acquisitions of innovative products.

That is to say, if your business is booming and has high free cash flow, it is an indication that it is doing well and you should consider expanding it. Conversely, if it fails to generate good free cash flow, you might need to consider restructuring it as there are remaining funds after the basic expenses.

However, it is important to understand that poor free cash flow doesn’t always indicate a failing business. It might be expected even when your business is pursuing growth. Development and acquisition of new products are temporarily subtracted from the main capital. That is the reason why most of the investors tend to work with the businesses that have high free cash flow. These businesses are generally considered healthy with bright prospects. If an investor finds a business that has rising free cash flow with an undervalued share cost, it may be a great investment bet.

How can you Benefit from the Free Cash Flow

Since you understand how positive free cash flow may benefit you by indicating the healthy financial status of your business, it is better to use this understanding to your advantage. It is always better to look beyond the figures. Know that established firms have relatively consistent and healthy free cash flow. New businesses, on the other hand, are in a state where they need to pour money into growth and stabilization.

Although it depends on the business owners how they use the free cash flow, using the funds to expand the operations, pay shareholders and dividends, invest in new products, research or to reduce debt is beneficial for the business.

Always remember that companies that have surging free cash flow due to debt elimination, dividend distributions, cost reductions, efficiency improvements, or revenue growth can reward their investors in the future.

In other scenarios, when free cash flow is shrinking, businesses fail to sustain their growth earnings. Not only this, insufficient free cash flow for growth forces a business to boost debt levels. In a worse scenario, a business without enough free cash flow may not even have the liquidity to sustain.

Final Thoughts

All in all, it is important to find an all-purpose tool that can help you test the fundamentals of your business that seem elusive. Free cash flow calculation is like a performance metric they provide entrepreneurs an opportunity to guard up if their business is not generating enough revenues.

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Business Opportunities for 2019

The constant change in consumer demands and requirements has led to a continuous shift in the nature of businesses and the way they are operated. Globalization and technology are changing the business world at an exponential rate.

Running a business online, something that was a far cry about 50 years ago, has become an absolute necessity today. Similarly, opportunities that might have seemed impossible are most lucrative ones to avail.

So here is a list of the top businesses, if agreed upon with utmost enthusiasm and determination, which are bound to bring success in the coming years.

E-Commerce Distribution Center

As clichéd as it might sound, the e-commerce sector is growing every year and is expected to grow by 56% by 2020. Countries that are particularly economically developed, such as the US, have a growing sense of satisfaction in its people when it comes to ordering online. The continuous rise in e-commerce markets is especially due to the increased use of smartphones.

Thus, with such favorable conditions, e-commerce markets are inevitably rising as well. Albeit platforms like Amazon (B2C), eBay (C2C), makes it a little challenging for new businesses to grow, and those who risk entering this lucrative market are bound to look for solutions with distribution.

The reason being the task of storing and distributing is a significant part of running an e-commerce business, and the increasing number of online small and medium-sized businesses will inevitably look for such services to help them compete.

Data Crunching (Consultation)

Not very long ago there was a time when data at hand was insignificant for making substantial analysis, but with the increasing use of social media platforms and websites, valuable data is generated every other second.

This idea is not only about collecting a vast array of numbers, but it is also about deciphering them in a way that gives insights and understanding to the business in question. Thus, data related fields are at a continuous rise. With the right combination of skills and resources, this business opportunity tends to be a lucrative one.

Car Charging Station

We are all aware of the increasing popularity of hybrid – all-electric cars in particular. Encouraged by the state, entailing long-term benefits and being environmentally friendly, these cars are here to stay. With an incredibly high demand for all-electric cars, such as the Nissan Leaf, which was sold out before even arriving in the showrooms, there is bound to be a subsequent rise in the percentage of existing charging stations.

Instead of hundreds, thousands need to be built in order to cater to the rising demand for electric powered cars. The idea is not only to encourage the use of this eco-friendly vehicle, but it will also, most likely, eliminate the hesitation to take cars outside the city worrying about a charging station.

Privacy Protection Firm (Cyber Security Software Company)

Year after year, cybersecurity is becoming a major area of concern for many. From money (credit cards) to communication (emails, SMS) to even personal identity (social media platforms), practically everything has a virtual presence that is vulnerable to a breach of information.

With the increasing number of cyber threats, privacy protection companies are in demand more than they ever were. We can be sure that governments around the world are now taking reactive measures of passing cybersecurity laws to prevent beaches, data leaks, and related issues.

Social Media Consultancy/ Management

Social media platforms are breaking the conventional methods of doing businesses; stats have shown about a 198 percent increase in e-commerce websites due to social media referring. That is why companies nowadays are willing to spend significant amounts on the management of their social media accounts.

Social media accounts are not only boosting leads, but also significantly increasing sales and generating valuable insights for organizations to plan ahead.

Hence, there is a rising demand for agencies and consultants who are credible enough to provide the necessary social network support that organizations nowadays are eagerly looking for.

Affordable Elderly Facilities

The aging population is the US is growing at a rapid rate. It is estimated that by 2050 around one-fifth of the entire US population will be over 65, resulting in an inevitable requirement for old age facilities.

Since there is a general perception of poor quality treatment and other problems in these accommodations, it is pivotal that all such notions be overruled by establishing accommodation that offers superior care and caters to the current and future demands of this area.

Car sharing

Drawn from the concepts of renting houses and spaces, renting cars are next in line in the renting businesses. This business has the potential to generate millions with a simple rule of thumb; to charge at least 1% of the total cost of the house/vehicle.

This business is rising at a fast rate, as there are numerous people who prefer using cars for a short period of time or have a need for another type of car that is different from theirs.

These are precisely the reasons why car-hailing services, such as Uber, have been so successful in such a short span of time.

Innovative Tech-Tools Providers

With on-going breakthroughs in technology, artificial intelligence systems, virtual reality, and so on, are in regular demand nowadays. AI is required in manufacturing as well as the service sector, while virtual reality is being used in studies (medical and art), as well as businesses to visualize business and financial models.

However, various studies have proven that gaining access to new system/technology is not nearly a challenge as implementing and sustaining that system. Change theories are not new to us; they have and will always give us a general picture of enforcing advancement in the current practices.

Hence, there is a need for catalysts – change agents – who not only deliver the right technology to meet the organization’s need, but also ensure that the people in the organization develop a certain level of comfort with their new system.

This business has a lot of potential because it will not only tap the future needs of organizations for the latest technologies, but it will efficiently bridge a gap between inventors and end consumers.

 

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