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Eight Ways to Avoid Freelance Nightmares By Paul Matthews
Working from home, with your own deadlines is something that sounds like El Dorado to many. If you are planning on going freelance, you will need a plan of action - otherwise, you will have little to none of the benefits. To those who are new to the industry, here’s some advice that will help you avoid some bad situations.
there’s a line waiting for your services. Create a website, a Facebook page, Twitter, Instagram etc. Being social is something very important these days, so know the fact that if you are able to properly showcase your work, you (and your pocket!) will benefit from it. Insurance
Having Business Plan There’s no need of having incredible plans for your future career, but try to create a simple one for your future. You don’t need to show it to others but, as long as you are following it, it will help you meet your goals. Your main focuses should be deadlines, clients’ management and costs (if you have any). Try not changing your plan that often, but set some days in which you could see if you met your targets (best time to do that is monthly).
Showcase Who You Are Even if you are the best one in the world, you will always face some competition, so don’t expect clients to come at you like if
If you are planning on going pro, then you should embrace every aspect of it. Insurance is a must when you are freelancing. Your potential lack of experience is something that will possibly let issues come at you. Get some professional indemnity insurance so you are sorted, even if a client decides to take action against you or your work. Having
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financial aid, in this case, is a necessity, therefore take this into consideration. Develop Healthy Customer Relationships Nothing shines more than a freelance with plenty of happy clients. Your professional reputation is sometimes more important than your portfolio since you are by yourself. If you respect your deadlines, if you make your client happy regardless and if you show passion for what you are doing, you will be fine.
Be Your Manager
Always Network Being a freelance is something that requires a lot of networking skills. Start surfing the web and look for people who are relevant in your discipline and try to make a contact. Be polite and professional, and most importantly, be humble. No one will want to network with you if you describe yourself as “the best in the whole world”.
Don’t use Content Farms Even though they could be appealing in the beginning, Content Farms are usually those that will put yourself in “one of the many” position. Be yourself and be different, create your own path.
Never Lose Your Flame
Don’t be stupid and don’t over-stress yourself. This is a golden rule, as no one wants you to work 24 hours a day. You need a daily and a weekly agenda so you will have time for your projects, your workout and your friends/family. Stay focused, but don’t over-do it.
Being a Freelance is not easy, at all. You will pass through dark times for sure. Therefore you need to remind yourself every day why you are doing it, why you are passionate about it, why you decided to do it. Stay focused and good luck!
About the Author Paul Matthews is a freelance business writer in Manchester, who has headed up several professional indemnity insurance campaigns. His aim is to better inform business owners and professionals on the hidden dangers of the workplace. You can often find him mountain biking or at the local library.
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The Warning Signs That Your Business is at Risk of a Data Breach By Darren Hockley With the impending arrival of GDPR, and mass-publicising and development of the Facebook and Cambridge Analytica scandal, there’s never been a more pressing time for businesses to review and improve the way they capture, store, and process data. The stakes are high, with damaging consequences for those that don’t take GDPR seriously, or put enough preventative measures in place to mitigate the risk of a breach (which, if one occurs, must be reported to the ICO within 72 hours). But it’s not only financial penalties
businesses must worry about, data misuse and data breaches can put your reputation in jeopardy too. The Facebook and Cambridge Analytica fiasco is an example of this, with a recent poll published by SurveyMonkey and Axios showing that the site’s favourability rating has dropped twice as much as its counterparts over the last five months. There have been many high profile data misuse/data breach cases that have hit the headlines over recent years, but the
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reality is no organisation’s data is immune from falling into the wrong hands, whether as a result of malicious hackers or a hapless, undertrained employee. Human error is the leading cause of the vast majority of data breaches, but the good news is protecting your organisation is relatively simple to action. Here we have listed some of the most common warning signs to be aware of - ignore them at your peril! after the two-year period, organisations will likely try to anticipate and adapt to conditions before the new rules come into play.
1. Your passwords are too predictable You know you shouldn’t, but chances are you’re still using the same passwords to log into multiple sites, whether that’s the obvious ‘password’ or ‘123456’, or a word and number combination that’s means something personal to you. This makes it very easy for hackers to guess, even if they have to take a glance at your social profiles first, and once they have a route in, they will take very little time in exploiting their access and stealing your data. Another way the cyber-criminals work is by tricking people into giving their bank details or passwords, and it’s surprising how many people do fall victim to this!
by creating ones that have a combination of letters, numbers and special characters (like £, $, & or @), and changing them regularly. It’s important that all employees understand the importance of good passwords and how to manage them - either through an internal training session or an eLearning course. You may also wish to recommend an app like LastPass which acts like a vault for your passwords, while also having the functionality to create randomised letter, number and character combinations.
2. Your employees aren’t security-savvy ‘Man-in-the-middle’ attacks are becoming more and more commonplace, whereby a hacker gains access to your network, or intercepts communications so they can eavesdrop, collect data, and interfere with your employees’ transmissions. While much of this comes down to organisations having weak internal infrastructures, employees play a part too, especially in an age where agile/ flexible working is so popular. Something as simple as working on company laptops or phones from unsecured, public Wi-Fi networks, or accessing sites without the secure ‘https’ protocol can pose a risk. Equally, if your employees frequently fall foul of computer viruses or complain about the speed of their computer, only
Ensure your passwords are more secure
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for you to discover countless installed plugins, it’s a sign they aren’t web-savvy. Educating employees on how to be safer when working, and how to spot suspicious emails and webpages, closes another door hackers commonly use to target data.
3. There are too many disorganised desks and documents Did you know that there’s a correct way to dispose of confidential waste? That’s right, it’s actually the law to properly rid of anything containing ‘sensitive information’, whether that’s invoices, customer receipts, business financials, insurance policies, contracts or documents containing PIN numbers or passwords. Minimise the risk of documents falling into the wrong hands by getting employees to tidy their desks! Lockable filing cabinets are also recommended as a safe on-site storage solution. When the time comes to throw a document away, then ensure it’s shredded at the very least. Office shredders come with their own level of security; invest in one which ‘cross cuts’ to minimise the chances of reconstruction.
4. Your organisation holds a lot of valuable data - and too many people have access to it This one can be broken down into two parts, but when combined can wreak
havoc. Firstly, the type of business you run can determine how likely you are to be targeted by hackers (financial crime is one of the top motivators for data breaches). So, if your organisation holds credit card or bank details to process payments, then you’re sitting on a goldmine that criminals would love to get their hands on. Equally, if your systems require customers to login, then hackers could exploit their data too. Secondly, it can be a case that too many people have access to too much data. It’s sad but true that data breaches are often a result of internal employees either acting maliciously or negligently. Make sure your employees are only able to access the data they need in order to complete their jobs and, equally as important, they are trained to avoid the most common pitfalls (as listed above). This way you’ll minimise the risk of a data breach, as well as negative consequences including fines, damage to reputation and lost revenue. About the Author Darren Hockley is MD of eLearning provider DeltaNet International. The company offers a wide range of courses for businesses including training on data protection.
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How Much is The Human Factor a Part of Your Business? By Malik Muhammad Human beings are the ultimate computers and represent the best of higher technology and advanced thinking. Everything that is created comes from the mind and/or actions of a human being. The systems that enable our bodies to function. The organs with their complex job specifications. The magnificence of our body parts. The greatness of our minds. This synopsis of our functionality is the basis for the conclusion that the human factor is essential in all areas of growth, productivity and progress.
How much is the human factor a part of your business? This may appear to be a silly question but the heart of the business is still about people and profits. International trade and commerce or
selling a few kilograms of potatoes are ultimately about getting people to purchase your product. They buy from you because they choose to have relations with you. An investor may understand your business plan, respect the rationale of your cash flow projection and visualise the potential of the product. A thorough investor will also look at the person behind the product because they are also investing in you - the human being. One of the reasons brands such as Louis Vuitton are at the premier end of the buying experience is due to how they interact with the persons who patronise their stores. One is greeted then allowed to casually stroll around the store until help is requested. Prior purchases can be checked on the
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system and, if required, advice is offered as to future purchases. Excellent product knowledge coupled with professional yet friendly manners are evident from team members and a welcoming atmosphere enhances one's shopping experience. A gem master specialist such as Living Stones Jewellery (UK) Ltd in Hatton Garden, London has a similar ethos within its corporate culture. On another note - online shopping is both easy and convenient. It is also generally cost effective and reaches a wider audience. Poor reviews about a customer experience also spread very quickly by social media and often to an even wider audience. Negative publicity can result in reduced sales leading to lower profits or even calls to boycott the brand. There is real competition from similar businesses for the goods/services that you supply. You can distinguish yourself through your customer service. When product quality and prices are more or less similar; the competitive edge comes from excellent customer service coupled with an overall positive experience. This brings us back to the importance of considering the human factor.
7 ways to enhance the customer experience: 1.
Responding to emails or complaints in a timely manner
2.
Developing a user-friendly website
3.
Training team members in effective communication and how to properly observe and interpret body language
4.
Engaging in cultural sensitivity workshops
5.
Seeing your brand/product or service through the eyes of your clientele
6.
Keeping abreast of global, national and local factors that affect your business
7.
Understanding how your product continues to add value to people's lives
These suggestions are by no means exhaustive. They merely serve as a catalyst to help you focus on the customer experience in your business. People will pay for experiences and things they value. Price is relative once a value is ascertained. A handbag is a handbag and a gem is a gem. The value to the customer justifies the actual price they are willing to pay. The positive emotion attached to the buying experience will make customers seek to repeat said experience with your business. This is applicable online and well as in person. A little friendly conversation at the point of sale, a dynamic advertising campaign or emailed updates about new / the same products or services will foster goodwill between your business and your (potential) customers. It's often the little things that make a big difference. Being mindful of the personal or human factor gives you that extra advantage in this ever competitive business environment.
About the Author Malik is the host of online talk show ‘Reasoning Sessions’ and specialises in sharing selfempowerment strategies with diverse and multifaith audiences. LinkedIn | Instagram | Twitter
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10 Simple Steps for Mastering Social Media By Krishna Raut Social Media is an online platform that came into existence with an aim to build social networks and social relations. Sharing information, similar personal or career interest, backgrounds, activities, or real-life connections is easy to do. It is a computermediated tech that commonly facilitates the creation & sharing of ideas, information, career opportunities or any
other forms of expression via some virtual communities and social networks. Most of the available content is usergenerated in forms of text posts or digital videos/ photos. In this era of technology, social media has become an effective platform for marketing. The traditional method of marketing is fading with the emergence of online marketing or social
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media marketing. Following is the list of some top social networking sites where you can promote your business or product: Facebook YouTube Twitter Pinterest Linkedin Instagram Google Plus Social media can be overwhelming sometimes but you do not need to worry. You can certainly make a success of social media with this simple formula:
Master the Social Media in just 10 Steps:-
be more suitable social networking platforms for you then YouTube or Twitter. But if you are a comedian then you better switch to YouTube and Facebook to target more audience. For people who are into cooking, they can select YouTube for their brand promotion and generate a good amount of traffic. While to generate leads and sales you must choose Facebook and can also target search engines like Google. Thus, it’s you who need to decide which social networking platform is suitable and perfect for your business. For an e-commerce business, Facebook is also upcoming best options to generate leads and sales. For brand promotion related to real estates, finance services you should choose Twitter.
a plan in which you need define your marketing goals. For instance, you may want to build brand loyalty with your customers or create a mailing list to promote your new products or other news. You may want to drive traffic to your online portal so that they can know your brand and get converted into sales. Or it can be to increase brand recognition in all-purpose.
Figure out which social media option will let you achieve your aim. In a nutshell, Twitter will allow you to communicate with your brands with a shorter message and work great. Facebook on the other hands provides live streaming features and several options to create a particular page based on your brand. While Instagram and Pinterest are amazing choices to share images of your product, celebrity, art and many more.
2. Identify Best Social Networking Platforms For Your Business: If you are
3. Launch Your Profile: Now it’s time
1. Define Your Marketing Goals: Make
an artist and want to increase your audience then Pinterest or Instagram would
to have a social media presence and for that purpose, you need to create profiles on social networking sites. Social Media is
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undeniably expanding day-by-day, connecting all cities and countries covering all continents and linking the earth on just a platform. You can begin with a description of your business or brand that gains the user's attention. Mention a link connecting to your official website. Add the logo of your company/business or brand and then some other pertinent photos. For instance, you can add an engaging cover image on your profile. Use some simple tools to create your own images or hire a professional for that. You can also get a custom FB cover photo at $100 at DesignPax.
4. Do Regular Posting: Once you are with your profile on social media platforms and have built your social presence for your business then it’s important to keep it updating time to time. Visitors always desire to get some fresh content. So feed the latest news, videos, text, and photos on your social accounts for 3-4 times a week. Well, it doesn’t have to be all original.
5. Engage People: To engage the audience with your brand, product or company; you need to comment, reply and share. Here you’ve to become social talking, appreciating and sharing own and other’s content. Feed the audience something good and reply when asked anything. Comment on other's queries. Share what people think about your brand and why they like it.
6. Start Online Campaigns: Start a campaign on social media platforms like Facebook from where you increase post engagement, get leads and convert them into your sales. For this purpose, you would have to pay a sum of amount to the social networking giant Facebook. You need to define your audience based on their gender, interest, geographic location, education and many more. After choosing your target, create an ad content, then you need to go to PPC (Pay per Click) and pay accordingly. Then you can monitor your conversion rates.
7. A/B Testing: A method to compare two versions of a webpage, app, or campaign to determine which one performs best. You need to do A/B testing (known as bucket testing or spilt testing) to determine which variation performs best for a specific conversion goal. A/B testing can be done on ads, web pages and for email marketing. In this process, you need to collect data, recognize goals, generate hypothesis, create variations, then run the experiment and analyze results.
8. Generate Leads: You can generate leads through your web portal or social media campaigns or via email marketing. Most of the people in the market have adapted in-direct engagement such as
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FAQ. But now with the growing expectations and goals, people started using direct and effective engagement methods like live chat, forums, and help centers. Generate leads from Facebook, Twitter, and email.
9. Deploy Automation Tools: To save you time, you can deploy any automation tool such as SocialOomph, Hootsuite, Buffer and Zoho Social. You can use automation to plan updates. Automation actually cuts down your workload. But it doesn't mean that you forget about the personal link with your followers. You need to maintain a balance between both. You can use this software to get all activities done into a central place that makes you not to run around logging in on various platforms.
10. Track and Measure Outcome: You can track how many visitors or followers you have got in a day, a week or in a month. Also, measure how much growth is noticed on your social media accounts. Using analytics feature you can your progress towards the set marketing goals. Although this feature is inbuilt in social media; yet you can also use a third-party tool for offering measurements. There are some big names such as Hootsuite, Buffer and Zoho Social for the same purpose. These platforms can handle your posting and alter you to comment on any particular post.
But also make sure not to automate everything. Utilize this application only to save your precious time and keep costs low.
About the Author Krishna R is research analyst at marketresearch.biz based in New York City, NY. He spent nearly ten years in the digital marketing and market research industry and works as a Research Analyst, his interest in analyses and researches various market data. He is also an avid reader who loves to read and learn new things. Besides this, He is a YouTube and travel enthusiast. Facebook | LinkedIn | Twitter
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10 Top Tips for Entrepreneurs By Jennifer Ranking Everybody has to start somewhere when it comes to new ideas and ventures. Initially, in our first stages we’re never experts until we research and gain further knowledge of a topic. Starting your own business is just another one of them ideas that requires such practice. As a young apprentice, we’ll look up to mentors who have become established in their trade. If you’ve not quite found that person you
can gain valuable advice from, we’ve put together 10 top tips that can help any budding business owner to become successful.
1. Keep focused on what you know Allowing yourself to focus on one particular business keeps it easier to
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manage, and it provides you with the environment to show your expertise and teach others. Plus, if it’s something that you’re passionate about you’re likely to stay motivated in your day to day work.
2. Be open to what you don’t know Although you’re the boss, no one’s completely perfect at what they do. Surround yourself with good, knowledgeable people who you can still learn from. Everybody has gained different experiences in their trade and working as a collective can benefit the business. Find good people who have the same interests and goals, and success will follow.
3. Be sensible with your money The aim of a business is to raise capital, not run it down to the ground. During your early days as a business owner, you need to make sure you’re investing wisely. Document what your money is being spent on and understand whether the investment you’re making is worthwhile.
4. Look after number 1 Being a business owner is a hectic lifestyle and not an overnight success. It will be a stressful time so be sure that you’re also
looking after yourself too. Eat well and remain active to make sure you don’t burn yourself out.
5. Be assertive through your actions The only way you can prove your worth is if you have something to show for it. It’s fair enough to sell your business enthusiastically, but people will be jumping on board because of the idea you’ve sold. Now it’s making sure the idea comes to light.
6. Learn from the mistakes you make Mistakes aren’t always a bad thing it can happen to basically everyone. Just be sure that you learn from the mistakes you make and reflect on how you could have done better. The best entrepreneurs see mistakes as an opportunity to better themselves, not knock them back.
7. Take appropriate risks No one can predict the future. Unless something is done, we will never know the outcome. Although it’s good to remain cautious, the window of opportunity doesn’t come around often, and if there’s a genuine belief that something good could come from it take the chance.
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8. Appreciate your target market
10. Always have a back-up plan
As a business you should always be looking to improve and become better at what you do. The only way you’ll know whether you’re on the right path is if you communicate with the right people. Listen to customers to know what you’re good at and what you’re not, this way you can continuously progress your work.
9. Find the right team for the job It’s hard to make success on your own, and you need to make sure that you build a team capable for the work ahead. A good entrepreneur understands the staff they require and provides the correct opportunity for the right people. In some cases, overseas staff may be an option due to skill shortage. It may require sorting legal issues like a UK Visa, but a boss always knows the right people for the job.
You’re never going to know how the business is going turn out. Always plan ahead for potential disasters and what if’s. If it was to fail, make sure you have something to fall back on Being successful as an entrepreneur will take time and a lot of effort. Following these simple steps should help to make it a smoother journey and keep you in shape for the excitement ahead.
About the Author My name is Jennifer Ranking and I’m currently a student and freelance writer. I’m looking to build up my writing portfolio with various topics of interest include Business, Fashion and Women’s Sport. If I’m not writing, you’ll most likely find me reading or in a school as a part-time teaching assistant.
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J us twhent he cat er pi l l ar t houghtt he wor l dwas over ,i t becamea but t er f l y. www. bus i nes s br eakt hr ough. co. uk
A Simplified Guide To Coaching Your Employees - 5 Rules To Always Remember By Nathan Sharpe Coaching can transform average basketball players, musicians, and employees into superstars - people who are the best at what they do. For a small company, having a team of high-performing individuals is a competitive advantage. However, not every organization has the time nor the money to hire change management experts and employ a fullfledged coaching program.
But no worries. The following rules will get you started on the right track and build the coaching culture your business needs.
1. Know This: An Annual Performance Review Is Not Coaching Perhaps you’re wondering: “Isn’t employee coaching the same as yearly performance appraisals?”
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While both strategies aim to improve employee performance and productivity, how they go about it make a night-and-day contrast.
workers feel stressed.
Performance reviews are a carrot-or-stick strategy. If things turn out positively, the worker under scrutiny gets a sizeable boost to their salary. If not, however, they stay on the same pay grade.
Frequent coaching, on the other hand, doesn’t suffer from the problems that annual performance reviews do.
This emphasis on financial compensation makes the yearly review tricky. Managers may shy away from giving a low (but well-deserved) score knowing that the person getting it may not get a raise. Moreover, the employee on the receiving of a bad score may get all riled up, making a two-way discussion on how to improve performance impossible. Coaching, as you will see, moves the conversation away from pay appraisals and into training and developing your workforce’s skills.
2. Informal And Frequent Coaching Works Best Adobe, GE, and Microsoft have nixed annual performance reviews altogether in favor of regular and informal coaching. And it’s easy to see why. A study by Adobe found that managers can spend up to 17 hours per employee preparing for the review. The result? More than half of the workforce don’t feel the impact of the review, while many of the
Moreover, an annual review cannot keep up with the ever-changing priorities and responsibilities in the workplace.
Research shows that immediately sharing positive or negative feedback with the person involved works best for skills development. With regular coaching replacing performance reviews, you won’t have to wait for that time of the year. And thanks to the informal nature of the sessions, you give feedback in the office, while grabbing a bite from a snack vending machine, making a coffee, or any place that can help the coachee relax and be more receptive.
3. Stay Objective When Giving Feedback Things can get tense and emotional when giving feedback. As the coach, however, you want to keep a level head and stay objective. Focusing on the specifics below will help keep the session free from personal opinions and biases:
The scenario the employee was in
The action or behavior they exhibited
The impact of the above
Of course, you will want to tweak how you frame your message depending on the
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action of the team member. If the employee went above the call of duty and performed better than expected, start by thanking them. Discuss the positive result brought by their effort. And lastly, compel them to maintain (or even level up) their standards by stating how everyone benefits from the work they do. If the feedback is negative, however, you should point out the poor behavior the coachee is exhibiting and its impact. But more importantly, you should outline the steps necessary to stop the same unacceptable behavior or performance from becoming a problem again (more on this later). Again... Leaving unnecessary adjectives out of the conversation and staying as factual as possible is critical. Even more so if you’re delivering negative feedback. Note, too: Sandwiching negative feedback with positive ones doesn’t work and may even undermine your relationship with your workers. The sandwich strategy isn’t genuine. It’s manipulative and will alienate your direct report. People can see that the real reason for the coaching session is to point out concerns about their recent performance or actions. The positive comments are given only to
soften the blow and prevent heated reactions.
4. Let The Other Person Have Their Say Coaching sessions at work don’t end after giving your feedback. Chances are, the employee on the receiving end has a thing or two to say about the matter. What you do next will decide whether ensuing coaching sessions with the team member will be effective or not. Bobbing your head as you pretend to listen and find a quick way to exit the conversation won’t do you any favors. It will turn off your employees and future feedback will fall on deaf ears. Instead, you will want to zip those lips and listen closely. Silence is a powerful tool. One that can uncover elephants in the room - serious workplace problems no one openly talks about. You may not have the solution ready. But allowing employees to voice their concerns or vent out is sometimes enough to make them feel better and boost their performance.
5. Always End With An Action Plan For the most part of the coaching, your employees’ actions and behaviors took the spotlight. And since both parties have
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had their say, it’s time to end the conversation (for now) and get back to work. But how do you end the session effectively? Simple: Move forward! You already talked about what they did, so you should now shift the spotlight to what they should do in the future. Encourage team members to map out the necessary steps for improvement. Even better, sit down and help them create goals if they’re having a hard time coming up with their own. Just remember to stay SMART. Make sure the goals you set with employees are: Specific: Pinpoint the behavior to keep up or change, the reason/s why, and how exactly to go about it. The next point will help make your goal even more specific. Measurable: Whether you’re looking to boost customer satisfaction levels or email marketing open rate, write down by how much (in percentage points, for example) the employee should improve.
Achievable: We want to push our team to do their best work all the time. But setting overly optimistic targets is more likely to frustrate and stress out employees rather than inspire them. Relevant: Make sure the goals are relevant to the employee’s work and aligns with their personal and professional motivations. Time-bound: “Work expands so as to fill the time available for its completion,” states the Parkinson’s Law. So unless you want coaching goals to take forever to achieve, agree on a deadline with your coachee.
With your SMART goals laid down, you should finish the discussion by arranging a follow-up session to keep track of their progress. Mind your body language, too, while you’re at it. You want your actions, not just your words, to tell your employees that they can do it. Displaying confidence in their abilities can very well to turn your employees into workplace superheroes!
Nathan Sharpe is the entrepreneur behind Biznas, a blog where he serves practical business advice and tips to readers. Learning and helping others learn is his passion.
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Renting Vs. Buying a Commercial Space
If you own a company, it can be tempting to want to control every aspect of its operation. This could mean having the urge to buy the space in which the business operates. However, it may not be wise or even necessary to buy a building to exercise such control. Here are some items worth thinking about when choosing whether to buy or rent a commercial space to run a company.
Leases Are Negotiable You may believe that you have to buy an office building to have meaningful control over how the space is used. However, landlords are often willing to negotiate the terms of a commercial lease. This may allow you to choose how common areas are used or gain access to the entire building as opposed to just one or two floors. Custom lease terms can also make it
easier to use your brand's logo and colors on the front of the building or in other strategic locations.
Renting Will Not Decrease Your Liability If you rent a building, you are just as liable for anything that happens on the premises as if the building was purchased outright. Generally, the best way to protect against any liability issues is to buy an insurance policy. In most states, a corporate tenant who operates in a given space is responsible for providing a safe environment for everyone on the premises. The only way a landlord would be responsible for damages is if there was a dangerous condition that was not disclosed to the business that leased the space. Therefore,
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liability concerns shouldn't dissuade you from buying a building outright if that is what you want to do.
How Long Will the Company Occupy the Space? Buying a building can be a good idea if a company is looking to stay in one spot for several years. Even if the company goes under, the building and land that it sits on can be used to offset any losses the owners incur. In some cases, the building and land can be used as collateral for a loan that can be used to fill a large order or otherwise expand the business. However, if the business isn't planning to stay in one spot for more than a couple of years, it may be better to rent as it provides more flexibility.
How Much Space Does the Company Need? If a business doesn't need more than 500 square feet to operate effectively, it probably isn't a good idea to buy an entire office building. Instead, it is likely a better decision to rent space or share it with another company. Depending on the needs of a company, it could be worthwhile to convert an attic or basement into a home office. Can a Building Be Used for Multiple Purposes? Buildings can be built to meet both commercial and residential needs. If you are looking for a long-term investment opportunity, buying a building that is zoned for business and residential use can increase the odds of seeing a return on the investment. Depending on your needs, you could also choose to rent such a space and provide a more consistent living
situation for yourself and your family.
Buying a Building Could Require More Upfront Capital Typically, buying a building means having enough money for a down payment as well as insurance and other closing costs. It may be possible to get cheap insurance quotes and affordable mortgage quotes online. Furthermore, you or your business will need good enough credit to get a loan to finance the purchase. If you don't have enough money to invest in a new building, your only option could be to rent. There are many variables that go into whether or not you should rent or buy a commercial building. Ideally, any decision that is made will take into account your financial and other needs both now and into the future. Consulting with an accountant can make it easier to make the best decision for your company.
About the Author Dawn is a loving wife and mother of three and an up-and-coming entrepreneur. She has spent the last couple years trying to get her business off the ground. In her journey, from working for a big CPG company and a pretty popular tech company to starting her own business, she has learned a lot about the difficulties of running a business and how to be successful. With all she has learned about business, she has decided she wants to help other businesses avoid the mistakes she has made and help them succeed even when she is still searching for that very thing for herself. First and foremost is her family. Second is her business and helping others with theirs.
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