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BizBoost NewsVolume 10, Issue 22For distribution 4/19/21; publication 4/22/21
Getting to the Next Level of Your Business
Sometimes it’s hard for business owners to know how to take their businesses to the next level of growth and profitability. If you’ve been stuck at the same revenue or profit level for a while, it could be because knowing how to scale your business is not a skill in your skillset --- yet.
Enter a classic management book on scaling: High Output Management by Andrew Grove, ex-chairman and CEO of Intel. While it was written in 1983, it has made a recent comeback in Silicon Valley but is still not well-known outside of the Bay area. Many people who have read it say it’s the best management book they have ever read, life-changing even. It is certainly a timeless and invaluable read for business owners and managers.
In the book, Grove applies the principles of engineering and manufacturing production to management. It’s all about process: developing processes and procedures so that you can track what’s going on and measure the results, or output, every step of the way. Only then can you improve the process so that it leads to high output.
Measurement is an important concept in the book. No matter what business you’re in, you can apply the ideas of developing processes, measuring them, and improving upon them in your business.
Grove gets into how managers can motivate their team members and affect production outputs. He talks a lot about leverage, which enables scaling both positively and negatively, and how it can affect employees’ output. One example of positive leverage is when managers can add a “nudge” activity to enable their employees’ work. A negative example is when managers meddle and get in the way of the employee making progress.
In the section on meetings, Grove breaks them down by purpose and lends his ideas on how to run each type better. He touches on other key topics such as decision-making, planning, motivation, performance reviews, and values.
One significant highlight from the book is that if you’re motivated to become a better manager, and wish to improve the output of your organization, then there is nothing more important than training yourself.
Reading this book is a wonderful way to spend time learning new business skills you can use and benefit from immediately.
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Our latest blog: Getting to the Next Level of Your BusinessSubscribe here: [link]
High Output Management has been praised throughout Silicon Valley, noted as being “a crash course for middle managers.” Get our feedback here! [link]
Have you read High Output Management yet? One significant highlight from the book is that if you’re motivated to become a better manager, and wish to improve the output of your organization, then there is nothing more important than training yourself. Learn more here!: [link]
High Output Management by Andrew Grove provides useful and worthy incite to any person who wants to be respected by his or her peers. Click here for the full review. [link]
High Output Management offers valuable advice and tips on myriad issues, including management, leverage, decision making, and output. [link]
If you’re in a managerial position, regardless of industry, then consider reading High Output Management by Andrew Grove. More here: [link]
High Output Management has long been considered a kind of “Bible” for management refreshing reading. Find out why by clicking here: [link] Find out more here!
Grove’s High Output Management proves the importance of individualism and optimism in becoming successful in a managerial role. Learn more here: [link]
BizBoost NewsVolume 10, Issue 21For distribution 4/05/21; publication 4/08/21
5 Tips to Spice Up Working from Home
We’ve been in a pandemic for what seems like five years now, right? All joking aside, if you’ve been lucky enough to work from home this past year, then it’s possible that you are in the process of going stir-crazy. Or maybe you’re simply ready to shake things up a bit.
Working from home has its benefits. Yet, if you are someone who enjoys going to the office every day, chatting with co-workers in person, attending meetings that aren’t all virtual, and having a little spontaneity each week, then we’re here to help. Here are five tips to boost your WFH (working from home) environment.
Taking regular breaks throughout the day is so important, and more so now than ever before! Without a doubt, these breaks will help you mentally (that is, keep you from going stir-crazy), but they can also help your work productivity and quality. These breaks don’t need to be—and shouldn’t be—long or strenuous.
Walk the dog. Stand up and do some light stretches. Run up and down your stairs. Go outside into your backyard. Dance to a song. Do a quick chore, like emptying or loading the dishwasher. Call a friend. Or choose your own favorite break activity. The goal is to get the blood flowing and the fog cleared from your mind.
Get creative and switch up your location. If you have a yard or patio of some sort – and good weather -- that allows you to sit outside and work, perfect! If not, try working from the living room, the dining room, the kitchen, even the bedroom. The idea here is to change your surroundings a couple of times a week so that you don’t feel stuck or get lost in the monotony of a daily routine.
Everyone needs something to look forward to, and what is better to look forward to than food? Depending on your budget, treat yourself to a special lunch once a week, every other week, or monthly. Consider trying new restaurants, different foods, places that you’ve always wanted to eat at but haven’t had the opportunity to do so. Not only will this be fun for you, but you will also be supporting small, local businesses. Win-win!
We can probably all agree on one thing: sweatpants are comfortable! As such, it can be difficult to trade in the sweats for jeans or dress pants every day. After all, if you’re working from home and there’s no dress code to enforce, it can be hard to dress for success. Yet, doing so can give you a little burst of inspiration to get through the day. You can keep your outfits casual just as long as you have fun getting dressed. For example, you could have Sandal Mondays or Blue Shirt Fridays. Again, just have fun with it!
Does music motivate you? Are you able to work and listen to music at the same time? If so, create different music playlists to listen to throughout your day. Try listening to various genres or new artists, anything that keeps you alert and stimulated, even excited about your workday. Depending on the type of music you enjoy listening to, you can even get up periodically and take dance breaks (Tip #1)!
Keep your day fresh, and boost your productivity and mood by using your imagination and trying the tips above.
Our latest blog: “5 Tips to Spice Up Working from Home” is available now! Subscribe here: [link]
We’ve been in a pandemic for what seems like five years now, right? If you’ve been lucky enough to work from home this past year, then it’s possible that you are in the process of going stir-crazy. Learn 5 ways to spice up working from home in our latest blog article: [link]
Taking regular breaks throughout the day is so important, and more so now than ever before! This could include walking the dog, doing some light stretches, running up and down your stairs, or going outside into your backyard. Learn more about how to spice up your WFH life here: [link]
Working from home can get boring, especially if you are not used to it. Spice things up by treating yourself to lunch or switching up locations! Get more tips in our latest blog article: [link]
Tip: Everyone needs something to look forward to, and what is better to look forward to than food? Treat yourself to a special lunch once a week, every other week, or monthly to spice up your WFH life: [link]
Working from home has its benefits. Yet, if you are someone who enjoys going to the office every day, chatting with co-workers in person, attending meetings that aren’t all virtual, and having a little spontaneity each week, then we’re here to help. Here are five tips to boost your WFH environment: [link]
Need to spice up your work-from-home life? Keep your day fresh, and boost your productivity and mood by using your imagination and trying the tips in our latest blog article: [link]
Getting bored working from home? Try listening to music to increase your motivation! Create different music playlists to listen to throughout your day. Sign up for our newsletter to learn more tips on spicing up your WFH life: [link]
BizBoost NewsVolume 10, Issue 20For distribution 3/22/21; publication 3/25/21
Mix Up Your Revenues for More Profits
Many small business owners focus on generating more revenue every year, and that’s a wonderful goal. But not all revenue is created equally since some items are more profitable than others. If you sell more than one product or service in your business, then you may benefit from looking at your revenue mix.
While it’s fun to watch revenues grow, your business profit is what really matters. If your expenses grow faster than your profits, then you have a lot of activity going on, but you don’t get to keep as much of what you make.
An insightful exercise to try is to take a look at your revenue mix. Then you can ask “what if?” to optimize your profits.
Your Revenue Mix
Let’s say you offer three different services: Services J, K, and L. Your revenue pie looks like this:
J: $700K or 70% of the total
K: $150K or 15% of the total
L: $150K or 15% of the total
Total: $1.0 million
In this example, Service J is clearly the service making you the most revenue in your business. But is it making you the most profits?
The profit you receive from each of these service lines is as follows:
J: $80K
K: $10K loss
L: $30K
Total: $100K
While Service J is generating the most profit volume for your business, it’s actually Service L that’s the most profitable. Earning $80K on $700K yields 11.4% return on Service J, but earning $30K on $150K yields nearly double the return at 20%. Service L generates the most return. And if possible, Service K may need to be discontinued or turned around.
Optimizing Profits
Your strategy for a more optimum revenue mix might be to sell as much of Service L as possible, while eliminating or fixing the problem around Service K.
It’s fun to experiment with different revenue mixes. And of course, there are many more variables besides profit, such as:
There are many more questions to ask and strategies to consider to make you more money, which is why we love being accountants.
A New Mix
We hope you’ll spend some time analyzing your revenue mix and having fun asking yourself “what if?” If we can help you expedite the process or add our perspective, please reach out anytime.
Our latest blog article: “Mix Up Your Revenues for More Profits” is available now! Subscribe here: [link]
Many small business owners focus on generating more revenue every year, and that’s a wonderful goal. But not all revenue is created equally since some items are more profitable than others. Find out how to mix up your revenue streams to increase profit in our latest blog article: [link]
Business Tip: If you sell more than one product or service in your business, you could increase your profits by taking a look at your revenue mix. Learn how in our latest blog article: [link]
While it’s fun to watch revenues grow, your business profit is what really matters. If your expenses grow faster than your profits, then you have a lot of activity going on, but you don’t get to keep as much of what you make. Learn how to mix up your revenues to profit more here:[link]
There are many variables to consider when experimenting with different revenue mixes, such as:
Learn more about mixing up your revenues to increase profits here: [link]
Are your expenses starting to outgrow your revenue? You can increase profit by taking a look at your revenue streams and seeing where you may be able to mix things up. Find out more here: [link]
Do you focus on profit volume, or do you also look at what generates the highest return within your services? Many only focus on profit volume, but the return is key to understanding what service is most valuable for you to offer. Learn more about understanding your revenue mix in our latest blog article: [link]
Are you looking for a way to optimize profits in your business? If you offer more than one service, take a look at your revenue mix to see how you can rearrange things to bring in the highest return for your services. Sign up for our newsletter to learn more! [link]
BizBoost News Volume 10, Issue 19 For distribution 3/8/21; publication 3/11/21
Managing Customer Service with Technology
Do you have a lot of customer service inquiries in your business? If so, it can be a challenge to manage them all. Being responsive with customer service can make all the difference in your company’s success, so it makes sense to take a look at some tools that can streamline the process.
The most common solution to automating customer service inquiries is to implement a ticket management system, which is also called help desk software. Some of the things that are important to consider include:
These days, an inquiry can come from a multitude of places:
- Posts, replies, and comments - Messaging - Any other methods you have set up in your social accounts
That’s a lot of inputs to organize. When they can all be fed into the same system, you have just unified your messaging input and taken a giant step toward organizing all of these moving parts. A good ticketing system will accomplish this, and the feature you want to ask for is multi-channel accessibility.
Keeping your customer service costs low is another factor, and one way to accomplish that is to help users self-serve and solve their own issues when they can. This requires a robust knowledge base feature. A knowledge base is a set of how-to articles and videos of the most frequently asked customer service questions.
Here are a few very basic topics to consider including in your knowledge base:
A good ticket system will also have the ability to customize the ticket, the customer service agents, the customer records, and the other important parts of the system. For example, you may want to set up your own status items for each ticket. Open, assigned, active, hold, and complete are typical status types, but you may need another one.
The workflow must also be considered in a ticket system. How does a typical ticket flow through your business, and can the system replicate that flow.
Other important features of a ticket system include:
A few of the most popular ticket management systems include:
There are literally hundreds of technology options for any size business.
If you want to take your customer service to the next level or just want to get more organized, consider looking into these ticket systems.
Our latest blog article: “Managing Customer Service with Technology” is available now! Subscribe here: [link]
Do you have a lot of customer service inquiries in your business? If so, it can be a challenge to manage them all. Learn how to manage customer service with technology in our latest blog article here: [link]
Business Tip: Being responsive with customer service can make all the difference in your company’s success. Learn what tools can help you manage your customer service and streamline the process here! [link]
DID YOU KNOW… One way to keep your customer service costs low is to help users self-serve and solve their own issues when they can. Learn how to implement this in your company with our latest blog article here: [link]
Do you know which ticket systems are the most popular and what features to look for to help manage your customer service? Our latest blog article covers everything you need to look for to find the perfect system for your business! Click here for more: [link]
The most common solution to automating customer service inquiries is to implement a ticket management system, which is also called help desk software. Find out more about the technology that can help you manage your company’s customer service here: [link]
Zendesk, Zoho Desk, and Salesforce Service Cloud are just a few of the technologies that can help you manage your customer service better. Find the full list of options, as well as the important features to look for, in our latest blog article: [link]
Our latest blog article, “Managing Customer Service with Technology”, covers everything you need to know about how to implement technology to better manage your company’s customer service. Sign up for our newsletter to learn more: [link]
BizBoost NewsVolume 10, Issue 18For distribution 2/22/21; publication 2/25/21
Fighting Cybersecurity Threats in Your Business
If you keep any kind of digital information in your business, you have a chance of becoming a victim of a cybercrime. The odds have increased exponentially during the pandemic, with more cyberthreats and scams floating around than ever before. Here are some ways to reduce your chances of getting attacked.
Social Engineering
Social engineering is when thieves try to get your employees to provide confidential information via a phone call or email. You can reduce your risk here by developing procedures and training any employees that take customer phone calls for the business. Require them to ask for identifying information such as a pin or code, or simply prevent them from giving out any information over the phone.
Passwords
Passwords are terribly inconvenient but incredibly necessary. Almost everyone is guilty of using passwords that are simply too easy to guess. Here are some password tips:
Receiving and Delivering Information
If you deliver or receive information, it should be done safely and securely. One way to do this is to use a customer portal such as Box or ShareFile, where the information is securely stored in the cloud. Another tool that to safeguard information delivery is encrypted email.
Anti-Virus
All computer users should have anti-virus software implemented and active on their devices. Company procedures should dictate the settings as well as the brand to use.
Spam Protection for Email
Anti-spam software is also necessary to protect the device from bad links in emails. Users should be trained to detect and avoid phishing emails.
Malware Protection
Malware can be installed on your computer without your knowledge and if you are not careful. To protect against these threats, avoid file-sharing when possible, be careful when visiting unknown websites, don’t download software that you don’t recognize, and be careful with links in emails.
You may also need to protect your website from malware attacks by installing a firewall or other preventative solutions.
Software Releases
Stay current with all of your software upgrades. Upgrades can patch vulnerabilities, so you are safer with each new upgrade you install.
Data in the Cloud
Make sure any data that you have in the cloud is behind an acceptably secure technology solution. Today, this generally means files are stored with AES 256-bit encryption. You can also look for SOC1 and SOC2 certifications.
Need to Know
There are many policies that need to be developed for employees with regard to data handling. One example is providing data access to employees on a need-to-know basis. For example, an operations manager does not need the password to the payroll system, but the payroll manager does.
Reducing Business Risk
These items above are the tip of the iceberg when it comes to having good data security practices in your business. Develop an excellent set of policies, train and monitor employees, and set a great example yourself when it comes to this growing threat to your business.
Our latest blog article: “Fighting Cybersecurity Threats in Your Business” is available now! Subscribe here: [link]
The odds of experiencing a cybersecurity crime have increased exponentially during the pandemic, with more cyberthreats and scams floating around than ever before. Our new blog article details ways to reduce your chances of getting attacked. Find out more here! [link]
Business Tip: Only provide data access to employees on a need-to-know basis. This will help strengthen your cybersecurity. Learn more great tips in our new blog article here! [link]
Have you heard of social engineering? It’s just one of the many cybersecurity threats your business may face. Find out how to combat social engineering and many other cybersecurity threats in our latest blog article: [link]
Cybercrimes are becoming more and more prevalent. There are many policies that need to be developed for employees with regard to data handling in order to keep your business protected. Find out more in our latest blog article here: [link]
If you keep any kind of digital information in your business, you have a chance of becoming a victim of a cybercrime. Find out more in our latest blog article here: [link]
Spam protection for email, malware protection, and keeping your software up-to-date are just a few of the ways to keep your business protected from cybercrimes. Click here to learn more! [link]
Do you know what steps to take to keep your company safe from cybersecurity threats? There may be areas unprotected that you’ve never even thought of before! Sign up for our newsletter to learn more: [link]
BizBoost News Volume 10, Issue 17 For distribution 2/8/21; publication 2/11/21
The Concept of Independence in Accounting
Independence is a key concept in accounting, especially in the assurance or auditing area of accounting. Assurance services are services where a licensed CPA reviews an organization’s financial statements and accounting records and provides an opinion about them. This opinion takes the form of a report that can be shared with third parties such as banks and shareholders. Auditing services are one of many forms of assurance services.
Only a licensed CPA can provide assurance services; this is regulated by the states. A CPA who provides certain assurance services must be independent from the business that it is writing an opinion for. Essentially, independence means that the auditor must be able to do their work objectively and with integrity. And it goes farther. The auditor must not be perceived as having any kind of bias or connection with the business it is auditing. There must be no perception of any impropriety.
To this end, the auditor must not have a relationship with the company’s executives. A CPA cannot, for example, audit her brother’s company. A CPA cannot be an investor in the company and also be the auditor because of the financial relationship. The audit opinion must not be influenced in any way by a relationship between the auditor and anyone in the company. The CPA must be able to provide an honest, professional, and unbiased opinion when auditing financial statements.
Being independent also means the CPA must have a healthy dose of skepticism. A common phrase in the accounting profession is “Trust, but verify.”
Numerous rules abound to protect auditor independence. For example, an auditor cannot be paid on a contingent or commission basis. All practicing CPAs must complete ethics courses every few years, and these almost always include independence scenarios and case studies.
If you have any questions about independence, assurance, or auditing, please feel free to reach out any time.
Our latest blog article: “The Concept of Independence in Accounting” is available now! Subscribe here: [link]
Independence is a key concept in accounting and especially in the assurance or auditing area of accounting. Learn more in our latest blog article: [link]
Business Tip: Only a licensed CPA can provide assurance services; this is regulated by the states. A CPA who provides certain assurance services must be independent from the business that it is writing an opinion for. Learn more here![link]
DID YOU KNOW… There are numerous rules to protect auditor independence. Learn more about the importance of independence in accounting with our latest blog article: [link]
Assurance services are services where a licensed CPA reviews an organization’s financial statements and accounting records and provides an opinion about them. This opinion takes the form of a report that can be shared with third parties such as banks. Auditing services are one of many forms of assurance services. Learn more about auditing services and the importance of having an independent auditor here: [link]
In our latest blog article, The Concept of Independence in Accounting, we explain what “independence” means in assurance services and the importance of an auditor’s independent status. Find out more here: [link]
DID YOU KNOW… Being independent also means the CPA must have a healthy dose of skepticism. A common phrase in the accounting profession is “Trust, but verify.” Find out more here! [link]
Sign up for our newsletter to learn all about the concept of independence in accounting and the important role it plays in delivering assurance services: [link]
The Consolidated Appropriations Act, 2021 (CAA 2021) became law on December 27, 2020, and among many other things, provided for a second round of potentially forgivable Paycheck Protection Program loans to small businesses that were financially impacted by the effects of the pandemic.
The Act not only provides funds and guidelines for a round two of PPP money; it also expands PPP round one in a number of ways. Here are a few of the highlights.
Changes to PPP Round 1 Loans
Existing borrowers with PPP loans can reapply for a loan or request a loan increase as long as they have not received forgiveness. This includes borrowers that returned all or part of their PPP loan or whose loan maximum has increased due to regulations implemented after receipt of their loan.
Businesses that have not been granted forgiveness can spend PPP money and apply for forgiveness on an expanded list of expenses, including:
They can now choose their covered period at any time between 8 and 24 weeks (previously it was 8 OR 24 weeks only). There will be a simplified forgiveness application for loans under $150,000. However, do note that this is not the rumored rubber stamp: the backup paperwork and calculations are still required. The SBA has until January 21, 2021 to establish the guidelines for the application process.
PPP Second Draw Loans
Additional PPP monies will be available to qualifying businesses, up to loan amounts of $2 million. The business must:
Businesses, certain non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives are eligible.
In round two, borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs in the one year prior to the loan or the calendar year. Businesses with NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5X average monthly payroll costs. The rules for forgiveness are the same as in round one.
Organizations not eligible for PPP2 include:
The entire program in extended to March 31, 2021.
There are also special provisions for these types of businesses:
The disclosures have also gotten stronger, with specific provisions for collection of demographic information and required disclosures for leaders in government to publicize their receipt of PPP forgiveness as well as prohibition of them receiving PPP loans in the future.
The law gives SBA a deadline to act, which varies from 10-24 days depending on the section. The next course of action for businesses that want to apply for these funds is:
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act starts on page 2042 of the 5593-page bill in case you want to see for yourself. And if not, know we’re here as your tax law interpreter, so feel free to reach out anytime.
BizBoost NewsVolume 10, Issue 16For distribution 1/25/21; publication 1/27/21
Ten Places to Look to Find More Profits
A great way to start 2021 is to take a fresh look at your business finances. Many things changed in 2020, and if you are in the habit of spending on the same items year after year, it’s the perfect time to decide what is essential and what can go.
There are only a few ways to increase profits when you think about it in black and white terms. You can either raise revenues or cut costs. Let’s take a look at where we can potentially cut costs.
Publications
These expenses tend to be monthly or yearly, and we tend to just let them automatically renew time after time. But do we really need them? Take a look in your Dues and Subscriptions account to evaluate what you really need to stay informed, and cancel the rest.
Memberships
If you are a member of an organization or two, what benefits are you getting from your investment? Does it raise revenue for you? Do you use everything the membership offers? If not, it might need to go on the chopping block.
Memberships are especially tricky if the organization provides a local meeting component as a benefit and your state or county has been shut down. There’s a tradeoff right now between supporting the organization so that it’s still there when we can freely meet again and being responsible about your own business costs.
Office/Store Rent
With many employees working from home, the question has come up in many businesses about how much space they really need. As leases expire, consider how much space you really need. Some employees may love to work from home permanently, which frees up space.
Retail stores that have moved their business online may be able to cut back on customer-facing space but might need more inventory storage space. A restaurant that has successfully transitioned to pickup and delivery orders might be able to get by with a smaller seating area.
Software Apps
Are you paying for any technology applications that you are simply not using? This is a good place to look for cuts.
Some applications charge by number of contacts. Keeping your lists clean inside these apps will avoid increases and cut costs in some cases.
Office Supplies
Do you really still need things like staplers and scissors on everyone’s desk? If your business is going paperless, you can save a lot on office supplies.
Printing
Do you need to spend money on printing, or can the printed item be delivered electronically?
Shipping/Postage
While information can be delivered electronically, physical goods still need to be shipped. Make sure you have the best deal with your shipping vendors based on your volume. You may also need to consider building your shipping costs into the price of the product or add a shipping fee to the bill if you don’t already.
Marketing
A great way to increase profits is to become more intentional about your marketing costs. Are you able to measure what’s working and what isn’t? Or are you doing the same thing year after year?
Marketing has changed so much, even in the last few years. It might be time to implement digital marketing methods, which can be more cost-effective than older, outdated methods.
Labor
Make sure employees manage their time effectively by providing the right training and supervision. This should help to reduce labor expenses.
Telephone/Internet
Has your business changed? Do you need all those extra features you are paying for? Could you do without those extra lines? Would another phone plan save you money on long distance or international calls? Many telecommunications companies will often bargain with you or offer you a new deal just for checking in with them.
This gives you ten places to look to cut costs and correspondingly increase profits for 2021. If you need help reviewing your income statement, please reach out.
Our latest blog article: “Ten Places to Look to Find More Profits” is available now! Subscribe here: [link]
A great way to start 2021 is to take a fresh look at your business finances. Many things changed in 2020, and if you are in the habit of spending on the same items year after year, it’s the perfect time to decide what is essential and what can go. Learn more with our latest blog article:[link]
Business Tip: Marketing has changed so much, even in the last few years. It might be time to implement digital marketing methods, which can be more cost-effective than older, outdated methods.
Learn more cost-saving tips for your business here! [link]
There are only a few ways to increase profits when you think about it in black and white terms. You can either raise revenues or cut costs. Find out 10 different ways to cut costs and correspondingly increase profits in your business with our latest blog article: [link]
DID YOU KNOW… A great way to increase profits is to become more intentional about your marketing costs. Are you able to measure what’s working and what isn’t? Or are you doing the same thing year after year? Learn more in our latest blog article:[link]
Publication subscriptions, memberships, and even software apps are just a few examples of costs you may be able to reduce. Find out more here: [link]
With many employees working from home, the question has come up in many businesses about how much space they really need. As leases expire, consider how much space you really need. This is a great way to cut costs and increase profit in your business. Find out more here! [link]
Has your business changed? Do you need all those extra expenses you are paying for? Sign up for our newsletter to learn what areas you may be able to trim and therefore increase your profits: [link]
BizBoost NewsVolume 10, Issue 15For distribution 1/11/21; publication 1/14/21
Should Your Business Become Cash-Free?
A cashless business is one that processes all cash transactions electronically. There is no paper or coin money taken or handled. While no one society has become 100 percent cashless yet, most organizations are moving in that direction.
A business can become cash-free by providing multiple electronic alternatives to payment. Credit cards are the most common electronic payment implementation. This option most likely includes MasterCard, Visa, Discover, and American Express. Some businesses also have a PayPal account and offer that method for payments. Vemno, owned by PayPal, is an efficient mobile alternative, but it is mostly used for consumer-to-consumer transactions. And there is also cryptocurrency.
Cashless businesses are more efficient, help to reduce crime, and have a better audit trail of transactions. Going cash-free also saves money and time spent counting the money, storing the money, safeguarding the money, protecting employees at risk of becoming theft victims, and physically going to the bank.
On the negative side, credit card companies charge fees to merchants, although these can now be passed to the customer in most states. Electronic transactions also require a higher level of technology, and privacy is reduced. And while security is an issue, all merchants that take credit cards must comply with PCI (Payment Card Industry) security standards and sign a document each year stating so.
If your clientele does not keep their money in a bank or if they are not able (or have chosen not) to have a credit card, you may need to rethink going cashless. About 20 percent of U.S. households are challenged when it comes to having access to checking and savings accounts. This had led to several state and local laws being passed in the U.S. prohibiting a business from going cashless. Nothing has been passed at the national level as of this writing, however the Payment Choice Act was introduced in both chambers in mid-2020.
The pandemic has accelerated the move to cashless with the desire for contactless transactions. Several countries are leading the way to becoming cash-free as an entire country, including Sweden, Finland, Norway, China, and South Korea. Sweden’s government has been the most aggressive, claiming they will become a 100 percent cashless society by 2023.
Is going cashless right for you? Meeting your clients’ needs is a prime consideration. At the very least, you can move to increase the percentage of electronic transactions and decrease the percentage of cash transactions when feasible. This measure will save time and money in and of itself.
Our latest blog: “Should Your Business Become Cash-Free?” is available now! Subscribe here: [link]
Is going cashless right for you? Many companies, and even whole countries, are considering the transition to functioning cash-free. Learn more in our latest blog article: [link]
Business Tip: A business can become cash-free by providing multiple electronic alternatives to payment. Credit cards are the most common electronic payment implementation. Learn more here: [link]
DID YOU KNOW… Cashless businesses are more efficient, help to reduce crime, and have a better audit trail of transactions. Learn more in our latest blog article: [link]
There are many societal advantages and disadvantages to becoming a cash-free business. Learn all about them in our latest blog article: [link]
A cashless business is one that processes all cash transactions electronically. There is no paper or coin money taken or handled. While no one society has become 100 percent cashless yet, most organizations are moving in that direction. Find out more here: [link]
The pandemic has accelerated the move to cashless with the desire for contactless transactions. Several countries are leading the way to becoming cash-free as an entire country, including Sweden, Finland, Norway, China, and South Korea. Find out whether your business should go cash-less here: [link]
Are you considering transitioning your business to be cash-free? There are many aspects to consider, from your customer’s situation to the state and local laws in place. Sign up for our newsletter to learn more: [link]
BizBoost NewsVolume 10, Issue 14For distribution 12/28/20; publication 12/31/20
Wrapping Up 2020
Year-end is the perfect time to reflect on accomplishments achieved since January. It’s also an important time to put things into perspective as we turn the page and start a new year.
What We Learned
With so much change in 2020, the opportunities to learn have been abundant. Take a moment and contemplate the following:
Goals Met
If you set goals for 2020, which ones did you achieve? Because it was a volatile year, you may have achieved a lot of things that were not planned. Or you may have simply maintained status quo, which is an amazing accomplishment in its own right in 2020. Give yourself credit for all of that as well.
As we transition to 2021, set new goals to be achieved in your business and record the list so you can look back periodically to monitor your progress.
Gaining Perspective
The circumstances of the pandemic present a constant challenge to keep things in perspective. Our emotions are exacerbated when we feel threatened, whether it’s about our health or our freedom. This creates the polarization we’ve seen in the news and current events.
Gain perspective by asking yourself these questions:
Reflect, plan, and gain perspective as we usher in 2021. And have a Happy New Year!
Our latest blog: Wrapping Up 2020; Subscribe here: [link]
Now is the time to reflect on the accomplishments you achieved throughout 2020. This article can help! [link]
2020 was difficult. It’s important to ask yourself: What topics did you become wiser about? [link]
Now that 2020 is coming to a close, considering asking yourself: What situations have you learned to master? [link]
2020 was a rough year, and as it comes to a close, it’s important to consider your goals for 2021. [link]
As we approach 2021, it’s necessary to reflect, plan, and gain perspective. This article can help! [link]
: [link] As we get closer to 2021, it’s important to consider where you see your business in five years.
Wrapping Up 2020 -Sign up for our newsletter: [link]
