Considering that your business is still gaining its momentum, you should not feel comfortable that it is vulnerable to hackers. Believe it or not, hackers specifically target small and medium sized businesses for they are less likely to implement solid and firm security protocols and has higher probabilities of paying ransom demands.
Sometimes, a good product can sell itself but the truth is, even truly exceptional products require guidance to land in the right audience. With the presence of a marketing team, they can help big time in identifying your best market and devise a strategy to achieve it. It doesn’t matter if you are into crypto or whatnot, rest assure that you’ll get the help that you need.
It’s totally normal for newly established businesspeople to take bookkeeping and accounting into their own hands. However, as your company grows, it becomes both a potential liability and time consuming process.
This is the same reason why hiring freelance bookkeepers and accountants are a sensible decision. They have the knowledge and expertise in setting up scalable payment systems as well as invoicing, getting your books in order and assist you to accurately prepare taxes.
Monitoring of Financial Plan Once everything is in place, you will now receive your portfolio updates from your financial advisor. Not only that, your advisor will also set up regular meetings. However, the initiative must only come from the FA but also from you. It is important to consult with your financial advisor when you encounter a significant change in your life that might compromise your financial goals such as getting married or divorce, selling home or changing jobs.
The profile of the borrower is then listed for potential lenders to look at. Included in the profile are the borrower’s credit rating, what the loan is for and more. A lender could choose to fund a borrower if their profile meets their expectation. A loan is usually financed by four to five lenders.
You and the financial advisor will discuss topics such as the amount of money you are going to save each month, your goal and purpose, the kind of insurance you need (long term care, retirement, kids education, and disability) and even tax planning. Moreover, a FA is also a teacher. Prior to shelling out money, they will discuss the the process and requirements in meeting your goals. It is a detailed discussion about budgeting and saving. As you progress, the FA will assist you in understanding complicated and advanced investments, insurance, and tax manners.
Millennials have a strong will to pursue their dreams and goals, but at the same time not leave things behind and live their lives to the fullest. Hence, it is not surprising that they have strong appreciation when it comes to financial tools. They are more open to financial insurance, cash loans such as payday advance loans and investments primarily because they know that life is not full of colors and not just about rainbows. According to studies, they are more likely to take control when it comes to financial management. It is important to consult with your financial advisor when you encounter a significant change in your life that might compromise your financial goals such as getting married or divorce, selling home or changing jobs.
Businesses of all industries in the economy are impacted by the movement in stock market for a number of ways. In the US, there are around 5000 publicly traded stocks that could be divided into 11 global industry classifications or GICS. With the day to day movements in the market, each action could lead to a different result, which may either be a positive or negative effect on the business.
The Economy and Stock Market
The stock market is described as the market to which equity shares of public businesses are being sold and bought. It is the stock market that is used in measuring the aggregated value of the publicly-traded firms. Comprehensively, this could be represented by Wilshire 5000. But to be in generally, many investors as well as analysts are focused more on S&P 500. Both of the said indexes play an integral tool to gauge the health of overall economy. Sometimes though, stocks might be misleading.
Most of the time, the economic performance and stock market are aligned. Having said that, whenever the stock market performs well, it’s normally brought by the growing economy. Then again, economic growth is measured in various methods but among the predominant methods is through GDP or Gross Domestic Product.
Whenever the GDP grows, individual businesses produce more and oftentimes, expanding. With expanding business activity, it typically boosts leads and valuations to the gains of stock market.
How Consumer Spending and Stock Market is Connected?
In most cases, consumers are spending more time throughout bull markets because they’re benefiting more from strong economy. At the same time, they feel richer every time their portfolio increases in value. During bear markets though, the economy is spending recedes and thus, not in a good position. Simultaneous fall in the stock value can create the fear for loss of purchasing power and wealth.
Rising stock market on the other hand is aligned with growing economy as mentioned. This is also an indication of increased confidence among investors. With investor confidence in stocks, it results to heightened buying activity that helps in pushing the prices higher. As the stocks are rising, those who have invested in equity market is likely to gain wealth.
With the increase in wealth, it leads to the increase of consumer spending since consumers tend to buy avail more services and buy more goods. And when such thing happens, businesses that are selling these goods and services opt to sell more and produce more. Thus, reaping all the benefits in form of increased ROI.
Now, you have two options in this matter, it is to borrow against settlement and invest in your own business or learn and understand how the stock market works and invest on it.
Any business with a corporate culture that suits you includes flexible hours, a training budget, and other incentives. All these play a role in choosing the best employer for your services. In any case, the wage remains decisive. We don’t have to bother about that. Everyone has to pay their bills and often even maintain a family.
It is, therefore, no wonder that wages are a topic that lives in the workplace. Certainly when colleagues who do the same job suspect each other that they will be paid less than the other. This influences the motivation and therefore the performance of your staff.
The benefits and risks of salary transparency
On the other hand, they might do their best just a little more when they know that they are being paid correctly, with the aim of receiving more compensation when they take big steps. In contrast, when employees are underpaid or not receiving their wages on time, this results in employee demotivation especially when they will have to seek other sources of cash (get a quick loan here) to bridge the gap in wages.
Not everyone is equally transparent, but some companies consciously choose to give their employees insight into the wages of their colleagues. Some employers do that partially, others fully. This naturally has disadvantages, but also benefits.
More freedom, but stiff recruitment. Many employees feel that they and their employers are the only ones who know how much appears on the bill each month.
Employees will feel more at ease because they feel their privacy is protected.
You pay each employee tailor-made, based on their skills, experience, and performance.
Employees will doubt whether they will earn enough and as a result – consciously or not – will do their best less.
Wrong information about wages will circulate. If there are very large differences and someone comes to know this in one way or another, this can lead to major internal problems.
Wage negotiation is more difficult when the candidate does not know what normal wages are.
Bear in mind that sensitive information often becomes known in one way or another. Are there major differences regarding wages? Then that can cause problems at such a moment. The question then is whether the problem lies with the unequal wages or the lack of transparency about it.
You can also choose to make wages partially transparent. We are then talking about wage scales instead of specific amounts.
Are there colleagues who actually perform better than their teammates but currently earn the same? Then you can give them some increase without much ado.
This also applies when you hire someone. You have more resources to convince a candidate with something extra.
Some candidates will immediately aim for the highest levels of the wage scale during the wage negotiations.
People can still suspect that their colleagues with the same position earns more and is therefore not 100% committed.
It is not common, but there are companies that give employees the opportunity to know exactly what their colleagues deserve. Sometimes the information even spreads outside the company. The disadvantages are easy to guess, but there are also interesting benefits associated with full pay transparency:
No wrong information or gossip in the teams.
You do not create situations where the wages of people with the same duties and responsibilities differ greatly.
Knowing what managers deserve can motivate employees at a lower level to do their bit.
Much easier wage negotiations.
There will be situations where someone who has been with the company for a long time and has a lot of experience with the way things work deserves the same as someone who is just starting out, which will not always be appreciated.
Someone who works harder or has more developed skills may earn better than someone who is on the same pay scale and does no more than is expected from him or her. You must adjust here if necessary. (calling on the less performing colleague or rewarding the hard-working employee)
Full transparency can certainly be considered because, since they will not be underpaid, they will be better able to concentrate on their duties. And knowing what managers deserve, they have a goal to pursue. You may encounter problems if there are too large differences between the performances of team members who earn the same.