Archives for May 2018

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A great amount of dedication is required to start your own building maintenance business. Being unprepared is the worst thing you can do. This will delay company progression and damage its reputation. However, when you get it right, you will be on the path to a secure financial future.

Here, we look at the basic factors of starting a building maintenance business. We also suggest seven questions to ask yourself. We discuss why these factors are important and what to consider for future success.

 

1. What Are Your Aims and Ambitions?

Before doing anything, you need to lay out a plan which identifies what kind of business you want to create. Think about what services you want to offer customers. How will your business stand out from competitors?

To do this, make your goals achievable and establish yourself as a distinct service provider. Will you offer plumbing and heating or handyman services? Electrical maintenance? Water hygiene and treatment? Whichever niche you choose, make it clear what you intend to offer clients. You also need to consider whether you will cater to the industrial or the commercial sector.

Moreover, this is a good time to think about the name of your building maintenance business. Pick a catchy title that can be easily recognized by the industry you specialize in. Try to find a name which isn’t similar to other local companies. Also, make sure it is an available web domain.

 

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2. Do You Have the Required Licensing?

This is one of the most compulsory things to do when setting up your building maintenance business.

Almost every business needs some kind of license or permits from state officials. However, this depends on the type of business. Also, it matters where it is located, as well as the government rules that apply.

However, there are plenty of guides on the Internet. These will give in-depth details about business license policies near you. For example, consider this guide by Fundera.

 

3. Do You Have the Appropriate Insurance?

Even if your business is merely a thought at the moment, it is imperative to get the right insurance from the most suitable provider.

That’s because a day in the life of the business maintenance industry varies constantly. This means almost anything could happen. For example, one of your technicians might accidentally break a piece of furniture while out on a job. Or the could lose a client’s keys. No matter what, ensure you are protected with the right coverage.

 

4. How Many Employees Do You Intend to Have?

Depending on how many jobs a company wants to accept, the number of employees varies. Just keep in mind that hiring more workers increases revenue in the long run. That’s because you will be able to schedule multiple jobs at once. Also, it is worth thinking about whether you want to train employees or if you will require a certain amount of experience already.

 

 

5. How Will You Manage Your Job Workload?

Another vital factor to consider is what business operations you intend to use to control your workflow and workforce. Starting any kind of business is no easy feat. This is especially the case when you must do a vast amount of the work yourself.

This is why you should have an effective system in mind. Make sure you obtain a system which will handle business commodities such as invoices, jobs, assets, scheduling and reporting all in one place.

 

Image from Joblogic

Field management software is a popular choice for building maintenance firms. As a matter of fact, a large number of small businesses make field management software their number-one priority.

Joblogic is an example of a reliable software provider that integrates all facets of your business. This provider also offers their users the ability to integrate their workforce via a mobile app. This ensures that technicians are always connected to the back office, no matter where they are.

 

6. What Assets Do You Need?

Further, think about other assets your company will also need. These could range from vehicles to tools, tech gadgets to uniforms.

Also ensure you keep a detailed record of your purchases. This will maintain organization, always important, but especially when filing your taxes. Integrated computer software can be handy for keeping tabs on your spending.

 

7. How Will You Promote Your Building Maintenance Business?

You should have the notion of progressing your building maintenance business right from the start.

Set up an attractive website, establish yourself on social media, ask for reviews from customers, and advertise your company via ads in local newspapers and flyers. These are all effective marketing methods.

The most important thing to remember, however, is how you present yourself to customers. Having a great attitude is key to giving your building maintenance business a kick start.

Your answers to these questions will give you a better idea of how well prepared you are. And they will let you know about what you need to work on before you start your building maintenance business.

After reading about all the benefits of invoice factoring for small business, you have decided to give this financing option a shot.

You fit all the qualifications required by most factors. That is, you are a business-to-business (B2B) or a business-to-government (B2G) concern. You have been in business for a few years. And you have plenty of reliable clients. What could go wrong?

As it turns out, there is plenty that could go wrong. If you don’t know how invoice factoring can harm you, you might be careless enough to make some serious mistakes. What’s more, these errors could jeopardize the stability of your business.

Before you begin invoice factoring, therefore, learn about some of the worst blunders to avoid. We clue you in here so your business can enjoy a strong cash flow for years to come.

 

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1. Confusing Factoring and Financing

Though the terms are sometimes used interchangeably, factoring and financing are not identical financial products.

Invoice factoring is the sale of your unpaid invoices to a third party. This party usually assumes responsibility for obtaining payment from your clients. Meanwhile, invoice or accounts receivable financing is a loan that uses your invoices or accounts receivable as collateral.

With financing, you are still responsible for collecting your clients’ payments. Additionally, you must pay back the money you received from the lender. Both factoring and financing are financial products marketed to help businesses with cash flow troubles, but factoring is the option with less risk.

 

 

2. Misunderstanding Invoices

An invoice is a specific type of document. It details a list of products or services the business provided and informs customers of costs due.

Not all businesses use invoices to accept payments. For example, retail stores charge for products before customers obtain products.

Some businesses misunderstand or misidentify invoices and attempt to factor purchase orders or other types of payment-related documents. However, purchase orders consist of products or services that have not yet been delivered, and they will not factor. It is a waste of time for both you and your factor to attempt to factor anything besides invoices.

 

3. Skipping the Fine Print

Factoring is often described as a sale of your invoices. In fact, we just did that a paragraph ago. However, the truth is that the transaction is much more complex.

To be more specific, there are rules regarding the creditworthiness of your clients, deadlines for payments, and rates regarding the money you can take in advance. All these critical details will be present in the contract you sign with your factor. Therefore, you must read and understand all of these rules before you enter into the agreement.

Failure to comprehend your contract does not make it null. You will still be responsible for any fees and penalties you incur even if you didn’t acknowledge them.

 

 

4. Misdirecting Payments

There are few factoring arrangements where you are responsible for collecting your clients’ payments and forwarding them to your factor. That situation is rare. Instead, most factoring companies demand that payments be sent directly to them. In this way, they know for certain when payments arrived and that they arrived in full.

Therefore, as soon as you make an agreement with a factor, you must inform affected clients that they should make all of their future payments to the factor or to the factor’s bank. If you make this mistake it could cost you a few fines. What’s more, it will also damage your relationship with your factor. This could potentially hurt your future rates or even lead to a termination of the relationship.

 

5. Forgetting Time Commitments

Invoice factoring is one of the speediest ways to improve your cash flow. However, but strong arrangements don’t emerge immediately.

Because invoicing is a complex system, you will need to complete extensive amounts of paperwork before you benefit from factoring. While this isn’t necessarily a hard-dollar cost, it is an important cost that you should take into consideration.

 

6. Depending on Invoice Factoring Alone

Factoring alone isn’t going to save your business. Granted, it is an incredibly useful tool, especially for businesses that experience regular cash flow imbalances. However, it isn’t a cure-all when it comes to business financial woes.

If your business is struggling financially, factoring might be able to help. However, you should also consider acquiring more substantial forms of funding. For example, consider such solutions as SBA loans, bank loans, lines of credit, and others. Then, once your business becomes stronger, you can consider utilizing invoice factoring for fast cash to get ahead.

Are you planning to open a business in 2018 or buy an existing one? If so, you’re going to need a support team. In other words, you’ll want to surround yourself with the best people possible.

Even if you plan to launch and operate your startup as a solopreneur, you’re going to need trusted advisors and support systems in place to help you along the way.

Take, for example, proven entrepreneurial and leadership tips for small-business owners in any industry. You’ll hear time and time again that success doesn’t come from trying to know everything or do everything yourself.

So start thinking now about the people you need on board to help you grow your business quickly. Identify people who can help you avoid mistakes and generate as much profit as possible. Read on for suggestions about essential members of your support team. Find out more about who you should be searching for.

 

Finance Guru

First up, one of the most important people you’ll need to help you on your entrepreneurial journey is a finance guru. After all, it’s almost impossible to get far in business if you’re not educated about money. If you don’t have someone on hand to help you keep track of finances, cut costs, increase profits, and prepare reports, you could find yourself struggling down the road.

It pays to appoint an internal chief financial officer, or to utilize an external financial advisor or accountant. You need someone who can help you stay up to date on the latest rules and regulations. This person, or persons, can help you especially during the startup phase of your business. That’s when you must keep a close eye on cash flow. You’ll also need to learn how to determine sales projections, understand profit-and-loss data, and so much more.

Therefore, look for a team member who is knowledgeable about relevant accounting and finance topics. Find someone who also understands the startup arena as well as the industry you’re in. Even better, look for an expert who understands your organization’s specific type of sales process, along with how this affects your income and your outgo.

 

 

Sales and Marketing Experts

To make enough money to keep your business afloat, it is also essential to use key sales and marketing strategies. You’ll want to focus on bringing in large numbers of new leads. Then you’re going to want to convert these leads into sales.

You must be able to build a strong brand presence. When you spend money on marketing initiatives, you’ll want to spend it wisely. Afterward, you’ll need to learn how to evaluate your results. The end result you’re going to be aiming for is building loyalty with customers and ensuring they buy again and again.

Having sales and marketing experts working for your business, either as external contractors or as in-house employees, will help you grow your startup more quickly. Plus, you’ll have better success each time you launch a new product or service, or target a new demographic.

Keep in mind that having effective salespeople around can also work wonders in other areas of your business. This is in addition to moving your organization’s wares.

For example, as an entrepreneur you always need to be selling something. You could be selling yourself as a CEO to investors. Or you could be selling your business to lenders when you request a loan. Additionally, you’ll want to sell your products or ideas to journalists. When it comes to building your staff, you’ll want to sell your organization to potential employees.

Sales experts can help you generate interest from relevant people. They will also help you to build strategic relationships and showcase yourself and your wares in the best light.

 

Customer Service Extraordinaire

Another important part of running a business, particularly a startup, is providing excellent customer service.

You need to find a customer service crew who can answer people’s questions effectively the first time. A good customer service team will help to allay any fears customers have about buying from your business. Your support team can follow up with clients as part of after-sales support. Additionally, they can keep track of, and work to resolve, customer complaints as soon as possible.

 

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Industry Stalwart

When you’re starting a business in an industry you haven’t worked in before, it will make the world of difference if you have someone in your team who is already an industry stalwart. Look for a person who is a veteran in the area you’ll be joining. Find someone who can help you with both daily operational processes and big-picture strategic thinking.

People who know a sector inside and out will help ensure you avoid “rookie mistakes.” Plus, they’ll have good ideas about which industry events are worth attending. They’ll know the types of clients you should be pitching to. Further, they can suggest ways you can cut costs and increase profits.

 

Build a Stellar Support Team and Enjoy Greater Success

If you build a support team such as the one suggested here, your new venture is sure to thrive.

Watches are more than a fashion accessory. They are a status symbol, especially in the business world.

There are plenty of options to choose from when it comes to picking out a watch to match your business attire. For example, you get to choose from smartwatches to classic mechanical watches. You certainly are spoiled for choice.

 

Should You Go for a Smartwatch?

In 2015, the Internet was all abuzz with news about smartwatches. They were going to change the face of time-telling. It was thought that smartwatches would become mainstream tech devices like smartphones, tablets and even e-readers. However, that did not turn out to be the case. The hype was short-lived. As a matter of fact, smartwatches are no longer popular products, even among technophiles.

Companies that experienced early success have exited the smartwatch market. That’s because consumers failed to jump on board the trend. Today, fewer than 10% of Europeans own a smartwatch. Compare that with the more than 60% who use smartphones every day. It’s easy to see that smartwatches just aren’t popular among consumers.

There were a number of factors to blame. Primarily, however, it was the cost. Considering their very limited range of functions, smartwatches could not really justify their own price. We will certainly need to cross a bridge in terms of smartwatch technology. If and when that ever happens, users would have more capabilities while smartwatches would maintain an affordable price point.

“Watches are more of a fashion accessory to most people. Smartwatches are eventually going to replace watches through natural evolution,” says Daniel Richmond from Tic Watches. “Most of our suppliers are pushing smartwatches in a race to be first. But at Tic Watches we expect this to be a slow process over a number of years. A race to be first is not that important.”

So, the answer is yes, eventually. There will come a time when smartwatches will have a valuable purpose alongside smartphones. But that time isn’t now.

 

 

Do Smartwatches Have a Business Purpose?

Currently, smartwatches do little more than provide smartphone notifications. Emails, social media messages, and news alerts can all be pushed through to your smartphone. This can be useful, depending on the line of work you’re in.

For example, if you attend meetings regularly, then you could certainly benefit from having a smartwatch. It is great technology for this type of activity. You’ll certainly want to keep up with your emails and be aware of any urgent information. However, you can’t just whip out your mobile in the middle of a meeting. This is where a smartwatch would serve you well. As you can quickly take a look at your watch without coming across as discourteous.

So, if you have the money to spare and you’re a busy professional, a smartwatch could be a great option for you. What’s more, if you are struggling to find one that actually suits your business wear, then you may be in luck. That’s because we are seeing more and more smartwatches that put fashion first.

 

Smart Watches That Look Professional

One of the main reasons that business professionals have been slow to adopt smartwatches is their appearance. They aren’t particularly known for their classy look. “Industrial,” “sporty,” and “techy” are all terms that you can use to describe the way the average smartwatch looks. But “sophisticated” isn’t one of those terms.

Therefore, business professionals are sure to struggle when it comes to finding a smartwatch that suits their style. You might have to spend quite a bit of money to get a smartwatch that has the look of a classic timepiece. For example, Montblanc’s Summit smartwatch is sleek and refined, but it sells for more than £600.

However, things could change in 2018. Michael Kors has recently launched a range of smartwatches and fitness trackers that range from £329 to £399. They are still twice the price of Apple Watches and Samsung Gears. However, it is certainly a sign of changing times when one of the biggest names in fashion creates his own smartwatch.

 

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What About Hybrid Watches?

If you want a stylish, high-tech watch but aren’t yet prepared to spend more than £300, then a hybrid smartwatch could be your perfect solution. It is the compromise between a traditional mechanical watch and a smartwatch. It does not have a touchscreen, and it does not need to be charged.

You will still get notifications from your phone via a vibration, however. Plus, there will be a visual cue to let you know which app is sending the message. It also tracks your steps and monitors your sleeping habits; you can check your progress on your smartphone. They are slim, stylish and functional. And they do exactly what you want from a smartwatch.

Plenty of high-end brands are releasing their own hybrid watches. If this is something you’re interested in, check out Fossil, Garmin, Nokia and Misfit. They come in a wide range of styles. Therefore, you should be able to find one that suits your personal wardrobe. Plus, they are affordable enough that you can mix it up with a couple of different watches to suit your various outfits.

The great thing about hybrid watches is that they don’t need charging. For instance, the batteries in hybrid watches can last up to six months. So you don’t have to worry about your watch losing its charge throughout the day. Hybrid watches are just like classic timepieces with a few convenient extras. And they don’t break the bank.

 

What to Look for in a Business Watch

There are certainly unwritten rules when it comes to which type of watch you should wear in a business environment. You want your watch to tell people that you are put-together professional. You want it to communicate that you are confident about your personal style. Here are some tips for picking out the ideal watch to wear to work.

Firstly, don’t overdo it. While do want to add an extra splash of pizzazz to your outfit, the way to do that isn’t with lots of crystals. You should go for an understated look in the workplace, with simple elegance. The same applies for bright colors or novelty watches. While they may express your personality, they come across as somewhat childish and unprofessional.

What you should be looking for is a watch with a leather or link strap. Gold or silver is fine. You can even add some extra details like mother of pearl or wood, as long as they are subtle.

If you are going with a leather watchband, consider your other accessories. Your belt, shoes or handbag can provide you with a starting point. Then you can aim to match your watch to any one of those items. A bit of coordination goes a long way to making you look more professional.

Next, consider the case and the face of your watch. Both Roman numerals and modern numbers are good choices. However, it is important that they don’t stand out too much. The casing of the watch should be simple and chic. Plus, it should suit the size of the band. Anything with too large of a face will diminish the professional look of the watch.

 

The Exceptions Prove the Rules

Of course, there are exceptions to the rules. If you work in a more casual office, you can wear a sportier watch or a timepiece with a few funky features. However, if you work in the kind of office where you have to wear button-down shirts and blazers, then it is best to heed the above advice.

You’ll have plenty of options to choose from when picking out a watch to suit your office attire. Professional watches come in all shapes, sizes and materials. Therefore, you’re sure to find one that does a great job of not only expressing your personality but perfectly suiting your business wardrobe.