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Your business is growing and you’ve recently taken the decision to hire employees. Now you have to ensure they all get paid. Depending on the nature of your business, payment options will vary. Here are some basic tips to help you decide which way to go about payday. Time-rated or commission-based? There are two main methods of payment – a salary and commission. The salary is fairer for all, everyone is paid equal to the amount of hours they do regardless of their performance. Those wanting to earn more can work more hours. If your...

Image Source It goes without saying that the financial side of things is one of the more vital aspects of running a business. After all, no company will get very far at all without a decent focus on the capital behind it. There are so many aspects to this that it is impossible to go through them all in a post of this size. However, here we will look at some of the most vital characteristics of a good financial position. If you are keen for your business to do well long into the future, then taking firm control of the finances is a must....

(Flickr: https://flic.kr/p/jcjSSZ) If you read any business handbook, they’ll all tell you the same thing. The key to a successful business is making a profit. For your company to be considered a success, those profit margins have to be high. That’s the first step, making a profit. The second step is making sure that your profit margins are larger than your competitors. If they are, you can be seen as the most successful out of the bunch. So, how does one go about making a profit? In business terms, a profit refers to the amount of...

Have you started your own business lately? Well, that’s amazing as it feels truly liberating to be one’s own boss. But then business comes with its own share of dilemmas and challenges and one of them is how to separate your business finance from your personal ones. It might look tough initially but as you start following the habit of separation, you would get adapted to it. The first thing that you have to remember here is that your business is a viable entity which is separate from your personal life and hence must be treated accordingly....

As a business owner, there are many different types of business insurance that you will need. Some of them are required by law, and others will simply help your business to stay protected all year round. Here are some of the key types of business insurance that you should have or consider having. Premises Insurance The place where your business operates from is a key component of the business as a whole. You can’t afford to put your premises at risk. There are too many risks out there for you to ignore this kind of insurance. It could...

As a startup business, you will no doubt have plenty of costs to consider before you begin trading. Many new firms prefer to take out insurance cover to meet their needs. After all; the last thing they want to do is end up bankrupt because of a mistake they made! Of course, one has to consider whether business insurance is a crucial startup expense. In short, the answer is yes – and here’s why: Photo Credit It protects you against financial disaster The reason companies take out insurance policies is simple. They want to avoid...

Although none of us like to think about it, we are eventually going to kick the bucket. What’s an uncomfortable subject to broach in terms of yourself is an emotional time for surviving family members. The last thing you’ll want to do is place a financial burden on your loved ones during such a difficult period. That’s why it’s important to plan ahead and prepare for the worst. There are services available that will give both you and your family peace of mind by keeping you financially prepared. The “Widows Under...

Business insurance can be surprisingly expensive, especially if you need many different policies to cover all aspects of your growing business. Thankfully, though, there are some strategies that you can implement today in order to save some money on your business insurance. Check out the helpful tips below so that you can cut costs while still ensuring that you get the coverage and peace of mind that you need to operate your business with confidence every day. Get a Business Owner’s Policy Bundle As with personal insurance coverage,...

No one envies pricing officers. Pricing is difficult job that is hard to get right and easy to get wrong – especially initially or when entering a new market. Pricing has a direct effect on branding, on profit and it can determine whether or not a product launch succeeds. It is never going to be easy, but here are some tips that can make the whole process easier. When in Doubt, Aim High If there is uncertainty during the pricing process, businesses generally have a tendency to err on the lower side of the accurate target. This can...

Today’s small businesses can’t afford to be without an online payment processing system. Here’s why: Every 30 seconds, over $1.2 million is spent online. Of that amount, well over half (about $700,000) is paid for with a debit or credit card. Here’s what you need to know to get started. The Key Players Accepting online payments is a complex process involving several key players: The merchant bank accepts payment from credit card transactions and deposits them into your bank account for a fee via a merchant account. Third-party...