Organize To Maintain A Good Business Relationship.

At first, everything is a question of organization.

Maintaining your business relationships with your customers and employees can be time-consuming: you must devote time to them. This is why it requires precise organization. You must distribute your time well between prospecting, building loyalty, following up on customers, and after-sales service – without forgetting other tasks unrelated to your commercial relations.

Remember that the relationships to be maintained are multiple. Indeed, maintaining your relationships with your customers is essential to continue selling and developing your network. However, pay attention to your working relationship to benefit your customer relationship. Maintaining a good relationship with your employees, suppliers, and other partners is equally important. Having good cohesion within your work team will also make things easier in terms of commercial relations.

Your business relationships include physical relationships (individuals you see that you rub shoulders with in person) and digital relationships (individuals you may never have met but are part of your online customers or your remote employees).

So that’s our first advice: manage your time correctly, don’t neglect certain stages of professional relationships for the benefit of others, or neglect sure of your relationships for the benefit of others. Always make sure you are available and responsive to your customers and partners.

By Which Means To Get In Touch With Its Customers And Collaborators?

To maintain good business relations, it is essential to communicate. You communicate with your customers and with your partners. However, there are many different means of communication. What means of communication should be favoured, and in what circumstances?

VISIT YOUR BUSINESS RELATIONS

The primary means of communication between humans remains this: discussion. To maintain a relationship, whatever it is, it is always well seen to pay a visit. Business relationships are no exception.

This method can concern relations with good customers or up-and-coming prospects and relations with collaborators. 

Of course, the commercial visit has a large number of disadvantages:

• The commercial visit takes time and requires organization;
• The sales visit costs money: you have to either do it yourself or send a paid salesperson;
• The commercial visit is only sometimes a very appropriate means of communication and only applies to certain situations. If it is not suitable, it risks constituting a diplomatic misstep in your commercial relations.

The commercial visit is only suitable in some instances, which sometimes even require it:

• To show appreciation and respect for your most loyal customers, you have to make sure that the visit is profitable. Only go to see the customers who bring you a significant turnover;
• To demonstrate the use of a product that is complicated to use;
• To convince prospects with high potential, who could bring you big sales if you manage to convert them;
• Show your continued interest in a collaborator, especially if you are still in the business relationship consolidation phase.

CALL YOUR BUSINESS CONTACTS

The significant advantage of the telephone is that it is less expensive than the visit and takes less time. A phone call can sometimes have the same effect as a visit and much less inconvenience.

This is the most popular mode of communication in the prospecting phase.

Even if the telephone is a mode of communication known to all, you must know how to use it. Salespeople who do prospecting by phone must be trained. In addition, the ideal is for the relationship between the salesperson and the prospect/customer to be monitored. If the customer is always in contact with the same salesperson, and the latter remembers him and his file, the relationship will not only be better.

Once the prospect has been converted into a customer, the salesperson in charge of prospecting can continue to follow up with the customer. This will also enhance the effectiveness of loyalty.

The telephone, although less direct than the visit, remains the most practical means of communication while retaining a part of authenticity. The customer hears the salesperson’s voice: it is, therefore, not a question of a completely disembodied means of communication, like email, for example.

COMMUNICATE WITH BUSINESS RELATIONS VIA SOCIAL NETWORKS

Of course, in the 21st century, it is only possible to talk about commercial relations by going through the social networks box. Companies must find a way to avoid social networks in their communication strategy. This also applies to business relations.

There are many social networks, and these are more or less suitable depending on the utility you want to give them. For example, the LinkedIn network is specially designed to connect professionals who can mutually benefit each other. The main advantage is that it targets contacts interested in specific profiles.

Other networks, like Facebook or Instagram, are more public. They can have an advantage when it comes to making themselves known to as many people as possible or even maintaining a community of customers. On Instagram, you can exist daily through the “stories” feature and share with your followers the underside of your business, for example. Through your publications, you can share your news, tips, reductions, and events around your company with your community. Why not organize a contest and offer benefits to the winner?

What is certain is that at all levels of your commercial relations, there is a suitable social network.

WRITE LETTERS TO MAINTAIN BUSINESS RELATIONSHIPS

We must distinguish between paper and electronic mail, but we will discuss both here.

Of course, the paper mail method is getting lost and also losing its effectiveness as online means of communication grow in popularity. But in some situations, it can still with its small effect.

On the other hand, electronic mail is a means of communication whose effectiveness should be maintained. This is, for example, the mode of communication that you will choose to send newsletters to your customers.

Tip: when you have a new client, have them fill out an information form and ask them to fill in their email address. Then put it on the mailing list for your circular. Send regularly (once a week, once a month…) a newsletter containing all the latest news from your company to keep in touch.

On the other hand, email is not a suitable means of communication for most commercial exchanges: it is not a marketing tool. It can be helpful for occasional communication because it is a more professional digital means of communication than social networks and less restrictive than the telephone.

Between these four means of communication, it’s up to you to see which one suits you best and under what circumstances!

If communication and organization are the keys to maintaining good business relations, you can look into more diversified methods. Here are some tips to help you maintain good business relationships with your customers and employees.

5 Tips For Retaining Your Customers

Set up a good loyalty program.

Please don’t neglect your company’s loyalty program: your customers should feel rewarded. Set up a points system with a gift or a discount, for example!

Create a close relationship with your customers.

Social networks are the key to this advice: be close to your customers, show them the “human” side of your business and involve them in your daily life. This will allow you to gain their affection and loyalty.

Vary your communication methods.

To satisfy your customers, renew your communication methods!

Organize promotional operations

Show your customers that you are thinking of them by allowing them to access your services at reduced prices from time to time. 

Take care of your after-sales service.

Offering good services also means accepting that perfection does not exist. If your customers aren’t happy or can’t use their products correctly, you need to listen to them and give them the help they need!

5 Tips For Retaining Your Employees

ESTABLISH GOOD COMMUNICATION

Communication is the key to all healthy relationships… This commonplace is valid in love, friendship, and work! It is essential to know how to communicate between colleagues and collaborators. Lack of communication can lead to awkward situations or heavy atmospheres…

ESTABLISH A PLEASANT WORKING ATMOSPHERE

To retain an employee or a partner, the latter must enjoy coming to work or interacting with you. 

Take care of the working environment of your employees. This is, of course, valid for the employees who work directly with you (take care of the offices, listen to their needs). But it is also valid for the collaborators with whom you often work remotely: put them in confidence and make your communication pleasant.

TAKE CARE OF TEAM COHESION

In the case of teams that work together daily, consider setting up routines or “team building” events to strengthen the bonds between colleagues. 

It is also possible to strengthen team cohesion with occasional or regular collaborators who do not share your workspace daily. Think, for example, of the seminars organized or other events, which can be an opportunity to get to know each other.

INVOLVE YOUR EMPLOYEES IN DECISION-MAKING

Give importance to your collaborators by making them feel that their opinion interests you. Ask them to participate, especially when making important decisions that affect them.

REWARD YOUR EMPLOYEES

Reward your employees for their loyalty. Of course, you can’t

As apply with your employees a loyalty system as with your customers. On the other hand, you can offer them benefits in kind or social benefits: equipment for more comfort at work, a company vehicle, or even good mutual insurance and gift vouchers.

Any business relationship begins with contact between human beings. It is essential to remember this when you want to manage your commercial relations with your customers or employees properly!

The post How To Properly Manage Your Business Relationships? appeared first on TechReviewsCorner.

Virtual communities, social networks, digital platforms and applications that the user downloads on the phone change how to relate to a product or service to achieve successful business management. To adapt to technological changes that are constantly evolving, a company must follow a process that takes into account not only the digitization of its operations and services, but fundamentally the training of its employees, internal policies, communication with the actual customer or potential and, finally, the culture that it promotes as an organization. The technological transformation will be successful if all these aspects are considered integrated.

In principle, it must be understood that digitization is not the same as digital transformation. Digitization, for its part, refers to incorporating digital elements in manual processes, generating an internal modification in the procedure that brings benefits and reduces risks without altering the result. Digital transformation, on the other hand, implies assimilating the digitization process to obtain better results. In a company, digital transformation means reviewing and reinvention of its values ​​to impact the market, generating competitive advantage, improving the user experience, expanding communication with the target audience and establishing innovative marketing strategies. For a successful digital transformation, the company must take into account the technological aspect and the human dimension of the workplace.

Investigate the work environment, encourage employees with technological advances, think of innovative strategies that involve technology, make market measurements, listen to professionals in the sector, distinguish what type of digitization is suitable for each company and anticipate possible unforeseen events are some steps that will help to achieve a successful digital transformation that contributes to business progress. By following some key measures, the desired digital transformation can be achieved.

Investigate The Work Environment

Before committing to plan a digital transformation, it is essential to know the relationship of employees with technology and the general ideas about digital innovation in the work environment to have a clear picture of the enthusiasm, doubts or resistance that may arise in a change of these characteristics. It is not about imposing a paradigm shift but about stimulating a technological relationship that generates benefits both in daily work and at the macro-level of the company. It is essential to create interviews, meetings and a space for dialogue to draw up an achievable business projection. Also, once technological adaptation has begun, it is necessary to make progress evaluations to measure the positive or negative impact on the work environment. For the answer to be positive, It is essential to think in advance about what kind of technologies will be implemented so that the whole team benefits from the changes. In principle, technology should help meet business objectives. Then, it must be a technology that improves the experience of users and customers and the employees themselves. In addition, it must be able to adapt to the company’s current requirements, anticipate future changes, and automate critical procedures for the development and growth of the company.

Analyze And Show The Advantages of Technological Adaptation

To achieve an effective digital transformation, it is essential to know how to communicate why digital tools imply a benefit for the company and an optimization of daily tasks and an increase in productivity and team performance. Looking closely at existing workflows and resolution modes in a company is key to bringing a new vision that generates excitement with technological adaptation. If any of the tasks performed are manual or if communication with the client is personal, the implementation of technology will bring an obvious advantage since it will be possible to systematize procedures, simplify work steps, gather more information in less time and better understand the customer to improve their user experience. Problem identification should be made collectively,

Identify The Target Audience.

Knowing, defining and segmenting the different types of customers is key to offering a better commercial experience. Data analysis allows a more objective approach to the target audience’s behavior. In this sense, digital transformation simplifies the data compilation processes in online and offline channels to achieve a comprehensive vision of the target audience. It centralizes resources to have clarity about the customer’s purchase journey. With a clear picture of the intentions of the target audience, you can think of strategies for the different segments and anticipate their needs.

Once the target audience has been identified, it is necessary to work on optimizing their customer experience. It is essential to think of a marketing strategy based on digital adaptation to provide comforting experiences through websites, applications, social networks, and physical stores or shopping malls since digitization does not mean discarding the personal aspect. Of commercial management, but to incorporate technological elements to boost consumption and business growth.

Automate Processes

More than a way to reduce costs, the automation of processes and operations has become a mechanism for simplifying tasks and improving results for a company. Automation works as a computer for data, services, offers, keywords, behaviors, and purchasing trends to avoid the information overload that digital marketing campaigns often produce. Automation is a fundamental part of the technological transformation since it allows a greater reach and access to the information of actual or potential clients and helps to know their wishes, needs, and aspirations in a personalized way. With that systematized data collection, a better trading experience can be achieved.

Elect a Leader

A proactive leader is a key to starting a digital transformation process in a company. It is important to identify someone who will take responsibility for balancing employee requirements, the interaction between work areas, and shareholder demand. The leader must not only be aware of the changes and movements within the company but must bring ideas and the strength that optimizes the team dynamics and encourages everyone to engage with technology integrally. Finally, a leader must unify all the company’s efforts in the same direction.

Invest In The Right Technology

Digital transformation is not just about investing in technology but knowing what kind of technology is suitable for a company or startup. Before launching to spend money on technological innovations, it is essential to establish a purchase criterion that allows knowing how to assimilate this technology into the work environment. Thinking that technology alone is the solution to problems is a common mistake that does not let us see the global picture. For the transformation to be functional, it is necessary to understand that digitization is part of a more extensive process that seeks to optimize the company’s resources, communication, services, tone, voice and image.

Analyze User Experience

Although optimizing the company’s internal conditions is very important, the central objective of digital transformation is to enhance the user experience. It is vital to understand that the user experience is not the responsibility of a specific area of ​​the company but the organization of all the teams. It is also necessary to know that the user experience does not only imply a successful sale but all aspects of the link between the client and the company, from their attention, conversion, opinion and enthusiasm to their reactions, criticisms and personal observations of what they expect. Of the service or product. With this in mind, a technological adaptation can be advanced to achieve new communication levels and react faster to customer needs and digital marketing.

Think About a Digital Transformation Strategy

Just as a marketing strategy is a key to optimizing resources, positioning a product or service, attracting new customers, improving the experience of the target audience and finally increasing sales, a digital transformation strategy is essential to measure the impact of technological adaptation, the relationship of employees with new tools, the setting of medium and long-term objectives and the resources necessary to balance existing conditions with digital projection. A realistic strategy helps distinguish the types of technology needed, reduce risks in the face of unforeseen events, and advance a healthy transition to a new work format. Once the strategy is thought of, it is essential to know how to communicate the clarity of that strategy to excite potential clients with the proposal. Although this may take a little longer to finish fine-tuning the stages of the process, a solid system serves to dispel doubts about the effectiveness of digital transformation.

Prepare The Team For Digital Transformation.

Once the digital strategy has been thought out, the impact on the work environment has been analyzed, information on the target audience has been gathered, the right technology has been invested, and the main objectives have been outlined, it is time to prepare the team for the transformation that lies ahead. Although it seems like a general issue, it is a personal task that implies persistence, dialogue, dynamism and the ability to convince. Finally, it is about generating a cultural change within the company, promoting digital incorporation as one of the core values. If it is about avoiding a conversation on the subject or if you want to impose some aspect without consensus, you may find resistance when thinking about digital strategies in the future. Incentives, training and constant training in technology are crucial to awakening or increasing the interest of employees in digital transformation. Cultural change involves showing that all parties are equally crucial for a successful digital transformation.

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1. Improve Productivity Through Planning and Organization

In the first place, to improve productivity, it is a priority to establish annual, monthly and weekly plans, objectively defining short, medium and long-term goals. In this sense, it is essential to set obvious and achievable objectives that can be achieved in reasonable periods. At the same time, these objectives must be relevant and, obviously, measurable through precise indicators.

Also, it is advisable to define contingency plans for emergencies and unforeseen events that may alter the dynamics of work and the fulfillment of goals. In addition, it is convenient to apply the competency profile in the selection process to anticipate which collaborators could replace the possible absences of others.

2. Give Each Task The Proper Priority.

On many occasions, entrepreneurs and managers fall into the trap of spending a lot of time and resources on tasks that are not relevant to achieving their goals. Of course, this does nothing to improve productivity; on the contrary, it produces losses.

Consequently, to avoid this mistake, you must define the tasks according to the proposed goals and fulfill them within the established deadlines with the help of digital marketing.

Meet deadlines to improve productivity

Likewise, sometimes unrealistic delivery times are set with the intention of wanting to impress or attracting a client. So we often put our team members on the hook to meet these urgencies and neglect larger goals.

Therefore, it is essential to avoid management by emergencies rather than by objectives. This does not mean avoiding eventual and necessary challenges to obtain benefits but knowing how to negotiate a good term with the client. It is even feasible to dedicate the strictly required personnel and resources to such projects.

3. Delegate Tasks Essential To Improving Productivity

Indeed, the most effective key to management is knowing how to delegate functions to the right collaborators. We often believe that most of our team members are not trained to perform very complex activities or make crucial decisions. For this reason, we “reserve” a lot of tasks and resolutions that accumulate and end up causing us stress and overload.

Before, we recommended the need to define competencies during selection and hiring. But, it is also convenient, as a team leader, to test the skills of your most proactive and compliant employees.

You can assign them more demanding responsibilities frequently and evaluate their performance. In this way, you motivate them and push them to improve productivity.

Also Read: How To Become a Digital Entrepreneur in Times of Crisis

4. If You Want To Improve Productivity, Make Your Meetings Shorter.

Undoubtedly, meetings with the team are essential, but they must have the appropriate frequency and duration. Following this, the plan must be established and made known to all the participants before each meeting.

Likewise, it is advisable to be assertive and concise when defining objectives, assigning tasks and making pertinent observations. Similarly, it is essential to get to the point, avoiding hesitation and irrelevant speeches. It is also necessary to open space for questions and resolve doubts.

5. Employ Solutions For Teamwork

Indeed, there are many excellent options for applications to manage work teams in the cloud.

With this type of productivity solution, it is easier to monitor the execution of projects by collaborators. Additionally, it is feasible to make adjustments and communicate with each worker or group anywhere.

6. Motivating Staff is a Priority To Improve Productivity.

The human talent motivation policy must be an essential part of the efforts to improve productivity. In short, incentive management needs to be consistent and coordinated. Isolated and sporadic actions do not generate the confidence and enthusiasm that you need from your collaborators.

Beyond the financial aspects, creativity is required to keep employees motivated. Based on this, we give you some ideas for this objective.

Ideas to motivate the team

• Training and constant updating of your staff in each of their areas.
• As we said before, try assigning more demanding tasks to the collaborators with the most significant potential. To the extent possible, promote them to a higher position.
• Likewise, work-life balance and flexible hours are part of the requests most requested by professionals.
• Investigate and implement salary compensation measures adapted to your company’s capacity—for example, food coupons, transportation, and purchases with discounts, among others.

7. Propose New Products and Services, Another Way To Improve Productivity

Sometimes it is convenient to leave the comfort zone to improve productivity, and this implies daring to design and offer innovative products and services, increasingly personalized.

In this sense, it is necessary to allocate a part of the annual budget to research. Through it, you will be able to develop viable proposals that can have an exciting impact on your results.

Likewise, we recommend launching product prototypes and measuring their acceptance using the lean startup methodology. A fair dose of audacity always comes in handy so as not to stagnate as an entrepreneur.

8. Undertake Digital Transformation For Better Productivity

Finally, moving towards the technological conversion of your company is one of the most decisive steps to improve productivity. And we’re not just talking about next-generation devices. And it is also about learning about and adopting cloud solutions and services that streamline routine processes. All this will allow allocating more resources to the most profitable activities of the business.

So far, you can see that your company’s productivity does not depend solely on external factors. These eight recommendations that we address are aspects that can be controlled and monitored internally in your SME.

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Create a business plan

A business plan is a document that outlines the goals and challenges of a business. It can also outline marketing strategies, logistics, and more. A business plan isn’t just a document to file away on your desk; it’s a living thing that needs to be constantly updated. By creating a business plan for your small business, you’ll have an easier time staying organised and keeping on top of goals.

When creating a business plan, you should focus on defining your company’s values and how it will operate. By creating a solid foundation for your company, you’ll be able to make smart decisions in the future and avoid costly mistakes along the way.

Aim to automate processes

As a small business, you and your employees likely have many responsibilities, including marketing, social media management, customer support, and more. One way to help your business become more efficient is to automate processes. Even something like typing an email can be automated by using templates and macros, saving you time and energy.

Invest in HR

Investing in HR is an important step to take when you want to make your small business more efficient. HR will help with many challenges that come with running a business. One example is hiring new staff when your team needs to grow. HR can also provide guidance on how to deal with difficult people in the office, including disgruntled employees. These are just some of the many challenges that come with running a small business. Investing in HR will help you overcome these issues so you can spend less time worrying about them and more time focusing on growing your business.

Create effective holiday systems

One of the easiest ways to increase efficiency in your small business is by implementing a successful HR holiday system. This will keep you from doubling up on tasks and making things more difficult for yourself. Implementing a holiday system can help schedule, delegate, and plan for events throughout the year.

By having all event information in one space, you’ll never forget when a team member’s holidays are coming up and can stay on top of what needs to happen when they are away. For help implementing an effective system into your HR processes, check out myhrtoolkit and their excellent employee holiday management software. This software can help HR staff with managing employee holidays effectively.

Utilise social media tools

Using social media is a great way to make your small business more efficient. Posting on social media can be a time-consuming task, but it’s a necessary one if you want to reach a wider audience. The good news is that there are tools out there that will help you automate this process and remove some of the hassle. For example, software tools for social media allow you to schedule posts in advance and manage your social media accounts from one location. This means that you can spend less time on social media and more time running your company.

Track productivity

One of the best tips for small business owners is to track productivity. This means tracking how many hours you and your employees work per day and how much time is spent on each task. It’s also important to make sure everyone has the right tools for the job as well as access to those tools when they need them. Keeping your employees happy will make it easy for them to be more productive.

Develop a friendly and inclusive environment for employees

One of the best ways to help your small business become more efficient is by developing a friendly and inclusive environment for employees. This means that you should show excitement when they achieve milestones, give them plenty of feedback, and be open to their ideas.

It’s also essential to make it clear what you expect from your employees. Be clear about expectations and provide regular feedback to know how they’re doing. If you make this a point of emphasis, it will help them feel included in the process and also motivate them to work harder and impress themselves.

Conclusion

Don’t let your small business be limited by its size. Create a business plan to stay on top of your goals and make your business more efficient. Automate and streamline the processes you need to run your business, invest in HR and create systems to make the most out of your staff. Get the help you need to manage holidays and other events that can be stressful and develop a friendly and inclusive environment for employees.

Also Read: Pros and Cons: Virtual Events vs Physical Events

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People often consider the Constitution a masterpiece of writing, and although there is a copy on display in Washington, many people don’t know that there are more copies available, 13 in number – one for each of the original colonies to ratify. There was no photocopying in those days, so every one of them was handwritten, but they are still considered official documents.

Several copies have been lost over the years. In 2021, a copy of the book was found and was auctioned by Sotheby’s. This copy doesn’t belong to a private collection but was bought almost immediately by an Internet collective known as ConstitutionDAO for $5 million. This is an impressive accomplishment that demonstrates online collective organizing’s financial potential

The Constitution and the Internet

You will need some form of cryptocurrency to join a decentralized autonomous organization (DAO). Digital funds are exchanged for tokens, which in turn grants owners voting power within the group. You operate with a more powerful voice when you’re able to buy more tokens. To enter the ConstitutionDAO conversation at all, Forbes revealed that it cost approximately a million tokens or $4600.

ConstitutionDAO is a crypto investor collective that attempted to buy a rare copy of the United States Constitution using cryptocurrency. One of the above 13 original copies came up for auction for the first time in more than thirty years, and it was the first time this particular copy had been offered for auction.

According to their website’s frequently asked questions page, the organization wanted to find an esteemed partner to display the document publicly. They asked for the expertise of someone who could appropriately store, protect, and maintain this most precious work of art. Additionally, ConstitutionDAO requested that any partner chosen offer it to the public at no cost and cover all costs associated with it.

With more than $40 million raised, ConstitutionDAO has demonstrated the financial potential of collective organizing online. However, it wasn’t enough. A private collector purchased the document for $43.2 million, more than double Sotheby’s original estimate.

Derivatives from the Organized Collective

More than 17,000 people donated to ConstitutionDAO with a median donation of $206.26. According to a statement on their main page, a significant portion of these was made from cryptocurrency wallets for the first time. However, Sotheby’s had never worked with a DAO community before, so there were a variety of questions that were difficult to answer.

In respect to this, there was a need for a background information from some websites. Among the several included the Bitcoin Prime review. The review also showed detail of the reliability of the site and the security and comfort it’s customers enjoy.

The origins of the group may have also contributed to the trouble. A series of semi-comical tweet exchanges started the whole thing a week before the auction. Even though the auction was still five days away, history had already been made.

All members of a DAO are recorded in the blockchain, which is a type of digital ledger that is publicly accessible and cannot be altered. Members rarely meet in the same room at the same time; instead, all efforts were coordinated via various messaging apps.

People who donate to ConstitutionDAO may receive a refund, minus specific fees if they so choose – and this is to ConstitutionDAO. If they had won the auction, they would submit a proposal about what they would do with the money to their community, which would then vote on it. If the collective had won the rare Constitution, the 17,000-plus people would not have been able to claim ownership.

The ConstitutionDAO site made it clear that donors would receive a governance token instead of fractionalized ownership. According to the organization’s leadership, the fractionalized ownership included advising on where to ultimately store and display the Constitution (essentially voting rights), as well as how to display it. Additionally, those who donated would have an opportunity to voice their opinions on “the mission and values of Constitution DAO.

Bottom Line

Despite the loss of the Constitutional bid, it still offers a glimpse of bigger things to come. DAOs are particularly appealing to young people, especially to those who have successfully navigated the ever-changing world of cryptocurrency.

Also Read: Enterprise Blockchain: More Than Just Virtual Currency

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What is an Expense Report?

An expense report contains all the costs incurred by both the business owners and employees. It includes details about expenses such as travel, meals, training, transportation, and other operations-related incidentals.

Preparing expense reports can be time-consuming since they need to be done and sent to the finance and accounting team regularly (often monthly). Of course, approval and reimbursement will take time as well.

Step-by-Step Guide to Preparing an Expense Report

Here are the steps to preparing an expense report:

• Add columns for Name, Department, and Contact Information.

The information of the employee seeking reimbursement will be required by your manager or a finance and accounting specialist. 

The department is crucial information since it provides context for the expenses. It will also help organize the expenses from different employees by department.

• Add the itemized expenses.

Each expense should be added to a new line. You need to include as much information as possible. Add the name and project the expense is for to help organize the report.

Your record of the expenses should be in chronological order which means that the most recent expense should be at the end.

• Indicate the date of purchase.

As mentioned previously, your record should be arranged chronologically. Adding the date of purchase is necessary to keep the records accurate. Tracking specific expenses is easier with the help of the date of purchase. It also makes it easier for managers and accounting experts to sort through the records if the date is accurately recorded.

• Include the receipts.

Regardless of whether you are making a traditional or a digital expense report, you need to include the receipts. Receipts help prove that the amount you spent and requested reimbursement for is accurate. Taking pictures of any proof of the transaction should be a habit. 

• Indicate the total amount spent.

The expense report should include the total of all the items indicated. An expense management software automatically computes the total for you. But you can manually get the total amount spent by adding all the individual costs together on your report.

• Include the cost of the item.

Once your details about the employee and the item are added to your expense report, you need to record the cost of the item. You need to deduct any discount on the item or service that you have availed of– you should not be reimbursed the whole cost if you only had to pay for a discounted price.

• Keep a space for approval.

There should be a space at the bottom of your expense report for approval. This space is where the manager or members of the accounts department will sign off on the approval of your request for reimbursement.

Bottomline

As you can see, preparing an expense report includes a lot of detail. It takes time and a great deal of attention to detail to ensure that each entry is accurate. On top of the preparation process, employees also need to wait till their request for reimbursement is approved. It usually takes one to two weeks before a request is fully processed.

An expense management software can significantly reduce the time that goes into the preparation of expense reports. It also simplifies the approval process for the managers. Since expense management software converts the process into digital automation– both employees and managers can spend less time preparing expense reports and focus on tasks that add value to the company.

Also Read: 7 Marketing Tips for E-Businesses

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Keys To Establishing An Innovation Model

• Establish a startup mentality, which allows making mistakes quickly and cheaply to take on the challenges. They must create a culture of experimentation, which provides trial-and-error, and make some first MVPs that can evolve.
• Significantly increase budgets: innovating, transforming, or even aspiring to reinvent itself is not free. It requires investment and dedicating 10-20% of energy and resources to the company’s transformation. The advice is to propose frameworks with a horizon of two to three years.
• Implement agile cultures and methodologies that project actions over time.
• Investigate market trends to connect with opportunities and understand how they affect the purpose, the value proposition, and the business model. In this way, the strategy can evolve.
• Map the complete customer experience, connecting the context, expectations, and needs to prioritize transformational improvements.
• Provide the necessary infrastructure to operate with different metrics that, in real-time, allow the establishment of continuous improvement processes.
• Create hybrid work teams that achieve the company’s innovation objective, combining internal knowledge with the attraction of talent that challenges the ‘status-quo to project business evolution.

In addition to the ‘in-house team, they have to rely on external talent to partner with multidisciplinary profiles. In this way, they will achieve the necessary speed, flexibility, and time-to-market.

On the other hand, the research also concludes that there should be close collaboration between the Business and Technology areas. Business leaders must have good knowledge of Technology and be involved in the technical decisions of the company. At the same time, those responsible for Technology must act as responsible for the business, building together a technological architecture that allows innovation and evolution.

Also Read: Top Most Business Opportunities In The Technology Sector

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But What If You Could Make Money From Them?

On some occasions, you have thought about the subject and do not know where to start. Of course, you would like to turn that hobby into your business and transform that idea that excites you into something tangible. But the possibility of failure blocks you. Sounds familiar? If so, keep reading. Don’t you think it’s time to chase your dreams? We do not recommend that you leave your current job without a plan, we all have bills to pay, and the beginnings are not easy (or at least, it is expected that they are not).

You are probably wondering, can your hobby make you live off it? The answer is yes, and it can become your business. Imagine waking up and knowing that doing what you are passionate about is now your stable source of income.

Businesses have one purpose: to generate profits. Just because it seems obvious doesn’t mean it’s easy; That is why you must ask yourself: What is my idea? How will I carry it out? How will I finance it? How will I make it known?

If you feel that it is difficult for you to take the first step, we propose a series of innovative business ideas that do not require a large budget to get them rolling.

Our Proposals For Innovative Business Ideas

Sell Your Digital Art.

Whether you are more of a brush and watercolor or if you prefer to draw with your tablet, selling your creations in digital format is an excellent way to earn money doing what you like.
There are countless platforms where you can upload your designs and put them up for sales, such as Creative Market or Raw Pixel. In addition, you can sell invitations, templates for social networks, illustrations, web banners, prints, fonts, digital brushes … Another option, if you have a very distinctive style, is to publicize your work through Instagram, using it as your portfolio, creating illustrations ad hoc for individuals or companies.

Turn Your Designs Into Products.

Would you love to sell your product line, but the idea of ​​eating the 500 T-shirts of the same design that the supplier you have asked for a quote from you scares you with potatoes? We have a plan B for you: print on demand. It is a business model where the designer sends the design to the supplier to produce it in small quantities (from a single unit!) And is also responsible for shipping the product directly to the client without including invoice or data from the provider.

Create Your Online Craft Store

If yours is to create unique objects with your hands, working with ceramics, textiles, wood, leather, or metal, it is time for you to make yourself known on the internet by opening your online store.
We know that standing out in the ocean of Google is not easy, so we suggest that you do it with platforms such as Etsy or Amazon Handmade, where positioning yourself correctly is more accessible than with your website. More and more people are aware of the value of crafts, whether looking for the perfect gift or a touch of originality in their day to day. So get down to work and start creating what you do best! Do not forget to offer customization options; remember that the client has found you looking for unique objects. Social networks will be your great allies to help you reach more customers.

Also Read: Reasons to Conduct Identity Access Reviews for Cloud Security

Start Writing

If you like to write, the easiest way is to start doing it as a freelancer, writing articles for other people. On platforms like Fiverr, you will find countless projects with which you can begin to grow your portfolio. You can also try contacting bloggers or posts you would like to write for directly. Keep in mind that the most specific articles are the best paid, so if you write about business, health, or technical topics, you should know that they are as demanded as they are lucrative.
Are you passionate enough to create your project and master a specific topic? Then, make your blog and earn money by advertising to others on your banners, promoting articles, being the image of a brand, or offering products, services, or premium memberships with exclusive content.

Start Your Podcast

Do you master a specific topic that you would spend hours talking about? You can do it on your podcast, sharing your knowledge and creating your audience. Podcasts have gained popularity in recent years. They are a very comfortable format to consume: many listen to it on the way to work, while cooking, or doing sports.

Sell ​​Your Photos

Whether you are one of those who love to get lost in nature, immortalizing flora and fauna, such as capturing the urban environment and its people from different angles, you can find a source of passive income by selling your photographs. Digital publications from various industries are constantly looking for quality stock photos. Shutterstock is one of the most famous platforms for stock photography, although many others, such as iStock or Adobe Stock.

Analyze the photography you see on blogs, online magazines, and social networks and discover the more commercial side of your hobby.
And you? Are you ready to turn your hobby into your business? We hope we have inspired you with these innovative business ideas and that your project will soon see the light of day. The most important thing is that, whatever you do, be constant and don’t give up, you need to invest a little time each day to train yourself, and little by little, you will see that it takes shape.

Tell us, what is your hobby? Do not forget to leave us your comment!

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