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Do Small Business Owners Need a Financial Advisor?

Financial Advisor

Small business owners have to stay on top of several things to ensure that business thrives in the foreseeable future. And while you may have strong financial instincts or excel at bookkeeping, the responsibilities of running an organization often demand more time than is convenient. 

To put it simply, there will come a time when hiring an advisor makes the most sense for your business and your personal situation. 

So yes, you do need business financial advice if you’re a small business owner juggling too many responsibilities at once. 

Keep reading to learn the importance of a financial advisor for businesses.

What is a Small Business Financial Advisor?

Small business financial advisors are individuals or companies that help their clients manage their company’s finances. These professionals take an insider view of your business, thoroughly analyzing all aspects of your money management processes and offering suggestions and advice on how to improve them.

Financial advisors possess a variety of skills and experience. They employ analytical thinking abilities to uncover insights and hidden value in a company’s financial data. They also possess excellent communication skills to explain recommendations in plain terms that you, the small business owner, can understand. 

How Can They Help?

Small business financial advisors help their clients crunch the numbers and create strategies to achieve the company’s goals. Most financial advisors are seasoned experts in:

  • Retirement planning
  • Estate planning
  • College planning
  • Risk management
  • Financial planning in business
  • Portfolio management

Financial advisors can also:

  • Supervise capital and debt management
  • Create profit-and-loss statements
  • Manage tax reporting, deduction, and payment
  • Create retirement strategies for small business owners and their employees
  • Offer financial consulting for small businesses to determine suitable budgets based on the business needs

The primary objective of financial consulting for businesses is to get unbiased guidance on how to improve performance by making informed decisions about money matters. 

4 Benefits of Working with a Business Financial Advisor

Even seasoned entrepreneurs don’t have the financial background to expertly manage their company’s money. That is why finding the right financial advisor for business owners can help you avoid costly mistakes and grow your company more effectively.

Here are four benefits of working with a business financial advisor:

1. Staying on Track with a Strategic Plan

Perhaps the most overlooked benefit of working with a financial advisor is that they can help entrepreneurs formulate a strategic financial plan that’s customized to their business needs. 

A financial advisor for small business owners inquires about your customers, your competitors, and your market share to determine the best path for financial success. By understanding your long-term goals, a business advisor can help you develop a plan that accounts for short and long-term fluctuations in revenue, employee salaries, and other financial factors.

2. Making Smart Financial Decisions

A financial advisor can help you make sound decisions for your business by providing guidance on how those decisions will impact you today and in the future. They can also help you make important decisions, such as how much you should invest in new stocks and other investment opportunities.

3. Understanding Your Company’s Financial Health

Financial advisors for business owners paint a clear picture of your company’s financial health by analyzing your cash flows, profits and losses, and debt. 

Without a qualified financial advisor in Portland, Oregon, it’s easy for entrepreneurs to become so wrapped up in running the day-to-day operations of their company that they lose sight of their company’s financial health.

Financial business advisors can offer a fresh perspective on your company’s financial health, allowing you to make educated decisions based on facts rather than emotions.

4. Retirement and Succession Planning

Wealth management for business owners doesn’t stop at planning for short-term goals. It also involves succession planning – transferring business ownership to an heir without harming the company’s financial status.

A business financial planner has a role to play in drafting a continuity plan for your business and settling the legal requirements for transferring your business to a new owner in preparation for retirement.

Interactive Wealth Advisors is a Financial Planning Consultant You Can Trust

At Interactive Wealth Advisors, we offer fee-only financial planning for small business owners. Our team consists of experienced and highly-trained, registered investment advisors who help small business owners nearing retirement build and grow their wealth. 

We strictly follow the National Association of Personal Financial Advisors standards to ensure that our clients make the best decisions for their businesses.

Book a call with us today and start making smart financial decisions for your future.

Stocks and Bonds: Essential Differences

Stocks and Bonds

The terminology used in the financial markets is puzzling. Whenever you read an article or news from the market, you inevitably meet a host of unclear concepts which you need to check in a glossary lest you misunderstand the given information. The problem with baffling terminology becomes even more critical when you want to buy stocks or other assets. If you do not have a clear idea of how stocks differ from cryptocurrencies or whether stocks or bonds bring larger returns on investments, you will not make an informed, potentially profitable decision. In investing, understanding the fundamental of the financial market is half the battle won. To help you succeed, we are explaining how stocks differ from bonds. After reading the paragraphs below, you will have a clear vision of what investment you want to make.

Stocks vs Bonds: Definition

If you want to choose the right type of investment, knowing the basic similarities and dissimilarities between stocks and bonds is crucial. Stocks or, as they are officially called, common shares, are equity ownership in a company. Investors who own common shares become owners of the business, depending on how many shares they own. For example, after Elon Musk had taken a 9.2% stake in Twitter, he became the social media company’s largest shareholder. Warren Buffet began buying Apple stock in 2016 and by mid-2018, his Berkshire Hathaway accumulated 5% ownership of the iPhone maker. Although Buffet’s profit from his investment in Apple is substantial, his influence on the company’s decisions is less strong than that of Musk on Twitter merely because their ownership in the respected companies is unequal.

Bonds represent debt that a company has issued. There are no ownership rights granted to debtholders. Individual companies can issue bonds, and so can Federal, State, and Municipal governments. When you buy a bond, a company or government promises to be in debt to you and pay you interest on the loan for a set period. After a specific deadline, it will pay back the full amount spent by you on the bond. Note that bonds might be risky. If the company whose bonds you own goes bankrupt during the bond period, you will not receive interest payments. Nor will you get back the money with which you bought its bonds. Still, in general, bonds come with a higher guarantee of repayment than capital investments.

Stocks vs Bonds: Returns

Stocks and bonds generate returns differently. Stock returns are driven by increases in a company’s share price. The higher the price of a stock jumps, the richer shareholders become. Thus, if you had invested in Tesla in 2019 when the stock was worth just over $400 a share, you would have nearly doubled your money today, when the stock costs $757.04. Companies also generate returns through the payments of dividends, which is the return of their profits to shareholders. In 2021, Apple paid its shareholders $0.87 per share, which was a drastic decrease compared to the previous year.

When investors purchase bonds, they receive interest from the company. These payments are referred to as coupons. The coupon rate of a bond is determined when the bond is being issued. The determined rate usually does not change, except when there is a floating rate bond. Corporate bonds, which are riskier than government-backed bonds, offer higher rates of return. Note that there are so-called zero-coupon bonds. These bonds do not pay interest over time but are sold at a large discount.

Stock vs Bonds: Bankruptcy Rights

When a company goes bankrupt, shareholders and bondholders receive radically different treatment. In the case of insolvency, bondholders, to whom the company is indebted, receive proceeds from bankruptcy first among other people involved in the business. Shareholders come last. They will usually collect only residual value after bondholders have received full compensation.

Not all shareholders stand last in line to receive money from a bankrupted company, however. Employees, pensioners, and government agencies might be prioritized over bondholders. When these stockholders are given preference over others, bondholders might receive less money than they are entitled to, although it is never the case that they are ignored. Because the company is indebted to bondholders, they must receive some compensation.

Depending on your financial goals, you may invest either in stocks or bonds. Note, however, that stocks and bonds are traded differently. If you decide to buy stocks, you may access any of the thirteen stock exchanges in America or any international stock exchange with the help of your chosen broker. But you cannot follow these steps if you want to purchase bonds. As there is no registered exchange for trading bonds, you should buy bonds over the counter (OTC).

Remember also to conduct thorough research of the company whose stocks or bonds you intend to buy. The more extensive research you undertake, the more informed your decision will be and the more chances you will, therefore, get to reap handsome rewards from your investment.

How to Prevent Payments Fraud

Woman holding smartphone and credit card with scanning biometric fingerprint for approval to access for payment mobile banking on application wallet.

Payments fraud is a serious problem, costing businesses billions of dollars each year. It’s also one of the top sources of website problems. Payments fraud is the act of stealing money that should have gone to a company or individual. It can take many forms, but the goal is always the same: to steal money from someone who thought they were doing something legitimate. The consequences of payment fraud are serious. In many cases, it’s a direct attack on the business. Transaction monitoring can help you identify when payments are being made fraudulently and then take appropriate action. Here are a few tips for preventing payments fraud:

Monitor Transactions Carefully

When it comes to preventing payment fraud, vigilance is key. Make sure to closely monitor your transactions for any signs of fraud and take steps to prevent it from happening in the first place. One way to do this is to use transaction monitoring tools. These tools will help you identify any unusual or unauthorized activity on your account so you can take action before it becomes a problem. Additionally, make sure you keep up with the latest industry trends and update your security measures as needed. By doing so, you can stay one step ahead of fraudsters and protect your business from potential damage.

Restricting Access To Confidential Information      

When it comes to preventing payments fraud, one of the most important things that businesses can do is restrict access to confidential information. By restricting access to this information, businesses can help protect themselves from fraudsters who may attempt to use this information to commit scams. One way that businesses can do this is by requiring users to provide identification before accessing sensitive data. This way, businesses can ensure that only authorized individuals have access to this information. Additionally, companies can also implement security measures such as password protection and encryption algorithms in order to keep sensitive data safe.

Through Encryption Of Transactions And Emails

Through encryption of transactions and emails, organizations can reduce the risk of payment fraud. By encrypting all data, including financial information, companies can ensure that their customers’ identities are protected, and their transactions are not compromised. Additionally, by using secure email communication channels, organizations can keep sensitive information safe from prying eyes. By encrypting all of their transactions and emails, companies can protect their customers from having their personal information stolen in this way. Additionally, by using strong passwords and two-factor authentication, customers can further protect themselves from identity theft.  

Using Strong Authentication

Using strong authentication measures, such as passwords and two-factor authentication, can help to protect customers from having their personal information stolen in this way. By requiring a password for every transaction and sending an email verification code with each order, customers can ensure that only they have access to their confidential information. Additionally, by using a secure login system, companies can reduce the risk of cyberattacks. By using strong authentication measures, businesses can protect their customers’ identities and keep their data safe from unauthorized access.

Avoiding Paper Checks And Invoices

Preventing payments fraud means avoiding practices that can lead to improper or fraudulent transactions. One way to do this is by avoiding paper checks and invoices. By not sending physical documents to customers, companies can reduce the risk of fraudulent payments. Additionally, by using a secure payment gateway, businesses can ensure that all payments are processed in a safe and secure manner. One prominent way is to avoid sending paper checks or invoices. Electronic payments are often more secure and prevent fraudsters from stealing your personal information. Additionally, using secure online payment services can help protect your account from being hacked.

Final Thoughts             

Now that we have looked at some of the ways that payment fraud can occur, it is important to take some final thoughts on how to prevent this from happening. By taking simple steps like transaction monitoring, businesses can help protect themselves against payment fraud and keep their customers happy. Payments fraud is a serious problem, and it’s important to take steps to prevent it. By following these tips, you can help protect your business and keep your money safe.

Coins-Capital Review: The Best All-In-One Trading Firm

Coins Capital

Reviewing brokers seems easy if you get at first glance at it. But sad to say, sometimes it requires attention to detail and logic to know what rate a specific trading broker. This is why traders need to read reviews and look at them before and after checking the site. This Coins-Capital review will be helpful for you before making a choice. Let’s read further for more info about it.

What is Coins-Capital?

If you are planning to hold a portfolio of foreign stocks and cryptocurrency, Coins-Capital is a good and remarkable all-in-one option. This trading platform supports various kinds of cryptocurrencies such as Ethereum, Dogecoin, Bitcoin, and other altcoins, making it simple to diversify the crypto portfolio. This trading platform allows traders to immediately trade crypto, a vital feature in volatile markets like the cryptocurrency industry.

Is Coins-Capital Ideal for Beginner Traders?

Yes. Coins-Capital is an ideal trading platform for first-time traders for many reasons, like zero charges or fees. The most vital thing first-time traders must be looking for is a trading platform with no commissions or fees, which is what this broker offers.

To help first-time traders succeed in trading, the broker used graphics to make it more exciting and assist them in learning the forex before live trading. The downloadable software takes a comprehensive trading program, which is easy to follow even if you don’t have experience in any technology. However, it’s made to teach a good deal about how the foreign currency market works.

How to Join Coins-Capital?

Opening an account at Coins-Capital is fast, user-friendly, and entirely online. This means you can go through the registration process quickly in front of your desktop. A trading account with an online broker is much like a traditional bank account, and opening can be completed in just a few minutes.

You can create an account by hitting the Open Account button and following the instructions. You need to key in some vital information like name, age, address, etc. After this, you will receive a notification via email for verification. After complete verification, an initial deposit is required for you to start trading. This trading platform offers an opportunity for traders to practice or hone their trading skills with a demo account for free. Before jumping into real live trading, at least you already have the knowledge needed to become successful.

What Mode of Payments Coins-Capital Offer?

The best thing about forex trading is that they accept money or deposit in an array of sources like Visa, PayPal, as well as MasterCard. This broker also takes deposits via wire transfer; it only takes a while for the deposit to show in the trading account.  

Is Coins-Capital Simple to Use Platform?

One of the best features to look for in a broker platform is its simplicity and user-friendliness. If you are asking if Coins-Capital is easy to use, the answer is a big Yes. They use a visual interface and a new product and have made forex trading easier. It makes trading user-friendly for all traders, beginners, and experts.

This trading platform also helps investors and traders in making a sound choice with the help of their tools, which are valuable in spotting the best and most lucrative trades. With this platform, first-time traders can learn how to trade. Get the basics of financial literacy with their free educational courses. This helps in developing skills to boost trading performance. 

Study the full materials to become accustomed to the financial instruments and markets.

Pros and Cons

This Coins-Capital review is not complete without knowing the pros and cons of this platform:

Pros

  • Superb selection of forex and cryptocurrency
  • A competitive commission-free pricing
  • The superior educational section made around investment

Cons

  • Not available in some countries

Conclusion: Are You Going to Use this Platform or Not?

Coins-Capital provides traders and investors state-of-the-art trading tools, artificial intelligence-assisted trade analysis, a competitively priced commission-free pricing environment, as well as a properly balanced selection of assets.

Disclaimer: This is sponsored marketing content.

Machine Learning in Healthcare: 5 Major Benefits and Applications

Machine-Learning-and-AI

Machine learning, one of the most popular technologies of the 21st century, has seen exponential growth across multiple industries. Finance, banking, customer service, and healthcare among others are a few significant contributors to the increasing popularity of machine learning throughout the world. Now, machine learning, except for its applications, has also offered plenty of benefits to each sector it joined. 

However, in this blog, we are only focusing on how the healthcare sector uses machine learning technology to make its services more efficient. Furthermore, we are throwing some light on the popular applications and benefits of machine learning technology for the healthcare industry. So, stay with us until the end of this blog for some amazing insights. 

Five applications of machine learning in healthcare

Moving forward, we are listing down five major applications of machine learning in the healthcare industry that you often come across. Without further ado, let’s begin!

1. AI-driven healthcare diagnosis

One of the major applications of machine learning in healthcare is increasing the speed of detecting disease in the patient. Machine learning can use data such as x-ray images, ultrasounds, medical history, symptoms, etc to fast forward the process of detecting diseases. This process is used by Scripps Research Institute, California with a partnership with Intel to identify 23 patients with high cardiovascular disease risks. Results came out with 85% of accuracy. 

2. Pharmaceutical researches

To reduce the wastage of research resources and time invested, machine learning is coming out to be a super useful tool for the pharmaceutical industry. These companies have started filtering out possible outcomes that won’t benefit the research by using machine learning algorithms and their predictive analysis nature. This has helped experts in finding out faster medicines or vaccines that have the highest probability of being successful.

3. Medical studies

The evolution of machine learning has also made it a crucial part of the education sector. Medical students, today, have the privilege of using ML and AI in healthcare to leverage much smarter ways of learning. These ML algorithms are helpful in demonstrating the real consequences of treatments and prescriptions suggested by the learner. Through an animated sequence, machine learning can provide almost accurate insights into what can happen in the reality. However, this application is still not used commonly by colleges to teach students and its reliability is still in the testing process.

4. Virtual assistant

Machine learning technology is also used in chatbots to provide patients and users with smarter assistance. The goal of mhealth startups and enterprises is to ensure that users have 24/7 access to an assistance chatbot that can solve the majority of queries without any delays. These machine learning algorithms help chatbots in recognizing keywords and finding solutions to queries faster and more efficiently. Moreover, for voice-supported chatbots, recognizing accents and pronunciations also get easier due to machine learning.

5. Record maintenance

Machine learning also helps in maintaining records and to find them easily. As most of the work is done digitally now, machine learning enables healthcare professionals to sync and manage records smoothly. There are plenty of tools such as Tally, Microsoft Excel, Google Sheets, etc adopted machine learning to allow handy tools to let users manage their records. Machine learning makes it easier to find, bulk edit, delete and do much more with records within less time compared to a decade back.

Benefits of machine learning in the healthcare industry

Now, after going through these applications of machine learning in the healthcare industry, it is time to look at the benefits of machine learning that the healthcare industry leverages. Let’s begin!

1. Personalization

One of the most popular benefits of machine learning technology is its ability to offer the personalization of services. In the healthcare industry, personalization can refer to offering personalized treatment recommendations, fitness products, exercise tips, healthcare expert recommendations, etc. The personalization factor is also used in chatbots to help in making them more advanced and interactive. 

2. Cybersecurity

As the healthcare industry has adopted digitization on a huge scale, it has become to ensure the security of the data stored on servers. Thus, machine learning is used to scan servers continuously, detect any cyberattack attempts, raise alerts for cyber attacks, etc. This benefit enables responsible authorities to take quick action.

3. Cost-cutting

As mentioned above under applications, pharmaceutical companies are using machine learning to save resources. These saved resources are also benefiting organizations monetarily and they are able to save money spent on wasted resources. It also helps them in achieving more productivity with better quality. 

4. Robotic surgeries

Surgeries are delicate and some procedures require much more carefulness compared to others. So, robotic surgery came into existence and machine learning put life into these robots. Even if they are not fully automated, for tasks that can be super delicate for human doctors to perform surgeries, robots are used.

5. Clinical predictions

As there are plenty of viruses and diseases detected every now and then which did not even exist or were known to humanity before, machine learning helps researchers in detecting their evolutions. In other words, with the help of machine learning, experts are able to find out if the disease can have more evolved variants in the future. Covid is the perfect example of the same as its possible variants were predicted once the disease turned into a pandemic. Machine learning played a crucial role into countering this disease as well.

Wrapping Up

Machine learning does not stop evolving and yet, we still have not unlocked its full potential yet. For the healthcare industry, digital Health technology is turning out to be a blessing and as time passes, we are sure to see more and more examples of the technology. However, for now, in this blog we tried to cover a maximum of applications and benefits for your understanding. Hopefully, this blog on machine learning in the healthcare industry was helpful.

Which Is Better – A Long-Term Loan Or a Short-Term Loan?

Loan

While short-term loans can be useful in emergency situations, they’re usually expensive and should be handled with caution. The types of short-term loans are payday loans, doorstep loans, and so-called doorstep loans. On the other hand, long-term loans are more affordable, require borrowers to meet strict criteria, and are best for those who plan to keep a regular schedule for repayment. Both options are good for your needs, but be sure to research them thoroughly before deciding on which type is right for you.

Long-Term Loans Are Less Expensive Than Short-Term Loans

Generally speaking, long-term loans are cheaper than short-term loans. You will not have to pay interest on the loan for a long time, and you can use the money for various purposes. You can use it for major purchases like a new car or a new car repair. You can also use it for other purposes like debt consolidation, home renovation, and other big expenses. 

You can find an online loan service provider like CocoLoan or ask a friend for a referral. Compare interest rates, fees, repayment terms, etc. Once you have found a lender, fill out a loan application. Lenders will review your application and decide whether to approve it or not. Once approved, you will have to make the payment to the lender. This loan is available for a longer period of time, so it is advisable to compare interest rates before signing a contract.

However, long-term loans are not available for small amounts. Long-term loans can be used for large purchases, but they require a higher credit score and may be harder to find. A home equity loan is a good example. It involves borrowing against the equity that has built up in your home. In order to qualify for a home equity loan, you need at least 15% or 20% equity in your home.

Long-Term Loans Are Riskier Than Short-Term Loans

While short-term loans are convenient, they are not always the best option for your financial needs. In addition to being expensive, they require the borrower to make periodic payments, so they should be considered only when they are necessary. Long-term loans, on the other hand, offer better deals, but require borrowers to meet eligibility criteria and stick to repayment schedules. It’s best to do your homework before opting for a long-term loan.

Short-term loans involve fast application and approval, and the money can be provided to the borrower within 24 hours. This is the best option if you need emergency funds. Despite the higher interest rate and short repayment period, a short-term loan is safer because you’ll have enough time to pay it off. You can even use the money for other purposes, including paying off bills or taking care of emergency expenses.

The advantage of long-term loans is that you can borrow a larger amount. This makes them more appealing to people with larger needs. Also, the longer repayment period allows you to spread out the payments over a longer period of time, which means lower monthly payments. So, while long-term loans can be riskier than short-term loans, they can still be a great option for your financial future.

Short-Term Loans Are Easier to Get

Many short-term loans have lower credit requirements and quicker approval times than their long-term counterparts. However, these loans are also riskier than other types of borrowing. Because they don’t require collateral, they are a good choice for borrowers who need quick cash to meet immediate needs. These loans are also more convenient to get than traditional loans because they require little documentation and don’t require collateral.

Although a credit card cash advance is not technically a short-term loan, it has fewer stringent requirements. This type of loan allows you to get cash instantly against a credit card line. This is similar to payday loans and buying cash with a credit card. Always read the terms and conditions of cash advances before taking out the loan. Credit card companies generally charge fees and interest for cash advances. If you are unable to make your monthly payments, you may be subject to high-interest rates.

Applying for a short-term loan is relatively easy and can take as little as two hours. Short-term loan providers typically have their own sets of eligibility criteria, which include credit score and income. You may be required to provide your income verification and undergo a hard credit check. However, you can still obtain a short-term loan with bad credit and have the funds in your hand within 24 hours. Typically, the amount you borrow is less than $2,000.

How Opting for an SMSF Account Maximizes Your Savings

Savings-account

Self-Managed Superannuation Funds (SMSFs) are a privately managed long-term investment strategy to secure money until you retire. It typically involves a separate bank account and one to four or even six members who act as trustees of the funds. Based on its structure, the trustees may manage the fund in an individual capacity, or a company is appointed the trustee role. 

Their newfound popularity is evident by the fact that in the first quarter of 2022, 605,469 SMSFs were reported with total estimated assets of $892 billion. While self-managed, SMSFs require time, compliance, and understanding of the latest rules and regulations. It’s best to hire an SMSF accountant if you are a beginner. This way, you will receive the right expertise for understanding SMSF laws and taxes, making the entire process easy. Here are some ways opting for an SMSF account can help you maximize your savings: 

1. More Flexibility and Control Over Investments

As an SMSF trustee, you have the power to oversee and control where your savings are being invested. You can choose to invest in a wide range of options and even transfer personal funds and shares to the SMSF account. SMSFs allow you to plan and carry out your investment strategy according to your interest and ethics.

Its flexibility enables adjustments to your portfolios as the markets change. This allows you to borrow within your fund for investing. The members involved are able to run an account based on a mixture of pension and accumulation accounts. These trustees can also adjust the investments according to what suits them financially. Additionally, many businesses prefer holding their assets within an SMSF account for their protection, security of tenure, and succession planning. 

2. Wide Range of Investment Options

Superannuation funds generally allow you to invest in options such as fixed interest, shares, bonds, and property through managed funds. However, SMSFs offer you a free pass to many additional investment options. These investment assets include:

  • Direct commercial or residential property
  • Listed Investment Companies (LICs)
  • Collectibles like artworks (under regulations)
  • Exchange-Traded Funds (ETFs)
  • Commodities like physical gold 

3. Provision of Full Transparency

An SMSF offers more transparency to its members in contrast to other superannuation funds like industry or retail funds. With an SMSF account, you can track all the transactions performed. You can review the taxes, income received and spent, and monitor where the funds are used in different investments. 

In contrast, other superannuation funds do not offer the same regular visibility of your funds’ performance. Instead, you might receive a yearly statement that lacks detail and hence, does not give you the complete control SMSFs do. 

4. Tax Management and Concessions

As SMSF accounts give the members control over their funds or asset management, you can also manage the associated tax position. By having full control, you are able to reduce and eliminate tax liability over time. 

During the accumulation phase of SMSFs, the tax on your earnings is at a concessional rate of 15%. For the assets or investments held within your SMSF account for more than 12 months, capital gains are taxed at 10%. However, no tax is payable if funds like pensions produce the income within the account. With these concessions and control, you can reduce tax payments on income and grow your savings as you head into retirement. 

5. Low Management Costs

SMSFs have another advantage over other superannuation funds in terms of costs. As the account balance grows, a higher management fee is charged with other super funds. However, with self-managed superannuation funds, members are only required to pay for basic auditing and accounting costs. You are only charged for the fund management services you access. 

This charged fee is lesser in cost as compared to the ones charged for managing retail or industry superannuation funds. Since SMSFs enable you to pool your assets with other members, it lowers the average yearly management costs. 

Endnote

While private super funds like SMSFs require a lot of work and personal effort in managing the funds, their benefits outweigh the downsides. An SMSF account can offer you better control over your earnings and different investments at a relatively lower cost. You can even conveniently monitor your financial performance and receive tax concessions. All these benefits of opting for an SMSF account can help you maximize your savings for your retirement days.

Best Organization Apps for Business Teams

Organization-

The modern work environment looks vastly different than it did 10 years ago. In fact, it even differs significantly from what it looked like even 3 or 4 years ago. 2020 brought with it a swooping series of changes that will have long-term impact on many facets of society. A lot of this is due to the impact of the global COVID-19 pandemic. Many organizations were forced to make the transition to fully or at least partially remote operations in the wake of the pandemic. However, the transition to a mostly remote workforce actually benefited both employees and employers. 

Employees reported achieving better work-life balances, and higher levels of job satisfaction in remote environments as well. Not only that, but in some areas, productivity actually rose because employees weren’t wasting time, energy, and money on commuting to work in the midst of rush hour. 

However, the new remote-work-world has brought with it its own series of challenges, like keeping employees organized across their digital platforms. 

“Different organizations will have different needs regarding these business tools, so it’s essential for business leaders to make sure that employees are able to effectively and efficiently utilize these technologies.”

Intellezy

What to Look for in an Organization App

When it comes to shopping the market for business organization applications and tools, it serves to use the same logic you would with shopping for anything else. Be critical, do your research, understand your needs, and compare the available products. 

Some of the most common features that an organization app should offer are task prioritization, scheduling, task templates, automation, multiple-views, and third-party integrations. Other considerations to factor into account are price, and ease of use, as well. 

“I didn’t really know what I needed from my organizational application until I started using one. Suddenly there were things I wanted to do that I couldn’t and things I could do that I had no use for. That helped us find the right one, though. And once we did, it fit like a glove.” 

– Fred Gerantabee, Chief Experience Officer, Readers.com

Connecteam

Connecteam is one of the most popular all-in-one organizational business applications on the market. It has a robust suite of features that allow your team to get and stay organized quickly. Connecteam has native timesheets, super quick task-management features, and communication based checklists. 

There are plenty of automated and recurring task settings also that give employees a clear view of their tasks and their deadlines. Of course, this wouldn’t be completed without follow-up and reminder notifications to keep employees focused on the jobs that need to be done. 

Connecteam also lets users assign tasks based on teams, location, or any other number of variables. Within these assignments, sub-tasks, descriptions, files, and media can all be created and attached to further facilitate a smooth and timely project.

“We started using Connecteam for the simple and easy scheduling features, but then it swiftly overwhelmed us with how much it can manage. Now we use it for just about everything.”

– Ryan Rottman, Co-Founder & CEO, OSDB

Any.Do

Any.Do is another task-manager organization application. However, this application is a bit more lightweight than the all-in-one Connecteam discussed above. Any.Do focuses more specifically on creating and assigning to-do-lists and other types of lists. 

These checklists can be assigned to different users, groups, or teams, and automatic reminders and notifications can also be scheduled through the platform. A fun little note is that Any.Do can also be helpful in your personal life as it offers a grocery list feature capable of importing and storing recipes. 

“We like the simplicity of Any.Do. We don’t really assign any heavy-lifting to the application, per se, but it certainly helps us keep our weeks organized and makes sure that we’re all on the same page when it comes to project status.”

– Dr. Michael Green, Chief Medical Officer, Winona

Monday

Monday is one of the softwares on the list that is a more traditional project management type organizational application. This means it excels when it comes to creating and tracking schedules, planning projects, time tracking, and task management. The versatility makes Monday an excellent option for organizations and project leaders who are looking for some granular control over the project flow. 

“Project scheduling and tracking is something we rarely get right on the first try. It’s not because our data is bad or anything like that, we just can’t account for every variable out there. Having automated schedules to reference though, helps us be flexible and make adjustments on the fly when issues arise.”

– Chris Bridges, CEO, VITAL

Akiflow

Akiflow is super helpful when it comes to calendar-management specifically. If you’re a calendar-junkie who likes to plan their day down to the 10-minute interval, Akiflow may be the product you’ve been looking for. Chronic-schedulers often find themselves using more than one calendar to track their busy days and hectic weeks. Akiflow, though, can import all of the information from these calendars into one seamless scheduler. 

The daily notifications are great to help you keep your week on track while the desktop-only-application also offers users a wide library of short-cuts for easy management. 

There are even quick-task creation tools with varying priority levels that make it easy to create last minute additions to your day. 

“Having all of my calendars consolidated into one is like a breath of fresh air every day I look at it. It just brings me peace seeing everything sorted and organized in one central spot.”

– Max Schwartzapfel, CMO, Fighting For You

Todoist

Todoist is another more comprehensive project management tool. Todoist allows users to track and manage projects, set alarms, and track due dates. Additionally, there are user and manager profiles that can be set up in Todoist. 

This makes it easy for managers to assign team members tasks and subtasks while simultaneously tracking a project status. Meanwhile non-managerial users can make use of Todoist to keep track of their individual tasks, while also collaborating seamlessly with the rest of the team. 

“We all strive to attain the highest level of productivity, and it’s only a matter of exploring how to use modern tools and technology to our advantage.”

Tanvir Zafar, Founder, ISU Technologies – 

Rethinking Employee Recognition With These Out-of-the-Box Ideas

Employee-Recognition

Introduction

Looking into new ways to implement employee recognition in the workplace can help boost workplace morale and increase employee engagement by using recognition strategies that are a bit more out-of-the-box.

Sure, you can put their picture on the wall or send out an email saying they’re the “employee of the month”, but is that really something that motivates your staff to push themselves and do the best that they can? 

Check out this list of ideas put together by some of our favorite business leaders. They have shared some concepts that can be executed in a variety of workplace environments and we hope they’ll work for you as well.

Use Behavioral Science – Pyramid of Needs

We’ve all heard of Maslow’s Hierarchy of Needs. In this recognition strategy, you would be utilizing some of the pyramid’s ideas to promote employee recognition by meeting needs that they may have. Studies have shown that people are happiest in work environments that are meeting all of their needs, so why not implement this in your employee recognition strategies?

“This strategy is something that can be used incrementally on an individual basis,” says Christy Pyrz, Chief Marketing Officer of Paradigm Peptides. “The pyramid of needs goes from basic needs all the way to self-actualization. You will need to determine where on the spectrum your staff falls. This might mean that recognition for one staff member might include allowing them to work a flexible schedule as a reward for their reliability so they can make it to their kids’ soccer games on Thursday nights or it could be a collection of notes of encouragement and appreciation from coworkers to fulfill their need for belonging or elevate their esteem.”

“Using behavioral science and Maslow’s pyramid to determine rewards and recognition ideas can be a very fulfilling way to give recognition,” says Mark Sider, CEO and Co-Founder of Greater Than. “This method not only allows for the staff to feel appreciated and valued, but in the long run it will increase the likelihood that you have a reliable staff that wants to stick around because their needs are being met completely.” 

Encourage Peer-to-Peer Recognition

Leading by example and encouraging your staff to encourage each other through your appreciation of their efforts is a great way to help people feel seen and appreciated while also building relationships within your teams. You can start this by doing it yourself with people higher up in the organization and then encouraging them to keep passing it on.

“Peer-to-peer recognition can be just as powerful, if not more, than recognition from the top,” says Adam Bém, Co-Founder and COO of Victoria VR. “Think about it: wouldn’t you value the opinion of your close coworker who sees what you’re doing and the effort you’re putting into things more than the CEO who you see once per month at staff meetings? That’s not to say that leaders shouldn’t praise or recognize staff, but it’s important to see the value of recognizing peers and creating a workplace culture that facilitates this type of recognition.”

“Show your staff how to appreciate and recognize each other by giving them the opportunity to nominate each other for awards or recognition or by providing each person with the resources to provide encouragement to their peers,” says Anthony Puopolo, CMO of REX MD. “Even providing each staff member with a stack of blank cards to write in to encourage and recognize the efforts of their peers can start to create a domino effect of positivity and recognition among your employees that will contribute to a much more positive work environment.”

Brag About Your Team on Social Media

This one is targeted at your Gen Z and Millennial employees, but most Boomers are also on social media at this point too – even if it is just to keep in touch with their kids. Share the great work your staff is doing on a social platform where they can be acknowledged professionally for their efforts on a public platform where their friends and family can see.

“Being recognized at an office dinner or luncheon is one thing, but being bragged about by your boss on a social platform for the world to see can leave your employees feeling so valued and appreciated,” says Ray Leon, CEO of Pet Insurance Review. “Share those major accomplishments online and boost your brand’s social media presence along with your appearance as a great place to work because of your pride for your employees and their efforts.”

“Depending on your industry, your staff may not be seen by your customers on a regular basis,” says Dan Potter, Head of Digital at CRAFTD London. “In those scenarios, it can be easy for them to feel like their efforts don’t make a difference, but when something is posted about them on social media and others are able to comment or interact with the post to show their appreciation and respect for what your staff member does, it can give them that validation and motivation to be even better.”

Ditch the Banquets 

Company dinners aren’t everyone’s cup of tea, but your staff probably feels the same. Instead of booking an expensive venue with expensive catering to host a typical formal awards night, try finding something a bit more fun to do with your staff to show your appreciation for them.

“I love hearing the creative ways that industry leaders are finding to recognize their staff,” says Lina Miranda, VP of Marketing at AdQuick. “I’ve heard of some that will invite their entire staff over for a dinner and game night at their house or they’ll go out as a company or team to some fun venues like mini-golf or an escape room for experiences that can function as a staff recognition time while also building team morale and relationships outside of the office.”

“A lot of brands are rethinking the award process for staff recognition,” says Sean Doherty, GM of Box Genie. “Sure, it’s nice to get dressed up and take your partner with you to a dinner banquet, but these banquets often don’t allow for much casual conversation or team bonding. Instead of a stuffy banquet, try thinking of award or recognition locations that are more casual or where people can invite their families to come along. I’ve heard of companies renting spaces at the park, zoo, amusement park, and even a private movie theater to facilitate these events.”

Conclusion

Staff recognition is something that brands should be doing to help encourage their staff to do their best and strive for excellence. Encouraging your team to stay at the top of their game can take on a few different appearances. Many of the ideas above can be used together to promote a positive workplace culture that facilitates growth and motivation.

Employee recognition doesn’t have to be a fancy banquet. In fact, most staff feel banquets and ceremonies are too inauthentic. Encouraging peer recognition and meeting the behavioral needs of your staff are two of the more basic methods of recognition.

It also isn’t a bad idea to look into what your staff wants for recognition purposes. Ideas like social media appreciation posts and team events where recognition is awarded are more public displays of appreciation that can help motivate your staff to stay at the top of their game.

We hope this article has left you with some great ideas to implement within your brand as you rethink employee recognition with some more out-of-the-box ideas.

eCommerce Personalization Strategies That Improve Conversion Rates

eCommerce

For as much as the eCommerce industry relies on well made products which meets the needs of the customer, an equal reliance on personal connection also exists. Even though the internet has unequivocally removed many personal elements, the natural desire for these still resides within people. This has been proven on a variety of levels – if people do not feel connected to a company they could potentially purchase from, they are far less likely to follow through on that purchase. Obviously, no company wants to lose a sale. In fact, they would far prefer the opposite. Therefore, it stands to reason, making a concerted effort to connect with people through strategies geared for them is wise. Computer scientist and entrepreneur Paul Graham presented additional support for this approach, “You can’t wait for customers to come to you. You have to figure out where they are, go there and bring them back to your store”

The sheer number of unique types of people across the world may cause hesitation to rise within anyone attempting to improve their conversion rates through personalized eCommerce strategies. To alleviate this feeling, we have spoken to six different business experts for their opinions on this topic. 

Make it Simple

Bradley Hall is the CEO of SONU Sleep, a brand offering mattresses designed for side sleepers. He believes keeping every aspect of a company’s online presence as basic as possible to invite more people in.

“Everyone has had the experience of preparing to go through an online checkout or registration page and skimming the amount of effort it will take to get through it all. You may not want to admit it, but I’m sure you’ve had a time where the amount of information being asked of you resulted in you closing the page and doing something else with your time entirely. As the person in charge of creating these online experiences, it’s important to realize how vital it is to make them as simple as possible.”

Social Proof is Your Best Friend

Tumble specializes in washable and spill proof rugs. Their Co-Founder, Justin Soleimani, suggests utilizing the preexisting relationships as building blocks for the future.

“The flashy advertisements and widespread marketing attempts will only get you so far, at least in my opinion. The world has shifted because of technology, but human behavior has really changed that much. For whatever reason, we’re wired to be much more trusting of another human being over anything else that can present an opinion. Companies have taken notice of this as evidenced by the unique uses of social proof, or the practice of using the thoughts and opinions of existing customers in your next marketing plan.” 

Recognize the Give and Take

The nature of the interactions between customer and company can sometimes get lost in the proverbial shuffle. Kinoo is a business providing a video communication app and controller that uses augmented reality and virtual activities. Their CEO, Jim Marggraff, considers it necessary to pay attention to these relationship dynamics.

“In some magical vacuum, the world might be a more enjoyable place for business owners if they could sell or give nothing in return for a customer’s money. But that’s just not the world we live in. Customers give their money to companies because they are receiving something in return. That’s not to say companies should sit around and wait for this to happen. Doing that could spell your doom. Instead, to incentivize customer engagement, companies should make the first move by offering something first such as a discount or exclusive access.”

Do Not Overwhelm the User

Eric Elggren is the Co-Founder of Andar, a brand offering full grain leather wallets and leather goods. He advises others to think about how the customer will navigate a company’s website or social media page.

“First impressions are just as important online as they are face-to-face. When people open up a web page, what they see could be enough to influence their decision making one way or another. This may be a bit of an extreme example but the idea behind it still stands. One of the quickest ways to alienate a user is to overwhelm them. If people are overwhelmed or confused by the shopping or ordering process, they are more than happy to take their business elsewhere.” 

Dive into Analytics

Arka specializes in eco-friendly custom packaging and sustainable boxes. Their CEO, Phillip Akhzar, believes there are nearly endless possibilities when it comes to the statistics involving online interaction.

“Online tracking software has brought us to a point where, provided you have the requisite system in place, you can see second by second information related to what people are doing on your website. The insights you can gain here should prompt massive change across the site. Why? Well, it should be apparent what is working for people and what isn’t. If this isn’t the case, you can consult some experts in the field. Either way, don’t sell yourself short by leaving your website design to guesswork.” 

Keep your Theme

Internet literacy is very real, and most people have a solid grasp on it nowadays. OLIPOP provides canned soda made with alternative plant-based ingredients. Their E-commerce Manager, Melanie Bedwell, proposes taking this into account.

“I think each one of us has clicked an advertisement only to end up on a site that doesn’t resemble the company behind the ad. Or the product that was being marketed to you doesn’t appear the same on the site. Even if you haven’t had this happen to you, if it did happen to you, I’m sure you would recognize it right away. This is due to how well we know the internet at this point, it’s just second nature. So, to keep your potential customers from going through the same thing, make certain you keep your themes and images consistent.”

At the end of the day, it is critical to remember that each person is unique and different methods for improving conversion rates will be necessary. Furthermore, one must build relationships with these people. Bryan Eisenberg, the Co-Founder of BuyerLegends, put it best, “For you to achieve your goals, visitors must first achieve theirs.”

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