Open Minds Build Innovative Societies

April 6, 2020

By David De Cremer And Alain Van Hiel

Being marked as an innovative country is crucial in how able and savvy one’s nation is considered to be when it comes down to transforming itself to propel growth and prosperity. Yet the fact that innovation happens is often taken for granted; how innovation is developed and sustained remains mostly unexplored.

So, why are some countries blessed with more innovators devoting their time to developing new ideas, products or solutions than other countries? Previous studies have shown that education systems play an important role in increasing human capital and, in turn, innovation and economic growth.

Education not only provides people with the opportunity to acquire new skills and knowledge, it can also increase liberalisation values in the form of autonomy and personal freedom. In other words, education can give people the faculties to open their minds to think freely, independently and creatively.

Education not only provides people with the opportunity to acquire new skills and knowledge, it can also increase liberalisation values in the form of autonomy and personal freedom.

In a study of 96 countries across the world (Van Hiel et al., 2018), we tried to understand whether individuals who participate in higher levels of education develop a more liberalised mindset, and whether this impacts a country’s innovation and its economic growth.

In highly developed countries such as Norway, Canada and Japan, we found that having a higher level of education is strongly correlated to having a liberalised mindset. Through this increased liberalisation, education resulted in higher innovation ratings in these countries.

However, this was not the case in developing countries such as Nigeria and Tunisia, where individuals participating in higher levels of education remained as conservative as before, or only showed a small increase in liberalisation values, which, in turn,
impeded innovation.

Our research has significant implications, highlighting the importance of education in not only facilitating learning, but to also ensuring this knowledge is put to innovative use by promoting a search for autonomy and freethinking.

Widening economic gap fuelled by different education systems

The countries included in the study ranged from very poor, developing nations to prosperous, developed countries according to the United Nations’ Human Development Index (HDI), a measure of development that combines economic prosperity and well-being.

Our findings indicate that education has different effects on the pace of liberalisation between developed and developing countries. In developing countries, measuring low on the HDI, where liberalised values are not fostered through education, people tend to prefer the status quo and oppose change. Such closed mindsets are less conducive to innovative thinking – the main driving force of growth and higher living standards.

In contrast, education systems in developed countries high on the HDI, continue to promote the development of liberalised values where people typically view change as positive and necessary. Because education is widely available in developed countries, it helps drive a shift towards more people embracing these values, which in turn stimulates a continuous stream of innovations to generate
even more growth.

In less developed countries, the small group of highly educated people who only shift a small degree in the liberalised direction will have too little influence to shift a given country’s mentality, creating a widening economic gap between developed and
developing countries.

Our findings show that factors such as personal freedom and creating a personal identity have played (and continue to play) an important role in helping developed countries achieve an innovation mindset.

Can Education Change the World?

In today’s era of disruption, innovation will be more critical than ever to grow the next wave of companies and initiatives that can reap new levels of economic growth. In fact, according to the World Economic Forum, by 2020 creativity will be in the top three most important skills for future jobs, alongside complex problem solving and critical thinking.

The impact educational institutions have on the economy and wider society through their ability to drive innovation is high on the global agenda. It is reflected in the Times Higher Education new global university ranking which now focuses on areas such as a university’s ability to foster innovation, contribute to economic growth and forge global partnerships.

Nurturing autonomy could include immersive experiences that help students open their minds to new ideas and possibilities. A starting point for such experiences can easily be instigated by re-addressing business and societal issues by learning about cross-cultural differences and promoting a kind of circular thinking where each time the opposite framework is being used to think of innovative solutions. This can make students aware of how important it is to deal with uncertainty and navigate their way through challenging situations, empowering them to solve problems independently and take calculated
risks to succeed.

An educational climate is also fostered by society and its approach towards citizens. In developing countries, efforts need to be intensified to drive innovation through freedom of thought that sits at the heart of a dynamic and thriving society. Reforming educational systems to allow greater liberalised values could be the key to breaking the vicious cycle of underdevelopment in many countries.

If education can change the world, then this seems to be particularly true for developed countries that foster liberalisation values. Education is one of the few national institutions through which we can build an innovative society that not only drives wealth creation but also helps end poverty, hunger and climate change. If we free our minds the possibilities are endless.

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About the Authors

David De Cremer is provost’s chair and professor in the Department of Management and Organisation and founder and director of the Centre on AI Technology for Humankind (AiTH) at the National University of Singapore (NUS) Business School. Before moving to NUS, he was the KPMG chaired professor in management studies at the University of Cambridge. He is named one of the World’s Top 30 Management Gurus and Speakers in 2020 by the
organization GlobalGurus.

Alain Van Hiel is a social and political psychologist and professor in the Department of Developmental, Personality, and social psychology at the Ghent University.

References
Van Hiel, A., Van Assche, J., De Cremer, D., Onraet, E., Bostyn, D., Haesevoets, T., & Roets, A. (2018). Can education change the World? Education amplifies differences in liberalization values and innovation between developed and developing countries. PLOS One. 13(6): e0199560. https://doi.org/10.1371/journal.pone.0199560

Why Belize is Amongst the Best for Offshore Banking

April 5, 2020

By Luigi Wewege

Diversification, stability, security and ease of operation: these are the ingredients most investors look for when choosing a domicile in which to invest. When it comes to the topic of offshore banking, it’s not unusual to get a dozen different opinions about where the best investment jurisdiction is located or where banks are most eager to attract foreign investors. Look beyond all the noise and you’ll find that Belize is consistently chosen by savvy investors for offshore banking.

Whether investors are planning their retirement, purchasing property overseas, or seeking greater asset diversification, banking in Belize can be a rewarding decision. Here are a just few of the reasons why.

Ease of Banking in Belize

Something that cannot be ignored is the ease of managing an offshore bank account in Belize. Some people are worried about offshore banking because they don’t really know what to expect, or they are worried about it being difficult or inconvenient. In reality, that misconception couldn’t be further from the truth.

It helps that the official language of Belize is English. Although you might hear Spanish, or even Creole, spoken on the beach, financial professionals all possess a complete and fluent command of English. All legal and financial documents are written English, relieving any concerns about a language barrier or the need to pay translation fees. Another reason that banking in Belize is so convenient is the time zone. Belize is located in the Central Standard Time Zone (CST). That means it is the same time on Ambergris Caye, Belize, as it is in Chicago, thus alleviating concerns about communication issues. i.e. banks operate during normal office hours, which just so happen to coincide perfectly with most North and South American hours of business.

Electronic Banking Convenience

While Belize is a short flight from many major cities, some financial institutions allow clients to open an offshore account from a remote location. This provides incredible convenience for those who want to establish an international bank account. Necessary documentation and opening funds can all be electronically transmitted to the new bank in Belize.

Fortunately, the convenience of electronic banking also extends to online banking services. As long as there is access to a secure internet connection and a smartphone, tablet, or computer, clients can safely transfer funds, check their account balances, and perform other online banking transactions 24/7 at their convenience.

Excellent Liquidity Rates Offer Incredible Stability

Arguably, one of the biggest concerns that any individual or corporation has in today’s world is banking stability. Even in places like Europe or the United States, major banks can go out of business. Economic stability is not guaranteed, so it is important to look for destinations where there is as much stability as possible.

Belize is a country that has taken the necessary steps to create greater financial security for residents and investors alike. Banks are required to have high liquidity rates. In fact, most banks surpass the national requirements and have more than 24 percent liquidity rates. Compared to some North American banks with just 3, 4 or 5 percent liquidity, this can provide peace of mind.

Belize is a country that has taken the necessary steps to create greater financial security for residents and investors alike. Banks are required to have high liquidity rates.

While no financial choice is completely free from risk, Belize also provides stability in other ways. There are free and democratic elections, which results in a balanced and steady government. Economically, its currency is pegged to the United States Dollar. This adds an extra level of reassurance when compared to other Central American and Caribbean banking destinations.

Diversification is Absolutely Key

People are often attracted to offshore banking for varied reasons. However, one of the most common is to diversify financial holdings. A basic tenet of ‘Economics 101’ is that in order to reduce risk, you need to diversify.

Many people diversify but continue to maintain their holdings within a single country’s jurisdiction. Ultimately, true diversification also includes geographic diversification.

Although Belize offers a chance to invest in a new geographic location, it also offers all the things investors can expect in a secure financial environment. This allows for diversification without the stress of learning a new banking system or even a new legal system. Belize operates according to common-law systems similar to those found in Britain, the United States, or Canada.

Unparalleled Asset Protection and Privacy

In decades past, certain nations held a monopoly on banking privacy and anonymity. As those destinations received increased publicity, however, banking clients actually received more scrutiny, not less. In Belize, banks still operate in a way that grants account holders and businesses financial privacy as well as asset protection.

This does not mean that a bank account be opened anonymously nor taxation avoided in the investors’ home territory What it does mean is that once assets are placed in a bank account in Belize, those assets are far more secure than they would be elsewhere, even in the face of potential legal action against an individual.

Diversity of Financial Options and Services

There is no shortage of options when it comes to the financial services offered in Belize.

Here are just a few examples:

Financing – Real estate loans can be acquired in different currencies for both personal and corporate use. These include condo financing, residential or commercial construction loans, and land development loans.
Prepaid Visa Card – This reloadable card makes personal or corporate purchases easy and secure. Clients receive 24/7 service assistance and the card can be used anywhere in the world that Visa is accepted.
Gold Loan Program – Gold can serve as a great investment vehicle to store for future generations or to provide a safety net should a financial crisis occur. Participation in such a program allows investors to borrow against the value of gold they have stored in a secure offshore location.

From real estate loans for beach properties or building a dream home, to lines of credit for commercial accounts, there is plenty of variety as well as the opportunity to find specific investment options that suit the preferred level of risk.

There are several different types of offshore bank accounts in Belize for both personal and corporate use. This range of options further help individuals and companies diversify their financial portfolio.

Individuals can choose from demand deposits, savings accounts, term deposits and more for transferring funds to and from their bank account or reach a savings goal with favourable interest rates. Corporate solutions can be found for those with registered International Business Companies (IBCs), LLCs, Trusts, and a variety of other structures available.

Reputable Banking Systems

When choosing to bank offshore in Belize, it makes sense to bank with a financial institution that is established, financially solvent, and is recognised for its banking excellence. An example is Caye International Bank, headquartered on Ambergris Caye island in Belize. Just a few of Caye’s most recent recognitions include:

Best Private Bank in Belize for 2018, 2019 and 2020 (Global Finance Magazine’s World’s Best Private Bank Awards)
Most Outstanding Offshore Bank in Central America for 2018, and the Best Offshore Private Bank in Latin America for 2019 (Wealth & Finance International’s Banking Excellence Awards)

When selecting a bank, it is best to ensure that it is compliant with necessary regulations and is licensed to provide international banking services to both corporations and individuals as detailed earlier.

When choosing to bank offshore in Belize, it makes sense to bank with a financial institution that is established, financially solvent, and is recognised for its banking excellence.

Discover Banking in Belize

Clearly, many investors around the world appreciate what Belize has to offer and choose this location to assist in asset diversification. However, it’s important to remember that not all banks are created equal.

Just as with any location in the world, it is important to select an offshore bank in Belize with a proven track record of honesty, integrity, and financial solvency. Inquiring about compliance with foreign regulations such as FATCA or if there are programs in place to prevent money laundering or other criminal activity should be a prerequisite regardless of the international banking jurisdiction chosen.

Offshore banking and investing continues to trend upward. When looking for the best locations for your offshore banking needs, you’ll be hard-pressed to find one more favourable than Belize.

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About the Author

Luigi Wewege is the Senior Vice President, and Head of Private Banking at Caye International Bank, a FinTech School Instructor and Published author of The Digital Banking Revolution – now in its third edition.

How Culture can Help Balance the Books in Times of Change

April 5, 2020

By Darryl Mead

These are challenging times for the financial sector, an industry that has weathered its fair share of knocks since the Millennium. Having worked hard to repair its reputation since the financial crash of 2008, many institutions in the sector are still feeling the aftershocks as they fight to deliver on efficiency and meet the demands of a digitised global economy.

That fight has not been without its casualties. One estimate put job cuts in banking at nearly 80,000 in 2019, and in February 2020 HSBC announced that it would be cutting 35,000 jobs worldwide in a restructuring effort to steady profits.

However, for change like this to be effective, it has to be supported wholeheartedly across the organisation. A such, throughout periods of intense transformation for the workforce, the likes of HSBC and efforts to prioritise communication, promote a positive culture and define purpose should be seen as an urgent priority.

Change starts with a clear narrative

Any form of restructuring exercise is, by its nature, disruptive and transformative. It is a dramatic deviation from the status quo. To follow and implement that change effectively, employees need to understand the why and the wherefore. There needs to be a clear narrative to follow.That narrative is built on answering a range of deceptively simple questions: Who are we? What do we stand for? Where are we going? Why?

These are deceptively simple questions because they’re far from easy to answer and then communicate effectively. But, as with all good marketing, it helps to start with the customer – in this case, the internal customer.

Segmenting by stakeholder need helps define which narrative is best and at what time. For example, in times of change, employees are most concerned with what’s in it for them, what is the change that will impact them, why is this change happening (‘was it my fault?’) and what they can do to maintain their own personal equilibrium.

They also need to retain confidence in their organisation, and so need to understand what will not change – namely the values, culture and purpose on which basis they chose to join the business in the first place. Employees each have their own, very personal hierarchy of needs but while salary and job security are important, maintaining values aligned with the company’s own are also a very high priority. In a period of change, employees want to know the purpose with which they align will not be watered down or jettisoned in favour of something they feel much less affinity for.

Finally, how that narrative is communicated needs to be balanced between the needs of the many, and the few. Cascading a broad change message across the organisation needs to be complimented by communications that are personal and relevant to the different stakeholders, creating opportunity for conversation.

Culture is a competitive advantage

According to a new report released by creative management consultancy B+A, 73% of senior business leaders agree that culture is central to success when all factors affecting success are taken together.

The report also found that culture is valued most of all when businesses are struggling, ahead of client or customer relationships, and quality or performance of the product or service. Although the vast majority (82%) of businesses had invested in culture, 60% of them believed they were not investing enough, blaming perceived cost and the time needed to effect change.

Many financial service businesses and leaders focus on achieving profits. To do this means you need to focus on the customer and their experience. But to deliver the best possible customer experience there needs to be a focus on people; more specifically, employees. This is where the strongest competitive advantage lies. People create a unique culture, while almost everything else within a business is replicable. From strategy, to process to tools – the one thing that cannot be copied is the internal environment that fosters the conditions for a great external customer journey.

The value of values

Alongside a clear narrative and culture sit values and behaviours, and being 100% transparent about how you expect people to behave starts with the C-Suite. Leaders shouldn’t just outline what good looks like to the workforce, they should live it, allowing employees to mirror desired behaviours.

Equally as important is outlining what ‘not good’ looks like. This means embedding these values across the employee lifecycle: recruitment, onboarding, leadership, appraisals and recognition. Not everything will be right all the time. Help people navigate the grey areas, help them deal with dilemmas and always recognise and reward the right behaviour.

A McKinsey study found the greatest impact on the outcome of a major change efforts stems from ownership of, and commitment to, change. The study talks of leadership that “sets bold aspirations with clear accountability.” In a rules-driven, risk-averse environment, it is commitment that beats compliance. Leading from the front and using open, honest communication to build a sense of belonging lends an authenticity to leadership that the workforce can trust.

Take, for example, XPS Pensions Group. In 2019, it launched its new purpose, vision and values. A recent employee survey showed an extremely high awareness and understanding of these values. This was in part down to the co-CEOs’ roadshow which included 50 meetings with employees in all 15 offices across the UK. By explaining the company’s values and relating their importance in personal stories, the workforce was engaged and emotionally invested in the project’s success.

To be truly impactful, developing a strong culture during change is about dialogue. The flow of information must be two-way.

Listen, respond and act

Modelling desired behaviours, tailoring messaging and making sure you have an effective communications framework in place that contains effective, proactive tools for creating a culture that will support change are essential but thus far they only flow in one direction. To be truly impactful, developing a strong culture during change is about dialogue. The flow of information must be two-way.

Following the change in UK Corporate Governance code, financial leaders are tasked more than ever with not only describing purpose, culture and workforce engagement, but reporting and evidencing progress and workforce engagement too.

Central to engagement is the question of how well you are listening to employees. It’s not enough to take notes – there has to be demonstrable proof of how those insights are influencing decision-making at board level.

Most organisations conduct employee surveys to understand satisfaction, engagement, hot points for action, and whether managers are effective. Progressive companies have shifted from annual surveys to regular, sometimes weekly, ‘pulse’ surveys with few questions. This enables quick responses to the hygiene factors (teaspoons and toilets) to be fixed locally and tracking trends around strategic or macro issues. Similar channels for listening and feedback contribute to the effective change programmes because employees want to listen and be listened to.

Find the influencers

Two-way conversations are important, but many fail through no ideological or practical fault of their own. It is often a ‘them versus us’ problem. Change like HSBC’s restructuring is invariably dictated from the top and this implies that everything else is the bottom. However well-meaning, it’s hard to escape this sense that change is in the control of those in power.

A greater problem arises with the capability gap at the top. Many change programmes fail due to cascade communications: leaders crafting a PowerPoint and it being shared with line managers who are expected to share with their local teams. However, this approach relies on all managers having the confidence, competence and communication skills to deliver a consistent message – which often they didn’t write nor can defend.

Instead of relying on the message being delivered by an out of touch ‘boss’ (however wrong the perception) or an otherwise exceptional line manager sadly lacking in communication charisma, spend time to find those people in the organisation who are hyper-connected. These are the people with a high ‘social GPS’, who everyone knows, and who are often relied upon to know what’s going on. These are ‘go to’ people and financial brands would do well to get them on board early and help them understand the change and give them tools and support to talk, share and help. They’ll spread the message and often win over the cynics.

We are now in a ‘change as usual’ environment that requires resilience, agility, humility and humanity. It could be an exhausting prospect if viewed as a relentless challenge rather than for what it is, an ongoing opportunity. We just need to look to Leandro Herrero’s three models of change for inspiration.

Model one is all about the destination. Implementing change to get away from A – the current, undesirable state – and to the goal of Z, somewhere deemed infinitely preferable to A. Tools and tasks are set out and ticked off along the way. Traditional management tend to prefer model one, but every time they need to go on a new journey from A to Z (our last Z having now become A), they need to start over. And now that we need to go on lots of change journeys, it’s no wonder change is an exhausting prospect.

Model two also has a goal in mind, but places almost equal importance on the learnings picked up along the way. Wholesome, but perhaps seen as less concrete or effectual.

Model three, however, is Herrero’s Building Model. Yes, there is a goal in mind and indubitably there will be some learnings along the way. But importantly, each change along the journey brings lasting change to the fundamental way the organisation operates – it changes its DNA. This, Herrero says, is the only sustainable way to manage culture and change. It changes the very way the company reacts to all change, not just project by project. It enhances adaptability, improves agility and bakes change into company culture so the whole business pulls together as one.

It’s a fool’s errand to try and predict the future and it’s not something you can quantifiably prepare for. But in a financial environment where change is the new normal, my money’s on a business culture that is open and responsive to it – it will be far more resilient than most.

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About the Author

Darryl Mead’s career in employee engagement spans over 20 years. He has led dynamic, progressive in-house Internal Communications teams at Just Eat, HSBC and New Zealand Post, and is now Head of Employee Experience at Emperor. Darryl’s expertise lies in developing impactful employee engagement, culture, internal communications and employer brand strategy for clients.

In 2020, It’s High Time We Have Equal Pay for Equal Work and Reduce the Gender Pay Gap

April 4, 2020

By Natasha Mudhar

The Equality Act of 2010 clearly outlines the provisions for both men and women to receive equal pay for equal work in the same employment, applying regardless of their status. Whether they are on full-time, part-time, casual or temporary contracts the provision also disregards the length of service and was designed to put key legislation in place to tackle the gender pay row. Despite the clear law in place, 78% of the UK’s biggest companies are still paying men more than their female colleagues while a study from the Fawcett Society found that two in five people did not know that women were legally entitled to equal pay. Immediately, this suggests a complete systematic lack of awareness surrounding the anti-discriminatory and equality laws amongst a significant proportion of businesses operating in the country.

This is not just an issue exclusive to the UK, countries in Europe and around the world are systematically failing to address this moral and ethical issue. As per figures from the European Commission, the gender employment gap in EU stands at 11%, with 8.2% of women across the EU being employed compared to
79.2 % of men. The gender pay gap is far wider at 16%, meaning women earn 16% on average less per hour than men. Over time, this equates to the fact that women work up to 2 months a year for free. Within the EU, the numbers are even more shocking – while the gender pay gap is less than 8% in Belgium, Italy, Luxembourg, Poland and Romania, it is more than 20% in Czechia, Germany, Estonia and United Kingdom! Efforts to lower the gap have not been successful, with the European commissioner in charge of equality admitting that the gap has been stagnating.

78% of the UK’s biggest companies are still paying men more than their female colleagues while a study from the Fawcett Society found that two in five people did not know that women were legally entitled to equal pay.

A complex issue

Firstly, it is important to understand that the gender pay gap and equal pay are two separate issues. While the gender pay gap encompasses the difference between what men typically earn in an organisation compared to what women earn irrespective of their role or seniority, equal pay is a legal right and pertains to women being paid less than men for doing the exact same work. The UK’s Equal Pay Act was introduced in 1970 to close this gap, however a survey in November 2018 by Young Women’s Trust (YWT) found unequal pay is widespread, with 20% of women reporting less pay than male colleagues for the same or similar work.

Another report from the UN revealed that women are doing 2.6 times more unpaid care and domestic work than men. This suggests that a woman’s work is seen as less valuable giving them little chance to grow their careers as they are not taken as seriously as men. This filters down from the top to the bottom and into wider society, where women are being told they are not equal to men and will have to settle for that regardless of a role being in the same position.

The issue of the gender pay gap is not simple – it is understood that women are more likely to assume roles of primary caregivers in families, and historically work in sectors that are lower paid generally. But the issue of inequal pay is a legal, moral and ethical let down by organisations unwilling to fairly treat female employees for doing the same amount of work as men in similar roles.

Recent cases of progress

In recent times, there have been examples of progress, with women making extensive efforts to address the issue of unequal pay. For example, the BBC’s Sarah Montague was awarded a £400,000 settlement and an apology from the company after filing a complaint about unequal pay and conditions. She was paid considerably less than her BBC Radio 4 co-host John HumZphrys by around £500,000, despite doing the same job. Although the BBC is likely to face more cases in the future, the development is an early sign of the right steps being taken to ensure widespread change.

Another example was the case regarding Glasgow City Council, who have been paying out £548m in compensation to around 16,000 workers. The vast majority of these employees are women in roles such as catering, cleaning and caring, who had been earning as much as £3 an hour less than their male colleagues who were on the same job level. These roles, such as refuse collection, are male-dominated and although the same work, women were still getting paid less. As a result, the council have had to take out several property-backed loan deals to help finance this major settlement which means repayments will take decades. This should appear as a striking example to companies who are still not paying both males and females equally.

The pathway to progress

Beyond the fringe cases of progress, a systematic long-term plan needs to be set in place that can foster and create the path towards reducing inequalities in the workplace. While the equal pay act has been in place for over five decades, organisations are still failing to meet the requirements. The government should expand on the powers of the equal pay act to mandate all organisations irrespective of size, to publish transparent annual reports detailing recruitment policies, salary ranges for roles, standardized assessment models and equal pay status within the company. Organisations should also take the lead in refining the culture by training staff and managers to get rid of unconscious bias and ensure transparent practices.

Another key aspect to address is the culture of relaying the burden of childcare responsibility solely on mothers. More often, women are forced to take extended leave of absence to several months or years for maternity and childcare, having to part away from the workforce for long periods. This further affects their work life and adds up in widening the gender pay gap as men with more experience tend to move forward onto senior management roles. This is visible in the fact that in the FTSE 250 companies, only 23.6% of board roles are held by women and about 100 companies in the FTSE 350 either have no women or just one on their board. By actively promoting a shared responsibility for childcare, though paternity policies, women can have the opportunity to get back into the workplace quicker post maternity. Companies should also invest in offering better childcare facilities as higher-paid management roles often require extended or flexible working hours, leaving many women accepting lower-paid jobs as the price for regular
working patterns.

Finally, our education system needs to change completely to create a value-based learning system that instills and fosters the principles of gender equality right from
Year 1. By promoting equality and raising awareness on the current gender bias in society and workplace, children will be better equipped to understand the problem early on and can prepare themselves to create change required in the society. The next generation can be the flagbearers to correct and clear the current generation’s problems.

By promoting such polices, we are best positioned to tackle the issue of gender diversity quicker. Remember, the World Economic Forum estimates it is expected to take another 202 years to close he economic gender gap at the current pace of change!

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Natasha Mudhar is the Founder and Global Chief Executive of Sterling Global, the multi-disciplinary, international business consultancy with a robust communications backbone, established in 1995. Natasha also runs The World We Want, a global impact enterprise established with the mission of unlocking the collective impact of people, ideas, networks and technologies to accelerate the pace of progress towards achieving the UN’s Sustainable Development Goals by 2030.

The Best 4 Accounting Tools for Sole Traders

April 1, 2020

No business can run efficiently without the right tools. No matter what your business is, or how big it is, you need to have the right software on hand to help you stay on top of everything. Below are four examples of fantastic accounting tools that any sole trader will find useful.

Freshbooks

There is plenty of accounting software on the market for entrepreneurs and businesses to choose from today. However, one thing that you will quickly notice if you begin searching as a freelancer is that the majority of software is either aimed at small businesses or larger enterprises. There are not many options that are made specifically, or primarily, for individual traders.

Freshbooks is one of the few exceptions. This is an ideal accounting tool for any freelancer or individual trader who is not ready to purchase something more fully-featured yet. You can access Freshbooks from your mobile, which makes it convenient for managing accounts while on the go. It is missing many of the features that define its bigger competitors, but most of these are things that freelancers will not miss.

QuickBooks

QuickBooks is one of the most instantly recognizable names in the world of accounting tools. One of the big selling points of QuickBooks, and one of the reasons that it is so popular, is that it is able to serve everyone from individual traders up to medium-sized businesses. There are few accounting tools that are so versatile or well suited to businesses of different sizes.

In addition to the excellent scalability, QuickBooks also offers a number of other excellent features that we really like. As well as providing mobile access, QuickBooks also enables traders to keep track of their inventory while on the go. Cloud based QuickBooks supports multi-user environment which allows freelancers to work remotely from anywhere through a cloud desktop available at affordable Windows Virtual Desktop Pricing.

Wave

Wave is another very popular option, and it is another that is designed specifically for individual freelancers. Some people find that this makes Wave a preferable choice to something like QuickBooks, whereas others prefer having something that they know will serve them well if they do grow into a larger business further down the line.

PieSync has an excellent article on its website, ‘Wave vs. QuickBooks: which is the best accounting tool?’ which digs deep into how the two tools compare with one another. We can wholeheartedly recommend PieSync’s website and blog in general if you want more advice about which software to use in your business, for accounting and more. PieSync frequently publishes comparison articles and other useful guides that are well worth reading.

There is a good reason that Wave has been able to achieve the rising start status that it has. You only need a short session with Wave to get a feel for how intuitive and simple its interface is, without making any sacrifices in terms of features.

Sage

There are few other brands whose names are as instantly recognizable as Sage when it comes to accounting tools. For a long time, Sage was the only serious choice out there, everything else was a poor imitation. That is no longer the case, and Sage now has some very stiff competition. However, Sage remains a force to be reckoned with and is still the standard to which other accounting tools are often held. With Sage, you can be confident of good service.

Having the right accounting software on hand will make managing your business’s finances so much easier. Don’t be afraid to take your time with this decision if it means saving you headaches down the line. What we’ve listed above are some of the more popular options for sole traders.

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Industries Most Likely to Thrive Online Amid the Uncertainty in 2020

April 1, 2020

It’s difficult to approximate when the economic uncertainty will end this year amid the outbreak of COVID-19. To some, it might feel like life is somewhat on-hold right now, but while uncertainty exists there are plenty of business sectors doing their bit to try and maximize the opportunities this scenario presents. As industries and commerce around the world seeks to maintain a semblance of normality, let’s assess the following growth sectors that are certain to buck the trend in 2020.

Video conferencing providers

As more businesses and self-employed professionals are confined to their homes, there has already been a greater reliance on video conferencing software to stay connected and organized. One of the main brands on the lips of businesses is Silicon Valley-based Zoom. The platform’s CEO Eric Yuan admitted at the start of March that Zoom had experienced a “large increase in the number of free users”, as colleagues, friends and family seek to adapt to new ways of interacting and working. Other platforms such as Slack are also capable of providing real-time interaction that’s suitable for both informal brainstorming and more formal meetings and interviews.

iGaming operators

For public health reasons, most live poker rooms across the globe are having to close their doors. Subsequently, more players will return to online sites, with PokerStars recently recording a new world record for the highest number of entrants into an online poker tournament, capped at a maximum of 107,000 players for the Sunday Million event. It’s the social interaction of poker rooms and casino floors that are one of the biggest attractions to its customers. The chance to chat with fellow players and table dealers and unwind can be a huge release from the stresses and strains of everyday life. It’s likely iGaming platforms, such as The Vip Casinos, will increasingly step in to fill this void.

On-demand streaming services

Given that more families will be spending time at home together, it is almost certain that on-demand streaming platforms such as Netflix and Amazon Prime will thrive. As multi-generational families require entertainment to pass the time, movies, comedy shows and boxsets will offer much-needed short-term escapes. Of course, Amazon’s other large e-commerce arm will also be working at full power to deliver goods to people across the globe. Whether it’s DIY and gardening tools or cupboard essentials from wholesalers, Amazon will be leading the way during the stay-at-home economy.

5G communications networks

The increased demand of on-demand streaming services also reinforces the need to escalate the roll-out of 5G connectivity to ease the strain on broadband. 5G, which is the fifth generation of wireless technology, is designed to make connection speeds faster for mobile devices and indeed devices with wireless connectivity built in. There are two key players in the 5G arena, with Verizon and Qualcomm working hard and fast to usher in a new 5G network with unheralded capacity and record-low latency. Aside from the entertainment industry, 5G connectivity is also expected to transform light and heavy industries, with 5G-enabled potential for the Internet of Things (IoT) set to improve the efficiency of everything from construction sites to mines.

Recipe box delivery services

Given that many people are going to struggle to get the supplies they need for their pantries and cupboards in the coming weeks and months, there’s no doubt the recipe box delivery services will provide a hugely convenient alternative for many vulnerable citizens. Firms like HelloFresh, Gousto and Mindful Chef are committed to designing meals delivered to the doorsteps of customers nationwide. Many of these suppliers use highly experienced chefs and nutritionists to create exciting yet healthy dishes, with bags containing all the ingredients a customer needs to cook it from scratch.

Before the global economy recovers and resets itself in the post-pandemic era, it’s important to celebrate those innovators that are still dedicating time and energy to keeping the wheels of commerce and entertainment turning for businesses and consumers alike.

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Why Do You Need Email Validation for Business

April 1, 2020

Even with the emergence of various social networks and messaging apps, emails remain the primary communication channel and source of information of majority of consumers. According to Radicati Group, more than half of the world population used email in 2019. It is estimated that over 293 billion business and consumer emails are sent every day.

Email remains a powerful channel in ecommerce. As such, businesses consider email marketing as a high priority.

To ensure success, many companies deploy comprehensive email strategies. However, many seem to neglect the importance of email validation. Over time, inaccurate and obsolete email accounts slowly fill up your database. Sending messages to these accounts is useless as they are doomed to bounce bank.

Undelivered emails harm your sender reputation. When you have a poor reputation, all email messages that you send using your email address might be flagged as spam and automatically sent to the spam folder or trash. This can take a serious toll on the effectiveness of your marketing effort.

Email validation can help prevent this from happening. Here are some of the reasons why every business requires email validation.

Reduce undelivered emails

Email validation cleans up your contacts list by removing invalid or inactive email address or preventing them from getting into your database. This helps to ensure that all messages are sent to the right email address.

Segment dangerous emails

Email validation helps identify complainers and avoid sending messages to this segment. Complainer email accounts are recipients who have a high chance of marking your messages as spam. Having so many complaints adversely affect sender reputation. Your emails might be tagged as low value and might be sent directly to spam folder; worst, email service providers might tag you as spammer or ban you. This can have a major impact on the effectiveness of your campaign.

Increase deliverability

By minimizing complaints and undelivered emails, your sender score and reputation is improved. This increases inbox delivery, as well as, better engagement rates. Good reputation ensures that messages get to the main inbox and not elsewhere.

Reduce costs

When you have a valid email address list, you are assured that every penny spent on email marketing is worthwhile. Usually, you will also have fewer, validated contacts on the list, hence, fewer messages to send. If you’re using a paid Email Service Provider (ESP), this would mean lower costs for you.

Accurate statistics

Campaign statistics is crucial to your marketing effort’s success. It can help you evaluate the success of your campaign and decide on the next courses of action. Unfortunately, bounced and invalid emails can skew the numbers. With email validation, you are assured that you get a better, accurate overall perspective your customer data. This can help you craft sound marketing decisions.

Better leads

It is better to have a handful of valid emails than a bunch of bad leads. Email validation ensures that you are sending messages to working addresses. This results in higher open and engagement rates – and ultimately, better exposure and conversion rates.

These are some of the key benefits why you need to implement email validation. Alongside other email marketing strategies, email validation can have a profound impact on your business success.

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What to Consider Before Taking up a Motorcycle Courier Job

March 31, 2020

So, you have just been offered a motorcycle courier job. It’s a nice offer with a good compensation package that has you looking forward to accepting the deal. Not so fast, though. You need to look into the job offer and company before jumping on board. You ought to keep an eye on several factors, particularly the terms of the contract before signing the deal. Let us take a look at some of the key aspects you should look up before taking up a motorcycle courier job.

Is the new job better than your current one?

Any good job should be satisfying in many ways. It should be financially rewarding, emotionally fulfilling, and should not give room for psychological pressure. When you opt-out of your current job, it is essential that you consider the reasons why the new delivery job will be a nice switch. Try to compare where you are now with the new offer. For example, if you decide that your happiness at work will be better after switching to a new job, then it is time to take up the new job.

The risks of the job

Every good job setting should have the right safety measures and an environment that protects its employees from any accidents. Safety is even more important in a motorcycle courier job given you will be on the road doing deliveries and other errands as pretty much the core of the job description.

Not to scare you, but you might be involved in an accident on duty. That’s why, according to a Nashville motorcycle accident attorney, you should be very cautious of the terms in your job contract. For example, ensure that you know if your employer covers you in case of any work-related accidents. Your employer has a duty of care to you, so they should be able to give you the right protective gear and training to help protect you.

Company culture

Before taking up the job, you must consider the growth policy of the company. Try to find out more about the company. Find out about what it’s like to work in the company. Moreover, find out if the company has long term plans and the strategies to meet them. The last thing you want is to join a company that will be out of the market in less than two years, leaving you jobless.

Room for career growth

You also don’t want to be on the same rung of your career ladder till you hit the retirement age. You need a room for wholesome growth. So, the new job should reward you financially by offering the right amount of salary and compensation as well as growth in your career. It should also allow you the space for personal growth. This means that you can get to focus on other aspects of life, such as family and education.

Final Remarks

Any new job offer is a great avenue to grow as a person and family. However, it is essential to consider the key factors we have covered before switching to a new job. Don’t overlook factors like your safety on the job. You should take a job that protects, rewards, and grows you in the long term.

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Reasons Why Debt Settlement May Be a Good Idea for You

March 31, 2020

Having debt can have a huge and negative impact on your life. Aside from the financial consequences, it can also affect your physical and mental wellbeing. As if that is not enough, your credit rating score could also be struck, and that can ruin your plans of buying that dream house or renting an apartment.

According to statistics, a typical American household owes approximately 134, 643 dollars of money. Nevertheless, if you are among these people and you are having trouble paying off your debts, you do not have to sweat about it. A legitimate debt settlement plan, also known as a debt relief or debt adjustment plan, can help you in settling some of your financial problems, in which a third-party company handles debt settlement negotiations to help you become debt-free. Here is how you can benefit from it.

Avoid Bankruptcy

Bankruptcy is a process in which people or entities who cannot settle their debts seek relief for some or all of their liability. It is one of the main reasons why most people opt for a debt settlement plan.

Once you have a bankruptcy entry, it will remain in your records for up to 10 years. The worst part about all these is that banks ask whether you have ever filed for bankruptcy before they give you a loan. If you deny, and they later find out, you could land in jail for fraud. You also risk losing your job in case of employment.

Fortunately, with a legit debt settlement plan, you can avoid this. It can keep you away from filing for bankruptcy and its negative consequences. Above all, it will only remain in your records for seven years.

If bankruptcy is unavoidable, you must seek legal help. A Florida bankruptcy attorney or one in the local area can help clients with bankruptcy declaration, fight wage garnishment lawsuits, foreclosure defense, debt consolidation, and more.

Bankruptcy lawyers are knowledgeable, trained, and experienced to help clients develop a plan to deal with debt and rebuild their finances, businesses, and lives. They handle time-sensitive legal tasks and paperwork. So, hire a bankruptcy attorney to handle your case and protect your rights under bankruptcy law.

Peace of Mind

Peace of mind is very crucial to your health and wellbeing. A good debt settlement plan should relieve you from anxiety and stress that comes with harassment or the risk of being sued. With this, you will no longer have to panic when checking your mail since you do not know what to expect credit-wise.

Also, the debt settlement helps you to focus on the positive side as you wait for the light at the end of the tunnel. When you have peace of mind, it is easy to continue with life.

A debt settlement company can help you settle what you owe to your creditors. This company acts as a middleman to decrease or eliminate your debt. An experienced debt settlement professional can guide you through this unfamiliar process. But make sure to know the terms and fees of the debt settlement company before working with one.

Saves you money

Another significant benefit of debt settlement is that it can save you money. If you hire a legitimate company, it will consolidate all your debts into one monthly payment. They will negotiate with your debtors until your debt goes down to more than half of what you owe.

If the offer is accepted successfully, then you will only pay the negotiated amount. Well, that can undoubtedly reduce your stress that you could be having about losing your financial freedom.

Repayment of Debt in Less Time

With an excellent settlement plan, you can pay your debt in less time. For instance, if you were supposed to settle your debt in 9 years, you can do so in 2-4 years.

Well, this is much less time than you would have spent paying your debt normally. With this, you can even start saving in case of an emergency if all goes well. However, being stuck on the original payment plan can take you decades to repay. Furthermore, before entering a debt settlement, you have to understand that this option also comes with some risks, such as a hit on your credit score. Moreover, some creditors or lenders may not agree with a debt settlement.

Following the above information, it is evident that debt settlement can come with lots of essential benefits. Even so, you should be careful when contracting any company as not all of them are legit.

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Methods to Fund Your Ecommerce Venture

March 31, 2020

Starting an ecommerce project seems like an exciting proposition, but not everyone is capable of pursuing this dream due to lack of budget. Some ideas require a lot of money, and if there are no savings, the goal can collapse before it has any chance, to begin with.

Nevertheless, the situation does not have to be negative. In fact, there are still ways to get your ecommerce project up and running, even if you are struggling with finances. Want to find out what those are? Continue reading.

1. Looking for Cheaper Ideas

If you have grand dreams, they can wait. You can start with an ecommerce project that does not require as much investment, gain experience, and use the money made to finance what you really want to create. That would keep you out of debt.

Print on demand could be a good idea to consider. The only real requirements are hosting and a domain name for a website. Any extra resources that you have to spare will go in the marketing, but even that is manageable with limited funds.

Printify is a great platform with over 250 different products, website integration, more than 90 printing facilities across the world, and a great customer support department. You can find Printify print on demand tips and everything else about getting started on their website.

2. Funding Short-Term Project Using Credit Cards

The credit card route might be a bit risky, but it is still an option. Having a good credit history will allow you to apply for a card that you can use for short-term goals. Some entrepreneurs choose this option because they would rather deal with credit card companies than individuals. And using credit card money still allows you to retain 100 percent of the company.

3. Taking Advantage of Angel Investors

Angel investors provide loans with the intent to get a better ROI. Prepare to craft a solid business plan if you want to persuade them. The loans vary between 25 thousand and 100 thousand dollars. Not everyone is capable of convincing an angel investor, but who knows, you and your idea might be enough to get recognition and receive the funding.

4. Finding a Partner

An ecommerce venture does not have to be a one-person operation. In fact, some would argue that it would be better to have a partner from the very start.

Now the main point of having a business partner is not to take his or her money. If they can spare personal finances, that is great. But consider the fact that having another person will help to come up with potential ideas, writing a business plan, and expanding the circle of acquaintances. All these things lead to higher odds of finding someone willing to invest in your business.

5. Starting a Crowdfunding Page

Crowdfunding pages like Patreon have helped entrepreneurs with their startups. Everyone can start a crowdfunding page, but the problem is attracting people to give you money.

A crowdfunding page can reach a lot of people simultaneously, making it a more efficient option than by going from door to door, speaking with private investors. But in order to make a crowdfunding campaign successful, you will need to come up with a way to go viral. A few supporters will not do.

On the other hand, a few hundred or thousand backers, even if it is just a few dollars from each, will help you immensely.

6. Borrowing Money from Friends and Family

One of the final resorts is trying to borrow money from friends or family. Your chances of getting a positive answer are higher because these people know and trust you more than strangers.

On the other hand, not everyone is willing to borrow money from someone that they are in a good relationship with. Imagine a scenario where you borrow a lot of money, and your business idea fails. With nothing left, you are in debt and could potentially ruin these relations.

But then again, chances are they will forgive you. The bottom line is that everyone has different circumstances when it comes to family and friends. So act according to what you expect and know.

7. Applying for a Business Loan

A bank or another established that offers a business loan might seem like the most obvious choice. However, not everyone has a good credit history, so applying for a loan may end in failure. But if there is nothing to lose and you are unsure what the chances of success are, go for it. There is nothing to lose.

In conclusion, the dream of owning an ecommerce project can still become a reality even if you lack funds to start. Everyone ought to find a method that will work to get financing and be on their way to a successful ecommerce venture.

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