According to Nerd Wallet, a term loan is the perfect financing option for businesses looking to purchase equipment or make a renovation.

Does your business need to purchase equipment, renovate office space or make a similar type of investment? A term loan is likely your best option, giving you the cash to grow your business.

Read the article on Nerd Wallet

Amazon is offering a selection of small business classes in its Small Business Academy, reports Forbes. 

Is there a shortage of small-business academies, institutions, schools, etc., etc., etc.? Don’t we have enough?

Read the article on Forbes

2019’s Small Business Saturday brought in a record setting $3.6 billion dollars in online sales, reports Fox Business. 

Small Business Saturday smashed records with $3.6 billion in online sales, according to Adobe Analytics data released Sunday.

Read the article on Fox Business

According to WDRB, small businesses are reminding shoppers tha small businesses play an important role in the economy.

Businesses across Kentucky and Indiana are getting ready for Small Business Saturday. Ahead of the event, they are reminding shoppers on why it is important to shop local.

Read the article on WDRB

The rise of artificial intelligence, big data and machine learning is changing the way small businesses are doing things. Banking institutions are in a hurry to collaborate with fintech providers to find solutions that offer small businesses an opportunity to seek financing. In countries like the United States, for example, there are more than 30 million small businesses that make up about 99% of all businesses in the country. They offer employment to millions of citizens and contribute immensely to the economy. As the gig economy continues thriving, financial institutions are seeing a booming market that can generate massive returns from small businesses.

Historically, small businesses have been underserved by financial institutions. Today, technology solutions are being developed offering small businesses a way to interact with banks that in the process optimizes operations for them. Unlike in the past where small businesses were operating adequately but not optimally because of lack of credit facilities, the evolution of technology has altered many facets that small business owners experienced when using traditional loan facilities. Small and large banks provided loans with little use of technology to automate processes. This was detrimental to the growth of businesses and substantially impacted the experience of the customer.

The entry of new fintech and the competition that followed the 2008 financial crisis has spurred innovation and created an entirely new cycle of lending. This method of lending has revealed the importance of small businesses to the economy. It has emerged that technology can change the boundaries that were created by traditional processes of credit to small companies as innovations have now been established.

As the banking industry continues advancing, questions that arise are on how the lending environment will look like in future and how technology can be valuable in enabling lending institutions come up with new products and activities. Many small businesses and financial institutions are also asking themselves whether credit will be available and if companies will take advantage of this availability to better their operations.

Given these aspects, big data and artificial intelligence will be the game-changer. They will help lenders determine if small businesses are going to succeed in their operations or not by using patterns to predict the market. The success of a small business is going to determine the creditworthy and noncreditworthy small scale businesses that in the end will be of benefit to everyone. The availability of such information will give lending institutions clarity on borrowers therefore reducing risks that are associated with piling of debt. Only those who can pay back will access credit while those who will not have to find other sources of financing their operations.

In an environment where lenders have information on their potential customers, there is no gap in accessing profits for those who deserve it. This means that creditworthy businesses will not be unfairly disqualified. Small businesses that have potentially viable business ideas will access credit to buy equipment that they need to operate. It is worth noting that even though perfect information is not likely to be obtained, entrepreneurial data presented by emerging technologies in financial industry will eliminate many uncertainties and give confidence to lending institutions.

Search cost has also been a burden for many financial institutions and small businesses that need financing. By automating operations, searching time will reduce from about the previous 20 hours to a few hours thanks to digital platforms that store different information. It will also enhance transparency that is required in any industry in modern business environment.  

Do you see yourself in the following? Your customer base is starting to increase, you’ve shipped your product on time, invoiced you customers, and now it’s time to get paid. But, wait—Did you establish payment terms? Many new businesses leave payment up to inertia, believing that payment will follow work provided, but not all customers will observe that formula. For the most part, clients and customers want to do the right thing and pay, but things happen. Sometimes, you find that exception who doesn’t pay timely or avoids payments.

Protect yourself and establish payment terms.

How Terms Work

Set up the payment terms right, and you will help your business grow just a little faster than you could otherwise. Terms tell clients and customers by when payments to you are due. They can be as little as 14 days from invoicing or up to months later.

If payment terms are “Net 14”, that means that your client has to pay you in full within two week. Similarly, Net 30 means that they have 30 days, and so on.

Clients may set the payment terms if you don’t, and then you may be stuck with unfavorable schedules. Some can push payment delivery as far as Net 90! That is more like a loan, and one that’s interest free.

You also want to set an expectation for the start of the timeframe, either from day of completion of services or from receipt of your invoice. For example, you might set terms at “Net 14 from date on invoice” or “Net 14 from delivery date of goods.”

It’s important to balance your terms against any applied to you as a customer. Somteimes, it can get tricky when payments cross. Let’s say you have Net 60 terms with your customer and Net 30 with your supplier. That means that you have to pay for your raw materials 30 days before your customer pays you for the goods you made. Add this to your internal lead time, and you could be out that money for months.

The Effects Of Payment Terms

Payment terms can have a huge impact on the success of your business. Those that pay well will expect terms, and those that don’t respect payments will be held accountable. Without terms, you leave yourself open to risk.

Also, while the balance sheet will work out the numbers to show the flow of money, it’s your job to remember, Cash is King in the business world. If you have long payment terms from your customers and short ones from your suppliers, your balance sheet may look fine, but your cash flow will suffer.

Your goal should be to negotiate payment terms that work best for you. As a new business, you may not have tons of leverage, but it never hurts to ask for what you want. Counter unfavorable terms and best yet, establish your own upfront as a condition of working with you.

Have you ever tried to paddle a boat with no oar? Well, trying to operate a business without  proper cash flow management is like doing this. Even if you succeed, you will have faced an uphill task that is not worth it at all. Delays in paying your suppliers and employees and failing to collect cash from your customers on time can be a big issue to your business and the only way around it is to have a proper cash flow management.

Here are a few tips that can help you to keep your business cash flow healthy

1. Measure your numbers

Knowing where your business stands is a crucial aspect of managing cash flows. This entails always being aware of how your business is doing financially as it enables you to discover issues early, go around obstacles, and be aware of opportunities. Even if someone else is managing your books, always be informed by generating reports that are important to your company. Always review your cash flow statement and be aware of the amount of money that is coming and the spending of your business.

2. Project cash flow

For every new year, prepare a cash flow projection as this is an early warning for any possible hiccups that may occur. You can do this with the use of an Excel spreadsheet or accounting software of your choice. Highlight expected monthly cash flows and outgoing cash that include the expected expenditure on purchases. With this projection, you can anticipate slow periods at the right time and think of the ways you can address such challenging times.

3. Ensure you get paid

Always make sure you get paid for the work done and at the right time. Doing this means you need to have a foolproof system that allows you to send invoices and track all payments accurately. Doing this alone however is not enough. Make sure that you invoice your clients in time and give them a payment window that makes sense to both of you. Set automatic reminders and ensure that you follow up if payments are not paid on time. If your company is providing long-term service to a particular client, develop a multiphase payment method.

4. Do not drain your cash

A leading mistake that has bankrupted many organizations is spending all cash in buying long-term assets that end up holding cash and affecting business operations. Instead of spending the better part of your company’s money on long-term assets, you should consider getting financing. Even if you have adequate amounts in your accounts at the moment, spending a significant part of it may expose you and you can end up short on cash. Develop a cash projection plan to determine your financial needs ahead of time and not in the middle of a crisis where bankers may be afraid to lend you money.

5. Be proactive in taking on debt

Every business owner wants to avoid sudden cash-flow problems like unexpected debts and bills that get you cornered and scrambling for any cash you can lay your hands on. Instead of waiting for a disaster to strike for you to find a way of sorting it out, position yourself well by setting up access to credit so that you are ready to act whenever you have a financial problem that needs to be resolved urgently. Look for a bank or financial institution that is ready to help in hard times and have a credit card that can help you access cash whenever necessary. It is important that you choose a business card that has many benefits and rewards that can be helpful in your time of need.  

The combination of vision, gumption and hard work can bring small businesses to life. Keeping them going, however, can be more of a challenge, especially if management doesn't have a solid handle on financial reporting. That begins with accurate, timely and dedicated tracking of financial transactions and proper handling of various tasks that are essential for a business to thrive, such as invoicing customers, managing payroll and paying the firm's bills on time.

This responsibility is typically the job of someone with accounting or bookkeeping experience. Very often with small businesses, it ends up being one more thing that the owner takes on. For many, it's a task they're not exactly well equipped to do properly, even with the aid of online financial tracking software.

More than 40% of U.S. small business owners consider themselves financially illiterate, according to a study conducted by Intuit and Decipher Market Research. The same study found that 81% elect to handle their business' finances themselves.

Whether you have a financial professional on the job or are a business owner wading your way through, adopt these strategies to improve how you manage your firm's financial accounts and avoid costly bookkeeping mistakes.

Insist on Accuracy

Without accurate tracking of your business' activity, bookkeeping is of little use and can lead to costly problems like being late on bills and falling short on payroll. It can also complicate your ability to comply with tax laws.

To avoid this, insist on accuracy with every transaction from the person tasked with maintaining your books. Ask for weekly updates so that you can spot any problems before they get out of hand.

If you find an error, it's essential to get in the habit of fixing any discrepancies right away. It’s important to reconcile your accounts regularly because even a small error can become a needless distraction when it comes time to close out your books at the end of the month. Addressing errors quickly also ensures you have an accurate view of how your business is doing.

Using an integrated accounting system can simplify this process by handling a lot of the record tracking automatically. A key benefit of an integrated system is that you can more easily capture a comprehensive view of your business' costs, which is essential to growing and staying profitable.

Don't Mix Personal and Business Accounts

Mixing business and personal transactions often happens in the early days of a business, but it can become troublesome when it comes to keeping the firm's books in order.

It can make it more challenging to sort out your personal from business transactions, which could lead to missing an expense that you could list as a business deduction, for example. Blurring the line on your accounts can also be a problem when you apply for a business loan or line of credit as lenders expect an accurate tally of your business' finances when they consider a loan application.

Simplify how you or your bookkeeper tracks your business spending by opening a business bank account that you don't use for personal transactions. A business credit card can also be useful in that it often comes with highly detailed and accurate records of your transactions, which you can sync with your bookkeeping software.

Optimize Your Invoicing

Tracking when revenue is supposed to come in and when it actually arrives is a crucial aspect of bookkeeping. If your customers are accustomed to paying your invoices late, it can be challenging to rely on your accounts receivable figures to manage your cash flow.

It’s important to have your bookkeeper invoice your customers immediately after you've delivered on your end of the transaction. Use email or bookkeeping software that can send invoices directly. Tools like FINSYNC’s cash flow management system can send out invoices, as well as manage and forecast cash flow, among various other accounting tasks.

Maybe It's Time to Hire a Pro?

The do-it-yourself approach to bookkeeping may not be the best approach for your business, especially if you aren't able to set aside enough time to stay on top of your books, or if you're not comfortable navigating accounting software.

In that case, why not hire a professional bookkeeper? They will help minimize errors and give you peace of mind that your accounts are balanced properly.

Consider hiring a bookkeeper licensed by the National Association of Certified Public Bookkeepers. They mainly record your business' financial transactions, typically on an industry standard accounting software. Look for someone who is experienced and detail-oriented. They should also be comfortable using the latest online bookkeeping software.

Finding someone with online reviews is always a good idea so you can get a sense of intangibles not readily visible on a resume, such as work ethic, temperament and performance under pressure. Another differentiating point when deciding whom to hire should be whether the person has experience in your industry.

If you can't afford a full-time bookkeeper, hire one who will work remotely on a freelance basis. Some 14% of companies outsource their bookkeeping services, according to a survey of small businesses by Wasp Barcode Technologies.

A number of virtual bookkeeping marketplaces make it easy to find skilled financial professionals. Going with a virtual bookkeeper also costs less, because you don't have to pay for health insurance, sick days or other benefits. FINSYNC's virtual community of specialists provides businesses with support for bookkeeping, as well as accounting, human capital management, financial analysis and corporate strategy.

More Bookkeeping Best Practices

Get ahead of potential tax complications by ensuring you track employees accurately, depending upon whether they’re full time or freelance. You may also want to hire a company to process your payroll. They can make certain that you’re in compliance with employee tax withholding requirements.

Set aside time to do your bookkeeping tasks every week. It'll keep you from falling behind and losing track of something crucial. Using a business credit card can also help optimize this process because it automatically tracks spending.

Review whether your accounts are well organized. Bookkeeping can yield great insight into how your business is operating just by looking at your accounts, but only if they are organized efficiently.

Consider grouping any accounts that are part of your business' general expenses, such as the electric bill, rent and similar costs that go toward keeping your business running. Then, do the same for marketing, advertising and other expenses incurred as part of selling your goods or services.

This will help you more efficiently see how much of your revenue is going toward basic expenses that you may want to reduce or cut, and how much you're paying to win over customers.

Ensure that you have systems in place to regularly back up all of your bookkeeping files daily. Using cloud storage is ideal and easy enough to do so that if something happens to one of your devices, you’re covered.

Rely on technology to track employee hours. Time-tracking software has many benefits over the old-school timecard approach. For bookkeeping purposes, the biggest plus is it eliminates duplication of data entry and allows a clearer and more accurate snapshot of your labor costs, including any overtime. All of this data can be used in conjunction with payroll software to streamline your payroll process. 

Consider handling your bookkeeping on software that links up all your firm's accounts online. The key benefit here is to help you manage your business with a real-time view of your finances, which can save you time and money.

Eddie Davis is the VP of Business Development for FINSYNC, a consolidated cash flow management platform focused on helping businesses grow. FINSYNC’s intuitive online tools help automate payments and accounting, and provide valuable insight through cash flow analysis. The lending network gives businesses access to fast, affordable financing. FINSYNC’s virtual community of specialists provides unrivaled support with bookkeeping, accounting, human capital management, financial analysis and corporate strategy. Connect with Eddie on LinkedIn and follow @FINSYNC on Twitter.

Now that 2020 is in full sight, it’s the perfect time for SMBs to start preparing for the year ahead. With industries constantly in flux with new technologies and solutions, as well as rising challenges, it’s important to stay on top of emerging trends and keep one step ahead of potential obstacles.  

Here are some things that SMBs should place on their IT radar while planning for 2020:

#1: Subscription-based Office Services
Small businesses are known for their ability to react to market changes with agility. However, IT planning and purchasing hasn’t always been their strong suit. The main reason? Major IT purchases can be expensive and usually involve a long-term commitment. One trend we’ve seen gaining steady ground in 2019 that is sure to also have a huge impact in 2020 is subscription-based office services.

Cloud solutions that at one time only made financial sense for large companies or enterprises are now affordable and very much within reach for SMBs. Currently, though, many SMBs are tied to perpetual licenses for multiple office services, with some licensing being very expensive and causing organizations to keep legacy versions of programs. This can lead to lackluster performance and security vulnerabilities. By moving to cloud solutions, you can set up whatever type of application you're looking for with a couple of clicks and an affordable monthly payment. Whether Microsoft Office 365, QuickBooks for accounting, Salesforce or Dynamics for CRM, it’s only one click away.

Other benefits of cloud-based subscription services include savings on infrastructure costs, maximized uptime and centralized management of applications. Specifically, Office 365 combines the advantages of cloud technology with the traditional foundation of on-premise software offerings, allowing Office applications to be available to numerous computers or devices.

Bottom line, subscriptions are a more affordable and hassle-free option compared to trying to keep up with the latest software versions and paying perpetual licensing fees. And, with the flexibility to scale up or down as businesses adjust to changing economic climates, it’s a solid solution. One added benefit is being able to collaborate with teams and share files via Microsoft OneDrive—a feature many SMBs don’t typically have in their existing solution sets. The fact that Microsoft’s entire business model is evolving toward subscription-based services over perpetual licensing should tell us something.

#2: The Move from CapEx to OpEx Hardware Investments
Another big shift we’re seeing heading into 2020 is an increasing number of SMBs transitioning from capital expenditures (CapEx) to operational expenditures (OpEx). Traditionally, companies have relied on having on-premise structures for data centers, something that requires a huge CapEx investment to purchase equipment and pay for perpetual software licensing fees as well as employees to run and maintain the system. This provided them peace of mind that their data was secure and that they could monitor it all. But at what expense? Today’s SMBs require the same security and oversight, but also need more cost-effective and affordable solutions. Where do they find that combination? Once again—the cloud.

Having on-site servers and IT equipment can be costly, to say the least, which is why companies are looking more at OpEx expenditures such as cloud hosting services. Cloud computing has changed the way SMBs function, and now cloud hosting companies can put SMBs on a level playing field with some of their biggest competitors. This is not only big, it’s game-changing. The cloud offers a solution that eliminates costly purchases of physical processors and databases.

And, because the actual physical IT infrastructure exists off-site, storage is also no longer a concern. Further, your requirements to service those units are also eliminated, so your IT team can focus on other issues at hand. If and when there is a problem, the cloud computing host will react to it within seconds of it happening, maximizing uptime.  

By switching from a large upfront IT spend to a pay-as-you-go cloud hosting model, companies can reduce CapEx expenses while reaping other rewards. What’s more, the transition is easy. The cloud hosting companies will do the heavy lifting.

#3: Security Consciousness

Over the last couple of years, we’ve seen companies becoming more and more security conscious—and it is well-founded.  

We’ll see a continuing trend in 2020 around improved security that will also include such things as training employees to recognize scams like phishing and to be more conscious of how they are interacting through email and collaborative materials outside their network. This is especially important as many companies move toward a more remote workforce where workers don't have the ability to turn to the person next to them to ask, "Did you see this? Is this really legit?”

Furthermore, as companies move activities to the cloud, they’re realizing they now have their data off-site and are wondering how to keep it from being exposed. To better secure their networks, we’ll continue to see a big push toward solutions like Microsoft 365, which is a bundle of services including the aforementioned Office 365 plus several other things like Windows 10 Enterprise. The solution provides SMBs with the ability to use mobile device management within the Microsoft ecosystem. They can make it so employee laptops have an agent that runs on them that limits access with levels of protocol around who can access what data. You can think of it as a premium version of Office 365 with added security features. Mobile workforces that don't necessarily always have a VPN can access and join their work domain without causing additional security concerns for companies.

Overall, it’s time to think outside the box to lower costs, improve performance and mitigate risk. Subscription-based services and cloud-based solutions offer SMBs powerful tools that historically were cost-prohibitive, but are now within their reach. Just think of the flexibility, collaborative abilities and increase in capabilities they can bring to your business. Make 2020 the year that your SMB starts reaping the benefits of these enterprise-level solutions now available at small-business pricing.

Tiffany Bloomer is the President of Aventis Systems, Inc., a leading provider of information technology hardware, software and services. Learn more by visiting

https://www.aventissystems.com/.

UPS is experimenting with drone delivery– adding to their fleet of trucks, planes, and trains. But don’t expect UPS drones to deliver your holiday packages this season. For now the package delivery company’s drone-powered off shoot UPS Flight Forward is experimenting with medical prescriptions only.

 UPS Flight Forward successful delivered their first prescription delivery on November 1^st – delivering a medication from a CVS pharmacy in North Carolina to a patient’s home nearby. The drone went on to make a second successful drop to a second patient in the area.

 While the drone was sell-propelled – a remote operator monitored the flight in the case the drone ran into any issues or flew off course.  After the successful run; Scott Price, UPS chief strategy and transformation officer stated, “We now have an opportunity to offer different drone delivery solutions, tailored to meet customer needs for speed and convenience.” CVS president Kevin Hourican added, “This drone delivery, the first of its kind in the industry, demonstrates what’s possible for our customers who can’t easily make it into our stores.”

This will not be the last time CVS and UPS pair up to bring patients medication via drone. Hourican revealed, “CVS is exploring many types of delivery options for urban, suburban and rural markets. We see big potential in drone delivery in rural communities where life-saving medications are needed and consumers at times cannot conveniently access one of our stores.” Price stated, “We’re delighted to build new services that will shatter preconceived notions of how, when and where goods can be delivered.”

UPS is not the only supply chain company who is experimenting with drone delivery services. Back in October FedEx Express launched its first successful drone delivery to Christiansburg, Virginia. The delivery was completed in part by Wing Aviation who collaborated with the supply chain giant. CEO of FedEx Express Don Colleran stated, ““Innovation has been part of the FedEx DNA since day one, and we are always looking for new and better ways to deliver the world to our customers’ doorsteps.”

Amazon is also expected to experiment with drone delivery as part of their Amazon Prime Air program in the next few months as is Uber.

Why is it taking so long to get drone delivery off the ground? It is not a question as to whether or not these supply chain companies have the technology to create the drones – it’s getting the correct permit from the United States government. The FAA’s Part 135 Standard certification is the highest certification that a supply chain company can receive in order to legally use drones as a delivery mechanism. To date UPS is the only company that has received this certificate with the stipulation that they can only use it for healthcare deliveries. The permit allows UPS to have an unlimited number of drones with an unlimited number of remote operators. Under the certification drones can fly at night and carry more than 55 pounds.

CEO of UPS, David Abney stated that by obtaining this permit, “….history is in the making, and we aren’t done yet.” He adds, ““Our technology is opening doors for UPS and solving problems in unique ways for our customers. We will soon announce other steps to build out our infrastructure, expand services for healthcare customers and put drones to new uses in the future.”

Many companies have adopted digital technology to transform their business. But the transition can be a challenging process, and studies show that digital transformation projects often fail to reach company expectations. This happens for a variety of reasons, says J. Eduardo Campos, co-founder with his wife, Erica, of Embedded-Knowledge Inc. (www.embedded-knowledge.com) and co-author with her of From Problem Solving to Solution Design: Turning Ideas into Actions. 

“It’s often due to ineffective communication between the IT department and business teams,” Campos says. “But overall it really comes down to an inability to problem-solve and a tendency to lose sight of teamwork and the big-picture business plan.

“To have a successful digital transformation depends greatly on employees working together, but too many organizations are siloed, thus hampering the communication and creating obstacles in the process.”

Campos offers three ways company leaders can deal with problems in digital transformation:

• Define the essential problem. Campos says digital transformational programs fail when company leaders don’t grasp the root of the problem they hope digital transformation will solve. “Beware of solving the symptoms instead of the problem,” Campos says. “To define the essential problem, you first need to step back, reflect, and clearly define what you are trying to address. Detaching yourself from a problem and trying to see it from a different perspective, you then will have a better view of how things interact with each other. There are often multiple layers to why a problem exists, so ask a series of whys that drill down to the answer.”
• Design solutions. Once the problem is identified, setting goals and assessing options come next. ”It’s not unusual to find yourself in a situation where the problems you identified are part of a dynamic environment, affected by constant changes that require you to revisit your goals and options regularly,” Campos says. “This is where technology and software can be very helpful in making sure everything is being tracked appropriately without any information getting lost. in addition to technology, using risk management concepts can be a very effective way to help keep consistency throughout the solution design process.”
• Engage stakeholders. Digital transformation often represents a massive change for personnel. Campos says it’s vital for the decision-makers to craft a stakeholder engagement plan that addresses all aspects of a recommended solution. “Clearly identify whom will be impacted by the solution, either positively or negatively, and how to handle stakeholder reactions,” Campos says. “You want them to be willing to commit to your recommendation because they indeed want it, not because you are selling it to them. And when you are influencing the decision-making process, be sure to show your stakeholders your appreciation of varying opinions.”

“Achieving success in digital transformation brings together people, process, and technology,” Campos says. “Many businesses never get far past the launch point of their digital transformation because that triad of people, process and technology isn’t in sync, and problems that could have been solved were not.”

Eduardo Campos is co-author with his wife, Erica, ofFrom Problem Solving to Solution Design: Turning Ideas into Actions. Campos spent 13 years at Microsoft, first as a cybersecurity advisor, then leading innovative projects at the highest levels of government in the U.S. and abroad.  His consulting firm, Embedded Knowledge Inc. (www.embedded-knowledge.com), works with organizations and entrepreneurs developing customized business strategies and forming partnerships focused on designing creative solutions to complex problems.

When running your own business, you often find yourself with a lengthy to-do list. You often end up getting pulled in various directions that gives you little time to focus on things that matter the most to your business such as making executive decisions and thinking about how you can market your company. If you are having such challenges, it is about time you start thinking of getting help from someone. This is exactly where virtual assistants prove their worth.

Who is a virtual assistant?

A virtual assistant is a person who offers assistance to companies or individuals from a remote location. They can do tasks such as:

• Social media management
• Calendar management
• Drafting and replying emails
• Making appointments
• Preparing reports

While the above are just a few things that virtual assistants can do, the truth of the matter is that they can do almost anything.

Why you need a virtual assistant

A virtual assistant can help you address various tasks in your to-do list within a short time, especially tasks that anyone can complete in your list. They will help you do things that you intended to do but lacked time and perhaps skills to complete. Having a virtual assistant you can rely on to do some of your work can change the trajectory of your business for the best by increasing your concentration and by extension making your professional life enjoyable. He or she will come in handy in assisting you grow your business by spearheading growth strategies that your business needs to compete accordingly. They will also be critical in preparing reports on a daily or on on-demand basis.

Cost advantages

Since every business wants to reduce the cost of operations, going for a virtual assistant would be a great thing. One of the reasons why people hire virtual assistants is that it costs less. You can only pay for work that has been done as opposed to employing a worker on a permanent and pensionable basis where you have to pay regardless of the work done. Instead of hiring a person on full-time basis, you can decide to outsource work on hourly basis.

Business owners can also avoid a lot of training costs by hiring VAs. Usually, companies are mandated to train their employees regularly to keep up with the new trends in the market. However, in the case of a virtual assistant, companies can hire people who are already experts and save a lot of money as a result. Business owners, therefore, don’t have to worry about how trained their employees are because they can hire and fire virtual assistants whenever they feel they are not knowledgeable enough.

Time or money

Any serious entrepreneur knows that time is money. This means that every business owner always thinks of ways that they can save time and make maximum profits. Hiring a VA enables a business to get the right experts who can carry out a specific task without wasting time training and cost. A qualified VA can handle many tasks at once within a short time and with minimal costs because they can only focus on tasks given to them and timeline they are required to hand in the job.

As busy as you may find yourself as an entrepreneur, the best way out to get you jobs done in a cost-effective and efficient manner is by seeking services of a virtual assistant. You will save time and money as you will be able to find a cheaper solution while at the same time getting your crucial work in your to-do list done by a professional.

Good retirement planning takes many factors into account, but with so many costs to consider it can be overwhelming. Thus, people may forget some retirement expenses that are less visible now or downplay others that they think will be unlikely or infrequent. But the retirement expenses you miss, dismiss, or underestimate in your planning could prove costly.

“Even for those who prepare thoroughly for retirement, they can’t predict with complete accuracy across the board how much they’ll spend,” says Clayton Alexander (www.retireteton.com), an investment adviser and founder of Teton Wealth Group. “The retirement expenses you forget to plan for or ignore could seriously cost you and help sabotage the kind of retirement you were otherwise planning to have.”

Alexander goes over some key retirement expenses that may fly under the radar years in advance of retirement but nonetheless should be planned for:

• Long-term care. This can be one of the most expensive costs during retirement. Many people don’t plan adequately for it because they’ve been healthy throughout their life. But the statistics point out the importance of planning for long-term care. The U.S. Department of Health and Human Services lists the average cost of a semi-private nursing home room at $6,800 per month. The HHS also says that 70 percent of retirees will need long-term care at some point. Medicare won’t cover long-term care, and if one doesn’t qualify for Medicaid, the patient is responsible for the bill. “It’s easy to ignore the thought of needing long-term care when you have many years of working left and have been healthy,” Alexander says. “But it’s a reality for many in their last years. One way to prepare is building the expenses into your retirement fund by using a Health Savings Account. Or you can buy long-term care insurance before you retire in order to get better rates.”
• Caring for family members. Retirement ideally is a time to relax and enjoy one’s newfound free time, but nearly one-third of seniors say they serve as a caregiver. That can strain the budget, so Alexander says it’s important before you retire to think about how much you’re able to help family members and budget that amount annually.
• Home repairs and renovations. These aren’t the everyday costs you plan for when creating a retirement budget, but they’re inevitable and could take a large bite out of your budget. The U.S. Bureau of Labor Statistics reports that the average person 65 and older spends about $2,300 per year on home repairs and maintenance. A major expense such as a new roof is a big hit. “Building an emergency fund is essential,” Alexander says. “It’s prudent to put aside two or three thousand dollars a year in your retirement budget for home repair and maintenance costs.”
• Transportation. Retirement planners say this is a sneaky expense that is easy for retirees to underestimate. Transportation costs represent 16% of expenditures for adults 65 and over according to the Bureau of Labor Statistics. “It’s one of the most under-planned items in retirement, but the costs can really bite you,” Alexander says. “It goes beyond buying a car — gas, maintenance, insurance, repairs, and public transportation. Even if a retiree no longer has a car payment, financial advisors need to factor in these types of costs.”

“It’s difficult to cover every scenario,” Alexander says, “but adhering to a careful plan laid out well before the retirement years can help one handle the unexpected costs as well as the ones that are easy to overlook and add up.”

Clayton Alexander (www.retireteton.com) is an investment adviser and founder of Teton Wealth Group. A graduate of Dixie State University with a B.A. in administration, Alexander also worked at Northwestern Mutual and Goldman Sachs. He is licensed for life and health insurance in the state of Utah and has passed the Series 65 securities exam. Alexander focuses on building holistic retirement plans, and with the launch of Teton Wealth he developed the four-step Ascent Plan – a system to help clients gain clarity and perspective on creating a financial plan for safe, secure and tax-efficient retirement income and estate transition.

Do you take rejection personally? Do you start the negative self-talk immediately after getting rejected? Do you find yourself triggered by rejection and start piling on past rejections in your mind? If you do, you are not alone! Research shows that 90% of our self-talk is negative. Nothing triggers negative self-talk like being rejected.

In the book The Four Agreements, one of the agreements is “Do Not Take ANYTHING Personally.” When Ellen DeGeneres’ sitcom was canceled after she came out, she talked about how this book helped her. In her usual funny way, she said, “It is hard not to take the show being canceled personally, since the show is named Ellen and I’m Ellen.”  How Ellen handled this rejection is a lesson in resilience we can all use for our own careers. She continues to face criticism on her talk show from time to time, but she doesn’t let any of her stop her.

Getting rejected is part of life. We get rejected when we ask our parents as kids to buy us something we want. We get rejected when we interview for a job and don't get it. If you’re in sales, you know rejection is part of the game. How do you learn to keep going and not take it personally?

Tip One

Let go of being afraid of the word NO. Getting a no now does not mean no forever. Children learn this at a very early age and keep asking for what they want from a toy or candy store. When you’re in sales if you are afraid of “no”, you are afraid to ask for the order. When you reframe your mind to see no as the starting point of a negotiation, then you let go of your fear. Tell yourself “Let the Games Begin” when you hear a “no”. Follow up the “no”, with a question such as what would it take you to reconsider?

Tip Two

Never Reject Yourself. When I was selling advertising for Conde Nast and a client would say to me no we are going with another brand, I would ask myself “Could another salesperson have gotten a yes? What did I do wrong? Why didn’t they see why my solution is the best choice?”  None of this negative self-talk is helpful. Instead of taking the “no” personally and rejecting yourself and your skills, remind yourself you are good at what you do. Don’t let one “no” define your day, month or your year. 

If a client says “We like you but not what you are selling” it is so easy to agree with them and reject your product or service. Don’t do it! Never agree with their assessment of your product not being good enough or the best. Instead reframe it to yourself, that right now this is not the best fit for them and that is a great fit for others. Remind yourself of the other sales you have made.

The best way to hit the reset button after a “no” is to call someone who bought from you and ask them how they are enjoying the new car or home. After giving a keynote to Land Rover and Redfin, the real estate firm, I gave this tip and they found it really helped them let go of getting a no. When you do this, you get reignited in your passion and it is great customer service. Just calling someone to ask how they are enjoying the product takes all the pressure off of you. Many times, it results in a referral or testimonial!

Tip Three

Get Back Up After The No. When I was giving my TEDx Talk Be The Life Guard Of Your Own Life I was able to hear Bonnie St John’s TEDx on resilience. Despite losing part of her right leg at a young age, she went on to win medals at the Paralympics in downhill skiing wearing a prosthetic leg. She told the story that each skier had to go down two different mountains. The winner would be the person with the fastest combined times. She went down the first mountain and came in first place. The second mountain was much icier and everyone was falling. Sure enough, she fell too and got back up and finished that race. She ended up with the 2^nd place medal. While she had been the fastest skier she was not the fastest at getting back up after falling.

How fast do you get up after a no?  After giving keynotes and workshops to real estate companies, I noticed that the top performers let go of a “no” much faster than other agents. Other agents say they let rejection go, but they keep talking about it in the office for weeks after and it impacts their energy and passion for the next potential sale.

To recap, the key to rejection is to not take it personally. Let it go and never reject yourself. Then let go of the fear of hearing a “no” and remember “no now is not no forever.” Get back in the game as fast as you can after you hear a “no.” If you apply these tips to rejection, your attitude and your revenue will soar!

JOHN LIVESAY, aka “The Pitch Whisperer™,” is a highly sought-after keynote storytelling speaker and a Forbes columnist.  During his talks, he shares the life-changing lessons he’s learned from his award-winning sales career at Conde Nast to help people become revenue rockstars by forming emotional connections with clients through stories. Livesay is the host of “The Successful Pitch” podcast, which is heard in over 60 countries. These interviews make him a sales keynote speaker with fresh and relevant content. Livesay’s engaging and energetic TEDx talk, “Be the Lifeguard of Your Own Life,” has over one million views. His popular topic, "How To Ask For What You Want And Get A Yes" has also made him a sought after guest on dozens of broadcast outlets including "Breakfast with Larry King."

Learn more about Livesay on his website, https://johnlivesay.com and his YouTube channel. You can connect with him on Twitter, LinkedIn, and Facebook.  Better Selling Through Storytelling is available October 8, 2019, in hardback, ebook and audiobook through Amazon, Barnes & Noble, and other retailers.

People are living longer, and as wonderful as that news is to many, there’s a possible downside: outliving your money in retirement. “It’s a very large fear many people have,” says Alexander Joyce, president/CEO of ReJoyce Financial LLC (www.ReJoyceFinancial.com) and author ofReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want.

“Most retirement plans have not incorporated the longevity risk. And without mitigating that, many middle-class retirees could exhaust their 401(k)s and be left with only Social Security and a little equity in their homes.”

The financial worries about retirement and the planning options can be overwhelming. One of the concerns people have is getting appropriate advice and finding a financial advisor who puts the client’s interests above his or her own. That type of retirement planner is defined as a fiduciary, and according to a survey by Financial Engines, 93 percent of Americans think financial advisors who provide retirement advice should be fiduciaries — legally required to put their clients’ best interest first.

On the other hand, 53 percent of those respondents mistakenly believe that all financial advisors are fiduciaries.

“Trust is imperative, especially where a client’s retirement is concerned,” Joyce says. “An advisor working as a fiduciary is held to a high standard of honesty and full disclosure to the client. And there are three critical aspects of retirement planning in which a fiduciary can help guide the client to both protect their retirement assets and prosper.”

Those three areas are:

Reduce sequence-of-return risks. This refers to the order of annual investment returns, and it becomes a concern for retirees who are living off the income and capital of their investments. “The danger comes when an investor receives lower or negative returns due to withdrawals made from their investment,” Joyce says. “The timing of taking those returns impacts wealth. A planner who’s a fiduciary has multiple ways to reduce sequence-of-returns risk by allowing the portfolio to stay ahead of inflation. You utilize other income-producing vehicles in the portfolio.”

Prioritize a tax plan. “Understand that in retirement you’re creating your own income from qualified money — money that’s never been taxed before,” Joyce says. “It’s vital to have a tax plan that can fit into your portfolio. For example, the Required Minimum Distribution at age 70½  is something many people are not prepared for in terms of tax impact. The RMDs have never been such a concern in our economy than they are now, because such a large percentage of baby boomers are over 70½. Having a reallocation plan or a Roth conversion conversation is important to avoid higher tax burdens.”

Create an estate plan. Procrastination is an obstacle for many when it comes to estate planning, Joyce says, and it’s important to differentiate between a will, which goes through probate, and a trust. “Understand how those things fit in the portfolio, and the difference between live-on money and leave-behind money,” he says. “You need to establish goals for the assets. A lot of people want to leave a legacy, but they don’t know how large, or how, or when. A fiduciary can help you leverage technology and look at a realistic rate of return, based on your  projected longevity.”

“Having all these planning tools under a full-service fiduciary roof is powerful,” Joyce says, “because the baby boomer generation doesn’t like change. They need a sense of security before reaching retirement; solid options to make their financial fears and uncertainty go away.”

Alexander Joyce is CEO and president of ReJoyce Financial LLC (www.ReJoyceFinancial.com), a full-service retirement income planning firm in Indianapolis, Ind. He’s the author of ReJoyce In Your Retirement: Everything You Need To Know To Get Everything You Want. Joyce holds the NSSA (National Social Security Advisor) and CRPC (Charted Retirement Planning Counselor) designations. He hosts informational and educational seminars as well as the radio show Retirement Halftime Show. He can be seen monthly on Money Monday as well as Your Money on the IndyStyle program, broadcast by WISH-TV, myINDY-TV and WTHR in Indianapolis.

It’s been a common occurrence in recent years: Company downsizing or restructuring has left skilled professionals looking for a job. Or, feeling constrained, they jump to a better growth opportunity.

But, with the era of lifetime jobs at a single firm or company long gone, many doctors, dentists, lawyers and other professionals also are opting to work for themselves, becoming entrepreneurs and launching their own start-ups.   

Some who already started small practices have expanded into several locations. As dentists and business partners Dr. Seth Newman and Dr. Efstathios Giannoutsos can attest, the learning curve of running and growing a business in multiple offices — while still practicing their profession — can be challenging but also rewarding.

“It was never my plan to run a practice, or even co-run one,” says Giannoutsos,  (www.asktheorthos.com), an orthodontist and co-author, with Newman of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid To Ask. “But then the financial crisis of 2008 happened, and a lot of the opportunities that had been available before were now gone.

“But we were able to flip those circumstances on their heads and use them to our advantage.”

“The biggest challenge initially was finding clients,” Newman says. “But we learned to use different resources and educate ourselves in the business side as we did in our chosen career.”  

Newman and Giannoutsos offer five tips for professionals transitioning to running their own business:

• Be passionate. Entrepreneurs tend to be extremely passionate about their work. They need to incorporate the same passion for running a business. “Think about how running your own business could transform your career, send it soaring,” Newman says. “That kind of spirit energizes you and all those around you.”

• Be bothered by inefficiency. Entrepreneurs don’t have a high tolerance for inefficiency, and the bonus is they don’t have corporate red tape to cut through. “You can fix problems that come up quickly because of your expertise and the freedom of not running into typical corporate obstacles,” Giannoutsos says. “If  you or your business partner are mired in work processes that are too slow, analyze the inefficiencies and consider the places you could implement solutions.”
• Don’t be afraid to take on more risk. One thing that sets many entrepreneurs apart from the average professional is their appetite for risk. “A business owner knows the risk-reward possibilities, and by taking well-calculated shots, bigger rewards can come,” Newman says. “Set aside time to strategize, and listen to the best-qualified people working for you to develop a precise plan.”
• Brainstorm more. Constant innovation is crucial to a business’ long-term success, so entrepreneurs have to take time to let their minds be loose and creative. “Set aside time each week for brainstorming sessions with your staff — and remember to have fun doing it,” Giannoutsos says.
• Don’t limit your dreams. “The most important aspect of the entrepreneurial spirit is being limitless – the sky’s the limit,” Newman says. “Many people are conditioned in the workforce to be realistic and practical, but dreaming big sets the mission for your company, and it’s why you became a business owner.”

“It can be daunting at first, performing the myriad tasks of a business owner,” Giannoutsos says, “but if you believe in what you do and those you’ve hired around you, it’s so worth the effort.”

Dr. Seth Newman (www.asktheorthos.com) is an orthodontist and co-author, with Dr. Steve Giannoutsos, of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid To Ask. He owns orthodontic practices in the New York City area. Dr. Newman completed his dental training at Stony Brook School of Dental Medicine, where he was a member of the National Dental Honor Society. He was a clinical instructor of the Invisalign system at the NYU School of Dentistry.

Dr. Efstathios Giannoutsos, or “Dr. G.” as he is commonly called, was born in Astoria, Queens, just outside of New York City. He graduated from St. John’s University in Jamaica, Queens, with high honors and a BS in Biology.  He is also the co-author with  Dr. Seth Newman of Giving It To You Straight: Everything You Ever Wanted To Know About Orthodontics But Were Afraid to Ask (AskTheOrthos.com). He completed his dental training at NYU, where he graduated with a Doctor of Dental Surgery (DDS) degree. He was also accepted into NYU’s highly competitive orthodontic residency program. During that time, he also discovered a passion for treating children and adults with facial deformities. Coinciding his passion, his research thesis to attain specialty certification involved children with cleft deformities.