3 Ways To Improve Your Financial Health
“Personal finance” is a term which refers to the way you manage your money and how you plan for the future. All of your current financial decisions and activities have an impact on your financial health, both now and in years to come.
Often, we are guided by certain phrases or “rules” which have been passed through the generations, such as “don’t buy a house which costs more than 3 years salary” or “you should save 10% of your monthly income for your retirement”. Whilst many of these wisened quotes stand the test of time and truly are helpful, it is important that we take a closer look at what we should be doing in general when it comes to improving our financial health and spending habits.
Work out your net worth and personal budget
Money comes in, and then money goes out. For many, this is pretty much as far as their understanding of money and personal finance goes. Rather than ignoring your finances and chancing whether you have the money needed for your planned purchases, a bit of budgeting can help you to reevaluate your current financial health and determine how you can reach both your short and long term financial goals.
As a starting point, it is vital for you to calculate your net worth, which is the difference between what you own and owe. To do this, you need to calculate your net worth by taking note of your assets, which you own, and your liabilities, which you owe.
If you have property, or own business properties, then you should list these and you may want to discuss this with a chartered surveyors, Manchester based if you believe there may be a change in the property valuation. By tracking your net worth over time, this allows you to evaluate your successes and identify potential areas which require improvement.
Recognise inflation
Most individuals will spend more money if there is more money to spend. When people advance in their careers and go on to earn higher salaries there is often a correlating increase in terms of spending, which is something known as lifestyle inflation.
Whilst you might be able to still pay your bills, lifestyle inflation can be extremely damaging in the long run as it limits the ability to build wealth. It isn’t uncommon for people to feel the need to match the lifestyles of their peers and friends. It’s easy to overlook the fact that actually, this way of spending leads to a lot of debt as people battle to keep up.
If you own business properties, then you might want to review the rent you currently charge. Due to inflation, you may find … Read more
Advantages of Finding Funds through Receivables and Factoring Funding
Slow cash flow movements are often a problem that prevents your business from developing more successfully. One of them concerns the problem of accounts receivable (granting loans to other people or companies). The receivable collection process is quite long causing delays in the smooth running of the company’s balance sheet.
If it continues, this can cause serious problems for your business. It is not possible, right, you run a variety of operational activities without having an adequate availability of cash. Therefore, it is important to deal with it well from the beginning to avoid the impact or risk that will arise.
In this problem, entrepreneurs will usually take away to finance receivables or by using factoring. This method is considered as an alternative to short-term or long-term financing according to a mutual agreement or quick solutions to get funds that can make cash flow stable again.
Before deciding to choose one of these solutions, you need to understand the difference between receivable financing and factoring financing. If you are interested in getting more complete information or want to consult more clearly you can visit: factoring companies.
Receivable Financing
Receivable financing or known as invoice financing/invoice discounting is an act of borrowing several funds against several company receivables that are running in a company.
Broadly speaking, factoring-brokers will lend you the funds as borrowers as long as the receivables are still running and have not been billed. Then, when the consumer has paid your loan, you must return the funds to the investor. Of course the loan repayment and all the interest following the agreement that was agreed upon from the beginning.
If you have urgently needed funds to run the company’s operations, and are confident of being able to collect receivables from those who pay you in quick time, then this credit financing solution is suitable for you to choose. But keep in mind, you should still consider the risks that will arise if the collection of receivables does not go according to your estimates.
Benefits of Receivables Financing
1. Receivables financing can expedite cash flow in a short time.
2. Can overcome a variety of urgent financial problems for your business, especially if you can no longer find other sources of loans in a fast period.
3. Company activities can continue to run well and normally, until the time the receivables can be disbursed.
Factoring
Factoring is an act of financing by purchasing company receivables. Understanding factoring is financing activities in the form of purchases or transfers, as well as the management of receivables or short-term bills of a company from domestic and foreign trade transactions.
Broadly speaking, the understanding is, the owner of the receivables will sell … Read more
Posted: July 8, 2020 by Ginger
The Costs of Poor Business Website Design Choices
Professional web design is not cheap. Don’t expect high-quality sites to be obtainable for free or a rock bottom price. In the UK, the cost can be in the £400 to £900 range. Web designers at https://xist2.com/ offer competitive pricing, but they most certainly cannot provide integrated designs at zero cost.
It takes creativity, knowledge about the latest trends and competent technical skills to come up with great site designs. It’s understandable why designers don’t settle for prices that don’t match the effort and time they spend on a project. But, enough of the emphasis on spending for quality web development services. The discussion here is about the costs of making the wrong web design decisions.
High bounce rates
Bounce rate refers to the ratio of the number of site visitors who leave a site after viewing only one page and the total number of site visitors. Here’s an illustration: if seven out of 10 visitors decide to abandon a site after only seeing the homepage, the bounce rate is 70%. This is considerably higher than the preferable range of 26% to 40%.
High bounce rates mean an inability to attract customers. The reasons for such high bounce rates include but aren’t limited to bad aesthetics, poor navigation, non-intuitive layout and technical problems. It can be interpreted as lost sales due to the listed reasons; something businesses should address as soon as possible.
Unflattering first impressions
For most customers, web design is about the aesthetics and experience. You can’t blame customers for leaving if your online store’s design and UI is reminiscent of the pioneering iteration of HTML. First impressions may not always last, but they determine if a prospective customer becomes an actual buyer.
Avoid losing potential customers by making sure that your ecommerce site leaves a good impression that compels visitors to spend more time and, ultimately, click the ‘Buy’ button. Ensure that your website is in tune with the times, fast-loading, and free from glitches that can ruin the user experience.
Lost regular customers or patrons
Bad design does not only drive new customers away. It can also cause customers to abandon an online store that they frequent. Implementing a website design change, for example, can result in adverse reactions from regular customers.
If you update your online store’s layout, for example, you risk the possibility of alienating many customers who prefer the old interface and processes. They might find the change too radical, so they end up trying other sites. To avoid this, it is advisable to introduce changes gradually. You can also provide customers the option to revert to the old design if they don’t like the upgrades.
The bottom-line
Technically, lost customers are not … Read more