Category Archives: Business and Management

PRI vs SIP Trunking: Which is the Best Option for Your Business?

Happy businessman talking on phoneCommunications technology has been heavily reliant on the Public Switched Telephone Network (PSTN), even when the earliest iterations used analog lines. The digitization of telephony then paved the way for Primary Rate Interface (PRI) lines. These allowed businesses to field and receive up to 23 calls at the same time and on the same line. As things progressed with Internet connectivity, the SIP trunking-supported VoIP system started gaining prominence.

So, PRI vs. SIP, which is the best for you? This guide takes a look at both to help you decide.

Primary Rate Interface (PRI)

PRI has the advantage of over four decades of infrastructure and standardization to ensure that things flow smoothly. It can also be easily backed up by a second PRI for redundancy and security in case of an emergency. Additionally, it doesn’t need to rely on data bandwidth to support the voice calls it’s called upon to handle.

On the downside, PRI systems are costly to implement and upgrade. It also requires long-term telecom contracts that are still stymied by a 23-line limit. Lastly, upgrades or modifications could take weeks to implement. The system remains viable for businesses without sufficient bandwidth allocation to sustain modern IP phones as well as those with working structures in place, however.

Session Initiation Protocol (SIP)

SIP services are the marketing term used when implementing VoIP calls, a communication system that offers several benefits to businesses. It supports the transmission of all-important voice calls as data and multimedia. While still maintained by a vendor, the system doesn’t need much in the way of a physical infrastructure. Moreover, it is cheaper than traditional PRI systems and can integrate mobile phone calls in an emergency. Best of all, it’s thoroughly modern, offering remote connectivity and support.

The system, however, requires a strong Internet connectivity package that might be beyond smaller businesses. It is also more vulnerable to cyber crimes and attacks than its PRI counterpart. Finally, the variation of quality of services offered by VoIP vendors can be vast and unreliable if not carefully researched. Carefully implemented, however, this fits most businesses today.

When choosing which technology to leverage, take a look at your company’s needs. Decide which pros fit you best, and which cons are most manageable.

Accounting sheet with pencil and calculator

For Businesses: 3 Reasons to Do Automated Bookkeeping

Accounting sheet with pencil and calculatorIt can surely be hard to manage a business in today’s digital age. With the advancement of technology, almost everything is done online, and it could be stressful if you do it all by yourself. 

This is why it is a great idea to get bookkeeping services to record all financial transactions of your business – this means supplies you bought, items you sold, and receipts. Here are three ways automated bookkeeping makes the process easy for business owners:

Faster processing

Gone are the days when bookkeeping would mean having to record financial transactions on paper. Technology has allowed computers to do the bulk of the work, and this means faster processing. 

With automated bookkeeping, payments are automatically deducted from credit card or bank accounts. Expenses are also categorized right away so you would know what it was for, when it was done, and who processed the payment.

Smart solutions

Basically, this process means that whenever your business handles bills, you are now able to upload them so you can manage them on your own computer system. With the help of a computer, you can also set “smart conditions,” which means telling your computer to process a transaction automatically. 

When your monthly business bills arrive, for instance, your computer can treat this as a signal to pay the bills online so you will not have to.

Forecasting 

Doing bookkeeping also allows you to use your computerized services to plan what business moves to do next. You can brainstorm with your colleagues to envision business scenarios you may encounter in the future. 

This ensures less risky moves for your business because you would have an idea of the outcomes of each move you might do. All of these benefits are reasons you need to up your business game with bookkeeping services.

Unleash Your Inner Entrepreneur: The Benefits of Investing in a Franchise Business

Portrait of a businessmanIf you’re not in comfortable purchasing an existing business or establishing your own from scratch, a franchise ownership would be perfect for you. Principally, the franchisor will ask you to pay the initial fee along with ongoing royalties of their computer franchise business. In exchange, you will get to utilize their trademark, receive continuous support from the franchisor. You will even have the right to use their system of conducting the business, as well as, sell their services or products.

Aside from using a famous brand name, purchasing a franchise provides several other benefits. At the end of this article, you will realise that these opportunities won’t be accessible to an entrepreneur who decides to build their own business from the beginning.

Benefits of Purchasing a Franchise

The biggest asset of franchising is its capacity to deliver independent retailers together through a single business concept and trademark. There are plenty of advantages from this affiliation, including uniformity in meeting consumer expectations, control of pooled advertising, the effectiveness of group purchasing, and brand awareness.

Meanwhile, an individual owner will also yield several benefits from a franchise business. As you know, investing in a business always comes with risks, but the risks are substantially lowered by a successfully proven business program. Besides, using a recognized trademark will save you from the price of developing and promoting a brand for consumers to notice.

Other benefits that you can reap include:

  1. Assistance regarding marketing and sales,
  2. Provision of an operations manual,
  3. Guidance when selecting the franchise location,
  4. Financial support,
  5. Continuous development and research of the brand,
  6. Standardised packaging,
  7. Point-of-sale publicity.
  8. Local and national marketing programs,
  9. Readily available consultation and supervision,
  10. Collective purchasing power,
  11. Uniform financial and accounting systems,
  12. Standardised systems and products,
  13. Reduction of risk, and
  14. Turnkey operation.

In the future, a franchising business would lead to an easy expansion. Managing a franchise business could even lead to starting other businesses on the side. Keep in mind that fortunes were built in this method.

Hiring the Right Professional For Your Hospital

HR manager interviewing young man in officeWith the demand for reliable healthcare experts currently on the rise, it has never been more challenging to find the right staff for your medical facility. Given the fact that medical malpractice costs hospitals billions of dollars in lawsuits, you can’t afford to miss the mark in your hiring process.

Here are four easy tips on how to find best personnel:

Work with a reputable staffing agency

Staffing agencies vet candidates, ensuring that they only keep trustworthy people on their list. Whether you are looking for full-time doctors or you wish to offer locum tenens physician jobs, a medical staffing agency is your best partner. There are many of those around the country, most of which are available online.

Enhance your recruitment procedures

You medical facility’s hiring department needs to reexamine their hiring processes and find any loopholes they should fix. Where do you post your job advertisements? Reliable medical sites can help you land top talents. In addition, ensure that you conduct comprehensive interviews so you get the most qualified individuals.

 Provide residencies and internships

Instead of offering employment on a long-term basis, consider starting residency programs. Typically, residencies last about two years. During this time, you can decide whether an individual is right for your hospital. You may also provide internships to individuals who are less experienced. This gives you the opportunity to choose the best people to hire.

Keep an eye on new employees

Use the first few weeks to monitor your new doctors and nurses. This is the time to evaluate their work habits, attitude, and bedside manners. Doing so helps you decide whether they are the ideal practitioners for your hospital.

The last thing you want is to recruit the wrong medical personnel for your hospital. By being diligent in the hiring process, you can ensure that your patients receive the best health care.

Interior Design Tips for Your Workspace

A modern office workspaceThe average British worker spends up to 40 hours at the office per week. That is a great amount of time to invest in the workplace. No wonder then that companies work closely with interior designers in efforts to create a work environment that not only makes their employees feel more comfortable but also increases their productivity.

Experts from Whiteleys Office Furniture list some of the factors you need to keep in mind to transform your workspace into a healthy environment for your employees:

Function

Look for ways to maximise the efficiency of your workforce. Consider the number of employees working in the office, their hierarchy, company departments, and other office amenities, such as kitchen and restrooms. There should also be properly designated spaces for collaborative activities, such as conference rooms and boardrooms. The workspace must reflect and build on your company culture. Some companies go so far as to ensuring that the same design elements are upheld in all of their offices and branches, thereby creating brand resonance, which is felt by employees and customers alike.

Lighting

A workspace cannot be well lit enough. There is always the possibility of improving the current lighting conditions. Naturally then, lighting must be kept in mind when looking for ways to enhance your office design. If your office lacks large windows for letting direct sunlight through, it makes sense to invest in energy-efficient lighting solutions to minimise the long-term electric costs of this decision.

Colour

The right colour elements bring out the best in your limited office space. Pick a colour combination that instils life in your space. Bright colours, such as yellow, orange and red, can foster creativity and happiness. While you are at it, you should also look for furniture and office art that complements the colour scheme of the office.

Keep Your Sales Staff Motivated with These 3 Tips

Motivated sales team ready to workDemanding is a good word to sum up the retail industry. It requires a lot from every individual in every post, sales teams especially. For this reason, it is rather easy for your salespeople to lose motivation and to slow down in closing sales, particularly when the busy holiday season kicks in. If you’re reading this, you’re likely stuck wondering what you can do to prevent this. Fortunately, you’ve come to the right place.

Packed shop floors and long lines at the cashier may be hectic, but with the right motivation, you can keep your team on top of their game. Here are three useful tips for that:

Develop Their Skills

Don’t let them simply learn on the job. While a hands-on approach helps, know that every person learns differently. Some might be better off following an online retail training program, while others may respond better to video tutorials. Handouts of tips may also help as well as the occasional seminar or workshop to keep their skills sharpened.

Give Credit Where It’s Due

The problem with some retail businesses is that they do not recognize the achievements of their own staff. Promote a warm and welcoming team culture and give praise wherever it is due. If someone closes a huge deal, be sure to reward them for it. Positive reinforcement goes a long way in making sure your staff are in top shape.

Improve the Atmosphere

If your management style seems authoritarian, it might be time to change gears. The demeanor of your staff members is reflective of the work environment they are in. If the overall atmosphere is positive, so will be their attitude and outlook towards what they do. Help them be proud of what they do and they would feel more productive and more fulfilled.

Retail may be one tough beast, but you can tame it if you have the right team assisting you. Keep your staff driven and they will help you achieve your goals.

Taking Your Business Further Means Making Sacrifices

Group of businessmen and businesswomen on a mettingIt’s not enough to have a steady stream of contracts and customers. Stagnation is a dangerous thing to happen to a business, especially because customers get bored easily. You will need to find ways to improve, or even expand, your operations.

Worried that things could get a little expensive? Here are some ways to handle the cost:

Get a Title Loan

Sandy’s residents are all about quality service and modernity. If you’re lagging behind in these, you’ll have to say goodbye to your customers as they move on to better options. To keep that from happening, Utah Money Center recommends considering a title loan to fund your business renovations. It’s an accessible loan if the title of the property is under your name, and you can easily get it back once the loan has been paid in full.

Use Your Property’s Equity

Another way to use your property to your advantage is by using its equity. You can get a home equity loan and set up a line of credit to pay for any improvements in your business, or you can also choose to get the loan in a lump sum to pay contractors and buy the needed materials. The good thing about this loan is you can apply for one even if you are not done paying for the property yet. However, note that the amount of equity you have depends on the amount you have already paid.

Consider Refinancing

Improving the property is not a one-time task. It’s something you have to do constantly, so you should always have some funds for it. Refinancing means you may cut down the monthly payments for your mortgage, which leaves you some financial wiggle room. You can use the money you cut back from your mortgage to pay for future business improvements.

Your business can’t survive if you’re not doing something to improve it in all aspects. Be ready to spend to earn more.

 

After Brexit: London’s Future in Finance

Finance recruitment employee preparing for the future of financePreparing, planning, and weighing. These are the words used by London’s largest banks to describe the moving of jobs to the EU. London, even two months after the triggering of Article 50, and as the world‘s top financial centre, seems hard to leave behind in spite of how “hard” a Brexit it might be.

We will only see accurate numbers once the proper negotiations with the EU take shape.

Still top of the league

The UK’s nationality-blind regulatory system and independent court system are the key factors that have made London the financial centre of choice for the world’s biggest firms. And these key factors will not likely change.

The latest Global Financial Centres Index published in April noted that even in these “interesting times” namely Brexit and the US election, London and New York remain the top financial centres in the world. The closest rivals in the EU are far off: Luxembourg ranked at 18, Frankfurt at 23, and Paris ranked at 29.

While these cities are luring the big banks over, London’s finance recruitment firms and agencies are continuing to place new hires.

Fintech boost

London also has enormous potential to be the world’s Fintech capital. Despite Brexit, local firms like Barclays and others have been fuelling the progress. From May 2017, Barclays is developing Europe’s largest Fintech co-working space in London, which will hire more than 2,000 people over the next three years.

With the right infrastructure, Governor Mark Carney of the Bank of England is convinced Fintech could assist in encouraging growth and increase stability for the UK.

2 percent loss

The UK’s financial services employ 2.2 million people. And even if London‘s largest global banks do move about 9,000 jobs as planned, it will only account for 2 percent of the City’s finance jobs. These planned moves will happen over the period of two years.

There will also be options for Britons looking to work in the EU, with some British firms looking to open subsidiaries in the continent to stay close to their EU clients.

Things are taking time to take shape, but one thing is certain: trillions of global trade in Euros still takes place in London.

Project Management Mistakes You Didn’t Know You Were Making

Project Managers Project managers function the same way as the CEO, only, they’re mainly responsible for ensuring their team delivers the project on time, and in the right manner. They need to constantly check on team members, remind stakeholders of their designations and deliverables, and manage roadblocks and crises. They must also know how to maximize available resources as well as use the right tools, such as cloud-based program management solutions. This way they can make sure that everything is in place for the next phase of their project and formulate a clear report.

Project managers play a critical role in company operations, and their plates are likely always full. For this same reason, they may not always be able to handle everything, no matter how experienced and skilled they are. If you are a project manager, be careful not to get caught in the following pitfalls:

  1. Letting communication take a backseat

Effective and constant communication lets you ensure that every member of your team is on the same page. To make the project go off without a hitch, you need to establish clear communication channels. Doing so will help prevent confusion, conflicts, and mistakes – it also lets you check if the team has any suggestions or feedback on how to better execute the project.

  1.  Skimping on project planning

With strict deadlines to meet, project managers might be tempted to skimp on project planning. This is not a good idea, however, as little to no minimal planning makes execution extremely difficult. In fact, according to author and motivational public speaker Brian Tracy, every minute spent on planning saves managers 10 minutes in execution.

Many professionals agree that the key to the success of a project lies in choosing the right project manager. On top of having the right people to work on the project, however, it also pays to communicate with the team, prepare a solid project management plan, and take advantage of an effective project management tool. Doing so can help you and the team execute tasks smoothly and within schedule.

 

The Significance of Entrepreneurial Mentorship Programs

Women mentoring her employeeIt takes the effort of a community for a startup to succeed. A business involves more than just its sellers and buyers. As a corporate individual or an entrepreneur, you will find yourself in a situation where you do not know what to do and yet you have to make a decision. Without savvy guides to walk with you every step of the way, you might make mistakes that could derail your business.

Why You Need to Join a Business Mentoring Program

Business mentoring programs enable all parties in business to acquire critical skills that are crucial to catapult the business to success.

Entrepreneur Simplified explains that there are various services provided to entrepreneurs to improve their business and investment related skills. All you need to do is sign up for a program of your choice. Some of the services you can apply for include:

  • Business retreats
  • Entrepreneurial classes and programs
  • Business management classes and programs
  • Employee mentorship program

All Aspects of Business Management

By signing up for business mentoring programs, you get yourself a chance to learn about all facets of occupational management. These include business plans, finance and capital, marketing and sales, business operations management, startup strategies, human resource management, and entrepreneurial skills.

Importance of Business Mentorship Programs

Business mentorship programs offer expert-level advice and mentorship. Besides serving you (the employer), they offer mentorship services to your employees as well. A mentored employee will be empowered and motivated, will be able to form stronger bonds with colleagues, and will show increased productivity. Other benefits you get include:

  • Increased self-confidence
  • Improved interpersonal skills
  • Improved networking
  • Better understanding of the company’s unspoken rules and organizational culture
  • Improved leadership skills
  • Empowered and rejuvenated employee

If you want to scale the heights of success in your business, you need the input of experts with the right experience. Business mentoring programs are indeed designed to impact you with knowledge and skills to help you build your company.