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I HATE Spending Money: How to Spend Less and Save More – ReadWrite

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11 months ago

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Free Your Money: Strategies for Keeping Your Money In The Best Place Possible - ReadWrite


In the words of Maya Angelou, “Hate, it has caused a lot of problems in this world, but has not solved one yet.”

While it’s normal to occasionally have hateful feelings, holding on to this feeling for too long can be unhealthy to the mind and body. Because of this, there aren’t too many things that I would say that I detest.

However, there are couple of things that really gets my blood boiling. For example, people throwing trash out their car window. When it was sheperd’s pie day at school — which is odd since it’s pretty much ground meat and mashed potatoes. And, whenever the Gin Blossoms, the 90’s band behind tracks like “Hey Jealously, comes on the radio.

But, above all, I HATE frivolous spending. It’s not that I’m a cheap. It’s just that wasting my hard earned money prevents me from accomplishing important goals, like building an emergency fund, going on vacation, or establishing a nest egg.

Thankfully, you can use the following strategies to spend less, save more, and release those toxic hateful feelings.

1. Find your beliefs.

“It starts with asking yourself a series of questions that go deeper and deeper to discover the true meaning of why you are overspending your money,” says Alex Craig of HaveaRichMarriage.com.

“The technique that works is the Five-Fold Why, which is asking yourself, ‘Why?’ until you have discovered the deeper meaning,” he adds.

If you would like to put the technique into action, pick an area of spending that you feel guilty about or would like to cut back on, he suggests. If you’re stuck, this is often an area where you overspend.

If you aren’t sure whether you overspend in an area, Alex recommends that you do some research to find out if you’re overspending. “Otherwise, you may want to consider if you need to spend $600 per month on restaurants,” he says.

Once you have located the area, ask yourself, “Why?” several times until you uncover the reason why you are spending.

To illustrate, Alex discovered that he was overspending on clothes in the following ways;

  • “Why am I spending so much on clothes when I have plenty in my closet?”
  • “Because I want to look good.”
  • “Why do I want to look good?”
  • “Because I like when people tell me I look nice.”

For Alex, this helped him make progress. “I can see that it is no longer about spending money on clothes, but spending money because I want people to compliment me.”

By learning the real reason for spending, we can start taking action against it.

2. Record your expenses.

If you want to save money and spend responsibly, you must understand your cash flow. That’s non-negotiable.

But, what exactly does this entail? At the very least, you should keep track of your monthly net income, your monthly expenses, and your savings at the end of the month. From there, you will calculate your expenses, subtract them from your income, and see what is left.

It’s crucial to keep track of every expense, no matter how small. For example, the other night I was craving some tacos, so I stopped by my local taco shop. Even though I only spent $10, if I didn’t keep track of that, it could throw off my budget.

In short, make a habit of recording every penny spent to calculate your weekly expenses. Then, you can observe what you can improve.

I know that this is a lot of work upfront. The good news? There are more than expense tracker apps and tools to make this a little less taxing. Some examples include Mint, You Need a Budget, Goodbudget, Expensify, and Unsplurge.

3. Enact a spending freeze.

“Pick a length of time: a week, a month, six months—where you don’t buy any products or services you don’t absolutely need. This spending freeze helps you save money faster,” advises Rachel Ellen over at You Need a Budget. “Then give this spending sacrifice a ‘why’ (maybe you want to have enough money for Christmas flights home or to build an emergency fund).”

Now that you know why you spend, you may be able to pause on those impulsive purchases. Moreover, there’s a finish line in sight — don’t forget to mark it on your calendar. Deferring all those one-time purchases in order to achieve your financial goal will make it seem more feasible, she adds.

Another priceless tip from Rachel? Add these no-spend days to your calendar.

“You can do this a number of ways: maybe you pick every Tuesday to be a zero spend day,” she suggests. “Or maybe you make it a game with your partner and the first one to log five zero-spend days in a month gets $20 in extra fun money (because guaranteed you’re going to save more than $20 if you do five zero-spend days every month).”

Ultimately, your checking account will appreciate it.

4. Create physical barriers between you and your spending.

Have you ever tried to run errands only to be sidetracked by a road block? Maybe a tree had falled down following a storm or there’s scheduled road work? Those types of road blocks are a literal barrier between you and your plans.

While, the same idea applies to saving and spending.

For example, whenever you leave the house, only bring cash with you so that won’t overspend. You could place your credit cards in your freezer, put an actual freeze on your account, or remove your stored info from online stores.

You can also automate your savings so that you deduct a portion of your paycheck to a savings account before you have the chance to spend it. Another trick. Purchase a CD for important and large expenses like taxes. For instance, if your property taxes are due in 6-months, invest in a 6-month CD so that you won’t touch this money — you’ll also earn interest as well.

5. Adopt the “What I Need Lifestyle.”

It can be tricky to tell the difference between wants and needs. A general rule of thumb is that if there’s something that’s essential to your survival, then it’s a need. However, if you wish to acquire something for your enjoyment or enjoyment of it, that is a want.

It is, therefore, crucial to adopt a what I need lifestyle in order to achieve the ‘save more, spend less’ goal.

To differentiate between the two, grab a piece of paper and list wants and needs in two columns. You can then place items you want to purchase in the two columns whenever you feel like it. With practice, you’ll find out whether or not you should spend your hard-earned money on specific items.

6. Put visual reminders of your financial goals.

Considering a big purchase, like a vacation, car down payment, or paying off your credit card debt? “Place a visual reminder in places you look at a lot,” suggests Patty Lamberti over at Money Under 30.

Make your mobile phone’s background photo resemble a picture of the next ideal vacation destination you plan on visiting is one her recommendations. Or, wrap your debit card in a picture of the next ideal vacation destination you would like to visit.

Are you an excessive online shopper? If you want to wipe out all of your credit card debt, change your computer screen background to a big fat zero, she adds.

“This helps take the emotional excitement out of buying and makes it a deliberative, cognitive process,” Ryan T. Howell, Ph.D, an Associate Professor in the Psychology Department at San Francisco State University and co-founder of Beyond the Purchase, told Patty.

7. Have a solid keystone habit.

“There are certain habits that make things way easier, these habits are more important than others, these habits are called keystone habits,” explains financial planner Owen Winkelmolen. “Keystone habits create a foundation from which you can make even bigger and more positive changes. Mastering the right keystone habit can transform your life.”

In addition to building a solid foundation, keystone habits will enable you to make even more positive changes in your life, he adds. Moreover, once keystone habits are established, they are much easier to maintain.

According to Owen, these are the 4-most important keystone habits in personal finance;

  1. Budgeting. As you assess your needs/wants and plan your spending, budgeting is an important keystone habit. Once you’ve mastered budgeting, you’ll suddenly be able to make more balanced, values-driven decisions.
  2. Tracking your spending. The habit of tracking your spending provides clarity and peace of mind. Good habits are reinforced, while bad spending habits are revealed.
  3. Paying yourself first. You should save 10 to 20% of your net income at the very least (paying off debt counts as saving as long as you’re not adding more each month). If you save 10-20% of your income, you will be able to meet your other financial goals. If you don’t save regularly, it’s difficult to become financially stable, says Owen.
  4. Investing. A well-designed investment plan and regular review of it will help you maximize your investments. It can can help you stay the course during a bear market and prevent you from getting sucked into the irrational exuberance of a bull market, Owen concludes.

8. Don’t be a follower.

Over the holidays several of my friends got smart watches. I know that they’ve been around for years. But, I’m not gonna lie. I got a little peanut butter and jelly about all the awesome features.

Suffice to say, I was tempted to get myself a shiny, new smartwatch. But, after some internal deliberation, I decided it’s just not worth it. Of course, this could change if I fall into a surplus of money. But, right now, it’s not a necessity.

While it’s no easy feat, stop following trends, unsubscribe from temping email newsletter, and don’t try to keep up with the Joneses. Just focus on what your financial priorities are and neglect the rest.

But, what if you can’t resist the temptation? Be patient.

While the exact time frame varies, this could be anywhere from 24-hours to 30-days, give yourself some time between your impulse purchase and the moment you make the purchase. You may realize that it’s not worth spending the money after letting it marinate for a bit.

In the meantime, if you need a dopamine-boost, brainstorm alternatives. For example, the other day it was a stunning 65-day degree day outside. So, I took a break from work and took my dog for a leisurely walk. Not only was this rewarding and put me in a better mood, it distracted me from making any spontaneous purchases.

9. The 3 R’s.

Do you remember the three Rs? If not, they are reduce, reuse, and recycle. There are a few basic rules that we can follow to limit the amount of waste we produce. But, we can also apply them to saving and spending.

  1. Reduce. One idea is to purchase more durable items as opposed to junk that we constantly have to replace. Not only is this easy on your wallet, it’s good for the environment as well.
  2. Reuse. Instead of throwing away old or damaged items, try to repurpose them. For example, if you have old jars, you can use them to store change, screws, or for pickling food items like jalepano peppers.
  3. Recycle. There’s more to recycling than placing cardboard and plastic in a blune bin. You can take scrap metal or cans to a scrapyard and make a couple of bucks. Do you have old ink cartridges or car batteries? You might be able to return these items to stores in exchange for credit or gift cards.

10. Pay down your debt.

In order to save more, you first have to eliminate your debt as much as possible. In the case of a debt consolidation,transferring your credit card with a 17% interest rate to one with an introductory 0% APR can be quite beneficial. And, talk to your lenders to find the best deal for you.

By keeping the debt value at zero, you can balance your credit score. Also, paying your bills on time will qualify you for loans and other benefits if you are a good customer. Alternatively, you can repay your debt and start afresh by taking out a personal loan with a low interest rate.

Frequently Asked Questions About Spending Less and Saving More

1. When should I start saving money?

The short answer? ASAP.

No matter how much you put away, it’s a good idea to set money aside now instead of putting it off. To get started with saving, build an emergency fund. When an emergency happens, you’ll have the money to cover the expense without putting it on your credit card.

2. How much money should I have saved?

Ideally, as much as you can spare.

As a starting point, and if you can, save at least 10% of your income. As a rule of thumb, this translates into saving at least three months’ worth of expenses in an emergency fund.

Budgeting and tracking your spending are the best strategies for saving money. You shouldn’t stress over your first month’s budget when you’re just starting out. Even though your past purchases may seem overwhelming, looking at them will help you identify areas for saving.

3. Where should I save my money?

Well, that depends. But, you typically want to consider the following factors;

  • Interest rate. The interest rate or investment return of certain accounts may be higher than those of others. They may also differ depending on the broker or bank. I personally use Chime as they offer a higher interest rate than most.
  • Withdrawal access. In some accounts – such as CDs and retirement accounts – the owner of the account pays a penalty fee if the money is withdrawn before a certain date. If you think you’ll need your liquid cash within the next few months, you’ll want to make sure your choice of account caters to that need.
  • What is the length of your goal? Calculate how much you will need to save to reach your financial goals. Investing, rather then saving, may be the better option if it will take several years.

4. Is there such a thing as good debt?

Absolutely.

Basically, debt is a sum of money that is owed. A good money management strategy balances saving and borrowing. Having said that, you shouldn’t avoid borrowing at all costs.

If you owe money, but can comfortably make payments and do not borrow more than you can afford, that is good debt. Borrowing beyond your means can lead to bad debt, where you cannot make payments on time or fall behind. In turn, this can affect your credit score.

5. What does investing mean?

The act of investing involves putting money into a venture, such as a company, a commodity, or even real estate, so that it can grow. With a retirement account, investing is the easiest way to get started, but there are many investment options. And, despite the myth, it’s not as expensive as people think to start investing.

[ Read: Ways to get Free Money]

 

This article was originally published here.

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Eco-Friendly Fleet Maintenance Trends and Strategies

Published

11 hours ago

on

03/29/2023

By

Deanna Ritchie


As the world becomes increasingly aware of the impact of climate change, many businesses are seeking ways to mitigate their carbon footprint and embrace more sustainable practices. In the transportation industry, fleet maintenance is a key area where businesses can make significant strides in reducing their environmental impact.

The Big Issues With Today’s Fleet Maintenance

There are several environmental issues associated with today’s fleet maintenance practices. Here are some of the biggest:

Greenhouse Gas Emissions

Fleet vehicles are a significant source of greenhouse gas emissions, contributing to climate change. The emissions from fuel combustion and the use of heavy-duty vehicles can have negative impacts on air quality, water quality, and human health.

Hazardous Waste Disposal

Many fleet maintenance activities generate hazardous waste, such as used oil, solvents, and other chemicals. If not disposed of properly, these can contaminate soil and water, posing a risk to human health and the environment.

Resource Consumption

Fleet maintenance requires significant resources, including energy, water, and raw materials. The extraction and processing of these resources can have negative impacts on the environment, including habitat destruction, deforestation, and water pollution.

Noise Pollution

Fleet maintenance activities can be noisy, especially in urban areas. This can have negative impacts on wildlife and human health, contributing to stress and hearing damage.

Land Use and Habitat Destruction

The construction and maintenance of fleet facilities, such as maintenance yards and parking lots, can require significant amounts of land. This can lead to habitat destruction and loss of biodiversity.

Overall, fleet maintenance has significant environmental impacts, and addressing these issues will require a comprehensive approach that includes the adoption of sustainable practices, the use of alternative fuels and technologies, and the implementation of environmentally responsible waste management practices.

7 Eco-Friendly Fleet Maintenance Tips

Aligning a company’s fleet maintenance approach with larger green initiatives and eco-friendly mission statements has never been more practical. Here are several helpful tips and strategies to get you started:

1. Switch to Alternative Fuels

One of the most effective ways to make fleet maintenance more eco-friendly is to switch to alternative fuels. Traditional gasoline and diesel-powered vehicles produce a significant amount of greenhouse gas emissions. Alternative fuels, like electricity, biofuels, and even hydrogen, produce fewer emissions and can help reduce a company’s carbon footprint.

Electric vehicles (EVs) are becoming increasingly popular as a sustainable transportation option. EVs produce zero emissions and are typically much cheaper to maintain than traditional vehicles. Hydrogen fuel cell vehicles are also an option, producing only water as a byproduct. Biofuels, which are made from renewable sources like corn and soybeans, can also be used in some vehicles.

2. Use Sustainable Products and Materials

In addition to alternative fuels, businesses can also make fleet maintenance more eco-friendly by using sustainable products and materials. Here are some examples:

Biodegradable cleaning products: Traditional cleaning products can contain chemicals that can be harmful to the environment. Biodegradable cleaning products are a more sustainable alternative as they are made from natural, non-toxic ingredients that break down quickly and safely.

Recycled materials: Using recycled materials, such as oil and tires, can help reduce waste and conserve natural resources. Recycled oil can be re-refined and used again, while recycled tires can be turned into rubberized asphalt, which can be used to pave roads.

Eco-friendly lubricants and fluids: Using eco-friendly lubricants and fluids, such as biodegradable hydraulic fluids and biodegradable grease, can help reduce pollution and protect the environment.

Sustainable packaging: When purchasing products and materials for your fleet maintenance, look for sustainable packaging options, such as products that are shipped in recyclable or biodegradable packaging.

By using sustainable products and materials in fleet maintenance, you can help reduce your environmental footprint and promote sustainability.

3. Conduct Regular Preventive Maintenance

Fleet maintenance software can be a powerful tool for managing preventive maintenance as part of a green fleet management strategy. Here are some steps to help you use fleet maintenance software to perform preventative maintenance:

Set up a preventative maintenance schedule: The first step is to set up a maintenance schedule in your fleet maintenance software. This schedule should include regular maintenance tasks such as oil changes, tire rotations, and other routine maintenance tasks that will help keep your vehicles running efficiently and reduce emissions.

Track vehicle usage: Your fleet maintenance software should be able to track vehicle usage, including mileage, hours of operation, and other relevant data. This information can help you schedule maintenance tasks based on actual use rather than just time intervals, which can help reduce unnecessary maintenance and waste.

Use eco-friendly parts and materials: When performing preventive maintenance, make sure to use eco-friendly parts and materials whenever possible. This can include using recycled oil, eco-friendly tires, and other environmentally friendly products.

Monitor fuel consumption: Your fleet maintenance software should also be able to track fuel consumption for each vehicle in your fleet. By monitoring fuel consumption, you can identify inefficiencies and make adjustments to improve fuel economy, which can help reduce emissions.

Analyze data and adjust your strategy: Finally, use the data collected by your fleet maintenance software to analyze your fleet’s performance and adjust your strategy as needed. For example, if certain vehicles are consistently underperforming or require more frequent maintenance, consider replacing them with more fuel-efficient models.

The good news is that implementing fleet management software into your company’s strategy isn’t nearly as challenging or intensive as you might think. Thanks to artificial intelligence and machine learning, the upfront setup is much faster and more efficient than you may realize. This allows you to get up and running quickly.

4. Implement More Efficient Routing

Efficient routing is another strategy for making fleet maintenance more sustainable. By optimizing routes, businesses can reduce the amount of fuel their vehicles consume and the emissions they produce. This not only helps the environment but can also save the company money on fuel costs.

GPS and fleet management software can help companies optimize their routes and reduce fuel consumption. These tools can provide real-time data on traffic patterns, road closures, and weather conditions, allowing businesses to make informed decisions about their routes.

5. Promote Better Driver Education

Another important aspect of eco-friendly fleet maintenance is promoting driver education. Drivers who are trained in eco-friendly driving techniques can help reduce fuel consumption and emissions. This includes techniques such as reducing idling time, avoiding sudden accelerations and braking, and maintaining a steady speed.

In addition to driver education, businesses can also encourage their drivers to adopt sustainable habits, such as carpooling and using public transportation when possible. This not only reduces the company’s carbon footprint but can also save employees money on commuting costs.

6. Use Telematics Technology

Telematics technology refers to the use of wireless communication systems and GPS technology to transmit data from vehicles to a remote location. This technology allows businesses to track and monitor the performance of their fleet vehicles, including fuel consumption, emissions, speed, and location.

By collecting this data, telematics technology can help businesses optimize their fleet operations to make them more energy-efficient and green. Here are some of the ways that telematics technology can be used to improve fleet sustainability:

Route Optimization: Telematics systems can provide real-time traffic updates, road closures, and weather conditions to help businesses optimize their vehicle routes. By choosing the most efficient route, fleet managers can reduce fuel consumption and emissions while ensuring on-time deliveries.

Fuel Efficiency Monitoring: Telematics technology can track fuel consumption in real-time, giving fleet managers insights into how their vehicles are performing. By identifying patterns of inefficient driving or idling, businesses can take steps to reduce fuel consumption and emissions.

Maintenance Alerts: Telematics technology can also alert businesses when a vehicle is due for maintenance or repairs. By staying on top of maintenance, businesses can ensure that their vehicles are running at peak efficiency.

Driver Behavior Monitoring: Telematics technology can monitor driver behavior, including acceleration, braking, and speed. By identifying patterns of inefficient driving, businesses can provide coaching and training to drivers to help them improve their driving habits.

7. Reduce Vehicle Weight

Reducing the weight of fleet vehicles can also make maintenance more eco-friendly. The heavier a vehicle is, the more fuel it requires to move, which means it will produce more emissions. By reducing the weight of their vehicles, companies can reduce the amount of fuel they consume and the emissions they produce.

This can be achieved by removing unnecessary equipment and cargo from the vehicles, as well as using lightweight materials for vehicle maintenance. For example, aluminum wheels and carbon fiber parts can be used to reduce the weight of the vehicle.

Turn Your Fleet Green

Implementing eco-friendly fleet maintenance practices not only benefits the environment. It can also help businesses save money in the long run. By reducing fuel consumption and emissions, companies can lower their operating costs and improve their reputation as a sustainable business.

Use the tips highlighted above to reorient the way your business approaches fleet maintenance in 2023 and beyond.

Image Credit: by Lê Minh; Pexels; Thanks!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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5 Essential Benefits of Choosing an Efficient ERP System

Published

17 hours ago

on

03/29/2023

By

Kiara Miller


The corporate world is changing at a fast pace, and advanced technologies such as ERP system is at the epicenter of the ongoing digital revolution. Businesses are more dependent on technological tools and enterprise software than ever before. In fact, these tools and software are enabling businesses to drive greater success by enhancing business processes. Are you ensuring that you have the right software and tools to help your business advance swiftly?

There is a plethora of software and solutions to choose from, and each of them comes with its own merits. But what is making a real difference is the integration of Enterprise Resource Planning (ERP) systems that can streamline processes across various verticals in an enterprise.

The use of ERP systems defines a new trend altogether in the modern workplace.

Gone are the days when only multinational companies subscribed to ERP solutions for managing processes at the entire enterprise level. Nowadays even small businesses are bridging ERP systems onboard to facilitate business advancement. To validate, as per statistics, the global market size for ERP software is expected to reach USD 96.7 billion by 2024. Finances Online further explains that more than 52 percent of organizations are highly satisfied with the decision of integrating ERP systems.

Probing further, vertical ERP, small business ERP, generalist ERP, and Open Source ERP is among the most common types of ERP software that businesses are integrating. Moreover, it is also notable that most organizations are showing a keen interest in Cloud-Based SasS ERP systems, given the edge they have over traditional ERP.

All in all, the integration of ERP systems has become one of the most sought-after change management activities in the corporate world. The question is, what are the advantages of ERP software that businesses are subscribing to ERP solutions? Let us find out in this blog.

Key benefits of ERP Systems for businesses

1. Massive optimization of productivity

The ultimate objective of every enterprise is to drive the highest productivity across every vertical. However, when your employees work on recurring and repetitive tasks, not only their individual productivity takes a hit, but the efficiency of the entire organization takes a setback. This explains why businesses increasingly spend on automation tools to streamline repetitive tasks like invoicing. Even marketing automation is one of the thriving corporate trends.

All in all, the greater the automation in an enterprise the higher will be the productivity. Having said that, this is where we must look at one of the greatest benefits of integrating ERP systems. To substantiate, ERP systems come with incredible and reliable automation capabilities that can help your organization achieve its business objectives at a greater pace.

Moreover, with AI integrations as per the latest developments, the automation capabilities of ERP systems are much higher than ever before. To substantiate, as per Netsuite, employers are now happily investing in advanced ERP solutions that come with intelligent AI or machine learning capabilities.

Needless to say, artificial intelligence is the way forward for enterprises, and the blend of ERP and AI is worth embracing. This combination will certainly give your business an unparalleled competitive advantage.

2. Real-time analytics

Having timely access to analytics that can help you constantly enhance processes is nothing short of having a competitive advantage. In fact, everything in the modern enterprise world revolves around analytics. From analytics on customer engagement to analytics on inventory management gaps, you need analytics at almost every step.

This is where ERP comes up with another great feature that you should definitely not ignore. An efficient ERP system can generate real-time quantitative analytics that can lead to better planning, execution, and monitoring. Besides, the best part is that with an ERP, you can create data analytics capabilities in your businesses without even having to hire a dedicated team for data analytics.

Moreover, real-time analytics will also ensure that there is a smoother workflow management and will also aid in effective collaboration between teams. Especially if your project teams work remotely, it is essential that there is real-time sharing of data analytics for project success. ERP does not only automate data generation but also data reporting in a presentable and lucid form. However, in the ultimate sense, the positive impact of ERP is subject to the efficiency of your change management process.

3. Greater cost-efficiency in operations

Irrespective of whether you are a budding startup or an established business, operational costs will always be a top concern for you. The correlation is quite simple, the lower the operational costs the higher will be the profitability. Now, the question is, can ERP help you in bringing down operational costs? Well, the answer is a big yes and it is time you acknowledge that.

To validate, as per Datix, ERP solutions can help organizations reduce operational costs by 23 percent. This clearly indicates that you can save a major chunk of operational costs by investing in the best-in-class ERP solution. The sooner you bring ERP onboard, the greater the savings.

4. Magnification of data security

It is a well-known fact that the contemporary corporate world has a massive dependence on big data. Every business process in the modern corporate world has data engineering and analytics at the forefront of things. Data security has become a top concern, especially when cyber-attacks and data breaches are more advanced than ever before.

One of the most compelling reasons why your business needs ERP is the set of advanced data security features. When an ERP is integrated into business processes, you can set controls for accessibility to confidential data. To explain, you can control who can access sensitive information and who cannot.

Otherwise, in the absence of an ERP system, you will have to spend fortunes on cyber security and data security solutions. ERP gives you multidimensional benefits of optimized business processes along with credible data security measures.

5. Enhanced flexibility

Does your organization have a traditional on-site working style or a hybrid working style? Are you planning to move your employees to permanent work from home? ERP gives you great flexibility irrespective of your organization’s working style. Simply put, ERP can be easily integrated even in remote working cultures or hybrid cultures and will also help you to avoid employee burnout (seodiggerz dotcom “help employees avoid burnout). You can implement an ERP system with great ease and put it to work from the word go.

Besides, ERP systems also offer great flexibility in terms of future scalability. If your business is expanding and you want to add more users in the future, ERP systems offer the room to do so. Room to expand has to be the most important feature you should be looking for when you choose an ERP system. Not every ERP system may come with an effective scope of future scalability. Still, you will find a lot of ERP systems that do offer scalability features and you must choose from them.

Conclusion

ERP systems are changing the way businesses approach their operations and key objectives. Besides, ERP is much more than a planning resource and offers immense value in terms of optimizing business processes.

Integrating ERP for your business can be a real game changer.  The sooner you subscribe to it, the more advantageous it will prove to be for your business. Make sure you choose an ERP software that is best suited for your enterprise.

Featured Image Credit: Photo by Erik Mclean; Pexels; Thank you!

Kiara Miller

“Doing what you love is the cornerstone of having abundance in your life.” Wayne Dyer’s thoughts are well suited to Kiara Miller.
Miller has been working as a content marketing professional at “The Speakingnerd.” Her passion for writing is also visible in the innovative joys of material she provides to her readers.

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Choosing A Bank For Your Startup: Here’s Some Things To Consider

Published

23 hours ago

on

03/29/2023

By

ValueWalk


As a newly established startup, there are some key elements that your business requires to ensure your short and long-term success. A well-detailed business plan, a launch plan, early funding, and the right talent and equity from founders are all among the basic ingredients that can help get a startup off the ground.

Aside from the basics, finding the right bank, and pairing it with the right bank account is a consideration many startup entrepreneurs and small business owners often overlook during the initial induction phase of their company.

Following the collapse of California-based bank, Silicon Valley Bank (SVB), in early March 2023, startups and organizations that were caught in the middle of the catastrophe showed many other entrepreneurs and new business owners the importance of partnering with the right financial institution.

Although the fall of SVB has sent shockwaves across the economy and banking sector, for many small startups it’s crucial to find the right bank that offers them a range of tailor-made products and services. Banks that equip businesses with the right tools and resources, other than financial support and backing, can help small startups leverage financial capital to build towards a long-term goal.

While the broader economy is still battling with stubbornly high inflation and soaring interest rates, startup owners will need to consider some key aspects when choosing a bank for their business going forward.

Industry Authority

When it comes to finding the right bank for your business, size matters, and in this case, the authority a bank has within the financial system.

Many large banks often provide capital resources for specific businesses depending on their industries. In some instances, more established banks will often have a range of products and services that cater to a wide variety of businesses, regardless of whether they are early biotech startups or small-scale eCommerce businesses.

Although smaller community banks may be centered around the direct market, focussing on providing businesses in the area with the right capital and resources, it’s often riskier to place long-term bets on these institutions, especially if you’re considering expanding in the coming months or years.

Look for banks that have a longstanding track record of operations, and have provided customers with the right services to get their business going.

Location. Location. Location

Another thing to consider is the location of the bank. If you reside in a rural part of the country and have limited access to bank branches and ATMs, you might want to consider partnering with a bank that’s widely available in your area.

Although a lot of today’s banking is done online, for small startups and businesses it’s a safer option to choose a bank that they can directly find in their area in case of any disputes or discrepancies.

Different Products And Services

As already mentioned, not all banks will offer the same type of services to their clients. Some providers will have a range of businesses-related products, with less focus on individual banking solutions.

Then some banks may offer attractive business loans at low-interest rates, but product selection may be somewhat limited. The easiest way to approach this is to list a few services you may require for your business and to match this with a bank that can provide you with the right solutions at affordable pricing.

Fees And Costs

Another thing that comes to mind when choosing a bank is how much you will end up paying in fees and additional bank account charges. There are no standardized or base-level fees for opening bank accounts, and prices will differ across the board.

In some cases, banks will have pricing structures that are designed to cater to small businesses and new startups. Typically these services and products have more affordable fees, less additional costs, and come with a limited selection of banking services.

Digital Features

With so much of the banking and financial ecosystem relying on digital infrastructure, it’s important to think about how these digital features will enhance your business, its performance, and forward-going growth.

For startups, it’s always better to side with a bank that provides them with native digital tools such as a banking platform for online transactions, and other digital integrations. These services not only make it a lot easier for startups and small businesses to communicate with institutions, but it also gives them direct and on-demand access to the tools they require in their day-to-day operations.

Interest Rates

Navigating ongoing interest rate hikes has been a challenge for many new startups and businesses, especially for those that have taken out loans during the early months of the pandemic when interest rates were near zero percent.

Now that the so-called free-cash era is over, it’s difficult to find a financial institution that can provide businesses and individuals with interest rates that can help them grow their savings.

Online banks often provide more attractive interest rates, but these should be approached with caution, especially for new and young businesses. Shop around, and see which bank can offer you the best possible interest-rate deal. Not only will this help you find the most applicable bank, but it’s also a way to weigh out different options.

Customer Support

Customer service is another aspect worth considering. Some banks don’t have brick-and-mortar stores and purely rely on digital communication such as instant messaging, chatbots, and artificial intelligence (AI).

If you’re comfortable with using these tools to resolve any problems or issues before being put in contact with a human agent, consider your options carefully.

You’ll want to make sure that you have access to the best customer service agents to help you resolve any disputes or answer any queries. On top of this, some banks may provide around-the-clock service, while others may limit these operations to designated business hours.

Check Your Credit

A low credit score may often mean you have access to a limited range of products and services. On the other hand, the opposite is true for those individuals that have a higher credit score.

Larger banks will often want to partner with business owners and their companies that have a stronger line of credit. Other smaller community-orientated banks may be more lenient towards locals that have lower credit scores.

Your credit score will impact which loans you can apply for and what interest rate is offered to you. It’s often advised for startup entrepreneurs and small business owners to check the credit requirements of their banks and to see whether or not they qualify for the necessary services they require.

Final Thoughts

Finding the right bank for your startup at a time when household names are falling apart can leave any business owner and startup entrepreneur feeling uneasy. Having a few options is always better, and making sure that you partner with the right people that will help your business grow while fostering a longstanding relationship is crucial for any young startup.

Consider the needs of the business, and how the services and products these banks offer can match them. It’s best to shop around at first, to widen your options and to see what is available.

The more information you have, and know what you want for your startup, the easier it will be to find a bank that checks all the boxes and delivers financial services specifically tailored for your new business.

Published First on ValueWalk. Read Here.

Featured Image Credit: Photo by Tima Miroshnichenko; Pexels; Thank you!

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