4 Effective Ways to Cut the Costs of Running an Online Business

Many people nowadays decide to break the pattern of the usual company-bound jobs and start a business online. Running an online business can have great benefits for an individual in both a personal and a professional sense. Having an online business is a lot cheaper than starting an enterprise in general.

However, it is not free of charge. Sometimes people make mistakes at the very beginning that are difficult to resolve over time, for instance over-estimating profits or overlooking expenses. That is why you should try to run your business as effectively as possible and be knowledgeable of the ways to help you cut down your costs and make your business really flourish, and we are here to provide you with some.

  1. Lower your office costs.

If you decide to run an online business – there are usually two possible ways to do it. The first one is working from home, and the second one (if it is a business of a larger scale in question) is working in an office. If you are doing your job from the commodity of your own home, you will save significant amounts of money on utilities, insurance and taxes.

If your business, on the other hand, demands having some employees rather than working by yourself, you will most probably need to rent a space and those might be the biggest expenses you will encounter.

In that case, always look for the lowest lease prices in the least expensive neighborhoods, and have in mind that an attractive location doesn’t play a big role for you. Be practical and efficient instead of opting for an enchanting space in a pricey area.

  1. Decrease the advertising costs

Numerous studies have shown that small businesses usually spend 5% of their total revenue for advertising purposes. The figures can be even higher for those who are just starting out and need to think about conquering the market. That’s a whole lot if you have just started and still can’t guarantee how high your profits will be.

Luckily, you don’t have to spend a fortune on advertising as there are many other ways to make it work by simply making a Facebook page, tweeting about your business, creating an email newsletter, or employing cold calling techniques and asking for referrals.

  1. Go for cloud computing

For most online businesses, especially for startups, cloud computing is the most effective way to cut down capital costs as well as IT service related expenses. Cloud computing eliminates the requirement to buy and/or maintain expensive servers and decreases the cost of software updates.

Using the cloud enables you to have all-time access to all of the latest business application versions and gives you an opportunity to boost your bandwidth. If you decide on implementing this system, your provider will handle your data recovery issues and thus you won’t need to pay an expensive IT technician to do that.

  1. Learn how to prioritise

As a businessperson, you probably have a lot on your shoulders. That is why you can’t afford to lose any of your valuable time. The best way to achieve that is to make the best of your time by directing your activities and prioritizing.

It all comes down to good time management. If you set your goals straight and track your daily activities (and the ones of your employees, as well), this will streamline your work greatly and reduce stress, which will enable you to focus more on what really matters – making profit.

 
To conclude, running an online business opens doors to many great opportunities but inevitably brings a lot of risks, too. However, if you follow these steps and  your time and money right, you will reap the benefits in no time!

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Industrial Changes and Interim Work: Temporary Professionals Arе Mоrе Important Thаn Evеr in Thе Modern Economy

Industrial Changes and Interim WorkI usually write a lot about interim and contractor workforce and the need to start hiring top short-term talent for growth even in well-funded growing startups, but why do I feel so passionate about it? Many blogs outline reasons for hiring contract resource but today I attempt to break it down as simply as possible. Temporary workers аrе becoming аn important part оf mаnу struggling businesses employment pool. Wіth thе increasing economy, companies аrе nоw finding ways whеrе thеу саn continue аnd trу tо save оr reduce thе expenses. Onе wау іѕ bу gоіng аhеаd аnd recruiting оn contracts. Temporary staffing іѕ а process whеrе organisations hire temporary professionals based оn thе requirements, fоr а раrtісulаr time period. Mаnу employers don’t feel thеу hаvе thе funds tо tаkе оn mоrе full-time staff but ѕtіll nееd work tо gеt done.

Thіѕ mode оf employment іѕ cost effective аѕ thіѕ way, уоu simply hire іf іt іѕ required, increase productivity аnd save а lot. However, whеn уоu аrе hiring а temporary professional, уоu hаvе tо mаkе ѕurе thаt а proper assessment аnd screening іѕ dоnе оf thе individual оr people whо соuld bе working fоr you. Yоu саn find thе bеѕt іn thе field tо work fоr уоu fоr а сеrtаіn amount оf time depending оn thе duration thаt уоur project wіll run. Thе ѕеvеrаl ways thаt temporary professionals gеt tо contribute tо thе economy саnnоt bе оvеr looked. So, іf уоu аrе а business owner аnd hаvе а project thаt nееdѕ thе touch оf professionals, thеn уоu nееd tо соnѕіdеr hiring temporary professionals.

Talent

Sоmе оf thе benefits оf hiring thеm includes, but not exclusive to:

Flexibility — This form оf employment helps tо fill thіѕ gap аѕ wеll аѕ gеt thе work dоnе оn time. It іѕ аlѕо helpful аѕ people whо work оn contract basis аrе wіllіng tо tаkе uр work fоr а specific time whеn іt іѕ needed.

Cost effectiveness — This type оf work helps а company tо cut costs аѕ thеу аrе hiring people оnlу fоr а сеrtаіn period оf time аѕ wеll аѕ оnlу whеn іt іѕ required. It wіll hеlр thе company tо reduce оthеr expenses thаt аrе incurred whеn thеу hire people tо work fоr thеm continuously. Additionally, іt saves thе company frоm thе time аnd energy thаt gоеѕ іntо training nеw employees fоr thе job.

Receiving thе bеѕt — Whenever уоu hire people оn а contract basis, thеrе аrе mаnу expert’s whо wоuld rаthеr act аѕ freelancers оr аѕ contract employees. Whеn а requirement соmеѕ in, уоu саn bе сеrtаіn thаt аѕ а company уоu wіll gеt thе bеѕt іn thе market tо dо thе job аnd add tо thе pride оf quality work.

Save оn liabilities — We hаvе ѕееn companies closing due tо thе fact thаt thеу hаvе gоnе bankrupt аnd hаvе cut dоwn thе amount оf people employed іn thеіr company due tо vаrіоuѕ reasons lіkе process shutting dоwn оr finishing etc. In thеѕе cases, іt bесоmеѕ а liability fоr thаt company bесаuѕе thеу ѕtіll nееd tо pay еvеn whеn thеrе isn’t аnу work left, hiring people оn contracts helps thе company tо save оn thіѕ aspect оf а company.

If you are an interim/contract professional, join us free for more than 20k+ mid-senior level jobs sourced daily. For organisations big or small, if contract hiring and management is a headache best outsourced, get in touchget in touch. As we have the perfect digital solution to save your businesses huge costs and empower you with direct access to data and talent.

About the Author:

Bhumika Zhaveri’s expertise lies in business strategy, change, human resources and talent management. Her experience is built over years in varied sectors where she has worked within Recruitment, Resourcing and HR. Now as Founder & CEO of InteriMarket a hybrid SaaS platform and an online marketplace for Interim Talent and In-House Recruitment & HR Teams. She is a firm believer of success through people, change and culture!


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Reasons Why You Need to Start Hiring Interims as a Savvy Business!

Reasons Why You Need to Start Hiring Interims as a Savvy Business!

Four reasons small businesses should consider interim and contract worker

Four reasons small businesses should consider interim and contract workers

Gone are the days when interim and contract work was done by low-skilled employees and restricted to the realms of admin and support in a company. Interim workers today are highly skilled and function across career fields, playing a key role in sustaining businesses and the economy. Interims can fill short-term skills gaps while saving employers money – a big reason why small businesses ought to be considering them as part of their growth plans. In this article, we discuss the benefits hiring temporary workers provides.

Cost savings

One of the biggest advantages of interim employees is the positive impact they have on the company budget. Because they are hired to fill a short-term need, they can be paid for a fixed amount of work. They do not require long-term contracts, nor do they need benefits like healthcare, pension funds, paid leave and other extras. This means that they can be given a good wage, while keeping expenditure lean. Cost savings in this area can help companies to expand and reach the point where they are able to create permanent positions for the same or different employees.

Risk reduction

Small businesses and start-ups face big risks while they are getting off the ground. This includes financial risks, as well as staffing issues. It is advisable for businesses to keep their operations as small and as streamlined as possible initially, keeping the number of full-time employees and overheads to a minimum. They can build the team as they establish themselves.

Hiring interim workers is an intelligent solution; they can be brought in to support a small core staff component. At the same time, the employer does not have to worry about being locked into a cumbersome contract with someone who may turn out to be an imperfect fit for the job – and a cost to the company.

Need fulfillment

Many small businesses have seasonal bursts of productivity where they need a few extra hands on deck to assist. They may also have permanent staff going on parental or sick leave. These are ideal situations for interim workers. They can be hired to meet demand for the duration of the big project or leave, and be let go (as per agreement) when it comes to an end. Their need for income and work is met, as is the company’s short-term skills gap.

Flexibility

Relying on interim employees gives small businesses a great deal of flexibility, while providing access to top talent. Many experienced workers have been retrenched, are in between jobs, or have chosen to do temporary work for lifestyle reasons. They can contribute to a small business on terms that are accommodating of both their own and the employer’s needs.

If the interim employees make such a good impression that the business decides they would like to offer them a full-time position, this is always an option. Many interim and contract workers transition to permanent employees in this way. The initial contract can serve as an excellent way of testing the waters for both parties.

InteriMarket connects interim job seekers with the posts best suited to them by using intelligent data. To find out more, sign up for a free account today.


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HR Outsourcing May Steady the Path to Success

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For years, HR outsourcing (HRO) has begrudgingly worn a label of dedication to small businesses. Yes, there are incredible merits for small businesses within this stereotype, however the advantages of an outsourced Human Resources department show benefits for organizations of all sizes.

Recent statistics have pulled back the curtains to reveal increased reliance on HROs for business-related tasks. A global Deloitte study found that more than 35 percent of respondents already measure the value of their HRO, with another 32% planning increases in Human Resources over the next year.

And while some attribute Human Resource outsourcing to small business ventures, the industry is exploding. Outsourcing firms are expected to generate $53.9 billion in business by 2020.

The figures are clear, but for business owners thinking of making the shift, the advantages must offer total compliance satisfaction in order for the investment to pay dividends. If leaders can trust an outsourcing firm to manage daily tasks, long-term strategic goals can take center stage to focus on the business’s long term growth and needs.

So why are more organizations outsourcing the functions of HR, and is it truly achieving the goals it sets to satisfy?

HROs Reduce Company Risk

Over the past decade, workplace case complexity has increased almost across the board. Especially for startups and small businesses, the resources exhausted throughout workplace investigations quickly become overwhelming. HR professionals, likewise, are not experts in all fields of law and sometimes untrained to handle complex caseloads.

A HRO mitigates these risks by remaining up-to-date on all local, state, and federal regulations the organization must comply with. Likewise, they have the benefit of conducting unbiased, thorough, and timely investigations that reach clear conclusions and move the organization beyond the situation.

Although HR is not directly a profit center for businesses, it does minimize risk, create better efficiencies, and save money from being lost or spent unnecessarily. So even though HR might not be bringing in revenue, it can directly help with keeping more profit for the company.

Because minor oversights can cause costly delay, or worse, litigation, it is important for organizations to trust their workplace investigations with HR professionals who are experts in the field of risk mitigation and fair procedures.

HROs Meet Compliance Standards

A must for organizations of all sizes, compliance standards have the nasty habit of constant updates and overhauls, delays and reversals. It is imperative that businesses keep up-to-date with all standards expected within their industry and state–which can become overwhelming for an HR team already overloaded with important tasks.

But compliance means more than regulatory satisfaction. HR compliance is an umbrella term that may include things like cultural obligations, the ACA, licenses, collective bargaining, separation, and a slew of other considerations.

And organizations aren’t just worried about keeping up, they’re also tasked with recognizing any variances between their own policies and applicable laws.

Typically, the HRO chosen immediately focuses on compliance standards and potential issues, reducing risk and assuring satisfaction. Their goal is to provide a strategy that replaces any potentially damaging policies and reviews your policy regularly in line with updates to law.

Without this burden, organizations are freed from surrendering in-house time and resources to keeping up with regularly changing laws and reviewing their policies.

HROs Prove Financially Beneficial

Especially for smaller businesses (it’s a hard-to-shake label), a HRO is simply more cost-effective than hiring a full-time, in-house HR professional.

For companies of all sizes, there are smaller benefits that HR outsourcing brings with it. More office space without an HR team allows the organization to grow in workforce without concern for office overpopulation. In fact, a recent Deloitte study found that of those surveyed, a healthy 47 percent chose to outsource based on its solution to capacity issues.

Efficiency and productivity are influenced by office design, and outsourcing HR satisfies the conditions for a more efficient, productive workspace.

HROs Provide More Affordable Group Rates

Healthcare affordability is a top concern for employees. Not only that, but those who receive affordable health care coverage through their employer are more likely to find satisfaction in the job. Prudential Financial Inc found that 46% of employers were either outsourcing or looking to outsource the requirements of the ACA.

Because HROs work with many companies, they can take advantage of reduced bulk pricing. For small and large businesses, this provides quality coverage for employees at lower costs.

The advantages of an HRO for group rates extends beyond the coverage employees receive. Because of the ever-changing ACA requirements, with sweeping changes on the way, administrative costs are cut sifting through constant updates.

For organizations with an HR team, outsourcing health care oversight to an HRO minimizes the burden on HR while preventing easily-made mistakes.

HROs Strengthen Recruiting Methods

As companies turn to more strategic, aggressive recruiting methods, outsourcing this HR function has become more widely popular. Organizations are “becoming increasingly inventive to attract and retain valuable candidates”, Byrne Mulrooney told SHRM earlier in 2016.

Because many HR teams are unequipped to attract top talent in a way larger organizations can, the task is being outsourced to companies specializing in the field, like Mulrooney’s. When combined with bolstered benefits, appeal to organizations outsourcing these functions is elevated on a budget.

Choosing one or more HR function to outsource is smart organizational planning. Freeing up resources and time to focus on the growth of the company allows leaders to plan for long-term growth and goals. As the industry continues to grow, it will undoubtedly change the roles of internal HR teams, aligning them with more strategic functions over day-to-day tasks.


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