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Ways for Business Owners to Unlock Revenue with Property

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Running a successful business means constantly searching for ways to increase your income and reduce your outgoing expenses. However, even if you frequently cut costs by leveraging deals with suppliers and boost your income by endlessly collecting new leads and prospects, you may find that you’re still struggling to maintain a strong revenue stream. Fortunately, there are ways to strengthen your financial health that don’t necessarily involve laying off crucial team members or expanding your service and product portfolio. If you own your own property for retail, sales, or warehousing purposes, you could potentially transform that real estate into another way of making money. Here’s what you need to know.

Investing in the Right Property

The first step in making sure you can get the best return from your property investment is ensuring you purchase the right real estate in the first place. Choosing the right location for your business, as well as a property that serves the right use and goals, can significantly increase your earning potential. You might even find your business property becomes a source of generational wealth for your family members in the years to come. Before you purchase any new office space, warehouse, or distribution centre, it’s important to ensure you run the numbers carefully to ensure you’re going to get a high return. There are various guides available online which can walk you through the process of calculating your ROI and ensuring you can access a high level of profitability from each purchase.

Turning Property into Revenue

Once you have the right property in your portfolio, the next step is figuring out how you’re going to take advantage of it. You can consider buying offices and renting them out to other professionals in your field if you want to use real estate as a tool for generational wealth building. Alternatively, you can simply take advantage of the space you already have for your company, by looking for new ways to use the space you own. There are ways to access additional revenue from commercial and business properties.

Leasing Out Unused Space

As more businesses transition into the age of remote and hybrid work, many are discovering they no longer need all the space they have available to them in their real estate. If this is the case for you, it might be worth looking for opportunities to rent out the space you’re no longer using. You can consider giving remote and desking professionals a great space to work, by renting out a portion of your office. Alternatively, you might rent out specific parts of your property, such as your board and conferencing rooms, or your parking spaces. You could even consider renting out your space for events, photoshoots, and other business opportunities. Many companies without their own large meeting spaces look for spaces to rent for large business events.

Partner with Other Companies

If you’re a small business owner with commercial space you no longer need, then it might be a good idea to consider partnering with other companies to help them fulfil their real estate requirements. If you have several large rooms in your building, you could organise your team into one selection of rooms and allow another company to use the other half of your space. When partnering with other companies, you can ask them to pay a portion of the rent for the space they use. You may also be able to charge for additional services, like access to parking spaces, technical support, of even the option to use your video conferencing hardware for meetings. When partnering with another company, make sure you’re not joining forces with a competitor, as they could use their proximity to your company to end up poaching some of your clients.

Promote and Advertise Other Businesses

Finally, if your business environment has free wall space, you could consider renting out that space to people who want to promote their businesses. Once again, it’s a good idea to make sure you’re not partnering with competing companies in this strategy, as it could draw attention away from your company and make it harder to access new clients. Additionally, you’ll need to ensure you’re not connecting yourself to any businesses who directly oppose your company’s value or vision, as this could end up damaging your brand. However, if you’re careful about how you use your advertising space, you could find it turns into an excellent source of additional, passive income for your company.

5 Technology Trends Every Business Owner Should Be Aware Of

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Today, it seems as though technology is advancing at an accelerated — and often somewhat alarming — rate. From the imminent emergence of driverless cars to the almost ubiquitous prevalence of smart assistants, tech is seeping into our lives in a way we can barely avoid or escape.

In the business world, too, technology is having more and more influence than ever over operations, from the way we communicate to the tools that can help us rattle through our to-do lists. Of these technological innovations, however, which will have the biggest impact in the coming years? Which tech-based trends should every business owner be aware of right now?

In this post, we’ll explore 5 important technology trends that no business owner should overlook. Let’s get to it.

Large Language Models

By now, you’ve likely heard the fuss surrounding ChatGPT — the advanced language model introduced by the organisation OpenAI — with many business owners split between excitement at the tool’s impressive capabilities and fear at how quickly it might threaten to replace human jobs. Will ChatGPT (and many copycat tools such as the hastily-released Google Bard) render content writers redundant, for example, or remove the need for computer programmers?

Employing a deep learning technique called “transformer architecture” which allows them to parse massive amounts of data to provide answers to prompts or questions, language models like ChatGPT might threaten some jobs eventually, but for now their limitations must be understood: their responses are not always 100% accurate, they can lean on bias, and they’re as yet incapable of genuine creativity.

That said, there are use cases for large language models in business, as long as you’re not relying on them exclusively. For example, they can aid research, help with content creation, speed up idea generation, and write and debug computer code.

Serverless Computing

While there’s really no such thing as a completely serverless computing model (at least not yet), cloud computing enables businesses to build and run applications, storage systems, and databases without having to maintain the underlying infrastructure. As of 2022, 94% of businesses used cloud-based services in some shape or form, with at least half the world’s data expected to be stored in the cloud by 2025 (that’s 100 zettabytes, equivalent to 100 billion terabytes).

Through a network of interconnected virtual servers, ‘serverless’ computing can now be used for everything from hosting websites and applications — SaaS-based apps can be hosted on the cloud using Cloudways SaaS hosting solutions, for example — to file storage, data backup, software development, disaster recovery, and even social networking — Meta, for instance (the company formerly known as Facebook), combines its existing on-premises infrastructure with cloud services from Amazon Web Services (AWS), the world’s foremost cloud provider.

Hyperautomation

For many businesses, a continuing challenge is streamlining processes in order to maximise efficiency, reduce costs, and eliminate the time spent on time-consuming and resource-intensive tasks. Of course, automation has been addressing these concerns for some time now — streamlining operations management, HR processes, customer services, inventory planning, analytics, and more besides — but the next level of automation (known as ‘hyperautomation’) will enhance these capabilities further.

Hyperautomation combines a number of AI-based functions to enable companies to rapidly identify, vet, and automate as many business and IT processes as possible. These functions include robotic process automation (RPA) (allowing bots to take on complex yet repetitive tasks), machine learning (which allows a computer program to recognise patterns in data and make accurate predictions), and optical character recognition (OCR), which enables a machine to translate an image into text.

Data Visualisation

Research shows that the majority of humans are visual learners, meaning we find it easier to absorb and process information that’s presented to us using images rather than words or numbers. This highlights the growing importance of data visualisation: essentially, the process of presenting a set (or multiple sets) of data in a visual format. Whether it’s conveying financial information to company employees or communicating the results of a study to the general public, data visualisation can help boost engagement and buy-in from stakeholders.

A good example of data visualisation in action in our everyday lives is Wrapped, a popular feature of the music streaming giant Spotify. The platform analyses a year’s worth of data about your music listening habits — from your favourite genres to your most ‘active’ hours of the day — and presents it to you, the user, in a personalised and highly engaging visual format. It may seem a superficial use of the technology, but there are few better examples of just how effective data visualisation can be.

Biometrics

In an age where data security is an ongoing (and ever-increasing) concern — particularly when you consider how many devices, programs, and networks we’re accessing every day, in business and in our personal lives — there’s an increasing need for ensuring safe and secure access. And while techniques such as multi-factor authentication (MFA) — available through an access management solution such as OneLogin — can help to prevent unauthorised access, biometrics takes this a step further.

In essence, biometrics uses unique biological markers to identify and authenticate an individual attempting to access a device or a program. Machines can be taught to recognise facial features, fingerprints, and even voices, all of which are unique to the individual and impossible for a malicious ‘actor’ to replicate. For example, the NatWest mobile banking app employs facial recognition to ensure that only the account holder can access their account information and manage their finances using the app.

If you’re a business owner that strives to stay abreast of emerging technologies and developments in the business world, you should at least have a fairly solid understanding of these five tech-based trends, which will continue to have a significant influence on day-to-day business operations. From advanced chatbots to passwordless access management, these technologies will be increasingly key to business growth in the coming years.

How To Keep Your Employees Healthy And Happy

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As a business owner, you want your employees to be healthy and happy. After all, they are the ones who help keep your business running smoothly. Here are some tips on how to keep your employees healthy and happy.

Get Them Insured

Making sure all your workers can get the medical aid they need at all times will drastically elevate their satisfaction and sense of safety. Companies are often buying group insurance for employees as these policies include better coverage and are more affordable than individual ones. This way, getting them insured becomes a breeze and the process itself isn’t complicated at all.

Insuring your employees is of utmost importance since it offers them peace of mind and coverage from health-related risks, such as illness or injury. This contributes to making their working experience more comfortable and getting them back to work quickly if something does happen. It also helps to keep them healthy and happy, knowing that their health and well-being are taken care of. Investing in getting your employees insured is a great way to show them you value their contributions and want to provide secure coverage regardless of what might come up.

Keep The Offices Clean

You must keep your workplace clean and organised in order to keep your employees healthy and happy. Keeping the offices clean helps to reduce the spread of germs and encourages a positive working environment.

It is important to maintain a regular cleaning routine in all areas of the office. This includes keeping surfaces clear from dust, wiping spills quickly, and disposing of rubbish properly. Vacuuming carpets and keeping mats clean will also help to reduce the risk of slips and falls.

In addition to regular cleaning, you should use appropriate cleaning chemicals and tools. The use of disinfectants can kill germs on surfaces and helps to keep everyone in the office healthy. Steam cleaners are another great tool for keeping carpets clean and free from odours.

Declutter

Clutter causes stress and tripping hazards around the workplace that can lead to an unhealthy and unhappy work environment. Decluttering is an easy way to create a healthier and safer office for employees. It’s important to declutter regularly so the workspace stays organised and stress-free.

Decluttering helps ensure that employee workspaces are free of unnecessary objects, which allows them to focus on their tasks. It also helps declutter the mind, reducing stress and improving morale. Start by creating a decluttering plan that outlines which items should be removed from the workspace and where they should go.

Encourage Breaks

Breaks are a must-have in the workplace, both from a legal and health perspective. Regular breaks offer a much-needed respite from the demands of everyday work life. Taking regular breaks improves employee productivity and creativity as well as overall well-being. Encouraging employees to take breaks also helps create a positive working environment that is conducive to job satisfaction and long-term success.

For example, encouraging employees to take regular lunch breaks can boost morale and help prevent burnout. Allowing for a few short breaks throughout the day (e.g., 10 minutes away from their desks) also helps keep employees fresh and focused on their tasks.

Moreover, encouraging employees to take exercise breaks gives them an opportunity to get some physical activity while on the job. This can help reduce stress and improve physical health, reducing the risk of long-term ailments associated with sedentary lifestyles.

Provide Healthy Snacks

You should also give your employees snacks that will keep them healthy, awake, and in a good mood. These could be the following:

  • Fruits and vegetables
  • Nut-based bars or dried fruits
  • Herbal teas
  • Protein bars
  • Dark chocolate

It’s important to remember that providing snacks is not the only way to keep your employees happy and healthy. Take the time to listen to their concerns, provide them with a safe work environment, and create opportunities for meaningful work. Doing so will not only make your employees happier but also more productive. Providing snacks is just one way to show your appreciation for them.

Showcase Appreciation

Make sure your workers know that you value and appreciate them. A simple “thank you,” a card or an award can go a long way in showcasing your appreciation for their hard work. As well as showing your appreciation, providing recognition helps employees feel valued, respected and appreciated.

Keep in mind that showcasing appreciation doesn’t have to be a big gesture. Small tokens of appreciation such as gift cards, bonuses, or certificates of appreciation can really make a difference in how your employees feel.

A healthy and happy work environment is a productive and efficient one so make sure you buy an insurance policy for your workers. Keep the offices clean and decluttered and encourage them to take breaks during the day. Finally, give them healthy snacks and always show how much you appreciate what they’re doing for you!

Encouraging Feedback from Your Employees: A How-To Guide

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As a business, it is imperative that you do everything you can to ensure that you are running as efficiently as possible. Oftentimes, the processes and the day-to-day operations are put in place by the business owners or managers who actually do not have to experience working with them first-hand. This is precisely why employee feedback is instrumental to streamlining business practices to ensure that they are as effective as possible in order to maximise productivity. However, getting feedback from employees can be difficult. This is why we have put together the following guide: let’s take a look.

Establishing the Right Company Culture

To start with, you need to work on establishing a culture within your business whereby feedback is welcomed and valued. This might mean that you need to work on overhauling your current company culture and doing your bit to encourage communication in the workplace. Think about how you can encourage a dialogue to form. It might be worth looking into a software platform for live polls like Vevox to help to gather your employee’s opinions and suggestions quickly and easily.

Demonstrate a Willingness to Act on Feedback

If you want to encourage your employees to provide you with feedback, you need to show them that the feedback matters to you by acting on it where necessary and possible. If you don’t place any importance on the feedback provided to you and rectifying the issues that are bothering your employees, then, of course, they are going to be reluctant to come to you. Even if you cannot act on their feedback for whatever reason, you need to make sure that they feel heard and valued.

Communicate Appropriately & Effectively

Giving feedback to your employees is obviously a necessary business practice. However, there is a right way and a wrong way to do this. As a general rule, you should always provide negative feedback or criticism in private; to do so in public would potentially be humiliating for the employee. On the other hand, giving praise in public is always appreciated. It is about finding the most appropriate avenues that you can use to provide your staff with feedback. In order to ensure that feedback remains fair and impartial, try to focus on the job as opposed to the individual person.

Establish the Right Lines of Communication

Communication needs to be a two-way street; you need to be willing to make an effort to put yourself in their shoes. It can be incredibly tempting to find yourself getting defensive when on the receiving end of feedback. However, making an effort to understand their perspective can help you to understand the feedback that they have given you. As a manager or business owner, it is imperative that you try your best to be understanding.

Final Thoughts

There are several benefits to encouraging feedback from your employees. It can help to improve communication in the workplace overall as well as allow you to get a better understanding of your employees and address any issues in their infancy. Working on creating an environment where two-way communication and continual feedback are a priority can do wonders for your business. Be sure to consider the tips above when trying to work out whether your business is working as efficiently as possible.

Methods to Organise Your Firm for Peak Productivity

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Are you looking for ways to organise your law firm for peak productivity? If so, you’re in luck! This blog post will discuss some tips that will help you get your office in order. Having an organised workplace is essential for any business owner.

It will make your life easier, but it will also make your employees more productive.

Whether you are just a start-up or spend your nights exploring PlayAmo mobile app, read on to learn how to get your company organised!

Schedule

Creating a daily schedule is one approach to keeping your business running smoothly. This will assist you in knowing what needs to be done each day and help you stay on track. It’s also important to have an area set aside for each employee in the office. Keep the workplace tidy by using a filing system. Electronic or physical? It doesn’t matter, as long as it’s neat and consistent. This will help your workers focus on their tasks and avoid distractions.

If you want to go paperless, there are a number of methods to do so. You can utilise a digital filing system, which will save both time and space. If you have a tiny business or frequently travel, this is an excellent choice. There are several software programs accessible that provide this service; therefore, comparison shop and choose the one that best meets your demands.

Communication

Another crucial component of the business is communication. You should have a method in place for communicating with your staff promptly. This might include using a chat software like Slack or establishing scheduled meetings. Good communication will ensure that everyone is on the same page, making it simpler to address issues.

Examples of corporate communication software:

  • Zoom
  • Slack
  • Google Hangouts
  • Skype for Business
  • Microsoft Teams

Great Team Atmosphere

When you have a great team atmosphere, it helps to keep everyone motivated. This can be achieved by ensuring that the office is comfortable and providing incentives for employees. You might also want to consider having regular team-building activities. These events will assist in fostering relationships between co-workers and help to build morale.

Tools

In order to work effectively, it’s important to have the right tools in place. This might include things like a project management software or time tracking app. By using these tools, you’ll be able to get more done in less time.

Management Team

When it comes to having your own firm running smoothly, a management team is absolutely necessary, depending on your company’s size. You’ll need someone to take care of the day-to-day duties. This team should include people that are efficient and have past experience running a firm.

Legal Issues

It’s critical for a legal business to have procedures in place for dealing with legal matters. Having contract management software, staying up to date on the newest changes in the law, and so on are all examples of this. You’ll be able to give your clients the best possible service if you keep track of these things.

Customer Service

Make sure to check on the latest news on the lead generation market as no business can survive without a customer. No matter how good your product or services are, if you don’t have customers, you won’t have a business.

It’s also important to consider marketing when running your business. To acquire new customers, you must first gather leads. There are many ways to accomplish this, such as online marketing, networking, and so on. Make sure you have a strategy in place so that you can bring in new clients on a regular basis.

In the end, these are some ideas for organising your corporate practice so that you may be more productive. You’ll create a more efficient workplace and enhance communication among staff by following these recommendations. Set up a meeting with your employees right now to discuss how you can put these improvements into action in the office. You’ll notice an increase in productivity soon!