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6 Money Management Tips to Aid Your Startup Success [Infographic]

6 Money Management Tips to Aid Your Startup Success [Infographic]
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A discussion on Quora revealed that there are 4 million entrepreneurs worldwide. In the US alone, there are 11.5 million entrepreneurs and approximately 2.6million venture backed startups. Moreover, the percentage of successful startups is significantly lower than that of unsuccessful ones. With these numbers in mind, we can assume just how important of a role money management plays in a world of “break-even” and “ROI” KPIs.

In order to aid young entrepreneurs and startup founders, here are 6 money management tips that might save the day.

1. Money Comes With Patience So Don’t Rush It

Before the grand launch, make sure you have a clear business plan and enough funds to cover both your immediate, longterm and unexpected expenses. Your safety net should cover the first three years and by the second year, stop relying 100% on external funding.

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Carefully separate company needs from personal desires. You may want your entire team to have the latest technology access and gadgets, but think twice before creating your paradise. Do you really need it? Can you still perform over 90% with more affordable options? If the answer is Yes, you know what you have to do.

2. Do What’s Best For Your Business, Not For You

Choose your business partners and employees or contractors with care. Pay attention if you don’t want to pay later for the lack of it. Don’t build your startup involving various services just because the people that offer them are your friends. At the end of the day, business is business.

As the infographic below by Mirador Wealth suggests, research before investing especially before going big. The most dangerous enemy is yourself: often, entrepreneurs push themselves into a “make it or break it” world, without realizing you can actually achieve success with baby steps. Empires were not built in a day. Most likely, it took years, decades or even centuries.

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Personal advice: “Don’t throw the nets into an ocean unless you are absolutely convinced it will bring you more fish.”

3. Don’t Let Competition Distract You

Just because your competitors are “older” on the market and can afford over spending, does not mean you have to follow in their footsteps. You may find that creativity gets you out of tight spots and a small, yet smart strategy can be more fruitful. As seen on Forbes. Be smart and engage your consumers wittily.

4. Constantly Keep An Eye On Expenses And Profits

Take into account what your monthly costs are, as well as any changes that can occur. If you don’t have a financial expert, pick up the pen, separate your fixed and variable costs, draw the line and monitor them closely. This alone will help you understand your monthly and quarterly profit, and provide a clear view on growth. The secret recipe is a good accountant + good bookkeeper + open minded business owner.

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5. Establish Clear Goals

Start with clear goals, as this Inc.com article suggests. Quarterly and yearly goals can do the trick should your startup be a new player on the market. A clear understanding of required resources and realistic deadlines must be taken into account. Important: stay away from these two extreme behaviors:

  1. Setting low goals and thinking you’re exceptional when you’re simply average.
  2. Setting goals almost impossible to achieve and blaming failure on others.

Communicate and consult with your partners and employees (or contractors) and be open to suggestions. A brainstorming session could make the difference in your pockets at the end of your third quarter, for e.g.

6. Re-evaluate Throughout the Whole Year

Any small business in its first five years of survival could benefit from this tip. For e.g., should your goal be generating a minimum of USD 5000 profit per month in a collapsing market, then it makes no sense to keep investing. Relax, re-evaluate your position and your odds and adjust your strategy to the “business flow”. Being inflexible might cost much more in the long run.

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Wrapping It Up

While we all tend to “listen, nod and then do whatever we want”, the best piece of advice that you can follow is to be realistic in terms of investments. Set achievable goals, keep a close eye on the bigger picture and be flexible. Last but not least, as a friend of mine often says: “Be an epic doer!”.

money management tips

    source: Mirador Wealth

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    Featured photo credit: Sean MacEntee via flickr.com

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    Published on July 27, 2021

    15 Smart Video Conferencing Etiquette Tips to Follow

    15 Smart Video Conferencing Etiquette Tips to Follow
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    During the pandemic, video conferencing replaced in-person meetings and has now become the standard option for business meetings. Over the past 17 months, most workers have gotten past the video conferencing learning curve with Zoom or Microsoft Teams (or their platform of choice).

    But just as with in-person meetings, attention can wax and wane. Some say we’re just not used to staring at ourselves so much on the screen. Instead of fixating on that, try employing smart video conferencing etiquette, or you may risk indiscretions that will flag you as a slacker.

    Put the Pro in Professional

    After more than a year of fine-tuning, here are the new rules of video conferencing etiquette.

    1. Mute Your Mobile and Other Devices

    The first video conference etiquette you need to know is muting your other devices. Just as in the pre-COVID days, someone’s obnoxious ring tone blaring Taylor Swift’s newest single in the middle of a meeting is also an annoyance if it happens during a Zoom meeting and so is the inevitable fumbling to turn off the sound. Even the apologies to the group get tiresome.

    Also, when notifications are activated on the computer that you’re using for the meeting, the incoming message takes over the audio and you’ll miss out on snippets of the conversation. Be sure to eliminate this possible faux pas.

    2. Dress the Part

    While working from home, you may have fallen into the habit of slipping on your comfiest T-shirt each day. Hey, no judgments! But before you log on to your video conference, try to make an effort with your appearance.

    Depending on your company culture and the importance of your meeting, consider dressing the part of the professional whom you wish to project. It will help you feel more self-assured, and others will likely take you more seriously.

    For women, wear light make-up, put on earrings, and make sure your blouse is crisply pressed. For men, show up freshly shaved. Wearing a crisp collared shirt in a solid color will usually suffice.

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    Pro Tip: Stay away from wearing white or black, unless those colors look great on you. Consider wearing light blue or brown instead.

    3. Stage Your Workspace

    Have you noticed the backdrops of experts interviewed on news shows? Bookshelves and photographs are carefully curated, and no busy-patterned furniture or artwork is in sight.

    Take note of what appears behind you when you choose the location of your video conferences. Piles of junk mail on the table or stacks of folded laundry on the couch will convey more about your personal life than you care to share. Make sure you remove clutter from the camera’s eye, and present a tidy, orderly workspace to your colleagues, coworkers, and bosses.

    4. Put Some Thought Into Lighting and Perspective

    Be aware that in a video conference, your computer camera can actually make you look up to ten pounds heavier depending on where you sit. But you can easily drop those added pounds by moving back from the screen to diminish the wide-angle distortion.

    Frame your head on the screen by tilting the screen up or down. Also, it’s best to not place yourself in front of a window or bright light, which makes you appear in shadow. Instead, face the light source, moving it (or yourself) until you have a flattering amount of illumination. You can also purchase some small spotlights that allow you to add light as needed.

    Pro Tip: If your lights add too much redness to your skin, consider counter-balancing with a green filter.

    Remember That Half of Life Is Showing Up

    5. Arrive on Time

    In the old days of in-person meetings, it was nearly impossible to slip in late into a meeting unnoticed. In today’s video conferences, logging in late still shows poor form. Instead, strive to arrive five minutes early and get yourself settled.

    Once the meeting is underway, the host may be less attentive about late arrivals waiting to be let in. Diverting the host’s attention away from the meeting with a tardy entry request is the ultimate giveaway that you didn’t honor the schedule. If you don’t want a black mark against you, log in on time.

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    6. Turn on Your Video

    Few people like to see their face on the screen, but buck up and turn on your camera in video conferences. In most cases, it’s better to be a face on a screen than a name in a blank square. Your statements will be more memorable when other meeting attendees can see you.

    If you need to turn off the video, either because of a poor connection, some commotion in the room, or a need for a quick break, give a short explanation via the chat feature. Then, go back on video as soon as you’re able.

    Pro Tip: Keep your explanation for your departure pithy. “Sorry! Doorbell rang. Back in five” says it all. Be sure to honor what you say in chat and really do return in five minutes.

    7. Plan Ahead Before Sharing Your Screen

    Don’t be one of those people who makes everyone else wait as you click through folders in search of a document. That’s just poor video conferencing etiquette. If you know you’ll need to share a document or video on your screen, prepare by pulling it out of its folder and onto your desktop. Also, clean up the files and folders on your desktop to reduce clutter and facilitate easy access. Close other programs like chat, calendar notifications, and email. Disable pop-up notifications to ensure there’ll be no unforeseen distractions.

    Be sure to remind the host before the meeting that you’ll need them to activate the screen-sharing function. Show courtesy once you’re finished by hitting “stop share” to return to the screen with participants.

    Attend to the Pesky Details

    8. Make Sure That Meetings Remain Right-Sized

    With the easy accessibility of video conferencing, it can be tempting to extend the meeting invitation beyond the core group and include everyone peripherally involved in a project. But just as with in-person meetings, the more people involved, the more unwieldy the meeting becomes.

    Use good judgment when asking others to sit through a video conference so that you don’t needlessly take up others’ time and so that participants can be fully engaged.

    9. Remember to “Unmute” Before You Speak

    Most of us are likely able to count on one hand the number of video conferences when someone didn’t have to be reminded, “You’re on mute!” Forgetting to unmute before speaking has become one of the most common missteps in video conferencing.[1]

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    Show everyone your impeccable video-conferencing poise by managing your mute feature with flawless control.

    10. Stay on Point to Keep the Meeting Length in Check

    As with in-person meetings, an agenda with assigned time limits for discussions remains necessary to keep a meeting focused. Data shows, however, that video conferencing can actually reduce meeting time.[2] Reasons include the elimination of commuting time and the ability to screen share and annotate to keep everyone on task.

    Additionally, side conversations are virtually impossible with video conferencing now that you can no longer have back-and-forth exchanges with the person beside you.

    Pro Tip: If you’re running the meeting, let attendees know in advance the protocol for the chat feature. Is it okay for them to “chat among themselves” or not? (See point 11, as well.)

    Talking Has a Time and a Place

    11. Chat Appropriately

    Just like side conversations or texting in an in-person meeting, the use of the chat feature during a video conference can be disrespectful unless it’s directed to all participants. Hence, it’s good video conferencing etiquette to mind your use of the chat.

    At the start of the meeting, you may want to ask the host if it’s alright for participants to use the chat feature. This allows them to disable it if they choose. Used appropriately, it can be a helpful tool to clarify or amplify an earlier point once the conversation has moved on or to let the group know that you need to sign off early (and why).

    12. Use the “Raise Hand” Feature to Avoid Interruptions

    The slight lag in many video conferences can result in speaking over another person if you attempt to jump into a conversation. To avoid this awkward interruption, indicate when you have something to add to the discussion with the raise-your-hand feature that signals the host you would like to speak. This effective meeting management device makes video conferencing run more smoothly, especially with a large group, but it must be activated and monitored by the host.

    Pro Tip: For meetings of six to ten people, sometimes the old-fashioned raising of your physical hand may be the best option. But it’s up to the meeting host. Ask them what they would prefer, and follow that.

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    13. Don’t Record the Session or Take Photos Without Prior Permission

    In this case, not sharing is caring. The “sharing culture” made popular through social media has little place in video conferencing. Before recording a meeting or capturing a screenshot of the participants, always ask for consent in advance from the full roster of attendees. Knowing that a video conference will be photographed or recorded could have a bearing on what others are willing to discuss.

    Manage Yourself

    14. Minimize Distractions

    While de-activating audio and video features can keep distractions from affecting the other participants, you will need to manage noise and disruptions on your end to give your full attention to the meeting.

    Move out of high-traffic zones in your home, keep your door closed, and ask family members to be considerate.

    15. Save Snacking for Later

    Save snacking for later—or earlier. Eating while on video conference is a no-no. Munching in front of the group while close to the camera—as you are when video conferencing—subjects the participants to an up-close and (too) personal view of your food consumption process.

    However, it’s perfectly fine to sip quietly from a glass of water or cup of coffee or tea. If the meeting threatens to last for more than two hours, you may want to ask the host in advance to schedule a five-minute break at the halfway point.

    Final Thoughts

    Even though bosses are now beginning to ask workers to spend some of their workdays on-site, up to 80 percent will permit employees to work remotely at least part of the time, which means more video conferencing in your future.[3] Mastering these video conferencing etiquette tips will help you dial in—as well as dial back—your participation and demonstrate your unwavering level of engagement to the team.

    Featured photo credit: Chris Montgomery via unsplash.com

    Reference

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