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5 Small Business Decisions Usually Made Too Late

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5 Small Business Decisions Usually Made Too Late

The business world moves fast and as an entrepreneur, it’s critical to make decisions quickly. Unfortunately, the majority of businesses fail within the first few years. According to Forbes, 90% of startups will fail. In many cases, business failure is due to the owner waiting too long to make decisions. They often act in a reactive manner instead of a proactive one. While it is common to fail in business, that does not have to be your fate. Here are five of the most common small business decisions that are usually made too late.

1. Scaling Up

One of the problems that many entrepreneurs have is knowing when they need to scale up. They are selling the product well and things seem to be going fine, but they wait too long to pull the trigger on scaling their business up. Instead of hiring more employees or getting a bigger facility, they try to do things the way they’ve always done them. Although it is admirable to try and not rush into things too quickly, knowing when to scale things up a notch is critical. In many cases, you might be leaving a lot of money on the table if you don’t scale up in time. Another pitfall that comes with not scaling up quick enough is dissatisfied customers. If you don’t have enough employees to support your customer base, they may get upset quickly. At the same time, scaling up too quickly is the most common reason for businesses failing, so don’t do it before you’re ready.

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2. Scaling Down

On the other end of the spectrum, sometimes you need to scale down. In fact, when it’s time to scale down, you’ll probably need to act quickly. In many businesses, something fundamental changes and the market isn’t the same as it was before. You can let that change in the market bankrupt you, or you can adapt and scale down. No one wants to be the bad guy and fire a bunch of employees. However, sometimes, it makes sense to cut some overhead and live to fight another day. It’ll be better to lose a few employees and stay in business than it will be to completely lose the business.

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3. Not Buying Liability Insurance

As a business owner, you’re open to a great deal of liability. You never know what could happen through the course of running your business and having a sufficient amount of liability insurance is essential. Many business owners think they can put it off just a little longer. They try to save pennies on liability insurance premiums, and it ends up costing them a lot more in the long run. If someone is injured on your business property or some other disaster occurs, you could be looking at millions of dollars in damages. No one thinks it will happen to them until it does. Get liability insurance before you need it instead of after it’s too late.

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4. Getting Rid of a Toxic Employee

Business owners often find themselves in a situation where they need to get rid of an employee but for some reason don’t pull the trigger. In some cases, this employee is bringing everyone down around them. They are hurting morale, making mistakes, and possibly causing fights between employees. Maybe this employee was once a friend or one of your earliest employees. It’s tough to fire employees like this, but in many cases, it’s better to just pull the bandage off now instead of delaying the inevitable. Toxic employees lead to many problems in every facet of your business. Instead of waiting until they give you no other choice, part ways with your toxic employee now.

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5. Taking a Chance

Many business owners are risk-averse individuals. They took a risk initially to get things started and it worked out. When it comes to taking a chance beyond that, they stall. Maybe you’ve been putting off launching a new product or service. Maybe you think you should get into a new market with your products. Whatever it is, there’s a good chance that you know it’s the right decision, but you’re putting it off. Don’t put it off any longer. If it’s truly the right move, you’ll know it and be glad that you made the decision in the end.

Featured photo credit: vwfsfleet.co.uk via vwfsfleet.co.uk

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Last Updated on January 13, 2022

15 Best Places for Expats to Live (And Why)

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15 Best Places for Expats to Live (And Why)

Many of us dream of living abroad but can often be scared to make such a big change to our routine lifestyles and leave our home countries behind. Daunting as it may be, living abroad can be a rewarding and fulfilling endeavor and can give you the quality of life you have been looking for.

From a warmer climate to a more easy going way of life, there are many foreign countries favored by expats who stay for a long time – and sometimes forever. Taking into consideration livings standards, opportunities and social aspects, here are our top 15 best places to live as an expat and why.

1. Thailand

A hot spot for expats, the ‘land of smiles’ as it’s commonly known offers expats a tropical climate, a huge array of sandy beaches and islands to explore, and a rich culture. The cost of living in Thailand is extremely low, and when combined with the friendly tax system means that disposable income can be very high.

Bangkok, Thailand’s capital city, offers expats great employment opportunities.

2. Switzerland

Another popular destination for expats, Switzerland offers exciting employment packages and a high standard of living. It’s great for those who love the outdoors, as there are many beautiful lakes, mountains to hike in and skiing in the winter. The school standards for expats are also excellent, making it appealing for those with children. English is also widely spoken so day-to-day living can be stress free.

Unemployment in Switzerland is low and expats moving here don’t need to worry too much about finding a job before they arrive.

3. Australia

Many foreigners who visit Australia don’t want to leave as it offers a great quality of life, beautiful beaches and a warm climate. Making friends in Australia is easy too, due to the lack of language barrier and the large number of expats who already live here. Australia is a great place to move to if you have children because of its wide range of schooling possibilities and recreational outdoor activities.

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Low population levels and high quality of life are two of the main reasons expats choose Australia as a place to live.

4. Singapore

Expats in Singapore can benefit from generous financial packages, great career opportunities and low tax rates. Although education is expensive here, it is rated one of the top places for raising children abroad due to the quality of the education system and the array of schools.

Public transport such as buses and MRT (Mass Rapid Transit) are cheap and very reliable in Singapore.

5. South Korea

South Korea offers expats a unique range of opportunities and a very different way of living. Jobs for expats are easy to find and usually very well paid, with apartments provided by the employer on the most part making living costs even lower. There are also many tight-knit expat communities in South Korea, making it easy to socialize and meet new friends. The excellent education system is also a pro for families wanting to move to this culture-rich country.

South Korea has a cheap public healthcare system and offers great medical care, with most doctors speaking English.

6. New Zealand

New Zealand is constantly on the lookout for skilled workers to expedite to the country – especially those under the age of 30 – and skilled migrants can be granted a stay for up to five years. It offers a good climate and although income levels can be lower than other countries, quality of life is high, with its awe-inspiring scenery, low crime rate and state sponsored healthcare.

New Zealand is great for those looking for a laid back and active outdoors lifestyle.

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7. Canada

Its national healthcare system, friendly locals and very high quality of life are just a few of the reason expats choose Canada as a place to live. It’s very welcoming to expats and skills shortages encourage foreigners to move here in order for the country to grow economically. It’s easy for expats to feel comfortable quickly in Canada due to its multicultural environment.

Canada was largely unaffected by the economic crisis, making it a very popular country for expats.

8. Qatar

Qatar is becoming increasingly popular among expats with an estimated 500 new arrivals every day. The salaries are generous and are tax free too, making disposable income very high. Car and housing allowances are part of many remuneration packages, and education for your children and airfares are often included.

The cost of living is lower in Qatar than in other UAE countries but salaries can still be just as generous.

9. Hong Kong

Where east truly meets the west, this bustling island has a population of over seven million people. If you’re looking for a fast-paced environment and an active nightlife, Hong Kong is definitely the place to be. Benefits for expats include its advanced healthcare system and elevated standards of schooling for children, along with great employment opportunities. The cost of living in Hong Kong can be high, so trying to negotiate a housing allowance with your employer can be beneficial.

Hong Kong is great for those looking for high incomes and career advancement.

10. Japan

As an expat destination, Japan offers a rich culture and a chance to experience a very different day-to-day life. Currently around two million expats live in Japan, and in the larger cities such as Tokyo a large portion of the population speaks English. English speakers are also in demand and there are a large number of opportunities for language teachers, especially in the capital.

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Japan offers a high standard of living for expats and a good education system for those with children.

11. Spain

Spain is a very popular destination for expats due to the high temperatures and year-round sunshine. EU residents don’t require a visa to work here, meaning the move can be a lot easier. Skilled foreign workers also continue to be in demand with jobs such as engineering, customer service, skilled trades and language teachers widely available.

A huge 14% of Spain’s population are expats from a variety of foreign countries.

12. Dubai

Two of the main attractions of moving to Dubai are the tax-free salaries and the warm climate. Some of the most popular jobs for expats are in construction, banking, oil and tourism. You can also enjoy a busy social life in Dubai as the expat community is thriving. Although it can be an expensive country, the tax-free salary means you experience a higher quality of life than in other countries.

You will need a work permit, residence visa and an Emirates ID card to live in Dubai as an expat.

13. Germany

Germany is one of Europe’s most populous countries, with around 82.4 million people. It’s a lively and inexpensive country to live in as an expat, and if you have children the education system is great and healthcare is to a high standard. An estimated 250,000 expats live in Germany currently, with the numbers rising every year.

If you are already an EU citizen, you don’t need a visa to live and work in Germany.

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14. The Netherlands

The Netherlands is a great place for expats who love the outdoors. Cycling is one of the main modes of transport and looking after the environment is widely recognized. There are a lot of English speakers in the Netherlands too, but learning the language can work to your advantage and make day-to-day life that little bit easier. Skilled expats can also benefit from a tax-free allowance equivalent to 30% if they meet the correct criteria.

It is often more important to be able to speak fluent English than to speak Dutch when looking for employment in the Netherlands.

15. China

China offers expats great employment opportunities with little competition. Those who embrace the culture and decide they want to live in China long term can see a host of employment opportunities as its economy is growing rapidly every year. Economists predict it will overtake the US as the world’s largest economy by 2018. China also offer expats low living costs and high disposable incomes, which is why many look to live here for a higher quality of life.

Shanghai and Beijing are the most popular destinations for expats who live in China.

Featured photo credit: Saulo Mohana via unsplash.com

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