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10 Products That Can Help You and Your Business Level Up

10 Products That Can Help You and Your Business Level Up

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      Entrepreneurs have to wear a lot of hats. Running and growing your business requires thinking about customers, employees, financials, investors, and more–sometimes, all at the same time–so it’s easy to feel overwhelmed or even helpless.

      Fortunately, there are a number of inexpensive (even free) products on the web that can assist entrepreneurs in various tasks. From streamlining your financials to making you a better social media marketer, the following tools and products are a godsend for entrepreneurs who want to take their business to the next level:

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      Social media and relationships

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        Social Media Marketer – Founded by social media expert Laura Roeder, Social Media Marketer is an online classroom and community that teaches small businesses how to do social media right. It’s packed with courses and tutorials that instruct entrepreneurs on how to build a following and get more customers using various social tools. Best of all, Social Media Marketer is also a community made up of other entrepreneurs and experts who are always happy to offer guidance and answer questions.

        Buffer – Buffer is a great tool for the busy entrepreneur who still wants to get stay on top of social media. It lets you schedule posts with one click, right from your browser window, saving you time and effort. Buffer also offers simple analytics that tell you which of your tweets are getting the most clicks and interactions.

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        MailChimp – More and more businesses are seeing the value in mailing lists. They allow you to keep in touch with shoppers, provide updates, send coupons, and just stay in the radar of customers. If you’re thinking about email marketing for your business, MailChimp is a great option because not only does it offer a free plan for up to 2,000 subscribers, it’s also very user friendly and allows you to create forms with a simple drag-and-drop interface.

        Legal

        Small Business Bodyguard – As an entrepreneur, you’ll have to deal with a lot of legal issues. You need to pay taxes, implement contracts, obtain licenses or permits, put disclaimers and policies, and generally just cover your butt so you don’t get sued or get slapped with a huge fine. Unfortunately, getting a lawyer to help you do all those things can cost you an arm and a leg. That’s where Small Business Bodyguard comes in. It’s an incredible resource that offers lawyer-drafted and peer reviewed sample agreements, legal templates, sample disclaimers and policies, checklists, and more. Best of all, it’s presented in a fun, easy-to-understand manner, so you won’t fall asleep or get lost in all that legalese.

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        DocuSign – Getting documents signed and ready can be a pain when the parties involved are miles away from each other. Fortunately, DocuSign’s electronic signature solution makes things a whole lot easier. Just email the documents to your recipients, have them sign electronically, and you’re set. Signatures made through the service comply with the ESIGN act, and DocuSign has been tested and certified by a number of trusted entities, including TRUSTe and the US Department of Commerce Safe Harbor.

        Financials

        Vend – Looking to level-up your retail store? Consider swapping your cash register for Vend, an iPad-based point-of-sale software that lets you accept various forms of payments (cash, credit cards, PayPal), strengthen customer relationships, and manage inventory. It even links to your eCommerce site. Vend’s POS hardware and software solution is easy to set up and you can always get assistance from the company’s experts and consultants to help you get started.

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        Freshbooks – Aside from offering a simple invoicing tool, Freshbooks has some great time and expense management features that enable you to log how much time or money you spent on a job, making it easier to generate reports and invoices.  It even has a mobile app that lets you manage your accounting on the go.  Plus, if you’re getting paid via PayPal, you can send your invoices via Freshbooks and only pay 50 cents regardless of the amount, instead of PayPal’s usual cut of 2.9% + $0.30 transaction fee.

        Shoeboxed – Organizing receipts, business cards, and other paper documents isn’t fun. Good thing there’s Shoeboxed, a service that can digitize, categorize, and archive your paperwork, making it easier for you to find and store your documents.  It’s an essential service, especially during tax season when you have to stay on top of your paperwork, deductions, and filings.

        Customer service

        LiveChat – Boost the customer service in your business with live chat. According to recent data, “Live chat has the highest satisfaction levels for any customer service channel, with 73%, compared with 61% for email and 44% for phone.” One of the leading companies offering it is LiveChat, a service that lets you add a customizable chat box to your website, so you can assist visitors while they’re browsing your store.  It even lets you have a LiveChat tab to your Facebook Page so you can further engage your fans.

        Rapportive – Add more personal touches to your client emails with Rapportive, a plug-in that displays descriptions and social media information about your Gmail contacts in your email interface, allowing you to further personalize your messages.  For example, if you’re typing an email to John Smith, Rapportive will show links to his social accounts, websites, and posts, so you can find information to reference to and customize your messages even more.

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        Last Updated on August 20, 2019

        How to Set Financial Goals and Actually Meet Them

        How to Set Financial Goals and Actually Meet Them

        Finances can push anyone to the point of extreme anxiety and worry. Easier said than done, planning finances is not an egg meant for everyone’s basket. And that’s why most of us are often living pay check to pay check. But did anyone tell you that it is actually not a tough task to meet your financial goals?

        In this article, we will explore ways on how to set financial goals and then actually meet them with ease.

        5 Steps to Set Financial Goals

        Though setting financial goals might seem to be a daunting task but if one has the will and clarity of thought, it is rather easy. Try using these steps:

        1. Be Clear About the Objectives

        Any goal (let alone financial) without a clear objective is nothing more than a pipe dream. And this couldn’t be more true for financial matters.

        It is often said that savings is nothing but deferred consumption. Therefore if you are saving today, then you should be crystal clear about what it is for. It could be anything like kid’s education, retirement, marriage, that dream vacation, fancy car etc.

        Once the objective is clear, put a monetary value to that objective and the time frame. The important point at this step of goal setting is to list all the objectives, however small they may be, that you foresee in the future and put a value to it.

        2. Keep Them Realistic

        It’s good to be an optimistic person but being a pollyanna is not desirable. Similarly, while it might be a good thing to keep your financial goals a bit aggressive, going out of the line will definitely hurt your chances of achieving them.

        It’s important that you keep your goals realistic in nature for it will help you stay the course and keep you motivated throughout the journey.

        3. Account for Inflation

        Ronald Reagan once said – “Inflation is as violent as a mugger, as frightening as an armed robber and as deadly as a hitman”. And this quote sums up the best what inflation could do your financial goals.

        Therefore account for inflation whenever you are putting a monetary value to a financial objective that is far away in the future.

        For example, if one of your financial goal is your son’s college education, which is 15 years hence, then inflation would increase the monetary burden by more than 50% if inflation is mere 3%. So always account for inflation.

        4. Short Term vs Long Term

        Just like every calorie is not the same, the approach towards achieving every financial goal will not be the same. It is important to bifurcate goals in short term and long term.

        As a rule of thumb, any financial goal, which is due in next 3 years should be termed as short term goal. Any longer duration goals are to be classified as long term goals. This bifurcation of goals into short term vs long term will help in choosing the right investment instrument to achieve them.

        More on this later when we talk about how to achieve financial goals.

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        5. To Each to His Own

        The journey of setting financial goals is an individualistic affair i.e. your goals are your own goals and are determined by your want to achieve them. A lot of times we get on the bandwagon of goal setting only to realize later on that it was not meant for us.

        It is important that your goals are actually your goals and not inspired by someone else. Take a hard look at this step at all the goals you’ve set for after this step, you will be on the way to achieve them.

        By now, you would be ready with your financial goals, now it’s time to go all out and achieve them.

        11 Ways to Achieve Your Financial Goals

        Whenever we talk about chasing any financial goal, it is usually a 2 step process –

        • Ensuring healthy savings
        • Making smart investments

        You will need to save enough; and invest those savings wisely so that they grow over a period of time to help you achieve goals. So let’s get down to ensuring healthy savings.

        Ensuring Healthy Savings

        Self realization is the best form of realisation and unless you decide what your current financial position is, you aren’t heading anywhere.

        This is the focal point from where you start your journey of achieving financial goals.

        1. Track Expenses

        The first and the foremost thing to be done is to track your monthly expenses. Use any of the expense tracking mobile apps to record your expenses. Once you start doing it diligently, you would be surprised to see how small expenses add up to a sizeable amount.

        Also categorize those expenses into different bucket so that you know which bucket is eating the most of your pay check. This record keeping will pave the way for cutting down on un-wanted expenses and pump up your savings rate.

        2. Pay Yourself First

        Generally, savings come after all the expenses have been taken care of. This is a classical mistake which almost everyone of us do. We pay ourselves last!

        Ideally, this should be planned upside down. We should be paying ourselves first and then to the world i.e. we should be taking out the planned saving amount first and then manage all the expenses from the rest.

        The best way to actually implement is to put the savings on automatic mode i.e. money flowing automatically into different financial instruments (for example – mutual funds, retirement corpus etc) every month.

        Taking the automatic route will make us lose control of our money and hence will compel us to manage in what’s left with us thereby increasing the savings rate.

        3. Make a Plan and Vow to Stick with It

        Budgeting is the best to get around the uncertainty that financial plans always pose. Decide in advance how spending has to be made.

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        Nowadays, several money management apps and wallets can help you do this automatically. It’s easy and who knows, you may just end up doing what people fail to do.

        At first, you may not be able to stick to your plans completely but don’t let that become a reason why you stop budgeting entirely.

        Make use of technology solutions you like. Explore options and alternatives that let you make use of the available wallet options and choose the one that suits you the most. In time, you will get accustomed to making use of these solutions.

        You will find that they make it simpler for you to follow your plan, which would have been difficult otherwise.

        4. Rise Again Even If You Fall

        Let’s be realistic. It’s not like the world will come to an end if you made one mistake. This isn’t called leniency but discipline.

        If you fail to meet your budget for a month, don’t give up the entire effort just like that. Instead, start again.

        Remember that flexible plans are the most realistic plans. So go forward and try to follow your financial goals as planned but if for some reason, the plan gets out of hand for you, do not give up on it just yet. This has a lot to do with your psychology rather than any material commitment.

        All you have to do is to stay on the road and vow to stay on it, no matter how much you fall down.

        5. Make Savings a Habit and Not a Goal

        In the book Nudge, authors Richard Thaler and Cass Sunstein advocate that in order to achieve any goal, it should be broken down into habits since habits are more intuitive for people to adapt to.

        Make Savings a habit rather than a goal. While it might seem to be counter intuitive to many but there are some deft ways of doing it. For example:

        Always eat out (if at all) during weekdays rather than weekends. Usually weekends are expensive. Make it a habit and you would in turn be saving a great deal.

        If you are travelling buff, try to travel during off season. Your outlay will be much less.

        If you go out for shopping, always look out for coupons and see where can you get the best deal.

        So the key point is to imbibe the action that results in savings rather than on the savings itself, which is the outcome. Focusing on the outcome will bring out the feeling of sacrifice which will be harder to sustain over a period of time.

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        6. Talk About It

        Sticking to the saving schedule (to achieve financial goals) is not an easy journey. There will be many distractions from those who are not aligned with your mission. And it would be rather easy to lose the grip over your discipline.

        Therefore in order to stay the course, it is advisable that you keep yourself surrounded with people who are also on the same bandwagon. Daily discussions with them will keep you motivated to move forward.

        7. Maintain a Journal

        For some people, writing helps a great deal in making sure that they achieve what they plan.

        So if you are one of them, maintain a proper journal, where you write down your goals and also jot down the extent to which you managed to meet them. This will help you in reviewing how far you have come and which goals you have met.

        Use this journal to write down all essential points such as your short term, mid term and long term goals, your current sources of income, your regular expenses which you are aware of and any committed expenses which are of recurring nature.

        When you have a written commitment on paper, you are going to feel more energised to follow the plan and stick to it. Moreover, it is going to be a lot more easier for you to follow you and track your progress.

        At this point, you should be ready with your financial goals and would be doing brilliantly with savings; now it’s time to talk about the big daddy – Investments.

        Making Smart Investments

        Savings by themselves don’t take anyone too far. However savings when invested wisely can do wonders and we are at that stage where we will talk about making smart investments.

        8. Consult a Financial Advisor

        Investments doesn’t come naturally to most of us therefore rather than dabbling with it ourselves, it is wise to consult a financial advisor.

        Talk to him/her about your financial goals and savings and then seek advice for the best investment instruments to achieve your goals.

        9. Choose Your Investment Instrument Wisely

        Though your financial advisor will suggest the best investment instruments, it doesn’t hurt to know a bit about them.

        Just like “no one is born a criminal”, no investment instrument is bad or good. It is the application of that instrument that makes all the difference.

        Do you remember we talked about bifurcating financial goals in short term and long term?

        It is here where that classification will help.

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        So as a general rule, for all your short term financial goals, choose an investment instrument that has debt nature for example fixed deposits, debt mutual funds etc. The reason for going for debt instruments is that chances of capital loss is less as compared to equity instruments.

        10. Compounding Is the Eighth Wonder

        Einstein once remarked about compounding,

        Compound Interest is the eighth wonder of the world. He who understands it, earns it… He who doesn’t… Pays it.

        So make friends with this wonder kid. And sooner you become friends with it, quicker you will reach closer to your financial goals.

        Start investing early so that time is on your side to help you bear the fruits of compounding.

        11. Measure, Measure, Measure

        All of us do good when it comes to earning more per month but fail miserably when it comes to measuring the investments; taking stock of how our investments are doing.

        If there is one single step where everything (so far) can go wrong, it is at this step – Measuring the Progress.

        If we don’t measure the progress timely, then we would be shooting in the dark. We wouldn’t know if our saving rate is appropriate or not; whether financial advisor is doing a decent job; whether we are moving closer to our target or not.

        Do measure everything. If you can’t measure it all yourself, ask your financial advisor to do it for you. But do it!

        The Bottom Line

        This completes the list of tips for you to set financial goals and actually achieve them with not so great difficulty.

        As you can see, all it requires is discipline. But guess that’s the most difficult part!

        More About Personal Finance Management

        Featured photo credit: rawpixel via unsplash.com

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