Safety precautions during a season of financial turmoil

 

Veteran business owners know all too well that they have to prepare for anything, including financial hardships that may or may not come during the lifespan of their venture. Whether an entrepreneur likes it or not, moments will happen when their business will be tested financially.

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According to Yas Aloosy, the best entrepreneurs not only have emergency measures for the unthinkable but are also quite flexible when it comes to preparing for any crisis.

Here are some of the biggest financial emergencies entrepreneurs should look out for.

Calamities

Natural disasters is something everyone everywhere has to deal with. When a storm hits a town and floods an entire floor of operations, it would be impossible to continue work. Calamities have the power to easily halt a company's production. And the worst part about it is, it oftentimes comes when people least expect it.

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Investment failure

There are a number of ways a business may invest in other opportunities to turn a bigger profit. They could expand their business, merge with a competitor, or even increase production. Unfortunately, investments can also fail. If they fail spectacularly, Yas Aloosy says that the failure could even bring down the originally successful business. Taking time to decide on investments is important.

Loss of clients

There is always a possibility in the free market that the biggest client packs their bags and goes elsewhere. What compounds this problem even further is when the time of their departure is unannounced, as it often is. And replacements don’t just drop from the sky. Yas Aloosy says that companies shouldn't rely heavily on just a handful of clients to keep their cash flow healthy. They should attract and add more clients to their list, even if they have big clients on their portfolios.

How machine learning is affecting the 21st century financial industry

 

According to Yas Aloosy, before mobile banking apps or chat bots made their way into the financial scene, machine learning had already made its mark on the global industry. Artificial intelligence (AI) is obviously a great tool for the sector given the high volume of data and transactions, the need for accurate logging of historical records, and the quantitative nature of the industry. And with machine learning using statistical models to draw insights and make predictions, many aspects of finance has flourished in the past 20 years.

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The first example Yas Aloosy gives on the effectiveness of machine learning is with fighting fraud. The fact of the matter is that financial fraud alone costs Americans $59 billion every year, and traditional ways of keeping clients’ accounts safe and secure are no longer enough. It’s a good thing machine learning algorithms compare every transaction against account history, thus becoming able to assess the likelihood of a fraudulent transaction. Machine learning has the power to identify problems and raise flags in the system, helping delay the transaction until a human verifies and decides.

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Machine learning also helps in loan and insurance underwriting, especially among big companies that can hire data scientists and have the budget. In these companies, machine learning algorithms have millions of samples of consumer data and financial lending or insurance results, through which they assess the underlying trends and analyze factors influencing lending and insuring into the future.

Yas Aloosy mentions that these are just a few of the ways machine learning has made an impact on the global financial system. It has helped everyone out in terms of customer service, portfolio management, and a lot more other aspects.

In-house and outsourced accountants: A comparison

 

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When it comes to running a business, Yas Aloosy believes that there are a number of things that are required, such as updated legal contracts, a solid business plan, and a business bank account. He also mentions the importance of hiring accountants.

On that note, Yas Aloosy takes the time to compare the two main types of accountants business owners can hire – in-house accountants and outsourced accountants.

In-house accountants

Businesses generally have more control over their finances when they hire in-house accountants as opposed to outsourcing them. Companies with very specific accounting objectives or goals would almost always benefit from hiring in-house accountants. Also, in-house accountants are great for companies that require their employees to be immersed in their culture.

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Having in-house accountants also allows more collaboration with the finance department staff, since they are always physically present.

Outsourced accountants

According to Yas Aloosy, smaller companies and startups, or companies that are not as financially flexible may look to outsourcing accountants since they are a lot more affordable compared to having an in-house accountant. Accountants who are outsourced aren’t part of the payroll and thus save the company a lot of money.
It is also important to note that if a good, reputable, and trustworthy accountant or accounting firm is hired, then there is minimal risk of fraud, Yas Aloosy adds.

The crucial early part of the business

According to Yas Aloosy, a majority of businesses close down in their first year. In fact, for many entrepreneurs, that first year will always be the most difficult year. And the scary thing is that those which survive are also likely to close within the first five years of running. The early part of the life of a business is extremely crucial and business owners have to be careful about their decisions.

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To help with that, Yas Aloosy offers a few insights.

Have targets based on successes and milestones.

There are a number of ways to measure success in business. One of them is through milestones and successes. It only makes sense to makes these milestones and successes part of the metrics when coming up with targets, Yas Aloosy mentions.

Hire a good accountant.

No business owner should ever overlook the importance of having someone in the company who is skilled at finances and accountancy. Hiring someone who is trained to look at the numbers and see where there are problems can be considered a milestone for a company. This hire is indeed significant, especially during those first few months.

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Making the most out of the internet.

Most young companies have very limited funding to start with. Fortunately, Yas Aloosy mentions that there are dozens of platforms on the internet in which they can market their products and services for free. Billions of people today live on the internet, and having a strong presence there is essential to a young business’ success.

Better than saving: Some investment opportunities to free you from financial issues

Because of his experience in both business and life in general, Yas Aloosy has committed to helping others who can learn from him. Today, he shares some investment options that can put you in a better position to attain financial freedom.

Most people make the mistake of thinking that the best way to prepare for the future is to save their money after all the expenses are covered. The plan is for this to go on month after month for the rest of your life. However, savings can only give you minimal growth.

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Try looking at these investment alternatives:

1. Stocks

Stocks are opportunities for you to own a small portion (or share of stock) of any of the big established businesses out there, a stake that allows you to benefit from the growth anchored on its performance in the market, Yas Aloosy points out. This means that if you own certain shares of a particular company, your money can grow as the company grows. The good news is that you have the freedom to invest in as many companies as you want.

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2. Foreign exchange

Foreign exchange trading behaves just like stocks, except that the movement is more erratic here. Just like in stocks, you can either earn through buying low or selling high and with foreign exchange, you trade in currencies all over the world. Seek the advice of an expert before you enter here because the natural volatility that characterizes the foreign exchange market can either make or break you, Yas Aloosy explains.

3. Cryptocurrency

You might have heard of this type of investment in the recent past; it is a relatively new form of trading. Cryptocurrency behaves like stocks and foreign exchange, but unlike the two, this has to do with artificial scarcity. Experts in the community are divided about how they feel with regard to this type of investment. However, you are almost guaranteed to gain from it, at least in the short term. In any case, you still get to grow your money, which is a whole lot better than saving.

How managers have been changed by the pandemic

 

Ever since the pandemic happened, a lot of managers quickly gained more responsibility and many who are new have been exposed to even more jobs than before. However, as negative as that may sound, business experts think this could be the perfect scenario for managers to change into more responsible and reliable people than what they were before. Here Yas Aloosy shares how this could be.

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One of the things seen from the managing department is how they confuse the words “manage” and “control”. For most managers, whether it be a new or experienced one, they think that there's only one correct way to do things and that is their way. From managers dictating how an employee should work or apprehending people that stray away from their methods, managers have been notorious to be controlling and very bossy instead of being caring and showing proper leadership. A manager’s job, according to Yas Aloosy, should be to make an environment in which employees can do their job best like giving them leave when needed, improving facilities, and dealing with troublesome customers properly instead of scolding those under them. 

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This current trend, however, is now changing. Being forced into working from home, managers can now better see the different situations that employees have been pushed into since they’ve also been backed into a corner. This allows the managers to keep in touch with their employees much more and give them the benefit they should be receiving in the first place. They now boost morale, ask for their employees’ situations, and show more care rather than being strict and bossy all the time. Yas Aloosy even predicts that in the future, this mindset could continue even when the pandemic is gone.

An exciting look at future tech for the healthcare industry

Perhaps no other industry has impacted major businesses in the world quite like the tech industry. Yas Aloosy explains that over the centuries, the continued development and advancement of technology has led to the flourishing of businesses in other industries. 

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One of the biggest beneficiaries of the constant breakthroughs and emergence of future tech is the healthcare industry. 

Today, Yas Aloosy looks at three examples of new tech which look to take the healthcare industry by storm.

Electronic Aspirin

Electronic aspirin is a patient-powered tool that can help patients block the cause of chronic headaches. It involves the implanting of a small-nerve stimulating device on the side of the head which is affected by the headache. At the onset of a headache, patients can put the device on the cheek of the side of the head and block the neurotransmitters causing the pain. 

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Robotics

More present than future tech, robotics have already made quite a huge impact on the healthcare industry. One of the most obvious examples of this is in surgery wherein robotics can make more precise incisions. Telemedicine and drones have also been considered in this category as well.

Needleless Diabetes Treatment

There is a company named Echo Therapeutics that is coming up with a transdermal biosensor that can read the blood of a diabetic to check the blood sugar levels. This patch may render painful skin pricks and other syringes for diabetics obsolete, Yas Aloosy notes.