Common mistakes that lead to bankruptcy

Businesses usually end in three ways, closure after decades of successfully running the business, getting bought off, or bankruptcy in its early stages. With the entire world economy going into a slump because of recent events, entrepreneurs are on red alert when it comes to taking care of their business. And while the international health crisis could end soon, there are still common mistakes that can lead to corporate bankruptcy. Business expert Yas Aloosy believes that knowing these mistakes can help entrepreneurs avoid them in the future. 

Image source: businessinsider.com

Image source: economictimes.indiatimes.com

Incurring debt
While initially getting a loan to begin your pursuit of business, incurring additional debt on top of your existing one can grow your chances of closing soon. Some businesses make the mistake of seeing a few months of good cash flow and assuming that the next few months would be better. And so they end up taking in more loans thinking they would make more money because of this investment. But if it doesn’t pan out, you could end up with more debt and stocks that you may not be able to dispose of or sell at a reasonable time.

Mishandling customer service
Yas Aloosy claims that every business should put a high premium on customer service. Losing out on customers is a constant occurrence for a lot of businesses. But there are times when proper customer service help you avoid this situation in the first place. Mishandling customers could lead to pricey consequences like lawsuits.

Poor understanding cash flow
Not everyone graduated with a degree in business or accounting. However, entrepreneurs can go ahead and start their business without prior knowledge when it comes to cash flow. While it may look simple for most people, cash flow is a very delicate element that sustains your company. Being unable to read your books properly could mean missing details that can bleed your company dry in the long run. Yas Aloosy suggests entrepreneurs get proper training first or hire a competent accountant to help manage cashflow.

How businesses can prepare for a financial crisis

While the government ignored early warnings of the COVID-19 pandemic, some businesses were able to foresee the effects it could have on their company and employees. And if there’s anything entrepreneurs know, it is that a financial crisis can come up without as much as a warning. This is why Yas Aloosy believes that businesses should have plans in the event of a sudden drop in the economy. Here are ways to prepare your business for a financial crisis.

Image source: rescue.ceoblognation.com

Image source: freepik.com

Ready a financial cushion

If people can create emergency funds, so should businesses. Companies should prepare financial cushions that can support the business and their employees for a certain number of months, much like a personal emergency fund. Yas Aloosy claims that companies shouldn’t lay off loyal employees because of their shortsightedness in preparing emergency funding.

Make sure your credit score is healthy

Businesses with great credit scores have a lot of flexibility when it comes to credit. For companies who may look to take on loans to satisfy their staff payroll during financial difficulties, having a great credit score can mean easier transactions and a better time at getting loans approved. If a company has a bad credit rating, banks and other lenders may not be as willing to help the business.

Settle delinquent accounts

Some companies may have clients who have yet to deposit payments for products purchased or services rendered. And if a business is suffering from economic hardship, chances are so are its clients. This is why it’s important to have all payables settled. Yas Aloosy suggests hiring a third party debt collection agency to help recover payments from delinquent clients.

Five tips when launching a startup

Improving the odds of success when starting a business requires moving carefully and avoiding rushing things. One can find that ideal work solution, even in the comforts of their home, if they plan in advance, listen to sound advice, and dedicate themselves to the venture, according to seasoned business professional Yas Aloosy.

Image source: magazine.startus.cc/

> One proven way to boost startup success is to look for a mentor. The knowledge and experience of someone in a chosen field will prove invaluable. Seek help from professionals, government agencies, trade associations, fellow small businesses, and other vendors. Be attentive to what they have to say and ask questions, repeating them when something is still unclear.

Image source: startupguys.net

Of course, this hinges upon coming up with a plan. You need to spend enough time planning before putting out your hard-earned capital. Decide first how much money you'll invest, know your short- and long-term goals, and study your marketing plan closely. Know that the best way to grow your business is by actively promoting it. Systems will thrive with word of mouth, referrals, offers of free consultations, attending industry events, etc. In short, get your name out there. It's the best way to build your brand.

While at it, know that you cannot just rest on your laurels after a few wins. Keep competitive and conduct a regular competitive analysis in your niche market for prices, advertising, distribution, customer service systems, and promotions. Finally, maintaining your startup's success down the line also means constantly being conscious of outside influences, developments, and disruptions affecting your business, adds Yas Aloosy.

A look at some of the potentially essential devices for businesses

Yas Aloosy believes that in today's world, technology plays an integral role in running a business in more ways than one. Technology drives productivity as well as innovation, and without it, countless companies all over the world would most certainly flounder.

Image source: lazada.com.ph

Image source: twitter.com

On that note, here are three devices every business owner should consider either owning, using, or sharing with their business.

Moleskine Writing Set: One of the most appealing things about the Moleskine Writing Set is that not only is it an incredible innovation reinvention, but it's also classy and a symbol of sophistication. Today's Moleskine package can be connected to mobile devices through Bluetooth. It's absolutely jaw-dropping when one realizes the tech found within this product.

QuirkLogic E-ink displays: The way QuirkLogic E-ink displays work is that users can write on the e-Paper as much as they want, and whatever is written gets downloaded. It feels like a pen-and-paper set and is great for offices that have creatives. Whatever is written can also be shared via multiple gadgets.

Invoxia desk phone: The biggest strength of the Invoxia desk phone is its simplicity in terms of connection and configuration. It is a comfortable docking station for mobile phones, which companies may purchase to make things easier for employees, Yas Aloosy adds.

How today’s technology has boosted productivity

Yas Aloosy has been a huge believer in the effect of technology on so many aspects of people’s lives. From menial everyday tasks at home to running a business, technology has given humanity quite a boost.

Image source: managementisajourney.com

Image source: computer.howstuffworks.com

On that note, here are some of the ways today’s tech has boosted productivity and other aspects of people’s lives in the workplace.

It facilitates effective collaboration.

Today’s technology has helped employees in companies communicate and work with never-before-seen ease and efficiency. From the sharing of files to cloud computing to overseas training via video calls to Google Drive platforms, working together has never been so easy.

It provides multiple platforms of communication.

For many companies, productivity relies heavily on communication. Because of the technology available to everyone today, people have several platforms from which to communicate. And when one platform isn’t operational, people can quickly move to another one to further their communication and, ultimately, their productivity.

It cuts down the time needed to complete reports and presentations.

Yas Aloosy explains that a lot of people in companies take too long to finish reports or presentations. It eats up the time needed to complete other tasks. However, with more advanced apps and programs being released, creating reports and presentations have become drastically smoother.

Fiber optics and the evolution of communication

Yas Aloosy knows only too well that three of the primary building blocks of the future comprise of finance, technology, and business. Almost everyone will be affected by at least one of these three things. Because of this, Yas Aloosy has shared several important points on finance, tech, and business to help people make sound decisions in the future.

Image source: egypttoday.com 

Image source: kts-inc.com

For this blog, Yas discusses the connection between and implications of fiber optics in the evolution of communication.
Fiber optics, or to be more specific, the development of it, has become an integral part of technology over the past three decades. Without fiber optics, a lot of conveniences afforded through the internet on a global scale would not be available. It’s a fortunate thing that industry leaders have seen this early on and have all contributed to the developing further this part of technology.

Fiber optic internet has now become the tool of choice by most internet service providers because of its speed. Copper is now gradually becoming a material of the past with fiber optics taking over. This change heralds the next step in the evolutionary process of communications, alongside future technology such as 5G and the Internet of Things or IoT, Yas Aloosy adds.

The world can only imagine what other leaps technology and communication will take on the heels of fiber optics. It is quite an exciting time to be alive.

Banking and technology: A few insights

It’s no secret just how technology has lifted so many industries and brought them into the future. In fact, one could even argue that technology has been doing this for a few thousand years now, points out Yas Aloosy.

Image source: IrishTimes.com 

Image source: discover.com

Take the banking industry as a prime example. Today, it would be impossible to envision banking without technology.

The first semblance of a bank was built well over 500 years ago, back in 1472. The first bank kept people’s belongings and currencies just like any modern-day bank does, but it did evolve – by leaps and bounds. These changes had several catalysts, with the main one being technology, explains Yas Aloosy.

With information being digitized and the internet flourishing into an entire universe of its own, communications and banking have become inevitably linked. Nowadays, people can complete all the banking transactions they need to do from just about anywhere. As Yas Aloosy points out, people can withdraw, deposit, pay, and do all the other things they usually do when they visit a bank with just a few swipes and taps on their mobile phone.

This is a long way from ATMs which, of course, are still very much in use. However, more and more people have opted to use their mobile devices for both convenience and safety’s sake.

People can only guess the next step in the evolution ladder for banking, which technology will bring about.