Sure, your primary purpose at work is to get the job done. But that doesn’t mean you can’t have fun at the same time!

Now, being happy at work doesn’t mean singing on the tables and hugging your co-workers every time you see them, as that would be over-the-top (and a little bit creepy!). Instead, being happy at work means you create an environment and mental space for yourself that means you can truly look forward to going to work every day.

To achieve this, make sure to follow these top tips.

6 Top Tips to Stay Happy at Work

1. Make Your Breaks Fun

Breaks. Breaks. Breaks.

Without them, work would be extremely tough. Thankfully, though, most companies allow their staff plenty of break time throughout the day. So, rather than staring at the wall during your breaks, you need to make them fun, instead.

Here are some ideas:

• Get in the mood for the NFL: For any football fan, finding and doing activities that are related to the NFL is a great way to spend your breaks. For example, if there’s a live game on while you’re at work, use your break time as an opportunity to tune in. You can also bet on games to make them more entertaining. Want more activities that you can do? Read this post.
• Play light-hearted office games. For example, who doesn’t love a classic game of “Would you rather?”
• Another option is to play different kinds of table games such as table tennis, foosball, etc.

When you make your breaks fun, it gives you something to look forward to throughout the day – which is an extra motivational factor.

2. Set Monthly Goals & Targets (With Rewards For Completing Them)

Work is boring and tiresome if you have no clear direction. That’s why you should set monthly goals and targets for you to try and achieve. Upon achieving them, you can give yourself little rewards, such as buying yourself that new iPhone you’ve been looking at or booking a weekend-long staycation.

Your goals and targets don’t need to be insanely difficult – but they shouldn’t be too easy, either.

3. Customize Playlists

Does your company allow you to use earbuds whilst you work? If so, high five!

You might be thinking, “What’s so great about earbuds?”.

Well, the answer is everything.

Earbuds allow you to listen to music whilst you’re working (such as typing on a computer).

Music is an excellent way to relax and concentrate, especially when you’re listening to your own customized playlist. These days, millions of people have customized their own playlists on Spotify and Apple Music specifically for work. Cool, isn’t it?

Think about the type of music that will help you to work to your best standard. Maybe it’s relaxing, atmospheric instrumentals? Or is it something as simple as the current pop chart hits?

When you have the answer, compile these songs into a work playlist. It will change your life!

4. Take Your Favorite Foods & Drinks – But Don’t Be Overly Reliant on Coffee & Energy Drinks

Throughout the day, having your favorite foods and drinks with you will make you a lot happier. So, prior to arriving at work in the morning, make sure to stock up and bring them with you in a bag, whether it’s orange juice or chocolate bars.

If possible, though, try and avoid being overly reliant on coffee and energy drinks. Sure, there’s nothing wrong with infrequent coffees and energy drinks, but don’t overindulge them! Many people can’t function at work without them due to their addictive natures, so it’s best to drink healthier alternatives.

5. Reduce Your Commute Times

You might have your dream job, but it will quickly lose its magic if your commutes are overly long and tiring.

For example, if you have to travel 2 hours to work every single day, that will start to take its toll on you. Therefore, the best solution is to try and reduce your commute times or at least try to make your commutes more entertaining.

If you dislike driving long hours to work, you could switch to the train instead and potentially save time and effort in the process. Consider your different commute options and figure out which will make your life the easiest.

6. Speak To Your Boss About Working Remotely

A lot of people have reported that working remotely (from home) makes them happier, so if this is a plausible option for you, maybe consider giving it a try?

Providing your employer is flexible, you’ll be able to decide which days you work remotely and which days you go into your office or other premises.

You May Like To Read:

• 3 Important Ways Remote Work Can Benefit Your Business
• 41 Best Productivity Hacks To Get More Done in 2021
• 7 Tips To Create A Happy Workplace & Motivate Your Employees

Author: Abdul Mateen

The post 6 Top Tips To Stay Happy At Work appeared first on Fincyte.

To be fair, many micromanagers have good intentions; often, they want to help their team members succeed. The bad news is that micromanagement typically has just the opposite effect.

On the plus side, though, you can work to recognize micromanagement trends in your own behavior and endeavor to stop them. Here’s how:

8 Tips Business Leads Can Stop Micromanaging Their Team

1# Listen to Your Employees

Odds are, most micromanagers don’t even know they are micromanagers. That’s why it’s key to give your employees the opportunity to provide you with feedback on your performance through anonymous surveys and reviews.

The best way to help your team is to listen to what they have to say. And if they say they need more space, then it’s almost certainly a good idea to give it to them. Instead of being a taskmaster, act as a facilitator.

Create a strong channel of open communication between you and your coworkers. Make it clear to your staff that they may come to you with any issues or queries. Show your staff that you believe in them by telling them what matters to you and why.

2# Implement Better Systems

One of the big problems with micromanagement is inefficiency. If you have to constantly get up and work with your team members to explain basic concepts, then you’re wasting valuable time.

The most successful business leaders don’t do this, but instead set up iterative processes that can be carried out again and again. For instance, investing in training and development courses for your employees can help them solve problems on their own. This, in turn, will allow you to focus on projects on your desk.

3# Make Better Hires & Delegate

Good employees don’t need to be micromanaged. Plain and simple, hiring qualified and capable team members should encourage business leaders to adopt a hands-off approach.

What’s more, business leaders will be much more comfortable delegating important assignments to employees they know and trust. Note also that retaining your best employees can also help cut down on micromanagement as well.

4# Control What You Can

No business leader can control every aspect of their company. It’s not possible, and it wouldn’t be beneficial to do so even if it was. Talented professionals need agency in order to flourish.

Micromanagement, on the other hand, can stifle professional development and cause businesses to miss out on great ideas and opportunities. As businesses transition to more modern models –– including remote setups –– managers have to be willing to control what they can and leave the rest alone.

While micromanaging a single task may make sense in a vacuum, doing so time and again will wear you down –– as well as your team. Learning how to take a step back may not be easy for ambitious business leaders, but it’s essential all the same!

5# Set clear Expectations

Managers typically devote a significant amount of effort to informing their staff on what has to be accomplished. What has to be done and what is desired are not always the same.

Good leaders will go out of their way to make sure that every member of a team idea of what is expected of them. There’s no need to supervise once everyone is on the same page.

6# Strong Communication

Communication plays an active role between employees and manager. It’s responsibility of the managers to set up a system that allows them to communicate with staff as often as they need and vice versa.

Employees should be able to communicate with one another using such a system. In reality, having a robust communication infrastructure in place makes it easier to achieve the attributes.

7# Build trust

Without trust, nobody can work freely. Many micromanagers do so due of a lack of trust. They don’t believe that others can perform the job as well as they can. Face your personal difficulties first, then look for ways to help your team flourish.

If they are performing the activity as you would, instead of condemning, ask questions to acquire knowledge while also offering helpful input.

Try to understand the situation of your employees and if in case they do not fall onto your expectations, try not to get rude with them since they are trying their best.

8# Provide Feedback

Everyone needs and desires input. It’s critical to emphasize not only where you see space for growth, but also what worked well on a project.

Teammates must understand what they should do next and where they have exceeded expectations.

I frequently fail to express my appreciation for a particular work product or the manner in which a member of the team managed a customer engagement.

You May Like To Read:

• Should You Use Microsoft Teams in Your Business?
• Your 8 Must-Have Tool List to Collaborate with Creative Teams in 2020
• How To Effectively Manage A Remote Sales Team

Author: Abdul Mateen

The post How Business Leaders Can Stop Micromanaging their Team appeared first on Fincyte.

The important thing is to remember you’re not the first business owner with debt, and you certainly won’t be the last. With this in mind, there is plenty of support and options available to you if you find yourself in a sticky situation.

One of the first things to do, however, is to face up to the facts: It can be tricky to accept that your passion project, which you’ve worked so hard for, isn’t doing as well as you’d planned. But, once you’ve come to terms with the negatives, there are plenty of ways to get yourself out of a rut and back on top.

The below steps will help you to reduce business debt.

How To Reduce Business Debt?

1. Identify the cause

The first step to reducing debt is to identify what’s actually causing the problem. Causes might be a particularly expensive supplier, or staff expenses are too high.

There’s also the high possibility that you’re not putting enough resources into chasing customers who are late on payments.

By understanding where the issues lie, you can take productive steps to fix them. While you have all your finances in front of you, it’s also a good idea to take a look at any unnecessary expenses you could easily get rid of.

2. Find the highest interest rates

If you’re currently paying off loans or credit cards, prioritize paying off those with the highest interest rates.

It’s still important to cover all payments, however. Otherwise, your guarantors will be required to fit the bill for you.

3. Offer quick payment discounts

If you’re not already doing so, plenty of businesses offer quick payment discounts to their best customers. This incentive helps to get cash through the door faster while feeling like a reward for the customer.

It’s also worth mentioning that you should prioritize your best customers and keep them happy during this time of uncertainty.

4. Contact Your Creditors

You’ll find creditors are the perfect people to speak to in this situation. Together, you can create a plan to help reduce debts.

More often than not, creditors are happy to receive smaller payments over a longer time, rather than adding more pressure.

5. Consolidate Your Finances

Another way to managing your finances, and to get a better idea of how much you actually need to pay off each month, is to consolidate your debt. Consolidating monthly repayments can help reduce monthly costs and limit the impact the debt has on your credit rating.

If, after attempts to fix the situation, you still feel like you’re drowning, speak to a bankruptcy law specialist to see how they can help.

Click here to find out more about this. You shouldn’t tackle this alone, so reach out to the experts who can guide you through the process.

What Are The Available Alternative Options?

1. Copy Your Competitors

You might have set out your business with the perfect model, but when was the last time you took a step back to see how well it was working?

A good way to reduce debt or make your business more successful is to scope out the competition. Are they offering better prices than you? What additional services are they providing? What are they doing better than you?

Getting more information about the current market and what your competitors are up to is a good way to find out how you can make more money or cut costs.

2. Make More Money

Of course, one way to reduce debt and prevent your business from drowning is to find new ways to make money.

While now probably isn’t the time to start employing new staff, there may be a way for the current workforce to make more money. Get the team together to brainstorm any ideas – big or small – to see if there are any viable ways to boost profits.

3. Sell your business

Although this might feel like a total step in the wrong direction, you may find selling your business a viable option. If your business is typically successful, in-demand, and has plenty of assets, you might be able to sell it for more than you think.

Selling a business is often an alternative to bankruptcy, so it should be considered as a last resort, but it can be a simpler process than liquidating.

Businesses go through lulls in income all the time. The important thing is to not panic. With a level head, you are in a much better position to find a good solution to your current situation.

Read Also:

• 4 Things to Know About Dealing with Debt
• How To Quickly Get Out Of Debt
• Steps on How to Start Your Business Debt-Free

Author: Abdul Mateen

The post How To Reduce Your Business’s Debt appeared first on Fincyte.

The main objective of this study was to identify the challenges faced by the bank and financial institutions during the process of lending and define a future vision for making the system more efficient and profitable.

Challenges in Small Business Lending

The process of small business lending at a majority of the banks today is completely manual and carried out across multiple unintegrated portals that renders it totally inefficient and expensive.

Even after all the relevant information is collected, credit managers spend even more time in reconciling the data obtained from all the sources.

Again, once the lending decision is made, a gap between monitoring of documents and portfolio performance remains which causes further delays.

SMEs themselves are at the receiving end when it comes applying for credit through banks. Very few small businesses are aware of their business credit risk and ways to improve their rating.

The inconsistent requirements of banks with regards to data and documentation doesn’t help either. Finally, lack of expertise in the SMEs makes it difficult for them to maintain accurate financial reports which form an important part of the lending application.

Implication on SMEs-Analysing The Financial Gap

While SMEs are vital for economic growth and development they face many hurdles in securing “online” business loans. As more and more banks have started retreating from SME financing, these enterprises seek out new sources of funding from private equity and other sources.

In fact, first loans have started declining in developing countries and have stagnated in the US and UK since the global economic crises. As a result, a huge financial gap in trillions of dollars can be observed for SMEs in emerging markets.

Prior studies have revealed that SMEs confront limits on borrowing mainly because of their weak financial structure and low levels of production.

SME insolvency and bankruptcy are some of the indicators that the business is suffering due to payment delays resulting in declining liquidity. These market signals term them as unfavorable borrowers who in turn have to offer high quality collateral to prove their creditworthiness.

Further as the SME sector is extremely vulnerable to external market shocks, it has affected the short and long term financing to them.

Data from Organization for Economic Co-operation and Development (OECD) shows that in some countries SMEs are paying an average interest rate of 20.8% per annum, which will seriously impact the growth of less profitable firms.

This significantly high interest rate, coupled with reduced lending, makes it all the more important to study the financing gap which ails this sector.

Emerging Trends in Small Business Lending

Since small businesses have started to get a lukewarm response from traditional banks in accessing loans, alternative platforms have started to emerge at a feverish pace to grab a piece of the pie in SME financing.

As a result, SMEs have started to recognize the benefits of these new sources of lending, as these fintech companies offer cheaper loans, low cost transactions and faster process of disbursement because of digitization of their services.

Soon the financial institutions will begin targeting the digital-first population and accommodating these new generations of customers will become a challenge. Some of the lending trends that will shape the industry in 2021 could be:

• End-to-end digitization
• Use integrative microservices
• Adopt new business models
• Improve conventional scoring systems.
• Incorporate machine learning and artificial intelligence.
• Install block chain technology

Technology and data will dominate the future of the small business lending industry. While the complex compliance issues are likely to remain, the need of the hour is digitization to simplify the process and change the lending business lifestyle.

Borrowing From Fintech Companies

Fintech companies have garnered all the limelight in recent times as individuals are fed up with banks and bureaucracy.

Chances are that if you need financing for startups you would approach fintech for immediate transactions rather than fill out papers and wait for days for a response.

Moreover, fintech companies cater even to those SMEs which banks have refused over and over again because of bad credit ratings.

A fintech company, for example, may offer small business loans to women, something which traditional banks may refuse as a calculated risk. On the other hand, the fintech company may approve the loan taking into account the challenges faced by women in starting a new venture.

The downside to these personalized services is that the alternative funding source doesn’t have a proven track record as that of a traditional institution and can come and go in a blink of an eye.

Again if your business is healthy, you may get a favorable interest rate, but if it is considered high-risk then get ready to pay interest in double digits.

How Digital Lenders Are Disrupting Finance?

Unlike traditional banks which lend only to existing customers, fintech lenders offer online business loans, both to unbanked and underbanked customers.

These digital lenders, today, are disrupting the banking financial sector by offering payment solutions, lending, credit and much more, and forcing the once fool-proof business models to join hands with the fintech companies or find their own solutions.

This is forcing the financial institutions to create better consumer experiences, if they want to keep abreast with the competition.

From payment technologies like PayPal to lending solutions like Avant and OnDeck present day technology disruptors are giving the traditional financing industry a run for their money.

While these fintechs are unlikely to wipe out the banks completely, they will surely force them to rethink how to serve the financial needs of a customer better. While data leaks and cyber attacks may pose some risk, they will have to adopt these digital technologies if they want to stay on top.

Read Also:

• Online Business Loans, Explained
• 20 Types of Small Business Loans Can Help your Startup in Trouble
• The Advantages and Disadvantages of Receivables Financing

Author: Abdul Mateen

The post How Online Business Loans Are Changing The Rules Of The Game For SME Financing appeared first on Fincyte.

Maintaining cash flow is important in a trucking company. Without it, you will have problems paying for expenses such as fuel, truck repairs, insurance, and driver salaries.

Truck factoring can help solve problems related to cash flow. It will give you the money you need to pay for your expenses or expand your business. However, before you choose truck factoring as a financing option, there are several things you should know about what the process entails and how best to go about it.

Below is a detailed guide on all you need to know about truck factoring.

The Process of Truck Factoring

After you’ve identified a good factoring service to work with such as factorfinders.com, the company will require you to send a copy or copies of the trucking invoices to the factor.

You need to indicate how much money you need from the invoices. Some factoring companies will offer you a cash advance of up to 98% of the invoice.

Once the factor approves the requests, they will send the cash advance to your company account. After the invoice has matured, the factor will collect the payment from the client at your behest. Keep in mind that the factor will include a factoring rate or fee as charges for the service.

The Concept of Truck Factoring

Truck factoring is a form of invoice factoring where you sell your trucking invoices to a factoring company for a cash advance. In a transportation business, the drivers usually move the goods from one point to the other, and the client pays the trucking company once the goods have arrived.

To effectively serve your customers, you will incur several costs during your operation such as fuel, insurance, repairs, and maintenance, among others. If you do not have enough cash to pay for such costs, your ability to serve your customers will be severely affected.

As such, you can sell your invoices to a factoring company to get the money you need to keep your business running. The factoring company that buys your invoice will collect the payment from your client once the invoice matures.

What You Need To Apply for a Factoring Service

First, you will need proper authorization to sell the invoices. As a business owner or manager, you should have the authority to sell invoices. Without the right authorization, it’s unlikely that factoring companies will accept your offers.

Since the factoring company cannot dictate how you are to use the money, as a strategy to minimize the chances of theft and fraud, they will only buy invoices from people with the authority to do so.

The most important document when applying for a cash advance is the trucking invoice. You will hand over the tracking invoice(s) you want to sell to the factoring company, and they will do their research on your client. Once the factoring company confirms the invoices are authentic, they will forward the cash to your company account.

You also need proof of insurance to sell your invoices. Insurance helps to cover losses or damages to goods during transportation. If you do not have insurance, you will have to cover any loss or damages out of pocket. Factoring companies avoid such scenarios by requiring that you provide proof of insurance for the truck and the goods.

Mind The Truck Factoring Terminologies

A good understanding of the terms used in factoring will ensure that you know what you are getting into. Here are some of the complex terms you are likely to come across during the truck factoring process:

• Advance rate: This is the money paid to your company by the factor.
• Recourse factoring: A form of factoring where the company must pay back the factoring company if the client invoiced is unable to make payments.
• Non-recourse factoring: Another form of factoring where your business cannot be held liable if the factoring company cannot collect your client’s payment.
• Spot factoring: A type of factoring that gives trucking companies the allowance to factor one invoice without a long-term commitment.

The list above may not be exhaustive but it should give you an idea of the different terminologies so that you do not enter into a factoring agreement blindly.

Know the Rates and Fees

Before you agree to a factoring contract, you should be wholly familiar with the advance rate and the factoring fee. The needs of your business, as well as your client’s likelihood to pay, will determine the advance rate. Your income will also determine the factoring fee; if you earn a lot in a week, the factoring company will lower its factoring fees.

Some factoring companies offer up to 98% advance rate. As for the factoring fees, the charges differ depending on the factor. Some companies will have their factoring fees at 0.69% and some at 1%.

If you are short on cash but you are waiting for a reliable client to pay up, you can sell your trucking invoice at a high advance rate. If you only need a small amount or you are waiting on a client who usually does not pay in time, then take a low advance rate.

Know Your Expenses

One of the best things about truck factoring is that you are not limited to how and what you should spend your money on.

Once you receive your cash advance, the factoring company will not follow up on how you spend it. Before you decide to sell the trucking invoices, calculate how much you need and where you will spend it to improve your business.

Some factoring companies have multiple truck factoring programs for trucking companies to choose from. As such, make sure you choose a program suitable to your company’s needs so that the money you get from selling the invoice does not go elsewhere.

Your Credit Issues Do Not Matter

Another good thing about truck factoring is that your credit score or your company’s credit score does not matter. The credit score that matters in a truck factoring contract is that of your client.

If your client has a low credit score, you might get a less favorable truck factoring program. If your clients pay their bills on time, you are bound to get a favorable truck factoring program.

Always Read and Understand the Fine Print

One of the mistakes a trucking company can make when choosing a factoring program is failing to read and understand the terms stipulated within a factoring contract.

You have to be when reading through a contract because a simple mistake may hurt your business in the future. Always check for terms and phrases that may cost you additional hidden fees.

Sometimes, a factor may tell you that their factoring fee is 3%, and you sign the contract thinking you have a great deal. When you receive the money, you realize the factoring company has deducted 10% and start wondering where the additional fees came from. Upon further investigation, you realize there were hidden fees in the contract when it’s too late.

Ask as many questions as possible and ask the factor to be clear on all the fees they charge.

Choose the Correct Kind of Factoring

Another mistake a trucking company can make is choosing the wrong factoring option. There are two kinds of factoring, recourse and non-recourse factoring.

With recourse factoring, your company is liable to pay the factoring fees if your clients fail to pay them. With non-recourse factoring, if the factor cannot collect the payment, your company will not be held accountable.

You need to think about what kind of factoring will suit your business best. Non-recourse seems a good option, but it attracts high factoring fees. Recourse factoring is less costly but will render you financially liable if your customers fail to pay the factor.

Payment Made To the Factoring Company

You should note that the money no longer belongs to you after selling the invoice to the factor. Payment for that particular invoice should be made to the factoring company.

After you sell the invoice, you should contact your client and inform them that they should pay the factoring company after they receive their goods.

Your client might pay you instead of the factoring company. If this happens, you should forward the payment to the factoring company as soon as possible to avoid future inconveniences.

Work With a Good Factor Such as factorfinders.com

Truck factoring can be the best way to finance your business and ensure that you have a steady cash flow. Factoring allows you to get quick cash advances to funnel into your business instead of having to wait for your clients to pay their invoices.

The most important thing is to make sure that you get good value for your money. Be careful when choosing a factor and ensure that you choose the right type of factoring that will suit your business best.

Read Also:

• The Advantages and Disadvantages of Receivables Financing
• 7 Reasons to Go for Accounts Receivable Financing
• The 7 Most Important Invoices for Your Small Business

Author: Abdul Mateen

The post Truck Factoring 101: Guide For Beginners appeared first on Fincyte.

From budgetary concerns to the exorbitant cost of cutting-edge medical equipment and supplies, many healthcare providers find the balance of these concerns to be increasingly difficult.

While advancements in technology, logistics and medical science may be disruptive in some situations, they are also allowing for new and unprecedented levels of efficiency in the world of patient care. Specifically, surgery is now becoming more cost-efficient for providers and patients.

But how is technology impacting this dynamic? Below are several crucial examples fueling this trend.

5 Tech Trends Reshaping Cost Efficient For Surgical Procedures

1. Advancements in Laparoscopy

Historically, surgeons and doctors utilized relatively barbaric surgical procedures for even relatively mild surgeries. This wasn’t their preferred choice: the technology of the era simply didn’t allow for more precise, less invasive options.

Thankfully, the emergence of laparoscopy (keyhole surgery) has improved cost efficiency for patients while minimizing risks and liability for surgeons.

Laparoscopy involves cutting a much smaller incision in the skin to allow for lighting, cameras and some necessary surgical tools to directly access the area(s) where surgery is needed.

In some cases, laparoscopy involves a camera and light being inserted through the mouth, meeting the surgeon’s tools in the affected area (that are inserted via the incision).

Ultimately, this advancement in tech allows for shorter hospital stays and faster recovery time – leading to lower costs and fewer long-term complications.

2. More Surgeries Performed in GP Settings

Historically, the vast majority of surgeries had to be performed either in hospitals or in by specific specialists.

Increasingly, the percentage of surgeries able to be performed by general practitioners is on the rise. This ultimately is due to advancements in tech that allow GPs the ability to safely and effectively address this need.

Presently, approximately one-third of all surgeries performed in the UK each year are defined as general surgeries, with GPs able to provide these services in the majority of cases.

By being able to forgo multiple nights at the hospital or requiring other expensive surgeries for what is otherwise minor surgery, cost efficiency of the broader surgery industry is further improved.

3. Increased Choice & Access to GP Supplies

50 years ago, the number of choices available to doctors and surgeons alike in terms of choosing GP products was limited.

In most situations, only local providers or those specializing in mail-order solutions were options available to medical facilities and surgeons.

Thanks to the internet’s continuously advancing presence in society, medical professionals have access to a literal world of choices.

GP supplies (from diagnostic tests and PPE to printer ink and office supplies) can be purchased via the internet from literally anywhere.

This sheer amount of choice now available to surgeons allows for the easy procurement of affordable items commonly used in surgical settings, such as gloves, infection control items and medical furniture, just to name a few.

That level of choice forces suppliers to offer more cost-effective solutions. Providers such as medical-supermarket.com illustrate the sheer range of options available to surgeons today.

4. Precision in Elective Procedures

While most surgeries performed in the UK are required medical necessities, approximately one percent of all procedures are cosmetic.

These surgeries can range in scope from rhinoplasty and breast augmentation to liposuction and facelifts. Ultimately, these procedures – not covered by the NHS or health insurance – can be expensive options for patients to consider.

As the level of precision in surgery applications has improved in recent years, so have the outcomes and costs of these surgeries. Dynamics such as tissue reconstruction and surgical simulations have allowed for more accurate surgery plans to be generated with less healing time and fewer complications.

The end result? Technology has improved precision in cosmetic surgery as well, making these procedures more affordable.

5. Robotic Applications and AI

While still a nascent concept in the field of surgery, engineers and developers are slowly unveiling an array of automated, robotic and intelligent machines capable of eliminating human surgical error.

Solutions such as the Da Vinci Surgical System have already performed millions of surgeries around the world, providing assistance for cardiac, colorectal and general surgery.

While expert training is required to utilize such applications, the number of doctors and medical students training to commandeer such tech-based surgical solutions is quickly increasing. As concepts such as AI and nanotechnology continue to grow within the field of healthcare, these solutions may one day completely eliminate unnecessary risk and further lower costs for surgery.

A variety of disruptive trends and pressure points from technology are influencing the surgical industry – but thankfully they are also leading to lower costs and more effective solutions for patients and practices alike.

Helpful Resources:

• How Digitalization is Changing the Face of Healthcare?
• Budgeting for Band-Aids: Your Guide to Healthcare Finance Planning
• How Content Marketing Can Help Address Regional Healthcare Concerns
• How Modern-Day Technology is Changing Healthcare for Seniors

Author: Abdul Mateen

The post How Tech is Reshaping Cost Efficiency For Surgical Procedures appeared first on Fincyte.

However, when thoroughly looking into employee engagement there are two main themes that stand out: its effects on productivity and staff well-being.

Having a happy, engaged, and productive workforce is one of the most valuable assets a company can have. Yet, without the right tools and understanding, it is a concept that all too frequently remains an inactionable and illusive theory.

This guide is here to help you understand and implement employee engagement to benefit staff well-being and productivity.

What Does Employee Engagement Really Mean?

In order to increase staff happiness and productivity, a business must focus on increasing employee engagement. Employee engagement is a concept that is used to understand the relationship between an employee and the organization that they are working for.

An engaged employee is one who feels enthusiastic and absorbed by the work they are doing which, in turn, motivates them to take further actions which positively impact the organization.

In contrast, a disengaged employee may range from an individual who does the minimum amount of work required to keep their job to one who actively tries to damage the reputation and progress of an organization.

Benefiting from a happier workforce and the increased productivity levels of a highly engaged workforce isn’t a difficult task to master, all it takes is a focus on hiring the right people for the job, good training, and the use of an employee engagement platform.

What is the Relationship Between Employee Engagement and Happiness?

Although engaged employees are happier, the term employee engagement shouldn’t be used interchangeably with employee happiness.

The reason that employee happiness does not automatically equate to employee engagement is because a happy employee could be an individual who works in an undemanding role and enjoys doing little work.

Employee engagement denotes a particular kind of happiness, one that stems from having a rewarding emotional connection with your work and that contributes to a sustained, long-term feeling of satisfaction.

Research has shown that engaged employees are not only likely to feel happier at work, but in their personal lives, too, since the way you feel at work has a big impact on your life outside your office, particularly on your health and your relationships.

Why Engaged and Happy Employees will Boost Productivity

A study by the Gallup Organization was conducted on 1.4 million employees and found that organizations with high levels of engagement reported 22% higher productivity levels.

The reason that employee engagement has such a big impact on productivity is due to the fact the engagement benefits a company in a variety of different areas. The list below outlines just some impacts that high employee engagement can have on productivity.

1. Improved Employee Retention

One of the most frequently cited reasons for people to leave their jobs is the feeling of not being challenged enough, as well as not utilizing strengths and not enjoying their work.  Essentially, these employees are disengaged.

High employee turnover has two main effects on productivity levels. Firstly, it takes time to find and train new employees.

Secondly, on average it takes up to two full years for a new employee to reach the same level of productivity as an existing member of staff.

2. Benefits to Customer Relations

A study by Washington State University identified a direct link between customer satisfaction and employee engagement.

The study also noted the correlation between customer satisfaction and financial success, since satisfied customers are more likely to return and recommend a brand.

The reason that employee engagement has such an effect on customer satisfaction is because a happy and motivated employee is more likely to go that extra mile to service the customer.

3. Higher Quality

Engaged employees are more likely to show higher levels of care and attentiveness in their work, which results in 40% fewer quality deficits.

4. Increased Sales

Once you understand how employee engagement benefits customer service, productivity, and quality, it isn’t difficult to imagine its impact on overall sales.

Recent research has found that, on average, organizations with high levels of employee engagement experience 20% higher sales than their disengaged counterparts.

5. Improved workplace Safety

Engaged employees are much more likely to be aware and mindful of their surrounding environments and more focused on the tasks at hand.

Higher concentration levels have been found to impact workplace safety. Studies have found that 70% fewer safety incidents occur in workplaces with high levels of engagement.

Increasing employee engagement is a win-win endeavor: not only will your staff be happier, both at home and at work, but your organization will benefit from higher productivity levels, too.

Resources:

• 14+ Best Productivity Apps 2021
• 5 Things Your Office Needs to Boost Productivity
• 12 Clever Ways to Make Your Workplace More Efficient

Author: Abdul Mateen

The post How to Increase Productivity With a Happier Workforce appeared first on Fincyte.

That’s why any strategy that can help cut costs is very welcomed among start-up teams, as managing business expenses invariably means cutting down on expenses.

However, there’s often a perceived trade-off between cutting costs and facilitating growth. This is a fallacy; it is rarely a zero-sum game in that respect.

In most cases, you just need to trim some of the fat around the edges to get lean, which can actually stimulate growth (especially at an early stage).

3 Ways Startup Can Cut Costs Fast

1# Automation

Technology is incredible at doing things more efficiently than humans. So why not take advantage of the age we live in? When it comes to employees, time might not always be money, but it can certainly be growth.

Why make your employees regularly do tasks that could be automated because you will have paid for their time anyway, instead of letting them explore various issues relating to the business in their free time?

Accounting software is a great example of this – you can automate payroll and bookkeeping easily and reduce the need for a full-time accounting or HR designated individual. Using software also reduces the chances of human error creating costly mistakes, so it can save time and money that you might use fixing those mistakes.

Another good example that’s gaining popularity and is set to be one of the big trends of 2020 is the use of chatbots.

Putting these lines of code on your site can in many instances eliminate the need for customer support or sales support.

Of course, you will always want a customer to be able to talk to a real person, but chatbots mean that depending on your sales you can just take all calls yourself if they are infrequent enough. Even if they are not, you will save a lot in customer care costs. Speaking of calls…

2# Phone Tech

A business needs everybody to be connected, but using traditional landlines or even mobile phones in some cases can be inefficient or inflexible if you have a rapidly changing team.

Traditional solutions also don’t work well with scaling, being costly and time consuming when you want to amend your packages. That’s why flexible phone tech can help start-ups.

Take Phone.com, which uses the cloud to link a service to a mobile phone, standard landline, computer or VoIP phone – meaning start-ups don’t need to outlay on specialist hardware.

It’s one example of a pbx solution, and there are many – check out a phone.com review for more details about how these types of tech can cut costs for businesses compared to traditional solutions.

A virtual office phone system also serves the benefit of allowing people to do remote work, which can reduce needs for office space and allow you to save on utilities.

3# Affiliate Marketing

Marketing campaigns can be expensive as well as unpredictable, and unless you’re a seasoned marketer, you might be throwing money at something that might not be as effective as you will have wanted it to be.

You will need to improve your chances of making sales while cutting costs at the same time. It seems like an impossible task, but affiliate marketing and the use of referral programs can help you massively. These programs are great because they do cost money, but this money comes with higher sales.

Referral programs may require spending a bit more, as you need to give money to people for telling their friends about your start-up, but consider that people will almost always trust those who are close to them over your other marketing channels.

Referral programs are also great for guerrilla marketing – finding loads of people on social media who have modest followings and then getting them to advocate for your product is a great example of this.

They will welcome any amount of income as they aren’t professional or semi-professional influencers, and if you’re clever their friend groups will see the result of a coordinated campaign — with all their friends suddenly being into this new craze.

Affiliate marketing is excellent in terms of cost-cutting, as it works on a commission only basis. It means that if you are spending a lot of money on marketing, you’re earning much more, but affiliate marketing often needs an attractive enough commission and the right products.

Nobody wants to sell a product that they don’t feel excited about, so these programs do need the right investment in branding.

Resources:

• Lean Small Business: How To Cut Costs Without Reducing Quality
• 9 Cost-Cutting Hacks for Small Businesses
• 6 Viable Cost-Saving Opportunities for Small Businesses

Author: Abdul Mateen

The post How Startups Can Cut Costs Fast appeared first on Fincyte.

For thousands of businesses, the first months of 2020 have necessitated some soul-searching and some heavy adaptation to fit with what is being called ‘new normal’ market forces.

In this article, we’ll focus specifically on Microsoft Teams as remote collaboration software, asking the question: should you be using Microsoft Teams in your business – and if so, why?

Why Should You Use Microsoft Teams

Remote Collaboration

First, let’s talk about remote collaboration. Any firm that’s been adapting to the new normal by encouraging their staff to work from home will have instantly looked to the solutions available online to help them coordinate tasks, communicate remotely, and keep producing high-quality work for your business.

It turns out that the world boasted several useful remote collaboration tools to help businesses respond to the demands of the pandemic. You have almost certainly used one of them at the very least.

The two leading online collaboration platforms are Microsoft Teams and Google’s suite on cloud-based programs. If you’ve used either of these in the past few months, you’ll be well-placed to know whether you want to continue using remote collaboration software into the post-pandemic future.

Should You Onboard?

For all businesses that are still getting used to remote working, it’s challenging to know which baskets to distribute your eggs in.

Do you want to invest entirely in one system, or do you want to spread your investments and your workload over several systems to give your staff access to several different ways to coordinate?

For managers, these questions are the most important. You don’t want to cut off your staff – those who are unable to work on Microsoft Teams, for whatever reason, in a remote capacity.

Happily, you can enjoy the best of both worlds with a centralized system through which you monitor all of your digital assets from one single-pane viewpoint.

Solutions provided by Code Software enable businesses and managers to oversee where their employees are working, and how they are communicating, to attempt to centralize their work and coordinate their different working habits and nuances.

This is the perfect software to alleviate worries about coordination in the post-pandemic digital working world.

Microsoft Teams Capabilities

Thousands of businesses that were once rare users of Microsoft Teams have found the software contained within it incredibly useful for the purposes of coordination during the pandemic.

That’s because Microsoft has built in several features which helps your team to work together despite being situated in their own homes – apart from colleagues with whom they ordinarily coordinate. Microsoft Teams enables you to:

• Set up professional calls, including video calls, instantly
• Communicate in informal instant messaging bubbles as well as formal presentations
• Use Microsoft Office software remotely, coordinating via the cloud
• Synchronize workloads through helpful employee monitoring systems
• Set priorities, as a manager, and create a space where you can motivate your staff

All of these attributes make Microsoft Teams one of the most essential software solutions for businesses getting used to working remotely in the modern era.

The question is: if you’ve survived without Microsoft Teams, is it worth onboarding with their software now?

Benefits and Overview

So, what are the benefits of onboarding with Microsoft Teams? Well, we’ve already highlighted some of them. There are dozens of useful features that your team and your managers can use to coordinate staff collaboration and to maintain oversight over their work.

But, more than that, Microsoft Teams is a solution that can work for you into the distant future – transforming from a post-pandemic fad into a long-term solution to how your staff work.

Meanwhile, you should also consider the benefits that Microsoft Teams can have in terms of landing all of your staff on the same page.

Microsoft software is one of the best-understood in the world – indeed, most people get used to drawing up documents on Microsoft programs before they use any other software.

As such, this is the perfect software solution to onboard with, because your staff will not require extra training to use it effectively.

Cybersecurity

A rapid note on cybersecurity – which is of increasing importance to businesses everywhere.

Microsoft Teams – and all Microsoft programs – are equipped with excellent encryption mechanisms and are protected by the kinds of cloud-based cybersecurity infrastructure that you need to work safely and confidently into the future.

It’s up to you whether Microsoft Teams becomes your new working normal in 2020 and beyond, but this overview is designed to give you an impression of what this software has to offer your business – now, and into the future.

Read Also:

• The Office 365 Collaboration Tools: How It Works?
• Top 5 Customer Communication Channels
• 14+ Best Productivity Apps You Should Use

Author: Abdul Mateen

The post Should You Use Microsoft Teams in Your Business? appeared first on Fincyte.

However, with so many different apps on the market right now, how can business owners be sure that their applications would give them real benefits?

To answer this question, business owners first need to learn more about the business application market, in addition to understanding the practical benefits business apps can bring.

What Are Mobile Business Apps?

Historically, large-scale business applications were only developed by multinational corporations, such as Walmart and Bank of America; however, after the age of start-ups, this ceased to be the case. Independent companies such as Uber and Airbnb have become some of the biggest players.

Applications are an increasingly popular tool used by small businesses; studies have found that 42% of companies have their own application and a further 30% are announcing plans to build one in the future.

The same studies also report that of these small business apps, 55% are owned by millennials, with only 13% being owned by baby boomers.

The market for smartphone and tablet applications is set to keep growing exponentially, predicted to reach $407.31 billion by 2026, putting the CAGR at 18.2% from 2019 to 2026, and for a good reason.

According to TechCrunch, U.S. consumers are spending an average of five hours a day on mobile devices, 92% of which is spent using apps.

What Benefits do Apps Provide?

Business apps can benefit businesses in a variety of different ways, from increasing sales to growing a customer base and increasing brand loyalty.

1# Build a Loyal Customer Base

Establishing an in-app loyalty program works to incentivize both the initial download and repeated usage. Apps are one of the best formats for creating an interactive loyalty program.

Take a look at the five-star point system at Starbucks as a case study: it rewards customers with a free coffee once they have bought five, digitizing an existing rewards scheme. Alternatively, a business can offer app-only sales.

Not only do 84% of people report repurchasing from brands that offer them loyalty programs, but 66% of customers also believe that the ability to earn rewards actually changes their spending habits.

2# Cost-Effective Advertising

Once a customer has downloaded an app, it results in, on average, a 24% increase in money spent on purchases.

The reason for this? It’s all about ease and simplicity; seeing the application on a phone motivates a person to use it. This does not only result in increased interaction but also in enhanced brand awareness.

Apps take up valuable real estate on mobile devices, meaning that consumers already form an allegiance to the brand simply by installing and keeping an app.

3# Apps Add Value to the Customer

Apps that are easy to navigate with aesthetically pleasing layouts enhance the shopping experience for the customer.

Ease and simplicity are vital for driving sales, and a pre-downloaded app takes less time and exertion than searching online.

If an app can offer significantly fewer clicks than an online purchase (e.g., by saving payment information), it can help to decrease abandoned shopping carts and drive company profitability.

4# Increased Communication

One of the major advantages an app has over a website is that if the user has given the app permission, it can send notification alerts.

This opens up the possibilities for fast-paced communications with customer service and informing potential customers of promotions.

Deciding if a Business Needs an App

While it is clear that applications can provide businesses with numerous benefits, an app isn’t necessarily right for every company. The points below should be able to help businesses decide if an app is right for them.

Who are the Customers?

Thinking about the target audience is a vital step to ensure that any investment in an application will pay off.

For example, studies by comScore have found that the 18-35 age group prefers mobile apps to websites. In fact, 65% of millennials are generally excited about new apps, with 70% saying they are constantly on the lookout for new apps. If your target market is the 60+ market, rethink whether an app is a good idea.

What’s the Goal?

Simply building an application is not the only step to reaping the benefits; a goal-orientated strategy is necessary to ensure the highest return on investment.

Deciding on the main aims for an application, whether it is finding new customers, increasing repeated visits, or increasing brand awareness, will inform the app-building process.

According to a renowned Magento developer agency, Outlining these goals and using a specialized app-building company, is the best way to make the most out of a business application.

Do Competitors have Apps?

Evaluating the competition is a great way to further understand how an app could benefit a business. Statistics such as the number of downloads and user reviews are accessible from app stores and can be an easy way to ascertain feasibility.

Resources:

• 3 Best Hybrid Frameworks For Ios Application Development
• 7 Steps to Build Your Own App Like A Pro
• The demand for Cross-Platform App Development is Growing Exponentially

Author: Abdul Mateen

The post Is Having a Business App Worth It? appeared first on Fincyte.