The Worst Cashflow Mistakes Small Business Owners Make

The worst cash flow mistakes a small business owner can make can be counted on one hand. They have one thing in common, and that’s about failing to follow the money. They’re about keeping your eye on the prize, and we go through them here, ending with advice about how to track your own company money using expense management software for small businesses…

Failing to think before you splurge. Great! You’ve started a business. You’re on the road to fame and fortune, and now’s the time to invest in an expensive suit and a new car, isn’t it? No, in short, it isn’t. This is exactly the time NOT to commit money – yours of the company’s – to anything you don’t need. So there’s the first lesson. Understand the difference between ‘want’ and ‘need’. To succeed in business you need a phone, but the Armani suit can wait…

Expecting the best. This is about your financial planning. Understand that you’re not going to be a millionaire in the first year. On the contrary, you’ll be doing well if you can afford to pay yourself anything like a salary in Year One. If you overestimate the number of units you can sell, or the clients you can get to come on board, then revenue will be lower than you predict, and you may find yourself overstretched with any finance package you’ve put in place.

Offering credit. Poor paying suppliers can cripple small businesses. If you’re made to wait for payment, that’s like offering them an interest-free loan, and you shouldn’t do it. It’s perfectly reasonable to ask for payment up front, so long as you’re ready to honour your commitment. After all, you wouldn’t expect the local supermarket to give you a month or more’s credit on your grocery shop (though if you’re a supplier to them, the boot would be on the other foot). In general, large organisations are slower payers, and also have complex internal procedures in place about how and when payments can be made. Better to work with smaller companies, where you have direct access to the person with the power to pay.

Being cash poor. If you’ve made careful and conservative cash flow forecasts in the early days of your business, everything’s fine, so long as cash moves as you’d predicted. But what happens if it doesn’t? If you have no cash cushion you could be in trouble. Try to have a couple of months-worth of cash in the bank so you could carry on if you had no income at all. It’ll help you sleep easier, too.

Not making an unpaid finance assistant work for them. Bet that caught your attention didn’t it? This is not about the kind of modern slavery that has people working for nothing, but it’s about technology. It’s about arming yourself with good quality business expense management software for small businesses and being disciplined in its use. In the early days of your business you need to be especially careful with money, because having little of it generally sharpens the focus in the need to be a good money manager. In later years, when you’ve earned a wedge, there’s no reason to take your foot off the control pedal. Keep a tight rein on finance, and you’ll be rewarded with better dividends in the future. Selection of the right small business expense management software will enable you to keep track of expenses very easily, but more importantly, it will allow you to interrogate the data, and show you how effectively you’re managing spending and cashflow – and show where improvements can be made. And picking the right package means it’ll offer excellent value for money, because the savings you make by using it are probably going to be more than the cost of investing in it in the first place.

Signs of Poor Taxi Service

find it easier to travel on a daily basis now. The lines between traditional taxi services and ride sharing services have blurred. This assimilation has increased expectation for ride sharing services to operate more like a professional cab service.

For a smooth and non-stressful ride, it is recommended to watch out for these red flags before a service is hired.

Unusually high fares
Cut throat competition has forced transport sector to drive innovation and continue reducing fares. This has been true for taxi services too. Unless there is a shortage of drivers due to high demand or premium services being offered, there is no incentive to pay extra.

Questionable maintenance
Good taxi services walk the extra mile. They often partner up with local bodies to have their cars certifiably inspected for faults. This translates into a safe and relaxed environment for its customers and repeats business. Any taxi service failing to ensure such maintenance regularly will naturally lose credibility.

Resistance towards technology adoption
Without a shred of doubt, technology has become one of the most integral parts of our lives. Without it, our complex ecosystem will collapse. A good taxi service tries to stay ahead of the curve and employs latest technologies. While this does increase their cost in the short term, it brings more revenue in the longer term. As a rule of thumb a good taxi company will employ at a bare minimum: –

– GPS tracking

– online bookings

– dedicated platform for drivers and customers

– email confirmation

Inflexible payment solutions
In an ever digitalizing economy, less people are carrying cash with them for daily settlements. While a bad taxi service turns blind eye to this, good taxi services see opportunity to retain and expand existing customer base. As such, they offer customers the convenience of paying via not only credit cards but cash and even wallet systems.

Non-existent or poor customer service
A substandard taxi company does not feel obligated to ensure customer satisfaction. Instead, it operates on a basic, no-frills business model. An important pillar of customer satisfaction is during service or after sale service. This is done to ensure that customers have an option to provide feedback or complaint about the service. The underlying idea is to empower users to speak directly to a company representative; to share positive feedback or raise concern.

A taxi service operating without customer service could potentially turn out to be the single biggest red flag. It goes on to display the concerned company has for its users.

Unprofessional drivers
Demonstrating professionalism for a driver is myriad of, rather subjective, intangibles. Being a professional driver is not simply about driving fluidly but also ensuring customer accompanied does not feel uncomfortable in any way. A good taxi company should, therefore, have a system of metrics in place to rate the performance of its drivers.

The list is not exhaustive in any form. Indeed, many of the indicators might be trivial to one person but a deal breaker for other. At the end of the day, the service that focuses its energies on customer convenience and facilitation is likely to triumph over others. If you need the best taxi service then make sure that they don’t have bad signs.

‘Official’ Blockchain Standards for 2019

The succinct statement details the government’s pending official definitions of blockchain regulations. Publicly advertised rationales may appear comparatively innocuous or indeed prudent yet such official justifications are an obvious attempt at the curtailing rather than development of decentralized technologies. Even rudimentary, preliminary investigation of the statements highlight what may generously be labelled as contentious logic.

“China is set to publish official standards on blockchain technology next year, with one official telling Xinhua they will “give the industry some guidance” on the technology.

Li Ming, a director of the Blockchain Research Office under the Ministry of Industry and Information Technology (MIIT), told Xinhua’s Economic Information Daily that work had already begun on forming the standards. Li, however, made clear that while standards would provide some guidance to blockchain developers, authorities did not expect official guidelines to “quickly advance the development” of the industry. Despite efforts to clamp down on the financial risks associated with cryptocurrencies and initial coin offerings, the Chinese government has looked to show its support for blockchain development. China was the world’s biggest source of blockchain patents in 2017, while last September saw a blockchain research center opened by the China Academy of Information and Communications Technology, a research institution under the MIIT.

The new standards being drawn up by the Blockchain Research Office will include guidelines for the application of blockchain in terms of business, information security and reliability, Li told Xinhua. Despite the exciting potential surrounding blockchain, the technology remains in a stage of infancy. Without clear regulations in place, security problems have caused nearly 2.9 billion US dollars’ worth of losses worldwide between 2011 and 2018, according to Baimaohui Security Research Center, a specialist in online security that has worked with Alibaba and Huawei.

The last two years alone have seen 1.9 billion US dollars lost because of blockchain security issues, according to Baimaohui. Not only are China’s leading tech firms and banks applying for blockchain patents and researching how the technology can improve services and boost public trust in supply chains, China’s Ministry of Public Security is also studying how to implement the technology in terms of data storage. Earlier this week, data from China’s Intellectual Property Office showed that a patent application had been filed by the Ministry of Public Security for a blockchain system that would securely and transparently save unalterable data to the cloud. Such a system could be used and shared by police across the country, allowing data to be shared rapidly between various agencies. ( CGTN )”

To begin let’s not forget the differentiation of decentralized capacities versus centralized services. A regionally authorized service naturally adheres to geographically specific governing legislation. For example an international fast food chain may, in some European countries, sell alcoholic beverages over the counter while the same operator is typically not permitted to do so in North America. This variation is possible because of service use being localized. To have ‘official’ guidelines of decentralized capabilities would be to imagine access and or use of decentralized services being regional, or under the same legislation. It may not. It is decentralized.

Secondly it has been calculated by the American Government Accountability Office ( GAO ), that the 2008 financial crises cost $12.8 trillion dollars. This further omits subsequent bailouts, unemployment and broad reaching detrimental consequences suffered by millions.

The causes of the 2008 financial crises have been largely attributed to deregulation, securitization (double dipping and bundling), sales of subprime mortgages and the Federal Reserve’s raising rates on subprime borrowers. In short, actions conducted by government, banking and financial industries.

By contrast for one set of activities to lose under $3 billion over seven years is minuscule. Regardless of political stance, decentralized technologies offer the capacity for individual’s independently enacting personal choice. Personal loss resulting from bad decision making, such as ICO investment, is contained. Moreover it is a conscious participation where any individual may only invest or access a set amount, that which is in their immediate control. Compare this ceiling to unilateral extents achievable by governments and corporations.

To incorporate decentralized technology into one regional government’s operational guidelines may prove nothing more than redundant methods of double accounting. Used by individuals whom may collectively be under no single government’s purview, concurrently decentralized technological capacity must itself be equally discovered.

Where to Buy Shiitake Logs at the Best Price

The mushrooms grow on logs and these logs can be prepared by you. The Shiitake mushroom is easy to grow by anyone as it does not need soil of different layers and nutrition. They grow on logs. You may plan to grow a huge quantity of Shiitake fruits and for this – it is better to buy the logs. You will need logs with 4″ diameter and the log should have its bark intact. The woods that are preferred are oak, poplar, alder and maple variety. The hardwoods are to be avoided. The conifers like fir or cedar are also of no use for you. When you have a 4 feet long log, it will be better to handle and you can put 10 to 12 plugs in it.

Online stores

There are different online sites where you can buy these Shiitake Logs to grow your fruits on them. You will have to find out the way these logs are used for using them for growing the fruits. These fruits are grown widely and are second to the most common button mushrooms. You can use the Shiitake Mushroom Logs for these fruits so that you can raise certified and organic sprouts. These can be used to create a commercial operation if you have some space for the hardwood logs and shady place to keep these logs for a good production. You just need to get a reference from any friends who grow these mushrooms and go to the site to buy the logs for sale.

Stores with guidance and instructions

These stores will have logs containing a substrate that are inoculated with spawn for proper growth. These stores often will have mycelium for colonizing the substrate. The mycelium will be kept in some bags and used until the substrate is completely colonized. The store will ship you the Mushroom logs for sale so that you can harvest your crop within 10 – 12 days. You can grow the fresh fruits and sell to the proper outlets. Often the online stores will give you instructions to grow the fruits and save time for your crop harvest. The logs are of high yield and stable quality. They will also have a high conversion rate.

Farms with mushroom logs

There are farms that will have Oaks, hornbeams, sweet gum and ironwood for mushroom cultivating base. These farms will sell you the hardwood tree logs and you can start cultivating the fruits on them. The trees are cut after the leaves have turned brown and sap migrate downwards to work as antifreeze. These farms often take the logs from firewood suppliers or farmers too. They stack the logs in their storehouse in the proper shade. Loosely kept logs are handled with care and are mostly kept covered with cloth.

Prepare a Shiitake log

You can start preparing a log for growing the mushrooms on them. These logs must be hardwood and they are to be inserted with plugs. These plugs will have the mycelium growing there. The logs are bored with holes so that the mycelium starts colonizing. They will soon grow into Shiitake sprouts for you to take off and sell. You need to drill in the logs for the plugs and then rubber mallet the plugs. Use beeswax for sealing the plugs. Store the log in a shady place until it is ready for cultivation.

Steinbeck Hitchcock and Yes, Lifeboat

What on earth do Steinbeck and Hitchcock have in common? Well, nothing except that they made a film together called Lifeboat. They did not even share any common interests in terms of their work. John Steinbeck created novels such as Grapes of Wrath which is still considered as a literary masterpiece even by modern critics. The novel was highly controversial at the time it was first published in 1939 due to the anti-capitalist sentiments. But it also won the Pulitzer Prize. This and his work later were instrumental in getting John Steinbeck his maiden Nobel Prize for literature. Steinbeck also wrote some comedies such as Cannery Row and Tortilla Flat but thrillers, not any that I know of.

Alfred Hitchcock lived thrillers and absolutely thrillers. However, he did take some diversions into other genres such as comedies in Mr. and Mrs. Smith and also some nonfiction films just before the Second World War. After the war, he mostly stuck to what he knew best and that was making thriller movies. I don’t know what Steinbeck was thinking about while writing Lifeboat. Was he intentionally making a thriller or just an interracial film with a hypothetical situation about people from various communities of German and allied forces getting together and having to do battle together? I think it’s later and that’s where Steinbeck came into the picture.

Originally the screenplay of Lifeboat was credited to John Steinbeck. But after the film was released Steinbeck requested his name to be removed from the credits because he felt the film had unkind words against organized labor. However, the British and American press at the time thought the film glorified German characters and denigrating the US and British characters. Modern critics see things differently though. Hitchcock defended his characterization because he respected his movie villains. Characterization of a villain has been the hallmark of Hitchcock films over the years. The moral of the story in his opinion was to get the allies together to fight against Nazis.

Lifeboat was nominated for 3 Oscars but received none and it was not commercially very successful either due to the negative publicity and controversies surrounding the film. It was Hitchcock who came up with the idea for the film and considered several top writers at the time for the project including Ernest Hemingway and A J Cronin. Hitchcock didn’t use music in the film as he thought it was imprudent to do so. Where would music come from in the sea? He retorted when asked about it. He was countered with where would the cameras come from in the middle of the sea?

I am a diehard Hitch fan and have seen all his best work and more. I never felt him being racist or unkind to any community unless it is for the characterization. The very fact that he chose Steinbeck for this project confirms this fact for me. But it is a strange combination all the same. After so many years of Hitchcock, it is difficult to associate him with a writer who is not at all a thriller writer. It is a lonesome but great alliance all the same.