by | Jul 6, 2023 | Lifestyle |
There are many ways companies can lose money. Here are 10 of the most common causes of loss and how to prevent them.
Refunds
If too many customers ask for their money back, it can eat away at your profits. Customers can ask for refunds for various reasons, but in almost all cases, a product/service didn’t meet their expectations. Putting in place quality control measures and improving your return policy are two ways you can reduce refunds.
Chargebacks
Chargebacks occur when a customer disputes a purchase with their credit card provider. The credit card provider then reverses the transaction. Like refunds, chargebacks can cost companies a lot of money. If you’re a high-risk merchant, you must get chargeback protections to limit these losses.
Miscounting errors
Many companies can lose money through miscounting errors. This can include accidentally giving back too much change or accidentally overpaying staff members. Going cashless and automating staff payments is one way that some companies combat this.
Unprofitable discounts
When offering customers discounts, it’s vital that these discounts are still profitable. Think carefully before slashing prices, and ensure that things like loyalty point systems or membership discounts aren’t too generous.
Expired stock
Items like food products, paints, and even printer ink have an expiry date. It’s important to use/sell these items in good time so they don’t expire. Using day dot systems and offering promotions on items nearing their expiry can help to reduce expired stock. You should also think carefully as to how much stock you order so that you don’t go overboard.
Damaged products
Damaged products often cannot be sold or have to be heavily discounted, which can also result in losses. Storing supplies in the right conditions is essential to avoid product damage. Make sure also to hire a reliable courier and use good quality packaging to avoid products getting damaged in transit.
Lawsuits
Lawsuits can cost businesses thousands of dollars. There are many reasons to file a lawsuit, but typically it comes down to not sticking to promises or accidentally injuring someone/damaging their property. Creating legally tight contracts, taking stringent health and safety measures, and not promising more than you can realistically achieve are all ways to prevent lawsuits. Taking out insurance can, meanwhile, help to pay for lawsuits that are unavoidable.
Unnecessary loans
Some loans can be a form of investment – such as buying expensive equipment that will eventually help you to make money. Other loans can simply be the result of poor budgeting or to afford luxuries that you don’t need. Make sure that you’re not over-relying on these types of loans, as you’ll end up losing money in the long run through repayments and interest fees.
Theft and fraud
Theft and fraud can result in huge losses for businesses. This is why it’s crucial to invest money into security when starting a business. Make sure that any physical premises are alarmed and monitored, and use reliable security software and cloud backups. Security measures like employee background checks can also reduce crime from within.
Unplanned downtime
Equipment faults, personal illness, or power cuts can result in downtime in which you cannot serve customers. This, in turn, can result in a loss of income. Plan ahead to avoid loss of income in these situations, such as servicing equipment, taking out income protection insurance, and possibly even buying a backup power generator.
by | Oct 7, 2022 | Food |
Perhaps you don’t always have the time to prepare a meal each and every evening, or perhaps you’re a little disturbed by your recent food bills or how much food you have been throwing out. One of the single best ways to get in control of your food and your food budget is to start planning your meals. Here, we’re going to look at a few tips that can help you be more mindful about how you organize food in your family.
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Spend one day planning out your meals
Before you head out grocery shopping, spend 30 minutes sitting with the family or your spouse, thinking about what meals you will make ahead of time. With the help of a meal planning app, you can think up some simple meals and start looking at meals that use the same ingredients. This way, you can buy fewer ingredients to spread between meals, and you won’t end up with as many ingredients lying in the fridge or cupboards. Of course, you should take stock of what you already have in the home and incorporate them into some meals, so you don’t have to buy as much.
Make meals that you can cook in the future
Getting all of the ingredients you need for the next few days is one thing. You can also save time and energy by finding meals that are perfect for cooking in large batches and then storing them in the fridge so that you can make yourself lunch and dinner for the next day, or even two if you make enough. Recipes like this slow cooker hashbrown casserole are excellent for making a big stock of meals that you can quickly heat up for days to come. In general, casseroles tend to be pretty excellent for this, so learning how to make a variety will greatly help with meal planning. Just make sure you know what ingredients are and aren’t safe to keep overnight.
Know how to use your leftovers
One of the easiest ways to benefit from meal planning is to waste fewer ingredients, thanks to the more managed approach to shopping for and using ingredients. However, you’re still likely to have some leftovers you will want to use before you throw them out. Take a look at some of the many leftovers friendly meal recipes you can use; you can salvage all kinds of ingredients from your meals, turning them into a delicious and still nutritious lunch for the next day. If you’re not inclined to finish a meal left in the fridge, repurpose it into something you will eat instead.
Even missing a single meal can have consequences for your health. Meal planning, as mentioned above, can ensure this doesn’t happen. You might be able to keep the family happy, healthy, and well-fed without half of the work using the tips above.
by | Feb 9, 2022 | Inspirations |
Making money online is easier than ever before, with many different opportunities. If you’re looking to increase your earning potential and you’d like a few money-making ideas, these ten side-hustles are a fantastic place to start.
Online tutoring
If you’ve got a little spare time on your hands, you might like to look into online tutoring? There are so many different companies that need online tutors. You can offer tuition services in various subjects, whether English, math, science or playing guitar. Some companies focus on teaching English as a foreign language. You’ll need to take a TEFL course beforehand most of the time.
Photo by Samantha Borges on Unsplash
Sell homemade goods
If you’re a creative person, you could make money by selling homemade goods. People love handmade items, whether soaps, candles, jewelry, or clothing. You might prefer to sell artwork, for example, photography or illustrations? The best thing to set up your website or use a marketplace like Etsy. To drive sales, it helps to build a strong brand. Think carefully about your company name and logo. Ensure that you provide a top-quality product. If your customers are impressed, they’ll return again and again. To assess product quality, it can be helpful to gather customer feedback.
Use a dropshipping model.
Dropshipping is the new trendy way to make money, but how exactly does it work? Dropshipping allows you to sell products online without purchasing or holding any physical stock. When you work with a dropshipping company, you essentially choose which items you want to sell in your online store. If someone makes a purchase, the dropshipping company will post their product and pass on a profit cut to you. To get started today, check out these drop shipping companies:
– Oberlo
– Salehoo
– Spocket
Write a blog
With the help of affiliate marketing, you can make money with a blog. The first step is to figure out the theme of your blog. Once you’ve decided what you’re going to write about, you’ll have a better idea of who your target audience is. You’ll need to put in some time to write the articles and build up your following. Once you’ve done so, you might consider using copywriters. This way, you can create a passive income stream. To monetize your blog, you’ll need to purchase affiliate links and work them into your writing.
Create an e-course
Have you got expertise and knowledge to share with the world? If so, why not consider creating an e-course? To create an e-course, you’ll need to work through the following steps:
– Pick a course topic. You’ll need to draw on your skills, expertise, and passions.
– Research your market (ensure that there’s a high demand for your course).
– Establish your learning outcomes.
– Figure out how you’ll test the knowledge of your students.
– Design your course plan and the modules.
Virtual assistant
Virtual assistants offer remote admin support to online businesses. They perform various duties, including taking phone calls, scheduling appointments, and running email accounts. The great thing about being a virtual assistant is that you can work from anywhere, and many roles are part-time.
You’ll need a fast internet connection and a high-performing laptop. The software you need will depend on the role and the company. If you’re using a combination of your phone and a computer, and need support with file transfers, check out the AnyTrans app by accessing this link https://setapp.com/apps/anytrans-for-android.
Sell your old stuff
Many of us have unwanted items, whether clothing, electronics, or books. There’s no use holding onto things that you don’t use. Selling your old items could earn you a nice bit of cash. Getting rid of waste is a great way to go green and live more sustainably. There are lots of different apps where you can sell your old items. To get started, take a look at a few of these second-hand apps.
– Wallapop
– Decluttr
– Letgo
– eBay
– Vinted
Join Fiverr
If you’ve got the skills, you can rent out your services as a freelancer on Fiverr. There are plenty of gigs to land, from copywriting to graphic design. It’s simple to use. All you have to do is create a profile, and you can start selling your services right away. There are plenty of advantages of freelance work, including:
– Flexible working arrangements.
– You can work from home.
– Set your rates.
– Build on your skills.
– Experiment with new types of work.
Make Youtube videos
Do you love being in front of the camera? If so, you might like the idea of making YouTube videos. First, you’ll need to decide what type of YouTube videos you want to make. People make YouTube content about all different things, from fashion to music and business. There are many other formats; you might create how-to videos, provide commentaries, or host interviews. To succeed as a YouTuber, keep the following ideas in mind:
– Research your target audience (this will help you plan your content).
– Network with other YouTubers (it’s helpful to get advice and make connections).
– Plan your content before you post.
– Budget any extra costs if appropriate.
Rent out a room
If you’ve got a spare room in your home, you could make money by renting it out on Airbnb. When you become an Airbnb host, you have the opportunity to meet different people from all over the world. Before you start hosting, it’s a good idea to figure out any house rules that you have. It would help if you communicated rules with your guests from the get-go. Renting out a room on Airbnb is a fantastic way to make a passive income.
Hopefully, one of these side hustle ideas will be just what you’re looking for. If you’re a productive person who’s keen to boost their earning potential, side hustles are the way forward.
by | Jul 30, 2021 | Fitness |
Living a healthy lifestyle doesn’t need to break the bank. A lot of people associate eating healthy and working out as something that’s a luxury. It’s honestly far from the case, as you don’t need a gym membership or organic vegetables to live a healthy lifestyle. These are six tips that will not only help you to live a healthy life but they’ll also save you some serious cash.
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Get more sleep
A good night’s sleep is the foundation of good health. You need 7 to 9 hours per night of sleep while your body works to repair itself, and your brain processes the information it took from the day. If you get enough sleep per night, you won’t need to stop by your local café to pick up any coffee. You’ll get to save money while also getting in some more sleep.
Skip the membership
You don’t need a gym membership to stay fit and healthy. You can work out at home, go for walks, or even check out your local park for outdoor fitness equipment. These are all great ways of getting to burn some calories, all while sticking to a budget. Gym memberships can be far too expensive, and the contracts can be hard to get out of, which can cause financial challenges.
Use free fitness apps
There are so many free fitness apps online; you can easily stay on top of your health journey and goals by tracking your progress. Whether you want an app that tracks the number of calories you burned, tips for new exercises, or logging your daily meals, there’s a free app for that.
Avoid eating out
Eating out can be incredibly tempting, especially if you’re someone who has a busy schedule or dislikes cooking. You can save a serious amount of money just by not going out to eat. Restaurants have a massive markup on both their prices as well as their calories on the food. While it’s tempting to go out and share a meal, some restaurants won’t allow that or will charge a fee. But if you do go out to eat, try to avoid eating the entire portion and ask for a to-go box, so you’ll have leftovers for the next day.
Get cooking
Cooking at home is a great lifestyle change that can help you save a lot of money, plus you’ll be able to track your calories much easier. You’ll get to choose what ingredients you want in your food. Cooking at home also invites the opportunity to do meal prep. These not only allow you to save time during the week, but they also allow you to feel less tempted to buy food while you’re out.
Take advantage of employee health benefits
Some companies offer their employees special wellness programs such as gym memberships, rewards, and even dental care. These can all help you with your journey to living a healthier lifestyle while also giving you the chance to save a bit of money. Sometimes, these accounts are linked to health insurance plans, so you may be able to save money on future health care expenses too.
by | Feb 27, 2019 | From the Heart |
As much as we don’t want it to, money does control a lot of things in our lives. It’s much easier to spend the money than it is to save it and when we’re adults, we spend our money carelessly because we don’t have any responsibilities. However, you do get to a point in your life where at some point, you’ll need to think about putting some money towards your future. If you’re a spendaholic, then here are some top tips on how to save your money.
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Transfer Into An Account You Can’t Touch
We all have payments that must be made, like taxes, rent or mortgage payments and these are expenses that leave our accounts automatically, and we really don’t have a choice in stopping them. So with this in mind, set an amount that you could take away without making life difficult. It doesn’t matter if it’s a few dollars, ten or more because it’ll all add up eventually. Now open an account wherein you cannot touch the money until a certain time frame has passed and credit that account with that set amount of money either daily, weekly or monthly. Having little access to it means you won’t be able to remove it without consequences and it’ll eventually just be another expense you have to cater in like your taxes. You can also use a compound interest calculator to determine the future balance of your savings.
Cut Back On The Luxuries
Giving ourselves a treat every once in a while is a great way of praising yourself and giving yourself credit for something you’ve done or achieved at that moment. However, materialistic things can become quite addictive, and it’s important to keep a reign on these luxuries so that you don’t end up spending beyond your means and therefore get used to a lifestyle that you simply cannot afford at this present time. Luxuries are anything that isn’t household bills, medical prescriptions, and groceries. So, count any extras like a hefty phone contract or gym membership as a luxury and find ways to cut back on some luxuries each month. Ask yourself if you need it, rather than want it and whether it’ll be used or bring you more joy in your life.
Set Yourself A Goal Or Two
We can benefit from goal setting because it provides that motivation needed to be successful. There’s a lot of gratification that can come from achieving a goal, so when it comes to your finances, setting goals can help avoid falling off the saving wagon. Don’t set unrealistic goals because this will de-motivate you and will reduce the chances of you saving any money at all. Make a daily, weekly or monthly goal and don’t forget to set some big goals for the year. These little goals that you hit will help go toward your bigger targets. Start small and then go bigger!
Ask yourself what you want to save money towards too. You might have just gotten engaged or have plans to buy your first property. Having a reason for your goals will only encourage you to commit to saving.
Build Up An Emergency Fund
An emergency fund is great for those blips that occur in life. They are normally unexpected, and some can be a financial nightmare. That’s where your emergency fund comes in. An emergency fund should be used in the event of an emergency where you cannot supply the funds from your current savings or on a credit card. Having this fund is going to ease some of that worry and pressure when owning your first home or paying for a wedding. You’ll know that you have a bit of a safety net to fall back on should you need it.
Don’t Be Too Hard On Yourself
Saving can be difficult, so it’s important not to be too hard on yourself. Reward yourself whenever you’ve reached a milestone and don’t feel guilty when you spend money on something you really needed and wanted. At the end of the day, you’ve worked hard to earn the money you’ve got so there shouldn’t be any guilt in treating yourself. Always assess your savings too as there will be times where you may be able to save more or have to reduce your saving amount.
As you start to save money, it may be tough, to begin with but it will usually get easier and it’ll eventually turn into a habit that you don’t even notice! So start saving your money today so that the future is a little less bumpy and your finances are healthier.
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