Business

How to Use Business Debt to Your Advantage

April 23, 2018 by Reporter Leave a Comment

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Debt is good. While this idea seems to go against common financial wisdom, in some cases, debt can be advantageous. The most nightmarish stories involve would-be entrepreneurs trying to establish their start-up in a market only to find themselves drowning in debt, whether the business is a good idea or not.

Using debt does not have to end with your business going under or you incurring a ridiculous amount of unmanageable debt. With a strategic plan that has a manageable budget, business owners can find incurring debt can work to their advantage. Whether standing on solid financial ground or trying to navigate the sometimes tricky business landscape, certain types of debt can be used in positive ways to save you money.

For ways to use debt to your advantage, keep reading below.

More Freedom

While in the midst of financial misery, debt consolidation loans from Latitude and other loan programs offer businesses teetering on the verge of collapse more autonomy. Typically, the ideal loan would allow a person low monthly payments with a low interest rate, something many consolidations loans offer their clients. More importantly, though, consolidation loan programs offer business owners a little more autonomy.

The alternative for business owners would be to seek funding from angel investors or others, but that would reduce the amount of control you have over your business. In situations where your business finances have been overextended, a consolidation loan provides you with a little more control over the everyday operations of your company, and more significantly, you retain full ownership of the business.

Certain industries like manufacturing and retail also benefit in terms of taking on financing. By virtue of the fact that materials have to be purchased to make products, financing these costs allows business owners a little more autonomy. In fact, when demand increases, financing is a realistic solution.

Tax Advantages

One of the major ways debt can be used to your advantage is in terms of offsetting tax liability. Lucky for you, the Australian government offers business owners the advantage of writing off several types of finance-related charges. Some debts that can be deducted include bad debts, credit card charges, and banking fees and charges. You can even deduct the amount paid from leasing an office for the purpose of running your business. In just tax deductions alone, businesses owners save thousands of dollars at the end of the year.

Lower Interest Rate

After completing your taxes, compare the percentage you paid in taxes with the percentage of interest you paid to the bank. Incidentally, this is a lot easier to figure with one loan as opposed to trying to figure out a percentage for multiple loans.

However, depending on the rate of your loan, you can find that debt works to your advantage in terms of the impact your tax deductions have on your interest rate or rates. At the end of the year, if the percentage of your business income you pay is less than or equal to the percentage of income your business pays in taxes, this is one way debt will have worked to your advantage.

Predictability

One of the best ways to use debt to your advantage debt is to use the fact that most loan terms are predictable. This predictability allows you to plan for the future, whether you plan to relocate or expand. Most financial institutions provide business owners with financing solutions that allow them to plan for long-, mid-, to short-term goals.

Using a Disadvantage to Your Advantage

Common financial wisdom dictates that debt-free is the ideal goal most businesses should achieve. However, if you are just starting your business or find yourself in a place where financing is mandatory for growth, debt becomes a necessary evil, maybe. Ultimately, debt can be used in some cases to offset tax liability while in the long run giving your business the autonomy it needs to thrive.

Understanding the No-Win No-Fee Services in Sydney

April 11, 2018 by Reporter Leave a Comment

What is exactly a no-win no-fee service? Well… it sure doesn’t mean you won’t be paying to the lawyer in case you lose the case. Shocking, right!

So, here’s the deal with this service:

A no-win no-fee agreement is known as “conditional costs agreements”, which means you do have to pay some fee even if you lose. Let’s just say that it’s a play on words to give clients the peace of mind that they can pay less if they do not have any financial aid to fight a compensation case.

The Indemnity Principal

The indemnity principal in the courts of Sydney now follows these rules:

The client doesn’t need to pay the compensation lawyer for the case out of his pocket
The compensation lawyer are only allowed to issue a costs order if the settlement was made before hand
The compensation lawyer cannot ask his client to pay more for the legal costs even if the amount received from the unsuccessful party is less

This brings us to the question that why do we need to go for no-win no-fee agreements.

The current rules of the indemnity principal state that the compensation provided by the successful party will go directly to the lawyer. When they have settled their legal costs and other fees, the successful party is given the rest of the money

Not only does this give lawyers the benefit to get their hands on the legal fees first but they are also able to do pro bono cases while still getting a small amount for their services.

The “Win” in the No-Win No-Fee Agreement

As mentioned earlier, the “win” doesn’t exactly come free. There are a few disbursement charges that need to be paid, which include photocopying expenses, court fees, medical report fees, barrister’s fees and title searches. These charges are usually paid by the client in case he loses the case. However, there are a few companies that take the case completely free such as https://www.lawadvice.com.au/no-win-no-fee. On the other hand, if it is a win, the lawyer demands a slightly higher fee as compared to a standard costs agreement. Even in a situation like this, the client cannot be forced by the lawyer to cover legal costs that are above the margin.

In a way, this is a win-win situation for both parties because if the lawyer wins the case, not only is he reimbursed for the money he paid throughout the process but he also gets a slightly high legal fee for taking on a case that was dangling in the grey area.

Cooling Off Period

In case, you change your mind, you have five business days to inform your lawyer that you want to take back the case. You will not be charged any contingency fee or penalties for this.

The definition of a “win” here means that the lawyer guarantees a positive outcome. If the case does go in your favour, only then the lawyer is allowed to ask you for professional charges.

How to Reward a Global Workforce

November 2, 2017 by Reporter Leave a Comment

The face of workforce is changing across the glove as more and more millennials have started working. This is one of the reasons why it is important for businesses to keep their employees motivated and to promote loyalty among them. It is now up to HR professionals how they devise reward strategies that work well with the existing employee base, and a good way to go about it is through incentives and the use of modern technology.

If your business functions internationally, the task of rewarding employees, working in different roles and positions, and located across the globe can be extremely daunting. Earlier on, the incentives used to vary from department to department because of varying budgets, which made it hard for HR to keep a track of the employee incentive programs. Most companies wanted to implement a uniformi when it came to rewarding the global workforce, which is how digital and virtual gift reward cards were introduced. They became a success for the following reasons:

There was uniformity, as all the employees received the same prepaid gift card.
The delivery of the reward was easily, as it was sent via email and was received by employees in different job roles and geographic locations.
All the employees received equal rewards at the same time.
It was easy for HR to track redemption.
It was easy to personalise the reward card with the employee’s name and a note from the management, which added a personalised touch.
The company easily managed their budget because of the centralised reward.

Companies, in search of innovative ideas to rewards their employees, can benefit by visiting websites such as https://www.globalrewardsolutions.com/

and http://www.power2motivate.co.uk/.

Using Digital Reward Points to Your Advantage

Companies can make use of digital reward programs all around the year, because they are easy to manage and give employees the flexibility of getting whatever they want, as opposed to employee recognition programs. Some of the things that you should look out for when using a rewards program are:

Can It Be Easily Used With Other Technology?

Digital reward programs can be used with the help of application programming interfaces, for private, secure, and immediate delivery of the rewards. This is great for companies, as they can easily scale and report the delivery of the rewards.

Is the Management of the Program Streamlined After Its Implemented?

One of the best ways to manage employee recognition is with the help of a rewards management portal. In order to make sure that everything is streamlined, it is important for businesses to hire a professional solutions provider.

Tips To Reward Workforce

Here are some ways in which you can reward your workforce:

Sending appreciation emails.
Sending flowers or cake on their birthdays.
Sending gifts on their work anniversaries.
Giving them work life balance.
Rewarding them with an all expense paid trip.

How Merchant Cash Advances Are Helping Small Businesses

October 25, 2017 by Reporter Leave a Comment

Small businesses play an important role in the Australian economy by continually meeting the increasing demand for jobs. However, small businesses that want to expand are often held back by lack of working capital and the difficulty of obtaining business loans.

Some turn to local banks, but banks do not make it easy for small businesses to acquire loans if they’ve not been in business for many years. Fortunately, these days there are other financing options for small businesses, and one of them is the merchant cash advance.

So, what is a merchant cash advance, and how does it work?

Merchant cash advances are innovative financial products offered by companies like Brisbane-based Beyond Merchant Capital that are ideal sources of additional working capital for businesses for which credit card sales make up a substantial proportion of their turnover.

To clarify, a merchant cash advance is not a business loan, but rather an advance based on the credit and debit card revenues of the business.

A lot of small businesses turn to merchant cash advance lenders because the application is fast and easy – whereas bank loans can take a long time to approve. Also, paying the advance is faster because the lender takes an agreed percentage from the business’ debit and credit card sales, so the higher the sales, the quicker the debt is paid off.

Pros of a Merchant Cash Advance

You get money quickly.

This is one of the biggest advantages of a merchant cash advance. Unlike bank loans where it takes weeks, or even months, to get approved, merchant cash advance lenders have quick application processes.

As a result, borrowers get a response in hours and if approved they receive the funding in days.

Providing collateral is not a requirement.

The approval of a merchant cash advance is based on the past credit card transactions of the business. If the business has a steady flow of credit card sales, the advance is likely to be approved – whereas with bank loans only about a quarter of small business loan applications are approved.

The amount required to pay monthly is not fixed.

With a merchant cash advance, the monthly payment is a percentage of the monthly credit card sales. So, more cash flow means that the advance can be paid off sooner. On the other hand, if business is slow, it will take more time to pay off the debt.

A good credit rating is not required.

Merchant cash advance lenders are more lenient when it comes to business credit ratings because they base the approval on how strong the credit card sales are.

Cons of a Merchant Cash Advance

A merchant cash advance may have higher interest charges and fees.

Banks are regulated by the government and have access to sources of funding at cheaper interest rates, so can offer business loans at lower interest rates than other financiers.

On the other hand, merchant cash advance lenders’ may charge higher fees and interest rates because their industry is not subject to the same regulations as banks.

Conclusion

Merchant cash advances are one of a number of new products offered by financial services providers that play a vital role in keeping small businesses alive.

This type of financing helps small businesses grow by providing fast access to funding for expansion when businesses see suitable opportunities to do so.

Choosing which type of financing to apply for should be thought about carefully. A merchant cash advance is best suited to businesses with a heavy reliance on credit card sales.

A merchant cash advance can be more expensive than a bank loan, but if the business is thriving, it is easier to pay.

Tips and Tricks to Clean Your Kitchen Sinks and Taps

October 16, 2017 by Reporter Leave a Comment

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Having a fresh clean kitchen gives you an almost un-paralleled feeling of joy. Unfortunately, kitchens, being what they are, become very dirty very quickly. You can try all you like to keep it pristine but eventually you’ll have to cook that big Sunday roast. Bits of carrot strewn across the counter top, leftover meat sprayed across the side of the cupboard and, worst of all, gravy and juices splashed all over your kitchen sinks and taps. Oh, the horror!

This is where we come in. You’re on your own for the rest of the kitchen but read the following tips and tricks to fix up your sinks and taps. You’ll have them sparkling and shining like you’ve never seen them before. Cleaning kitchen sinks and taps can be quite difficult due to their awkward shape, finish and purely due to the amount of dirty gunk and grime they are subjected to. Using the right stuff, with a bit of added know-how, will make the process nice and easy for you, becoming less of chore. So, if your kitchen sinks and taps are looking a little worse for wear, read the following tips, and learn how to clean them like they’ve never been cleaned before.

Know What Finish Your Sinks and Taps Are

A great place to start before you start is checking with the manufacturer. Either look online, give them a call or dig out the instructions and find out your kitchen sinks and taps finish. The most common type is chrome, but these days you can get a huge variety of finishes. Things like gun metal, stainless steel and terracotta just to name a few. These other types of kitchen sinks and taps may need special care. As a rule of thumb, it is best to avoid anything abrasive.

Start with Soap and Sponge

Start things off nice and simple. Grab your general-purpose cleaning sponge, soak it in warm water, lather it up with some dish soap and rub your kitchen sinks and taps down. Follow this up with a dry cloth to dry and polish it off. If your kitchen sinks and taps need a bit more work than the simple soap and sponge hold fire on the dry cloth as we bust out the heavy-duty supplies.

Use White Vinegar for the Tough Grime

If the dirt and grime require a tougher approach then it’s time to head to the pantry. You’ll be looking for some white vinegar. Adding this is a cup of hot water creates a near unbeatable cleaning solution for your kitchen sinks and taps. Grab a cleaning cloth, add some of your vinegar/water solution and scrub away. This should remove even the toughest grime from your sinks and taps.

One thing to note is, due to the cleaning capabilities of this solution, you may want to test a little on small section first. You don’t want to damage your lovely kitchen sinks and taps.

Got Stains? Baking Soda and a Toothbrush

Now you’ve scrubbed off all that dirt and grime with soap and vinegar, you may notice some remaining stains on your kitchen sinks and taps. The best solution for this is to whip out your toothbrush, make sure you have a spare as you won’t want to use this one again, and some baking soda. Next, put a small amount of baking soda on the toothbrush, add a small drop of water and scrub the stain. This concoction should remove even the most stubborn stains from your kitchen sinks and taps.

If you followed these tips and tricks then your kitchen sinks and taps should be positively sparkling. You’ll never have to worry about making those messy dinner again. If none of these tips worked for you, then perhaps it is your kitchen that’s the problem. The only trick to fix that, is getting a new one. Head over to https://www.abey.com.au/ and see what they offer.

Is It Easier To Conduct Business Across International Borders Today?

October 10, 2017 by Reporter Leave a Comment

Years ago, international business was something only the largest organizations could partake in. After all, it required a great deal of resources, something only businesses like Shell or Coca-Cola had. However, in the digital age, it’s considerably easier for even tiny home businesses to conduct global operations. Let’s have a look at some ways in which international business is easier now. Let’s also look at why so many organizations are opting for this option.

The Internet has made it easier for small companies to trade globally

As the introduction stated, it was once too prohibitively expensive for companies to think about trading internationally. However, thanks to the internet, you often don’t even need to be physically present in a country in order to do business there. It is now far easier to manage an international business without visiting the place in question, thanks to software like Skye, as well as Wi-Fi connections that have never been faster. So, expensive travel doesn’t even have to be on the cards anymore. Plus, services like PayPal have simplified the payment method along with iComparefx being a world first international currency conversion and money transfer services.

All of this coupled with the fact that shipping is much faster now, means that global trade is now within the reach of the smallest organizations.

A more diverse audience

Cultures used to be a lot more distinct in the past. However, with the rise of the global mass media as well as the Internet, these cultures have started to blur around the edges and are becoming more homogenous. Western culture, especially, has influenced countries around the world, so that you’ll find Western clothes and movies everywhere. This means that a company’s audience has already increased, and you should be able to find ready buyers beyond your own country.

By expanding to include more people in your audience, you’ll also be able to produce more units. This will allow you to take advantage of economies of scale, since your cost per unit will lower when you produce more units. Thus, you can increase your profit margins.

There’s less competition abroad

If you’re a small business, you’re likely to be competing with a great many other similar organizations. This is a factor that has led to many businesses moving abroad to make use of economies that have heretofore remained unexplored. Since there will be less competition there, your business will have a larger chunk of the market. Plus, if demand for your product slips in your own country, you can simply make use of another market where demand is still relatively higher. This way, you can continue making high profits even when your sales are in a decline back home.

You can hire people around the world too

Companies now often also go global because of the ease with which they can hire employees that they’ll never even physically meet. The internet has created an economy of freelancing, which can allow you to get projects completed at lower rates instead of having to employ full-time staff.

Benefits of Outdoor Event Advertising for Your Business

September 26, 2017 by Reporter Leave a Comment

Are you planning on heading to a tradeshow, farmers market or any other outdoor event? Do you want to take advantage of this with an effective marketing strategy that won’t break the bank? Then advertising using banners, customized gazebos & printed marquees is what you’re after. There are many benefits to investing in banner advertising for your business. Maybe you don’t have the advertising budget of fast food chain but want results that imply that you do? What about wanting to target your exact audience and not waste time on cold leads? Or perhaps you’re after a form of advertising you can use time and time again at all your different events?

Read on and discover all the benefits associated with using banners, customized gazebos & printed marquees as a form of advertising at your next outdoor event.

Won’t Break the Bank

Using banners, customized gazebos & printed marquees as outdoor advertising is one of the most cost-effective strategies you can employ. There are a few reasons for this. Producing more complicated forms of advertising media can costs heaps. These costs can prevent some businesses from using these methods as a form of advertising. Banners, customized gazebos & printed marquees are very inexpensive to produce in comparison.

Not only do you save by using the inexpensive materials needed to create banners but you can save more by designing your own adverts. Most producers of customized gazebos & printed marquees will allow you to create your own ads which they then apply to the banners. This can save you big bucks in the long run. Costs are slashed when comparing to the creation of a video ad for Facebook or something similar.

Highly Targeted

Outdoor event advertising has one very important advantage of most other forms of advertising. When using advertising banners, custom gazebos or printed marquees you can be guaranteed that most people viewing the ads will be your target audience. This means automatically being placed in front of potential customers & not wasting precious money & time on uninterested people outside your demographic.

Banners continue to reinforce your company name each time they’re seen. If placed in a high-traffic area, a banner may reach the same customer several times a day. One that’s semi-permanently installed in a window or outdoor location may reinforce your company name or influence the same potential customers.

Reusable

Unlike most forms of advertising, like a newspaper or online adverts, you can use your banner, customized gazebos & printed marquees again and again and again. You can reuse them for as long as they are still relevant. Choose a design you like and use it as all your corporate & outdoor events. All you must do is take it with you. The more events you attend, the more bang for your buck you get.

Banners, customized gazebos and printed marquees are one of the most effective forms of advertising at any outdoor event. All the benefits roll up into one very effective package. Make you and your brand pop at your next outdoor event with banners, customized gazebos & printed marquees. Head over to https://www.altegra.com.au/ to get the ball rolling & get yourself seen at your next outdoor event.

Find Out Why Dealing In Scrap Cars Can Earn You Real Money And A Bright Future

September 21, 2017 by Reporter Leave a Comment

Do you consider yourself as an aspiring entrepreneur?

Do you wish to invest your sweat and money in a world-changing business idea?

Then scrap cars can be your deal!

Scrap cars are not necessarily 100% damaged cars. Period!

Scrap cars are damaged cars which the owners do not wish to own it anymore. Hence, scraps. There are over 1 Billion vehicles around the world, but only a few scrap car businesses because it is capital intensive and moreover, no one really understands what to do with scraps to make some real money.

What you can offer that no one else can?

This is a question that you need to ask before you even think of entering the scrap car removal business. Please do not think of giving sellers the option of car removal for cash or preferably more cash than your competitors because that model has long been tried and has only resulted in failed or heavily loaned businesses.

You need to find that one thing which can help you recycle and resell the purchased cars efficiently.

Selling the car part by part?

Remodelling it completely to sell it off?

Modifying it for the Collectors?

Keeping it long term to sell to the vintage fanatics?

Doing something environment friendly with the scraps to avoid tons of metal being dumped?

These are not the only solutions, but a hundred more can be formulated with the right mind and team members. The possibility is endless because the number of cars do not seem to reduce, rather increase exponentially in the near future; proving that the industry is growing and investing in the initial stage can result in some sweet results in the future.

Steps towards Success

In order to run a profitable car scrap removal business in the long run, you need to focus more on the services that you can offer and charge your customers on them, such as:

● Allowing your customers to call you for a pickup and drop of their car from anywhere they want.

● Selling (auctioning) individual parts of the car to Collectors.

● Safekeeping the car and remodelling it can help you charge some extra bucks for the storage as well.

The fact that you do not have to keep your products in perfect condition makes the whole proposition a little more interesting because you cannot damage a scrap car anymore than it usually is (mostly).

You need to have a digital presence for your potential customers to reach you at the click of a button, plus the digital aspect will act as a platform on which you can display different kinds of products that you might be selling. The scrap car business requires you to build a network in different areas of the world because it usually is first-come-first-serve and the collectors do not wait when they see a genuine piece.

Start Now to Make Profits in Future

This kind of business can also be profitable in smaller regions because where there are people, there is a large number of cars. Scrap car removal in Newcastle, Scrap metal in York or scrap car body parts in Manchester etcetera is not just common, but also growing rapidly.

These kinds of businesses require immense hard work and capital in its initial stage, which makes it difficult for every entrepreneur to invest in it. But if you can make real money from scraps, then you can be the best entrepreneur in the world.

The road to success isn’t smooth and a few bumps will only make you shine brighter- Dhoundhu

How to choose the right property builder

August 30, 2017 by Reporter Leave a Comment

Building your dream home is not that fancy and dreamy in reality as you may have thought it to be. Building a home is a highly responsible job which has to be done with discretion and concentration, and for such a task, you will only need sincere professionals on the job.

There must be various questions in your mind regarding how to choose the right builder for your project and how to entrust a stranger with the responsibility of making your dream come to life.

You might have heard about builder warranty insurance and also that it can be a useful tool. In context to hiring a property builder, here are a few tips that can be helpful in making a wise decision.

Experienced person- Experience matters! There is no rocket science in the fact that an experienced builder will be able to understand your requirements in the first shot and will also be able to implement all relevant steps required to complete the project efficiently.
Opt for companies or builders who have good experience in the field. Also, take a thorough look at their previous projects to know about the types of houses they have built and what they are good at.

Understands your preference- You will not change the style of house you were willing to live in just because your builder does not excel in that style.
Your design should not be influenced by the builder, in fact, your builder should be influenced by the design. When you set up the first meeting with the builder, explain to him what is in your mind and what is your vision and then judge whether the builder can give you desired results or not.
You will not want to live in something that doesn’t interest you so be very peculiar in this respect.

Involvement in the industry- A builder who is well known and well connected to the industry could make a perfect fit for you. Not that we are only looking for builders who are connected to some builder’s association, but the only motive behind finding such a builder is to ensure that he is aware of the latest trends of the housing industry.
Such a builder will be well versed with the latest designs and techniques to give you the best work. When a builder is associated with such a firm, he is aware of how to complete a long term commitment, and this will allow him to be at his best while working for you.

See the past works- You need a builder who will provide you quality work and the best way to be sure of his quality is by checking out his previous works.
Hiring new builders can be very risky because you will never know how they can work, and an established builder, on the other hand, will provide you with various examples of his work and quality.
You can ask your builder to give you a tour of his previous completed works to get a better idea of what he can do for you. Be attentive to the construction, quality and all minor and major details of the house.

Along with the builder, you must be peculiar about the builder’s team as well. His team members are the people who will be constructing your home, your dream.

The builder you hire should be able to deliver the work before the deadline with all major and minor touch ups. Building a home is never an easy task, but with the right mind and the right help, all the work can be done on time and with expertise.

6 Technical Tips For Planning the Implementation of a New ERP System

August 20, 2017 by Reporter Leave a Comment

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If you’ve made the decision to utilize an enterprise resource planning (ERP) system in your workplace, than you already know that it will fundamentally change the way your business works. You know that by having an ERP system, you will be able to streamline processes and gain valuable insights into how your business works and how it can work even better.

However, before you can start reaping the many benefits of your ERP system, and associated ERP solutions, you first need to pass a major hurdle — implementation.

Implementing new systems and processes in any workplace is no easy task and requires careful planning for both the short and long term. When organisations fail to plan implementations properly, it can delay or even completely derail the project, resulting in wasted time, money and resources.

If you want to ensure that your ERP implementation stays on track, keep the following tips in mind.

Set a realistic timeline

Too often, businesses will start off the project with an unrealistic timeline for rollout. Business software isn’t something you can just pick up and run with. It requires extensive training and buy in from everyone who will be using it.

Be as realistic as possible with your project scope and set aside ample time for training, taking into consideration that people learn in different ways and that separate trainings may be required for various business units.

Make sure your vendor ticks all the boxes

Choosing the right vendor is the first step to ensuring your implementation goes smoothly. A vendor that is knowledgeable about their product and understanding your requirements will be able to guide you and make helpful recommendations.

A vendor that has been in business awhile can also be an asset for you leading up to implementation. They know what it takes to make an ERP implementation successful and they can help you to set realistic goals.

Show support from the top

As with any change management project, you will want to make a show of support from top management. Management should be trained on how to use the ERP system, as well as have an understanding of how those working under them will be using the system.

Assign someone to manage the project

While you will most likely have a project manager from your vendor helping to guide you through the whole ERP project, you should also have a dedicated person from your business that manages things from your end.

This person will be the go to for communication with the vendor, organising requirements and training. They should also be supported by additional staff members as needed.

Set aside time for training

One of the most important parts of implementation is training.

In order to successfully use the system, staff must be comfortable with it. Employees at every level, from the executive offices to the warehouse floor, need to understand why the ERP system is important and how to use it in order to do their job.

Outline what will change

As an ERP system will streamline business processes and change the way that your employees do their job, it is important that as part of training you also outline how everyday tasks will change.

While the ERP system will make your employees more productive and efficient, there will be a learning curve as they adjust to going about their day differently.

As long as you carefully plan your implementation process, your ERP rollout is sure to be a resounding success.

Business

How to Use Business Debt to Your Advantage