Slowing Your Progress: 5 Ways Poor Credit Drags Down Your Finances

Some people feel that credit is not very important. They might get credit cards at a young age and rack up significant debt very quickly. If you’re blasé about this, though, you might pay for it later.

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Poor credit can hamper your progress as you try to get ahead in the world. We’ll talk about some of the most notable ways it can slow you down right now.

You Can’t Get Loans as Easily

You might need a loan at some point. You may require a general bank loan for no particular purpose, or at least none that you specify. Title loans for those with poor credit are possible, but they’re not so likely. If you have better credit, a bank will look at your request more favorably.

If you can’t get a loan, maybe you can’t buy the car you want. Perhaps you need that money to start a business. Without that cash, you can’t rent or buy the property you need. You can’t use that money to pay your workers, and you can’t use it to buy the raw materials to make your products.

Reckless credit card usage can put you in this position. You may work to get out from under your credit card debt and eventually get the loan you need, but it will take time, and the delay may frustrate you.

You Can’t Rent Apartments as Easily

You may decide you want to rent an apartment at some point. Perhaps you’ve lived in your parents’ home for years, and you’d like your own place. You might have a significant other, and you two want your privacy. 

Maybe you’ve married your partner, or you two consider marriage often. You don’t want to stay under your parents’ roof anymore.

Renting an apartment isn’t that difficult if you have excellent credit. A high credit score and a steady job can get you out of your parents’ house and installed in your new apartment quickly.

With bad credit, though, the landlord or building owner might turn you down. Poor credit signals financial irresponsibility. That might not seem fair, but that is reality. The landlord will give away the apartment you want if they find someone who seems more responsible and has better financial habits.

You Can’t Get New Credit Cards

Maybe you want to get some new credit cards. You might have one or two, but you’d like a couple of others that come with better perks.

Some credit cards have cash-back rewards, while others have travel benefits. Those perks might appeal if you want to travel internationally one day. If you utilize just one credit card for months or years and pile up thousands of points, you might use those for flights, hotel rooms, meals while you are overseas, and so forth.

If you can’t pay off your existing credit card debt, companies likely won’t give you any new ones. Credit card companies can easily check your credit score and see how much you owe. A low score means you are a high-risk prospect, and the companies don’t like that very much. They will probably reject your card application until you can pay off your current debt and raise your score.  

You Can’t Extend Your Credit Limit

You might not want any new cards. Instead, you’re planning a credit limit extension. You might want this if you need that credit for a major purchase. 

Maybe you need to fix your car, and it requires some costly replacement parts. You might need to fix your roof or do something else around the house. Perhaps you want to build a deck or patio in the backyard and need the raw materials for that.

No matter what you want, if you have a poor credit score, you can’t extend your credit limit. The company will reject you until you solve the problem. You’ll either need to wait or get the money elsewhere.

You Might Not Convince Someone You’re Marriage Material

Maybe you want to marry someone. You have a significant other, and you’ve dated them for quite some time. You feel you want the next step, and you propose marriage to them.

They might feel unsure about the situation. Perhaps they say they’ll only marry you if you can prove you’re financially responsible. They like you or maybe even love you, but they’re also practical. They don’t want to move forward if you don’t have a good credit score and a nest egg.

If so, you must improve your score before you hear any wedding bells. That might sound callous, but some people value financial stability. If you can’t offer that, they may remain undecided or say no when you propose.

How to Improve Your Credit Score

Paying off your credit card debt will go a long way toward improving your score. To do that, you must embrace a frugal lifestyle for a while. You probably can’t eat out very much or buy any new clothing. You must shop at Goodwill or other second-hand stores. You can purchase bulk food and make simple meals that don’t cost very much.

You might also pay off all your other outstanding debts. If you owe back rent, you must pay that off. You can also get your credit report and make sure it’s totally accurate. Sometimes these reports have incorrect information. If that happens, you can contact the company that issued the report and dispute it.

You might also consolidate any loans you have into just one. Sometimes, you can pay off your debt easier that way. You can pay just one amount each month and not several different ones.

Your credit score matters, and you’ll soon learn that in life if you haven’t realized it yet. Try not to lower your score if you can avoid it. If you have a low score, start working and dig yourself out. You can improve your score in time if you work hard at it.

Key Areas of Customer Experience Your Retail Banking Solution Should Focus On

Has your bank undergone digital transformation? Consumer banks are now reinventing themselves for the digital age, adopting fully digital core banking solutions to maintain competitiveness in the face of industry-wide mergers and consolidation as well as challenges from novel payment platforms, card providers, and alternative finance companies.

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But while the complete digitalization of consumer banks is a foregone conclusion, digital transformation alone will not be enough to ensure that all retail banks become competitive. Financial institutions will also have to understand how they can use their technology acquisitions to deliver a seamless and personalized customer experience.

Here are some key areas of customer experience retail banks will have to master:

True Omnichannel Service

Finance technology providers can now provide retail banks with potent capabilities for addressing every point of the customer journey, right out of the box. However, not all banking solutions provide a real omnichannel experience where a customer can move from a web app to a mobile app to social media or even switch branches without barriers in their service.

To be truly competitive, retail banks need to adopt a core banking solution that offers customers seamless transitions between any channel they choose. Once data on legacy systems is migrated to the new core banking platform, banks can more effectively streamline and automate data processing, creating the groundwork for an omnichannel service and elevating the experience for both customers and employees.

Apart from short-term user experience benefits for system users, moving to a truly omnichannel service model also gives banks a clear up-to-the-minute idea of each client’s habits and preferences. This ultimately makes it possible to provide continuous improvements and create personalized products for clients based on their history.

User Side Personalization

Today, Gen-X, millennial, and Gen-Zcustomers are leaving behind traditional banking experiences for the seamless contactless banking offered by fintechs, neobanks, and digitally transformed retail banks. This is because retail finance customers are now, more than ever, demanding higher levels of personalization, particularly in areas of personal finance.

In 2017, about a third of retail bank customers who abandoned their bank did so because of a perceived lack of personalization options or barriers to facilitating tailored experiences. With many more customers having adopted more digital, socially distanced lives in the wake of the COVID-19 pandemic, there is even less of a reason for banks to ignore the demand—and cost-saving potential—of letting customers do things their own way.

Better Chatbots

Using chatbots not only helps improve the experience for customers but for bank employees as well. Properly set up chatbots can leave human customer service representatives to focus on more complex cases as well as tasks that create value, driving up job satisfaction and positively affecting future customer interactions.

Chatbots are already somewhat impressive, but modern core banking solutions are taking them to the next level. Next-generation chatbots are set to save US banks up to USD 7.3 billion in 2023, representing a 3,400% increase in operational savings from 2019. These savings are likely to increase even more as retail banks become more adept at understanding where and how chatbots can be implemented.

Open Banking

An open application programming interface (API) is now necessary for businesses seeking to build app ecosystems that encourage the frequent use of their platforms. Many core banking solutions available to consumer banks allow for open APIs, letting retail banks, ecommerce sites, payment platforms, and fintechs work together to create seamless experiences for retail customers.

In the banking industry, “open banking” or the move toward open APIs has been credited with improving customer experiences, opening up new revenue streams, and reaching underserved customers. They also allow participants to securely share data that would otherwise be unavailable, driving innovation in retail banking and permitting banks an even wider, more nuanced view of their market.

Friction-Free Processes through Automation

Current-generation core banking solutions leverage cloud computing, advanced artificial intelligence, and machine learning technologies to facilitate and preempt the needs of users. Using these technologies not only helps customers and other system users get through processes quicker, but it also helps them get through these more securely as well.

For instance, some retail banks are already using new core banking solutions to drastically reduce loan application waiting times, facilitating loans in minutes rather than days. Marketing, compliance, customer service, and anti-money laundering functions are now being automated with these new platforms, creating a smooth experience from the perspective of a retail bank’s customers.

Retail banks need to be keenly aware of the specific aspects of the customer experience that they can influence with current-generation core banking solutions. This is especially because not all solutions on the market are necessarily a good fit for all banks.

Knowing key areas that the bank needs to go on can greatly simplify the bank’s platform selection process, allowing them to choose a solution that meets all of their requirements with minimal or no customization needed. This will not only bring down the costs associated with digital transformation but will also help the bank’s transition to a more customer-centric business model be as trouble-free as possible.

How to Build Business Credit Quickly

If you’re a small business owner or entrepreneur looking to start, expand, or fund your operations, having good business credit can be essential for success. Building business credit takes time and requires strategic planning, but it doesn’t have to take forever. With the right approach and dedication to carefully preparing your finances, you can build up excellent business credit within a much shorter timeframe than many assume. In this blog post, we will outline practical steps to quickly establish robust and reliable business credit so you can unlock new opportunities.

Image Source: Pixabay
Image Source: Pixabay

1.    Consider Net-30 Accounts

Net-30 accounts are a type of payment account that offers great flexibility in establishing business credit. With this type of account, you can extend terms beyond what most suppliers or vendors offer, which helps to save money and maximize your cash flow. Plus, by paying off your debt within the 30-day window, you’ll be building up your business’s credit score.

They don’t have to be difficult to obtain either. Net-30 accounts are not hard to open and can be done directly through the supplier or vendor, making them a great way to quickly establish business credit. When looking for net 30 tradelines, look for reputable vendors and read reviews online before committing. The best vendors will help you build credit quickly and will be willing to work with you long-term.

2.    Look for Credit Lines

Credit lines are a great way to quickly access funds without taking on too much debt upfront. These types of accounts usually require an application process. Still, the process is usually quick and painless, making them an excellent option for small business owners looking to establish credit quickly.

Not all lenders will offer credit lines, so ensure you’re doing your research and only working with companies with a good reputation in the industry. Also, be aware of any fees associated with opening a credit line and make sure it makes sense financially before committing to it.

3.    Register Your Business

To get business credit, you must first ensure that your business is properly registered. This includes ensuring it is registered with the relevant governing body in your state or country and has been issued an Employer Identification Number (EIN). Having all this paperwork in order will make it much easier to open accounts with vendors and suppliers looking to extend credit.

Registering your business can take a few weeks, so planning and getting everything in order as soon as possible is essential.

4.    Open Business Credit Cards

Business credit cards can be a great way to quickly access funds for operations or capital investments. They also provide an easy way to build business credit, as you can track your spending and make payments in full each month, which will help boost your credit score over time.

When choosing a business credit card, look for one that offers rewards or cash back for purchases, as this can help you save money in the long run. Be aware of any hidden fees associated with the account and read the terms and conditions before signing up.

5.    Monitor Your Credit Reports

Once you have established credit, it’s important to monitor your business’s credit reports regularly. This will help you stay on top of your finances and be aware of potential problems. If you spot something suspicious, contact the relevant credit bureau immediately and take action to rectify the issue. By keeping an eye on your business’s financial health, you can quickly address any issues that arise and ensure that you build a strong credit history.

Building business credit takes time and requires knowledge of how credit systems work. However, by following these tips, you can quickly start building your business credit today. With patience and dedication, you can soon access exciting new opportunities that will help take your business to the next level.

How Do You Increase Your Line of Credit?

There are a few different options available to you when you need to get some extra money. You may choose from personal loans, an instant payday advance, or even an Fit My Money instant tax refund loan. However, probably the first thing you’ll try to do is increase your credit card limit.

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By doing so, you’ll have more money available to use in case of an emergency. Plus, if you use your credit card responsibly, you can improve your credit score over time. So increasing your credit card limit may be a good option for you to consider if you need extra money.

The credit line on the card is different for each client. Even if banks advertise promising a card with a million-dollar line, not all borrowers will be approved. How do I increase my line of credit, and what affects the bank’s decision?

It can be revolving and non-revolving. It depends on the program and the bank’s product.

A revolving line is an amount available for borrowing, which is restored after making a monthly payment or full repayment of the debt. Renewal rules depend on the bank’s terms and conditions. Within the line, the borrower can pay for purchases, and services, transfer money, and change currency.

Under the terms of some products, you can withdraw cash, but it is not mandatory. For example, there are cards with only non-cash transactions available.

A non-revolving line is an amount you can use only once. Usually, it’s a consumer loan, given not in cash but on a particular card. After you repay the debt, the organization will reset the balance. After that, the card is closed; you can’t use it again.

How the Line Is Set

It is the amount the bank can lend to the borrower with or without interest if it is a card with a grace period.

Two advantages of a line on cards are:

  • Renewability. the line is renewable after the borrower pays off the debt.
  • You can spend as much as you need within the line. You don’t have to spend the entire amount on one purchase; you can pay as long as the available limit remains.

Banks set the line individually for each customer, considering:

  • Salary size. The higher the income, the more significant the amount the bank is willing to approve.
  • Length of service. The bank considers both complete employment history and the last job — clients who don’t stay in one place for a long time cause no confidence in the bank.
  • Documents. The more guarantees of solvency the bank receives from the potential borrower, the higher the limit will be approved.
  • Loan history. Bad or zero histories are a reason to approve a lower limit or refuse to issue a card.
  • Other parameters that the bank considers significant. For example, some banks pay attention to the marital status or the presence of dependents of the potential borrower.
  • The length of your employment, income, documents, and history quality also impact the credit line you are approved for.

Maximum Line. In advertisements, banks often indicate a maximum line amount but only approve it for “perfect” borrowers. In the best position are payroll customers or those who are already working with the bank, such as holding a deposit or using a large money brokerage account. To such potential borrowers, the bank offers the most favorable conditions.

Minimum line. It is set for new customers with low income or even no income. Also, a small line can be set due to problems in the previous loan history. But this does not mean that this amount will remain forever. For example, if you use the card often and repay the debt on time, the bank may increase the limit.

If the potential borrower has many debts, and half of his income or even more goes to repay them, the bank may refuse to issue a card even with a minimum limit. Sometimes, borrowers can spend all their money on things that they don’t even need, for example you can buy really expensive presents for your family and use Creative Packaging Ideas. But the main point is that you will spend your whole income and then you will need to borrow money that can make your limit lower.

Who Decides on the Limit

The customer can’t change the line himself. Instead, the bank decides to increase or decrease the maximum available amount on the card. The procedure is different for each bank. In some, it may be an automated system. In others, a bank specialist assesses whether you can or cannot increase the limit. Most banks use both methods at the same time.

Banks use automated systems to avoid human error. The software collects information about the borrower, his rating, and the activity of using the card and conducts a scoring analysis on the available data. Bank employees do not interfere in this process. They only “help” in making the final decision.

If there is a technical failure, the specialists cross out the errors. In some cases, credit department employees may manually decide to change the limits.

You should not contact bank managers to change the line or influence the final decision. Bank employees can only advise the borrower, suggesting ways in which the bank will understand that the client is reliable.

You can find out the size of the limit in the bank’s mobile app or your cabinet through a web browser. To do this, select the desired card and click “find out more about the debt.” You can see not only the size of the line but also the amount of the monthly payment, the total amount of debt, and the dates of the reporting period.

How to Increase Loan Limits

On average, it is not necessary to ask for a credit line increase before three months of credit card use. Banks review card terms every three months or six months. During this period, it is recommended that you

  • Use the card regularly. Pay for online and offline purchases with it.
  • Make the mandatory payment on time.
  • Notify the bank in time about changes in personal data. Changing your cell phone number, place of residence, and family name is essential.
  • Notify the bank if you have financial difficulties, for example, losing your job. The bank is interested in getting its money back, so it can make concessions and postpone the due date or revise the monthly repayment amount.
  • Keep track of your debt load. If you have several small loans, try to pay them off as soon as possible. You can connect all your loans into one. The more you owe, the less likely the bank will increase your line.
  • Use other bank products as well. You can, for example, open a deposit, an impersonal bullion account, an individual investment account, or an integrated product that combines several banking services at once. Such customers trust the bank more because depositors and investors have savings, which guarantee the borrower’s solvency.
  • Before applying for a card, check your rating. The history will help you assess the chances of approving a loan or increasing the available amount.

Are There Cards with Zero Line of Credit?

When processing, banks often set a minimum amount. If the cooperation is booming — it will increase over time. But if the line is not approved, the card is not issued and denied.

Sometimes zero line cards are called debit cards. You can’t borrow money on them, but you can add funds to the card and use them to make purchases.

Different point — zeroing the line at the initiative of the bank. Such situations happen. Most often, the reason lies in the borrower’s behavior — violating the terms and ignoring the bank’s attempts to get in touch. It is enough to fulfill all your obligations in full and on time to avoid this.

In Conclusion

The bottom line is that banks use a variety of methods to determine credit limits, and it’s important to be aware of all the factors that go into this decision. Understanding how your credit limit is determined can help you manage your finances more effectively and avoid getting into debt. If you have any concerns about your credit limit, be sure to contact your bank or financial institution for more information.

How to Compare Rates between FX Brokers

If you want to be a successful forex trader, you must use a good exchange rate. For this reason, you need to be very careful when you choose your forex brokers. The problem is that with the popularity of forex trading increasing, there are many brokers around to choose from. Considering all their features and benefits, making a choice may seem rather difficult. Here are some considerations to keep in mind if you want to select a good broker for your needs. 

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1. Look at Regulatory Compliance

Not every forex broker is the same. Each country has its regulations, so if you are going for a specific broker, make sure that they cover your area. Look for brokers that are members of the NFA (National Futures Association) and are registered with the CFTC (Commodity Futures Trading Commission). Even if the website looks fancy, it doesn’t necessarily mean it is regulated.

2. Check the Account Features

All forex brokers have their own offerings when it comes to their trading accounts. Check their leverage and margins, while considering the spreads and commissions. For example, if you have $1,000 in your account, a 50:1 leverage allows you to hold a position capped at $50,000. This can help you increase your earnings and reduce your risks

3. Consider Deposit and Withdrawal

Each forex broker will have a certain deposit limit. In some cases, the initial deposit may be as small as $50, whereas others may ask for much higher deposits. You may also want to check the ease of deposit and withdrawal. You should ensure they have your deposit and withdrawal method of choice (i.e., credit/debit card or PayPal). Bear in mind that the broker may charge fees for these transactions.

4. Check Currency Pairs

When you want to find on FX-list a good broker, you need to check the currency pairs that they offer. There are hundreds of pairs out there, but you want to get the ones that have the highest liquidity pairs. Moreover, while a broker may provide a huge selection of currency pairs, it doesn’t mean they have your pair of choice. Make sure that they can offer the currencies that interest you the most as a trader. 

5. Verify Their Customer Support

The forex market never really stops, and you don’t know what’s going to happen overnight. As a result, you must be able to contact your broker at all times. See what contact methods they provide, and whether they have 24/7 customer support or not. A tip here would be to give them a quick call before you commit. This will give you a good idea of their responsiveness. 

The Bottom Line

When choosing your FX broker, you must be very careful of the features that they provide. After all, you will put them in charge of your money, so you need to ensure they can be relied on. They should have all the necessary regulations and offer you their support whenever you require it.

Benefits of Accounting Software for Small Businesses

Accounting software has become integral to the growth of small businesses, similar to its role in other industries. Business owners are always looking for new ways to increase productivity and save money. And that’s where accounting packages for small businesses come in handy. Accounting software is a tool that aids bookkeepers, business owners, or accountants in automating and managing accounting transactions for a business. Here are the top benefits of accounting software for startups.

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Access Financial Information Any Time

One of the leading benefits of utilizing online accounting software is that it allows individuals to access their data from any device of their choice, and at any time they want. This has a lot of advantages for all businesses, especially startups. For instance, you can develop and send invoices directly from your device while on the go, or you could generate, download, and view crucial accounting reports and statements at any time.

Automates Processes

In today’s business landscape, automation is indispensable. Using accounting packages, you can easily automate loads of processes and avoid expending time on manual activities. Here are some processes you can simplify using an accounting software:

  • Invoicing
  • Payment reminders
  • Importing data
  • Payroll invoicing
  • Expense management

Aids in Tax Filing

Tax season can be quite stressful, especially when you have to compile financial data and reports. To aid in simplifying this entire process, you should utilize accounting software. With accounting software, you can safeguard income statements, invoices, and receipts all in one place, making it essential for filing taxes.

Organizes Your Accounting Records

As a small business owner, sloppy books will lead to several problems for your company. Using accounting software, you can ensure that your accounting records remain nice and well-organized. You can also easily organize your receipts, invoices, accounts, and other documents. This way, you won’t stress over inaccurate records or scramble to get valuable information when necessary.

Saves Time

Similar to any new software, there is always an investment of time at first to install your accounting software. However, afterwards, it can save you lots of time weekly by automatically taking care of time-consuming manual accounting and bookkeeping processes.

Increases Accounting Security

Cloud-based accounting software safely secures all your accounting information because they are stored in the cloud. Your accounting data is protected under various layers of high-class encryption algorithms, ensuring that your financial records are safer than just staying on the shelf. By saving your accounting records on the cloud, you eliminate every chance of them getting erased or corrupted.

Lowers Cost and Saves Money

A significantly small number of businesses outsource their accounting and bookkeeping processes. This means that the majority of companies manage their accounting and every related paperwork themselves, reducing the time employees have to handle their other operations. By installing accounting software that appeals to your business needs, you will save on outsourcing your accounting processes without having to compromise the development of quality accounting statements. Furthermore, as an added perk, you will also save on paper costs.

With these benefits listed above, you can see just how useful accounting software can be to your business’s growth. Accounting packages aid companies in keeping up with the demands of today’s digital landscape.

How to Be Less Risk Averse

There are a lot of psychological elements that play a role in how comfortable we are with risk and what we’re willing to lose in order to gain. These elements are an integral part of our financial lives and how we invest money. 

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For example, there’s a term called loss aversion, which is a cognitive bias that means that your losses hurt twice as much as any equivalent gains. This relates to risk aversion as well. 

Risk aversion is your tendency to try and avoid risk. In investing, this would describe someone who focuses on preserving their money instead of going for potential returns that are higher than average. 

Risk is price volatility in investing, and if you make a volatile investment, it can lead to wealth or it can also deplete your savings. 

If you’re conservative in your investments, then they grow steadily but slowly. 

Low risk is more stable, but your returns might not be impressive. The flip side is that you have an almost zero likelihood of losing your original investment. The problem is that along with not generating much wealth, you might not even be able to keep up with inflation over time if you only stick with low-risk investments. 

We can think about the stock market and other financial investments as well. For example, buying a second home as a vacation rental can be a high-risk but high-reward investment. 

Smart investors know how risk-averse they should be based on their situation, and they’re also willing to take risks. 

If you have your money sitting in a savings account and that’s it, you may be extremely risk averse. 

The following are things to know about being less risk averse for better possible returns but knowing how to keep a sense of balance. 

Know the Signs You’re Too Risk Averse

Again, some risk aversion is good, but there are signs that you should watch for that you’re not taking enough risks. 

First, is your retirement account growing at a very slow pace? You might want to gain more exposure to risk, especially if you have a long time until retirement, which would give you a chance to make up for losses. 

Other signs you’re too risk-averse can occur in different parts of your life. Maybe your career is stagnant, or you’re afraid to invest in yourself by doing something like going back to school. You might refuse to move for a job, even if a better opportunity came along, or maybe you’ve been toying with the idea of starting your own business, yet you won’t take the leap. 

Inaction can be as detrimental to your life and goals as too much action. Sometimes, it’s more harmful. 

Start Small

If you’re someone who has essentially zero risk tolerance, start small with decisions that aren’t going to be life-altering. Maybe, for example, instead of deciding you’re going to go back to school, you take a course online. 

If you own a business, maybe you decide to diversify your product offerings, but you start with a digital product that’s low-cost to produce and gives you a chance to experiment a bit. 

You don’t have to be all-or-nothing when it comes to increasing your risk tolerance. 

As far as investing, maybe you put a small amount of money in a single stock rather than a mutual fund or ETF. Do some research to find one you believe in, and only put money in that you’re okay with losing. 

Then, depending on how these smaller decisions go, you might be willing to take larger risks going forward. 

Framing these small decisions as experiments can be more appealing, especially when you realize even the downside possibilities won’t mean the world comes to an end. You’ll build more confidence with each risk that you take. 

Create a Portfolio of Options

You’ll often hear people talk about a portfolio of options in business. This means you aren’t going all-in on one thing. Instead, you’re offering yourself a lot of possibilities that could lead to successful outcomes. 

If you can put together a group of initiatives, it seems less scary if one fails because you know that some of them might succeed. 

If you feel like your options are limited, risks become much scarier.

If you think about this in terms of investing, it’s essentially diversification. You’re spreading out your options. If you’re diversifying your investments, your portfolio will include assets and also asset classes that aren’t all correlated with each other. If some of your securities fall for a period of time, others might rise, and you’re offsetting your losses. 

Stop Making Perfect Your Goal

If you’re aiming for perfection in any part of your life, whether your business or career or your finances, you’re always going to fail because it’s not possible. 

Don’t let perfect be the enemy of done in any part of your life. 

For example, maybe you want to write a book. You’ve started working on it, and it’s nearing a point of completion where you could potentially earn money from it. Unfortunately, you never think it’s good enough, so you never take the risk to put it out there. Again, it will never be perfect, so let it be good enough. 

This is something you have to embrace throughout your life, and it’s tough, especially if you are someone who’s very risk averse, but if you understand you’ll never achieve perfect, you’ll be able to make a lot more progress. 

People who always aim for perfection tend to get stuck and be more stagnant. 

Finally, don’t focus too much on your end goal. That’s going to make you scared to take risks, and you might be paralyzed in your decision-making. The first step is what you need to think about—not the end outcome. That could be years away. Taking the first step, as cliché as it might sound, is the most important thing you’re going to do. 

If you’re nervous about something, break it down into very small steps, and make the first one as easy as you can on yourself. For example, if you want to start saving for retirement, start an account and put aside $20. That’s all you have to do, and you’re started working toward your goal. 

Waste paper recycling – a positive impact on the environment

The electronic revolution continues in the world. But despite the use of various digital media, as well as the use of virtual communication tools, the demand for paper products has not decreased, but, on the contrary, has increased. As waste paper suppliers say, more and more paper waste is generated with each subsequent year of the life of modern mankind. Of course, in some areas, paper began to be used in smaller quantities, for example, for document management purposes. But as the volume of consumption of goods is growing, paper products continue to be in great demand.

waste paper recycling
Paper waste in its ratio to other types of waste is approximately 40 percent. An ordinary modern person annually accounts for approximately 200-250 kg of paper waste. But as reality shows, most of the garbage ends up in a landfill. In developed countries, they try to solve this problem in various ways. Because waste paper can be used as a secondary raw material. That is, it is suitable for processing purposes, after which the materials obtained from it can again be sent to the stages of production of various goods. But there are also landfills where paper rots and pollutes the environment. Despite its “naturalness” in terms of origin, it still releases harmful substances when it rots. In particular, it emits harmful methane gas, which pollutes the surrounding air.

Recycling as a way to cleanse the planet

The recycling industry, with proper development, is able to cope with a large amount of garbage on the planet. After all, then the waste will not end up in landfills. They will participate in a closed cycle “production-processing-production”. In many countries, the development of this area is slow. And in order to accelerate the pace of development, it is necessary that the state take control of everything that happens in this area. Recycling should clearly become a priority in public policy in any country in the world.

Recycling allows solving global environmental problems. Since paper is made from cellulose, and cellulose is made from wood, it will be possible to save the trees that grow on the planet through recycling. It is clear that the timber processing industry will continue to function, because wood is used not only in the production of paper. But with the help of processing, it will still be possible to reduce the volume of deforestation.

In addition, recycling saves energy. It is no secret to anyone that electricity in the modern world is quite expensive. Accordingly, it will turn out to reduce the cost of such a valuable product. The same can be said about water. In the production of material from primary raw materials, a huge amount of water is used. Recall that in some countries today there is a catastrophic shortage of fresh water, its price is comparable almost to the price of gold. So why waste valuable water? Recycling saves money.

In order for recycling to develop, it is necessary to support processors. Everything possible should be done so that they can easily buy old books in bulk and other types of waste paper. Their development, success in their field of activity will positively affect the environment.

5 Future-Proofing Ideas for Your Business

The world is changing faster in ways that companies could have never envisioned. Despite this, several businesses have stayed adamant about future-proofing their businesses, making them more vulnerable to the negative impacts of unexpected future events. 

5 Future-Proofing Ideas for Your Business

Also, technology, trends, and customers’ demands and preferences constantly change, so future Proofing is needed to survive this situation. Otherwise, businesses will likely end up being irrelevant and outcompeted. 

There are many ways to prepare for the future besides securing funding with trustworthy options like CreditNinja loan lender. So, whether you’re running a small or big company, listed below are five future-proofing ideas you can try. 

Open Innovation 

Gone are the days when focusing on sales and product development was the thing. The new trend is open innovation. It’s where you encourage people outside your business, such as customers, suppliers, or partners, to share their insights about your business. However, open innovation still has risks. 

For example, revealing information not intended for sharing, such as intellectual property, could happen. As a result, businesses could lose their competitive advantage. Nevertheless, the best part of it is that it’s client reaching. It straightforwardly accommodates the changing views and preferences of customers. 

The more you consider customers’ voices and address their concerns, the more productive your business is. Think of it as outsourcing relevant and more accurate customer targeting and market research at no cost. 

Minimum Viable Product (MVP)

In promoting open innovation, a minimum viable product (MVP) can give you a hand. It’s a pared-down version of a product with features enough to catch public attention and be used by early users who can then give feedback for future product development. 

MVP isn’t a prototype. It doesn’t only test the design and technical aspects of a brand but also assesses fundamental hypotheses for a business model with real-life data. Further, it determines the more profitable product features, so it’s often considered the sweet spot between risks and return on investment (ROI). 

Although MVP can make them prone to negative feedback and imitation risks, companies can still build immediate solutions from customers’ validated learning. What’s more, they do so without wasting too much effort and resources, including time, money, and advertising. 

Process Optimization

Utilizing resources, like customers’ validated learning gathered from releasing MVPs to their fullest to seek new possibilities for improvement, is called process optimization. It aims to maximize output and minimize costs, leading to successful business bottom-line results.

A successful process optimization project requires five Cs: 

  1. Customer-first;
  2. Conscientiousness (define the right key performance indicators or KPIs);
  3. Collaboration (build feedback explicitly);
  4. Communication transparency; and
  5. Continuous execution. 

They should be thoughtfully implemented to avoid risks, such as misunderstanding KPIs and the process’ current status quo. Further, since process optimization promotes continuous improvement, businesses can reduce the risks of keeping an inefficient process unchanged and be more compliant with laws and regulations, competitive, efficient, and cost-effective.

Digital Transformation (DT)

Studies show digital transformation (DT or DX) has been sped up by several years due to the COVID-19 pandemic. While it can help companies be more acquainted with technological trends, many are facing challenges.

Some old, big companies are also in doubt about DT due to security risks, legacy systems, risk-averse organizational culture, and the looming digital skill gap. Despite these, many businesses realized that DT’s benefits outweigh these challenges. On that account, statistics show that many businesses are fast-tracking their DT initiatives this year. 

Being cyber-physical and hyperconnected improves data collection, resource management, collaboration, and productivity. In addition, as 63.1% of the global population are Internet users, digitizing a business translates to customer-centricity, which creates loyalty that leads to higher profits. 

People are getting used to instant gratification caused by digital technology these days. Many are even thinking of it as a standard already. On that account, it’s safe to say these technological adoptions will likely stay for good, so embracing DT will surely future-proof businesses. 

Resilience-Centered Approach

Resilience-centered businesses can recover fast in case of any critical and catastrophic situation, such as a pandemic and global inflation. It can also persist in the face of substantial changes in the business and economic environment using different strategies. 

These strategies include the following principles:

  1. Layering (using two or more business elements to fulfill the same goal);
  2. Complementarity and consistency (integrate all elements well with all the processes);
  3. Foresight (evaluate how all business elements work together in daily operations and threats); 
  4. Accountability and transparency (monitor human and technical components and fix errors before they escalate); and
  5. Precautionary (conduct stress tests for risks). 

In a nutshell, a resilience-centered approach gives companies three main abilities: identify threats faster, withstand the initial shock better, and recover faster. All of these give companies a competitive advantage over any business with similar present and future issues in the market.

Final Thoughts

The inability to forecast and acclimate to the shifting business environment is among the reasons for untimely business failures. Hence, the usage of future-proofing is deemed necessary. A future-proof business doesn’t only minimize the effects of unforeseen events and pace with the latest trends and customers’ demands. It also keeps employees highly adaptable, engaged, and satisfied toward the future of work. 

The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity

The Annual Investment meeting signed memorandums of understanding with organisations and companies in Indonesia on the sidelines of the B20 Summit, which was held on November 13-14, 2022, in Bali, Indonesia.

The Investment Paradigm Shift: Future Investment Opportunities to Foster Sustainable Economic Growth, Diversity and Prosperity

It should be noted that the Business 20 (B20) is a platform emerging from the G20, which is concerned with communicating with the global business community. The Business 20 (B20) was established in 2010 to develop the necessary policy recommendations on previously identified topics and submit them to the G20 Presidency during the Summit.

Mr Dawood Al Shezawi, Chairman of the Organizing Committee of the Annual Investment Meeting, signed a memorandum of understanding with the Indonesian Chamber of Commerce and Industry KADIN, represented by the Chairman, M. Arasjad Rasjid P.M.,  to bring in business owners and investors and help organise joint programs between the UAE and Indonesia, including the Annual Investment Meeting – the Asian version – in Indonesia in November 2023.

A Memorandum of Understanding on Attracting Talent, Innovative Entrepreneurs, and Final Year Students (Future Soft Power) to Participate in the Activities of the Annual Investment Meeting, as well as Contributing to the Preparation of Coordination, was also signed by Mr Walid A. Farghal, Director General of the Annual Investment Meeting, and the Association of Indonesian Private Universities, represented by National Vice Chairman of International Relations, George Iwan Marantika.

The director general of the Annual Investment Meeting, Mr Walid A. Farghal, also signed a third memorandum of understanding with the ASEAN-Business Advisory Council regarding luring the top startups from the startup qualifiers to the ASEAN Advisory Council summit conference and luring investment portfolios from ASEAN to the Annual Investment Meeting.

The fourth Memorandum of Understanding was also signed by Mr Walid A. Farghal, Director General of the Annual Investment Meeting, and the Chairman of the Global Indonesia Professionals’ Association (GIPA), Mr Steven Marcelino (Businessmen Outside Indonesia), in an attempt to attract them to the Annual Investment Forum. Chairman of the Board of Directors Stephen Marcelino signed the contract on behalf of the Indonesian organisation.

The fourth Memorandum of Understanding was also signed by the Director General of the Annual Investment Meeting, Mr Walid A. Farghal, and the Chairman of the Global Indonesia Professionals’ Association (GIPA), Mr Steven Marcelino, to encourage them to attend the Annual Investment Meeting (Businessmen Outside Indonesia).

Describing the signing of the five memorandums of understanding, Mr Dawood Al Shezawi, Chairman of the Organizing Committee of the Annual Investment Meeting, stated that the MOUs come in the context of the ongoing efforts made by the Annual Investment Meeting to implement that strategic plan into real-world results that will encourage direct and indirect investment and drive sustainable development.