CFI.co Blog - Page 37 of 47 - Business, Finance, Economics

Nottinghamshire-based managed IT services specialist Octavian IT has celebrated winning a plethora of major projects by expanding into larger premises.

Managed IT specialist expands to larger premises following glut of major contract wins

The Cyber Essentials-accredited company saw its annual recurring revenue increase by £78,000 over the last 3 months after snagging six prestigious contracts, several of which are with companies operating in the security industry. 70 per cent of the Octavian IT’s revenue now comes from highly-regulated, security-based industries.

The firm, which also recently added three new recruits to its team, has now moved to more extensive offices in Bingham as its rapid expansion continues.

One new contract valued at more than £142,000 over 2 years will see Octavian install IT and phone systems and provide ongoing 24/7 IT support and maintenance cover for a major London-based security services provider. The London firm has recently built a bespoke 7 figure ARC (alarm receiving centre) in the Midlands to service UK and international CCTV and physical security monitoring contracts.

Octavian IT also recently completed a major project which involved moving the longstanding accountancy practice to a new cloud-based centralised server system in Microsoft Azure, installing a cloud-based phone system and facilitating and managing IT systems at the firm’s new office in Twyning.

In addition, the cyber security specialist has set up IT systems for a high-end US footwear brand’s new site in London and will now provide full IT support to a London and Midlands-based logistics group.

The new contracts add to Octavian IT’s already-burgeoning client base, which includes four fully-contracted US companies, two of which operate in the medical industry.

Octavian IT Managing Director Ben Solomon said: “The past three months have been an exciting time for Octavian IT. We have added three new members of staff tour growing team, increased our revenue significantly and won six major contracts.

“We are continuing to make inroads into the security sector, and recently became Cyber Essentials accredited, which demonstrates our commitment to our own internal cyber security standards and protection of our clients systems. We’re pushing now for the next phase which is Cyber Essentials Plus, followed by the ISO standards.

“The speed and scale of our expansion made it necessary to take larger premises, which we have now done. We’re now looking forward to a busy and prosperous year ahead.”

Octavian IT is part of the award-winning multi-service provider Octavian Group.

Finance

Restoring competition in ”winner-took-all” digital platform markets

ByCFI.co Blogger

Competition law and policy can help ensure open and accessible markets with fair and reasonable terms for businesses

Digital platforms are at the centre of the global economy and daily lives of consumers.

A handful of these platforms have become dominant in specific markets without facing meaningful competition. They include Amazon as a marketplace, Facebook in social networking, Google in search engines and Apple and Google in application stores.

Digital platforms rely on big data and are characterized as multisided markets with economies of scale, network effects and winner-takes-all features.

These firms offer their products for “free” on one side of the market and earn revenues from online advertising and selling user data on the other side of the market.

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Restoring competition in “winner-took-all” digital platform markets

The growing market power of these platforms raises concerns not only for consumers and smaller businesses but also for competition authorities.

Consumers not in control

Consumers can no longer control the use of their data.

Smaller businesses face unfair market conditions, where they compete with big platforms that offer services by self-preferencing their own products. It is now widely recognized that these markets cannot self-correct.

What needs to be done?

One effective response is competition law and policy that promotes open and accessible markets with fair and reasonable terms for businesses.

This goal is more pronounced in highly concentrated digital markets, where large platforms’ market power is enduring.

The most important competitive threats to monopolists are likely to come from new entrants, which are vulnerable to exclusionary conduct or anticompetitive acquisitions.

Governments should have in place relevant policies and legal frameworks to overcome different challenges of the platform economy. These include competition, consumer protection and data protection policies and legislation.

Adapt to new realities

There is a need for adapting competition law enforcement tools to new business realities by revising laws like in Germany and Austria or issuing regulations or guidelines as has been done in Kenya and Japan.

A 2017 law revision in Germany incorporated in the assessment of the market power of firms in the digital economy such criteria as direct and indirect network effects, parallel use of services from different providers and switching costs for users.

It also factored in economies of scale in connection with network effects, access by firms to data relevant for competition and innovation-driven competitive pressure.

This amendment allowed the Federal Cartel Office in Germany to consider these criteria in analyzing Facebook’s dominance in the social network market during its investigation into Facebook between March 2016 and February 2019.

Merger control regimes should enable competition authorities to scrutinize the acquisition of start-ups by major platforms.

Merger analysis needs to incorporate the role of data in acquiring and sustaining market power and establishing entry barriers to new firms, thereby affecting future competition and innovation.

Not only free but also fair competition

It is important to ensure not only free but also fair competition. This is more so in digital markets, where smaller firms face challenges in their contractual relationship with big platforms.

Competition law provisions on unfair trade practices and abuse of superior bargaining position, as found in competition laws of Japan and the Republic of Korea, would empower competition authorities in protecting the interests of smaller firms vis-à-vis big platforms.

Developing countries could consider this policy measure in revising their competition legislation or introduce a separate regulation concerning digital platforms’ dealings with their business users.

Such measures could facilitate entry of local small and medium-sized enterprises (SMEs) to platform markets, thereby allowing developing countries to reap the benefits of the digital economy.

This is important as SMEs are crucial to job creation and innovation.

Both the implementation of fair competition legislation and review of acquisitions of startups by dominant platforms could play an important role in maintaining an inclusive, competitive and fair business environment in the digital economy. This might eventually enhance innovation.

Apt taxation policy needed

Another critical element needed to ensure fair competition is an appropriate taxation policy. A significant proportion of the value created in the digital economy results from users who provide data.

The current international corporate tax system is not adapted to the digital economy. There is not yet a common understanding of “value creation” for taxation purposes in the digital economy.

This leads to a disconnect between where value is generated and where taxes are paid. According to the UNCTAD Digital Economy Report 2019, taxes paid abroad by Facebook represented only 2.9% of the profits it generated outside the United States in 2017.

Ideally, an international taxation system, which is agreed upon by all countries, and recognizes the main aspects of digital businesses that have significant implications for taxation, should be put in place.

Business

Drawing the Line on Free Business Giveaways

ByCFI.co Blogger

There are few business marketing practices that have stood the test of time as well as free giveaways. Whether offering products or services, this arm of advertising is popular for a reason. It gives customers a chance to get something for nothing, and it gives a business an opportunity to illustrate their strengths to the greater market. When done right, in many ways, it can be a win-win.

With that that in mind, it’s also important to remember that this can be a dangerous game. Making an avoidable mistake, or working without full comprehension of the possible positives and negatives of a position, can put both finances and reputations at risk.

When Should Giveaways be Avoided?

One of the biggest issues with free giveaways is how nebulous the results can be in terms of costs and benefits. Larger businesses might have the ability to hire marketing firms or invest in research to accurately predict the outcome of a free giveaway but, for small to medium-sized businesses, such actions can be an impossibility.

To address this issue, it can be a good idea to look at the worst possible outcome of a free giveaway, and check whether or not a bottom-line can afford the hit. Imagine a struggling Ford garage offering incentive projects where specific vehicles purchased within a set time-frame go into a draw to be fully paid off by the dealership. In the worst-case scenario, no more cars would be sold than usual, effectively adopting an enormous financial hit for zero real monetary rewards.

Businesses also need to know that not all that glitters is gold, and not everything that is offered for free is appreciated. While this is only one aspect of the free giveaway game, it is one of the most fundamental features, which even the biggest businesses can overlook.

Drawing the Line on Free Business Giveaways. *Source: Pixabay*

Take, for example, how Apple made headlines by giving away a free U2 album to iTunes users back in 2014. Apple saw this is a way to give people some of what everyone loved. Unfortunately for them, they vastly overestimated U2’s actual appeal. On top of this, the act of downloading the album automatically onto people’s devices used up room and bandwidth and messed with their shuffle functions.

In other words, just because you have the stock, doesn’t mean customers will necessarily care. Instead of such a broad shotgun approach, it’s best to narrow your sights to those who show informed interest.

When Should Free Giveaways be Used?

The most important part of this question lies, again, with the potential cost. Can a business afford the cost no matter the outcome? Then, and only then, should the business continue with this plan of action.

In the modern age, free giveaways are used to draw attention to not just a business as a whole, but also to a specific part of a business. This saw an enormous take-off at the turn of the new millennium as businesses increasingly turned to creating their own websites and, more importantly, online ordering systems.

Online ordering and interaction systems are an enormous boost for businesses, in that they free up man-hours for staff, they can handle much more traffic than direct human interaction can, and they can operate 24/7. In these instances, free giveaways tied to online ordering systems could create unprecedented leaps in productivity. Walmart was one such example of this, where already legendary convenience was raised to an entirely new level.

More recently, this has taken the form of mobile-focused ordering systems. As more users turn to mobiles for internet use, this has again pushed for fresh illumination. Again, smaller free promotions can drive engagement, and can help spread word of mouth. This can be especially useful for businesses offering smaller goods and services, as they won’t have to eat significant costs. This might not matter so much for Walmart-sized franchises, but it will for almost everyone else.

Another method, as utilized by some businesses, is to extend already common bonuses one step further. For example, some businesses, such as online casinos for example, have long offered deposit matches as bonuses for new users, to the point where these are usually standard. New casinos, trying something different, turned to giving away no deposit bonuses, effectively one-upping the competition.

Of course, this particular industry can protect itself from what is known as wagering requirements, but the general concept of one-upmanship can still apply to a wide range of other markets.

Looking From Inside and Out

Measuring when a free giveaway is and isn’t worth the effort means walking a balancing act. What works for one industry or business might not work for another, even if the two are nearly identical. Because of this, the most important part is not to get lazy, and not to make assumptions on what will work.

By taking a step back from the industry, and doing individual research on what customers want, it can be possible to gain a much clearer picture. Work for success, but protect against failure. Try something new, but observe what others have done that worked and didn’t. Remember that there is no easy solution, but performed at the right place and the right time, a free giveaway can be a business-saver.

Technology

Ideagen Reaches For The Stars With Agreement with Top US Space Discovery Company

ByCFI.co Blogger

Jet Propulsion Laboratory Becomes The Latest Customer of Pentana Audit

Leading global provider of governance, risk and compliance software, UK company Ideagen Plc, has signed a long-term contract with California-based constructor and operator of planetary robotic spacecraft, Jet Propulsion Laboratory (JPL).

Founded in the 1930s, JPL is a federally funded research and development centre managed for NASA by the California Institute of Technology (Caltech). The lab’s current major projects include the Mars Science Laboratory mission (which includes the Curiosity rover), the Mars Reconnaissance Orbiter and the Juno spacecraft orbiting Jupiter. JPL is also responsible for operating NASA’s Deep Space Network.

Ideagen has a close relationship with the US Institute of Internal Auditors, which means companies using the Pentana software have the comfort of knowing their audits are being done to the standards expected by the Institute and comply with the guidance it issues.

JPL operates in a highly sensitive and regulated environment and the need for security and top-quality governance processes is paramount. Ideagen’s Pentana Audit solution offered the lab the benefits of leading software together with the flexibility of both cloud-based and on-premise data storage options.

Colin Smith, Head of Sales, Audit & Risk at Ideagen, commented: “Companies are placing increasing importance on compliance and good governance, driven in part by some very high-profile failures of governance by large organisations in recent years. Ideagen’s Pentana software is tried, tested and ensures internal audits are carried out to the standards expected by the US Institute of Internal Auditors.

“JPL are dealing with incredibly complicated and potentially life changing endeavours. We are extremely proud to have been chosen by them and look forward to helping to ease their burden when it comes to the audit process.”

Lifestyle

easyJet and Travelport to target diversified traveller growth

ByCFI.co Blogger

UK, 29 January 2020: easyJet, Europe’s leading airline, has announced the renewal of its long-standing content partnership with Travelport, a leading technology company serving the global travel and tourism industry.

In partnering with Travelport, travel agencies around the world will continue to benefit from real-time access to easyJet’s range of fares through the company’s market-leading technology platform, Travelport Smartpoint.

easyJet will also benefit from access to the full suite of Travelport’s digital media merchandising solutions in line with the airline’s strategy to refine and diversify the way it targets business and leisure travellers.

Thomas Haagensen, Group Markets Director at easyJet, said: “easyJet offers an unrivalled network flying to more primary airports on the top 100 European routes than any other carrier which means we are ideally placed to meet the expectations of where our customers want to fly for business. Having been one of the first airlines in the low-cost sector to make its inventory available through global distributor, Travelport, we continue to deliver on our strategy to increase our appeal, especially to the business travel sector and are pleased to have renewed our partnership.

easyJet will remain among the 300 airlines that utilise Travelport’s innovative merchandising tool, Travelport Rich Content and Branding. Travelport Rich Content and Branding enables airlines to more effectively display their products in line with how they are sold on their own websites, with detailed product descriptions and imagery that enhances the experience for travel agents looking to search, sell and book branded fare families.

Mike Rock, Head of Europe, Air Partners at Travelport, said: “The way that business and leisure travellers make travel choices continues to evolve and diversify as new and emerging technologies, and industry standards improve the experience of buying and managing travel. Our longstanding relationship with easyJet has enabled the airline to develop a multi-channel global sales strategy and we’re looking forward to working with the team to support its ambition for growth in Europe and beyond.”

Lifestyle

Crypto Gambling Grows In Popularity Despite Calls For More Regulation

ByCFI.co Blogger

A new crypto asset regulation drafted and passed by the House of Representatives in Japan is expected to have a serious effect on the way custodians and exchanges do business in the country. The Financial Instruments and Exchange Act and the Payment Services Act is set to keep a keener eye on players in the crypto industry at a time when the crypto gambling industry in Japan is fighting through already restrictive gaming regulations.

Crypto Gambling Grows In Popularity Despite Calls For More Regulation

Joseph D. Hugh is the CFO of Jukebucks, a platform that facilitates international cryptocurrency betting. Hugh says the strict regulations Japan has regarding gambling, in general, has been passed over to the crypto gambling industry. Hugh explains it is not an easy thing for the country to completely deny players access to the gambling industry, but Japan keeps tabs on players under the pretense of tax monitoring.

Despite the restrictions that exist in Japan, lawmakers in the country agreed a little more than a year ago to allow physical gambling locations in the country.

Hugh says Japan will begin allowing offline casino betting in the country following the 2020 Olympics. He says it is unclear at this time what business entities may be in line to receive casino licenses but these permits will be issued for casinos in Osaka, Tokyo, Hokkaido, and Okinawa. It is presumed by experts in the industry, Japan will lessen restrictions on online casino play in the country after the offline industry is established.

The “integrated resorts” stamp of approval was given by the Japanese government some time ago but the effects have yet to trickle down to the gambling industry.

Integrated resorts are entertainment complex that showcases a comprehensive set of entertainment venues. Casinos are often counted among the group of business establishments part of an integrated resort. Other attractions include shopping malls, movie theaters, theme parks, and hotels.

Japan and Prime Minister Shinzo Abe have appeared to be more willing to introduce legislation to benefit casinos in recent times. However, this enthusiasm does not seem to translate to crypto gambling possibilities.

Japanese Crypto Gambling

One would think that crypto gambling is much more prevalent in Japan than it is once taking a look at the abundance of regulations the country has put together on the matter. Much of the regulation is seen as a response to the 2014 collapse of the crypto-exchange Mt. Gox that was headquartered in the country.

Tron is a blockchain network that reports it is working on the infrastructure that will facilitate a completely decentralized internet. In 2019, Tron disallowed gambling apps in its app store after being pressured by the government of Japan to do so.

The Chief Technology Officer for Tron at the time of the decision to block the gambling apps, Lucien Chen, was so upset by the decision he left the company. Chen said there was a breakdown between the company’s claim to be a decentralized entity and the actions it was taken against the gambling apps.

How It Works?

There are two ways that blockchain gambling can take place. The first is off-chain gambling while the other is on-chain.

Off-chain gambling takes place whenever physical gambling locations like casinos agree to accept cryptocurrency as a form of gambling currency used to deposit into a casino account. A third-party custodian is then used by these establishments to convert cryptocurrencies into fiat money. However, casinos do exist that operate completely on Bitcoin and do not make use of fiat currency.

Smart contracts are utilized on a blockchain to facilitate on-chain gambling. A decentralized application is also needed that makes use of backend code that runs on a network for blockchain and not a traditional server.

Off-chain casinos are much easier targets for governments who wish to either regulate or eliminate crypto gambling. Websites that allow crypto gambling will often ban IP addresses that originate in certain countries. For example, users in America will find they are unable to access gaming sites that accept Bitcoin from their home location.

It is important to understand that on-chain gambling sites are not completely immune from government regulations. A good example of this is Tron’s refusal to share access to its gambling apps to users with Japanese addresses. However, the same users can access the apps if they use a VPN.

Global Crypto Gambling Regulations

The regulations most countries have in place to govern gambling that takes place online have been in place for quite a few years now. However, only a few countries have so far specifically addressed the issue of crypto gambling. Countries that have established crypto gambling regulations include the Netherlands, the United States, Poland, Greece, Belgium, and Italy.

In countries that do not consider Bitcoin a legal method of pay it is not acceptable to fund gambling efforts with the currency. However, lawmakers in these countries will need to make the regulations regarding this matter clearer for gamblers, casinos, and themselves.

Japan, a nation whose gambling revenue slightly outpaces the revenue produced by Nevada in the United States, is one of these countries in need of better clarity.

A number of online gambling platforms exist in the United Kingdom that will allow players to fund their accounts with Bitcoin. These providers of gambling services are subject to the same laws that govern the operations of other establishments in the gambling industry. Sportsbetting is popular in the United Kingdom and this is reflected by the number of sports betting websites available that allow users to place wagers using cryptocurrencies.

The U.K. Gambling Commission urges citizens to use caution when using Bitcoin to fund gambling accounts. The commission explains there are inherent risks with using Bitcoin that is not present with the use of fiat currencies.

Gamblers are quick to point out the benefits afforded to them by the use of bitcoin. The first is privacy. Users are not required to reveal personal information when they use Bitcoin to facilitate a transaction. Bitcoin does not allow for total anonymity, however. Most countries make it necessary for individuals to share their identity before converting their Bitcoin to the fiat currency of their choice.

Coins like Zcash and Monero are not as popular as Bitcoin but offer users more protection to their identity. These coins are known to thwart attempts by regulators to gain access to personal information regarding coin holders and many supporters of regulations believe tighter controls should be exercised on these coins.

It may not be obvious to some who abhor the many regulations in place but the global gambling industry is slowly becoming more accepting of cryptocurrency. The effect can even be seen in Las Vegas, a place many believe to be the gambling capital of the world, where Bitcoin is being accepted in a few major establishments. The trend of increased acceptance for cryptocurrencies is expected to increase with time.

Banking

First Head of Fintech Strategy & Commercialisation Named at Shawbrook Bank

ByCFI.co Blogger

UK fintech market veteran, Stuart Doignie, has been appointed as Shawbrook looks to scale-up and evolve its specialist SME lending proposition

Stuart Doignie Head of Fintech Strategy & Commercialisation

Specialist SME lender, Shawbrook Bank, has started the new decade by appointing its first Head of Fintech Strategy and Commercialisation.

Stuart Doignie, who is well known within the fintech industry, joins Shawbrook’s Business Finance Division as the Bank aims to become the UK’s SME lender of choice.

Mr. Doignie has held several senior roles within the fintech space and his appointment signals Shawbrook’s intent to adopt new technologies as it looks to evolve its specialist SME lending proposition.

As Head of Fintech Strategy & Commercialisation, his primary focus will be on the adoption of technology to advance the specialist SME lender’s own infrastructure but also to support the development of new products and to leverage wider initiatives such as Open Banking.

He said: “I’ve witnessed first-hand how technology is disrupting the SME finance landscape, particularly in the un-secured space.

“The really interesting challenge now is to see how technology can help business owners’ access more sophisticated forms of funding.

“With such a diverse range of specialist SME lending products, I believe Shawbrook is perfectly placed to become one of the first institutions to demonstrate how fintech can be deployed to transform not just distribution but funding solutions too.”

Well known across the fintech industry after holding senior roles including Head of SME at Starling Bank, Chief Risk Officer at ezbob and most recently Chief Commercial Officer at OpenPayd – a leader in the Banking-as-a-Service market – Mr. Doignie has helped pioneer the use of smart technology to provide new finance solutions for small and medium-sized enterprises throughout his career.

His first task at Shawbrook will be to source and deploy a leading cloud-based commercial lending platform. This platform will enable the Bank to develop and scale-up both established and recently launched products including Commercial Loan, Development Finance, Growth Capital and Unitranche.

Neil Rudge, Managing Director of Shawbrook’s Business Finance division, said: “As a specialist lender, focused entirely on UK SMEs, we’ve built a suite of funding products over recent years to address a breadth of needs.

“We’ll be making a number of investments in technology during 2020 to help us rapidly evolve and develop these products, reduce friction in their delivery, and reach more SMEs through slicker distribution.”

He added: “With Stuart’s experience and knowledge across the fintech sector, we’re well placed to create a truly scalable and unique tech infrastructure.”

Hedge Funds

Coronavirus: investors should avoid knee-jerk reactions

ByCFI.co Blogger

Coronavirus is the number one threat to financial markets currently – but most investors should avoid knee-jerk reactions, affirms the CEO of one of the world’s largest independent financial advisory organizations.

Nigel Green, deVere Group chief executive and founder, is speaking out as global stock markets are rattled on fears of the potentially deadly Sars-like virus triggering major sell-offs.

The death toll has now risen to 81 and almost 3,000 people have been confirmed as infected, with 44 cases having been detected outside China, where it originated.

On Monday, the composite European Stoxx 600 fell 1.7% at the open, London’s FTSE 100 dropped 1.6%, while Germany’s Dax was 1.7% lower. The slump followed a similarly dramatic decline in Asia overnight. The Shanghai Composite fell 2.7%, the Hong Kong Hang Seng lost 1.1%, and Japan’s Nikkei dropped 2%.

Mr Green says: “The Coronavirus is the number one threat to financial markets currently as global investors are becoming jittery on the uncertainty.

“But whilst this health crisis will inevitably hit some sectors, such as travel and retail, most investors who have a properly diversified portfolio should avoid knee-jerk reactions. History teaches us that most issues of this kind have a short-term impact on stock markets.”

He continues: “Most investors should monitor the situation with their financial adviser and sit tight at present. But if it is still escalating next week, with much higher casualty rates, a more defensive approach might be necessary.

“However, the cost and effort of making such a switch means you do not do it lightly, and more evidence is needed that the virus does pose a medium to long term risk to China and the global economy.”

Mr Green goes on to say: “But that said, this should serve as a wake-up call to all investors to ensure their portfolio is well-diversified across asset classes, regions, sectors, even currencies.

“This is the best way to mitigate risks and the best way to be well-placed to take advantage of the opportunities when they occur.”

The deVere CEO concludes: “Stock markets tend to bottom with the peak in new cases during a public health issue of this kind, before rebounding.

Nigel Green, deVere Group chief executive and founder, is speaking out as global stock markets are rattled on fears of the potentially deadly Sars-like virus triggering major sell-offs.

The death toll has now risen to 81 and almost 3,000 people have been confirmed as infected, with 44 cases having been detected outside China, where it originated.

Mr Green says: “The Coronavirus is the number one threat to financial markets currently as global investors are becoming jittery on the uncertainty.

Mr Green goes on to say: “But that said, this should serve as a wake-up call to all investors to ensure their portfolio is well-diversified across asset classes, regions, sectors, even currencies.

“This is the best way to mitigate risks and the best way to be well-placed to take advantage of the opportunities when they occur.”

The deVere CEO concludes: “Stock markets tend to bottom with the peak in new cases during a public health issue of this kind, before rebounding.

“This is a worrying and serious situation and investors must be vigilant. They should remain properly diversified and remain in the market.”

Economics

Markets DISMISS Trump impeachment – but monitor China trade relations and Coronavirus

ByCFI.co Blogger

The bullish financial markets are indifferent to the Trump impeachment trial – more concerning is the U.S.-China trade deal and the Coronavirus, says the CEO of one of the world’s largest independent financial services and advisory organisations.

The comments from deVere Group chief executive, Nigel Green, come as U.S. President Donald Trump’s historic impeachment trial got underway on Tuesday in the Senate, with Democrats calling for his removal from office and Republicans determined to have him acquitted.

Mr Green says: “A major geopolitical event such as the impeachment trial of a U.S. President would, typically, send shock waves through financial markets.

“This has not been the case here. The seemingly relentlessly bullish markets have largely shown indifference to the impeachment process.

“This is because investors see the likelihood of Trump being removed from the White House following a Senate trial as almost zero.”

He continues: “However, what is far more likely to cause market jitters in the coming weeks are vulnerable trade relations between the U.S. and China, the world’s two largest economies.

“U.S.-China phase one deal has stopped additional tariffs being imposed on each other’s goods. However, it does not address serious structural issues of trade between two vastly different economies, one which has enormous state capacity. In addition, the sheer number of goods – amounting to $200bn –that China will need to buy from the U.S. could, ultimately, make the deal unworkable.

“The hard part is negotiations yet to come.”

Mr Green goes on to add: “Markets will also be weighing concerns regarding the spread of the Coronavirus that has afflicted hundreds in China so far – as hundreds of millions prepare to travel during the Lunar New Year period. It’s the largest annual human migration on Earth.

“The World Health Organisation is meeting on Wednesday to discuss the situation. An upscaling of the threat could depress markets and hit consumer sentiment and spending.”

The deVere CEO concludes: “This bull market isn’t bothered about Trump’s impeachment trial. It will be closely monitoring other major issues, including the U.S.-China trade dispute – the far-reaching impact of which is likely to outlive Trump’s presidency.”

Asset Management

How to Get Ahead Financially: 7 Tips for Success

ByCFI.co

If you’re living paycheck to paycheck and can’t get ahead, you’re in the company of 78% of workers.

It’s frustrating to constantly feel like you’re playing financial catch-up. The stress of being short on money or not being able to reach your financial goals can make you want to give up.

But taking small financial steps in the right direction gets the ball rolling. Those actions eventually help you gain traction and improve your financial standing.

Instead of ignoring your financial situation or accepting your money problems, put these seven tips into action.

1. Start With a Budget

Taking charge of your financial situation requires a plan. That comes in the form of a budget.

You need to know your exact income, expenses, and spending habits to make better use of your money.

Budgeting apps can help you, but you can also create your own simple budget on paper or using a spreadsheet program.

Start by adding up all the money that comes in each month. That could include wages from your job, child support, interest, and other investments.

Next, write down each individual bill or recurring expense you have. This includes things such as utilities, insurance, car payments, loans, and credit card payments.

Subtract those expenses from your income to see what you have left. This is the amount you can divide up between the rest of your expenses, such as groceries, clothing, and dining out.

Once you have your budget set, you need to follow up and make sure you stick to your spending limits. If you spend twice as much as you allocate for eating out, it’ll throw off the rest of the budget.

Monitoring your spending compared to your budget can help you spot the trouble areas. You might notice you go overboard on clothing every month. Look at those areas to see how you can control your spending better.

You may need to adjust some categories while you figure out your budget. You might spend less in some areas than the amount you allocated, so you can lower those limits while raising others.

2. Set Up Multiple Bank Accounts

Do you use a single account for everything? Having multiple bank accounts can help you better manage your money.

If you have trouble sticking to your budget, consider creating different bank accounts for individual areas of your budget. You might have one for your mortgage and other loans, another for other recurring expenses, and a third for your discretionary spending.

When you pay your bills, you know you’ll have the necessary money in those accounts. Pulling from one account for your discretionary spending gives you a hard limit on those expenses.

If you have all of your money lumped into one account, it’s easier to overspend on extras. You convince yourself that you can splurge on that leather jacket, but you end up using money that should go to the mortgage or your credit card payments. That can cause you to fall behind financially.

3. Create Financial Goals

Why do you want to get your finances under control? Setting specific goals can keep you motivated to handle your money better. You know cutting back on spending or increasing your savings is for something you really want.

Think in terms of short-term and long-term financial goals.

Short-term goals can keep you motivated because you can reach them quickly. They’re also building blocks for your larger goals and can help you gradually improve your finances. This could be things such as building an emergency cash fund, cutting your expenses by a set amount or paying off one credit card.

The long-term goals help you improve your financial standing over time. They’re the bigger goals that keep you going and get you to the place you want to be. Examples include paying off all debt, saving for a house, or reaching a larger number in your savings account.

If you’re not sure where to focus your attention, a financial planner can help. A financial pro can look at your current situation and make recommendations for short-term and long-term financial goals.

4. Pay Off Debt

In the UK, the average debt is £15,385. Deciding whether or not to go into debt is a personal decision, but carrying high levels of debt makes it difficult to get ahead financially. The interest and fees you pay eat up money that could go toward your financial goals.

Plan to pay off your debt as quickly as possible, especially if it’s holding you back financially. Put extra money toward your debt to get rid of it faster.

5. Create a Savings Plan

No matter how financially behind you feel, setting aside money in your savings account is a smart decision. Set up your bank account to transfer money to savings automatically on your paydays. That way you ensure you set aside the money before you spend it on other things.

Include retirement savings in your plan. Starting now helps you build your retirement savings faster, so you’re financially stable when you reach retirement age.

6. Increase Your Income

Having more money in your bank account gives you more financial stability and helps you reach your goals. You can either make more money or cut your spending to increase your usable income.

Asking for a raise at your current job or looking for a new job can help you increase your income. Another option is a temporary part-time job or side gig for extra money. Think of it as a temporary sacrifice of your time to accelerate your financial goals.

7. Change Your Mindset

Many people think of cutting back on spending or saving more as a negative thing. It feels restrictive, so you don’t want to do it.

Flip how you think about financial changes. Focus on what you get from the changes instead of what you’re losing.

When you’re tempted to make an impulse buy, as yourself if the item will get you closer to your financial goals. Having meaningful goals and keeping them in your mind can help you change your thinking.

How to Get Ahead Financially

When you’re struggling with money, it can be difficult to figure out how to get ahead financially. Confronting your situation directly and tackling it a little at a time helps you improve your finances. Visit our archives for more financial information.