Category: Small Business Tips (Page 1 of 2)

5 Easy Ways You Can Earn Leverage Income: Start Now

January 13, 2023 / Frank Nez

Leverage Income Ideas That Can Make You Rich – how to make money online

Leveraged income is probably one of the best incomes you can have.

You essential create something once and get paid for it multiple times!

Guys, this is how you can end up generating what Dan Lok calls F.U. money.

This type of passive income is what’s going to set you free.

Here are 5 ways you can earn leveraged income.

Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.

Lets get started!

There are 3 Types of Income

But before I get into them, let’s quickly discuss the different types of income.

There are three main types of income, all of which require different resources in order to move them.

Linear Income – The first is linear income, which is the type of income most people have. It’s where the resource you trade for money is your time. This is your typical 9-5 job, freelance, etc.
Passive Income – Passive income is money generated through investments. This can be income from a high interest CD or savings account. It can also be in the form of dividends paid out from shares of stocks. Passive income may also be generated from rental income if you own property. The resource required for this type of income is capital.
Leveraged Income – And finally, there’s leveraged income. Enough leveraged income and you no longer have to rely on linear income to pay your bills. Leveraged income is earned by creating something once and getting paid continuously for it. You’ll need an audience in order to make the most out of this type of income.

6 levels of income by Dan Lok

If your goal is to become wealthy, you need to get rid of your linear income.

This income is holding you back more than you know.

Why work 8 hours for someone else when you can use 8 hours of your day to work on growing your own business.

How can I escape my 9-5 job?

Escaping your 9-5 is going to require a lot of work on your part but it is certainly possible.

You’ll need to pick up a side hustle while you’re employed.

You can also choose to start your own business or follow an art project, with financial support from a licensed moneylender.

Once you’ve chosen what you’d like to pursue, work on this idea every day after work.

When I learned that Elon Musk and Steve Jobs all had the same hours in a day as I do, I really started using my time wisely.

Figure out how to earn money outside of your job so you’re not 100% dependent on your linear income.

Start setting yourself up for passive income

One way I started was by setting myself up for passive income.

I then downloaded the app Mint by Intuit to track my net worth. It gradually went from $6K to $10K and so on.

It has since reached +$100k.

I began putting money in stocks and in a high yield savings account where my money would do something.

Rather than have it collect dust I figured I’d put it to use.

When I saw returns I let go of fear that was holding me stuck to the 9-5.

If you aren’t investing in the stock market yet bookmark this post on how to invest in the stock market for beginners.

I share my personal stock and crypto purchases over at the Patreon too.

Once you’ve begun to earn some money from passive income look towards creating an asset that can provide you with leverage income.

There are many ways you can do this.

Leverage Income Ideas

Now that you have a better understanding of the 3 main types of income, here are 5 great ways you can start to earn leveraged income.

#1. Publish a Book

If you love to write, publishing a book can be a great way for you to plant a seed for the future.

Publishing a book has also never been easier.

By writing a book or an e-book in my case, you can put out in the market and receive earning from every person who purchases it.

I wrote my e-book “Reaching The $10K Mark: How Perseverance Overrides Adversity” before really knowing that this was a form of leverage income.

I wanted to write a piece of content that would allow me to connect with my readers. This e-book is about the struggles in sales.

In this story, I break down how I started in my sales career and set goals only to fail countless times over.

But I never gave up.

This inspiring e-book resonates with anyone who knows what it feels like to get pushed ashore by constant hitting waves.

Whether you publish a book or an eBook for that matter, you can earn leveraged income from royalties every time someone purchases your book.

If you love to write, consider joining a community of writers who share your enthusiasm and passion.

Network with them and begin to build a following based on your thoughts, expertise, and creativity.

Where can I publish an e-book?

You can self-publish your own e-book through Amazons KDP program.

Here you can upload your PDF format book and very own cover.

It’s super easy to manage.

You can check how many people have purchased your book and even how many people enrolled in Amazon’s Kindle Unlimited have read your pages.

Reaching the 10k mark franknez.com — Leverage Income Ideas – eBook – how to make money online

You can find “How To Reach The $10K Mark: How Perseverance Overrides Adversity” on Amazon here.

Do I get paid if people read my pages but don’t buy my book?

Yup! Amazon pays its authors when their Amazon Kindle Unlimited members read up to a certain amount of pages.

So even if your book isn’t selling, you still have an opportunity to earn money from members reading your book online.

How to reach the $10K mark
franknez.com — Leverage Income Ideas – Sell a book – how to make money online

Writing my own e-book has been an amazing part of my journey. I wanted to provide my readers with real in-depth and honest value.

Reaching The $10K Mark is a book about never giving up.

If you’re in the mood for a short story that will spark a wince of inspiration feel free to check it out.

#2. Monetize YouTube Content

Another way you can earn leverage income is by creating content on YouTube.

YouTube has allowed many people to monetize their videos with advertisement.

Here’s a perfect example of doing the work once and getting paid multiple times for it.

A YouTube video can earn you money for many many years.

That’s because people are always finding new videos to watch.

By placing ads on your videos, you will get paid as long as people continue to view your content no matter how long it’s been since you uploaded it.

How can I put ads on my videos?

Leverage YouTube views
Franknez.com — Leverage Income Ideas – Monetize YouTube Videos – how to make money online

YouTube is a great platform to earn leveraged income due to how massive your reach can potentially be.

The requirements to monetize your YouTube content is that you earn 1,000 subscribers and generate at least 4,000 hours of watch time.

The key to reaching the requirements simply depends on the quality of your videos and how consistently you upload to your channel.

Once your videos are displaying ads you essentially begin to generate an income no matter where you are in the world.

What you’ve done is created a video, and that video now pays you every time someone watches or clicks the ads.

This ladies and gentlemen, is the power of leveraged income.

It’s the reason why so many YouTubers are making a living from their videos.

Users are making money from all type of videos including:

Gaming
Cooking
DIY Tutorials
Time-Lapses
Sports
Animation
Personal finance
Commentary
Unboxing and Reviewing
Reactions
Grooming and Beauty
Cars and Tech
Business
Paranormal

YouTube is a platform I eventually want to personally work more on.

It’s a great place to share content and provide further value using animation or video.

Is it free to create a YouTube channel?

Yes. It’s absolutely free to create your own YouTube channel.

You can upload as many videos as you want, too.

FrankNez YouTube Channel – easy ways to make money online

While my primary focus at the moment is to continue growing my blog, I’ve been publishing more videos on my channel for the community.

I discuss market news or the topics of new articles I publish.

Subscribe here to be some of our first and early subscribers!

If you have a channel leave a comment below and I will subscribe back!

#3. Leverage Blog Views

There are a variety of ways to earn money from blogging with ads being the most popular.

You start to earn leveraged income when your blog posts are displaying ads.

Every post you publish has the potential to make a considerable amount of money depending on how big your audience is.

Bluehost blog leverage income with views — Bluehost is the #1 recommended webhost provider by WordPress – make money online

Learn how to start a blog here

Just like publishing a book, you only have to write a blog post once for it to rank and reach a massive audience.

Now, this is not saying you don’t have to publish consistently.

If that were the case, you wouldn’t even be eligible to monetize in the first place.

Blogging is on this list due to the possibility of writing a post and earning money for only writing on that topic once.

Blogging ideas for 2022

Blogging with Bluehost leverage income ideas

Travel
Food & recipe
Entertainment & news
Automotive
Health & well being
Fashion & makeup
Technology
Finance & business
Product reviews
Paranormal / metaphysical

People are blogging about just anything.

If you love to write then blogging can be a great way platform for you to provide value.

If you’re an expert in an area or simply have a lot of knowledge about a specific thing then blogging might be a great way for you to earn leveraged income.

Reasons why you need to start blogging today

I personally believe everyone should start their own blog.

A blog can provide you with a lifestyle like no other.

Here’s a small list of key reasons why more people should start today:

You have some sort of skill or expertise to share with the world
Your knowledge can answer people’s questions and help them grow
You can monetize your blog with ads and get paid passively every month
Blogging allows you to express your thoughts and opinions
Get paid on the move, while you travel, and while you sleep

How can I place ads on my blog to begin earning leveraged income?

You can place ads on your blog through Google AdSense.

It personally took me about a month of blogging to get my blog approved and start displaying ads.

Google AdSense leverage income with ads — Leverage Income Ideas – Monetize Blog – ways to make money online

I do have to say though, Google AdSense rejected my blog about 6 times!

Don’t let this discourage you.

Google AdSense lets you know what you have to work on in order to get approved.

You might not even get rejected as many times as I was!

Like YouTube, who is also powered by Google AdSense, earnings highly depend on the traffic you bring to your content.

leverage income with blog views — how to make money online blogging

To put things into perspective, some of my posts are generating a few bucks while others are generating over $100 per week.

Good thing Franknez.com has posts on how to help you improve your blog and gain traffic; just search ‘blog’ in the search bar.

You can actually see your potential annual revenue on Google AdSense home page.

You will need to reach $100 in ad revenue to qualify for your payout.

Once you do reach your minimum, you will be paid the following month.

So if you earn $400 in one month, those earning will be direct deposited one month after.

Can I choose how many ads are displayed?

Yup!

Google AdSense has a control where you can manage whether a few ads are displayed on your blog or whether you want a lot to show.

I personally have a balanced display so that my readers can still enjoy my content.

Read: 10 easy ways to exponentially increase blog traffic

#4. Leverage Artistic Skills

Ever wonder why Kanye West makes more money than the president of the United States?

Or maybe why athletes make significantly more money than a doctor?

That’s because the president of the United States and doctors all earn linear income.

Presidents and doctors trade their time for money while artists and athletes earn leveraged income through royalties from their craft.

Earn Leveraged Income With Music and Art — Leverage Income Ideas – easy ways to make money – how to make money online

Songs are a massive way artists and musicians can use leverage.

They do this through the number of followers and fans they’ve accumulated.

One song can earn an artist hundreds if not thousands of dollars from just streams. Independent artists can do this too.

Can independent artists make money from streams as well?

Yes.

All independent artists need is to upload their music through a music distributer.

A music distributor will then take care of putting your content out on Spotify, Apple Music, iHeartRadio, Tidal, and other major platforms.

How can I get my music on all major platforms?

Independent artists can use DistroKid.

DistroKid is the easiest way for artists and musicians to get streamed on the biggest music platforms and getting your music on Spotify and Apple Music.

Once your music is distributed throughout Spotify and Apple Music, you will start getting paid as soon as people begin listening to your music.

If you’ve been uploading you tunes to SoundCloud, Reverbnation, or YouTube, this is the next step.

You’re already getting plays on those platforms – now start getting paid for them though DistroKid.

How much does it cost to distribute my music?

Distributing your music with DistroKid only costs $19.99/year.

This subscription fee allows you to upload unlimited singles and albums throughout the year.

Other competitors charge you per song or album.

Luckily, our readers save 7% when they sign up using our affiliate link here.

Music is the perfect leverage income tool

Because music can be played over and over, this makes it the perfect leverage income tool.

If you find yourself getting playlisted in large curated playlists, you can earn hundred to thousands of dollars with just one track!

Now imagine you put out a demo or an entire album.. yup. That’s the power of leverage income.

#5. Automate a Product / Service

You can create a product or service that people can continuously download and buy and earn leveraged income that way.

Here’s a perfect example:

Andrei Jikh, a personal finance youtuber, created a spreadsheet that tracks the performance and changes of your stocks in the market.

He created this product once and is now available for anyone to buy and download on his Patreon.

This is just one of many great ways to earn leveraged income through the use of a product or service.

You can also create and sell exclusive courses on your website or blog.

Entrepreneurs are selling courses on marketing, social media, content creating, sales, and wealth building.

earn leveraged income with fiverr — Leverage Income Ideas – how to make money online

Ever heard of Fiverr?

Fiverr lets you teach all sort of things online.

People are using Fiverr to teach others how to speak a different language, providing DIY videos, teaching people about animation, and so much more!

You can essentially create one time videos or episodes and sell them to people seeking help or answers to their questions.

You can sell these multiple times just from creating them once!

Is Fiverr free to use?

You can create your Fiverr account for free and begin using other peoples services or start selling yours!

The way you can use Fiverr to leverage income is by creating a video or template that others can guide themselves from.

You can literally sell the same marketing templates to multiple businesses looking for what you have to offer.

What’s Stopping You from Earning Leveraged Income?

If you’re serious about earning money in your sleep then you’ll need to start to earn leveraged income, which is a form of passive income only better.

For you to accomplish monetizing online you’ll need to treat every platform and venture as a business.

Create your online business sooner than later because it will take time to build an audience and for monetization to really pay off.

The sooner you start this process the sooner your online business will bear fruit.

Read: 5 amazing ways you can secure your family financially

I’d Love to Hear From You!

Let me know in the comments section below what you’re doing to earn leveraged income or how you would like to earn leveraged income.

More ways on how to earn leveraged income coming soon!

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6 Tips on How to Grow a Small Business

November 11, 2022 / Curating Team

Building a small business means working round the clock. No real vacations, no time offs, and no dumping the responsibility over someone else’s shoulder.

We’re not sure why you chose the grind.

But now that you have, we’d like to congratulate you.

You’ve made a bold move because only 5% of the world’s population chooses entrepreneurship.

It’s surely a tough journey.

But if you do it right, it’s just as rewarding.

In this post, we will cover 6 tips that can help ease your early days and help you lay a strong, unshakeable foundation to grow your business successfully.

1. Know that you’re running a small business, not a one-person business

Speaking of 2022, one of the most common mistakes people make when they begin a small business is that they assume they have to do it all on their own.

They do so with the intent of saving more and having complete control.

That’s a destructive approach unless you’re running a one-person business.

Finances, marketing, product management, customer service, and resource management are all different and demanding domains.

If you hold yourself responsible for everything, there’s a high chance you’re going to mess things up and burn yourself out.

Consequently, you may lose your existing customers, waste investments, and lose health.

Your business will suffer instead of growing.

So, one of the first things you should do when trying to grow a small business is to accept that you need help and build a team to help with your business goals.

2. Know your financial options

For a small business to grow, it needs funds.

Many entrepreneurs choose to go the debt route by taking out loans or using credit cards.

While this is a viable option, it’s not the only one and definitely not the smartest in the long term.

Small business growth hacking is all about minimizing risks.

So, instead of taking on additional debt, consider these financial options:

Crowdfunding: This is a great option if you have a solid product/service and an audience that’s willing to invest in your business.
Family and friends: You can always approach your loved ones for financial help. Just make sure you have a proper structure in place and treat it like a business deal by creating contracts, specifying interest rates (if any), and having a clear repayment plan.
Grants: Check with the government or other organizations for business grants that you may be eligible for.

You can follow this link to learn more about financing a new growing business.

3. Aim for a small, dedicated, and resourceful team

If you’ve been smart enough to realize the need for teamwork in growing your business, there’s another common mistake you need to look out for — building a big team.

And we mean that both in terms of quality and quantity.

You don’t need to hire big names (i.e., the best professionals in the industry), and you don’t need to hire a lot of people.

Instead, consider hiring only a handful of energized people. Prioritize soft skills, field knowledge, and professionalism over field experience.

If they’re good at learning and have a dedicated drive to work, they can help you make your business a success.

Remember, you can teach technical skills, but you cannot teach soft skills. If the person is skilled at what they do but not dedicated to work, they can only keep your business running.

They’ll never help you grow it because they won’t be interested in going the extra mile. So, look for people with the right drive.

Also, initially, it’s a good idea to hire someone who can take care of 2-3 roles instead of one. The smaller your team, the better you’ll be able to communicate and innovate.

4. Build a strong online presence

how to grow a small business with social media — How to help a small business grow.

Digital presence is a great opportunity for any business in the 21st century.

Even if your target audience lives in your vicinity, it’s essential to establish a website and maintain active social media pages.

Why? Because:

It builds credibility and helps you become an authority in the industry
It eases customer experience as they can approach you without leaving their home
It serves as a gateway to potential partnerships and investments

And the best part?

It’s much cheaper than physical advertisements.

You can begin marketing your business on Twitter, Instagram, Facebook, and YouTube simply by creating and sharing relevant content for your target audience without any substantial investment.

You can also try to create video content as it has taken over the internet. In a variety of settings, videos may captivate and involve your target audience.

There are options to create interesting short reels and upload full-length videos on well-known social media platforms.

Using any online video editing software, you may create and edit persuasive and appealing videos for your audience and attract the right kind of consumer attention.

Here are some easy marketing hacks to help kick-start your small business’s online growth.

5. Build a blog

how to help a small business grow — How to help a small business grow.

Blogs are also a part of your online presence. But if we were to recommend one aspect of digital marketing that can boost your small business’s growth by leaps and bounds, it would be blogging.

How so? Well, blogs help you build customer relationships and generate leads.

Basically, people read blogs to learn something new. When you share bits of your business and educate them about subjects relevant to your product/service, it helps them trust you and regard you as an authority.

It also helps them view you as an approachable and customer-friendly entity when they interact via comments or emails.

Plus, if you link your blog with an analytics tool, you can monitor the traffic and get some very useful data to generate leads. You can further narrow down your target audience or market your service/product to them via email marketing.

Now, blogging need not be on websites only. You can maintain a blog wherever you’re likely to find the majority of your audience. If you target other business owners or CEOs, it’s a good idea to maintain a blog on LinkedIn.

**Bluehost** – **now starting at $2.95/mo.**

Plus, this approach is highly resource effective. It takes only about 30 minutes to share something valuable with your target audience (no need to go fancy, use free tools like Canva to design graphics and pair them with value-adding content).

If you’re blogging on a social channel like LinkedIn, you will have minimal platform costs. And if you have a website, you’ll only have to pay around $20 – $60 monthly.

Related: Blog Like a Champ in 2022: Easy Beginners Guide

6. Keep a close eye on competitors

Small business owners often make the mistake of assuming it’s too early to compete.

But once you’ve entered a market, you’re already in the competition.

Do not hold yourself back by either thinking too less or too much of yourself.

You’re in the field and are just as equal.

So, make sure to regularly conduct competitor analysis and learn from their flaws and strengths.

A key tip to boost your growth by 10x is to look for that one complaint that your competitor receives frequently and fails to address.

Good luck!

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Best Board Software for Project Management & Collaboration

June 3, 2022 / Frank Nez

Published by FrankNez Team.

The board portal is a widely used software that helps establish communication between individual board members, ensures the security of information exchange, and provides convenient access from anywhere in the world.

Each board portal has an individual set of features, but it is the collaboration and project management tools that play the leading role.

With the help of collaboration features, you can ensure effective interaction between the project team and third parties (for example, stakeholders).

To do it, most board software portals implement tools for tracking document versions, viewing history, and scheduling task assignments.

In addition, each boardroom software allows you to comment, join discussions, organize polls, and much more.

As for the project management tools, the software helps establish effective communication at each stage of project creation:

Initial stage,
Executive stage,
Post-project stage (when you analyze errors, make adjustments to the business plan).

Together, these features help boost your business performance and reduce financial costs.

For more info, you can read the board-room Canada article with a review of the top-notch providers.

Key Features of Board Room Software

Along with the management and collaboration tools, each boardroom software comes with a set of other features.

As a rule, they directly depend on a certain brand, but there is also a standard set that is common for the most board of directors’ software.

Document management

Most of the up-to-date boardrooms allow you to operate with a large amount of information.

You may use almost any existing file format. Sometimes, the size of the storage you can utilize correlate with the type of boardroom pricing plan.

At the same time, there is a tendency when board room providers do not set such restrictions.

It means you may upload as many files as you need and still have quick access to any of them during any stage of the board meeting.

Security features

Often, the usage of board of directors software implies third parties like potential investors, stakeholders, etc.

So, to make sure that your information will not be misused or damaged, boardrooms implement 128-bit or 256-bit advanced encryption keys and SSL protocols.

Also, boardroom admins can set the role-based access to files and change it in a couple of clicks.

Mobile compatibility

The current business realities are such that employees of one project can be located thousands of kilometers from each other without compromising the overall effectiveness of the team.

One of the important conditions for this is the mobile compatibility of the software they use.

It means you can use any mobile device such as a smartphone or tablet to connect to a conference, access files, upload and sync data to internal storage, and much more.

For this purpose, modern providers offer their own boardroom application or provide an opportunity to work with the web version of the product.

The second option is predominant at the moment since it does not require downloading additional software.

The only limitation of the board portal software, in this case, may be a slow Internet connection.

Who Uses Board Management Software?

A boardroom is a popular software almost in any type of business.

Below, you can see some of the areas where such soft is a must-have.

Charity

As a rule, charity funds spend a lot of resources, especially time, on paperwork, communications, and so on.

With the help of the boardroom, you can significantly reduce these expenses to a minimum and automate processes as much as possible.

Trade associations

This business area is perhaps the second after the legal one, where a large volume of paper documents becomes an inhibitory factor.

Most trade associations spend much time on distributing documents, reading and synchronizing them, getting feedback, signing, and so on.

With the help of the board portal, you can eliminate this shortcoming.

Funds

There are various types of foundations: private, corporate, family organizations, and so on.

In any case, you are dealing with personal and financial data that must be kept secure.

Thanks to advanced board document management and security features, the board portal allows you not to worry about possible data leakage or unauthorized use of financial documentation.

Healthcare

If you work in the healthcare industry, then you are probably a face with a lot of meetings.

Boardroom allows you to make them as convenient, accessible, and efficient as possible.

With remote access, more people can join the meeting.

With the use of voting and questionnaire tools, you can collect more information and make more realistic conclusions, forecasts, etc.

The healthcare sector is characterized by an intensive flow of documents that are of critical importance.

The virtual boardroom helps you structure and cluster files, use filters for quick searches, and make changes instantly.

Using the boardroom, you should not worry about the corporate information of your customers, as it is protected from leaks and unauthorized use.

How to Pick the Right Board Portal Software?

which board software program — Board Software Program – Board Software Project Management

When choosing the right board portal software, you should decide what type of business you are running and evaluate its pain points.

It is important to determine the feature set of the future board portal software.

Here the main thing is to choose a solution that offers the minimum necessary tools to achieve the tasks.

Also, you should evaluate the solution and test it.

Before purchasing, you need to do a little research on the Internet and understand the general impression of the product.

Give preference to feedback from users on independent resources to make a board management software list of pros and cons.

In addition, test the trial version of the product to the maximum.

Don’t forget about the customer support service.

In order to do it, you can make a request and examine the time and quality of the response.

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Entrepreneurship Blog

How To Survive a Financial Crisis

June 3, 2022 / Frank Nez

Published by FrankNez Team.

The time of the financial crisis during the pandemic forces us to reconsider the company’s strategy and look for new incentives for development.

With proper resource planning, this time can be a new stage for realizing opportunities.

You can optimize business processes, facilitate the acquisition of new partners and implement new tools for better financial returns.

For this, you can choose software for online conferences, electronic accounting of finances, or tools from the list on data-room.ca.

The viability of the company will depend on your decisions during this challenging time for business.

We will tell you how to survive the financial crisis during Covid.

Financial Control is Your Lifeline

Most entrepreneurs do not separate personal finance from business finance.

And this is a big mistake.

One of the most common causes of bankruptcies in small and medium-sized businesses is the waste of capital.

Money should work for you constantly, but if this does not happen, then it does not bring any benefit and disappear.

This approach threatens both the stability of the company and the financial security of the businessman’s financial resources.

Separation of cash flows is necessary to:

see the financial result from the business;
control the costs of the enterprise;
discuss current issues through dataroom software;
minimize the risks of financial loss;
ensure transparency of transactions in the interests of partners or investors.

To maintain a clear distinction, the head of the company must record all amounts invested in the business.

You can use these finances for personal purposes only after the profit for the past period has been calculated.

Some executives are wise to use mobile or desktop software to control and share finances.

This will help visualize the current financial position of the company and adjust expenses.

Building Financial Reserves

Often all the income received by the enterprise goes to cover current costs.

It is extremely important during a financial crisis to have some financial backup to ensure the performance of the company.

In this way, you will be able to recover from unforeseen situations and have the resources to grow and develop your business.

Below are some ways to keep financial reserves for use in a crisis.

Bank account	It is optimal if you use a deposit account that will bring additional income. Use insurance to secure the deposit in case of any accidents.
Exchange investments	Reasonable investments in shares of other companies as a way of investing and creating reserve capital.
Diversify in multiple ways	You can keep some of the money in a savings account, invest some in stock shares, and some in a safe deposit box. We recommend using a data room to store and record financial data and reporting.

Keep in mind that the reserve fund should be enough for 3-6 months of unprofitable existence of your business.

This amount can be used to pay rent, pay salaries for employees, or purchase goods.

Also, the financial reserve will help with the rapid expansion of the company – when you need to purchase more goods than usual, hire new employees, and buy equipment.

It is better to form such a reserve at the stage of starting a business, and then replenish it by 10-20% of the profit.

Next Step — Cost Adjustment Strategy

The key factors for successful financial management in a crisis are regularity and consistency.

To do this, you need to ensure that important data is not lost, which is quite difficult when working on paper.

Virtual Instruments help facilitate this process but must undergo VDR due diligence.

If you properly organize the accounting process from the very beginning, when there are still few numbers, it will be easier to control this as the business grows.

However, even in a large company, such digital tools should not be neglected, especially during a pandemic.

In critical situations, it is important to continue to count and analyze cash flows, as well as adhere to the following tips:

Adjust financial planning. Business owners should consider several scenarios for the possible development for each of the cases.
Create a reserve fund. As we said earlier, this is an important point for minimizing the consequences of the financial crisis.
Review expenses. To survive the forced financial crisis, it is necessary to visualize the company’s current expenses and store up-to-date data in one of the virtual data rooms.

In crises, it is often the best option to make personal decisions on each transaction and cost item.

In such cases, planning helps a lot, including short-term planning: for example, drawing up a payment plan for the day or week.

Virtual services for data storage at the same time help to exchange information with employees and partners.

After you can analyze the causes of the crisis, you will be able to solve systemic problems, for example, seek additional funding.

Expansion of the Company’s Activities

In addition to monitoring the financial performance of their business, a businessman must be able to analyze data and make decisions.

Using an electronic data room is the best option for visualizing information and sharing data with business partners.

After delegating certain areas of your company’s activities to specialists, it would be wise to reconsider the sphere of influence of your business.

In the context of the pandemic, the demand market has moved to the virtual space, so it is more expedient to develop in this direction.

To expand the activities of the company during Covid, you should:

study the current needs of the target audience.
consider opportunities for business restructuring;
implement data room services;
use additional financial resources to open up new opportunities.

To stay afloat, it is enough for the owner of the company to minimize financial losses.

However, to take advantage of the crisis and new opportunities, an entrepreneur must be able to embody several roles in business at once.

This includes conducting business negotiations, searching for suppliers, developing the company’s social networks, etc.

At first glance, it may seem that such information is too much for one person, but it is not really true.

Conduct a data room comparison and you will be able to keep records of data in the virtual space simply and efficiently.