Recovering your business – What can you do?

It doesn’t matter how big or successful a business is, running one well is hard work. If you’re a start-up, a big hitter, or even if you dominate the market, things can go wrong and sometimes things simply don’t work out. The business plan just might not be right, unexpected costs could put the business into negative cash flow, or perhaps the market just isn’t ready for your big ideas. However, just because your business hits a few financial stumbling blocks, it doesn’t necessarily mean that it has to spell the end for your business. Depending on the situation the business finds itself in, there are various ways it can be rescued.

Cashflow issues, repayments and debts – Invoice finance and commercial finance

Often these sorts of issues can’t be predicted. If an expensive piece of machinery unexpectedly breaks, the cost of replacing it could be huge and potentially put a business into turmoil. It could be late, or unpaid invoices, halting up cashflow and stopping a business from making outgoing payments. When in this situation, it’s critical that owners don’t bury their heads in the sand, but instead try and tackle the issue head on as there could be potentially, business savings solutions available.

Late paying clients is a common problem for businesses and it can be a huge problem. If a business ends up waiting for money to come in, it can have a drastic effect when it comes to covering its own costs. This can hold up a business and gradually put the business into negative cash flow.

Invoice finance, could end up being a vital solution. Effectively, it enables a business to take out a loan based upon the value of its unpaid invoices, it is a general term A factoring company will lend a business up to 90% of an invoices value, pending their quality and the potential risks involved. For those who commonly suffer with late paying clients there are huge benefits to invoice finance.

Alternatively, if it’s the cost of replacing assets which is costing your business too much, a possible solution could come in the form of commercial finance. Commercial finance covers a few different options such as asset finance and refinancing. If you end up being hit by a large debt, which ends up hitting you through the form of needing to buy a new asset, then naturally asset finance would be the right option. This allows businesses to purchase an asset over a set period of time, as appose to paying in one lump sum and potentially disrupting cash flow. If on the other hand your business is asset rich, but cash low re-finance would be the way to move forward. This allows businesses to borrow money which is based on the value of its assets, this can help raise money and aid cashflow.

Creditors are on your back

If the business has unfortunately got to a really negative point and creditor pressure is simply too much, then a business may have to go through a different procedure. If the business can genuinely continue trading, then a repayment plan might be the best route forward toward saving the company.

A company voluntary arrangement (CVA) would allow a business to condense creditor debts into affordable payments, giving a business the opportunity to balance its liabilities. A CVA will normally last a maximum of five years with any remaining debts being written off at the end.

Pre- pack liquidation and phoenix

The final option available to businesses in trouble comes in the form of a pre-pack administration and then a phoenix. Although this would technically mean the end of a business, through the process of a phoenix a new one would be born through the ashes.

A phoenix company is part of a pre-pack arrangement, as the directors can pick up the pieces from the former liquidated company and carry on. However, there are strict rules that revolve around a phoenix. It is perfectly legal to set up a phoenix company, even if the assets from the previous company are bought by the same directors, as long as it is at its market value and a new name is chosen for the business.

Almost all businesses will undoubtedly struggle at some point. Even if you go through a rigorous planning procedure, problems will occur. The sooner a business can see them coming the better, however, if an owner finds themselves in a sticky situation, there are financial solutions to be found which can help get the business out of trouble.

Getting familiar with E-commerce development

In order to understand how to develop an e-commerce site following are some of the considerations to keep in mind.

Creating a Website simply does not help a business grow, there are specific criterias essential to outweigh the competitiveness over other similar sites. E-commerce development is a process of building and customizing websites through coding databases for making websites more dynamic for online business functions.

Know your customers and Identify the product/services
Customers are prone browsing longer for those products that are specific to the use. Determine age, gender and current trends of the product variety. Products have to be in demand with prices neither too high nor too low that would affect the business strategy. Products not easily available at stores are best to be found online thus making such products of much worth. Interact with customers through feedbacks suggestions and reviews.

Choosing an E-commerce development platform
This is a vital step to determine the integrity of the business and safety of the database and transactions. This may be self hosted or a hosted one. Though a hosted platform minimises scopes of errors and it consists of full features and maintenance plans for the website. As the owner, one needs keeping in mind the ERP, CRM, Database compatibility and payment gateway integration.

Mobile friendly Apps or mobile responsive Web portals are great alternatives. The choice of server can make or break the business thus it is essential to opt for quality over cost through parameters like Speed, Uptime, Support, Scalability and Security. Most popular platforms include Hybris, Magento, WooCommerce, Shopify and many more.

Choose the right Ecommerce development company
E-commerce vendors are always confusing, markets choking with service providers claiming to offer beneficial services. Business officials should choose wisely before managing their resources with different constituting organizations.

E-commerce website testing
Once the development is accomplished, the ecommerce development company takes action for testing the website thoroughly. Through testing, one can check the usability, user convenience, security and the integrity of the website across different browsers and devices for the compatibility. It is vital for a good shopping experience.

Effective Advertising and Marketing
Going unnoticed into the long run for business competencies is not a healthy opportunity thus strategic marketing comes to play a major role once the website is ready for widespread use. This can be done both ways either traditional method of using magazines, flyers, brochures and other physical methods of advertising or virtually through social media marketing, email marketing and television advertising.

Adapt and Grow
Going live is a long process if the website operates well as ought to then it’s a satisfying achievement for the ecommerce development company. Though businesses are never set still, they are always on the go. It is necessary to continuously evolve and adapt to changing conditions.

Benefits of using an E-commerce system for business purpose.
Easy to use and understand customer habits – Once a business is established over the web, the functioning ease down to online management and records of purchasing patterns help the owner to understand what customers desire most.
User friendly – With compatible databases, websites can be accessed quickly and conveniently from different browsers and devices that provide flexibility to use the portal.
Reduce inventory and costs – Online stores reduce the risks of unsold products that remain in the inventories. This saves a lot of time and reduces cost of inventory holding.
Expand markets for Niche products -With wide varieties of products the user gets customizable products of their desire with both regular products as well as niche products.
Highly Informative – Online availability of products avail more information than those in the stores with limited information about the product.
24*7/365 – E-commerce websites do not obstruct with the time barriers around the globe as online portals are accessible at any time of the day or night.
Boost Brand Awareness – E-commerce gives highest benefit to fresh and newly established users by providing them a boost in their businesses through brand awareness.
Conclusion:

Hence, Ecommerce development company gives an advantageous deal to boost a well established Business. Through competitive business strategies one can thereafter adapt to other consumer-oriented techniques that integrate the business in this field of commercialization.

What are the most useful cloud based tools used in agile based project management?

Project managers apply skills, tools, knowledge, and methods to the activities performed on behalf of the project in order to meet its requirements. Only by effectively applying all of this can a project succeed. It starts with a strategy on how best to bring into reality the project manager’s vision, ideas, and goals. The decision on method and tools is critical to the project’s success. The increasing availability and lower cost of digital solutions allow powerful tools and methods to be used in even the smaller projects. There is no longer a need to manage a project exclusively with tools such as sticky notes, paper, and whiteboards. The increasing understanding of collaboration to achieve results and the use of virtual teams demand new tools and methods for managing projects.

Today, if your project result is a software application, the methodology of choice is agile. Agile is a widely adopted method used for many years now. It applies incremental iterations in a flexible and interactive manner with the end customer to deliver over several releases a solution or application that meets customer requirements. Agile development emphasizes collaboration and a non-hierarchical management structure between developers, product managers, and customers.

Until a few years ago small businesses and organizations would not have the budget or inclination to purchase information technology systems and tools for exclusive use in managing projects. The capital costs, investment in training and maintenance costs were factors that prevented their widespread use.

But things began to change when cloud-based solutions and tools for project management lowered the entry costs and training requirements, providing anywhere, anytime access with zero maintenance costs. You don’t have to develop and purchase IT infrastructure. The user interface and procedures are designed to be easy to learn and intuitive for any individual with a basic understanding of personal computers. Those are the prime reasons why more and more businesses and organizations are opting for solutions based in the cloud.

If you are tasked with developing and managing software application projects here are four examples of cloud-based tools for managing projects.

1. Jira

Developed by Atlassian, it was initially created and marketed as an issue tracking tool. Today it goes beyond that and it’s one of the most popular tools for managing agile software development projects and encouraging collaboration between teams and individuals. It can be customized to a particular project or work culture and has over 25,000 customers around the world including some of the largest corporations such as Walmart. It provides functions for managing projects and tracking bugs, issues, and tasks throughout the full agile development life-cycle.

2. Asana

Asana is advertised as a work tracking tool with agile project management features. Used mostly for web and mobile applications development, it started as an internal tool developed at Facebook for improving the productivity of its employees. It has functions that allow users to manage tasks and projects online without the need of external communications such as e-mail. Teams create workspaces and those workspaces can have projects and projects can have tasks. To each task, users can add comments, notes, and tags that allow all team members and managers to instantly know task status and issues. Followers of a task can get updates on their workspace inbox.

3. Basecamp

This is the calmer, saner and better-organized way to communicate and manage projects enterprise-wide according to Basecamp marketing. It has a reputation as a user-friendly tool requiring little training on how to use most of its features such as sharing ideas, getting status reports on your e-mail account, finding and recovering files easily and managing user access. It’s lacking in time management and analytical tools.

4. Trello

By now you have realized that collaboration is at the heart of the agile way of doing things. Trello is for many the tool of choice in this regard. Managers can organize projects into boards and in a glance know what’s being worked on who is doing it. It also shows where a task is in the process workflow. It has a beautiful graphical interface for creating and organizing the boards, lists, and cards that are at the heart of Trello’s organizational capabilities.

5. Pivotal

Pivotal Tracker breaks your project into manageable chunks that you can prioritize, organize, and collaborate. Agile tools such as backlogs and user stories are explicitly supported. Project managers and team members can quickly find out on status, task responsibilities and what’s next.

6. Wrike

Another online tool for enabling users to manage workflows and schedules while collaborating with one another. Multilingual project teams will be pleased to know that it supports Japanese, English, Spanish, French, Portuguese, German, Russian and Italian. A free version with limited features is available with task creation, task assignment and task status markings for a basic but still powerful workflow management tool.