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The Value of Bookkeeping for Your Business

The value of book keeping for your business

So, you’re an aspiring entrepreneur, you’re ruminating about the process of product design, superb customer service that you would give for your customers, the marketing strategy that you would implement in order to attract loads of clients, and more. You’ve contemplated all about this, but have you paid attention to bookkeeping? Yes, bookkeeping! How about the financial aspect? Do you know that if you neglect this department, your business would instantly go downhill?

Bookkeeping is the act of recording business financial transactions on a day-to-day basis. Sounds boring, isn’t it? Well, boring might it sounds, you still have to pay attention to it. Here’s why:

1. It helps make important decisions.

As a business owner, you always find ways on how to expand and grow your business. You’re busy focusing on the day to day operations at your company, meeting up with a potential client, outlining the goal for the team, and more. You’re probably asking me right now this question: How does this relate to the benefits of bookkeeping, then? Well, I’ll give you a scenario for this. Say you run a business consultancy firm, and you see that it’s going pretty good! But you always had the desire within you to open up a new business that’s related to a coworking space, if you don’t know a thing about it yet, well, it’s a type of business where students, freelancers, and start-up companies can rent their own small space and actually work together with the other ones.

Of course, starting your own coworking space business involves capital, and where do you get most of your money? Of course, it’s from your current business right now, right? How would you know if it’s time to finally start that dream of yours? Want to know how? Well, it’s this: It’s through checking your financial books!

Bookkeeping helps you make an accurate and detailed entry when it comes to the figures. It helps in determining whether or not it’s time to start a new business, expand that current business that you’re currently running right now, to lessen the spending, and more. You might see bookkeeping as a tedious and boring task, but if you come to think of it, on how it fits on the bigger picture, it actually helps you make better business decisions.

Besides, you can’t run your business without a healthy cash flow, and accessing a healthy cash flow can only be determined by the first step, and it is through bookkeeping.

How about you? Are you paying attention to your bookkeeping right now? Well, you should care like your business depends on it, because the fact of the matter is…

It does!

2.  Helps track cash flow.

I’ve introduced cash flow on the first number of this article, have you noticed? Well, I did that on purpose to introduce the topic for the subsequent number.

Cash flow!

Ah, the cash flow, the importance of maintaining a healthy one in every business. You see, in any type of business, cash is king!

If you don’t know the cycle of a business yet, well, I’ll introduce it to you right now. In a business, it’s vital to always have cash at hand. I’ll give you another scenario for this. Say, you’re a neophyte entrepreneur, and you have 5 programmers on your team, and you had a Taiwanese client who agreed to pay your company in exchange for a website for his business, because he’s going to launch the business within the next six months. Of course, it’s your job to pay your programmers for them to actually do the work. On the fifth month, you decided to buy a new laptop for the company. There are two options: You can get it in an instalment basis, or you could get it, and pay it in full. The price of the laptop would cost you 50,000 pesos. You decided to get it in full, paying all of the 50,000 pesos just to get that laptop. But here comes the pay day of your programmers, your programmers get 10,000 pesos a month which would be 50,000 pesos because you have 5 of them.

The dilemma came to you as you have no cash at hand. You made the wrong decision to get enticed on the newly launched laptop at the market, and forgot the important principle in business, and that’s: Cash is always king!

You promised to pay the five programmers on the next month, but the five programmers decided to leave your company in an instant, just because of a late payment. The ongoing project was left hanging leaving you no personnel to finish the project for the company’s client. The Taiwanese client didn’t pay you, and you have no programmers to finish the project.

Yes! Instances like this happen in businesses, especially if you’re new. Anyway, what’s the moral lesson of the story? The novice entrepreneur didn’t know the principle that I am now passing on to you.

Cash is king!

He finally learned his first business lesson through experience, but you now learned it, because I already told you. High five!

And oh, he forgot to do bookkeeping.

If he had only paid attention to do bookkeeping, then he would have known earlier if he has the sufficient money at hand or not.

3. You’re ready when it’s already the tax season.

“I love the fiscal season!” said no entrepreneur ever.

The end of the year is the time where you pay your income taxes to the government. You just can’t escape it, so you have to abide by the law. Keeping your books organized and detailed would eradicate the need to scramble through loads of papers, invoices, receipts, and more when the tax season has finally arrived. You’ll be fully ready and prepared.

4. It makes you attractive to the investors and the lenders. 

Investors love to see where their money is going when they finally decided to invest at your company. Since, bookkeeping helps produce the following types of financial statements:

a. Balance Sheet
b. Income Statements
c. Profit & Loss Statement
d. Cash Flow Statements
e. Statement of Owner’s Equity

Creditors, lenders, and investors use this as the basis if your business is profitable or not. With the right bookkeeping process being done, financial statements would be the output of that. Besides, you want to keep them coming, you want to attract more investors to come and invest in your company; that would benefit you because you can now have the capital/money to expand and make your business grow.

5. Accurate computations with payrolls.It’s vital for your employees to get the right amount of pay every payday, bookkeeping can help track whether a certain employee is getting the right amount of pay or not, this helps avoid underpaying an employee or overpaying them. With the right person doing the bookkeeping for you, you can guarantee that you can have happy and satisfied employees working for you, in the financial aspect, of course. Besides, bookkeeping can also monitor the extra bonuses, the sales commission, the 13th month pay, the overtime pay, and more. These figures have to be accurate and precise, and it can only be done through effective bookkeeping.

6. Helps avoid delayed payments from customers or clients.

In accounting, revenue does not always equal cash, but that doesn’t mean an unpaid 10,000 pesos from a client would not be labelled as revenue, though. It’s still is, but it’s labelled on the accounts receivable for now. Your accounting department needs to create an invoice for that specific company who owed you 10,000 pesos, to notify them early. What if you have loads of instances like this? Of course, creating an invoice would be a tedious process, but it’s necessary to keep track of each and every one of those clients who owes you money. Bookkeeping can help you closely monitor those accounts receivables, this helps avoid late payments, and this process is important to avoid overlooking some of the clients who owe you money. Cash is king, right? So, closely monitor accounts receivables by bookkeeping!

7. Helps avoid penalties. 

What if we change the equation? This time, you’re the one who owes your supplier money worth 20,000 pesos for the new clothing supplies that you just recently ordered from them. You don’t want to commit unnecessary penalties from them just because you incurred a late payment, right? So, bookkeeping can help track not only the accounts receivables, but also, the accounts payables, as well. This helps establish proper rapport with vendors and suppliers, and who knows? They might even give you discounts, because you’re the customer who pays on time. Thanks bookkeeping!

8. You’re prepared when the auditor knocks at your door. 

It always pays to be prepared, you just never know when the audit man would notify you and conduct an audit; you can’t blame them, though, because they’re just doing their job. It’s both resource and time consuming, but this can be avoided if from the very start of your business process, you’re already maintaining and you’re already carefully keeping your financial books in order. If you do this process consistently, then the audit process would hasten, and the audit man would leave you alone for you to continue on running your business.

9. It’s good for compliance. 

You don’t want your business to shut down just because you failed to maintain keeping your own financial books, do you? It’s mandatory according to the law for you to keep your financial transactions recorded.

Final Words

So, now that you know the value of bookkeeping, the next question is: who does your bookkeeping at your company right now? Check out our accounting service content.

CollarFinder’s Accounting Services

To end this article, I would end it with a quote that I personally created:

“In business: If it wasn’t recorded, it didn’t happen.”

Happy Bookkeeping everyone!

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A Great Leader Must Possess the Following Traits

A greate leader must possess the following traits

Are you an aspiring leader? I want you to think twice, because being a leader is the hardest job one would ever do. If you’re going to be a leader, you must possess the following traits:

1. Dreamer

A leader is a visionary. A true mark of a leader must be a dreamer, and that trait would be used as a tool to lead your people. As a leader, it is your job to articulate the vision that you have to your people, and it is also your job to get them enticed, to get them to believe in the vision that you are trying to make them see. And a vision would only be done, with it being properly shared to its people.

2. Resilient

Problems are everywhere! So, as a leader, you should be resilient even though loads of opposition come your way. Having the responsibility of being a leader takes so much of your time and energy that if you don’t have the courage and the resilience, you would give up easily. Resilience is the key to any problem that you are facing as a leader, and it’s not in giving up.

3. Positive

You can’t just be a resilient leader, and not be a positive one. It goes hand and hand. If you’re going to be resilient, that comes with being a positive person. You should not be the first one to think negative just because a certain client backed out; you should not be the first one to think negative just because your favourite employee resigned from you company. Think of positive breakthroughs coming your way, because they’re really on the way!

4. Open minded

A leader should possess a trait called receptiveness. If you’re a close minded person, don’t aspire to become a leader, because a true leader knows the importance of innovation, and you can’t be innovative if you’re not open to new ideas, new technologies, new techniques, and more. You’re the boss, yes, but keep your mind always open to new possibilities; it’ll help your business and you as a leader anyway.

5. Empathy 

You are managing people, not objects. You have to show your employees your care, and this is a rule not only to your favourite employee, but to all of them. It’s not enough to use objectiveness to all of your decision making process, you should also use empathy too especially when your employee is experiencing a certain kind of problem, a loss, a family problem, etc. You should learn how to be considerate from time to time.

6. Always find solutions

If you’re going to cry over a problem or mull over that problem, and not waste time ruminating about it and not doing anything about it, then that’s not a true mark of a leader. A leader doesn’t waste his or her own time thinking about the problem, but he or she spends time thinking about the solution that could be done. If you’re going to be a leader, you have to have the attitude of discretion. Now, what do I mean by this? You have to choose what type of problem would you expend your energy with, your energy is too important and precious, so you need not to waste time on petty little things that doesn’t matter. If you encountered a problem, find a solution, yes, that is the next step. Solution oriented is a must if you’re going to be a leader!

7. Coaching

A great leader knows the art of coaching; a leader of some kind of corporation would not exist without its people. So, it’s important for a leader to coach his/her people. When you are coaching, you developing something in your employees that they can’t learn from anybody else, you are teaching them to become a better version of themselves, you are teaching them how to respond professionally, you are coaching them on how to be a good employee, to excel, etc. If you want to be a leader, don’t forget to incorporate this trait, because the secret to your success is not based on your own strength and talents, but it is in the people that you handle.

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Top 10 Reasons Why You Need to Outsource Payroll

Top 10 reasons why you need to outsource payroll

“I should focus on doing the revenue generating tasks!”

That’s the mindset of every entrepreneur these days. Well, that’s totally comprehensible, though. But I have a principle that I honestly believe that applies in every aspect of our lives, and it’s this:

“It’s the little things that we do that make a big difference in our day to day lives.”

Yes! That’s the principle that I live with and the principle that I bring both in my personal and professional life, and you should ruminate about that as well. In our life, it’s easy to get caught up with all the big things, we want to achieve big goals, but we forget to start small because it is only through being patient with doing the small tasks that we can be closer to achieving the big goals that we have.

Your business runs with many operations, and that incorporates marketing, branding, financial planning, workforce monitoring, etc., but how about the non-core tasks? Do you give importance to it? How about Payroll? Who does your payroll? Do you have an in-house payroll specialist who does that for you? What’s that?

No one?
Oh dear!
You’re in mighty trouble, mate!

Do you know that if you fail to deliver this process properly, your employees would be leaving your company in no time? Your employees go to work because of their salary, and that’s the brutal truth for that. So, if you don’t pay attention to this, you would have no employees working for you, and the result would be: no manpower doing the business functions in every department. Do you see the effect of that?

That is why I’m giving you the top ten reasons why you should outsource your payroll process today:

1. The minds of your people are way out of your control. 

In our world today, it’s rare to find a loyal employee who would stay long enough at your company. I’m sure as a business owner, you already saw previous employees walk out of your door, resigning out of the blue, leaving after incurring a confrontational fight with his/her superior. Now, why am I even tackling this? It’s because it’s correlated to your payroll process. You see, you can’t control the minds of your people, and that includes your in-house payroll employees as well!

Let’s say you decided to hire an in-house payroll specialist to do the payroll process for your employees, but eight months down the road, he/she finally decides to resign. The question is: Who would do the payroll process now? It’s can’t be you, though! You can’t afford to do payroll tasks forever; it’ll take time away from core business tasks that generates revenue.

Business is all about competition, and competition not only happens with regards to competing with product prices, it also incorporates competing with getting the very best and competent people to work for your company.

So, what if this payroll specialist of yours knows the ins and outs of your payroll process, and finally decides to take on a new career opportunity? The result of that would be: he/she would walk away with the utter knowledge of your payroll process. It’s difficult to hire and train new people nowadays, as what I’ve mentioned earlier; business in its very nature is competitive!

How would you avoid this, then?

Of course, it’s through outsourcing your payroll process completely to a payroll outsourcing provider! Doing this eliminates these kinds of instances, never worry about an employee resigning at your company anymore. It evades the need to train and hire a new payroll specialist to do your in-house payroll.

Have you already found the best payroll outsourcing provider today?
I’ll give you a hint, the company’s name starts with the letter “C.”

2.  Dodge shady payroll in-house employees. 

Don’t we just hate shady employees?

What if these shady employees are found at your payroll department? You found out that the one who does the computation is an unscrupulous person. Instances like this can happen, though. It’s better to prevent it than to solve it once it already happens. So, it’s better to outsource your payroll process to avoid instances like this.

Remember: you can’t control the minds of your employees; you never know who possesses an evil mind or malicious tendencies.

3. It’s cost-effective. 

Payroll’s being done once a month, it’s not like bookkeeping where it’s being done everyday. It’s not an everyday task, so it’s wise to outsource this process to a payroll outsourcing provider to than hire an in-house payroll specialist to do your payroll process. It’s cost-effective as it saves overhead costs, issuing benefits, providing a monthly salary, etc.

4. It saves time. 

The payroll process is redundant and time-consuming. It involves getting the daily time records of the employees, calculating their salaries based on the hours that they’ve worked, validating the hours that they’ve worked that’s indicated on their DTRs, and more. And you’re going to do this over and over again until each employee has been processed! A business owner’s time is very precious, so that is the goal of a payroll outsourcing provider, and that’s to help you save time. And it’s not only you that would benefit from this, that incorporates your in-house employees as well, they’re doing tasks that impacts the flow of your business, and this helps them concentrate on what they do best.

5. Access to new payroll technologies.  

Your payroll outsourcing provider keeps themselves updated with the new payroll software out there; they use a cloud system for you to gain access with your employees’ payroll any day and anytime. Besides, using software technologies eliminates mistakes. It’s the employees of the payroll outsourcing provider that encodes the data within their software, and the software does its part when it comes to computing the right pay for the month. It’s basically a combination of human effort and technology. In addition, it aids in providing a paperless payroll process. I mean, how cool could that be? If I were you, I would start hunting for my payroll outsourcing provider right now. Hurry! They’re waiting for you.

6. Skip the math, Mate!

Let’s face it, not everyone’s gifted with doing the figures. If you’re not comfortable working with numbers, and you take on doing the payroll task, then you are setting yourself up for loads of calculation errors. I promise you this: your employees would go crazy mad at you if you hand them the wrong salary. The result would be either of the two: you overpay them or you underpay them, but mostly, it’s the latter. Instead of doing this, you can just outsource this task to your payroll outsourcing provider, and skip the need to do the computation. If math is not your thing, then the payroll outsourcing provider would do the math for you.

7.Never worry about paying payroll tax penalties anymore! 

Tax law regulations are always changing. So, if you’re not the type of business owner who would constantly keep up with the ever changing tax rules, then that is one sign that you need to outsource your payroll process to your payroll outsourcing provider.

Besides, you need to pay payroll taxes, and you want to pay the exact figures to the government. Outsourcing this task helps in avoiding unnecessary tax penalties, and it evades the possibility of overpaying your payroll taxes. In addition, if the outsourcing payroll provider committed a mistake of failing to pay the payroll tax, they would be responsible for that, not you, eliminating the burden of this problem within your hands.

How cool is that?
Very, mate!

8. It allows your HR ppersonell to do their core tasks. 

Your HR personnel does loads of things already, including compensation & benefits, training & development, recruiting, filing of employees’ documents, etc. If you hand them the extra work of doing payroll process every month, that’s eliminating hours away doing their core tasks. Delegating the task to an overworked manager or employee sets a high risk of committing calculation errors leading to an inefficient payroll process.

Outsourcing helps in eliminating the tasks of your HR personnel thus leading to an efficient work process from them. The outsourcing company would take on the whole payroll process completely.

9. It gives you security.

Payroll outsourcing companies does their payroll process in a confidential manner. Information such as these should be kept confidential at all times. With the outsourcing company doing the payroll, your in-house employees won’t know the salary of the other one thus eliminating workplace tension. Aside from that, you will have the confidence and the security that you’re delegating the task to an expert, an expert who’s not only good with the figures, but a seasoned professional who does this process with high amount of experience. Leave it to the experts, shall we?

10. Direct deposit advantage. 

If you have at least one employee working for you, you should consider outsourcing your payroll process. But what if your company has more than that? What if your company exceeds more than one hundred employees? Can you do direct deposits for each and every one of them?

If the answer is a straight “no” then outsourcing this to a payroll outsourcing provider helps with doing this task efficiently. It’s difficult to go in the bank and deposit your employees’ salary, especially in the Philippines! Here in the Philippines, before you can actually accomplish the task of depositing money inside the bank, you need to wait for long hours for your number to be called by the bank teller.

Outsourcing providers employ loads of employees for this particular task, so their clients would never have to worry about doing direct deposits for their employees. Besides, employees nowadays prefer receiving their salaries through direct deposits, than manually getting them from their employer. This is very ideal if you have remote workers working for you; the work at home type of employees, these people are not constantly inside the office grounds, so it’s not easy to access their salary when it’s already payday. You would make them very happy receiving their salaries on time if you delegate the payroll task to your payroll outsourcing provider; it eradicates the need for them to wait for you to meet in person just to get their salary. In addition, you’re building trust with your employees; they’ll have the confidence with regards to the salary aspect that it would be delivered on time monthly.

Final Words

Payroll outsourcing providers are there to help you, they’re not there to get money out from your pocket and not do a valuable thing in return. They’re like your business partner focusing on the non-core tasks, because irrelevant (payroll tasks) might it sound, it pays a huge process in running your business.

Have you already talked to your payroll outsourcing provider now?
Wait, have you already found one? If not, then I recommend you to check out our services on this one.

CollarFinder’s Accounting Services

Check out the link above to know more about our services.

Let’s talk payroll today!

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8 Helpful Tips That Could Help You Write Your Business Tagline

8 Helpful tips that could you write your business tagline

” JUST DO IT”

“IMPOSSIBLE IS NOTHING”

“A DIAMOND IS FOREVER”

“BECAUSE YOU’RE A WORTH IT”

Do you recognize these taglines? Do you know which company do these taglines belong to without the need to mention their names? It’s from Nike, Adidas, De Beers Group, and L’oreal respectively.

Do you ever wonder how these powerful statements were crafted? Well, I can’t give you the tips and tricks that the writer of Nike’s tagline followed though, but I can give you tips that came from me. Here’s how I did it:

1. Write long first. 

Get a pen and a paper and start scribbling down what your company does. It doesn’t matter how rubbish it is, all I need you to do is write it all down. Say, you’re planning to open a tech company, and one of the main products that you would like to offer consumers is a wall computer, wherein university professors, college instructors, and teachers can benefits from it, because now, they don’t have to bring loads of lesson plans, papers, and a laptop in the class in order to conduct a successful lesson to their students; they can just open the wall computer, and then save all of their lesson plans there, and it eradicates the need to bring a heavy projector, and all the heavy stuff, really.

Then you can write like this:

“We are a tech company who dares to differentiate ourselves from the common ones. We want to offer anything that’s new through our technology products, and it is our duty to do the innovating for you, so that you could live a much better life, a more efficient process, and not stick to the old ways.”

I gave you a sample of how you can do it, but you could write words that are lesser than that, step one’s goal is to not get it right on the first try, but to get the creative juices in you flowing, this process is important to craft a powerful tagline.

You can’t incorporate everything on your tagline, so, it’s up to you to decide on what to include when you do step one, but here are the guidelines, you can write down the following:

  • Your promise to the consumers

  • Your mission

  • What you do

  • The quality that makes you different

2. Trim it.

No, I’m not talking about your hair; it’s the tagline that needs trimming.

Kidding aside!

Anyway, going back to our main topic, on the second step, I need you to trim down what you wrote on the first step. You can trim it down to this statement:

“We strive to be the tech company that offers cool products that are 10 times better than the existing ones, and not stick to the old ways.”

3. Be specific.

Bravo for you if you’ve already accomplished step one and step two! But I don’t want you to stop at step two, because step two is a little bit boring. I mean, okay, tech company, there are a lot of tech companies out there, some offer computers, some sell cellphones, some of them sell cars, and many more. Your customers won’t know what you do if you would do what everybody else is doing, and use jargons. It was mentioned there “cool products.” Okay, cool, and what are these products? Be specific! And you can do it by writing like this:

“We want to change the way how teachers teach in the school system, by creating a new product that would help them become much better educators.”

That’s more like it. It’s specific, it offers your promise, and it says your mission. Remember: your customers must get a glimpse of what your business does after reading your tagline, so don’t confuse your customers, be specific, always!

4. Write less, at least three to six  words.

but with loads of options.

Now that you have a clear picture of what you do, you can reduce it to shorter statements now. Write as many as you like, here are my examples so you can be fully guided:

  • Teach Better

  • Do it on the wall

  • What’s on your wall?

  • It’s on the wall

  • We make teaching easy

  • No more handouts!

  • Paperless Teaching

Are you still with me? Write it, write them all down.

5. Pick your top three.

Yes, just pick three! We’re almost there to the tagline that you will use on your marketing collaterals, your website, your Facebook page, and more. Here are mine:

  • Teach Better

  • No more handouts!

  • Paperless Teaching

What’s yours?
Are you still writing?
You better do, because we’re almost there.

6. Sleep on it.

Okay, you can now take your break on this stage, yes, sleep on it. But before you sleep, I want you to secretly pick your favourite one out of the three, and when you wake up tomorrow, see if it’s still the tagline of your choice. You can ask the following questions:

  • Can I pronounce it easily?

  • Would it be memorable?

  • Would consumers know what I do after reading it?

  • Is it original?

  • Does it stand out?

7. Decision making stage. 

If you answered “yes” to the questions written above, then congratulations! You now have your business tagline. Here’s what I picked:

Paperless Teaching
What’s yours?

8. What’s of it’s a no?

Well, if you woke up, and you’re having doubts about the tagline that you chose last night, then I want you to go back to step six, and pick one again, but eliminate the one that you already picked.

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THINGS TO CONSIDER IN GETTING ASSISTANCE IN ACQUIRING BUSINESS REGISTRATION

THINGS TO CONSIDER IN GETTING ASSISTANCE IN ACQUIRING BUSINESS REGISTRATION

Registering your business is extremely important and it should not be taken for granted by entrepreneurs. This is a task that needs to be accomplished before introducing the business’ products and services to the market. If your business is registered, you can legally operate in the marketplace, you can easily earn the trust of your prospective clients and partners because they will think you are credible. However, as a start-up entrepreneur, you have plenty of things to accomplish and you should also focus on important things that can help your business grow bigger hence you can opt to get a service of a firm that provides assistance in securing permits for your business. 

In choosing a firm that will assist you in securing business permits, you have to consider a lot of things into account. You need to ensure that you are getting a credible and expert firm that can successfully help you with Business Registration. Here are some tips that you can consider before making a decision to get the service of a particular firm.

1. Expertise of the firm – You can validate it by simply asking technical questions about business registration and if the firm could answer those questions confidently and correctly and they have good suggestions and recommendations, it means that they have expertise in it. Furthermore, you should also check the profile of the business you are considering. Its background can also tell you the expertise that it has. 

2. Credibility of the firm – It can be validated by checking the reviews made by their past and existing clients. The reviews will tell you if they are credible in this field.

3. Customer Service of the firm – In the initial stage of your journey with the firm, you can already say if you are dealing with the right firm. More than expertise of the firm, you should also feel if you would have a good relationship with the firm that may be offering other services that your business may need presently and in the future. 

4. Price of the service – It is also a factor that you can consider if you are choosing a firm that can assist you with your business registration. Compare the firm’s rate and its inclusions with other firms and check whose rate is priced reasonably. 

As a business owner, you want your business to be known and be successful in the market. The first step to be able to make it happen is to build your credibility in the market by making sure that your business will be registered

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Outsourcing Recruitment Benefits

Outsourcing Recruitment Benefits

Nowadays, many companies are outsourcing their recruitment already because they believe that it is beneficial to the company.

When the employees leave the company, the management must be able to find their replacement because it will disrupt the company’s operations which can create bigger problems in the long run.

Recruitment Process Outsourcing (RPO) is getting the Recruitment services of an agency. It does involve a cost but it will create a positive impact on your business in the long run.

Here are some of the reasons why your company should outsource your Recruitment. 

1. There is cost but it can actually help the company reduce cost. Each of the activities in recruitment has a cost but with Outsourcing, your company would not have expenses on those activities.

2. You and your HR team can focus on other important things that will improve your employee relations which can increase your employee retention.

3. Recruitment Effectiveness will improve if companies will do outsourcing. You can easily find a replacement and immediately go back to your normal operations.

4. The company’s operations will improve. You have the right people who are working for your company and as a result, your operational efficiency will improve.

Small and Start-up businesses need to outsource their recruitments as it will give them a competitive advantage that will help their businesses to grow bigger and go higher in the industry.

Outsourcing your recruitment is not just a trend, it is a strategic approach that will help your company to reach its goals and objectives.

Find the right recruitment firm in order for you to find the right people that will lead your company to its right destination.

Learn more about CollarFinder’s Recruitment Services, please send us a message at recruitment@collarfinder.com or call us up at 8 661 2031.

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How to create advertising campaign for your business?

Creating an effective advertisement is important for businesses because it helps them create awareness and it is the first step in generating sales. An advertisement is what businesses do to educate or inform the market about their products and services and its goal is for them to realize that they need those offerings. 

In creating an advertisement, you should make sure that it is clear, complete and attractive to ensure that it will get the attention of the people. Here are some tips that you can consider in making an effective advertisement for your business. 

 

1. Know your brand. 

Your brand is the identity of your business and it is important that you consider when creating an advertisement. You should know who you are, what you do and what image you are portraying in the industry. 

A brand book that contains your branding guidelines must be created. It will be your basis every time that you create an ad campaign to ensure its consistency.

Moreover, the personality of your brand must be felt in your advertisement because it will help the customers to understand your identity. 

 

2. Know your target market. 

It is very important that you know your target market. You should know their demographic, psychographic and behavioral profiles in order for you to know the best approach to get their attention through an advertisement. 

Knowing and understanding them will help you to identify their interests and thus, you will know the perfect execution for your advertisement. 

 

3. Be creative. 

When creating an advertisement, you need to be imaginative. Remember that your goal is to get their attention. You can never get it if your advertisement is not attractive. 

 

4. Be data-oriented. 

Always analyze the data that you have, to identify which advertisements are working and which are not. The data will be your basis in the next advertising campaign that you will create. 

The data will be coming from the analytics or insights of your social media platforms and website. It can also come from the reports of the sales team. Many companies are successful because they know how to use their data in all their Marketing efforts. 

 

5. Be consistent. 

Your brand will never be known if you are not consistent with your messaging, layouts, colors and tone. We will go back to the number one tip which is to know your brand to be able to do it. Consistency is a very important element in advertising because it is one of the reasons why many businesses are successful. 

 

6. Seek the help of an expert. 

Look for firms like CollarFinder that can help you create advertising campaigns for your business. Having them around will make you feel at ease because you are aware that they are doing the right thing for your brand. 

Failure to create an effective advertisement will create a big problem because you will lose many potential customers just because you did not get their attention. Hence, you have to make sure that your advertising campaigns are always effective.

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TRAINING ON LIFE SKILLS DURING THIS TIME OF UNCERTAINTY

TRAINING ON LIFE SKILLS DURING THIS TIME OF UNCERTAINTY

In this time of uncertainty, many employees have been affected emotionally, mentally and physically. And it is affecting the productivity of the employees at work and it will definitely have a negative impact on the performance of the company as a whole. Hence, many entrepreneurs should understand this possibility and start organizing training on life skills that will help their employees during times of uncertainty. 

In simpler terms, Life Skills are the traits that people need to deal with their lives. These are the necessary skills to surpass the obstacles in life. During this time of pandemic, many workers have developed fear, anxieties and extreme sadness because of the uncertainty of the situation which greatly affects their performance at their work. 

In  one of the webinars of Coach Darwin Rivers of the Philippines HR Group, he said that the future of training is training your employees about life skills which can have a huge impact on the productivity of the workers and the company in the long run. It is totally agreeable that companies should start creating Life Skills training for their employees in order for them to always be ready to deal with the uncertainty of life. Likewise, they can outsource a training firm like CollarFinder Management Consultancy Inc who can facilitate this kind of training for their employees. 

Here are some of the examples of life skills that can be included in the training program for the companies’ employees. 

1. Resilience  

It is the ability of a person to cope or recover quickly from a difficult situation. This COVID-19 has really put many people in a very difficult situation and it has greatly affected their health in all aspects. 

2. Problem Solving Skills/Decision Making Skills

It is the ability of  a person to make wise decisions to solve their problems in their lives. When people are faced with problems, they make decisions quickly without further analysis and evaluation which aggravates the situation more. 

3. Adaptability

It is the ability of the people to adjust to the new situation easily. This COVID-19 has really changed everything in our lives and embracing these changes that take place can really help for them to feel good and optimistic despite what is happening around. 

Having training on the life skills above can really help the employees to be stronger and keep on going with their lives. They will always make choices that will make them healthier and motivated in their lives. When these things happen, companies where these people work will be benefited a lot because they have productive employees that make their companies successful.

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HR IS IMPORTANT

HR IS IMPORTANT

Can you imagine an organization without an HR Department? Will the company survive even without HR? The answer is NO because HR is important. The company needs this department in order for them to achieve its goals and objectives. With out HR, the company would not be successful.

 

WHAT IS HR?

According to Investopedia, HR is a division of the business that is responsible for finding, screening, recruiting, training job applicants and administering employee benefits programs. In this definition, we can already see that HR is important in all organizations whether it is small or big. Failure of HR in one of its functions will negatively impact the organization in the long run. 


Moreover, HR is important because it is helping the business to keep up with the fast-changing business environment and bigger demands from the employees of this new generation particularly the millennials and the Generation Z.

IMPORTANCE OF HR IN AN ORGANIZATION

1. HR is important because it ensures that the company will get the right people. One of the most important roles of the Human Resource Department is Recruitment. The HR must make sure that they are getting the right ones. The Right people are the candidates who not only satisfy the Job Qualifications but they should also possess the qualities that fit in the organization’s culture. 

Failure to get the right people will have a negative impact on the organization. Doing the recruitment or executive search right is extremely important in the company. Hence, many companies invest in their talent acquisition team to ensure that they will be hiring the quality candidates. Others are partnering with Recruitment firms like CollarFinder.

2. HR takes care of the employees of the company in order for them to grow and stay in the company. Many organizations have high turnover rates because the employees do not feel that they are being valued by the company. It is imperative that HR creates retention programs that will help the employees to grow personally and professionally by providing training and seminars that can make them more productive at work.

Moreover, the HR in collaboration with the leaders in the organization must help each other in building a great culture and also in creating good programs that will promote work-life balance for the employees. If HR does not take care of their employees well, their retention rate will decrease and the best employees will leave in the organization which can negatively impact the performance of the organization as a whole.

3. HR is important because they improve the processes in the organization. A poor process can actually demotivate the employees which can lead to resignation. HR is working with the management to improve the processes in each department and also in the organization as a whole to increase productivity and efficiency.

Likewise, HR can help the company to look for ways that can help their business or organization to simplify the processes to save on cost and increase efficiency which has a big impact on the organization’s performance.

4. HR  ensures that the company’s processes and policies are legal. If the organization has no HR, the organization may commit a lot of violations against the laws of the Department of Labor and Employment. HR professionals help in creating policies and guidelines that are fair and compliant to the DOLE.

CONCLUSION

HR is important to all organizations regardless of its size and industry. It plays a vital role in helping the business to grow bigger and better until it achieves its success in the business world. Hence, organizations should focus more on enhancing its HR department. They can hire HR professionals who have expertise in HR to help them improve it or they can outsource a firm who can help them to achieve the HR goals of the company.

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BUILDING YOUR DREAM BUSSINESS

BUILDING YOUR DREAM BUSINESS

The current situation pushes you to put up your own business. However, you do not have enough knowledge on what to do first and how to do it. If this is your problem, you have nothing to worry about because there are firms that can help in building your dream business.

Building a business is not an easy task; it requires knowledge, skills and the right attitude in order to make sure that your business would be a success in the market. However, doing it alone is challenging hence, companies like CollarFinder have thought of an idea to help aspiring entrepreneurs  like you to become certified entrepreneurs.

These firms aim to educate these business aspirants like you about entrepreneurship and they will also help to develop your business management skills. They will guide you from the conceptualization up to your business’ launch in the market.

Here are the things that they can help you with:

1. Market Study

This is the first step in establishing your dream business. A market study is a study conducted to analyze the demand in the market for the product or service. It is done to know if the product or service that will be offered in the market will be successful.

2. Business Plan

Once the market demand is determined, the next step is to write your business plan. In this study, you will be able to determine the feasibility of your planned business. It includes your plans on Marketing, HR, Operations and Finance.

In this step, you will also be guided in choosing a strategic location for your business. A location is strategic if it is the place where your target markets go.

Next is to decide on the business structure. It is going to be a sole proprietorship, partnership or corporation. Advantages and Disadvantages of each of the forms of business will be laid down to you for you to determine which is the best one for your business.

3. Prepare your budget to finance your business

In this step, you will now implement your plans. You need a budget to be able to implement your plans.

4. Register your business

Register your business with the right organization. The entire process will be done by the firm that will help you establish your business.

5. Finalize your brand and build your HR

The expertise of the firm that is helping you establish your business can guide you in establishing your brand and in building your HR. They will help you establish your process in order for the business to be systematic and efficient. 

6. Launch your business

From the planning up to the launch, you will be helped and guided in ensuring the success of the launch. If it is done right, your business will start well in the marketplace.

Pushing through with your business without proper knowledge is not the right thing to do. Ask for the assistance of experts that can help you to start your business right. Moreover, choose the right firm who can help you do it successfully.

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