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Tristan D. Porter

STEM Survival – 6 Tips for Future STEM Majors

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STEM pathways are some of the most challenging options you can select for schooling. However, they’re also among the most rewarding. While it takes a lot of hard work to make it in a STEM field, we promise it’s worth it, and today we’re sharing some tips to help make things a little easier for you.

Seek Tutoring

The first thing to do is seek guidance from someone who has already followed the path you’re pursuing. At a high school level, this is best done by engaging the services of the best VCE tutors Melbourne has to offer. They’ll be able to assist you with any concepts you don’t understand and with a tutor on your side, you can achieve the grades you need to get into your preferred higher education course. The key is that you have to be willing to put in the work too.

Go to Seminars and Conferences

Another great way to make the pathway to your career flow smoothly is to attend seminars and conferences. Hearing from experts who’ve achieved the goals that you’re aiming for is both educational and motivational. In some cases, they can even count as course credits.

You never know when an extra point or two toward your schooling will come in handy, and because you’re learning about something you’re interested in, you should have no trouble engaging with the lecture.

Take the Advanced Course

Speaking of course credits, if your school offers them, advanced courses are a great way to further your learning and prepare yourself for the future. You’ll most likely need to sit an exam to get into these types of courses, but both your tutor and your mentor can help you prepare. Though it will take more work, the extra knowledge you gain will be invaluable.

Get Hands-on

If advanced courses aren’t offered at your school or don’t fit in with your already busy schedule, you could also consider getting hands-on with a school-funded club or community initiative. As society focuses on increasing interest in STEM pathways, more extracurricular options are appearing, and they can be greatly beneficial for your future career.

These offerings are also a great option for those who choose to take advanced courses, but it is important to be mindful of your workload and only join a club or program if you have the time and energy to do so.

Attend a Summer Program

Many school districts now offer camps or mini-courses over the summer break, and if it is possible for you to join one, you can get a competitive edge in your desired industry.

Get a Mentor

Finding a mentor in your desired field is a powerful way to get ahead. As they’re already working in the career you aspire to have, they can provide a whole host of tips and tricks that can help you get where you want to be.

A mentor can also introduce you to people who could provide great learning resources or opportunities that you may not have otherwise been able to access. For these and other advantages, it’s certainly worth looking into.

Finally, it is important to remember that you have chosen one of the most challenging pathways available to students. While this certainly shouldn’t dissuade you from following your dreams, it should be kept front of mind so you can show yourself compassion when you feel like you’re lacking. All skills take time to grow, and you’re still young. Make sure you’re drinking enough water, getting enough sleep, and not being too hard on yourself. You’ve got this.

Post-Pandemic Windfall: Why You Should Invest in Rental Properties

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When it comes to investing, the first thing that comes to the mind of most people is stocks. For decades, people have invested in stocks and made (and lost) a significant amount of money. Though any type of investment comes with risks, there are other ways to invest your money than just stocks. The real estate industry is another popular sector to which investors tend to entrust their money: and with a real-estate boom on the rise as the COVID, pandemic begins to wane, with good reason.

Here are three reasons why you should consider investing in real estate, specifically rental properties.

insurance in property

#1: Rental Properties are Extremely Profitable, Generating Loads of Passive Income

Rental properties are either residential (homes) or commercial (businesses) properties that are leased or rented over a certain period of time. Another popular type of rental property is a vacation rental, in which tenants rent for a shorter period of time than they would for residential property (typically less than six months). Whichever type of rental property you choose to invest in, doing your research and ensuring that you take the proper steps to make your property a success will greatly increase your chances of gaining a secondary income from your investment. This secondary income can allow you to purchase more rental properties, all while diversifying your investment portfolio and building your wealth.

The proper steps to take to ensure that your rental property will be successful depends on the type of property you choose to invest in. However, for any type of property, where it’s located is probably the most important factor determining whether or not your property will turn a profit. No matter what type of rental property you invest in, you’ll want to make sure that it’s located in a fairly accessible place that is seeing or is projected to see economic growth. People tend to want to rent places that have access to a variety of things, whether it’s recreation, entertainment, and good schools (for families) or high traffic areas (for businesses).

#2: You Have the Option of Hiring a Property Manager

Becoming the owner of rental property means that you’re the landlord— whether it’s a residential property or a commercial— and all of the responsibilities of a landlord fall on your shoulders. This can be particularly challenging, especially if you have a full-time job or if your property isn’t located in the same city as your primary residence. Fortunately, you can hire a property manager to do all of the grunt work for you. This will give you more time to focus on other matters, whether it’s your primary job, family, or other endeavors. Just make sure you hire a property manager that you trust because their work is still a reflection of you.

If you choose to remain the property manager, just keep in mind that it’s important to be responsive to your tenants, whether they’re a family renting a residential home or business professionals renting an office space on commercial property. Proper communication skills are one of the keys to being a successful landlord, and you’ll want to gain a reputation for being a good landlord if you want to invest in more rental properties.

#3: It’s Easy to Get Started.

Even though the real estate market is currently seeing lower prices on all types of properties, it can still be pretty expensive to get started investing in rental properties. Fortunately, there are companies that offer rental property loans to help first-time and seasoned investors get started with and expand their real estate portfolios. Keep in mind that some lenders may require more information than others, so do your research when looking to partner with the right lending company. Every investor’s goals are different, so choose a lender that will help you reach yours.

Like with any investment, it’ll take some time to see a profit. Just be patient and trust that your research and hard work will pay off, allowing you to become a successful real estate investor.

How to Choose Secure Bank Bonuses?

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While many banks offer bonuses for opening new accounts, identifying how to choose a secure one is crucial. Some banks offer multiple sign-up bonuses, while others offer just one. Either way, you should know what to look for before opening a new account. It’s important to be aware of the terms and conditions for claiming a bonus. A bonus is a good way to get your idle cash to work for you.

To qualify for a chase secure banking bonus, you must be a new customer. Many banks require that you make a certain number of deposits within a specified time period. Others give free money as a signup reward. To get the most value from a bank’s bonus, keep the fees and other restrictions in mind. Some banks may require you to spend a certain amount of money to earn the bonus. You should also know that if you have an open account with a bank, the bonus will be reported to the IRS as interest.

Look for the Best Bank Bonus

Once you’ve determined your financial needs, you need to look for the best bank bonuses available. Some banks offer hefty sign-up bonuses, but they also require that you deposit a certain amount into the account. To make the best choice, choose a bank that allows you to make a direct deposit and has a low monthly fee. The minimum opening deposit is typical $500, but this can vary. While it’s a good place to start, there’s no need to make a large initial deposit just to receive a bonus.

Read Terms and Conditions

It’s important to note that you should always read the terms and conditions of any bank bonuses before applying. The most common conditions include a minimum deposit amount and the time period in which the bonus must be posted. These conditions vary from bank to bank but are generally related to direct deposits. In general, you must maintain a balance for 60 days or deposit a minimum of $10,000 in order to get a bonus. In addition to the above-mentioned criteria, be aware of the conditions associated with a specific promotion.

It is also important to understand how to choose secure bank bonuses. Oftentimes, these offers are for new customers only and can last for a few months or longer. While a one-time bonus is great, it’s important to consider the amount of money you’ll be depositing. A secure bank account with low monthly fees and low minimum deposit fees is the best way to select a secure bank. There are many advantages to securing bank accounts, but the main consideration is whether you need a bank that offers the best terms for you.

Opportunity Cost

Some banks offer bonuses in order to attract new customers. Having an account with a high APY may be worth it, but it’s important to consider the opportunity cost. If you’re only earning a few dollars a month, a bonus might not be worth it. If the opportunity cost is high enough, a high-yield savings account may be more advantageous for you. In addition to a great APY, you should consider whether or not to pay any fees in order to obtain a bonus from the bank.

While most banks have different bonus requirements, there are some that are worth checking out. If you’re looking for a new account, you should check for an offer that will allow you to earn more money. In some cases, the bank will match or beat the offer of a competitor. In other cases, a higher bonus can be worth it for you. In the end, a secure bank will be more affordable for you.

How to Create a Holiday Budget and Stick to It

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It’s no secret that people love to buy gifts for their loved ones. Every year, the holiday fewer takes over, and people are eager to spread joy. However, it is important not to go overboard. If you accidentally splurge, consumers typically end up regretting their shopping sprees.

Thus, it’s critical to keep a budget in mind since it enables you to stay true to your financial objectives and use your money wisely.

Here are some good tips for you to manage your spending during holidays.

Set a Spending Limit During the Holidays

Setting a spending cap is crucial when it comes to maintaining your holiday budget. By setting a strict limit for yourself, you will feel more inclined to stick with your budget and won’t overspend unnecessarily.

It is also a good idea to suggest a price limit between family or friends. Then, none of you will overspend on gifts. It will also help you ensure that you are sticking to your budget while still getting what you want for everyone. Setting a price range stops you from buying something too extravagant for one person while not getting enough for someone else.

However, try setting a flexible spending cap that allows for some flexibility within certain parameters. In that way, you won’t feel as restricted.

Prioritize and Make a List

We often find ourselves buying things just because they’re on sale or we saw a great deal for something that we don’t even need. During the holidays, buying too much is quite common as retailers push us to spend more than what we want or need, especially if it’s a store you don’t usually shop at. According to Fox Business, 70% of Americans fail to stay in line with their budget during the holiday season.

It is a good idea to make a list of the things you plan to buy. If possible, order them online to avoid accidental splurges once you are in the physical store. After all, it is easy to get overwhelmed and start purchasing random gifts for yourself.

Start Saving in Advance

If possible, try to start saving up in advance during the summer for holiday spending. Having some of your own money saved up makes it easier to stick with the plan without sacrificing too many items or breaking the bank account.

You can start saving today by setting up a savings account specifically for holiday spending. Once you have that set-up, put some money away weekly or monthly to slowly build up your holiday spending pot. This way, it’s easier to stick to your budget since you know exactly how much you have available. Also, don’t forget about unused funds from last year – try bringing those leftover dollars into play as well.

Keep Track of Your Expenses

One of the biggest reasons for overspending during the holidays is simply forgetting how much you’ve spent. It happens to everyone, especially when there are many things to buy and places to go. So, keeping track of your spending throughout the season will help you from going too overboard on holiday purchases.

To help build awareness of what you’re buying, try using a notebook or smartphone app that keeps a log of your daily spending. This way, every time you purchase something, it will be recorded so that next time, check if it’s still within your budget or not.

Look For Affordable Alternatives

One of the best ways to make sure your money doesn’t go anywhere is to look for affordable alternatives. Many other options can be as good or even better than what’s being advertised in most cases.

If you’re preparing to go out for a nice dinner, then don’t rule out looking into cheaper restaurants in the area – they most likely have great deals and special offers too! Also, during shopping, keep an eye out for promotions or discounts from stores around you.

Sometimes it pays off to shop online as you can find discount codes or coupons online. Additionally, Virtual Private Networks are great for avoiding price discrimination, a practice when certain clients will pay more than others for the same products. There are many online tools like Atlas VPN can help you change your IP address and, in turn, your location so that you can avoid location-based discrimination.

Use Credit Cards to Track Expenses

For most, credit cards are a helpful way to keep track of spending. In fact, by linking different expenses, it’s easier to see where you’re at financially and determine whether you have enough for that next purchase.

In addition to linking expenses together, it is also possible with many banks/cards to set up free text alerts that will notify you every time your account reaches a specific limit (such as when maxing out the card).

Conclusion

Most of the time, overspending is just a result of not being organized enough during the holidays. So, if you can figure out your holiday budget beforehand, it will be much easier to stick with your spending plan without going overboard.

Joining the Medical Field: High Demand Healthcare Jobs Hiring Now

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It is no secret that since the pandemic, healthcare occupations have been in demand like never before. COVID-19  coupled with an aging population is causing the healthcare industry to skyrocket. If you are looking for a rewarding career path that is both lucrative and flexible, you may want to consider taking a job in healthcare.

The past two years, and the rapidly spreading COVID-19 pandemic, have caused significant damage to many different occupations and job markets. However, according to the Bureau of Labor Statistics, healthcare industries are projected to grow much faster than the average occupation. Healthcare jobs are expected to rise at least 16% from 2016 to 2026. If you are serious about finding consistent work with high potential for growth consider the following healthcare occupations.

Physician Assistants

Just like doctors, physician assistants are medical professionals that treat and diagnose illnesses in patients. Responsibilities include prescribing medications, managing treatments, and therapies, and acting as a primary healthcare provider. Since COVID-19 caused hospitals to fill up in record-setting numbers, patients have been advised to seek medical treatment outside of hospitals. This has increased the demand for private practices, minute clinics, and physician assistants.

Physical Therapist Assistants

If you are looking for a career path that is constantly growing and always in demand, you may want to consider a job as a physical therapist assistant. As a physical therapist assistant, your primary role is to help improve the physical capabilities of your patients. As one of the most rewarding occupations in healthcare, you will be able to witness your patients grow from the start of an injury or illness to the end of a full recovery. While assisting the physical therapist, you will help your patients perform specific tasks to improve their mobility, strength, and other physical attributes.

Respiratory Therapist

Respiratory therapists are in high demand, especially with the damage COVID-19 can do to the respiratory system. As a respiratory therapist, you would be responsible for working with patients who have difficulty breathing. Some causes of respiratory issues stem from asthma, emphysema, cystic fibrosis, and various sleep disorders. Respiratory therapists also have the freedom to work in many different professional settings. You could find work in emergency rooms at a hospital, private medical offices, asthma clinics, and more.

Medical Secretary

With the growing need for medical practices, medical secretaries are becoming more and more in demand. While not entirely correlated with patient care, medical secretaries are the backbones of the doctor’s office. Tasks include everything from greeting patients to managing records, collecting insurance information, and processing payments. Medical secretaries also schedule patient visits, oversee the medical supply inventory, and arrange hospital visits.

Healthcare Manager

Healthcare managers play an essential role in the day to functions of any healthcare industry. Responsibilities include overseeing various departments such as physical therapy, doctors, offices, hospitals, nursing departments, and more. Healthcare managers, also known as medical managers, coordinate and direct healthcare providers’ everyday business operations and tasks.  You would do everything from hiring new employees to managing billing operations and creating work schedules.

Registered Nurse

While one of the most popular careers in healthcare, nursing is also the most flexible. There are limitless amounts of nursing career paths to take, resulting in high-demand jobs in every department. Registered nurses can find work at hospitals, private clinics, nursing homes, schools, and more.

Responsibilities include observing and analyzing patients, treating patients, recording medical data, operating medical equipment, and communicating with doctors, patients, and families. Nurses can also work anywhere in the country and even travel from state to state working in different hospitals.

Job Security and Higher-Than-Average Pay

As the healthcare industry continues to grow, more and more career paths arise every day. You can now find consistent work in every aspect of healthcare, from technology, administrative work, services, and more. If you’re looking for a new career path, now would be a great time to discover what the healthcare industry can provide for you.

How To Be Financially Smart When You Work From Home

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Remote working isn’t new, but it certainly hasn’t always been as prevalent as it is today. With more employees allowed to work from home due to the changes necessitated by the COVID-19 pandemic, flexible work arrangements are likely here to stay.

The Benefits Of Remote Work

Working in the comfort of your own home has its set of perks. For instance, this setup can help you carve out time to attend to other responsibilities, enjoy quality time with your family, and prioritize work-life balance. On top of those obvious benefits, working from home will let you save money from your daily commute, coffee runs, lunch takeout, and more.

Steps To Be In Better Financial Shape While Working Remotely

However, if you’re new to this work arrangement, you might encounter a few challenges as you make the transition. For instance, you might not anticipate having extra time on your hands.

Given that spare time, why not take this opportunity to be in better financial shape? After all, remote work can affect how you handle your finances. To get started, follow these four steps to become financially smart while working from home:

1. Buy Only The Things You Need

For some employees, spending more time browsing the internet can imply more opportunities to splurge on nifty items they see on sale. It can be tempting to add random items to your digital cart with all the online ads, flash sales, and notifications you receive from your favorite brands. It’s perfectly fine to buy furniture, home office supplies, and certain devices to support your productivity needs, but make sure to purchase necessary items only.

To save money from creating your makeshift office, try to look into the resources you already have at home. Perhaps you can find long-forgotten things that could still be of some use to you. You may also opt to repair equipment instead of purchasing new ones. By being resourceful, you can stick to your budget and give old items a newfound purpose.

Furthermore, working from home can be the perfect time to shop for home goods you’ve been putting off purchasing for some time. Of course, make sure to check the item’s quality before placing your order.

For instance, suppose you want to buy mattress online. Read up on whether or not the item will provide you with adequate support as you sleep. You’d want to wake up feeling refreshed and energized to tackle a new set of tasks at work.

Remember: you should reward yourself accordingly. Keep an eye out for online sales to save money, but be careful so you can catch yourself before you overspend.

2. Review Your Budget

estimating-budget

The next step to becoming financially savvy while working from home is to create a budget that works for you.

To make your life easier, learn to take advantage of budgeting templates and applications to classify and record your cash flow. The categories you can use include but aren’t limited to your utility bills, credit card statement, discretionary spending, savings, and investments. In this way, you’ll know where your money’s going and be able to readjust your budget so your financial goals aren’t negatively affected.

Learning to tweak your budget as the need arises allows you to be flexible without having to consume most of your financial resources. At the same time, in keeping track of your finances, you can decide whether or not it’s best to have a side hustle for additional income.

As you look at your tracker, you’ll also be able to reflect on your spending habits and money management techniques. Upon reviewing them, determine if these are still helping you progress toward your financial goals.

3. Build Your Emergency Fund

If your income has been affected due to business changes, keeping track of your expenses will enable you to shift your priorities and remind you to allocate money to more important things, such as your emergency fund.

Having a backup plan is a financially savvy move because with this, you can be more prepared and calmer when emergencies and certain contingencies strike. No matter how secure you think your job is, a cash reserve can make a big difference. With extra cash on hand, you won’t have to scout for ways to borrow money. This’ll help you stay on budget and avoid touching your savings.

Start building your emergency fund by allocating money to it every month. Depending on your income, you can put as much money into this reserve. Ideally, an emergency fund should be anywhere from six months’ to a year’s worth of your income.

However, if you’re still paying off debt, you can set aside a minimum of three months’ worth of your income. In this way, you can sleep well at night knowing you’ll be covered for the next few months or so if you suddenly lose your job for some reason.

Additionally, it’s a must to have an emergency fund if you plan to put your money into the stock market and other similar volatile investments. Your cash reserve can help you stay afloat during economic downturns.

4. Inquire About Company Reimbursements

While it’s true that working from home does help you save money, this shift might also contribute to hidden costs that could accumulate due to lifestyle changes and home office needs. If you have to use money from your savings to purchase work-related devices and supplies, try asking your human resources (HR) department if the company has reimbursement programs.

Your company might be able to cover expenses for software upgrades, office stationery, digital platform subscriptions, and Internet costs. In this way, you can minimize your work-related expenditures and put more of your earnings into savings.

Final Thoughts

Inevitably, working from home can change the way you handle your finances, but that adjustment doesn’t have to be a bad thing. In fact, it can be used as an opportunity to begin tackling tasks you’ve been putting off, such as revisiting your financial tracker and assessing your spending habits.

Moreover, by following the steps above, you can learn how to plan and take control of your finances so you can save more without having to compromise on your basic needs.

7 Clever Tips to Hire the Best Salespeople

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The demand for salespeople is always high. Companies that know the secrets in hiring salespeople have enormous opportunities for success.

This article provides tips to help you hire top-tier salespeople. After reading, you’ll see your firm hiring and retaining more sales talent.

1. Be Objective

In business, you hear a lot of opinions about what makes a good salesperson. People say a good salesperson should be an extrovert or have a pleasing personality.

Most of these takes are a bland summary of broad platitudes. These stereotypes also obscure the realities you face.

Remember that sales jobs vary depending on the product or service you’re selling. There’s a lot of stereotypes about a good salesperson.

Instead of relying on stereotypes, understand the relevant sales tasks in your market. Think of these tasks when you’re looking for the person to be responsible for them.

hiring salesman

2. Look Where High Achievers Gather

Although interviews are helpful in candidate interviews, sometimes it won’t be enough. Interviews won’t prove that the candidate is hardworking or has a great work ethic.

If you want to see potential sales talent in action, you need to look outside the office.

Join monthly commerce breakfast meetings and look around the room. You’ll find people who, by their very presence, are trying to improve themselves.

Attending an early breakfast meeting demonstrates motivation. This is why it’s essential to look outside interviews if you want to see dedicated candidates.

3. Go for Referrals

Ask clients if they’ve met any salespeople who will fit in with your company. There’s no better way to measure a salesperson’s performance than by the way they serve customers.

4. Post Attractive Job Descriptions

Consider several things when you post a job ad. The first is tone.

Generally, salespeople are action-oriented. You can appeal to this trait by using active verbs. Enthusiastically describe the responsibilities to catch their attention.

You should also say what’s important. Provide details about the career path and information about your company culture.

You should also include important details, like company name and location. Remember to be honest and inform them of what they need to know.

To help you get started, take a look at sales job description templates. There are templates for various sales positions, like sales executives, coordinators, and managers.

5. Be Honest

Candidates expect transparency in every interaction with your company. So inform them of the positive and negative aspects of the position they’re applying for.

If you’re not offering training programs, tell candidates ahead of time. Otherwise, retaining hired sales talent can be a challenge.

6. Have a Database of Salespeople

Some sales managers have experienced “Warm Body Syndrome.” This refers to a sense of panic that prompts them to hire the next candidate who walks through the door.

You can avoid this mentality by redshirting. This action is creating a database of salespeople that you met outside interviews.

This allows you to hire salespeople during staffing emergencies without hiring just anybody.

7. Use Effective Interview Questions

Structured interviews can be more reliable than unstructured interviews. The former allows you to ask questions relevant to the qualities you’re looking for.

With effective interview questions, you can gauge if the salesperson can communicate well.

If you’re hiring for leader posts, like sales managers or directors, ask them who they would hire for their team. If they have developed their teams in the past with no issues, they’ll have a couple of names ready.

You may also try adding sales simulation in your interviews. Give candidates a product and make them sell it to you.

Doing this can help you assess the candidate’s potential. If they can think on their feet and can sell the product to you, they may be successful with your firm.

The tips mentioned above can help you expand your sales team. With these tips, your sales managers can hire dedicated salespeople with ease.

3 Easy Tips on Dealing with Rejection as a Salesperson

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People who work in sales are no strangers to rejection, it’s just part of the job. That doesn’t mean, however, that it isn’t upsetting or difficult to deal with.

No matter how great of a salesperson you are, sometimes a client just doesn’t have an interest, need, or budget for what you’re trying to sell. Letting rejection get to your head is a sure-fire way of trapping yourself in an unbreakable cycle of rejection.

In sales, it’s important to know how to deal with rejection, learn from it, and move forward in order to continue doing your job.

salesman calling prospects

Don’t Take it Personally

In an interview with Sales Talent Agency, Michael Back, the founder and CEO of Honk, said that he’s always looking to hire people that are hungry. This means people that are willing to work hard, learn, and build a successful career.

The most successful salespeople are able to hold onto that hunger, even in the face of rejection. It’s much easier said than done, but you really can’t take your rejections personally. They usually aren’t a reflection of you or your aptitude but rather a reflection of the client’s needs and wants.

The first step is acknowledging and accepting that you are going to have to deal with rejection. While you should not go into your calls expecting a rejection, you should be prepared for the possibility of it happening. This way, you will not be caught off guard and will be able to come up with strategies that help you respond appropriately to rejection.

Don’t Give Up

Upon receiving an initial “no,” it’s important to continue the conversation. Most importantly, you need to remain professional. It can be tempting to want to hang up as soon as you hear “no,” however if you are polite and respectful, the client will remember this and be more likely to say “yes” in the future.

Just because a client says “no” once, doesn’t mean they always will! Unless someone asks to be removed from your list, continue to reach out to them on a semi-regular basis. Be careful of calling too often and turning them away completely, but an occasional check-in won’t hurt.

While not everyone will be willing to give you an honest answer, it can never hurt to ask why they said no. Whatever information you gather may be helpful to you when making future calls. Additionally, it gives you an opportunity to clarify any possible misunderstandings about the product or service you’re selling. This could be your ticket for turning their “no” into a “yes!”

Learn from Your Wins and Losses

After each successful and unsuccessful sales attempt, take note of what you did so you can analyze patterns. Try out different sales tactics and ways of formulating your pitch to get a wide range of things to work with. Over time you will be able to develop a system that will get you far more successful sales than rejections.

You can also talk to members of your team for any tips and tricks they may have. Remember that they too are very familiar with rejection and will likely be happy to offer you anything they’ve learned along the way.

Keep in mind, however, that even the best-crafted pitch may not work on every client. You’ll have to learn how to read the room and understand when certain things are and aren’t appropriate.

The 3 Ps of Business Sustainability

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To many, the benefits of running a sustainable business are manifest; to others, the reasons for shifting to more sustainable business practices are less clear. To manifest the business case for sustainability, some experts prefer to sum up the various advantages of a sustainable business model with the three Ps: profit, people, and the planet.

business sustainability

Profit

Generally speaking, profit is the reason most businesses get on board with sustainability. Though green practices might seem more expensive in the short term, in truth sustainable practices tend to cut costs and increase a business’s bottom line in the long term. There are three typical approaches to adopting a profit-focused strategy for sustainability:

  1. Businesses can take a systems-based approach. Business leaders should assess the systems they utilize in their business and find sustainable alternatives. Initially, this might involve investing in more expensive materials or refitting existing systems with costly new technologies. However, over time, those investments should prove to be more efficient, steadily reducing expenditures and increasing profit.
  2. Businesses can go low-tech. Advanced technology can and does improve sustainability — but so can a few impeccably deployed, low-tech changes to business strategy. For example, prioritizing maintenance on production equipment can reduce waste and recover a large amount of resources. Small changes can fuel other small changes, as businesses systematically expand their conservation efforts as the budget becomes available.
  3. Businesses can build sustainability into its business model. Though it requires a radical overhaul of a business’s current structure and strategy, building sustainability directly into operations often gives a company a unique edge in its market. Leaders can take a business sustainability management online course to better understand how to develop solutions for sustainability challenges.

People

An organization is by and for people — people make up its leaders and workers, and people make up its clients and customers. People are also impacted by the shifting environment, so a business’s sustainable practices (or its unsustainable practices) affect all people by counteracting (or contributing to) climate change.

Unfortunately, when making business decisions, many leaders tend to focus on only one group of people: shareholders. Generating value for shareholders is important, but it shouldn’t be a leader’s top priority. In fact, focusing too intently on building shareholder value could have the opposite effect, as employees and customers flock to other, more socially and environmentally conscious businesses. Instead, leaders should pay closer attention to generating value for stakeholders, a group that includes anyone with an interest in the success of a business. Stakeholders are a business’s employees, its customers, its community members, and, yes, its investors.

To appease stakeholders, business leaders should strive to effect positive change, both internally to benefit employees and externally to appease customers and communities affected by operations. Inside the business, leaders can alter their practices to improve sustainability and build a corporate culture of environmentalism and ethical behavior. Then, businesses might consider developing partnerships with sustainable nonprofit organizations, which can improve a business’s positive reach.

think of planet with business

The Planet

For too long, businesses have neglected the importance of a healthy planet, and this has by and large been the primary driver of climate change. A study on carbon emissions found that just 100 companies are responsible for over 71 percent of global emissions, which indicates that businesses possess a vast amount of power in altering the current course of environmental degradation.

Business leaders should feel obligated to do their part to keep the planet as healthy and productive as possible because reducing climate change is critical to a sustainable business strategy. Climate change interferes with business in dozens of ways, from disrupting supply chains to impoverishing consumers. A stable and thriving environment should be a top priority for the sustainability-minded business leader, not only because it is ethically right but also because it is a tactic for good business.

Every business leader has a responsibility to help the planet, not just those leaders employed by the largest organizations. Even the smallest company can take steps to reduce its carbon footprint in a meaningful way, and it can do so in ways that enhance a business’s profits and improve its stakeholders’ satisfaction.

9 Tax-Saving Opportunities For Businesses To Make The Most Of

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Individuals and businesses have to prepare during the annual tax filing period, whether with the help of a tax expert or by themselves. However, many may not be fully aware of how they can avail of tax-reduction solutions such as tax credits and deductions.

Before the year ends, it pays to review your business expenses and financial statement for proper tax planning. Read this article to find out about the tax-reduction opportunities that your business may be missing out on.

a lawyer calculating tax for the year

How Businesses Can Save Tax On Tax Payments

Tax laws in most countries can be complicated. Hence, it’s best to hire tax experts like the ones from HKMP’s business accounting services or similar specialists near you. Generally speaking, there are two ways that your business can save on taxes: through tax deductions and tax credits. These two concepts work differently and impact your tax costs in distinct ways.

Business tax credits reduce the tax you owe by the dollar. For instance, if your business is eligible for USD$1,000 and your final tax liability amount is USD$4,000, your tax burden will only be USD$3,000.

On the other hand, business tax deductions reduce a taxpayer’s taxable income. They’re directly dependent on the tax bracket in which the business belongs. For example, if an entity’s tax burden is at USD$10,000 and the company belongs in the 20% bracket, the deduction is only worth USD$2,000.

Business Tax Credits And Deductions Your Business May Qualify For 

For centuries, tax collection is often used to fuel government expenses that provide better services to taxpayers. However, governments of different levels offer tax credits and deductions to stimulate more economic activities. In the US, businesses can avail of tax savings through the following:

savings on tax at business

1. Tax Deductions on Business Expenses

Most business expenses may qualify you for specific tax deductions. For instance, advertising and promotion costs are 100% deductible. In addition, some food and beverage expenses may lower your tax liabilities under this category by half, except for office event meal expenses, which are wholly deductible.

Other business expenses that may qualify for business tax deductions include:

  • Insurance and permit costs
  • Use of vehicles for business purposes
  • Hiring contractual employees and consultants
  • Depreciation costs for business assets
  • Employee training
  • Education expenses

Home-based business owners may also claim these deductions as long as personal and company expenses are clearly defined and accounted for. 

2. Research and Development Tax Credit

Research and development take a considerable chunk of a business’s capital expenses, including countless staffing hours. To encourage companies to make their products more globally competitive, the government offers tax credits for companies that improve products, processes, and software.

The Internal Revenue Service (IRS) lists all qualified business expenses and requirements in the Internal Revenue Code Section 41. Businesses may have to present financial records and documents to avail of this tax incentive.

3. Work Opportunity Tax Credit (WOTC)

Another federal tax credit program, the Work Opportunity Tax Credit (WOTC) is available to businesses that employ individuals from target groups such as veterans, former felons, and cash-strapped individuals. There’s no limit to the number of employees a company can hire, and any type of job arrangement, whether full-time, part-time, or on-call is eligible.

The business has to apply for and receive certification before being qualified to claim. Both the employee and employer may qualify for business and personal tax credits under WOTC.

4. Fuel Tax Credit

This program allows particular businesses to save on their tax liabilities if they’re engaged in eco-friendly practices in transporting goods and services. Examples include using electric vehicles and alternative fuel for farming, commercial fishing, and other business purposes. Some businesses that may operate pieces of industrial machinery may qualify for this tax-reducing program. The Department of Energy (DoE) spearheads the Fuel Tax Credit program.

5. Investment Tax Credits

Big-ticket investments for new business property such as vehicles, buildings, pieces of industrial equipment, or major office renovations may qualify your business for a tax credit. This government tax benefit allows companies to get a rebate from these high costs.

Tax rebates are also applicable in some solar panel installations for buildings, also called Solar Tax Credit. Investments in economically-challenged communities may also qualify companies to avail of the New Markets Tax Credit. This program allows entities to claim five percent of the total investment amount for the first three years, increasing to six percent from the fourth to seventh year.

6. Health Insurance Tax Credits

There are two ways that businesses can save on a health insurance tax credit. Also known as a premium tax credit, companies may claim discounts every month through reduced insurance premiums or a federal income tax refund. This tax credit is only available if businesses purchase a federal or state-backed insurance plan. By getting a Health Savings Account, a highly deductible health plan, employers and employees can reduce tax costs and medical fees.

7. Childcare Facilities And Services Expenses Tax Credit

Businesses that pay for their staff’s childcare expenses are eligible for this tax-saving program that offers a 25% refund on child care expenses, alongside a 10% reimbursement for childcare resource and referral costs, granting that the state accredits these facilities. Availing of this tax incentive can reduce your business liabilities by up to USD$150,000 annually.

8. Disabled Access Tax Credit

The Americans with Disabilities Act (ADA) requires businesses with at least 15 workers to make their premises more accommodating to differently-abled employees. Doing this will undoubtedly entail costs, but your company can apply for tax relief. This program allows small organizations with total earnings not exceeding USD$1,000,000 to apply for a 50% rebate for their ADA-related expenditures with an annual cap of USD$5,000.

9. Carryforward Tax Deductions

Sometimes, businesses may have deductions, losses, and credits that they can’t fully claim during the current year. This happens when your business tax claim exceeds the amount set by the IRS and the state. In these cases, companies may file these refunds over the next year. Such tax provision is otherwise known as a carryforward.

With the help of your accountant, take note of these tax-deductible claims so you can claim them the following year. You’ll also need a tax expert to qualify which tax credits and deductions are allowed under the carryforward provision in your state.

Final Thoughts

Tax filing can be a highly stressful activity, particularly for small business owners. Without knowing these tax-saving opportunities, a business that qualifies for tax credits and deductions may end up paying more than it’s supposed to. With the help of an accountant or a tax specialist to do the heavy lifting, you’ll be able to breeze through the filing process and enjoy lower tax liabilities.