From assisted living facilities to law firms, economic downturns are practically inevitable for businesses. Still, experiencing one doesn’t mean your business has to be doomed. In fact, with a little planning and some smart moves, you can not only survive but really thrive during such tough times.

Here are 3 tips.

Diversify Revenue Streams

You want to protect your business from sector-specific downturns and reduce the risk of relying on just one income source. Diversifying revenue streams means a more stable revenue base, even if one part of your business hits a rough patch.

So:

• Look for new markets or customer segments that could benefit from what you already offer.
• Develop new products or variations that meet different customer needs.
• Team up with other businesses to enter new markets and share resources.

For example, say you run a tech company focused on software solutions for healthcare. Why not branch out into education so that you adapt your software for schools and universities? This means a potential new revenue stream.

Optimize Cash Flow Management

You want to make sure your business stays solvent and can pay its bills during an economic downturn. Optimizing cash flow means you’ll have the liquidity needed to keep operations running, pay employees, and invest in key areas.

So:

• Review all expenses and cut costs where you can without hurting core operations.
• Talk to your suppliers and creditors about better payment terms or discounts to reduce cash outflow.
• Use automated invoicing to speed up collections and reduce payment delays.

For example, imagine you’re a small manufacturing business that sees orders drop. You want to ease financial pressure, so you renegotiate payment terms with suppliers, giving you more time to pay. At the same time, you streamline operations to cut unnecessary expenses and implement automated invoicing to get paid faster. Chances are you’ll maintain liquidity and keep the business going during tough times.

Invest in Customer Relationships

You want loyal customers who stick with you during economic downturns. Strong customer relationships mean repeat business, referrals, and a steady revenue stream, even when new customer acquisition is slow.

So:

• Deliver exceptional service to build trust and satisfaction. Train your staff to handle queries and issues efficiently.
• Use emails, social media, and other channels to stay connected with customers, offering updates, promotions, and helpful content.
• Set up loyalty programs or offer special discounts to repeat customers, encouraging them to keep coming back.

Say you run a retail business, it’s a good idea to implement a loyalty program where customers earn points for purchases that can be redeemed for discounts or exclusive items and increase your social media engagement with tips, deals, and prompt responses to inquiries.

By focusing on what you do really well, keeping your customers close, and adapting to market shifts, your business can come out of a downturn stronger than ever.

Sometimes, the career that you’ve been in for years isn’t the career that you want to stay in for the rest of your working life. So to make sure that you’re able to retire and enter an assisted living facility having no regrets about the time that you spent in the workforce, it might make sense to change your career a time or two, even when you’re at a later stage in life.

To assist you in making this transition, here are three tips for starting a new career later in life.

Be Honest About Why You Want A Change

One of the first things that you should figure out is exactly why you want to seek out a new career at this point in your life. The last thing that you want to have happen is to put all of this effort into getting a new job in a new line of work only to find that you’re experiencing the same problems as you did before.

For some people, a new career might be necessary because they aren’t making enough money now, they don’t feel passionate about the work that they’re doing, they have other interests that they want to pursue, there are changes in the field that they can’t keep up with, and many other things. But once you know exactly why you’re feeling like you want a new career, you can then find one that will fit the bill for what you’re looking for and needing.

Work With The Skills You Already Have

After all of the time that you’ve spent working up until now, you’ve developed all kinds of skills that you can put toward helping you get a job in a new career. The trick here is figuring out what skills you have and what type of jobs can use those skills.

So many jobs require all kinds of soft skills that people can learn from all different lines of work. So if you know that you’ve become better at things like communication, project management, critical thinking, creativity, and more, these things can help in get jobs in a wide variety of new industries, even without specific experience.

Be Ready For Re-Education Or Retraining

Unfortunately, most jobs don’t only require you to have soft skills in order to land the job. When this happens, you might need to prepare yourself for having to go back to school or getting retrained on the details of the work that you want to be doing within your next career.

While this can take time, money, and effort, if you’ve made a good decision on the path for your next career, this could be well worth it to you.

If you’ve been leaning toward starting a new career later on in life, consider using the tips mentioned above to help you get started with this.

Whether you’re just beginning your entrepreneurial journey or you’re over the age of 80, the idea of entrepreneurship can be a daunting but also quite exciting one. In this day and age, it’s quite common for people to choose to run their businesses out of their own homes, which is great for many different reasons!

Of course, there are pros and cons to this decision and it can certainly cause some extra stress if you aren’t careful. If you’re intrigued by the idea, read on. Here are 3 tips for running a business out of your home!

Separate Work And Play

Many people who work from home report having trouble separating work from play, which makes sense because if your home becomes your office it can be easy to feel like you’re constantly at work! By the same token, you may get easily distracted while on the clock because you’d rather be playing with your children or pets or hang out with your spouse who might be in the very same room as you are.

As you can probably imagine, owning and running your own business out of your home is just as much of if not more of a challenge. You’ll likely spend a lot of hours working, so it’s important to make a space for that within your home that is separate from other areas.

Consider turning one of your spare rooms into a home office and be sure that anything related to your business dealings stays in that room. That way, once you’re done working for the day you can cook and eat dinner with your family without becoming distracted by something to do with work.

Keep Track Of Costs

Keeping track of costs and staying organized with all of your receipts and documents will benefit you when it comes time to do your taxes. Taxes are never fun, but if you own a business you should be able to get a few breaks.

Additionally, if you work from home or run your business out of your home, you’ll be able to get additional help. Being sure to keep everything that can help prove this will end up saving you money and making tax season a lot less stressful.

Be Realistic

When attempting to run your business from home, it’s a smart plan to be realistic about whether or not you really have enough space to do so. You can readjust your thinking as needed, but check in with yourself every so often.

For example, if you find that your business is growing and you need to hire some new staff members, you may need to buy a larger home, move your home office into your garage, or move the business out of your home entirely.

Running a business out of your home is ambitious but definitely possible! It may be the perfect option for you and your lifestyle, so hopefully these tips can help you to get there.

A report published by Forbes shows that only 10% of online gambling startups succeed, while 90% fail within the first two years. Regardless of these figures, the American Gaming Association report shows that the revenue generated by sports betting, casino games, and iGaming in the first four months of 2022 was almost $14.31 billion. The 90% of startups that fail can learn from the success secrets of the 10% that succeed, and they can also grow and remain stable.

Why do 90% of online betting startups close within their first two years?

The online gaming market in the US and the world is new and still undergoing multiple challenges. Starting an online gambling investment requires a lot of time and money. The investors need to partner with online betting platform providers which offer their products at different prices.

The new establishments take time to build a strong online reputation and gain customers. There are different sets of online gambling regulations that casinos must meet. They include licensing, tax requirements, security, and platform provider requirements. Depending on the supplier, online games might have a poor design that draws players away.

The website could be hard to navigate, slow, unresponsive, and lack adequate player support. The marketing approach could be wrong and fail to attract proper leads or conversions. These points that lead to failure are the secrets behind success.

Secrets to an online casino startup success

Money factor: Money is an important factor in online casino startup success. The investor requires a strong business finance management team to ensure all money invested is managed properly.

Marketing factor: Marketing is another key factor that requires a skilled marketing team. They must know where to market, including the segments to target and the incentives to give.

Games factor: The commonest types of online casino games are slot games and cards, but there are many other types of games offered. The attractiveness of the games matters a lot.

Website factor: The website should be responsive and easy to navigate. The design needs to be attractive and mobile user-friendly for success.

Payment factor: Many biggest startup failures are caused by poor payment solutions. The online casino needs to allow payments by visa cards, e-wallets, cryptocurrency, bank transfers, prepaid cards, etc. SSL encryption is an important security factor in providing online payment solutions. Winnings payouts should be convenient and timely to avoid disappointing customers.

Customer satisfaction factor: One dissatisfied customer can negatively affect ten others. The new online casino startup needs a friendly customer service team to offer timely support to customers whenever they need it. Customer satisfaction requires a multifaceted approach that includes product design, payout percentages, bonuses, and support.

Hiring an architect for your home or business building project is crucial. However, not all architects will pull the kind of service that aligns with your dream. So, it’s essential to do some research before hiring someone, especially if you have your heart set on a specific design or style. To find the right architect, keep these six tips in mind.

Ability to Provide High-Quality and Affordable Services

It’s crucial to ensure you work with an architect who can provide high-quality and affordable services. High-quality work and expertise may show in their portfolio, while affordable prices might reflect their pricing per square foot or hourly rates. An excellent way to judge these two is by identifying their previous projects, size, and quotations. If they have a history of success in similar or related projects with a wide range of clients, chances are they will also meet your needs.

The best indicator of affordability is how long it takes them to complete a project versus cost. You can also consider referrals or check genuine reviews from customers (e.g., Yelp) or their professional organizations. You can contact North London architects and experience inspiring designs and impeccable service at affordable rates. They offer different levels of architectural service that suit different budgets, so don’t hesitate to get in touch!

Range of Services They Offer

One of the most important things you should consider when choosing an architect is the range of services they offer. The size and complexity of your project will largely determine which type of architect you need to hire. While there are firms that do it all, some architects specialize in just one aspect of design or construction, such as landscape architecture, commercial, or residential architecture.

It is also crucial to understand how much they can expand their capabilities by collaborating with other specialists like your contractor. Some architects will go the extra mile and help you with documentation, permitting, and zoning requirements, but not every architectural firm has these capabilities. Make sure that whoever you choose can do everything you need on your project.

Ability to Adjust to Budget Constraints

In addition to other requirements, architects should be willing to adjust their plans within budget constraints. That is important because one architect’s perfect design may be outside your budget. A good architect will work with you to develop a plan that fits your needs and helps you stay on budget without compromising the quality of your project

You can ask if they have any ideas about how to modify an idea or what to eliminate to save money. An excellent architectural designer can spread your budget within safe limits while keeping priorities in mind. For example, it may be worth saving money by excluding expensive custom finishes if it means you’ll get more space in the end if space is a priority.

Meets Building Code Regulations

Before beginning your search, it is essential to note that not all architects will be qualified to design per building code regulations. Hence, look closely at their qualifications before selecting them. After researching and asking around, you can find out if they are familiar with local building codes and any state or federal requirements that may apply to your project.

Complying with building control regulations is crucial to developing a successful project. If an architect cannot comply with these requirements, chances are high that they won’t be able to offer you what you need. In case of any changes in building regulations, they should be able to adapt and implement those changes accordingly, including updated energy efficiency standards.

Consider Qualifications and Professionalism

When you’re ready to take your building project from an idea to a reality, finding a qualified and accredited architect who knows all the different requirements is crucial. You want a capable architect in your area who uses knowledge, experience, and new techniques when creating your vision.

To get a feel for their professionalism, look at how they present themselves on their website and offline, and see if they have professional liability insurance. That way, you can be sure of professional results, and no matter what happens, you won’t be liable for any damages incurred by your architect’s negligence.

Conclusion

Finding the right architect can ensure that your project meets your expectations without much hassle. You also want to consider if they have experience with similar projects before. It is essential to ask questions about their process and what services they offer. Check out their website! A reliable company should be able to provide coherent information about their process and previous work in an easy-to-find location.

There are various themes we can think of when planning a corporate family day, and whilst all of these themes may be fun and exciting, nothing comes close to the fun and excitement offered by a classic fairground. Amongst the many different themes available, a fairground theme is the easiest to prepare; after all, the decorations and entertainment, and even the food, are decided from the beginning! You don’t have to do much in terms of all the other aspects of the event, except to get people to come – and hey most certainly will. Who could resist a day at a fairground or funfair, playing games, riding rides and eating goodies to their heart’s content? But of course, just like any other corporate event, you still have to plan it carefully and wisely. So what do you do at such an event? Here’s how to plan a brilliant fairground-themed corporate family fun day.

Choose your budget and theme

Since the event is already a fairground theme, all the rest will follow. It sets the entire event’s tone, and it is a theme that is relatable and accessible. If you have chosen a fairground or funfair theme, many activities are fun and affordable, as confirmed by fairground hire experts like https://www.wearetricycle.co.uk/, and the carnival or fairground food is easy to set up and simple as well. Almost everyone has a happy memory or two of time spent at carnivals and fairgrounds, so it brings on a sense of nostalgia like no other.

Of course, you still have to think of your budget, so set a reasonable budget for the event and work with as many volunteers. When you have a lot of volunteers, it won’t be so difficult to set up the games, rides and booths. You will need volunteers for the activities and food and to help run the equipment, although a good funfair hire operator will already take care of that.

Decide what activities to offer

The next step is to decide what activities to offer, as there are plenty. Carnival or fairground games include everything from hook a duck to test your strength (the strongman game), and you might want to offer some other games such as bingo, balloon-making, face painting, and so on. But you also have to think who will attend your event – if kids are in attendance, you may want to include a bouncy castle, and if you have teenagers in the crowd, they may be interested in a mobile climbing wall or VR games.

Find out what menu to offer

With a carnival or fairground theme, you don’t have to worry too much about the food and beverages – as mentioned, it is already decided on by the theme itself. And it’s easy – think burgers and popcorn, candy floss and ice cream, but you can also hire a couple of food trucks. The good news is that the these foods are not expensive, and they will surely delight the kids (and adults if they can forget about their diets for the day!). For beverages, don’t forget to have plenty of water and soda, and tea and coffee are must-haves. There are plenty of options for catering, so choose wisely and don’t forget the theme!

Cash flow and management aren’t the only aspects of financial accounting; it’s also about controlling the movement of funds in a company and therefore managing it to encourage the growth and development of the organization.

The accounting equation must be maintained throughout the flow, which means that Assets must always equal Liabilities + Capital.

The initial rule to have in mind is to keep an eye out for signs of fraud in corporate accounting. When dealing with money, one must be very careful in their calculations and record-keeping; when it comes to the company’s structure, money matters. The management and expansion of the company depend on the preservation of such money.

How to Manage Your Business Financial Accountants

To ensure that year-end reports can be readily prepared, the accounting information of workers who play an essential role must be maintained professionally. For the company to achieve its goals, sound financial plans must be put in place and adhered to.

To ensure that your company’s finances are appropriately accounted for, here are a few helpful hints:

Verify Your Bank Account Activity

There are costs, sales, profits, and losses in daily operation. Each and every financial transaction should be recorded since these statements play a significant part in tax filing and budget preparation.

Consider the day-to-day transactions when looking at financial services for your organization.

Revising Billing Statements

The billing statements should be updated regularly. In the beginning, it may seem that your firm has few customers to pay. Ensure that only the invoices for which your firm has received services are paid in this way.

To avoid a significant loss for your company, you must be very sure that you are not being defrauded.

Pay attention to your invoices.

The cost of running a business may be monitored by looking at invoices, which serve as financial statements.

As a result of these financial documents, it is possible to determine whether you are overpaying for specific services or if you can acquire the same services at a lower cost from another company.

Bringing Tax Laws Up-to-date

Whether you’re running a company or providing a service, taxes must be paid. By any chance you are working for a financial institution, you must be aware of taxes rules. To keep the firm running, the experts must regularly update taxes regulations.

It will be excellent assistance in managing the books when it comes to auditing.

Accounting records should be kept as simple as possible

The accounting system for financial transactions should be kept as basic as possible. The data and the recordkeeping should reflect the simplicity of the system. The more detailed an account is, the more likely it is to make errors.

To convey a sense of ease, chores should be scheduled in a logical sequence.

Conclusion

Accountants and other outsourced accounting service providers should adhere to these guidelines to conduct their businesses responsibly and satisfy their clients’ financial needs.

A well-structured accounting system assists the firm, more so to firms that offer online games like blackjack, to expand, allowing it to reach its profit expectations.

If you’re like many investors, you first became aware of cryptocurrency after hearing reports of other investors making millions from it, which undoubtedly made you want to learn how to understand cryptocurrency to invest in a good one yourself.

In fact, many successful cryptocurrency investors reported doing their homework first and then using the research to turn their findings into actionable insights that helped them pick the right cryptos.

That said, some things to look for in good crypto include:

Developers’ Talent, Source Code, and Consensus Mechanism

In short, cryptocurrency is developed by groups of miners whose job is to also add blocks of verified transactions to the blockchain and more.

Therefore, you need to analyze various factors concerning the developer pool, including the current availability of talent, their skills, and more, to ensure they are experts at what they do.

You need to also consider the source code of the cryptocurrency to ensure it is high quality, which is evident by the number of stars and commits, issues and resolutions, documentation, third-party audits, pull requests, and more.

Lastly, the consensus mechanism, which is simply proof of work, must be secure and efficient with little impact on the environment.

The Organization Behind the Crypto

Though cryptos are considered decentralized, sometimes they still have a small group of people or an organization behind them, such as founders, marketers, and more.

During your research, should you discover there is a team behind the crypto developers, be sure their credibility is solid, they have strong skills and experience, and check out their social media status to ensure it is positive.

The Crypto’s Social Status

Successful crypto typically has a large community of engaged, enthusiastic, and active fanatics. Therefore, you should also be sure to research its social status before investing in it.

Some places to learn people’s reactions to different cryptocurrencies, include Facebook, Discord, Twitter, LinkedIn, Telegram, and Reddit.

The History and Liquidity of the Crypto

Good crypto also has a strong history of high trading volumes and increased growth among its active users.

It should also appear on credible exchanges and in multiple trade pairs.

If you plan to convert the crypto to cash on demand, you should also be sure it has high liquidity.

The Crypto’s Economic Impact

Since cryptocurrency is a financial asset, it should generate some revenue for its community of platform builders.

In fact, the general notion of crypto is for the cost and speed of its transactions to be cheaper and faster than conventional transactions, so people prefer it as the way to receive and pay, thus providing a multi-trillion-dollar opportunity.

Once you have found good crypto to invest in, the next step is to research its price to buy at the right time, which a cryptocurrency price checker can help you do.

Or you can also use it to get an idea of which digital currencies are most popular, so you know where to begin your research for good crypto.

As an MBA degree candidate, you’ve likely given a lot of thought into the type of industry you hope to work in. The great thing about a master’s degree in business is that it will put you in the position to have greater flexibility across several industries. Not only will this degree mean a higher earning potential, but the opportunity to become a business leader in the future. For five ways to think about your career options ahead as an MBA candidate, read on.

1. Making a Difference through Corporate Culture Shifts

 

Regardless of the exact direction of their future career, many masters-level candidates meet with MBA admissions consulting to craft mission statements that talk about their long term goals before the application process. For many, these goals center around the idea of making big changes in the world and corporate culture. If you’re someone who hopes to use your advanced degree to change how businesses run, workplace policies, and more, a concentration in business organization might be right for you.

 

If making a difference, employee retention, having the respect of your coworkers, implementing programs for peer recognition, and tracking employee milestones matters to you, you could be someone who enjoys a senior management position in human resources. From planning special events and incorporating wellness programs and incentives into corporate culture, you’d be the person others turned to as a mentor. You may even find yourself advocating for things like casual Friday and finding creative ways to recognize work anniversaries, all adding up to better employee morale.

2. Becoming an Entrepreneur

 

Some MBA students earn this degree so they can put themselves in the position of running their own companies down the road. With big employee rewards ideas, passion for a product or industry, and a fierce sense of independence, these MBA candidates hope to use the new skills they learn in their MBA program to apply them to startups across every industry and niche.

 

If being your own boss is a top priority for you, don’t be shy about your specific goals on your mission statement and in your admissions committee interview at your dream school. Being an entrepreneur is a great way to help others in that you will provide jobs to the community. As your own boss, you’ll also be able to create a balance between work and play while leaving your mark and putting a personal touch on any industry.

3. Gaining New Skills for the Future

 

The global pandemic has taught us all just how quickly things can change. For some MBA candidates, one reason to earn this degree is to get up to speed with technology, marketing, and global market trends. As someone who works in a church leadership position, for example, something as simple as ordering altar candles online could come with more opportunities than in the past. Students who understand this are aware of the power of social media, networking, and how the market’s changing. They enroll in MBA programs at top schools to get a better understanding of how any business transaction can lead to big results to benefit everyone.

 

If being on the cutting edge with networking and the ability to leverage resources matters to you, have an honest conversation with your MBA admissions consultant about how you’d be able to use your degree to make connections on a regular basis. An MBA admissions consultant is there to listen beyond just helping you with your chances of admission into a top MBA program, and provide an effective way to better understand your own long term goals.

4. Finding Avenues for Freedom

 

There’s an expression about knowledge being power. In many cases, power translates into success and a better bottom line for profits. Many MBA candidates understand that the more successful a business is, the more likely it is that they’ll be able to buy themselves some freedom. Whether it’s working remotely or learning how to delegate important tasks so they can take vacations and make lifestyle changes, some MBA students hope to apply the new skills they pick up in their programs to become more efficient. That is, the more efficient a company is, the more freedom business leaders can have in their off time.

 

Your time is important. If freedom is a top priority for you, a focus on entrepreneurship both during and after your advanced business degree program is a perfect way to translate prior work experience into an investment for your future that will add up to more freedom.

5. Using Social Media and Influencers in the Global Market

 

More and more business leaders are turning to micro influencers to create brand awareness. Attending an MBA program to understand new marketing trends can make a huge impact on a company’s success. Some students come out of an MBA program prepared to take on any industry when it comes to both promoting it and selling products on a larger scale through the global market.

 

If harnessing the power of social media matters most to you, a career in business marketing could be a great path to take. As a natural storyteller, you’ll be able to help a company write it’s bland, oversee the design of a company logo, work with influencers, and more. Having this advanced degree in your back pocket will ensure you’re apprised of the latest marketing trends.

 

Congratulations on your decision to become an MBA candidate. A great adventure is ahead that will open doors for not only you, but the people you work for and with. As you make your next steps to become a business leader, take time out to assess your overall career goals as you navigate your MBA graduate school program. By the time graduation day comes, you’ll be in the best position to take on any industry and steer it in your direction.

The glitz and glamor of a casino have become something most gamblers have had on their mind during many grueling months of COVID-19 lockdowns and new public health regulations. Casino owners are also looking forward to some semblance of normality as their establishments have felt the pinch during this pandemic.

Here are some of the world’s most famous casino owners:

Greenwood Racing Inc

The Parx Casino group is owned by Greenwood Racing Inc, a publicly listed company. The company specializes in staging horseracing events in Pennsylvania. However, it has made its investors a considerable fortune since its foray into casino gambling. Parx was among the first casinos in the Keystone State to introduce online casino options to clients.

This saw a surge in customers despite an expected downturn in trade once brick-and-mortar casinos had to shut down or restrict visitor numbers. Greenwood Racing has a dynamic board of casino experts that has steered it to great financial success. It is in turn owned by International Turf Investment Co, Inc.

Sheldon Adelson

As the owner of the Sands Hotel and Casino, Adelson has amassed a substantial fortune from his establishment. He also owns casinos in Singapore and Macau, two of the world’s largest gambling hotspots. Adelson grew up under challenging circumstances and rose above them to become a highly successful entrepreneur.

He is an active proponent of youth entrepreneurship and gives generous donations to organizations that help young people start their own businesses. Young adults with a vision to create a great business but lacking the funds to do so benefit from his generosity, and Adelson can take credit for backing several successful startups.

Stanley Ho

Widely regarded as the father of Macau’s gambling industry, Stanley Ho came from humble beginnings. He started his first business during World War Two. Ho’s fascination with gambling and how much profit could be generated by casino owners led him to launch a casino in Macau. This area soon became a gambling mecca and remains one today.

Ho has diversified into many other industries and is worth billions of dollars. However, he professes that casino operations continue to occupy a special place in his heart. Ho is one of gambling’s most successful business leaders and well-known for his relentless work ethic, which is one reason he has amassed such a great fortune.

Steve Wynn

Casino owner Steve Wynn is best known for his ownership of Las Vegas’s most iconic casino: the Bellagio. Its fame grew exponentially after the casino featured in the Ocean’s Eleven reboot starring George Clooney. However, the Bellagio is but one of the many jewels in Wynn’s glittering crown. He has earned his title as ‘King of Las Vegas’, owning several casinos and resorts in the heart of America’s gambling industry.

Wynn also owns casinos in Macau. Due to his divorce, which was characterized by some nasty allegations from his ex-wife, Wynn had to hand over substantial assets to Elaine Wynn, making her another famous casino owner.