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How to Free Up More Space in Your Business for Creativity Like most business owners, you probably wish there was more time in the day. Finding the balance between meeting necessary deadlines and keeping space to be creative can be tough. But creativity in business is essential, and losing it means losing out on innovation, efficiency and (ultimately) revenue. So, it's vital to free up some space in your business for creative endeavors — especially considering three-quarters of small business owners said that inflation affected their bottom line between July 2021 and July 2022, and 56% expect to feel the pinch through at least the summer of 2023. Creative solutions can mean the difference between financial success and failure. From a survey of more than a thousand executives, Deloitte found that so-called "high-growth brands" are more likely to value creative ideas as part of long-term success. These brands — in contrast to brands with less measured growth — also ar...

Why Having a Contingency Plan Is So Important — and How to Develop an Effective One Opinions expressed by Entrepreneur contributors are their own. In today's ever-changing business environment, business owners, entrepreneurs and franchise owners need to be prepared for the unexpected. Contingency planning is a critical component of business growth, enabling organizations to minimize disruptions and recover quickly from unforeseen events. In this article, we will discuss the importance of contingency planning, the key elements of a comprehensive plan and how to implement a contingency plan effectively. By taking proactive steps to prepare for potential challenges, businesses can build resilience and ensure continued growth and success. Why contingency planning matters Disruptions can come in many forms, from natural disasters to cybersecurity breaches, equipment failures or even changes in the competitive landscape. Without proper planning, these events can have a dev...

What Is A Contingency Plan & How Do You Create One? Creating a contingency plan doesn’t need to be difficult. Follow these seven steps to develop your contingency plan, from creating a policy state and implementing preventive controls to testing and training employees and maintaining your contingency plan. Here’s how to create a contingency plan in seven steps: Step 1. Create a Policy Statement A policy statement is the outline of the authorization that exists to develop a contingency plan. This might be something as simply stating a possible scenario and noting that owners have put this plan in place. Step 2. Conduct a Business Impact Analysis This step digs into what would happen if no contingency plan existed. It prioritizes the systems that are imperative to the business functions. Step 3. Implement Preventative Controls This step is designed to mitigate any adverse scenario’s impact on the business. The goal is to reduce the costs associated with running t...

Secure Your Website or Server Securing your website or server is essential to protect sensitive information and maintain the trust of your users. Here are some steps you can take to increase the security of your website or server: Use strong passwords : Ensure that all passwords used on your website or server are strong and complex. Use a combination of letters, numbers, and symbols. Also, consider using a password manager to securely store your passwords. Keep your software up-to-date : Make sure all software used on your website or server is updated regularly. This includes the operating system, web server, and all applications. Regularly patching software vulnerabilities will help to prevent hackers from exploiting them. Use encryption : Use SSL or TLS encryption to secure all communications between your website or server and your users. This ensures that all data transmitted is encrypted and cannot be intercepted by hackers. Implement firewalls : Firewalls are importan...

Financial risk management is the practice of identifying, assessing, and managing financial risks that a business may face. These risks may arise due to a variety of factors such as market volatility, credit risks, currency exchange rate fluctuations, interest rate changes, and operational risks. The several financial risks that businesses deal with There are several types of financial risks that businesses face. These risks can be broadly classified into four main categories: Market risk: This type of risk is associated with the potential losses a business may face due to changes in market conditions, such as fluctuations in interest rates, exchange rates, and commodity prices. For example, a business that relies on imported raw materials may be exposed to exchange rate risk if the value of the currency in which the raw materials are denominated increases. Credit risk: This type of risk is associated with the possibility that a borrower or counterparty may default on their...

These seven symptoms indicate that you are wasting money within the next 30 days. Ways to avoid wasting money. Impulse purchases If you find yourself frequently buying items on a whim without considering if you actually need them or if they fit into your budget, you may be wasting money. Subscription services Subscription services like streaming platforms, beauty boxes, or gym memberships can add up quickly and become a drain on your finances if you're not using them regularly. Eating out too often Dining out or ordering takeout regularly can quickly become an expensive habit. It's important to make a budget for food and stick to it to avoid overspending. Unused memberships If you have memberships to gyms or clubs that you don't use, you're essentially throwing money away every month. It's important to evaluate which memberships you actually use and cancel the ones you don't. Paying for unnecessary services Be mindful of the service...