Technology continues to grow at a pace many of us find difficult to keep up with, but there’s no denying the need to embrace tech in order to maximise efficiency and improve various systems within your business. Fortunately, you don’t have to be the most tech-savvy entrepreneur out there in order to implement fresh, new ideas in the workplace.
Epson South Africa, global innovators in cutting-edge printing technology, shows you how to use the latest tech to cut unnecessary expenditure, gain the edge over competitors and keep staff satisfied at work.
1Migrate to the cloud
Using the internet to store important information will not only save you the hassle of worrying about sudden malfunctions with back-up drives, but also means you and your employees do not have to be in the office in order to get work done.
Cloud-computing allows authorised personnel to access information from wherever they are, securely and conveniently. Employees are also able to collaborate on projects as a team.
2Time-management and tracking
You can use Microsoft Outlook or even Google Calendar to set and share tasks, appointments and updates with co-workers to ensure everyone in the office is on the same page.
There are also time-tracking applications employees can use to log working hours and daily activities, enhancing productivity and simultaneously allowing management to monitor how company time is spent.
There’s just no substitute for a face-to-face conversation, particularly when it comes to meeting a prospective client or discussing important matters with a business partner.
Web conferencing is a great way to avoid the stress (and cost) of meeting at an expensive restaurant or indeed booking a flight to meet clients based abroad.
With data speeds on the rise in South Africa, the clarity of video calls has improved drastically over the years – and, if you don’t have the fastest internet connection, you can always use the audio function on its own to produce high-quality voice calls.
4Efficient office equipment
If you find yourself spending far too much time and money on repairing old office equipment or replacing consumables, it might be time to invest in new computers, printers and scanners that employ the latest technology to save money on maintenance costs in the long run and save energy to reduce your business’s carbon footprint.
Epson’s innovative Ink Tank System (ITS) printers, for instance, use cutting-edge print-head and ink top-up technology, available on models like the L655 and M200, which allows you to print up to 6 000 full-colour or monochrome pages before needing to refill the ink tank. Models like the Epson L1300 also come with a three-year warranty.
5Social media as a motivational tool
A happy workforce increases productivity, which in turn has a positive impact on your bottom line. Offering praise and recognition to employees on a public platform, like Facebook or LinkedIn, helps boost morale and shows staff that their contributions are valued.
This is also a great way to encourage employees to engage with the company’s social media pages organically, which does wonders for a business’s image in the public domain.
Work on implementing some of these tech trends in your business to encourage productivity, boost morale and optimise business systems and processes, helping you run a more efficient business.
Purchase a selected Ink Tank System printer before 31 March 2017 and receive up to R1600 back in cash. Visit www.epson.co.za/itscashback for more details on this promotion. For more top tech tips to improve your business, home or classroom environment, as well as the latest printer technology available, visit www.epson.co.za
Look To The Future
By protecting your employees, their future and their income, you’re also protecting your business says Walter van der Merwe, CEO of Fedgroup Life.
It’s proven that staff members perform better when you show them how valued they are. But, investing in your staff members’ futures goes above and beyond the bottom line.
Staff members value recognition for the contributions they make to the business. However, this does not necessarily need to take the form of financial rewards or incentives. As an employer, you can demonstrate your employees’ value to the firm through appropriate insurance cover in the form of comprehensive employee benefits, which show that you’ve considered their long-term wellbeing and that of their family.
Of course, there is a financial commitment on the part of the employer to contribute towards insurance cover, but this goes towards the future prosperity of staff members, rather than an immediate financial benefit. Employee benefits offer security against the possibility that something detrimental will happen, and in instances where the benefit is needed, will have a lasting effect on their lives.
Ensuring that staff members have the financial means to get the best standard of medical care and treatment following injury or illness, will increase the likelihood that they will make a full recovery, and within a shorter period of time. This will enable them to possibly return to work sooner, with full capacity to continue contributing meaningfully to the business and adding value. In this way, employee benefits demonstrate to staff members that they are a significant and considered part of the business, not only at the present point in time, but also for the long term, and they also ensure a degree of business continuity — particularly key employees.
Loss of income
The biggest risk for every employee is a loss of income. Whether their incapacitation results from an injury or illness, an inability to generate an income to support their lifestyle and their family will severely impact an employee’s quality of life. This loss of financial security is therefore the most consequential risk that should be protected against through appropriate forms of insurance, such as lump sum or annuity income protection products.
Another pertinent risk that business owners should address is the need for adequate life cover. Should an employee, who is possibly the primary breadwinner of a family, pass away, their surviving dependents may be left destitute without their financial support. Employee benefits that include a life insurance component will ensure the financial wellbeing of family members left behind in the event of an employee’s untimely death.
Another important risk factor to consider is the threat of chronic or severe illness, and the high costs generally associated with treatment. As employees age they become more susceptible to various types of illnesses. In instances where they fall chronically ill, they require the financial means to cover their medical costs, and generally require time away from work to recover. This is why dread disease or critical illness cover is another vital component of a comprehensive employee benefits scheme.
Choosing the right provider
When structuring employee benefits there are certain principles that should be applied, regardless of the size of company, or the income of the staff and their socio-economic circumstances.
Foremost among these is the selection of an employee benefits provider, along with the appropriate products and the associated cost implications. This role is best fulfilled by qualified, experienced and independent financial advisors who can offer unbiased advice. These trained and certified experts are able to advise employers on how best to support their staff members through the implementation of suitable employee benefit schemes by recommending the most appropriate solution structure, based on factors such as the gender, age, role and income of employees, and their financial responsibilities. This information helps advisors to select the best mix of products that offer suitable cover to meet the unique needs of the employer and their employees, while also considering affordability.
From a personal perspective, every employee gets peace of mind knowing they are protected should they no longer be able to work, or get sick, and that there are financial provisions in place for their family should they pass away. While they contribute a small premium, they will receive an outsized financial benefit should they claim in comparison to the immediate cost.
As it relates to the business, providing comprehensive employee benefits positions the company as an employer of choice, because the organisation shows that it cares for its staff. It also demonstrates that the employer considers their staff to be valuable, which is a powerful means to attract and retain the best talent.
Protect the future
The human psyche is hardwired to choose instant gratification over receiving a potentially greater reward or benefit sometime in the future. People generally tend to discount the value of rewards they’ll receive in the distant future due to a disconnect between what the present self believes will benefit the future self. In this model there is an opportunity cost involved in relation to what someone could afford now by rather spending the insurance premium on items or services that satisfy their more immediate needs.
This is the fundamental reason why insurance is considered a grudge purchase. We ultimately pay a premium every month towards an intangible benefit that will only be realised if and when a claim is made. And, in the case of insurance, that benefit is only realised when something horrible happens — another reason people shy away from examining this basket of products.
The best way to combat this innate psychological reasoning is through continued education, which can help people understand the purpose and the prolific impact that insurance will have on their lives should they ever need to claim. This requires contextualising the possible implications for an individual five to ten years from now, illustrating in real-world terms how different their situation could be in a worst-case scenario, both with and without appropriate insurance. This is a stark but effective means to demonstrate the need for adequate cover.
5 Insider Tips Every Trader Needs to Know
Here are five insider tips that every trader needs to know.
Like in every profession, there are a lot of figures circulating regarding how many forex traders actually make money, and how many traders lose more money than they earn. We are not going to launch into speculations that we can’t prove with accurate statistics. However, there is one thing we can say without citing any official sources: there are more people losing money than those earning.
Why? The answer can be found in the annals of human psychology. Some go into forex expecting to get rich overnight, while others do not (understandably) have the time to dedicate themselves fully to this activity. So what can you do, concretely, to join the group of people earning money? Here are five insider tips that every trader needs to know.
1. Choose a Methodology and Stick With It
Even before executing your first trade, you need to have a rough idea on what you will base your decisions on. In this sense, you must know what intel you will need to make the appropriate decision, like when to enter and exit a trade, which timeframes are the best (more on that later) and so on and so forth.
Some people are partial toward fundamental factors (foreign investments, inflation, unemployment rates, and other economic indicators), coupled with a chart, for executing a trade. Others prefer the raw numbers and stats of technical analysis.
But, whichever methodology you choose, make sure to be consistent and that it is adaptive, as there is no objective way to tell if one is truly better than the other. The most important thing to consider is whether or not your methodology and the strategies built around it are adaptive enough to keep up with the changing dynamics of the forex market.
2. Always Calculate Your Expectancy
Expectancy is a formula that traders use to determine how reliable their trading system is. It involves going back in time to your previous trades (a journal will come in handy here), measuring how many traders were winners versus losers, and then finding out how profitable your winning trades were as opposed to how much money was lost after bad trades. The formula is as follows:
E=[1+(W/L) x P – 1, wherein W is the average winning trade, L represents Average Losing Trade, while P is Percentage Win Ratio.
3. Define Your Trading Goals and Build a Strategy Fitting of Your Personality
Most forex beginners come into the market thinking that they know everything that one could possibly know, without any sort of long term plan or concrete goals. This is the one mistake that eventually leads most traders to quit forex, because the reality of the market – and the trade itself – will hit them straight on sooner rather than later.
Therefore, the first thing you need to do is set a couple of goals. Start small and realistic at first – do not set yourself for winning a ridiculous amount of money in the first months because you will be sorely disappointed.
After setting the goals, you can start looking at various trading strategies and see which ones will help you achieve these goals and, most importantly, whether or not they are a good fit for your personality.
Some helpful questions to ask in this case are in the lines of ‘’Do I feel comfortable holding positions overnight?’’ or ‘’How much risk am I willing to assume for a given trade?’’, ‘’Am I more comfortable following a trend or betting against it?’’, ‘’Will I trade to gain some additional income, or full time?’’. Another equally viable method which will help you asses your strengths and weaknesses is doing a personal SWOT analysis.
4. Make use of Multi Time Frame Analysis
Regardless of whether you are a swing, day or long term position trader, it is highly recommended you always approach trading in a top-down fashion. This technique involves starting with a higher time frame chart and gradually zooming down to your current trading time frame chart. By doing this, you can get a ‘’big picture’’ view of the price action.
This tip is important because many traders commit the grave error of building their trading decisions around the time frame in which they are currently trading. For instance, when a trader sees a hammer candlestick pattern on a five-hour chart, they push forward with the trade without considering what might happen in the following time frame. What you are doing here is similar to a game of chess – you have to think a few steps ahead and choose your forex trading products and tools wisely in order to land a successful trade.
5. Do Not Use More Indicators Than Necessary
Indicators are simply visual representations of market realities that show things such as price movements, patterns and the like. As useful as they are, after trading for a while, you will soon realise that at some point they become quite counterproductive.
Many traders will tell you that the only indicator that you need is price, and everything else is there just to make one understand how the market got to that point. And since succeeding in the forex market is mostly about getting in on a trend before anyone else spots it, you can probably guess why over-crowding your monitor with indicators is not such a good idea.
Whatever some might tell you, forex is not a walk in the park. Like everything in life, it takes hard work and dedication to reach the point where you can state without doubt that you have achieved excellence. However, even the most dedicated and hard-working traders need a push in the right direction in the form of some lesser known insider tips that only traders will know. Hopefully, the tips in this article will provide you with the insight necessary to take your trading efforts to the next level.
How Sasfin Bank Is Beyond A Banking Platform – The Evolution Of B\\YOND
From opening a business bank account in one day to advanced business analytics at the touch of a button, B\\YOND is asking business owners what they need most from a banking platform — and delivering on it.
- Visit: www.sasfin.com/bank/byond/
- Call: 0861 SASFIN for more information
Imagine you pay millions each month in rebates. The thousands of transactions are batched and go out on the first of each month. What happens if a few are incorrect and the entire batch is rejected and needs to be recaptured?
For one business owner, the entire process meant that he always needed to be available at the beginning of the month and customers were often paid late, creating a reputational risk for his business and limiting his opportunity to grow his portfolio with existing clients.
It was a huge pain point that many entrepreneurs share, and one Sasfin’s online banking platform, B\\YOND was determined to fix. “We asked real business owners to tell us what the banking issues were that they either hated the most, or that affected their businesses the most,” says Rodger Dunn, Head of Transactional Banking at Sasfin.
“This is just one problem we’ve solved, and since joining our platform, that same entrepreneur can now work remotely, knowing that his rebates will be paid on time, even if a few transactions need to be fixed.”
The Evolution of B\\YOND
What do business owners need most? What are their pain points and what tools will help them make money, save money and be more efficient? How can we deliver these solutions in a simple-to-use, intuitive way?
These are the questions that Sasfin’s B\\YOND team sat down to answer when they began working on their new online banking platform. In addition to offering business owners a platform where they can transact online, they wanted to build a strategic business tool that solved real everyday problems for entrepreneurs.
“We launched in March this year with a platform that offered much more than the normal functionality of online banking,” says Rodger.
“Through B\\YOND, our customers are able to apply for a business bank account online; perform their own payroll management; create and send personalised quotes and invoices directly from the platform; manage revenue and expenses; and connect their Sasfin Bank transactional data with Xero, the fastest growing Cloud-based accounting software provider in the world.”
For B\\YOND users, this was just the beginning. “Customers already on the platform will find additional functionality being added regularly,” explains Rodger.
“We have a vision, but we are also listening to our customers. Within the core team are two business owners who bring key insights to the product, but we also have a closed group of businesses that regularly test new functionality.”
B\\YOND’s key competitive advantage is how the entire platform integrates traditionally disparate functionality into one portal. “Everybody offers an accounting package, transactional banking, a credit card and so on,” says Rodger. “However, B\\YOND’s platform integration and how we make everything work together is our advantage, because that’s how we save customers the most precious commodity: Time.
“Let’s use Xero as an example. Instead of manually populating payments, with Xero you get secure, direct daily feed integration from your Sasfin bank account into your accounting software.”
Removing banking barriers
“B\\YOND’s Cloud platform enables us to take any manual process and make it digital. The benefits of this are endless, but we started at the beginning of a banking journey and worked our way up from there,” says Rodger.
“If you want to open a business bank account, you generally need to meet with your banker or stand in a long queue at a branch. If there’s more than one shareholder or director in the business, multiple parties need to be at that meeting. Once the bank has laid out its value proposition and you agree to go ahead, you then have documentation to fill in, which everyone needs to sign.
“As a result, setting up a business banking account can take up to a few weeks with multiple in-person engagements. We saw an opportunity to change that by creating a seamless, online process. If you have everything you need, you can have a business bank account up and running on the same day that you begin your application.”
How has Sasfin managed to fundamentally change this time-consuming and paper-based process? “We’ve taken something that’s serial in nature and split it into parallel processes,” explains Rodger.
“Our objective is to remove as much of the friction and barriers of opening a business bank account as possible. We’re a technology-based business, but we’re also high-touch. Technology should be an enabler, it shouldn’t take the place of people or complicate processes. We understand that business owners don’t only want to deal with a platform. They want consultants who understand their business and needs.”
Thinking out the box
As an alternative bank, Sasfin has looked for ways to make business banking more efficient and supportive of entrepreneurial needs, while lowering the costs for clients.
One way this has been achieved is through a branch-less and ATM-less environment. Sasfin customers can draw money for one flat fee from any ATM across the country.
“You’re paying for usage, instead of an entire infrastructure you hardly ever use,” says Rodger.
B\\YOND plays a key role in this value proposition. “Instead of migrating businesses onto different platforms as they grow and evolve, we’ve kept things simple. More people and money generally means more controls. As businesses grow and more people need access to the banking platform, the system becomes complicated and more expensive. Those platforms were designed for large corporates, not growing entrepreneurial businesses.
“We have reduced the costs and complexities that corporate-focused platforms often come with. Our platform allows you to bank in a manner that supports your particular type of business, for example the platform caters for one or many users in a business with view access that aligns to the person’s role in the business.”
Another key functionality that B\\YOND has added is client classifications. Everything can be tagged and categorised. At the click of a button a full recon can be pulled, showing what was spent. All recons can be done directly from B\\YOND’s banking platform.
Looking to the future
There is a lot still to come. “We are building one single platform that you can run your entire financial management through.
“Our three-year goal is for B\\YOND to be a business analytics tool that entrepreneurs can access through their Internet banking platform,” explains Rodger.
Bank outside the box
The Sasfin Transactional Banking Business Account is designed for SMEs that want to focus on what they’re most passionate about — their business — while their banking platform sweats the small stuff, but also helps manage and grow their business.
- Do you spend unnecessary time on banking?
- Does your bank pay you market-leading interest rates?
- Does your bank give you easy cash management in real-time?
- Would you like to manage your payroll and invoicing from your bank account?
- Does your bank help you keep track of your cash flow, manage your admin, and provide tools to help run your business successfully?
Sign up today and have access to a whole new world of better banking for your business.
Types of Businesses to Start2 days ago
(Infographic) 5 Best Online Businesses To Start Before The Year Ends
Women Entrepreneur Successes2 weeks ago
5 Crucial Start-up Lessons From Sibongile Manganyi-Rath Founder Of Indigo Kulani Group
Company Posts2 weeks ago
Spartan Has Financing That Is Designed For Your Business
Start-up Advice2 days ago
(Infographic)The Do’s And Don’ts Of Naming Your Business
Entrepreneur Today1 week ago
Africa’s Own Aspiring Extraterrestrial Calls On African Innovators To Apply For The #Africa4Future Initiative Before 30 November
Women Entrepreneur Successes1 week ago
Third Prize Winner Of The Workspace/MiWay Competition Shares Top Lessons Learnt
Investing1 week ago
Are You Keeping All Your Eggs In One Basket? Here’s Why You Need To Diversify Your Offshore Investments NOW
Entrepreneur Profiles3 days ago
Tim Hogins Started Out As A Security Guard, Today His Has A Turnover Of R150 Million And Has Self-Funded Three Huge Lifestyle Parks