Connect with us

Business

Businessmen Need To Understand These Principles For Successful Small Business Management

mm

Published

on

Aligning and coordinating the aspects of running a small business is small business management. It includes managing the employees, suppliers, finances, drafting the road map and performing all the daily tasks required by the business.

What constitutes a small business?

99.7 percent of all companies in the United States are characterized as small businesses according to the US Census Bureau. There is no special draft to characterize this but a company that has less than 500 employees falls in the category of a small business. The management and operations of these businesses are different from that of the large organizations.

Small businesses can get contracts and business loans from the government easily as compared to the corporations. Tools, to generate invoice online, and carry out several other features, are made available to compete against larger businesses. Small businesses run on limited budgets, have less bureaucracy and mostly cater to regional geographic areas when compared to large companies.

It is expected from small businesses to have good quality and niche items that the customers can trust blindly, and that can survive in the market. Small businesses undoubtedly need to create better products and services. And not just that, they also need to reach out to an authentic SEO agency that would help with the proper SEO and marketing for their websites.

How to manage a small business?

The owner and the manager have to combat the challenges while working on the small business. These challenges are unique to every business and thus the same plans cannot be repeated/ copied by the other.

One needs to have basic knowledge of the principles of small business. Secondly, one needs to be aware of how to handle the finance for the business and human resource. It is important to understand the laws and regulations related to the business.

For small businesses to keep growing and achieving success, it is important they manage their finances well and do not take too many financial risks at the start. The more knowledge the owner/manager gets on the management of small business the better the business will thrive.

The idea of Bigtime Daily landed this engineer cum journalist from a multi-national company to the digital avenue. Matthew brought life to this idea and rendered all that was necessary to create an interactive and attractive platform for the readers. Apart from managing the platform, he also contributes his expertise in business niche.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Retire Smart, Save More: How MDRN’s Virtual Planning Model Can Slash Retirement Costs

mm

Published

on

The media is calling it a “retirement crisis.” Millions of Americans are arriving at retirement age woefully unprepared.

Some studies suggest that 45 percent of the Baby Boomers have no retirement savings, while 28 percent of those who have started saving have less than $100,000 put away. Consequently, many Americans now living in retirement or approaching that season are looking for ways to cut back on their expenses.

Aaron Cirksena, founder and CEO of MDRN Capital, has a solution for those looking to retire smart and save more. His firm’s completely virtual model increases retirees’ spending power by decreasing the fees associated with retirement planning.

“Our unique approach to providing retirement planning services allows our clients to experience significant savings when compared with the traditional model of investment management and retirement planning,” Cirksena shares. “When we did away with the overhead expenses that stem from operating a brick-and-mortar office, we were able to create a fee solution for our clients that is lower than the typical advisor. On average, our fees on the entire client portfolio tend to run 30 to 40 percent lower than the typical advisor operating under a conventional model. Additionally, we can provide services like estate planning, tax planning, and tax preparation at no additional cost.”

MDRN Capital is revolutionizing retirement planning by offering a comprehensive range of services, including income planning, investment management, tax planning, healthcare, and estate planning, in a setting that exceeds the efficiency and effectiveness traditional providers are able to offer. Unlike traditional firms, MDRN Capital leverages the power of digital tools to deliver comprehensive services without the need for in-person meetings, allowing clients to enjoy their retirement while their financial needs are expertly managed.

“My goal with MDRN Capital was creating a completely virtual firm that could more efficiently provide the convenience clients wanted while also meeting their ongoing investment needs,” Cirksena shares. “MDRN Capital’s virtual model empowers an environment in which we could serve our clients with less costs to the firm and pass the savings on to them.”

Financial planning for the new normal

MDRN Capital’s innovative approach to retirement advising emerged as a result of Cirksena’s experience during the COVID-19 pandemic. Due to social distancing, advising during the pandemic shifted to virtual appointments. When social distancing was no longer necessary, Cirksena expected his clients would resume their pre-pandemic patterns. He was wrong.

“My clients let me know they preferred the comfort and convenience of virtual meetings to the hassles associated with having in-office meetings,” Cirksena says. “They didn’t miss sitting in traffic and searching for parking spaces, and I couldn’t blame them. Even the clients who lived only a few minutes away decided they would rather meet via Zoom than have a face-to-face meeting in our nice Class-A office space.”

MDRN Capital was designed to meet the client expectations that emerged during Covid. By leveraging technology to take his services to his clients rather than expecting them to come to him, Cirksena made advising more convenient and more cost-effective at the same time.

Financial savings for struggling retirees

Recent studies show the high inflation the US has been experiencing has a larger than average impact on many retirees. In response, many are looking to tighten their belts by cutting back on spending, but reducing the fees associated with retirement accounts is something few consider.

“For retirees, lower gas and grocery costs are certainly helpful,” Cirksena says. “However, cutting their investment management costs in half puts dramatically more money in their pocket over time than lower prices on goods ever could.”

To understand the impact MDRN Capital’s approach can have on retirees, consider that $250,000 earning seven percent over 20 years will grow to $967,421.12. Factor in a 1 percent fee, and growth is limited to $801,783.87, but raising the fee to 2 percent causes earnings to fall to $721,034.70.

Cirksena points to his industry’s failure to embrace modern technology as one reason why investment fees remain high.

“Unlike many industries that have used and adopted technology for decades to help lower costs and make services more efficient, the financial services sector has lagged behind,” he explains. “Many firms continue to incur unnecessary overhead and expenses, which their clients pay for in the form of elevated fees.”

The virtual investment environment Cirksena has created moves retirement planning into the future. It provides a financial service experience that is convenient, comfortable, and efficient while also ensuring that none of its clients’ investment potential is wasted on unnece

Continue Reading

Trending