Categories
Operations

Zoho Invoice To Grow With Your Business

Getting paid is one of the most important elements of running a small business. Unfortunately, creating invoices and managing payments from customers can be complicated. That’s where Zoho Invoice comes in.

Zoho Invoice is an online invoicing and payments tool built for small businesses. But it’s designed to scale with users as they grow as well.

The tool has been serving small businesses since 2008, constantly updating with new features through the years. Recently, Zoho announced a series of updates aimed at helping small businesses through a challenging time.

Zoho Invoice Product Expert Harikrishna told Small Business Trends, “We’ve been focused on helping businesses making the transition from traditional to online. We really wanted to get ahead and support our customers, especially small businesses that have been most affected this year.”

Zoho Invoice

The invoicing and payments tool within the Zoho One suite, Zoho Invoice has been downloaded more than 100,000 times. And businesses across more than 160 countries have used it.

The tool is meant to be scalable. Freelancers can use it to send out simple invoices. And businesses can use it to automate various parts of the payments process. It’s popular with everyone from musicians to consultants to retail shops.

Features include invoicing, expense tracking, project billing, and even client communication. Basically everything revolves around the main goal of helping users get paid faster.

Invoicing

Zoho Invoice gives users the ability to customize their invoicing process. There are more than 15 invoice templates available. And you can customize each one further once you get started. Invoices are available for both goods and services. And you can set them up to send one time or to send on a recurring basis.

There are also custom project billing options for those who charge on an hourly or per-project basis. You can set up time sheets or even use timers within the Zoho app and customize the amount charged for time on each specific task.

Zoho also allows you to send estimates and collect payments at various parts of the process. For example, users can get an estimate approved, then send out an invoice for their initial retainer fee. Then they can later go back and collect payment for the rest once the project is complete. There are even options for setting up payment approvals to multiple stakeholders within a company. And of course, you can send these out via various channels like texts, email, or a customer portal so your clients can respond quickly.

Beyond Invoicing

Zoho Invoice users can also take advantage of features for managing expenses and other payments. There are options for tracking both billable and non-billable expenses. For example, you can include materials purchased for a project, mileage used to meet with clients, and even parking meter fees. The app even lets users scan receipts and mark up expenses by a given rate to bill clients accordingly.

Another unique feature is the customer portal. This gives end users all of their billing info, estimates, and statements in one place. They can also access contact info or chat with users right in the app. The whole experience is designed to make things as easy as possible for end users, so those sending invoices and estimates can get responses quickly.

Zoho Invoice Product Expert Sachin Nishil told Small Business Trends, “This lets customers chat directly with you within the portal. So if they have questions or want to discuss something, it simplifies that process for both sides.”

Payments

When it comes to payments, Zoho Invoice also offers plenty of customization. There are both global and local payment modes available. Options include direct deposit, credit and debit cards, cash, check, and various local platforms.

They’ve also added late and partial payment options. So if a client isn’t able to pay everything up front, they can still send what they have. And users can set up reminders or fees for late payments. This is also designed to save companies time on running down clients to collect on those invoices.

Nishil adds, “We often have customers say that the software saved me this many hours that I would have spent reminding customers about payments and doing other very simple tasks.”

Compliance

There are several compliance issues to contend with when it comes to payments and communication with customers. But Zoho Invoice has thought of that too. The tool offers country specific compliance options for businesses that operate in a specific area. And there’s a global edition for those who operate internationally. These are made with compliance standards like ISO 9001 and GDPR in mind.

The self service portal and invoicing options also offer a wide array of languages and currency options to fit the needs of global customers.

New Features

Zoho Invoice is constantly taking input from customers into account. So trends like mobile payments and quickly pivoting to online sales have already made an impact on the platform.

To facilitate easier invoice payments on mobile devices, Zoho recently unveiled QR codes.

Harikrishna says, “The percentage of payments being made on mobile devices is on the rise. So when you send invoices with this option, the end customers can just scan the QR code and pay right through mobile. We’re not even a month in with this feature and many of our customers are already noticing results.”

Zoho also recently added payment links. This feature is designed to help those who want to simplify the invoicing process even more. It may be especially relevant for companies that sell products directly to consumers after pivoting online this year.

Zoho Invoice Built to Grow With Your Small Business [Smallbiztrends]

About Our GE Network Expert - Min Tang

Categories
Entrepreneurship

What Does It Mean To Be An Entrepreneur?

 

 

What does it mean to be an entrepreneur? It’s more than being a business owner; it’s a perspective and a lifestyle.

The road to entrepreneurship is often a treacherous one filled with unexpected detours, roadblocks and dead ends. There are lots of sleepless nights, plans that don’t work out, funding that doesn’t come through and customers that never materialize. It can be so challenging to launch a business that it may make you wonder why anyone willingly sets out on such a path.

Despite all of these hardships, every year, thousands of entrepreneurs embark on this journey determined to bring their vision to fruition and fill a need they see in society. They open brick-and-mortar businesses, launch tech startups or bring a new product or service into the marketplace.

What does an entrepreneur do?

An entrepreneur identifies a need that no existing businesses addresses and determines a solution for that need. Entrepreneurial activity includes developing and launching new businesses and marketing them, often with the end goal of selling the business to turn a profit.

An entrepreneur who regularly launches new businesses, sells them and then starts new businesses is a serial entrepreneur. Additionally, although the term “entrepreneur” is often associated with startups and small businesses, any founder of a successful household-name business began as an entrepreneur.

If you want to become an entrepreneur but worry you don’t have the money for it, your finances don’t have to stop you from achieving your goals. Many entrepreneurs seek the initial funding for their pursuits from external sources such as angel investors, who may provide entrepreneurs with capital to cover startup costs (or, later, expansion costs.) If you can demonstrate a high growth potential for your business, you can also turn to a venture capitalist, who offers capital in exchange for receiving equity in your company.

Examples of successful entrepreneurs

Many household-name businessmen exemplify entrepreneurial success. Here are just a few examples:

  • Steve Jobs, the late tech leader who started Apple in a garage and grew it to the dominant tablet, smartphone and computer company it is today.
  • Bill Gates, the Microsoft creator and founder who has often been listed as the world’s wealthiest individual and has become a global leader on pandemics and how to handle them.

What motivates entrepreneurs to venture forth when so many others would run in the opposite direction? Though each person’s motivation is nuanced and unique, many entrepreneurs are spurred on by one or more of the following motivators:

  • Autonomy: Entrepreneurs want to be their own bosses, set their own goals, control their own progress and run their businesses how they see fit. They recognize that their business’s success or failure rests with them, yet they don’t view this responsibility as a burden but, instead, as a marker of their freedom.
  • Purpose: Many entrepreneurs have a clear vision of what they want to accomplish and will work tirelessly to make that happen. They genuinely believe they have a product or service that fills a void and are compelled by a single-minded commitment to that goal to keep pushing ahead. They abhor stagnation and would rather fail while moving forward than languish in inactivity.
  • Flexibility: Not everyone fits into the rigidity of traditional corporate culture. Entrepreneurs are often looking to free themselves from these constraints, find a better work-life balance or work at times and in ways that may be unconventional. This doesn’t mean they are working fewer hours – often, especially in the early stages of growing a business, they work longer and harder – but, rather, they’re working in a way that is instinctual for them.
  • Financial success: Most entrepreneurs realize they aren’t going to be overnight billionaires, but that doesn’t mean they aren’t interested in the potential of making a ton of money from a hugely successful business over which they have full control. Some want to establish a financial safety net for themselves and their families, while others are looking to make a huge profit by creating the next big thing.
  • Legacy: Entrepreneurs are often guided by a desire to create something that outlasts them. Others want to create a brand that has longevity and becomes an institution. Another group wants to pass on a source of income and security to their heirs. There are also those entrepreneurs who hope to make a lasting impression on the world and leave behind an innovation that improves people’s lives in some tangible way.

How to become an entrepreneur

If you’re contemplating entrepreneurial activity, you should first identify which of the above motivators serve as your guiding force. Then, consider if you have the specific character traits and attributes that will enable you to thrive as an entrepreneur.

To help you determine if you’ve got what it takes, here’s what 25 company founders and business leaders told Business News Daily about what they think makes a truly successful entrepreneur.

  1. “Entrepreneurship is at the core of the American dream. It’s about blazing new trails, about believing in yourself, your mission, and inspiring others to join you in the journey. What sets [entrepreeurs] apart is the will, courage and sometimes recklessness to actually do it.” – Derek Hutson, president and CEO of Datical
  1. “Entrepreneurship is a pursuit of a solution, a single relentless focus on solving a problem or doing something drastically different from the way it is done today. [It’s] aiming to do something better than it’s ever been done before and constantly chasing improvement.” – Blake Hutchinson, CEO and small business expert at Flippa
  1. “Entrepreneurship is … the constant hunger for making things better and the idea that you are never satisfied with how things are.” – Debbie Roxarzade, founder and CEO of Rachel’s Kitchen
  1. “At its core, [entrepreneurship] is a mindset – a way of thinking and acting. It is about imagining new ways to solve problems and create value. Fundamentally, entrepreneurship is about … the ability to recognize [and] methodically analyze [an] opportunity and, ultimately, to capture [its] value.” – Bruce Bachenheimer, clinical professor of management and executive director of the Entrepreneurship Lab at Pace University 
  1. “The most successful entrepreneurs are the ones who possess grit. Grit is made up of persistence, passion and resilience. It’s the passion to achieve long-term goals, the courage to try again in the face of rejection, and the will to do something better than it has been done before. The most successful entrepreneurs tend to be gritty ones … they do not give up until they exceed their goals. When the going gets tough and they get knocked down, gritty entrepreneurs bounce right back up and try again.” –Deborah Sweeney, CEO of MyCorporation
  1. “The ability to listen, whether it be to the opinions of customers or employees, is also integral to success. While … you must have the confidence to make your own choices, it is still incredibly important not to become detached from the people whose needs you are trying to meet.” – Tirath Kamdar, founder and CEO of TrueFacet
  1. “Being an entrepreneur is like heading into uncharted territory. It’s rarely obvious what to do next, and you have to rely on yourself a lot when you run into problems. There are many days when you feel like things will never work out and you’re operating at a loss for endless months. You have to be able to stomach the roller coaster of emotions that comes with striking out on your own.” – Amanda Austin, founder and president of Little Shop of Miniatures
  1. “To be a successful entrepreneur, you must have a passion for learning – from customers, employees and even competitors.” – James Bedal, president and CEO of Bare Metal Standard
  1. “Entrepreneurship is, fundamentally, the art and science of building profitable systems to help people in ways that other systems do not. The core competency of the entrepreneur is not business acumen or marketing ability but rather empathy – the ability to understand the feelings and needs of others.” –Logan Allec, CPA and owner of Money Done Right

  2. “Being a successful entrepreneur also means being a good leader. Leadership is the ability to bring people to a place where they want to follow you, not feel like they are forced to follow you. This takes investing in your team personally. They must know you’re not only going to hold them accountable and drive them to be better, but [you will] also look out for them when they are struggling. It’s not transactional, it’s a relationship.” – Steve Schwab, founder and CEO of Casago
  1. “Entrepreneurship is the ability to recognize the bigger picture, find where there’s an opportunity to make someone’s life better, design hypotheses around these opportunities and continually test your assumptions. It’s experimentation: Some experiments will work; many others will fail. It is not big exits, huge net worth or living a life of glamour. It’s hard work and persistence to leave the world a better place once your time here is done.” – Konrad Billetz, co-founder and co-CEO of Offset Solar
  1. “A key skill an entrepreneur must possess is self-awareness. An entrepreneur must know who they are and what they need. Self-awareness is the first step for an entrepreneur to build their team.” – Krystal Nelson, founder of Impakt Consulting
  1. “[Entrepreneurs] have to be people-oriented. Your business will die without a good team to back you up. Study management techniques, learn from great leaders, [and] review where you’re succeeding and failing so you can help others improve. An entrepreneur has to be able to build a team who cares about its work, and to do that, you have to care about how you create your team.” – Jonathan Barnett, president and CEO of Oxi Fresh Carpet Cleaning
  1. “To be a successful entrepreneur, you need perseverance. Most successful business people or entrepreneurs have never given up on their idea. When challenges arise, they have found innovative ways of overcoming them. You must be able to adapt to changing economic conditions, and innovate and embrace technological advances to keep your customers engaged. These things take determination and a strong focus on the end goal.” – Stacey Kehoe, founder and director of communications of Brandlective Communications
  1. “Entrepreneurship is the mindset that allows you to see opportunity everywhere. It could be a business idea, but it could also be seeing the possibilities in the people who can help you grow that business. This ability to see many options in every situation is critically important; there will be unending challenges that will test your hustle.” – Preeti Sriratana, co-founder and chief strategy officer of Sweeten
  1. “Entrepreneurs and business owners definitely need to get used to taking risks … You have to get comfortable being uncomfortable. Trying to grow a company or execute on an idea is difficult. It’s not always going to be roses and unicorns. At some point, you’re going to run into issues, lose customers and have financial constraints. It’s at this point you need to get back on the horse and take another risk, whether it’s in the form of a new product, new marketing campaign or a new customer recruitment strategy.” – Mathew Ross, co-founder and COO of Slumber Yard
  1. “Successful entrepreneurs look past [the] ‘quick buck’ and instead look at the bigger picture to ensure that each action made is going toward the overall goal of the business or concept, whether or not that means getting something in return at that moment.” – Allen Dikker, founder and CEO of Potatopia
  1. “Being an entrepreneur is ingrained in one’s identity. [It] is the culmination of a certain set of characteristics: determination, creativity, the capacity to risk, leadership and enthusiasm.” – Eric Lupton, president of Life Saver Pool Fence Systems
  1. “Entrepreneurship is an unavoidable life calling pursued by those who are fortunate enough to take chances. [They are] optimistic enough to believe in themselves, aware enough to see problems around them, stubborn enough to keep going, and bold enough to act again and again. Entrepreneurship is not something you do because you have an idea. It’s about having the creativity to question, the strength to believe and the courage to move.” – Jordan Fliegel, managing director of Techstars
  1. “You may need to also be a bit of a contrarian. Sometimes it takes a person who thinks differently than the herd to start something new and defy the odds.” – Akshay (Asher) Khanna, founder of CareClinic
  1. “Entrepreneurship is seeing an opportunity and gathering the resources to turn a possibility into a reality. It represents the freedom to envision something new and to make it happen. It includes risk, but it also includes the reward of creating a legacy.” – Maia Haag, co-founder and president of I See Me! Personalized Books and Gifts
  1. “An entrepreneur must be able to accept failure. Everyone thinks they can accept failure until they come face-to-face with failing at a major thing they have put their everything into. To be a successful entrepreneur, you have to be someone who is able to risk failure at the deepest personal levels.” –Steven Benson, founder and CEO of Badger Maps
  1. “[Entrepreneurs] must be able to pivot. If something isn’t working, keeping at it won’t make you successful. But changing your approach, changing your business model, changing your plans to make it work is the power of the pivot. You’re adaptable regardless of what’s thrown at you.” – Michael Maher, chief idea officer of Matters of the Cart
  1. “Entrepreneurship is about always moving forward: never stopping, never allowing self-doubt or fear to take over, and believing wholeheartedly that even a wrong decision is better than no decision.” –Adam Sherwin, founder of Viakix
  1. “Entrepreneurs are the dreamers and the visionaries. Without them, the world stagnates and progress stops. Society needs entrepreneurs the same way the body needs air.” – Cynthia Kirkeby, founder and CVO of Seasonally Fresh

Entrepreneurship Defined: What It Means to Be an Entrepreneur[BusinessNewsDaily]

About Our GE Network Expert - Min Tang

Categories
Technology

Professional AV Control Solutions Are a Wise Investment for Entrepreneurs

If there is one thing entrepreneurs’ value more than a good idea, it is time. With only 24 hours in each day, we know that we cannot be spending most of it dealing with small technical issues. That is why professional AV control solutions like neets.io is an incredibly prudent investment for those who conduct meetings with clients, freelancers, or employees. Neets takes away most of the technical issues from switching between physical and virtual meetings to save you time.

Neets Makes the Conference Room Much Smarter

If you have a conference room of any size, it can be a time waster to get it set up whenever you need to use it. This does not even factor in any issues that may arise that could prevent the meeting from happening at all. And, what if you want to use that workspace for virtual meetings? Is it equipped to be effective for what you need?

For those unsure, Neets can provide exactly what you need. For in person meetings, it will act as the brains for the conferencing room. It can turn on the lights the second you walk in, have your projector activated when you open your laptop, and share your display at the click of a button. It completely removes the need for cables and remotes and allows you to be more efficient with your time.

Moreover, Neets is also an expert in video conferencing. One of their signature products is Solvo. This product will allow you to connect to your favorite video conferencing application (Zoom or Skype), and be able to use all your AV equipment (projectors, lights, etc.), just by connecting a USB cord to your laptop. With this product, you can turn any small room into a video conference room in seconds.

Categories
Business Trends

The Rise Of Disney Streaming

In 2021, the biggest US beneficiary of the streaming bonanza will be Disney. After a plethora of streaming competitors launched in 2020, Netflix still added a substantial number of subscribers. As impressive as Netflix’s sustained dominance was Disney+’s ability to quickly gain viewers. These developments show there’s room for multiple services to thrive in this fast-growing market.

But no other new US streaming service had a debut like Disney+ did—we estimate that it will reach 72.4 million US monthly viewers in 2020, its first full year in service. We forecast that more than one-fifth of the US population will use Disney+ this year, and in 2024, more than one-third will. So far, other streaming entrants suffered from distribution limitations, confusing branding, or a lack of quality programming. None of these problems have hampered Disney+, which will become the third most popular US streaming service by the end of 2024.

There is still plenty of time for other streamers to gain adoption. But other recent entrants into the streaming wars will struggle to immediately make a dent in the market.

During the pandemic, streaming has been one of few successes for The Walt Disney Co., which has suffered with theme parks and theaters sidelined. The company reorganized its media division to further emphasize streaming. While other media conglomerates are also restructuring their businesses to focus more on streaming, Disney’s pivot is particularly consequential because it operates numerous streamers including Hulu, ESPN+, and its upcoming Star service, named after the India-based media company that Disney acquired. This move will further solidify Disney as a streaming leader alongside stalwarts Netflix and Amazon.

Disney+’s success matters to marketers because it represents streaming services becoming more reliant on subscriptions than on advertising. A massive and growing audience is unreachable with standard video ads, which bolsters other avenues for awareness campaigns such as outstream video and digital outdoor ads. Of course, there is room for both monetization strategies; digital video ad spending is growing, and Disney-controlled Hulu monetizes through ads.

Still, most time spent streaming happens devoid of advertising. The ad-free services Netflix, Amazon Prime Video, and Disney+ account for about half of all time spent with streaming, according to separate studies from Nielsen and Comscore. The other half is split between ad-free services (like Apple TV+), ad-reliant services (like Pluto TV), and hybrid services (like Hulu). When added together, there is a tremendous amount of streaming happening without ads, which is how many users like it. As Disney+ becomes more popular, the share of time spent with ad-supported streaming services will decline further. Marketers will need to take this into account when planning campaigns.

About Our GE Network Expert - Min Tang

Categories
Finance & Capital

Can an Entrepreneur have “Good Debt”?

Debt is something that weighs heavily on the minds of most entrepreneurs. Some debt may be necessary to launch your enterprise, but taking on too much debt can ultimately sink your business. The important thing to remember is that when you use debt responsibly and strategically to advance your business goals, it can be an effective way to enhance growth and opportunity.

Debt 101: The Basics

Chances are, you’ve had loans and debt. A car loan, student loans for college, a mortgage, and credit card debt that you have not paid off in full all count. The annual percentage rate (APR) charged against the principal amount you borrowed is considered the “cost” of the loan. The APR is what the bank or lender charges every month for letting you borrow funds. Some APRs are very low and have a lesser impact on your repayment amount. Other APRs can be very high —upwards of 20%—and add significant time to a loan repayment schedule.

Good debt is generally considered a worthy investment. Federal student loans for college or job training that can help you launch a career are considered “good debt” because of their tax-deductible low-interest rates. 

While auto loans may have a higher interest rate, if you purchase a budget-friendly car (not a BMW or Mercedes) that helps you grow your business, it can be a good debt despite the depreciating value.

Using Good Debt to Your Advantage

Here are two way to look at good debt:

  1. If your car loan is 6%, will having that asset help you earn at least 6% more than if you didn’t have the car? If you’re confident that the cost of the debt can easily be exceeded by the income you’ll earn, it may be a debt worth having.
  2. If you look at debt from an accounting perspective, you are “in debt” when what you owe is more than what you have (cash and material assets). When deciding if taking on a business loan is right for your business, look at the total amount you would owe on the loan and compare it to what you already own or have saved.

Successful entrepreneurship means making sure you are only incurring liabilities that will benefit your productivity and your business’s value. Don’t be afraid of increasing your liabilities – just make sure you do your homework to ensure the debt will increase your profitability. This is especially true when determining if it’s the right time to hire employees. Payroll is a debt or liability you’ll have to pay, but in return, you’ll have employees to help you increase business and cash flow.

Examples of Bad Debt

Bad debt is something that is working against growing your business. It’s money you spend every month that isn’t productive. Here are three examples of where bad debt can make an appearance.

  1. Perhaps your business is seasonal. In the off-season, cash flow dips, and incoming funds are reduced. It’s tempting to rely on credit cards to offer stability and balance during times like this. You assume the balance can be paid off in a few months once business picks up again, so you take on bad debt (with an outrageously high APR) rather than tightening the budget and slashing expenses.   
  2. Are you trying to keep a business model afloat that is no longer competitive in your market? Taking on more debt may seem like a more comfortable solution, but it’s a financial hole you may not recover from. Better to take a hard look at your business plan and do some market research to see if you can reposition for success.
  3. If you’re encountering early success with your business, it’s tempting to upgrade your lifestyle (trade in the budget-friendly car for a luxury model!) and reap the rewards of success. But remember, a business needs time to mature and develop a consistent cash flow. Give the business breathing room and time. Don’t let overconfidence put you in a position where an economic downturn or industry change will put you in a tough spot.

How to Avoid Bad Debt

The best way to avoid bad debt is to practice sound business practices to help your business grow and thrive. Here are a few:

  • Avoid wasteful spending and always look to minimize expenses.
  • Hire with a clear purpose and only when you can afford it.
  • Never overextend the business – even with “good debt.”
  • Have ample cash reserves and back-up plans to weather downtowns.

Staying aware of the difference between good debt and bad debt and how liabilities impact your business shouldn’t cause alarm. If anything, debt should be included in your business’ operating plan and funding options, and you should review it regularly to make sure it’s working productively. When you make wise choices about business loans and debt, you’ll be able to take your entrepreneurial ideas and turn them into a thriving, successful business enterprise.

About the Author | Katie Tejada is a writer, editor and former HR professional. She often covers developments in HR, business, recruiting, real estate, finance and law, but also enjoys writing about travel, interiors and events.