The steps you need to take to transform your bill and spend management from a chaotic mess that controls you.
The team knows that their current process of managing their bills is wrong, but they’re so overwhelmed that they don’t know where to start. It’s better for such a team to continue with the wrong process than to try to change. Something or someone has to come in and be that element of change. The current team can’t see the light at the end of the tunnel. They know that things need to get done regardless of how convoluted the process is.
So, what can you do to transform your bill and spending management? Below are steps you can take to start to take control of your spending management. A complete overhaul will take months but at least you can start to have quick wins to help keep the team morale up and start to break the cycle of torment.
1. Current Process
a. Carve out the time
b. Document the current process with the team member responsible for each task
c. Remove redundant and unnecessary steps in the current process
d. Implement updated process
2. Update Process with Automation
a. Implement software to automate the majority of the tasks
b. Softwaretraining c. Update process document
3. Embed the new process into the company culture.
Current Process
You can’t fix anything if you don’t know what you’re currently doing. So, the first step to take when transforming your process is to document it. Make sure to tag which team member does what in each step. This is a painstaking process; you must carve out the time to do this as a team. Blindly choosing any software and implementing something new can be a deterrent to giving your team the needed breathing room. The inertia of doing the current process will make it hard to find the time to document it, but you can’t skip this step.
By documenting your current process task by task, you can clearly see what redundant and unnecessary steps can be removed. The team will be able to see and question why they’ve been doing something one way instead of a more optimized way. Once all unnecessary steps have been removed, have the team try it out and see if it works. This is taking the tiny steps needed to find the right software in the future. Implementing a software on a crappy process will produce crappy and unsatisfactory results.
Update Process with Automation
Once you have figured out your new updated manual process, you can start looking at which tasks can be automated via technology such as Ramp or an industry-specific one. You won’t know what to use unless you’ve done the previous step and looked at your company’s technological needs as a whole. You can use software to help you remove the need to give employees direct access to the bank account or debit card to pay bills. Along with this new software, it’s imperative to have adequate software training to make sure the team is comfortable with the technology. If the team isn’t using the software, then what’s the point?
You can use software to schedule out payments, process the bills, pay vendors via ACH or check, collect all necessary vendor information, and automate the necessary approval workflows. If one of the changes you’re making to your process is to have standard payment days, make sure to alert your vendors and contractors of what days you process payments. This way, if they don’t get their bills to you in time, they’ll have to wait until the next round of payment processing. You control the bill processing, not the other way around. It also puts the onus on the vendors to make sure they’re on time and gives them the confidence to know the days they’ll always get paid.
Embed the New Process into Company Culture
Embedding this new process and software into the company culture will take the concerted effort of the team leading it. You’ll need to gradually remove avenues to the old process and forward all requests and needs toward the new process and software. Everything related to spending and bill management should be in one control center. Everyone in the company should automatically think of this software when they need to spend money. You’ll know you’ve succeeded when random team members come up to you and are excited about doing something in the software — “I finally used the reimbursement feature, and it was so cool!” or “Omg, I can’t believe how easy it was for me to increase my spend limit.”
I believe any new process should be easy and comfortable for the team. It shouldn’t be as cumbersome as your old one. If your team has more stress on top of their old stress, then you know you messed up. Implementing this new process can take up to 6 months to 1 year. Try not to rush your team; take time for each new step. Remember, people don’t like change. But, if you can show how much time they can save and any other benefits, they’ll slowly use the new process. Unless your team is so fed up and grasping for something to save them, you may have an easier time.
About the author:
Anwuli Chukwurah is a versatile finance professional with a track record of starting new finance organizations and scaling them for growth in fast-paced entrepreneurial environments. She has over 6+ years of experience working with small business owners, startups, and nonprofit organizations to help connect finance with their business goals. She aims to ensure her clients become comfortable and adept at navigating their numbers. She works with clients at Woolichooks and writes a newsletter for non-finance folks.
In today’s digital age, protecting your online presence is crucial. LinkedIn, as a professional networking platform, holds significant information about you and your career, which is why it’s important to make sure your account is secured. Here’s a step-by-step guide on how to secure your LinkedIn account using two-factor authentication (2FA).
Step 1: Log in to Your LinkedIn Account
Open your web browser and go to LinkedIn.
Enter your username and password to log in.
Step 2: Access Your Account Settings
Click on your profile picture at the top right corner of the page.
Select “Settings & Privacy” from the dropdown menu.
Step 3: Navigate to the Security Settings
In the left-hand menu, click on the “Sign in & security” tab.
Look for the “Account access” section.
Step 4: Enable Two-Factor Authentication
Under “Two-step verification,” click on “Turn on.”
You will be prompted to enter your password to verify your identity.
Step 5: Choose Your Verification Method
LinkedIn offers two verification methods:
Authenticator App: Recommended for stronger security. Apps like Google Authenticator, Authy, or Microsoft Authenticator can be used.
SMS Verification: Codes are sent to your mobile phone via text message.
Using an Authenticator App
Select the “Use an authenticator app” option.
Open your preferred authenticator app on your mobile device.
Scan the QR code displayed on the LinkedIn settings page using the app.
Enter the code generated by the authenticator app into the LinkedIn verification field.
Using SMS Verification
Select the “Use phone number” option.
Enter your mobile phone number and click “Send code.”
Check your phone for the verification code sent via SMS.
Enter the code into the LinkedIn verification field.
Step 6: Confirm and Save
Once you’ve entered the code, click on “Verify.”
LinkedIn will confirm that two-step verification has been successfully enabled.
Step 7: Backup Codes (Optional but Recommended)
LinkedIn provides a set of backup codes in case you lose access to your primary verification method.
Download or write down these codes and store them in a secure place.
Additional Tips for LinkedIn Security
Regularly Update Your Password: Change your password periodically and use a strong, unique password for your LinkedIn account.
Be Cautious of Phishing Attempts: Always verify the authenticity of emails and messages that appear to be from LinkedIn.
Review Active Sessions: Periodically check the list of devices logged into your LinkedIn account and log out from any unrecognized devices.
By following these steps, you can significantly enhance the security of your LinkedIn account and protect your professional network from potential threats. Stay vigilant and keep your online presence safe!
Texas has long been recognized as a hub of economic growth and opportunity, consistently setting records for job creation and economic expansion. Now, small businesses are the backbone of this success, employing nearly half of the state’s workforce and contributing significantly to Texas’s vibrant economy. In recognition of the vital role that small businesses play, the Governor’s Office of Small Business Assistance offers a wealth of resources to support both budding entrepreneurs and established business owners. Among these resources is the Governor’s Small Business Resource Portal, a comprehensive tool designed to provide tailored assistance and information to help businesses thrive in Texas.
Who Can Use It?
The Governor’s Small Business Resource Portal is invaluable for a wide range of users, including:
Aspiring Entrepreneurs: For those considering starting a business or becoming self-employed, the portal offers essential guidance and resources to help turn ideas into reality.
Early-Stage Start-Ups: Businesses in their initial stages (0-2 years old) can find targeted support to navigate the challenges of early growth.
Businesses Moving to Texas: Companies relocating to Texas can access resources to facilitate a smooth transition and integration into the local economy.
Established Businesses: Whether a small business with 1-3 employees or a larger enterprise with up to 100+ employees, the portal provides ongoing support and growth opportunities.
Benefits
The portal offers numerous benefits, including:
Tailored Assistance: Customized resource lists are provided so that users receive the most relevant information and support based on their specific needs and business stage.
Comprehensive Support: The portal covers a wide range of topics, from funding and licensing to business growth and networking.
Convenient Access: The portal is easy to use, with resources that can be printed or emailed directly to you.
Local and State Resources: Allows users to connect with local and state resources so that they can tap into regional support systems and opportunities.
Key Features
The Governor’s Small Business Resource Portal includes several key features:
Federal, State, and Local Resources
Business Advice and Growth Assistance
Funding Sources
Licensing and Permitting Information
Additional Specific Resources
Small Business Assistance Team Contact Information
How It Works
Using the Governor’s Small Business Resource Portal is straightforward and user-friendly. The process involves answering five simple questions to generate a customized list of resources. Here’s a step-by-step guide:
Fill in Your Current Business Position: Select the option that best represents your business’s current position. Choices include thinking about starting a business, early-stage start-up, moving to Texas, or established business with varying numbers of employees.
Add in any Special Business Designations: Indicate if your business is non-profit, veteran-owned, woman-owned, or minority-owned to receive resources specific to these categories.
Add Your Location: Provide your city in Texas to connect with local resources.
Select Your Industry and Business Type: Select your industry and the specific type of business. This ensures that the resources provided are relevant to your sector.
Specify Any State Agency Services: Specify any state agency services you are interested in, such as business registration, permit information, state taxes, or employer services.
Choose Any Additional Resource Options: Choose from additional resources, including start-up support, funding information, exporting advice, public procurement, networking, business training, and emergency management resources.
Once you complete these questions, this portal will generate a customized resource list that you can print or email for easy reference. This tailored approach ensures that you receive the most relevant and helpful information to support your business journey in Texas.
Hashtags may guide users to content relevant to their interests. When you attach hashtags to your posts, you index them under specific topics or themes. This allows your content to be discovered by individuals searching for or following those hashtags. For example, if you’re a fitness enthusiast posting about your workouts, including popular hashtags like #FitnessMotivation can help those with similar interests find and engage with your content.
Amplifying Reach
You can reach a broader audience beyond your followers by leveraging trending hashtags. When your post aligns with a trending hashtag, it becomes more likely to appear in searches or trending sections, exposing your brand to a broader demographic.
Fostering Community Engagement
Hashtags serve as community magnets, bringing together individuals with common interests, hobbies, or causes. Creating branded hashtags specific to your business can encourage user-generated content.
Organizing Content Campaigns
Hashtags organize and track content campaigns across various social media platforms. Whether running a promotional campaign, hosting an event, or launching a product, creating a unique hashtag for the initiative allows you to monitor its performance and measure engagement.
Conclusion
In conclusion, hashtags are vital for achieving visibility, engagement, and growth. By strategically implementing hashtags into your social media marketing, you can enhance discoverability, amplify reach, foster community engagement, and organize content campaigns.
Retirement often symbolizes the end of one’s career— a time to relax and enjoy the fruits of labor accumulated over decades of hard work. However, for some individuals, retirement marks the beginning of a new chapter filled with entrepreneurial aspirations and the pursuit of lifelong dreams. Contrary to conventional wisdom, starting a business after retirement is not only feasible, but can also lead to remarkable success. This article explores the phenomenon of entrepreneurship in later life, drawing inspiration from iconic examples such as KFC and Home Depot founders, among others.
The Rise of Late-Life Entrepreneurship:
In today’s rapidly evolving business landscape, age is no longer a barrier to entrepreneurial success. With advancements in technology, access to resources, and changing societal attitudes towards retirement, more individuals are venturing into entrepreneurship during their golden years. The decision to start a business after retirement often stems from a desire for personal fulfillment, financial independence, and the opportunity to leave a lasting legacy.
The Advantages of Starting a Business After Retirement:
Experience and Expertise: Retirees typically possess extensive experience and expertise gained throughout their careers. This knowledge base can be invaluable when starting a business, as they have likely encountered various challenges and developed effective problem-solving skills.
Skill Set: Years spent in the workforce often result in the acquisition of a diverse skill set. Retirees may have honed skills such as leadership, communication, project management, and networking, which are crucial for entrepreneurial success.
Financial Stability: Many retirees have achieved a level of financial stability by the time they retire. This financial security can provide a safety net when launching a business, reducing the stress associated with financial uncertainty.
Flexible Schedule: Unlike younger entrepreneurs who may have familial or career obligations, retirees often have more flexibility in their schedules. They can devote as much time as they desire to their business ventures without the constraints of a traditional nine-to-five job.
Access to Networks: Retirees often have extensive networks built over their professional lives. These connections can open doors to potential clients, partners, suppliers, mentors, and investors, facilitating the growth of their business.
Challenges and Considerations:
Limited Access to Startup Capital: Retirees may face difficulty securing funding for their business ventures, as traditional sources of financing such as loans or investors may be hesitant to invest in older entrepreneurs. This can necessitate creative solutions such as bootstrapping or seeking alternative funding options.
Technological Barriers: Keeping pace with rapidly evolving technology can be challenging for retirees who may not have grown up in the digital age. Learning to navigate new software, online marketing platforms, and e-commerce tools may require additional time and effort.
Health Concerns: Aging brings about increased concerns about health and longevity. Retirees may worry about their ability to manage the physical and mental demands of entrepreneurship, especially if their business requires long hours or involves physically demanding tasks.
Transitioning Skills and Mindset: Moving from a structured career to the dynamic world of entrepreneurship requires a shift in mindset and skill set. Retirees may need to adapt to new ways of working, embrace uncertainty, and develop entrepreneurial traits such as risk-taking and innovation.
Examples of Late-Life Entrepreneurs:
One of the most celebrated examples of late-life entrepreneurship is Colonel Harland Sanders, the founder of Kentucky Fried Chicken (KFC). Sanders began selling his famous fried chicken recipe from a roadside restaurant in Corbin, Kentucky, during the Great Depression. However, it wasn’t until he was in his sixties that he franchised KFC, transforming it into a global fast-food empire.
Similarly, Bernie Marcus and Arthur Blank co-founded The Home Depot in 1978 when they were both in their fifties. Despite facing skepticism from industry experts, they built The Home Depot into the largest home improvement retailer in the United States and revolutionized the retail industry.
Ray Kroc’s story with McDonald’s also exemplifies the potential for late-life entrepreneurship. Kroc joined McDonald’s in 1954 at the age of 52 and played a pivotal role in expanding the company through franchising. His vision and determination propelled McDonald’s into a global fast-food giant.
Additionally, Grandma Moses, renowned for her folk-art paintings, began her artistic career at the age of 78. Despite her late start, she achieved widespread acclaim and became a prominent figure in the art world.
These companies represent prominent examples of how retirement can be utilized in creating successful companies… something you can do too!
In today’s digital age, protecting your social media accounts is paramount. With the prevalence of cyber threats, safeguarding platforms like Instagram is crucial. This guide offers step-by-step instructions to fortify your Instagram account against unauthorized access and potential breaches.
Step 1: Enable Two-Factor Authentication (2FA):
Go to your Instagram profile and tap the three horizontal lines in the top right corner.
Select “Settings” from the menu.
Scroll down and tap on “Security.”
Choose “Two-Factor Authentication” and follow the prompts to enable it.
Select your preferred method for receiving authentication codes (SMS or authenticator app).
Save backup codes in a secure location for emergencies.
Step 2: Review App Permissions:
Navigate to your Instagram settings.
Select “Apps and Websites” under the “Security” section.
Review the list of connected apps and websites.
Revoke access for any apps or websites that you no longer use or trust.
Regularly audit your connected apps to maintain security.
Step 3: Set Up Login Alerts:
Access your Instagram settings.
Tap on “Security” and then “Login Activity.”
Enable login alerts by selecting “Get Notifications” and choosing your preferred method (email or SMS).
Receive alerts whenever someone attempts to log in to your account from an unfamiliar device or location.
Take immediate action if you receive any suspicious login alerts.
Step 4: Create a Strong Password:
Visit your Instagram settings.
Select “Security” and then “Password.”
Choose “Change Password” and enter your current password.
Create a strong, unique password using a combination of letters, numbers, and special characters.
Avoid using easily guessable information like birthdays or names.
Consider using a reputable password manager to generate and store secure passwords.
Step 5: Stay Vigilant Against Phishing Attempts:
Be cautious of emails, messages, or websites requesting your Instagram login information.
Verify the authenticity of any communication by checking the sender’s email address or website URL.
Look out for red flags such as grammatical errors or urgent requests for personal information.
Never provide your Instagram credentials to unverified sources.
Report any suspicious activity or phishing attempts to Instagram immediately.
By following these step-by-step instructions, you can enhance the security of your Instagram account and minimize the risk of unauthorized access or data breaches. Remember to regularly review your security settings and stay informed about emerging threats to ensure the ongoing protection of your account.
