Prices are sky high in the UK now; a global problem. Here are five ways to save money in your small business before giving in and folding.

This is one of the worst economic periods for business in a generation. We Millennials have lived through recession after recession in our adult lives, but this is the worst. With costs constantly rising and no end in sight, it makes you wonder how many of us will survive the winter. The Guardian reports as many as 70% of pubs in the UK will close before Christmas here in the UK. This is a similar story all over the world… but what can we do about it to protect the small businesses we spent our lives building? Let’s review.

The 5 Savings You Can Make in Your Small Business

Small business savings are hard to spot. But, follow these five tips, and you should see an improvement in expenses.

1 – Renting your Space

Do you rent a space from a landlord to house your business? If you do, then you have an excellent opportunity to share your workspace. Take inspiration from this coworking space in Singapore, which lets multiple parties rent a room in the same office building. If you share your rented space, you pay half the rent, the WiFi, the heating, and the lighting costs. 

2 – WFH

Do you even need a rented space? If you don’t work with the public and if you don’t have outsiders in your office, why not go full Work-from-Home? This plan can only operate if you trust your employees. If you think they could handle WFH, there’s no reason to hesitate. Rental overheads are the highest outgoings for most SMEs. Get rid of that expense altogether and see if the business still works.

3 – Examine your Production Line

If you produce goods, examine each step of their creation. In manufacturing, shaving a few seconds off the speed of each machine allows you to up production and save costs. That’s not the only way you could save. They are upgrading machinery that regularly breaks can save you long term with a bit of initial spending. Examine your production line for any flaws, imperfections, or jams. Areas with chronic problems need highlighting and treatment. 

4 – Employees

We hate to say this, but we know the skill and determination it takes to create a business. If hanging on to the employees you feel you can’t live without is intrinsic to you, your business will go under faster. Besides the cost of employees’ wages, there’s only one insurance type in the industry in the UK that it is illegal not to have, and that’s employee insurance. Ditching the employees and going back to basics – you operating out of your living room like you did in the beginning – means you can drop thousands in extra costs. You can re-hire later but tighten the belt to save your business now.

5 – Shipping and Packaging

You wouldn’t be the first company to ooze money monthly just because your shipping and packaging processes are outdated. Calibrating wrapping machines can save on packaging materials. Using paper instead of plastics shave down costs. Also, reducing wastage during the shipping process can help. 

It doesn’t take an M.A in business to understand that the UAE is one of the best places for businesses in the world. Farnoush Farsiar, an experienced businesswoman in Dubai, explains how the UAE embraces businesses and, more importantly, businesswomen. 

Much was written regarding the UAE’s powerful governmental support for aspiring entrepreneurs and people in business like Farnoush Farsiar.

The advancements in countries like Dubai have been astronomical in the past few years. The government has put more of an emphasis on ensuring there will be a booming industry with or without covid. 

Even still, there’s an aspect of the UAE’s powerful economy that is not spoken about enough, says Farnoush Farsiar: the UAE’s business sector’s driving force for the past few years has been women. 

The UAE is an excellent place for entrepreneurs

Farnoush Farsiar sees Dubai as the best place to open a business for obvious reasons. While some European countries prioritize long-standing, big corporations, the UAE also promotes and encourages entrepreneurs and investors to set up shop in its confines. 

According to the Global Entrepreneurship Index, the UAE ranked number 1 globally as the world’s best place to start a business. That could be attributed to the government’s persistence in providing entrepreneurs with tools and excellent infrastructure.

Farsiar claims a prime example of their approach is shown through their handling of the post-covid-19 needs and obstacles. Dubai has demonstrated its commitment to business owners with high stimulus packages to assist different businesses. They also ensured they kept their citizens safe through extensive regulations and testing programs. That, plus Dubai’s swift approach to open borders to trade and tourists, has given its economy a stable ground.  

The covid 19 pandemic, being a new starting point, provided more insight for Farsiar on the UAE’s advantages. These advantages come to the surface through different outlets. If you look at the “tax-friendly” approach of the UAE, it’s hard to argue why investors are flying in.  

In addition, while in some EU countries, starting a business is a bureaucratic nightmare, the situation in Dubai is different, points out Farnoush Farsiar. In the UAE, there are plenty of professional incubators, and these incubators assist companies in their early stages and after they are founded.  

The UAE is also a place from the future. Almost quite literally. Its infrastructure for residents and business owners is constantly improving and shaping itself. The technological advancements nurtured by the government are a prime reason for business owners like Farsiar to come to the UAE. 

There are more and more women-owned businesses in Dubai, says Farnoush Farsiar

Women in business in the UAE have been one of the most significant driving forces in any business sector in developed countries. As Farnoush Farsiar testifies, the inclusion of more women-owned businesses has been a blessing for the economy of Dubai. If you examine the numbers, you can see why. Women comprise 70% of the region’s university graduates and 44% of the workforce.

Without the UAE’s regulations allowing women to partake and start businesses, the economy in places like Dubai would look astronomically different.  

With the UAE, and especially Dubai being all about the future, it is not surprising that they are promoting women in business. According to Farnoush Farsiar, the presence of more and more women in the business sector will significantly impact the industry in the coming years. Having more women starting businesses will open the business world to more modernity than before, guaranteeing the opening of Dubai to more international and global investors.

What’s most important about the subject of women in business is the discourse around it, says Farsiar. Having more female entrepreneurs leading the many forums around the inclusion of women in the sector has opened many doors. These doors will keep opening as long as the conversation around them keeps advancing.

As of today, women-business owners form 10% of the UAE’s private sector. Women also Hold 15% of the seats on the boards of chambers of commerce. There’s no place to deny the changing tides.

Farnoush Farsiar’s experience as a woman entrepreneur in Dubai

When asked about the nature of Dubai as a place that nurtures entrepreneurs, Farnoush Farsiar was quite clear. Dubai is a very entrepreneurial environment. Meaning both the residents and the government are doing everything in their power to promote that agenda.

For Farsiar, gender doesn’t and shouldn’t play a role in the business sector. It doesn’t matter who you are as long as you’re willing to work hard, believe in yourself, and have passion for what you do. However, Farnoush Farsiar thinks it is essential to keep pushing women to sectors identified with their male colleagues globally.

For this reason, there is a proactive female business community with many groups and networking events in Dubai. These groups act to enhance and echo the need for more female involvement in today’s business sector. They also provide women with the tools needed to “survive” the business world, whether when starting one or engaging in one. 

Farsiar is not blind to the gap in the opportunities given to men rather than women. But she still believes in her claim. To her, gender doesn’t matter in the UAE, as long as you are good at what you do. 

When push comes to shove in the business world, your gender identity plays a tiny part. People want to work in a prosperous environment, and achieving that does not depend on gender. 

Farnoush Farsiar echoes that, especially in Dubai, the interactions in the business industry are not based on issues of gender. Businesswomen receive the same professional consideration as businessmen, and the day-to-day interactions are based on professionalism, hard work, and commitment to your business ventures.

The government vigorously encourages women to join the business world. Normalizing women being a majority in business shows that the future is bright for women in Dubai. 

In an age where fraudsters are always devising new ways to compromise personal and commercial data, it is more critical than ever to discover strategies to boost cybersecurity within your organization. So, how do you pick a cybersecurity solution that can safeguard your organization while also giving you the freedom and mobility you need to grow?

When it comes to your small or medium-sized business, cyber security is essential. Fortunately, by utilizing key security planning considerations like regular data backups, firewalls, anti-malware software, and swipe card reader systems, any SMB can be prepared for a cyber-attack.

Continue reading to learn more about key security planning considerations for your SMB, including swipe card reader systems, anti-malware software, firewalls, cyber security record keeping, and more.

What Are Considered the Top 5 Key Security Planning Considerations for Your SMB?

1. Swipe Card Reader Systems

Restricting unauthorized personnel’s access to corporate computers and accounts is one of the best ways to reduce risks in a small organization. This implies that even a trusted employee should not be given access to systems or information that they are not normally authorized to use. This is why individual logins for workers are essential, as is maintaining a policy that prohibits them from sharing their login with others.

Overall, making it more difficult to access data or equipment is one of the simplest ways to lessen the risk of theft. For example, consider installing an access control system to better limit access to certain areas of the facility.

Swipe card reader systems are also a great way to force employees to use a key card to access a specific room or files online. These security cards also work as an excellent extra measure to let the right people in and to keep the wrong people out.

2. Anti-Malware Software

It’s easy to think that your staff are aware that they should never read phishing emails, but, unfortunately, most employees still open spam emails. Considering phishing attempts entail the installation of malware on the employee’s computer when the link is clicked, anti-malware software should, therefore, be installed on all devices and the network in order to help protect both your personal and professional data.

3. Firewalls

A firewall is one of the most common lines of defence in a cyber-attack. The Federal Communications Commission (FCC), therefore, recommends that all SMBs install a firewall to protect their data from attackers.

In order to protect their online data, many businesses are beginning to install internal firewalls in addition to the traditional external firewall to give additional security.

It is also critical that employees who work from home establish a firewall on their home network. After all, providing firewall software and home network assistance helps to ensure comprehensive cyber protection and security.

4. Keep Records of Your Cybersecurity Procedures

Another key security planning consideration for your SMB includes keeping records about your information processing and storage procedures.

For example, if you utilize vendors to process information, be sure they treat it with care and keep it safe by performing the necessary due diligence. Contracts with suppliers should also contain guarantees that they will abide by all applicable national data protection laws and have the necessary safeguards in place to protect data.

To guarantee the highest security, records should be classified based on how important the information is. Take note, that various documents must also be kept for a specific period of time in accordance with privacy and information regulations, as well as compliance standards in your industrial sector.

5. Complete Regular Data Backups

Despite taking all necessary safeguards, breaches are still possible, thus it’s crucial to block as many assaults as you can. As a result, word processing files, electronic spreadsheets, databases, financial files, human resources files, and accounts receivable/payable files should all be backed up on a regular basis.

When completing these regular data backups, be careful and make sure you back up all cloud-stored data as well. For safety, it is also important to make sure a copy of your backup files are kept in a separate secure area.

One should also check their backup frequently to make sure it is operating properly so you can be sure you have the most recent copy of the document you need.