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What Overspending Traps Do SMBs Need to Avoid in 2022?Feedzy




SMBs have limited resources. This is why they need to ensure that their financial habits are evolved enough to handle the changing market dynamics. For example, with the onset of COVID-19, over 140,104 companies had to shut down operations. As a result, SMBs worldwide have begun to realize that every penny needs to be accounted for if they’re looking to survive through uncertain times.

For this very reason, we’ve crafted this article to help SMBs employ strategies to identify and prevent some of the most common overspending mistakes for 2022. Let’s dive in!

Strategy 1: Review your hiring policy

It isn’t difficult to hire a new employee but rather to train them. Existing team members would have to put in multiple hours of training to enable the newly hired to adapt to the company culture and work model.

In addition, there will be several instances where a freelancer or external agency can get the job done instead of hiring a full-time employee. Therefore, SMBs need to ensure that they’re really in need of an extra hand before deciding to hire.

As a business leader, you need to understand that any mistake in the hiring process will lead to a great deal of wasted money, effort, and time along with bad company reviews and employees with poor morale. Thus it is essential to keep employee satisfaction and retention in mind while going about the hiring process. 

Some quick pointers to look into during hiring:

Can existing teams manage work if there’s a reshuffle or priorities and projects?
Can outsourcing be a better solution as opposed to hiring for a new position?
How many employees would be needed to conduct the hiring process?
How does the workload of the new employee look like in the coming months?
Have you developed a growth plan for new employees to adapt to their roles successfully?
​​Do you need to conduct awareness sessions for new hires to understand the culture and pulse of your organization?

Strategy 2: Choose an office set up for your budget

Remember the old saying, “large offices directly result in successful businesses?”. Unfortunately, it’s just a load of fluff. 

Alternatively, studies show that your average office rent needs to be between 2 and 20 percent of your SMBs income. 

Based on this study, if you identify that your SMB is overspending for its current office space, you can cut it short and use the money to purchase things that boost company and employee productivity instead.

Some quick pointers to choose the correct office setup:

Identify the cost of your existing office space to evaluate if your business is overspending or underspending. 
If overspending, look for potential areas in your current office space where you can cut costs.
Get to know your employee mindset and understand what kind of cost-cutting mechanisms they’d be open to and why.
Once you have these details in hand, list all needed changes and how they might impact your business.

Strategy 3: Have a clear idea of marketing spends

Marketing plans aren’t meant to be trifled with. One little mistake and they could burn a hole in your company’s finances. Therefore, SMBs need to pay close attention while drafting or implementing their marketing plans

SMBs need to understand their USPs, ideal buyer personas, and more to pull off a successful marketing campaign!

So always know if your marketing teams have spent enough time researching these data points before implementing spend.

Some quick pointers to avoid overspending in marketing:

Always ensure that the marketing team provides sufficient data points for every business decision made.
Research competitor strategies to look for indicators and decide whether you’d need to cancel or proceed with your current plan.
Set up and monitor realistic timelines and budgets while constantly mapping projected and actual numbers to evaluate if the money spent was worth the time, money, and effort.

Strategy 4: Have end-to-end control over business expenditure

Business expenses are unavoidable. Be it food, travel, equipment, or technology expenses; they are often all over the place. What SMB owners need to remember is that every department has its budget and set of expenses.

While handling these expenses was challenging but manageable while in the office, remote work has made it extremely difficult for Finance teams by removing any control they had over the process. Thus, SMB owners must pay heed to address these problems as healthy finances are the crux of any successful business. 

Some quick pointers to regain control over business expenses:

SMBs can consider shifting to an expense management software that can enable them to gain end-to-end control over the expense management process.
This helps in seamlessly achieving policy compliance by automating pre-submission checks while also simplifying expense reporting to reduce employee reimbursement TATs.
The real-time insights in an expense report software can easily monitor company-wide spending and easily recognize potential overspending areas.

Strategy 5: Leverage the power of automation technology

SMBs have a common misconception that technology is costly and would often disrupt their existing processes. The reality, though, speaks a different story.

96% of companies that have adopted automation tools have agreed to gain immense benefits, while 43% of employees agree that automation enables them to get their job done faster.Zapier Report

With the current workforce spread across countries and continents, staying connected becomes vital for SMBs to ensure sustenance. This, however, can only be achieved if SMBs are quick in adopting the right technologies to automate all broken processes.

Quick pointers on how to adopt the right technology:

List all current broken processes.
Broken here means any function that requires extra effort and attention from your employees for completion.
Once you have a comprehensive list of such processes, list all automation tools to fix these broken and error-prone workflows.
Choose 4-5 software to conduct test runs with (along with their competitors) to know which one perfectly suits the needs of your business.
Finally, once you’ve made your choice, ensure employees can smoothly transition without having their day-to-day work affected.


Incurring expenses are a part of running a business but keeping constant track of whether your SMB is overspending can often be a decisive factor in ensuring your sustenance. 

While the entire global workforce struggles to adapt to the new normal, software like an expense software can ensure that your SMB never loses track of business expenses. This helps business owners always stay in the know of whether they are overspending or not.


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Will You Sell Your Dogecoin If It Reaches $0.50 (Again) in 2022? Over 75% Say…





Every week, Benzinga conducts a survey to collect sentiment on what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.

This week, we posed the following question to Benzinga visitors: Will you sell your Dogecoin (CRYPTO: DOGE) if it reaches $0.50 in 2022?

Since early 2021, it’s no secret Dogecoin’s price has risen or fallen in sympathy with both the price of Bitcoin (CRYPTO: BTC) and tweets by Tesla Inc (NASDAQ:TSLA) CEO Elon Musk. Heavy support for Dogecoin, by Musk, might give the meme crypto a shot at reaching $0.50 in 2022.

Back on May 8, 2021, Dogecoin reached an all-time high of $0.7376 in anticipation of Musk’s appearance on Saturday Night Live. The meme crypto is since trading lower by 81.7%. 

Here are the full results from this week’s survey:

Yes, I will sell my Dogecoin if it reaches $0.50: 75.3%
No, I will not sell my Dogecoin if it reaches $0.50: 24.7%

This sentiment study was conducted amid another active week of trading, which saw the meme cryptocurrency fall by over 28%.

At the time of publication, Dogecoin was trading around $0.1338, down 11.2% in the past 24 hours.

See Also: Dogecoin Vs. Shiba Inu

This survey was conducted by Benzinga in January 2022 and included the responses of a diverse population of adults 18 or older.

Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 1,000 adults.


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Apple Poised to Outperform Expectations in December Quarter, Analyst Says: How Will Shares React?





Notwithstanding supply constraints, an analyst at Morgan Stanley is positive about Apple Inc.’s (NASDAQ:AAPL) December quarter performance.

The Apple Analyst: Morgan Stanley analyst Katy Huberty has an Overweight rating and a $200 price target for Apple shares.

The Apple Thesis: Cupertino is likely to post upside to Street forecasts for the December quarter and guide to a relatively in-line March quarter, thanks to improving iPhone production into year-end and modest Services outperformance, Huberty said in a note. Since hitting a low on Oct. 4, Apple’s shares are up 19%, suggesting the December quarter upside is largely priced in, she added.

The analyst models December quarter revenues of $122.3 billion, a 41.9% gross margin and $1.97 per share in earnings. Apple’s management will likely shed light on its active device and iPhone installed base, the analyst said.

Among products, Apple may have shipped 83 million units of iPhones, 7.6 million units of Macs and 14.9 million units of iPads, Huberty said. The analyst estimates total product revenues of $103.1 billion, which is above the consensus estimate of $100.3 billion.

Services revenue is likely to come in at $19.2 billion, also above the consensus estimate of $18.6 billion, Huberty said. The upside is due to stronger-than-expected App Store performance and Apple’s Licensing & Other segment, she added.

Given the sustained presence of COVID-19, management is unlikely to offer a revenue guidance range for the March quarter and instead will likely provide commentary on segment growth trends, she noted.

Related Link: Apple Becomes First Company To Top $3 Trillion Market Cap; Analyst Says Rally Has Further Legs

Apple shares have underperformed thus far in January after December’s outperformance, the analyst said. Apple is expected to release the iPhone SE3 in April/May this year, the iPhone 14 in Fall 2022 and a mixed reality headset in 2023, Huberty noted.

Morgan Stanley said it would be a buyer on any weakness post-earnings, as it views Apple as a more “defensive/quality outperformer” in challenging markets. The company’s 1.65 billion+ installed base with high loyalty/retention rates, underweight institutional positioning, along with strong capital returns and the tendency for it to outperform ahead of product cycles make the firm positive on Apple stock, Morgan Stanley noted.

AAPL Price Action: Apple shares were down 2.10% to $162.41 at market close Friday.

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Bitcoin May Be Plunging Hard, but Look Who’s Buying the Dip





The sell-off seen in the crypto space is continuing into the weekend, and Bitcoin (CRYPTO: BTC), the apex crypto, is no exception. Bitcoin-backer and El Salvador President Nayib Bukele, unsurprisingly, is seeing the weakness as a buying opportunity.

What Happened: Bukele said in a late Friday tweet that the country has purchased an additional 410 Bitcoins for $15 million, the nation now holds over 1,500 BTC. The president also suggested that some current sellers are liquidating at throwaway prices.

The tweet was in reply to his own Jan. 14 tweet, in which Bukele indicated that he might have missed the dip at the time.

The tweet elicited mixed responses. One Twitter user said Bukele wasted over $36,500 per Bitcoin and suggested that if the president wants to make bad bets on Bitcoin, he should be doing so with his own money. He challenged Bukele to disclose his personal Bitcoin holdings.

Meanwhile, another user supported the Bitcoin purchase and said the president is seeing the big picture, while others don’t understand Bitcoin is a long-term asset.

Related Link: Bitcoin Slips Below Crucial $40K Level, Taking Ethereum, Dogecoin Down With It: US Treasuries, Russia, Outflows And More That’s Weighing

Why It’s Important: After seeing a downtrend since hitting a high in early November, Bitcoin has come under further pressure in the new year. Since the start of the year, the apex currency has lost over 20%, implying it is sinking further into bear market territory.

El Salvador has the distinction of being the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar, on Sep. 7, 2021.

At the time, Bukele reasoned the move would spur investment in the country and come in handy for 70% of its citizens, who don’t have access to traditional financial services. The country has also made plans to build a Bitcoin city, financing the construction by the issuance of a $1 billion Bitcoin Bond.

BTC’s trajectory in the near- to midterm will determine the success of the country’s Bitcoin strategy and whether Bukele will be vindicated. At last check, Bitcoin was seen down 7.56% in the past 24 hours to $35,486.19.

Related Link: How to Buy Bitcoin

Photo: Courtesy Blockzeit CH on Flickr


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