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What is GDPR?

Many people have heard of GDPR (Government Data Protection Regulation) being thrown around as something to watch out for, however, few people know what it actually is.

Overview

GDPR essentially takes away some of the power that businesses have held through their use of data on individuals and giving it back to the people. It gives them several rights including to be notified of a data breach, to object to their data being used, and to be informed before their data is gathered.

Although this is primarily an EU initiative, the global nature of companies and the connectedness of the world means it will affect virtually everyone. With so many companies using analytics and working online, these regulations can change the operations of all businesses, small and large.

Key Requirements:

At a basic level, the GDPR requires businesses to follow three rules:
#1 Auditing current data protection procedures
#2 Keeping a record of all information you have
#3 Following the GDPR rules of data protection

How to comply?

A checklist on what businesses can do to comply with the regulations of GDPR can be found on the Information Commissioner’s Office’s website.

Not following the GDPR regulations can have serious consequences, so it is best to be aware of how it can affect your business and what you will need to change!

 

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Time Management Tips for Small Businesses

Time is a small business owner’s greatest asset. It is the one thing that cannot be earned back or reused should it be wasted. Because of this, it is important that you make the most out of the time you have to ensure the success of your business. Here are some tips on how you can improve your time management skills!

#1 Log your time

Keeping a schedule of what you plan to do with your day can help you keep on track with the tasks you need to complete. Additionally, by maintaining a back log of what you did on previous days, you can see where you are wasting time and how you can change your schedule to be more efficient in the future.

#2 Pomodoro technique

The pomodoro technique teaches that you should set a timer for 25 minutes and focus on one specific task during this time. Once the time has passed, you can take a break for 5 minutes and then repeat the cycle again. This has been proven to increase productivity.

#3 80/20 Rule

The 80/20 rule states that only 20% of your efforts will actually lead to 80% of your results. In order to get the most results, it is important to identify this 20% and increase the time spent there.

#4 Limit distractions

As a small business owner, it is easy to get distracted by your employees or new business ideas. Be sure to stay away from this “shiny-object syndrome” and keep focused on the task that you currently have ahead of you.

Time is a very valuable asset and should be used efficiently. Be sure to follow these tips to help your business succeed!

For more tips and tricks on helping you grow your business, follow Budget Mastermind on LinkedIn or @budgetmastermnd on Twitter!

Budget Mastermind provides business finance solutions to help grow businesses. If interested in our services, visit our website at www.budgetmastermind.com

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Building a Reliable Brand

Branding is especially important in attracting customers to your business. As a small business particularly, it can be difficult to build a trustworthy name for yourself. Here are some aspects of your business that can play a role in how your customers see your brand!

 

Consistency

The product quality and delivery itself can leave a strong first impression on customers. It is important to fulfill the big promises made through marketing efforts, and to deliver something that lives up to its expectations. Having a product or service that is consistently functional will allow you to build a base of repeat customers who can potentially refer your business to their friends and family. Consistency helps develop the base of a good reputation within the larger community.

Customer Service

The interactions your customers have with your business also play a large role in how they view it. Many times, customers only reach out to the company if they are having issues with some aspect. In these situations, you will want to make sure that you can be easily contacted and are helpful in solving their problem. Taking time to ensure that the part of the business that is customer facing is crucial in building a good brand.

Standards

Having industry leading standards that are followed in all parts of the business is important not only in internal operations, but in external branding. Not adhering to standards is what causes lawsuits and scandals which can hurt the reputation of your product. Instead, focus on educating your employees on proper conduct and rules and be sure that they will be able to follow them.

 

Having a trustworthy brand name can help distinguish your company from the others in your industry. Be sure to follow these tips to develop or maintain your image!

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Market Research for Small Businesses

Conducting market research can be useful when entering a new market or launching a new product to ensure that you will be successful going forward. Here are some tips on getting the most out of the tie and money spent on research:

#1 Keep costs low

As a small business, you may not have the resources for a full blown study. Smaller focus groups can be just as productive and useful. There is no need to spend a large sum of money on research.

#2 Look at Existing Research

Many times, the research you are trying to find can already be found online through studies conducted by other people. By having some of your basic or common questions answered, you can focus on newer and more relevant problems.

#3 Take input of current customers

Although you are looking to a new direction, seeing what your current customers have to say about current products can help shape your future. This can be done online on mediums such as blogs or YouTube videos.

As a small business, being efficient in every aspect of the business is extremely important. Follow these steps to ensure that your market research process can be as useful as possible.

 

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UK Credit Rating Decline

The S&P and Fitch have both marked a decrease in the credit rating of the United Kingdom due to the uncertainty that has been brought to the economy by Brexit. As of now, the country is actually doing better than what professionals had predicted when Brexit was first passed in 2016. The lack of clarity that has come along with recent negotiations has caused the UK’s credit worthiness into question.

The S&P has stated that they are willing to relook at their ratings should the UK come to a solid agreement with the European Union and maintain their business in other countries without incurring serious taxes in the process. Both the Fitch and S&P dropped their rating to AA, as opposed to the previous AAA rating the country once had. As trade negotiations progress and slowly come to a close, the public can see this rating increase once again.

At the same time, the United Kingdom has the lowest budget deficit on record in the past sixteen years.