How The Economic Environment Can Affect Your Home Business

The economic environment is an important component of the business environment in which you run your home business. It reflects to the nature of the economy and how it affects the demand and ability to acquire goods and services in the country where you do your business. Most developing countries have small economies where the majority of the population does not have enough money to spend on luxuries and their basic needs as well. It's therefore important for you to consider the ability of the population to buy the products and services you offer when setting up a business.

When starting a business, you should pay attention to the nature of the economy in which you want to do business. Some of the key issues to consider under the economic environment include the following:

1. The interest rates of the banks

When commercial banks charge high interest rates, it generally discourages borrowers from accessing credit. As a business person, you should ask yourself as to how easy it's going to be for you to borrow money from the bank to finance your business. For instance, in developing countries, commercial banks are not so much be willing to lend money to farmers because they think that they run high risk businesses. This is mainly because agriculture is normally affected by weather conditions. In very dry seasons, farmers may realize poor yields and those who borrow from banks may find it so hard to pay back the borrowed money.

2. Per capacity income

The economic environment influenced by per capita income. Per capita income usually reflects to the average amount of money or income that is available for spending each year by each person in any given country. As you start a business, it's important for you to know how much of the income your targeted customers are willing to spend on the products or services you are offering. In developing countries, most people do not have enough money to spend on their basic needs.

For example, most online advertisers offer a very low cost per click on online adverts in developing countries simply because most people in those countries do not have the ability to spend on the products or services advertized online as opposed to their counterparts in developed countries where a click usually turns into a sale. The same advert may have a higher cost per click in a developed country than in a developing country.

3. Availability of Infrastructure

Infrastructure typically reiterates the availability of road networks, communication system, schools and hospitals among others.

While online businesses rely heavily on a good communication system, agricultural businesses rely heavily on good road networks. If you want to start an online home business, for example, you will need to have a very good and fast internet connection. However, in most developing countries, the internet is limited to urban areas and it's so slow that it frustrates the users in addition to wasting their valuable time.

But if you want to do farming, you will need a good road network so as to market your farm or garden products as soon as possible before they perish. However, many farmers in developing countries experience excessive delays due to poor road networks. Consequently, some of the produce rots on the way before it gets to the market.

4. Competition

It's difficult to be in business alone without other competitive businesses. You will always have competitors who keep you unsettled. You will always have competitors in your marketplace that offer better prices, better quality products and services, better skills, etc. They will always endeavor to do business better than you so so that they can have an advantage over you and take your customers.

Since there will always be competitors in any kind of business you will venture into, it's a good practice to look at them positively because they actually give you an opportunity to relentlessly think about new ways of doing business now and again. There is also something new you will always learn from your competitors. It could be marketing techniques, customer care and support, innovativeness, quality standards and many others.

Knowing the economic environment, in which you want to operate, is so important because it enables you to plan in advance to avoid risks and any unforeseen consequences. Always focus on the economic environment to succeed in your home business.

What Is Workforce Management?

The meaning behind workforce management

Workforce Management (or WFM) solutions acknowledge the fact that businesses are complex, and in order for operations to run smoothly and efficiently, proper WFM solutions need to be put in place to ensure all of the aspects of the business that contribute to operations, including workforce planning, forecasting, scheduling, etc., are running smoothly and efficiently as well.

How workforce management and operational efficiency intersect

The operational efficiency definition describes “the ratio between an output gained from the business and an input to run a business operation. When improving operational efficiency, the output to input ratio improves.” On the other hand, the workforce management definition states that WFM is “an integrated set of processes that an institution uses to optimize the productivity of its employees on the individual, departmental, and entity-wide levels.” How do these intersect? Optimizing workforce management solutions means optimizing the efficiency of your workforce, and that, in turn, optimizes the overall efficiency of business Operations by ensuring that no time or resources (members of the workforce included) are being wasted, and that all are being utilized to their maximum potential.

What is embraced by the workforce management system?

The WFM system focuses on optimizing your current workforce by managing its skills, training, and distribution. That means training, hiring a balanced workforce that combines skill levels, leaders with learners, balances the workload across teams, and adapts to incorporate the skills of the workers into operations to create unique pathways for maximizing success-but the workforce management system isn’t just about managing operations efficiency for the present; it is also focused on ensuring optimal performance into the future, and that involves prioritizing WFM forecasting, too.

How is workforce management forecasting incorporated into the workforce management system? By acknowledging that no two “seasons” within your operations are alike. Your business goes through cycles where some team members are going to be busier than others, and WFM forecasting ensures the proper cross-training of staff members to allow the workload to be balanced among your resources all year long. By cross-training employees, you can ensure that there is always someone to pick up the slack, cover holidays, and take on extra work. This balance ensures some employees aren’t being overworked and becoming dissatisfied while others aren’t being productively or efficiently utilized. However, while this type of management can optimize operations throughout the year, it can also help with future planning, ensuring there are always a variety of skill levels available to step into whatever position may need to be filled in the future.

Why workforce management is necessary

Workforce management is crucial to business success because it helps to balance out operations, ensuring that the people who are managing each aspect of operations have the skill levels necessary to perform their tasks safely and efficiently, minimizing mistakes and optimizing output. It also ensures the right number of resources and the right mix of skills are always on site to boost output and efficiency; however, when it comes to WFM for the inexperienced, there are a few tips that can help you to overcome the challenges of managing workforce diversity:

1. Cross-train your employees to ensure transferring heavy workloads to maximize overall resource efficiency can be managed.

2. Train, coach, and create a balance of skill levels and leadership among workforce teams.

3. Forecast to ensure resources aren’t being overworked or wasted during seasonal fluctuations.

4. Ensure flexible, real-time WFM to balance the extremes that take place within the day as well as the season-and take advantage of employees who want to take unpaid hours off (this can help minimize wasted resources and keep employee moral up).

5. Use meeting times wisely to maximize motivation, performance, and to help capture and leverage key learnings into future operations planning.

6. Spend time on the operations floor to monitor leadership, productivity, trends, time management, costs, etc. This can help you resolve issues, but it can also help you to observe skills that may be being overlooked, and that could help boost productivity elsewhere.


In short, the best business can only operate as well as its workforce. If workforce management solutions are being applied smoothly and efficiently, the productivity and output of your entire operations can benefit.

Your Simplified Guide for Comparing Commercial Construction Companies

Commercial projects involve huge budgets and big plans, and quite expected, you need a reliable commercial contractor for the job. Construction companies working in the commercial sector have a specific way of doing work. In this post, we will talk about that, along with tips for comparing the options.

Working with Commercial Contractors:

As mentioned above, commercial projects require reasonable money and effort. As such, it is important to start with the right steps. The first obvious step in finding a contractor is to make the design and establish deadlines. The whole process of planning can take time, but with a good contractor at work, you can expect to achieve the goals as planned and intended. The concerned contractor will seek your approval for the entire design, then they will get the necessary permits to start the construction. In between, the funds and finances will be discussed, and the contractor is expected to offer genuine assistance with the immediate roadblocks that may seem evident for the project.

Investigating the Options:

Construction companies specializing commercial projects have certain hits that you should be looking for. Here are the things you need to check.

1. Is the company well-known? For big projects, you can not afford to take the risk, and hence, it is always better to find a contractor that you can rely on. Ask around for references, its best way of moving forward.

2. Know their client. If a commercial contractor claims to be the best in business, they must have the clients to back it up. Do not shy away from seeking references and take a look at some of the projects that they have managed so far. You may want to call some of their clients to know the individual experiences.

3. Find out more about their expertise. The whole process of planning and completing commercial projects is an intensive one, and not all contractors deal with all kinds of things that are involved in the process. Check if the concerned company has the expertise and know-how that you need for the project.

4. Ask for an estimate. Based on the work, you would want to know the cost of hiring a contractor. Again, this is large dependent on the contract and the things included, but for such projects, transparency is one of the many things you can not afford to ignore.

5. Check the basics. Work with companies that have an in-house team of experts. You need to find a contractor that's genuine in its approach and can offer something more than standard services. Check if the company has licenses and permissions to take up such jobs and whether they can do the paperwork and get the required documents to get the job done.

Last, do consider sustainable and green practices for your project. An advanced and renamed contractor will offer such choices for their clients, based on what they need. The initial consultation is one of the main aspects that matters in this regard because you can learn a lot about the possible solutions available.

Which Health Insurance Plan Is Best for Me?

Health insurance has proven itself of great help and financial aid in certain cases where events turn out unexpectedly. In times when you are ill and when your health is in grave jeopardy and when finances seem to be incapable to sustain for your care, health insurance is here to the rescue. A good health insurance plan will definitely make things better for you.

Basically, there are two types of health insurance plans. Your first option is the indemnity plans, which includes the fee-for-services and the second is the managed care plans. The differences between these two include the choice offered by the providers, the amount of bills the policy holder has to pay and the services covered by the policy. As you can always hear there is no ultimate or best plan for anyone.

As you can see, there are some plans which may be way better than the others. Some may be good for you and your family's health and medical care needs. However, amidst the sweet health insurance plan terms presented, there are always certain drawbacks that you may come to consider. The key is, you will have to wisely weigh the benefits. Especially that not among these plans will pay for all the financial damages associated with your care.

The following are a brief description about the health insurance plans that might be fitting for you and your family's case.

Indemnity Plans

Flexible Spending Plans – These are the types of health insurance plans that are sponsored when you are working for a company, or any employer. These are the care plans inclusive in your employee benefit package. Some of the specific types of benefits included in this plan are the multiple options pre-tax conversion plan, medical plans plus flexible spending accounts, tax conversion plan, and employee credit cafeteria plans. You can always ask your employer of the benefits included in your health care / insurance plans.

Indemnity Health Plans – This type of health insurance plan allows you to choose your own health care providers. You are given the freedom to go to any doctor, medical institution, or other health care providers for a set monthly premium. The insurance plan will reimburse you and your health care provider according to the services rendered. Depending on the health insurance plan policy, there are those that offers limit on individual expenses, and when that expense is reached, the health insurance will cover for the remaining expenses in full. Sometimes, indemnity health insurance plans impose restrictions on services covered and may require prior authorization for hospital care and other expensive services.

Basic and Essential Health Plans – It provides a limited health insurance benefit at a reasonably low insurance cost. In opting for this kind of health insurance plan, it is necessary that one should read the policy description giving special focus on covered services. There are plans which may not cover on some basic treatments, certain medical services such as chemotherapy, maternity care or certain prescriptions. Also, rates vary considering since unlike other plans, premiums consider age, gender, health status, occupation, geographic location, and community rated.

Health Savings Accounts – You own and control the money in your HSA. This is the recent alternative to the old fashioned health insurance plans. These are savings product designed to offer policy holders different way to pay for their health care. This type of insurance plan allows the individual to pay for the current health expenses and also save for untoward future qualified medical and retiree health costs on a tax-free basis. With this health care plan, you decide on how your money is spent. You make all the decisions without relying on any third party or a health insurer. You decide on which investment will help your money grow. However, if you sign up for an HSA, High Deductible Health Plans are required in adjunct to this type of insurance plan.

High Deductible Health Plans – Also called Catastrophic Health Insurance Coverage. It is an inexpensive health insurance plan which is enabled only after a high deductible is met at at least $ 1,000 for an individual expense and $ 2,000 for family-related medical expense.

Managed Care Options

Preferred Provider Organizations – This is charged in a fee-for-service basis. The involved health care providers are paid by the insurer on a negotiated fee and schedule. The cost of services are significantly lower if the policy holder chooses an out-of-network provider ad generally required to pay the difference between what the provider charges and what the health insurance plan has to pay.

Point of Service – POS health insurance plans are one of the indemnity type options in which the primary health care providers typically make referrals to other providers within the plan. In the event the doctors make referrals which are out of the plan, that plan pays all or most of the bill. However, if you refer yourself to an outside provider, the service charges may also be covered by the plan but the individual may be required to pay the coinsurance.

Health Maintenance Organizations – It offers access to a network of doctors, health care institutions, health care providers, and a variety of health care facilities. You have the freedom to choose for your personal primary care doctor from a list which may be provided by the HMO and this dentist doctor may coordinate with all the other aspects of your health care. You may speak with your chosen primary doctor for further referrals to a specialist. Typically, you are paying fewer out-of-pocket fees with this type of health insurance plan. However, there are certain instances that you may be often charged of the fees or co-payment for services such as doctor visits or prescriptions.

Government-Sponsored Health Insurance

Indian Health Services – This is part of the Department of Health and Human Services Program offering all American Indians the medical assistance at HIS facilities. Also, HIS helps in paying the cost of the health care services utilized at non-HIS facilities.

Medicaid – This is a federal or s state public assistance program created in the year 1965. These are available for the people who may have insufficient resources to pay for the health care services or for private insurance policies. Medicaid is available in all states. Eligibility levels and coverage benefits may vary though.

Medicare – This is a health care program for people aging 65 and older, with certain disabilities that pays part of the cost associated with hospitalization, surgery, home health care, doctor's bills, and skilled nursing care.

Military Health Care – This type includes the TRICARE or the CHAMPUS (Civilian Health and Medical Program of the Uniformed Services) and CHAMPVA (Civilian Health and Medical Program of the Department of Veterans Affair). The Department of Veterans Affair (VA) may also provide this service.

State Children's Health Insurance Program – This is available to children who low-income parents were not able to qualify for the Medicaid.
State-Specific Plans – This type of plan is available for low income uninsured individuals.

There are many different types of insurance plans that you may have the prerogative to know about. By learning which health care insurance fits your situation, you can avail of the many options that will likely be of great assistance to you in times when you will need it most. Insurance costs have typically become one of the common draw backs in choosing for an insurance quote. However, weighing the benefits will really matter. Make sure that you always read the benefits, terms and conditions before landing to whichever type of health insurance you choose.