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‘The Big Stay’ – it’s time to invest in employees, not to cut costs 

Workplace Insight

It’s the type of trend that often triggers cost cutting. Freezing salaries, pausing promotions, adjusting bonuses, scaling back on staff perks and reducing training budgets become go-to tactics for managing the costs of static workforces. They will have a deep understanding of customers, markets, practices and processes.

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How Do You Survive When Your Business Isn’t Profitable at the Start?

Success

I would advise any entrepreneur—but especially those starting a business for the first time —to create a personal budget. With that in mind, put these smart budget practices in place before you face any lean times: 1. The good news is that you can make a salary even if your business isn’t profitable.

Budget 279
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Can I Go into Retirement Early With FIRE?

Success

It’s a movement that helps people take control of their financial independence by making trade-offs, such as extreme saving and budgeting early in their careers, to retire earlier in life—often decades ahead of a conventional retirement plan. FIRE stands for F inancial I ndependence, R etire E arly. What is the FIRE retirement movement?

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7 Types of Competitive Advantages and How to Develop Yours

Success

Niche focus: develop your cost advantage and product differentiation. One is gaining a cost advantage. Finding means to reduce production, supply chain, and delivery costs also assist your cost advantage. Be proactive in your recruitment process. If you are a first-mover, you already have discovered your niche.

Budget 279
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How to Start a Nonprofit Organization In 5 Simple Steps

Success

Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. Estimated budget: An estimated budget is also essential for any new business. You should complete the process outlined below in the order listed.

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Everything You Need to Know About Emergency Funds

Success

If you have dependents, heavy debt or access to other funds, like a partner’s salary or unemployment insurance, the amount you need to save will vary. To help you get started, focus on saving six weeks of your monthly costs to help you cover most minor emergencies. However, building that amount from zero can feel overwhelming.

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The 6 Biggest Financial Mistakes to Avoid in Your 30s

Success

I discourage people from going into that process with the idea that it’s an investment, especially in a challenging real estate market,” Mahoney says. “It They don’t realize how much children are going to change the household budget and make adjustments ahead of time,” she says.