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Technology has become one of the guiding principles of the current corporate scenario. This is demonstrated by the exponential growth of e-commerce and electronic payment. In this context, the way we do business has changed and so too the mechanisms of interaction between companies, customers and financial institutions.All business owners are obliged to adapt their processes to new technological trends if they want to capitalise on contextual opportunities and transcend in a highly competitive world.As for electronic payment, there is data that predicts a more intense use of credit and debit cards as a transactional instrument. The proliferation of tools like Point of Sale (POS) and Mobile Points of Sales (mPOS, POS Phones) being examples, especially in the segment of small and medium enterprises (SMEs).Analysts have shown particular interest in mPOS, as they are an evolved form of TPV and allow businesses to run their operations through a smartphone or tablet.This gives them an important cost reduction, dissociation of physical space and openness to a growing market for cardholders, whose activity has increased over the past eight years. Basically transactions will be made at any time and place.But these are not all expectations for electronic payment methods. Technology and finance specialists point out that in the short term, contactless payment systems without physical-card-reading contact and Near Field Communication (NFC, Near Field Communication) will be consolidated, with which they interact directly with a terminal NFC and a smartphone.Electronic means of payment and electronic commerce have maintained a positive trend in recent years. In the immediate future of e-commerce, the growth was in double digits, but this continued development will depend essentially on three factors: first, that businesses and users give greater certainty about their online transactions; two, that the acceptance of debit cards in digital operations is maintained and three; that companies develop and promote friendly and efficient applications for mobile use.

One of the challenges for startups and companies today is to facilitate the coexistence and collaboration of several generations in the same virtual workspace. The question is: how to make different ways of thinking follow the same direction?Today, at least four generations share the same workspace: Millennials, Generation X, Baby Boomers and Traditionalists. Each has features and diametrically opposed conceptions of the world, but at work, they must combine their skills and talents for the success of the company for which they work.This raises the importance of such mechanisms as so-called 'mentoring schemes', which aim to build synergies between members of a company which strengthen their organisational culture. Also, it transforms differences into a competitive advantage and not a source of conflicts.The foundation of mentoring is to promote mutual learning; i.e. the more experienced colleagues infuse their knowledge younger staff, while they inject freshness and the desire to evolve.Overall, mentoring programs offer the following benefits:- Transfer of knowledge, values and efficient practices.- Accumulation of intellectual capital.- Speedy integration of new talent.- Retention of the human factor.- Cohesion of equipment and training of leaders.- Increased productivity.Therefore, it is essential that companies invest in a trained mentor, who not only has credentials in human management but who knows in detail how to advise businesses and industry.The tutor must work with those responsible for human resources in companies and preferably show the following qualities:- Listening.- Assertive communication.- Deep knowledge of guidance and motivation.- Knowledge of various industries.- Commitment to human development.- Experiences for sharing.If you have problems in your business to create bonds among your employees from different generations, you must remember that if your staff are not aligned with the values and goals of your company, it will struggle to succeed. This is because in the end its production capacity depends on the people within it.

Petty theft is a crime that causes losses in any business and can be performed by any employee, regardless of their level of seniority or their work role, so it's important to take extra care and control inputs in companies.There are two types of frauds that are committed within a company, which are categorised as: breach of trust and petty theft. The latter is a situation that is most often not detected until the end of the year when the inventory is made by companies.These thefts are committed not only by workers, but can also be made by visitors or suppliers; and areas more susceptible to these problems can be shopping, warehouse and production since that is where the raw materials and inputs of the organisation are managed.Petty thieves prefer to steal small objects, as these are easier to hide and are less likely to be picked up by surveillance. However, no matter how small the object, each item will have an economic impact for the company.It is vital that organisations work on their personal values and instilling a sense of belonging to the company, besides them being aware of the damage it can cause to their professional life should this action be discovered.Recommendations to prevent such theft in organisations are controlling the entry and exit of workers, provide uniform to personnel that do not have large pockets where you can store items. Also, preventing or monitoring entry with backpacks or bags to places where products are produced is a good idea.Moreover, it is also advisable to periodically perform an inventory of all furniture, stationery and cleaning articles of a company.

Detect the fraudster in your company with the following tips:

• Do not respect the office hours
• Leave work after everyone else
• They usually never take a holiday
• Work late on weekends
• They have an unreliable reputation

When starting a business, an entrepreneur may not always have an office to conduct operations, since this would mean paying monthly rent, plus all the services like water, electricity and telephone, among others. One option to solve this problem is to work from home; however, doing so implies certain responsibilities and rules to establish from the outset, to maximise time and not fall into the routine.

1. For starters, someone who works from home should enjoy what they do, so it is important to fully believe in the project or task in which they are involved.
2. Personal image is another aspect that should not be neglected, since you must constantly remember that even spending a lot of time at home means you can`t spend all day in panamas. If so, then this situation will eventually be counterproductive to your motivation.
3. Establish work schedules and respect others around you, as if this is not done, you`ll gradually lose the personal life and everything becomes work.
4. Choose an area to work that is away from distractions like television. This will be helpful to avoid pausing while working, so it's easier to concentrate on customers or suppliers.Talking about your business some of the time with your family and friends can be a good option to vent your problems; however, if you want solutions, it`s better to surround yourself with entrepreneurs or a coach you occasionally can contact about business.
5. If you have people working with you, the best way to avoid problems in the future is to establish rules from the start, because if not, it will invade the space of your family, which in the long term will be annoying for everyone.
6. Finally, organise your time developing methods and organise processes to help you avoid deliveries outside of your work time and make your work more efficient.

Today, work type and working environment have changed a lot. therefore, it is necessary for teams within a company to collaborate in new ways. This helps employees subjected to high amounts of stress to create and implement different things.According to experts, currently for a company to be successful, there is a need for innovation; however, the fact that their workers are not creative could stop their growth.Fortunately there are techniques that help improve the mood and performance of workers, which are directly related to fun, because when a person enjoys their work, they turnabout proposing new things.To do this, companies must make their employees feel confident to innovate and create fun in their environments.In the market there are already companies that do not require their workers to abide to a set schedule to work; i.e., they do not start and finish at rigid times every day, but are left to organise their time to work as they see fit, in order to meet their objectives.There are also companies that offer their workers a playroom in order to enable them to overcome stress and thus coexist with each other to achieve and establish new projects.Another way to achieve a friendly atmosphere is decorating the office with bright colours and funny pictures, in common areas where everyone can see them.The HR department from time to time should implement some dynamic activity with all members of the company, as this will be vital to promote integration and creativity of workers.Remember that the conduct in meetings where all your employees participate could enhance the sense of teamwork, generating an atmosphere of trust where you can be more fun and so innovative.

Making decisions is an essential part of our lives. Our choices shape our lives, and of course, a business decision is what makes a company successful or not. But often it can be difficult deciding on either option, so here are a series of tips to help you.

Collect data, but not too much

We hate uncertainty, and by nature a decision is to opt for something without guarantee of what might happen. One way to reduce uncertainty is to gather data. If you are reporting about the pros and cons of each decision and their potential impacts, you can at least make an informed decision. But beware of the risk of spending too much time collecting and analysing. The danger of "analysis paralysis" is always present.

Looking outside for counsel

Sometimes two minds work better than one and three better than two. If you get stuck, you can seek advice from others. In the end the decision is yours anyway, but it can give you a different approach.

What advice would you give to someone in the same situation?

Sometimes what blocks us is the emotional part of the decision. Therefore, imagine that a friend has the same problem, and think about what you would recommend to them. It does not always work but it can be helpful if in doubt.

Be devil's advocate

Sometimes we have an immediate preference for any of the options, with no rational basis or data to support it more than others. This has its own danger, because we can let ourselves unconsciously be influenced by the facility, or other emotional factors. Taking the opposite party and acting as devil's advocate is an excellent exercise that allows you to better weigh the alternatives.

Confront the tough decisions

As a business, there are many decisions to make and it is quite common that our human nature drives us to neglect or postpone the most difficult dilemmas. This is very dangerous because opportunities are then lost and you can even jeopardise the future of the company. Therefore, be courageous and proceed to take action sooner.

Have a plan B

Deciding fast does not mean being reckless. Every major decision you make should have a plan B in case things do not work as expected in the beginning. This is so you can quickly adapt your strategy, should you meet an unforeseen obstacle, without going back to square one.

Having decided to be your own boss, you have to do away with the job search and all the stress that employees undergo. This kind of thought brings out the entrepreneurial spirit in you. However, the decision is yours when it comes to the kind of business you want to go into. You can choose to set up a limited company or to register as a self-employed sole trader. Here are some questions you need to answer to help you with the kind of business that is best for you.

What industry will you be working in?

The industry you get into plays an important role in how clients view your business. In some industries, it`s very common for freelancers to be sole traders. On this basis, clients are usually very happy to deal with them. For instance, writers or artists may decide to form limited liability companies. Clients prefer to deal with bigger organisations that are registered. The main reason for this is due to their transparency as the details of the company is displayed publicly in the company house.

How much paperwork do you want to do?

Whether you are a sole trader and the owner of a Limited Company, or you are a director of a Limited company, you`ll have to complete a self-assessment tax return with HMRC every year. The difference is that there will be extra paperwork for the director of a Limited company. The penalties for wrong filing of paper work are usually higher for the directors of a company than it is for sole traders. Limited companies must produce Year End Accounts (also called statutory or annual accounts) and also send HMRC a Company Tax Return and Companies House an annual return.Both limited companies and sole traders must register for VAT if their estimate for annual takings is estimated to be up to £81,000 at the year.

How much responsibility do you want?

As a sole trader, you are entitled to all the profits as long as you have paid tax and National Insurance contributions. However, you are responsible for the losses your business incurs. For this reason, you might lose all your assets if you eventually run into debt.If you form a limited company, you will be taxed for any money you withdraw from the business. More so, you have to record what you want to use the money for (e.g. salary or loan). As a director, tax and both employee and employer`s NI contributions will be deducted from your salary by PAYE. This means that you`ll pay more NI this way than you would as a sole trader. However, the benefit is that your personal assets are all protected against any debts your business may incur. Again, your legal liability is limited as well.

How much money do you need?

It is much easier for a freelancer to work for a big organisation or apply for business loans if he chooses the limited liability route. The Limited company gives you an edge due to its legal and financial protection.

Don`t forget you can change your mind.

If your decision is to form a limited company, we can help you with that. You will receive a certificate of incorporation indicating the registration date and the company number.However, if you choose to be a sole trader, you will need to register for self assessment with HMRC by 5th October following the end of the tax year. Contact us if you need more advice or information on registering as a sole trader.It is very possible to shift to the structure that suits you if the nature of your work or that of the clients you hope to attract, changes.For more information on this matter and lots more tax and financial news, see Your Virtual Office London blog today!

Forming a business is available to almost everyone today, as new technologies allow us to start at a fraction of the cost of traditional businesses. Of course, it all depends on the type of startup you are going to want to form, so here are summarised six basic tools for those thinking of beginning a journey into the business arena.

1. A Smartphone

Because the Internet is going to be one of your main tools, you'd better have a smartphone. No need to have the latest iPhone or Samsung, but choose a device that allows you to at least access basic services like Skype (to make free phone calls), Whatsapp and of course email.

2. A good internet connection

Obviously, you'll need to have an Internet connection. You could opt for a 4G solution, but many data plans are usually quite expensive, so you will an ADSL line (or cable).

3. A good laptop

It`s better to have a laptop than a desktop, mainly because you'll need to move from one side to the other, and if you want to limit investment, it is better to have only one device.

4. Business Cards

Some say they belong to the past, but they`re still very practical in many cases, especially in those moments when you meet many people in a short time, such as conferences, seminars, fairs and other events of this type. Also, if you always have a card available, you can communicate about your project even if you had not anticipated it, and always with a professional image.

5. A point to meet with customers or suppliers

Starting a business from home is certainly one of the easiest ways to start. However, sometimes you need another place to meet with clients. You can use various tricks, but it is important to have it clear before, because you never know when you'll have to. There are places that rent offices for days, or you can opt for a quiet coffee shop.

6. A web or blog

Having a website with your own domain will cost you very little. With the tools available, and without knowing anything about computers, you can make a rather professional page in a few minutes. Another option is to have your own blog, where you can demonstrate your expertise in the field you're trying.

To think that small and medium enterprises (SMEs) have the infrastructure and financial characteristics necessary to export their products is overkill for some people, if not a pipe dream. However, despite the difficulties and scope, it is possible to achieve.In the first instance, it is prudent to note that within the SME segment, midsize companies (a workforce of between 51 and 250 employees) are more likely to export. This is because its corporate structure is better defined and allows them to envision a brighter future compared to small businesses.Here we present some concepts and practices to be considered by small and medium scale businesses to make their products penetrate foreign markets:Creating quality export products. The basic principle of an exporting firm is a product for its quality and freshness. To ensure these qualities, businesses must implement quality systems, whose functions in simple terms are eliminating unnecessary activities and the tuning of key production processes.Production capacity. Companies can capitalise in the SME segment by being more flexible and to more smoothly modify their production lines. This is important because when exporting products, companies must ensure double coverage: the domestic market and external.Leverage corporations. SMEs can place their products abroad with the support of exporting firms. This will provide access to distribution channels and marketing independently.Knowledge and expertise. Companies with export potential should have updated information on the behaviour of foreign market information. Also, to acquire the corporate, financial and legal expertise to deliver your offers in completely different national contexts.A great way to help SMEs comply with these requirements in foreign trade is outsourcing. Entrepreneurs in the small and medium sector have several options available. To choose the best option, you should explore and analyse each alternative according to the demands of their initiative.

When you start a business, and also later when you are consolidating, there is a question you'll have to ask often, and that is whether a task requires outsourcing or needs to be done internally. This is an important topic, because it has a lot to do with choosing the priorities of your business.

The classical company integrating system

Until recently, companies tended to integrate all possible functions. Obviously, that was a more pronounced trend in medium to large companies, simply because they had more resources and many of the support functions of the core business had a sufficient volume for one or more jobs, (payroll, travel organiser, equipment cleaning, photocopying service, a lawyer, an accounting department and many more.)

The trend: specialisation

Over the years, things have been changing gradually. Some services were outsourced before others. For example, instead of having a person on the payroll dedicated to organising trips, many companies chose to have a contract with a travel agency. In some cases, the agency placed one of its employees in the offices of the company, in others, it was all done remotely. As a result, not only did the company save resources, but benefited from the expertise of a specialist travel company.This same phenomenon has happened in many other support functions. Over time, companies have realised that it was more interesting to devote resources to core business activities (producing and selling, basically), while it saved time and worked better having specialised suppliers outsourced.

When to outsource and when not to?

The question is not whether to outsource some services or trying to do everything in procedure. Many functions have no other option to outsource because you have a sufficient volume of activity to have a person dedicated to it, albeit part-time. Then, even if you had the time, in many other cases you would be paying much more with outsourcing, and not benefit from specialisation with these companies.The real question is when you have to choose to outsource and when not. You should analyse which are the most strategic functions of your business. Essentially, you should take maintain a direct and immediate control over what constitutes the heart of your business. On the other hand there are many support functions that today cannot be outsourced because the volume of work involved is too small to interest a foreign company, even with new technologies emerging every day.

A recurring question

The issue of outsourcing activities or not is a question you have to ask regularly. The environment changes, your business changes, your priorities change. At some point you may decide to rethink an internal function you had outsourced because you decided it is more strategic now than in the past, and vice versa. Companies are living structures, and the model is changing constantly. There is no right answer forever. Everything is about adaptation.