The biggest risk you can take is not taking any. This is a motto that should be emblazoned across every entrepreneur’s heart. Your business needs you to take risks because success won’t just fall in your lap.

In 2005 Hamdi Ulukaya took a risk, he went against his lawyer’s wishes and purchased a small derelict factory in upstate New York in order to start producing his own brand of Yoghurt. This brand is now known as Chobani and is netting more than £1 billion in annual sales.

So what benefits do I get from taking risks? How does it help me and my business become a groundbreaking company? Here are just a few reasons why risk is every business person’s friend.

A risk taker gets a first mover advantage

The first mover is a phenomenon often studied in contemporary economics. In short, this idea argues that if you are the first to move into a specific market or industry, you will gain a competitive advantage. Being the first mover allows you to acquire a significant majority of the market as well as generate superior brand recognition and customer loyalty. Even when competitors try to capitalise on your company’s success, the advantage of the first mover is enough to remain on top.

Examples of first movers are littered through all industries and sectors. Just take eBay, the first company to take auctions online. Due to its risk taking to become the first mover, eBay has dominated the online auctioning process and now earns annual revenue of well over £6 billion.

Due to economic, cultural and technological changes, there will always be new markets. So if you spot a new trend or gap in the market then pounce, take a risk and be the first mover. Playing it safe and thus refusing to be a market leader, will never allow you to become a groundbreaking company.

Risky marketing techniques can pay off big

When businesses play safe in marketing it often leads to little real gain. However, when risks are taken the outcomes can be astonishing.

For example, HelloFlo launched in 2013, is a subscription service that sends packages to women each month filled with sanitary products and other helpful items. Business started slow. The traditional marketing techniques generated little growth and sales.

Because of this, HelloFlo decided to take a risk and produce an ad in the form of a short Youtube clip. This was not the traditional, boring and safe ad often produced by sanitary product companies. Instead HelloFlo took a risk to create a short, honest and hilarious ad that took on the often taboo subject. Their ad below named ‘Camp Gyno’ has now been watched over 11 million times and has been a viral success boosting sales along with it.

You only can get this kind of success by taking a risk.

Risk to combat stagnation and decline

A significant proportion of entrepreneurs that are afraid of taking risks allow their business to fall into stagnation and decline. It’s easy to get stuck in the same habits in your comfort zone. But ignoring dynamic risk based growth will always damage your business. Top performing entrepreneurs are always adding a little risk, whether that’s by experimenting with products, prices, rebranding or re-inventing their companies.

Risk and loss can make you stronger

Beyond the financial opportunities posed by taking risks, there is also the possibility for internal growth and development.

But don’t take it from me, Heather Rabbatts, the first female non-executive director of The Football Association says this:

“I think I’ve always felt that there was something quite exciting about taking risks. And there’s a great saying, actually, that you only learn when you are at risk and I’m fascinated by both risk and learning, so that has led me to take jobs that people would think ‘you can’t do that, that’s just impossible.’ No it won’t be.”

We learn from risks and we learn from loss. These lessons lead us on new paths and make us stronger.

Risk taking doesn’t have to be dangerous

Risk taking isn’t synonymous with recklessness. With every risk comes the responsibility to minimise their threats and maximise their potential.

Always identify what and how things can and might go wrong. Devise contingency plans from this and place strategies to deal with it.

As we move into the second quarter of 2016 it is a good time to take stock of your piles of papers, documents and statements and assess what can be shredded, what should be kept and what can be saved online. This guide will help you to decide what to do with all of your paperwork and prevent it from piling up around you.

Things that should always be saved

There are some types of documents that will never be replaced by online copies – you will always need originals of certain important papers. It is a good idea to invest in a safety deposit box or a fireproof safe to ensure that these items never get damaged, stolen or lost.

Remember – safety deposit box can be useful, but they are only accessible during banking hours. Some of these documents could require immediate access.

Always Save Physical Copies Of the Following:

• Birth certificates for all family members
• Marriage licenses and/ or divorce decrees
• National Insurance Card (if you have one)
• Pension plan documents
• Copies of your investment portfolio
• Military records and discharge papers
• A copy of your will, living will, health care proxies, powers of attorney and trusts (remember, your attorney and executor should also have copies of this)
• An inventory of your safety deposit box
• Life insurance policies
• House insurance policies

Paperwork that you can shred

• Bank statements – Many people suggest that you keep at least one year’s worth of bank statements (and some even recommend five), but in today’s day and age these are available on your online banking website and easy to access when you need them. In fact, many banks are going paperless and only offering online statements. If you are still receiving paper statements and you want to be extra cautious, you can always scan them and save them to the cloud, but otherwise – go ahead and shred.
• Credit card bills – The same goes for credit card bills – it is very rare that a bank will not have these stored online, ready to be accessed if you need to dispute a charge or balance your accounts. These can safely be shredded, but again – you might want to store a scanned copy to the cloud.
• Tax returns and all supporting documents older than 7 years – If you have been lugging around bulky cabinets of old tax return information for your small business, now is the time to assess and shred. If seven years have passed you can no longer be audited and so you no longer need these papers. If you want to keep them for your own use, scan them and store them online.
• Pay stubs and statements – Keep these for one year, and ensure that they match your end of year statement. Once a year has passed, you can happily shred these. You may want to keep a copy on the cloud for your own records.
• Investment monthly statements – Keep all confirmations and statements until you can see them detailed on your monthly report, and then feel confident in shredding them.
• Utility bills and phone bills: Don’t shred these space wasters until you’ve paid them, unless they contain any tax-deductible expenses. Look into whether you can have your bills switched from paper to electronic versions.

Paperwork to keep (only for long as you own the object):

• Appliance manuals and warranties – This information should be kept handy, just in case something happens to the item and you need to fix it, cash in the warranty or contact the company.
• Loan documents and vehicle titles – Keep these in a safe place that is also easily accessible, as having them on hand will save you a lot of time and effort should something go wrong.
• Your home and mortgage documents – This can include the deed to your home, any records of your purchase, all improvement and inspection record and all of your mortgage agreements.

What to store on the cloud

The options of what information you can store on the cloud are endless – any document, picture, file or music can be uploaded, making it accessible from anywhere on the planet, as long as you are connected to the internet. Cloud storage has many benefits as well, namely that it is cheap. Storing tons of digital data in a data storage system can be costly, while cloud storage provides an alternative at a fraction of the cost.

Of course, after many high profile security leaks, many people are rightfully concerned about the security of cloud storage. Is it really a secure method? The answer is yes – as long as you select a well reviewed cloud company that has a proven track record of excellence. Here are some tips on how to choose a good cloud storage provider.

Here are just a few things that you might want to store on the cloud:

• Manuals and protocols – If you own a small business, it can be costly and time consuming to print out employee manuals for new hires. Instead, direct them to a shared folder on DropBox or similar where they can find all of the information that they will need. This can save you reams of paper and a lot of clutter.
• Lists and old emails – If you are planning to save any online correspondence, lists or writing for sentimental values or business purposes, resist printing them out and instead store them to the cloud.
• Photos – The cloud is the perfect place to store photos, music and other files that take up room on your hard drive – and on your physical desk!
• Music – This one is more about keeping a clutter free computer (rather than your physical space), but storing your music online is the best way to save space on your hard drive.

As you can see, there are plenty of choices for how you can store your documents while keeping them safe, clutter free and well organised.

The manner in which you communicate a message is just as important as the message itself. When we talk about the internal communication of a company we are usually referring to just how effective the communication really is.

If your communication methods fail to properly transmit your company’s actual and required goals to staff, the business will surely suffer as a result. And if you can accurately share your company values with your staff, you can be sure they will understand and act accordingly. The obvious and favourable result? The enduring success of your business.

These days, a vibrant and positive company culture can play a huge role in distinguishing your business from the competition. You can make this work in your favour, not solely by what you actually communicate to your team, but how you do so. Your absolute highest priority this year should be to bring out the best in your staff by inspiring them to higher levels of dedication and productivity.

The following practical strategies are meant to achieve this in the shortest time possible:

1. Keep the channels of communication wide open

Make it a rule that anyone is able to approach senior staff, no matter which department they work in or which supervisor they answer to. This should be nailed down in your internal communications system so that it serves as a fluid platform for healthy communication to take place across all sections of the company.

This approach helps employees feel encouraged to speak to one another, and does wonders to dispel the strangeness sometimes brought on by corporate formality. It means that your team will be able to quickly interpret the ideologies of the firm.

Potential issues with staff, grievances, and concerns can all be addressed quickly without causing disruption to usual activities. And the boosted team building that results from free flow communication in your company helps to keep productivity consistent as well.

Here are a few simple ways to quickly integrate improved internal communications at your company.

2. Your team is part and parcel of the industry

Business owners who like to play things close to the chest soon regret the approach and eventually have to involve staff in fixing bad decisions. People like to feel a part of something bigger, so sharing the goings on in your industry helps them feel they are contributing in a meaningful way.

You can keep your staff updated with the latest industry news at the touch of a button these days, and it also provides ample motivation at the start of each day. Let everyone be exposed to the inner workings of the industry and see how your company fits into the bigger picture. This will generate enhanced interest in the work that you do, and your team will feel like sharing what they learn both inside and outside the company. Your company will soon be regarded as a major player in your neck of the woods.

3. Celebrate your team members’ success through internal communications

The vast majority of employees agree that job satisfaction counts for as much as their total pay cheque, especially when they are acknowledged for their personal contributions made to your company. This is the opportunity to make a positive noise about it. Using internal communications to convey praise to your staff is a sure way to increase engagement and motivate a culture of achievement in your business.

It helps the larger staff component to want to strive for similar success, which in turn boosts productivity across the board. Sometimes it can be as simple as sharing the success of a particular department at your firm through a company-wide email or newsletter. But the resulting environment takes staff morale to higher and healthier levels.

4. Create channels for employee feedback

We are always concerned with what customers and clients think and say about the company, but we can neglect the valuable feedback that is lurking right there within company walls. A company that actively takes its staff members’ thoughts, ideas and suggestions into account is almost guaranteed to reap multiple rewards. The shift to constant improvement also demands that we are cognizant of staff experience and find creative ways to make each individual an active contributor.

So, why not use the existing internal communication platform as the perfect springboard to generating improved staff participation? You could make use of convenient chat software that will help capture ideas as and when they occur, directly involve any staff member no matter their designation, and promote improvement and participation at the same time.

5. Embrace the technology of the day

Most of the time your staff are too busy in their regular duties, so realistically you do not want your internal communications to become a distraction and hindrance to their work. We are quite lucky in this modern age to have numerous programs and software at our disposal.

When used correctly these are meant to make our life easier. So, in the same manner, your use of these software tools should be kept simple and streamlined. A few good software examples for enhanced internal communication are:

• Chat software – HipChat, Slack, and Hammer
• Cloud services – Google Drive and similar
• All in one Solutions – Microsoft for documents and email etc.

Here are five more innovative software solutions you should consider.

6. Inspire as well Inform

One of the chief goals of internal communication is obviously to inform staff members, but it can be used for so much more. Lack of motivation and encouragement leads to reduced productivity and neglect of duties. The very same system that you use to pass critical company messages to your staff can and should be used to inspire action!

There are so many ways to incorporate this idea to your existing communication. You can share motivational quotes, especially if they reflect your company’s vision. You could make it known that you are providing incentives and bonuses if certain objectives are met. And above all, you should learn to cleverly work in calls to action inside interoffice emails.

And if you want to streamline communications, even more, you could dare and do away with internal emails altogether.

By following these six innovative business communication tips and tools, you should see a marked improvement in your overall corporate culture and productivity.

You have probably heard the term “web analytics” bandied about, but you might be unsure about what it means and how it can help your website, no matter what industry you are in. If you are unclear about web analytics and want to learn everything you need to know, read ahead, because this article is for you.

What are web analytics?

Simply put, web analytics are the measurements that analyse how your site is performing on the internet, information that can then be used to assess your site and optimise it for the future.

Your site analytics can provide data on:

• The demographics of the people who visit your site.
• How they got to your site (i.e. did they come from an external link on someone else’s site, a Google search or by typing your web address directly into the search bar.
• What they did once they were on your site, and the order in which they navigated your different pages.
• How much time in total did they spend on your site?
• Where they went after visiting your website. Did they follow one of your internal links?

What applications can you use to attain your web analytics?

There are countless different applications and tools that you can use that will help you assess how your site is performing. Some of the best options out there include:

• Google analytics – One of the best options is the most obvious. Google Analytics offers a whole suite of online performance trackers that help you understand your users’ behaviour and optimise the way that you relate to them. In their own words, “the Google Analytics 360 Suite delivers the customer and advertising insights you need to set your marketing strategy, drive sales, and ultimately outperform the competition.”
• Crazy Egg – Crazy Egg is a useful tool that enables you to create a ‘heat map’ that tracks your users’ clicks in order to see exactly how they interact with your website. This helps you to assess your site’s usability and make any necessary changes to increase your average user’s experience when on your page.
• Kissinsights from Kiss Metrics – Kissinsights provides businesses with the ability to install a Javascript plugin that will instantly ask your website’s users a series of simple questions and ask for valuable feedback. You can choose exactly which questions you would like to ask your site visitors, and review the answers in order to learn about how they experience your website.

What information do web analytics applications usually provide?

Web analytics tools can provide you with truly valuable insights, not only about your own website, but also about the people who visit your site.

This can include (but is not limited to):

Campaign Data

• The specific campaigns that were most successful in driving users to your site.
• All of the domains that referred your site’s traffic
• The keywords that people used in order to find your site

Your Audience

• The number of visits that you have had to your site
• Demographic information about your users, including the countries in which they are located
• Whether your visitors are new or returning users
• The browser they are using to access your site, whether it be Internet Explorer, Firefox, Chrome or other options

Other Audience Metrics

• Which page on your website visitors landed on, and which page they exited from (i.e. your homepage, About Us, a specific product or FAQs)
• Which of your pages are the most popular
• The amount of time that each of your visitors spent on your site

When you are reviewing the information gleaned from your website analytics, you may find that some terms are used that you are not familiar with – click here for some of the most commonly used terms and their definitions.

You have the analytics information – now what?

Once you begin to examine the analytics reports about your website, you may feel that the sheer volume of information you are provided with is overwhelming. Indeed, trying to make sense of this vast quantity of data all at once is almost impossible – you should instead ensure that you have decided the goal of your enquiry before you start your examination by setting out clear Key Performance Indicators (KPIs). This will help you to get the most from your data.

The metrics that you choose to prioritise will depend on what you hope to improve about your site at this time – engagement, length of time spent on a specific page, the actual number of visitors or which links users choose to follow (if any) from your site.

Once you have decided which metrics are most important to track at this time, you can easily set up a series of scheduled reports to be emailed to you on a regular basis. These emails can remind you to check your analytics, assess new developments and make changes when necessary.

Analytics – Always Important to your Success

As you can see from the information above, tracking your website’s performance is easier than you think – but this should not make you underestimate its importance.

Once you understand your visitors’ online behaviour you are then able to change your site in order to optimise your success. This data can help you make educated and calculated changes to your website based on accurate and actual data – this prevents you from making wild guesses and changes the things you think might make a difference.

Assessing your analytics will also help you choose advertising and promotion techniques that are most suited to your site. Based on this data, you can see how many users are being driven to your site by any advertising campaigns you have done, and ensure that these users are members of your ideal audience.

In addition, analytics are also a simple way to track any broken links or faulty code on your site. They can help you notice a 100% decline in customers to a certain part of your page, alerting you that a page is down and giving you an opportunity to fix it before too many sales are lost.

Don’t delay – start tracking your analytics today.