With the surge in the popularity of cryptocurrencies over the past few years, there has been an explosion of different cryptocurrency exchanges to choose from. But with so many options available, it can be difficult to know which is the safest crypto exchange to date.
Ever since FTX, one of the biggest crypto exchanges in the world crashed earlier this year, there have been increased concerns about the safety and reliability of crypto exchanges. Investors saved millions and billions worth of assets inside FTX due to its promised security, only to see its downfall in a matter of days. As a result, many investors are looking for alternatives that can provide a more secure and trustworthy trading experience.
Fortunately, several different crypto exchanges have emerged as top contenders in terms of safety and reliability. Let’s dig deeper into the safest crypto exchanges, their advantages, disadvantages, and long-term outlook which would prevent the occurrence of an FTX-like tragedy.
What is a crypto exchange and what are the different types available today?
A crypto exchange is a platform where users can buy, sell, and trade cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many others. There are two main types of crypto exchanges: centralized and decentralized. Centralized exchanges use a centralized server to manage order books and transactions between buyers and sellers. Decentralized exchanges operate on smart contract technology that connects buyers and sellers directly without the need for an intermediary party.
As stated in a blog in Algory titled ‘CEXs Vs DEXs – Which One to Choose?’, “Since most CEXs offer custodial wallets, they own the private keys of the assets. The problem here is that in case the exchange gets hacked, the hacker can steal the users’ assets. This isn’t an issue for DEXs’ users because they own the private keys of their wallets.”
Crypto fans find it annoying to use centralized exchanges since these run contrary to the decentralized ethos of cryptocurrency. To make matters worse, the company or organization behind them may enforce Know Your Customer (KYC) requirements which means that each user must reveal their identity to prevent illicit activities like money laundering and fraud – just as one would do when applying for a bank account.
In contrast, decentralized exchanges present particular challenges for users. The user experience is not ideal from a technical standpoint and oftentimes doesn’t allow you to convert USD into cryptocurrency directly. This means that to buy or trade crypto on these types of platforms, you need an account with another exchange first where you can purchase the desired asset and then move it over to the DEX of your choice.
Additionally, you will likely be participating in peer-to-peer transactions. This implies that it may take more time to find a user interested in buying what you have for sale; if the liquidity of your crypto asset is low, it could require accepting price discounts just to sell or buy a low-volume digital currency rapidly.
Some of the safest crypto exchanges today include centralized platforms like Binance, Coinbase, Kraken, and Huobi, as well as decentralized options like Uniswap, Pancakeswap, IDEX, and Kyber Network. These exchanges are known for their robust security features, advanced trading tools and software, and intuitive user interfaces.
Each exchange offers different features, levels of security and reliability, and trading experience. Let’s take a closer look at these top contenders for the title of safest crypto exchange.
How do you decide which one is right for you?
When it comes to choosing a crypto exchange, there are several factors to consider. Some of the key considerations include trading volume, liquidity, security features, user-friendliness, and transaction fees.
If you’re looking for the safest crypto exchange available today, you can’t go wrong with Binance or Coinbase. Both exchanges have built up a solid reputation as reliable and secure platforms that prioritize their users’ safety and security above all else. They also offer high levels of liquidity and low transaction fees compared to other alternatives in the space.
But obviously, there are more and more exchanges that will eventually catch up or even take over the throne as the “Safest crypto exchange”. This is possible because of the constant innovation of crypto technology and safety authentication processes.
Let’s rank them up below.
The safest exchanges to use today
The following are the top centralized cryptocurrency exchanges, according to traffic, safety, liquidity, and trading volumes.
1. Binance
As one of the globe’s most advanced trading platforms, Binance supports over 200 coins for deposits and withdrawals. Every experienced trader and novice interested in crypto trading will find it beneficial to use this platform because of its highly competitive rates that offer unbeatable comfortability. With an international customer base providing rave reviews about their experience with crypto-trading on Binance, you can be sure you’ll have a great time too.
Recently, Binance has joined forces with external companies such as Simplex to grant users the ability to purchase cryptocurrencies through wire transfer and credit card payments at a premium rate. Additionally, individuals living in the United States are now able to trade via Binance-US since it adheres to American trading regulations.
To protect itself against cyberattacks, Binance has established a few security measures; one of them being cold wallets. The Mt. Gox hack serves as a reminder that exchanges must store most of their crypto off the internet to keep it safe from hackers. True to this advice, Binance proudly declares that they store “the vast majority” of their crypto in offline storage systems known as cold wallets – making sure these coins stay out of harm’s way.
Binance offers two-factor authentication (2FA). If you activate this option, whenever logging into your account or making a deposit and withdrawal transaction, you will be asked to enter the code sent from either SMS text messages or the authenticator app. As an even better measure of protection than using only mobile applications, Binance also provides users with an additional choice – a Yubikey hardware device.
Binance actively monitors all transactions across the platform, and with its algorithm, can detect any suspicious activity. If this occurs, a 24-to-48-hour freeze is quickly implemented to protect your account from potential hackers. And if you are the one who authorized it? No problem! You could just wait for the period to end or opt for contacting customer service instead to lift the restriction promptly. But more importantly, these couple of days will serve as an ample warning should someone else have accessed your data without permission— giving you valuable time to alert Binance staff accordingly.
Binance is still crowned as one of the safest crypto exchanges to date, with additional features such as:
- Access control. For ultimate security, Binance grants you the power of “access control” that limits your withdrawals to certain IP addresses or wallet addresses.
- Organizational Security. Binance employs sophisticated safety protocols to protect its crypto assets, such as Threshold Signature Schemes (TSS)2 which mandate multiple persons sign off on any wallet-to-wallet transfers.
- Security notifications. Binance is constantly vigilant, proactively monitoring your account for any fraudulent activity. In the event of suspicious behavior being detected, you will be immediately notified via email.
- Data encryption. Personal information such as Social Security numbers and addresses are securely kept in encrypted form, making it virtually impossible for malicious hackers to obtain it.
- Secure Asset Fund for Users (SAFU). Binance has allocated a billion-dollar fund to ensure customers are reimbursed in the event of a major security breach. This unparalleled reserve serves as an assurance that, no matter what happens, Binance will be able to fulfill its monetary obligations and remain solvent for years to come.
2. Coinbase
Coinbase is a reputable and reliable cryptocurrency exchange, established in 2012 in the U.S., with its stocks now listed on Nasdaq under “COIN”. Boasting an astounding 56 million users throughout more than 100 countries worldwide, Coinbase assures those questioning whether it’s safe to trade there.
Both beginners and experienced traders can trust this crypto exchange, as it has successfully traded over a staggering $150 billion of digital assets. Even more noteworthy is the fact that the company is now publicly-traded on Nasdaq – an indication of its credibility and reliability among users. However, some customers have complained about issues with customer support services.
Coinbase stands apart from other exchanges by offering superior security measures that safeguard user funds. Their commitment to safety is why they are preferred amongst institutions and cryptocurrency traders despite their higher cost of use. Through robust security protocols, Coinbase ensures protection against theft and hacking as well as gives users peace of mind during eventualities.
For ultimate assurance that your crypto funds and accounts are secure, utilize 2-factor authentication with phone and email – in addition to biometric fingerprint logins or passwords. To take the safety of your wealth one step further, connecting it to a hardware storage device is strongly encouraged for full control over it.
Coinbase is globally renowned as one of the most secure and highly trusted cryptocurrency exchanges, holding nearly 99% of its users’ digital assets in offline cold storage. With Coinbase’s mandatory two-factor authentication (2FA) on your account and additional security measures such as validating a phone number through text message code entry, you can be confident that your financial information remains safe.
Plus, since it is a publicly-traded company, extra financial and security examinations have been conducted to certify this status – making Coinbase an even more reliable choice for exchanging cryptocurrencies.
When you’ve decided to delete your Coinbase account, the platform makes it easy for you to request access and copies of all personal data that they have received from you.
Furthermore, if requested, Coinbase will permanently remove this information from their servers – an impressive feature that demonstrates their commitment to providing responsible treatment and efficient discarding of users’ private details.
3. Kraken
Trading cryptocurrencies is a daunting task, which is why Kraken’s platform was launched only two years after Bitcoin (BTC) to offer users top-notch security and more than 120 coins from the U.S. to choose from. Not only that, but their affordable prices also allow you to stake and earn rewards with your crypto – making it one of the most reliable exchanges on the market today.
Cryptocurrencies have become recurrently exposed to hacks, leading to millions of dollars in lost coins. Luckily, most hacked exchanges have covered their customers for any monetary losses – but you don’t want to be caught unaware at a low-security crypto exchange that could leave your coins vulnerable and unprotected.
At Kraken, security is the top priority. Commitment to safety has earned third place on our list. In fact, Kraken has gone unscathed by major hacking events since its launch. While some users have reported compromised individual accounts on online forums, these are isolated incidents that do not reflect a systemic issue with Kraken’s security protocols and measures.
Kraken offers unparalleled digital asset protection, with 95% of deposits stored in heavily guarded offline cold storage units located at different locations across the globe. Their servers are locked away securely and monitored via 24/7 armed guards and surveillance cameras to ensure maximum security.
Kraken employs robust physical security measures and encrypts all of your sensitive contact information at both the system and data levels. To ensure further protection, Kraken conducts regular vulnerability testing on its own systems. With its top-of-the-line security, Kraken has been awarded the CSO50 award for its security initiatives.
4. Gemini
Gemini Trust Company LLC is a cryptocurrency exchange with over 100 crypto-assets to purchase, sell, and trade. Aside from its breadth of choices in the world of digital currency, Gemini provides users with powerful account security measures and compliance controls.
The platform also grants access to an array of products and services such as rewards credit cards powered by cryptocurrencies, the ability to generate interest on holdings placed within their accounts, hot wallets prebuilt into their system for quick transactions or storage needs — even allowing consumers the option to pay retailers directly through blockchain technology!
Whether you’re a novice or an experienced trader, Gemini’s user-friendly website and mobile app offer something for everyone. The Gemini trading platform offers a simple buy/sell option, coupled with its comprehensive support page for beginners to build their confidence in the market.
For those who are more advanced traders, ActiveTrader provides access to sophisticated charting tools and multiple order types so users can efficiently execute trades at lightning speed.
Gemini is also a safe crypto exchange because of its extra layer of security. With Gemini’s identity verification process. All you need to do is simply upload a valid government-issued photo ID, such as a driver’s license or passport, which would allow you to take advantage of the platform’s full features.
Gemini provides a secure user experience with two-factor authentication, wallet address whitelisting, and the option to approve logged-in devices. To take advantage of its entire spectrum of trading possibilities, users must complete Know Your Client (KYC) verification which requires them to upload an approved government ID picture. This extra step serves as an additional layer of protection against fraud on Gemini’s platform.
Gemini is SOC 2-certified and has recently been recognized for its commitment to security and compliance. On top of that, the platform offers FDIC insurance for U.S. dollar deposits up to $250,000 as well as digital asset insurance for funds held in its hot wallet – making this one of the safest crypto exchanges out there. This insurance policy safeguards user funds against any possible security breaches or cyber-attacks.
Now that we have covered the Centralized exchanges rankings, let’s move on to the decentralized portion of web3.
Below are the highest-ranked decentralized cryptocurrency exchanges, according to traffic, safety, liquidity, and trading volumes:
1. Uniswap (v3)
Invest in the Correct Mega-Caps with MGV: (NYSEARCA:MGV)
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Thesis
The Vanguard Mega Cap Value ETF (NYSEARCA:MGV) is an equities exchange traded fund from the behemoth asset manager Vanguard. The fund has over $6 billion in assets under management, and aims to track the performance of a benchmark index that measures the investment return of the largest-capitalization value stocks in the United States. The respective index is the CRSP US Mega Cap Value Index, which provides for a diversified exposure to the largest value stocks in the U.S. market.
2023 has been the year of the tech mega-caps, with the sister fund Vanguard Mega Cap Index Fund (MGC) up over 28%. MGC is an expression of large growth mega-caps, and has been propelled forward by the outstanding performance of the ‘Magnificent 7’. MGV on the other hand has had a more muted performance, being up only 6.7% this year. Tech has outshined every other investment this year, but we feel 2024 will be different, with the baton passed to value equities.
10 FAQs About Content Planning Tools and Their Must-Know Answers
Content Planning Software has evolved into a crucial element of any effective marketing plan in the modern digital environment. Businesses continuously produce and distribute content to engage their audience and provide results, including blog articles, videos, social media posts, and email newsletters. However, with so much content being created, it can be challenging to keep track of it all and make sure it complements your marketing objectives. Tools for content planning can help with it.
In this article, we’ll address some of the most common queries concerning it and describe how they can help organizations boost the effectiveness and efficiency of their content marketing initiatives. This article will give you the knowledge you need to select the ideal for your company, regardless of your level of experience with content marketing.
1. What is a content planning tool and how does it work?
A software program known as content planning aids companies and marketers in organizing, planning, and carrying out their content marketing initiatives. A content calendar, keyword research, SEO optimization, collaborative tools, analytics and reporting, and other capabilities are frequently included.
It works by providing a single location for all content marketing tasks, such as creating a calendar, choosing keywords, tracking their performance, and more. Additionally, users can assign tasks, set deadlines, and collaborate with other team members. Additionally, it can offer data and insights to users so they can assess how well their material is performing and adjust their strategy as necessary. A planning tool generally promotes efficiency and production.
2. How can a content planning tool help in improving content marketing strategy?
A content planning tool can help improve a content marketing strategy in several ways:
- Content Calendar: Users can also establish an information calendar that specifies the timetable for producing disseminating, and promoting content with the use of a content planning tool. Users can use this to prepare ahead of time and make sure they consistently post high-quality content that supports their marketing objectives.
- Keyword Research: Researching and Choosing Keywords: It can assist users in finding and choosing keywords that support their content marketing objectives. Users who do this can improve the search engine optimization of their content and boost traffic.
- SEO Optimization: Meta tags and other on-page optimization options are common elements in content planning that assist users in optimizing their content for search engines. This may aid in raising their profile and increasing traffic to their material.
- Collaboration: Using a planning tool, users may assign tasks to team members set deadlines, and monitor progress. This can increase productivity and guarantee that everyone on the team is working toward the same goals.
- Analytics and reporting: Users can access analytics and reporting capabilities from a tool to better understand the effectiveness of their content. This can assist users in determining what is working well and what needs to be improved so they can make the necessary adjustments.
3. Can a content planning tool help with SEO and keyword research?
Undoubtedly, a content planning tool may aid in keyword and SEO research. Numerous content planning solutions come with functions that help users with keyword and SEO research.
When it comes to SEO, content planning software can assist users by offering capabilities like on-page optimization choices, meta tag development, and administration, and broken link monitoring.
A content planning tool can assist users in finding pertinent keywords that are consistent with their content marketing objectives. Additionally, it can offer consumers information on search traffic, competition, and trends that can assist users in choosing the best keywords to target.
4. How do I choose the right content planning tool for my business?
Choosing the right tool for your business can be a challenging task, but it is crucial to ensure that the tool aligns with your content marketing goals and is a good fit for your business. Here are some key factors to consider when choosing it.
Features: By considering the elements you specifically require, like a content calendar, keyword research, SEO optimization, collaboration tools, analytics and reporting, and more. Check to see if the tool has all the capabilities you require for effective planning and implementation of your content marketing strategy.
Integration: Determine whether the product can be used in conjunction with other programs and platforms that you already use, including social media, marketing automation software, and your website. By doing this, you can be confident that the tool will flow naturally into your current workflow.
Scalability: You can take into account whether the tool can be scaled to meet your business’s needs as it expands. It ought to be able to handle the growing amount of team members and content.
User-Friendliness: Assess the tool’s user interface to ensure sure it is simple to use and navigate. You want a product that is simple to use, intuitive and requires little training for your team members to use.
Budget: Take into account the tool’s price and make sure it is within your limits. Find a tool that provides a decent balance between functionality and price.
Support: Examine the degree of support provided by the tool’s manufacturer. Make sure they provide enough aid and support in case you run into any problems.
5. Can a content planning tool integrate with other marketing tools and platforms?
Yes, many ai writing generators can integrate with other marketing tools and platforms. This can help streamline your workflow and improve efficiency. Some examples of integrations that a tool may offer include:
- Website: To automatically publish and schedule content, several content planning solutions can be integrated with your website’s CMS (content management system).
- Marketing Automation: To send out newsletters and other email campaigns automatically some content planning platforms can link with marketing automation tools like MailChimp.
- Social media: To automatically post and schedule social media content, certain content planning software can link with social media sites like Facebook, Twitter, and LinkedIn.
- Analytics: You can get information on the performance and user interaction of your website by integrating some planning tools with analytics tools like Google Analytics.
- CRM: Some content planning systems may interface with CRM platforms, like Salesforce, to give you details on the demographics, behavior, and purchasing patterns of your customers.
- eCommerce: You can get data on your sales success, customer journeys, and purchasing patterns by integrating some content planning software with eCommerce platforms like Shopify or Appy Pie’s App Maker.
It’s crucial to keep in mind that the degree of integration may vary based on the tool you select, so before choosing one be sure to look into the precise integrations that each tool provides.
6. How much does a content planning tool cost?
A content planning tool’s price might differ significantly based on its features, scalability, and degree of support. Other content planning tools need a monthly or yearly subscription, while some are free or have a free version with fewer functionality.
Here are some examples of the pricing structures provided by some well-known content planning tools:
- Free: A free version with fewer capabilities is available for several planning tools. Small organizations or individuals that are just getting started with content marketing might consider using these free versions.
- Freemium: Some content planning software provides a basic version that is feature-limited for free but charges extra for more features or increased usage.
- Monthly or yearly membership: Depending on the number of users or the volume of content you intend to manage, some content planning solutions are available for a monthly or yearly subscription.
- Custom pricing: Based on the unique requirements of your company, several content planning solutions provide custom pricing.
7. How does content planning software help with content creation and editing?
A content planning tool can help with content creation and editing in several ways:
- Content Calendar: Users can establish an information calendar that specifies the timetable for producing, sharing, and promoting content with the use of a content planning tool. Users can use this to prepare ahead of time and make sure they consistently post high-quality content that supports their marketing objectives.
- Collaboration: By Using a planning tool, users may assign tasks to team members, set deadlines, and monitor progress. This can increase productivity and guarantee that everyone on the team is working toward the same goals.
- Templates: A number of content planning platforms provide pre-made templates for various sorts of content, including blog posts, social media updates, and email campaigns. By doing this, users can save time and make sure the formatting and style of their content are consistent.
- Workflow: Some content planning solutions have a feature called workflow that makes it simple for users to move information between stages of the development process, like drafting, editing, and publishing. By doing so, you may increase efficiency and guarantee that all information is authorized before it is published.
- Version Control: Some content planning solutions offer version control features that let users monitor edits to a piece of content and roll back to earlier iterations as needed. Users can use this to make sure that only the most recent and accepted version of a piece of content is published.
8. What types of content can be planned and organized using a content planning tool?
A content planning tool can be used to plan and organize a variety of different types of content, including:
- Blog Posts, Social Media Posts, Email Campaigns, Videos, Whitepapers and e-books, Case Studies and Research Reports, Infographics, Podcasts, Webinars, Landing pages
9. How can a content planning tool help with tracking and measuring ROI?
Content planning software can help with tracking and measuring the return on investment (ROI) of your content marketing efforts in several ways:
- Analytics, Link tracking, Goal-setting and conversion tracking, A/B testing, Lead scoring, Custom metrics
10. How does content planning software help with creating and implementing a content strategy?
A content planning tool can help with creating and implementing a content strategy in several ways: Content Calendar, Finding and Selecting Keywords, Targeting, Workflow, Collaboration, Analytics and reporting
Winding Up
Content planning tools are essential for businesses that want to effectively execute their content marketing strategy. They help users create a content calendar, conduct keyword research, target specific audiences, streamline the content creation process, collaborate with team members, and track the performance of their content.
When choosing content planning software, it is important to consider factors such as cost, integration with other marketing tools and platforms, and features such as analytics and reporting. With the right content planning tool like NinjaContent from 500apps, businesses can improve the efficiency and effectiveness of their content marketing efforts, and measure their return on investment. Whether you are a small business or a large enterprise, a content planning tool can help you create and implement a content strategy that drives results.
Contractor’s Work Errors or Omissions Leading to Legal Issues
In the dynamic construction world, unforeseen challenges and uncertainties are part and parcel of the job. Even the most meticulous contractors may face legal troubles due to errors or omissions in their work. This is where Contractors’ Errors and Omissions (E&O) Insurance steps in, serving as a crucial safety net for professionals in the construction industry.
What Is Contractors Errors & Omissions (E&O) Insurance?
Errors and omissions Insurance, commonly known as E&O Insurance, protects contractors from financial losses arising from mistakes or oversights made during their work. Unlike general liability insurance, which primarily covers bodily injury and property damage claims, E&O insurance specifically addresses financial fallout from professional errors.
Key Points to Understand:
● Coverage Scope:
E&O Insurance covers a range of professional mistakes, including design errors, project delays, and inaccuracies in project documentation. This coverage is essential for contractors involved in design-build projects or those providing professional advice as part of their services.
● Legal Defense:
In the event of a claim, the insurance covers financial damages and provides legal defense costs. This can be a crucial lifeline for contractors facing litigation, ensuring that they have the resources to hire legal representation and navigate the complexities of a lawsuit.
● Tailored Policies:
Policies can be tailored to suit the specific needs of contractors. This flexibility allows professionals to choose coverage limits, deductible amounts, and additional features that align with the nature and scale of their projects.
● Risk Mitigation:
E&O Insurance is a financial safety net and a proactive risk management tool. By having this coverage in place, contractors demonstrate their commitment to quality work and client satisfaction, potentially enhancing their professional reputation.
● Industry Requirement:
Clients and project owners may often require contractors to carry E&O Insurance as part of the contract terms. This protects the contractor and instills confidence in clients regarding the contractor’s commitment to delivering error-free projects.
Secure Your Success: Connect with Abbate Insurance for E&O Coverage
Insurance is a crucial shield for contractors in the intricate construction landscape, where precision is paramount, and errors and omissions are common. Insurance is a safety net that can make the difference between financial disaster and ongoing success by mitigating the risks of professional errors and omissions.
For contractors navigating the complex terrain of construction projects, understanding the nuances of Errors and omissions in Insurance is not just advisable; it’s a strategic imperative.
As you embark on your next project, ensure that your professional journey is safeguarded with Contractors Errors & Omissions Insurance. Contact us at Abbate Insurance today for personalized guidance and expert advice on securing the right coverage for your needs. Call us at (203)-777-7229 for more information now for a comprehensive coverage plan!
Distinguishing Estimates, Bids, and Proposals in Construction and Business Administration
The construction industry uses three distinct terms to offer their services to customers. Estimates, bids and proposals are terms used to present a dollar value associated with construction work. For less sophisticated contractors, the terms are interchangeable. The reality is far different. Each term has an historical context and legal meaning. Thus, it is prudent for any contractor to understand the differences and use the correct term in an accurate way when offering their respective services.
This article will explain and elaborate the differences between estimates, bids and proposals. In addition, some legal issues are explained; specifically, as they relate to contract law. As a contractor, it is your responsibility to understand the respective terms and when and how to use them. This knowledge greatly reduces your risks, especially risks associated with lawsuits. It all starts with understanding the most commonly used term in the industry – estimates.
Estimates
An estimate is the most broadly used term in the construction industry. However, it actually has two separate meanings. Estimates are divided into internal and external definitions. Internally, the term refers to the process of identifying the hard costs of construction. External use of the term refers to a verbal communication of how much the contractor will charge for their services. Take note, external use is a ‘VERBAL’ conveyance of value.
The following subsections explain these differences in more detail.
Estimates as an Internal Term
Internally, the term alludes to the process of calculating the financial hard costs of construction for a project. With almost every small business construction company, there is a single person assigned this responsibility. This individual is commonly called the ‘Estimator’. The estimator calculates the actual direct costs of construction to build or complete the respective task. Estimators use take-offs, worksheets and proposals from subcontractors to determine the final expected hard cost of construction.
With the known hard costs, the company adds a mark-up to determine the final price that will be delivered to the customer. This is where the confusion about the term estimate starts.
Estimates as an External Term
The core problem with the term estimate is the public’s perception of its definition. Webster’s dictionary defines an estimate as “an approximate calculation or judgment of the value, number, quantity, or extent of something”. However, for the average person, the term estimate is more in line with an exact value or calculation of the price to perform services. Some customers will allow some deviation from the quoted dollar amount; in general, many customers will allow and understand a 3% deviation from the estimated amount as the final price. The key point here is that customers interpret the term ‘estimate’ to mean an exact dollar amount to perform services including materials, labor and all other costs the contractor must absorb.
To add to the confusion, many contractors state on their websites, marketing and advertising materials that the contractor provides free estimates. Thus, contractors have allowed the term to be perceived by the public as a definitive value to perform services.
With most states, under contract law there are four key elements with the creation of a binding contract. First there is an offer, some form of a statement from the contractor stipulating they will perform services. The second key element under contract law is acceptance by the customer. In effect, whether verbally or in written format, the customer must accept the offer. A contract does not exist under these two conditions. There are still two more required elements. The third element is called consideration. This refers to the dollar value related to the exchange. The final element is called performance. This means that when either party puts some form of value in the other party’s hand, consideration is achieved. For the customer, this means some form of financial transfer to the contractor. For the contractor it means they must deliver materials or do some form of labor work at the job site.
Many states further define a contract to include mutuality, i.e. a meeting of the minds. Both parties must understand the parameters and what the contract entails. Another common requirement is a date and or timeline for the contract to exist. Overall, for the reader, there are four required elements – 1) Offer, 2) Acceptance, 3) Consideration and 4) Performance.
The conveyance of an estimate to a customer is often interpreted as an offer and consideration. This starts the process with the creation of a contract. A contract doesn’t exist yet; but this meets the technical definition of an offer along with consideration. It gets a tad more confusing because in most states, the law requires that any form of contract related to real estate MUST be in written format. Thus, if a contractor provides a written estimate, this begins the first stage of creating a written contract.
Thus, technically and legally speaking, written estimates to customers, if accepted and the customer provides some form of deposit or initial payment, is then considered a legally binding contract. It meets all four elements of a contract. An offer: ‘I’ll perform this work contingent on you paying me’; acceptance: the customer states ‘I agree’; consideration: ‘this is the set dollar value’ and finally; performance: ‘customer makes a payment’.
Obviously, the above illustration is very common with smaller forms of construction work. Think of the small contractors that perform small jobs such as building decks, sealing driveways, performing landscaping services, and even conducting traditional trade repair work. All of these are customarily done with this sub standard method of creating a contract.
However, the best construction definition for an external estimate is:
A verbal communication of dollar value to perform services with stipulations that it is nonbinding and the value is plus or minus a set % (recommend no less than 20%) of the actual cost to the customer.
Take note of the three important elements of an external estimate.
- It is VERBALLY communicated, never in written format. Go back to the definition of a contract, especially contracts related to real estate; if in writing, there is no doubt of meeting the elements of an offer and consideration. Therefore, to prevent the creation of a contract, provide the estimate verbally.
- NONBINDING: every estimate conveyed to a customer must include the words: ‘Nonbinding’, or a statement to the effect that the company will not honor the price provided without a formal process of determining a set price with conditions and a written contract. In effect, the customer must be made aware and acknowledge the understanding that the proposed dollar value is not a legal agreement between the parties.
- An APPROXIMATE value of exchange between the parties: the verbal conveyance of dollar value should also include the words ‘approximate’ and/or ‘an initial judgment’.
So why even have external estimates? The answer is: customer expectations. Every contractor gets the common phone call asking ‘Can you give me an estimate to do such and such?’. Many contractors advertise free estimates. Thus, there must be a tool to differentiate presenting value without being formally obligated to perform the services. The answer is: provide an estimate with several levels of protection in order to alleviate the perception of a formalized arrangement.
The more professional contractors always start the conversation with the customer or client with the definition of an estimate prior to stating the price. Having the customer or client acknowledge the definition is critical to gaining an understanding between the parties. A good starting sentence is the following:
Mrs. Smith, an estimate is a nonbinding approximation of the price our company would charge to do this work. Please understand, the final price is often plus or minus 20% of this verbal price and is influenced by many factors including scope of work, job site conditions, weather and time frames. Do you understand that this estimate is not an agreement between us? Do you acknowledge that this price will deviate substantially due to multiple issues?
The customer must state ‘YES’ to both questions prior to providing a dollar value.
The key to an external estimate is that it is created as a nonbinding understanding between the two parties. It must be delivered verbally with at least two additional elements of 1) nonbinding, and 2) it is an approximation of value. The customer or client should acknowledge their understanding of this exchange.
You may have heard that Medicare is expected to run out of money in 2031, about eight years from now. Although that’s not exactly true, the program is facing serious headwinds that should concern anyone on Medicare or approaching the enrollment age of 65. “Something must be done between now and 2031 to avoid more severe cuts to Medicare or other changes,” says Tricia Neuman, executive director of the Program on Medicare Policy at KFF, a nonpartisan health research nonprofit. But Dr. Tanya Feke, author of Medicare Essentials: A Physician Insider Reveals the Fine Print says: “All is not lost. There is time to course correct and make Medicare solvent and even stronger.” What’s unknown is whether Congress and the President will turn the Medicare reform ideas into reality. The clock is ticking. The Congressional Budget Office predicts that by 2032, Medicare will spend $1.9 trillion (up from $944.3 billion in 2022), which would be twice the defense budget. Robert Emmet Moffit, co-editor of Modernizing Medicare, says Medicare’s financial challenges are due to a combination of factors: rising numbers of older Americans eligible for Medicare and living longer; fewer younger workers depositing Medicare payroll taxes; advanced medic al technology; costly new medications. “This is going to create a tremendous growth in Medicare spending over the next 10 years,” says Moffit. Although polls repeatedly show that Medicare is wildly popular with Americans, 74% of 3,500 beneficiaries surveyed by eHealth said they’re worried about the program’s long-term sustainability, with Democratic and Republican voters in agreement. However, 97% don’t want to see any changes in Medicare that would affect them. Most surveyed believe significant changes must be made to ensure Medicare is there for future generations and that people not yet on Medicare will need to pay more, or accept reduced benefits, to keep the program on firm footing. The 2031 insolvency forecasted by the Medicare Board of Trustees earlier this year doesn’t mean Medicare is going bankrupt. In fact, it doesn’t even mean all of Medicare will face insolvency in 2031. That’s because of the complicated way Medicare is financed. The 2031 date refers to the trust fund for Medicare Part A, which pays for hospital visits, nursing home care, hospice care and some home health visits. Most of its revenue comes from payroll taxes: a 2.9% tax on earnings, with a 0.9% surcharge for people earning over $200,000. “If we don’t do something about the insolvency of this trust fund, you’re going to have an 11% automatic cut in benefits in 2031,” says Moffit. Medicare Parts B (doctor’s visits, outpatient services, preventive services and some home health visits) and D (prescription drugs) are financed differently and have no insolvency dates, though they’re expected to run into financial problems, too. Parts B and D are financed mostly through general revenues and Medicare premiums, so keeping them afloat has implications for the federal deficit and beneficiaries’ ability to pay higher premiums. Since Medicare Part C (insurer’s Medicare Advantage plans that are alternatives to Traditional Medicare, cover Part A, B and often D benefits, they’re financed the way those other parts of Medicare are. “It’s easy to come up with ideas. It’s more politically fraught to enact them,” says Neuman. “There hasn’t been serious discussion in Congress. There’s talk about setting up a bicameral fiscal commission that would address Medicare issues, but it hasn’t risen to the top of the agenda yet.” Below are the most discussed alternatives to bolster Medicare’s hospital trust fund and the program overall: In his 2024 budget, President Biden proposed increasing the Medicare tax rate on earned and unearned income above $400,000 from 3.8% to 5%. He also called for closing loopholes that let some high-paid professionals and wealthy business owners shield some income from the Medicare payroll tax. Some Senate Democrats have endorsed those ideas; Republicans typically loathe them. “Neither party is eager to raise taxes on the middle class and the working class,” notes Chris Pope, a Senior Fellow at the Manhattan Institute, a nonpartisan, conservative think tank. But Moffit, who worked in Reagan’s Department of Health and Human Services, believes it may be worth considering either a temporary “minor” Medicare payroll tax surcharge on all workers or just on higher-income people to stave off the 2031 insolvency. It’s been age 65 since the program was created nearly 60 years ago. But some Republicans, including presidential candidate Nikki Haley, think the Medicare age should gradually rise, to perhaps 67 or 70. When he was a Congressman, Ron DeSantis voted to gradually raise Medicare’s eligibility age. “I think raising the age of eligibility makes sense,” says Moffit, adding that those no longer eligible for Medicare could buy health insurance in the Affordable Care Act marketplaces. There’s something of a precedent to boosting the Medicare age. In 1983, Congress and President Reagan gradually raised Social Security’s Full Retirement Age from 65 so it would eventually max out at 67 for people born in 1960 or later (those now 63 or younger). However, Neuman says, a higher Medicare age could increase total health care spending in America if people in their mid-to-late 60s had to switch to costlier private health insurance. Some might not be able to afford private health insurance, Neuman noted. A higher Medicare age could lead to “a risk that people will be uninsured during a time in their life when they need health insurance,” she says. Also, “there are questions that have been raised about whether raising the age would be fair for people from communities of color because their expected life span is not as long as others.” Pope maintains that Medicare spending on new procedures is most responsible for the projected surge in the national debt over coming decades. Recent increases in Medicare spending, Pope has written, have been concentrated in specialties with the greatest proliferation of new Medicare billing codes. Payments to doctors for cardiovascular procedures increased from $1.3 billion in 2000 to $3.0 billion in 2019, for example, mostly on codes that didn’t exist in 2000. Requiring Congress to approve Medicare coverage of new technologies and treatments with federal offsets to pay for them, Pope notes, would be more palatable than cutting benefits or raising payroll taxes or the eligibility age. “It’s easier than saying ‘We are going to add a whole bunch of new taxes to people’ or ‘You thought you were getting Medicare at 65; you’re just going to have to wait to 68 or 70 or whenever.’” If Medicare and policymakers just did 10% of what he’s suggesting, Pope says, “you’re talking about trillions of dollars” in Medicare savings. Pope recommends new billing-code approvals be done gradually, starting with ones costing more than $10 billion. “If you do that, maybe a couple of years later, you lower it to $8 billion or $5 billion,” he says. One way is by moving to a “premium support” system to improve competition among health plans, leading to lower Medicare costs. The federal government would provide a payment on behalf of every Medicare beneficiary toward buying health insurance. This proposal, floated by former Republican House Speaker Paul Ryan in 2012, is favored by some Republicans including DeSantis. Democrats typically oppose it, calling premium supports a euphemism for vouchers. “It is politically charged and would be a massive shift in what Medicare looks like,” says Neuman. Moffit, who favors it, says “Medicare Part C is a foundation for building a better Medicare program.” He believes a premium support system would emulate the popular federal employees’ health plan, which he had when serving in the Reagan administration. But he conceded “it is highly unlikely that you will have any kind of movement in 2024 on a premium support,” due to the presidential election. Feke thinks Medicare Advantage payment reforms could appeal to both political parties. “Reforming the payment model to these plans may help the government save money while getting better care for Medicare beneficiaries,” she says. Cutting waste, fraud and abuse is often just political talk. Raising Medicare premiums dramatically would likely infuriate beneficiaries. One thing to remember about the impending Medicare hospital trust fund insolvency: it’s just a forecast. Many things can happen between now and 2031 that could make Medicare either stronger or weaker financially. Most notably: the health of the U.S. economy (since payroll taxes are directly related); health care spending and the political environment. “There are a lot of factors that go into these projections that would affect where the [Medicare] trustees ultimately come out,” says Neuman.
Is Medicare’s funding really in danger of running out by 2031? Find out what experts are saying about its long-term stability
How could Medicare’s solvency woes be addressed?
Raise Medicare payroll taxes on some or all workers
Raise the Medicare enrollment age
Slow the addition of new procedures to Medicare’s basic benefits package
Making Medicare look more like Medicare Advantage plans
Other Medicare solvency solutions
Options d’investissement pour les expatriés en Asie : Que choisir ?
Dans cet article, nous discutons des investissements pour les expatriés en Asie, en particulier dans les principales économies asiatiques.
Si vous cherchez à investir en tant qu’expatrié ou individu à fort patrimoine net, domaine dans lequel je suis spécialisé, vous pouvez m’envoyer un e-mail (advice@adamfayed.com) ou utiliser WhatsApp (+44-7393-450-837).
Pourquoi est-il préférable d’investir en Asie plutôt qu’ailleurs ?
Au cours des 30 dernières années, le développement économique de l’Asie a surpassé tous les autres continents en termes de croissance moyenne. L’Asie est la seule région avec une population aussi dense et en expansion rapide.
Investissements pour les expatriés en Birmanie (Myanmar)
Les investisseurs étrangers ont récemment été autorisés à entrer en Birmanie. La Birmanie, un pays d’Asie du Sud-Est qui partage une frontière avec la Thaïlande, a un climat et une géographie similaires.
Looking Back: 2023’s Top Airdrops
Every year, we look back at the airdrop industry and think to ourselves, it’s been a wild year. In crypto, this feeling will never stop. So what were the best airdrops of 2023? And what was so good about them?
Whether it’s Bear or Bull, you can also earn dollars farming and collecting airdrops. So today, we’re going to have a look and let you know about all the slam dunk successes of the year. Some Airdrop farmers cooked, and others learned a lot to optimize for 2024
Complete List of The Best Airdrops of 2023
Are you ready? We’re going to go through it by category. We’re starting with the farmers on DeFi. After which we move on to the surprise retroactive airdrops. We take a look at memecoin & NFT airdrops. And we close with a little glance at airdrops to farm in 2024.
Now let’s get to it.
Best DeFi Farmer Airdrops of 2023
1] Arbitrum
Early on, we posted a potential Airdrop of $ARB. The most common way to get these airdrops was to bridge and use testnet applications.
Arbitrum is a technology suite designed to scale Ethereum. You can use Arbitrum chains to do all the things you do on Ethereum using Web3 Arbitrum ÐApps, but your transactions will be cheaper and faster
On February 6, 2023, the Arbitrum Foundation took a snapshot of all activity and in March they distributed the airdrop. Farmers received between 1250 and 10250 $ARB for various tasks. Today, Arbitrum is #46 market cap with a price of $1.52.
2] Blur
Blur came to the scene of NFTs in late 2022 and promised an airdrop. Users could collect mystery boxes with NFT trading volume. In January 2023 they surprised the world by airdropping 440 Million dollars worth of $BLUR tokens. Most NFT traders got a minimum of 4-figure airdrop, with some getting 5 or even 6 figures in one single drop.
In continuation of that, they released a second season to farm another airdrop. This season was focused on providing liquidity to the NFT market by bidding and lending. Last month this airdrop was distributed giving NFT liquidity providers another huge airdrop.
And guess what, you can now farm Season 3, more info on Airdrop Alert.
Currently, Blur is ranked #111 market cap, with a price of $0.48
3] Optimism
The Optimism Foundation’s Airdrop #1 rewarded those who have been instrumental as early adopters and active users of projects in the Optimism ecosystem. To celebrate their Ethereum roots, The Optimism Foundation also wants to welcome active L1 participants who can help scale Ethereum’s innovations, culture, and values to Layer 2. For example, if you voted in a DAO in 2022 or early 2023, you would have been eligible. In total, 248,699 addresses were eligible to claim OP in this initial airdrop.
The claim started in late March 2023, and in September this year anyone who didn’t claim automatically received the $OP tokens.
Over 200 Million tokens were airdropped, with a minimum of 250 tokens per claim. Currently, Optimism is ranked #28 market cap with a price of $3.69
4] Jupiter
Jupiter is a groundbreaking decentralized exchange on the Solana blockchain, designed as a superior alternative to traditional centralized exchanges.
This retroactive airdrop is claimable, but tokens will be distributed in January 2024. To be eligible, you had to interact with the Jupiter exchange in the past year. However, some swap sites and Dexes use Jupiter in the background, so you might have used it without even knowing! Go check if you’re eligible as the claim is still open.
The $JUP token is currently trading on pre-markets at around $0.70. Several Airdrop farmers are eligible for mid-5-figure airdrops.
5] Jito Network
The Jito Foundation is airdropping 100,000,000 $JTO tokens, accounting for 10% of the total supply, for early users of the network.
Eligible Airdrop recipients can claim their tokens over 18 months starting December 7th, 2023. Are you eligible? You can check the image below or our listing page.
The $JTO token on Solana is currently sitting at place 200 of market cap, with a price of $2.31
6] Pyth Network
Pyth Network launches its Retrospective Airdrop, covering a broad spectrum of blockchains such as Solana, EVM, Aptos, Sui, Injective, Osmosis, Neutron, and Sei, along with active Discord members and NFT holders. The $PYTH token is on the Solana chain.
The snapshot for individuals’ on-chain activity with decentralized applications that use Pyth Network’s data was on Sep 1, 2023. 73,815 Unique wallets were eligible for claim. The total allocation of 200 million $PYTH tokens was claimable from November 1st, 2023.
Currently, Pyth Network is ranked #129 market cap with a price of $0.33
Follow us on X for the Latest Airdrop Alert’s
Best Retroactive DeFi Airdrops of 2023
1] Celestia
Celestia is a groundbreaking layer-1 modular blockchain designed to make deploying blockchains as effortless as creating smart contracts.
The retroactive Airdrop was a surprise for the industry. As many Ethereum users got a free claim. About 60,000,000 $TIA was available across varied categories. Whether you’re an Ethereum research trailblazer, a stalwart staker on Cosmos Hub & Osmosis, or an explorer of the modular ecosystem, there was a claim with your name on it
As of today, Celestia’s market cap is ranked #54 with a price of $TIA at $11.76
2] Frame
Frame is an Ethereum Layer 2 platform designed to boost NFT adoption.
They’re launching an initial Chapter 1 Airdrop of $FRAME tokens to anyone who has traded NFTs on ETH in the last two years. The claim is still open and you can check multiple wallets for an airdrop.
The project has major backers, like Ectrictic Capital, and the NFT traders are waiting in high anticipation to see how this drop goes for them.
Did you miss the Airdrops above? Don’t worry, plenty of opportunities will arise this year. Head over to our DeFi Sector to find the most promising Retroactive & Potential Airdrops
Is it possible to be denied car insurance in Alberta?
There is a lot of misinformation that goes around when it comes to purchasing car insurance. While you cannot be denied mandatory car insurance coverage in Alberta, you can be denied optional coverage by insurers.
Mandatory Car Insurance in Alberta
The Government of Alberta requires all drivers to carry the following insurance:
- Third-party liability insurance – this helps cover costs if you cause bodily injury and/or property damage if you are at fault or partially at fault in an accident; it also includes legal expenses.
- Accident benefits – include medical, disability, death and funeral expense benefits.
- Direct compensation for property damage insurance – covers damage to your own vehicle if you are not at fault or partially at fault in an accident.
Optional Car Insurance in Alberta
Optional car insurance is anything above the mandatory minimum coverage required by the Government of Alberta, such as:
- Collision – assists with the costs of repairs to your property if you are at fault or partially at fault in an accident.
- Comprehensive – helps cover your property if it is damaged due to a covered peril such as a hit-and-run, hail, or theft.
- Loss of Use – ensures that transportation costs are covered such as a rental car, transit or taxi if your vehicle is being repaired after a covered claim.
Why would I be denied optional auto insurance coverage?
For some specific coverages, there are eligibility requirements. For example, you will need to have no claims within a specific period of time to qualify for a claims-free discount or disappearing deductible coverage. Or your car may need to be manufactured within a specific time frame to qualify for a depreciation waiver (or guaranteed replacement cost loss settlement).
However, for the more standard optional coverages, there are only a few scenarios where you may be denied:
- If you have been cancelled by a previous insurer for non-payment, misrepresentation or other serious abuse.
- If you have a criminal conviction related to driving such as impaired driving or driving while suspended or without a license.
- If you have multiple serious driving infractions (tickets) such as failing to remain at the scene of an accident, speeding over 50km/h over the limit, careless driving, and distracted driving.
- If you have a lot of claims.
The more recent these incidents, the more likely you are to be denied coverage. Generally, major violations and claims stay on your record for five to ten years, depending on the insurer.
Other Cases of Being Denied Auto Insurance in Alberta
There are a few other scenarios where you may be denied car insurance in Alberta:
- You do not have a permanent address in Alberta.
- You do not have a driver’s license.
- You do not have a bill of sale, lease agreement or vehicle registration for the car you want to insure.
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Four Effective Methods to Maximize Your Business’s Potential
It’s no secret that leveraging your business for efficiency is key to achieving success. That’s why Brad Sugars, founder and CEO of ActionCOACH, puts such a heavy emphasis on it. By optimizing your operations, you can save time and money while boosting productivity and profitability. And one of the best ways to do this is by investing in your employees through ongoing education and training. This helps foster a culture of productivity and teamwork that leads to increased efficiency. Plus, streamlining your delivery and distribution processes can save you even more time and money, allowing you to get your products or services to customers faster and with fewer errors. But don’t stop there – implementing a system for testing and measuring your business processes is crucial to identifying inefficiencies and areas for improvement. And with technology and automation, you can improve accuracy and reduce errors even further. By leveraging these key strategies, you can optimize your operations, improve your bottom line, and stay ahead of the competition.
People & Education
Business owners are always on the lookout for new ways to boost their bottom line and make their company more efficient. Often overlooked is investing in your people and their education is essential for reaching those goals. When you prioritize the growth and development of your team, you’re setting your business up for long-term success.
So don’t forget to invest in your most valuable asset – your people!
Improved skills and productivity:
When you invest in your employees’ education and training, you’re not just doing them a favor – you’re doing your company a favor too. By giving your team the chance to learn new skills and gain valuable knowledge, you’re setting them up to perform their jobs more efficiently than ever before. And when your employees are working at their best, your business outcomes will improve too.
A culture of innovation:
Keep your employees up to date on industry trends and best practices. It can help employees bring fresh ideas to the table and implement innovative and efficient work processes. Plus, when you encourage collaboration and idea-sharing, you create a culture of innovation that can fuel your business success. So, make education and collaboration a priority in your company, and watch your team thrive!
Employee engagement and retention:
Employees who feel valued and supported are more engaged and motivated in their work, which means lower turnover rates and less time and money spent on recruitment and training costs. If you want to keep your team happy and your business running smoothly, it’s time to start investing in your employees’ well-being.
Improved problem-solving:
Having a team of well-trained and knowledgeable employees can make all the difference when it comes to improving your business processes. Your team is on the front lines every day, which means they’re equipped to identify inefficiencies and suggest improvements. By tapping into their collective brainpower, you can identify and solve problems faster and more efficiently – leading to better outcomes and a stronger bottom line.
A strong employer brand:
Investing in your employees is the key to building a strong employer brand and attracting top talent to your business. By prioritizing your team’s growth and development, you’re not only setting yourself up for greater efficiency, productivity, and profitability, but you’re also positioning your business as a desirable place to work. Invest in your people, provide training and education opportunities, foster a culture of innovation, and engage and retain your employees. Your business success depends on it!
Delivery & Distribution
In today’s fast-paced business environment, delivery and distribution can be critical factors in a business’s success. In today’s fast-paced business environment, delivery and distribution can make or break your success. It’s crucial to get your products or services to customers quickly and efficiently, and failure to do so can have serious consequences. It’s important to focus on streamlining your delivery and distribution processes, so you can get ahead of the competition and achieve long-term success.
Faster delivery times:
Streamlining your delivery and distribution processes can have a huge impact on your success. By doing so, you can get your products or services to your customers faster, which not only improves customer satisfaction, but also increases their loyalty. And as we all know, loyal customers are the lifeblood of any successful business. By making it easier and quicker for them to do business with you, you’ll see an increase in repeat business and word-of-mouth referrals. Focus on streamlining those processes and giving your customers the best possible experience.
Reduced costs:
Don’t overlook the cost-saving benefits of optimizing your delivery and distribution processes. By minimizing shipping times and distances, you can cut down on shipping costs and reduce the chances of damaged or lost goods. These small improvements can add up to big savings over time, work on optimizing those processes and maximizing your profits.
Improved inventory management:
Optimizing your delivery and distribution processes isn’t just about speed and cost savings. It can also have a big impact on your inventory management. By ensuring that products are delivered on time, you can avoid overstocking or under-stocking and optimize your inventory levels. This will save you money, reduce waste, and help you better meet the needs of your customers.
Greater scalability:
As your business scales, your delivery and distribution processes become more critical than ever. By implementing reliable and efficient systems, you can handle increased order volumes without sacrificing quality or efficiency. This will help you grow your business smoothly and efficiently, without any hiccups along the way.
Competitive advantage:
In today’s competitive business landscape, having an optimized delivery and distribution process can give your business an edge over your competitors. By providing faster and more reliable delivery services, you can stand out and win over customers, thereby increasing your market share and profitability.
Testing & Measuring
As a business owner, testing and measuring can be a crucial component to improve your business’s efficiency and profitability. By understanding five key reasons for implementing testing and measuring strategies, as emphasized by business coach Brad Sugars, you can optimize your operations and improve your bottom line.
Identifying inefficiencies:
Through testing and measuring, businesses can gain valuable insights into their operations. By tracking key metrics and analyzing data, business owners can identify inefficiencies and make targeted improvements to streamline processes and increase profitability.
Optimizing performance:
“Testing and measuring is the key to optimizing your business processes. Tracking key performance indicators (KPIs) can help you monitor progress, identify areas for improvement, and fine-tune your processes for maximum efficiency. By doing so, you can stay ahead of the competition and achieve greater success in your business,” says Brad Sugars, business coach and founder of ActionCOACH.
Data-driven decision-making:
It’s important to make data-driven decisions that can lead to better business outcomes. Testing and measuring can help you collect and analyze data, providing insights that can help you avoid making decisions based on assumptions or intuition, leading to more effective decision-making.
Continuous improvement:
Testing and measuring can encourage a culture of continuous improvement by setting specific targets and tracking progress towards achieving them. This can motivate employees to make incremental improvements and achieve better results over time.
Accountability:
Testing and measuring is a powerful tool to hold your employees accountable for their performance. By setting clear, measurable goals and tracking progress, you can identify areas where your team may need extra support or training. This allows you to provide valuable feedback and coaching, helping them reach their full potential and drive better results for your business.
From identifying inefficiencies and optimizing performance to enabling data-driven decisions and fostering a culture of continuous improvement, it’s a key strategy emphasized by Brad Sugars for achieving long-term success. These remarkable benefits highlight why investing in testing and measuring is worth it for your business’s efficiency and profitability.
Systems & Technology
Business owners are constantly seeking ways to optimize efficiency and maximize profitability. Amidst these goals, one critical factor tends to be overlooked: testing and measuring. In this blog, we unveil the significance of this often-neglected practice, shedding light on its potential to revolutionize your business’s performance and drive it towards unparalleled success.
Identifying inefficiencies:
Testing and measuring, according to Brad Sugars, plays a pivotal role in identifying inefficiencies within business processes. By collecting data and analyzing performance metrics, entrepreneurs can effectively pinpoint areas that may be causing bottlenecks or delays, allowing for targeted improvements that drive enhanced productivity and success.
Optimizing performance:
Once entrepreneurs identify areas in need of improvement, Brad Sugars advises them to leverage testing and measuring to optimize their business processes. By consistently tracking key performance indicators (KPIs), business owners can monitor their progress over time and fine-tune their processes to achieve maximum efficiency. This iterative approach enables continuous improvement, leading to remarkable outcomes in the long run.
Data-driven decision-making:
Brad Sugars emphasizes the significance of testing and measuring, stating that it enables entrepreneurs to make data-driven decisions that yield superior business outcomes. By diligently collecting and analyzing data, business owners can avoid relying on assumptions or intuition, leading to more effective decision-making and ultimately driving their businesses towards success.
Continuous improvement:
Put your focus on testing and measuring, you’re really setting the stage for a culture of non-stop betterment in your business. With goals in sight and progress in your sights, you’re motivating your team to reach those targets and make steady strides forward, one step at a time.
Accountability:
Testing and measuring isn’t just about making improvements, it’s also about holding your team accountable. When you set those clear, measurable goals and keep an eye on progress, you’re spot-on in pinpointing areas where your employees might need some extra support or training. That way, you can dish out some valuable feedback and coaching to help them up their game.
