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Importance and Strong Presence of Insurance Sector in the UK!

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The economy is something that is supported by various factors that contribute to its growth or downfall. Though, there are several such factors that determine the growth of an economy. Nevertheless, the insurance sector is definitely one of them and certainly the most effective one too.
Likewise, other sectors or industries, insurance industry has its own set of challenges and opportunities. Specifically talking about the UK region, mentioned below are some facts that underscores the significance of insurance sector.
1.     Employment: The insurance sector is a bread earner for around 3, 20,000 people in the UK. Mostly, the people are employed in insurance companies, the Lloyds market, brokers and several other auxiliary services.
2.     Funds under management: The insurance companies majorly work as asset managers and are managing around 1.8 trillion Euros of investments which equal to approx a quarter of UKs total net worth.
3.     Contribution to GDP: Insurance and pension funds account for approx 1.6% of UK’s GDP. Another 1% of the GDP is added by the UK general insurance brokers
The strong presence of insurance sector can easily be understood by knowing its depth on three different levels such as local, regional and global. Certainly, at all these three levels, the insurance sector has made its impact to a great extent.
It is commonly seen that insurers make a great contribution to local communities. Usually, they support in building flexibility and insure against the risk of natural mishaps such as floods. The insurers also help the locals by funding on infrastructure projects such as schools, hospitals, power stations, colleges, etc.
However, when assessed on a regional basis, the insurance sector has a strong presence. As in, the insurance industry supports and provides jobs all over the UK that includes strong groups in Edinburgh, Norwich, and York.
When it comes to global scenario, here also insurance sector stands the largest in Europe and a leading global centre. With approx 30% of premium income coming from overseas business, the industry showcases an internationalist outlook. Also, apart from this, some of the larger UK insurers are having a growth sign in the high growth economies of Asia, Latin America, and Africa.
It won’t be wrong to say that insurance sector is highly developed in the UK. Moreover, the insurance sector is an integral part of financial services industry and certainly a key asset for the UK economy. Though, there are many challenges for the insurance sector so as to boost the growth of an economy. But, the government realizes the challenges and take apt steps in order to overcome the challenges and turn them into great opportunities. Basically, the motive is to make insurance sector help boost the economy.
Knowing above stated facts can be a realistic overview of the insurance sector in the UK, but for a layman, it is more important to select the best insurance policy that can suit their specific requirements as in proper coverage from risks. For purchasing the best and most suitable insurance policy in the UK, one needs to get in touch with professionals at Direct Line contact number and get the aptest suggestions.

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Saminu Abass Ola who is popularly called ‘Mr. Possible‘ is a young motivational and inspirational speaker and writer, who is also the brain behind this wonderful blog. He is also passionate about Social Marketing. He believes in the abilities of others and tends to bring out the hidden potentials in people’s lives through his motivational articles and words of inspiration.

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8 Ways To Build Capital For A New Business Venture

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Building capital for a new business venture is probably the biggest obstacle that many entrepreneurs encounter. This is a serious problem and a popular excuse for many people starting a new business.

Entrepreneurs often have surprising business ideas but what keeps them waiting because of lack of capital. Some of the sources of capital that we will explore in this article are very famous, while the rest may seem strange.

However, the tips will offer hundreds of entrepreneurs like you the capital they need to launch their great ideas and grow into successful, real-world companies.

How to get a small business start-up capital? You will now discover eight interesting and highly effective options that you can explore.

 

Start with your savings

If your idea is as clear as you are writing, you should not fight to spend part of your hard earned money.

Using savings as a capital source works best for people who already earn, though might be small. Saving a reasonable part of the money you get is a good start to capital increase that you need for your dreams.

If you seriously understand this entrepreneurial dream, you have to make a small and big sacrifice to own your business. Using your savings can also help attract more capital from friends and family.

Approach to friends and family

One of the most common ways to finance your new venture is to contact your friends or relatives. The best part of this? Paying to loved ones involves low or no interest.

If you have accumulated your savings and found that you still need more money, these people are the next best source of capital for your business.

However, do not use your friends and family. Access them after you compile a set business plan and let them know about potential risks.

Online Casino

Most people may think casino sounds like an unusual option to build a new capital. However, you can make all kinds of money with online casinos and have fun while you’re doing it.

With numerous games that you can choose from a large number of sites that offer free games. It has never been so easy or risky to try luck in online casino gaming to raise a new capital.

Find a partner who has cash

You can have a great business idea, technical skill or intellectual ability to build an incredible product, but you still need a partner who has the money you need to manufacture and sell your ideas.

If you have a profitable business idea and find a partner who can provide the required capital, both contribute to the table and share ownership of the business. It’s a win-win situation.

Grants and Loans

Do not worry, it’s not as scary as it seems. You may not know this, but many governments and international organizations are interested in providing support to small businesses because of the important role they play in the growth of the country’s economy.

Applications are usually free and do not cost you anything. Why do not you try it? You have everything you can win when it’s done! Be sure to follow the instructions.

Sell your property

This property is a good source of capital because you can use it as collateral for a bank loan or you can sell it to get information about the capital you need to start a business.

Whether it’s your office equipment or your personal vehicle, selling them is one of the easiest ways to finance a new business. Very often, the decision to sell some of these properties is difficult because we have emotional links with them. Many of them are associated with strong memories or speak of our taste for fashion and social class.

It is expected that if your business becomes a success, you can buy more and better assets than you have “sacrificed” to raise capital.

Test Crowdfunding

Crowdfunding is a new and fast-growing way to raise the initial capital.

Thanks to websites like Kickstarter, you can earn money for your new business at a low price, at the same time with a little fun. Be sure to read the fine print before choosing a finance site so you know how big a steak is needed and what will happen if you do not reach your goal.

Online Hustle

This quickly becomes a great resource for many people around the world to earn foreign money. Whether you are a full-time freelance worker or your income through the world of independent work, more people than ever before establish their unique skills to work for them. From writing code, animation, video editing, graphic design and more, there are literally dozens of monetary methods. See your favourite sites like Fiverr and Upwork to see how you can start.

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Amazing Tips for Overcoming Fear of Starting a Business Venture

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Is it the right time for me to start a business venture? What if my company fails? I do not have enough experience to start my own business venture? Should I wear my tedious work at the office to go to the unknown? Well, these are some of the concerns that prevent many people from starting their own business venture. Indeed, many will have the right plan, but taking the first step is always the hardest.

These are some fantastic tips to overcome the fear of starting a business venture.

Failure is a part of the business venture

Asking why they should start their business, although they set up a business plan five years ago, the majority of people will say they are afraid to fail. If I fail, how can I maintain my family? Will not I get into a much worse financial position? It is true that most companies fail in their first three years. However, it is also true that even the most successful businesses did not fail once, not twice but many times before they even broke.

 

There is no perfect plan

I’m waiting for the complete plan before taking my business trip. My plan still has a few grey areas and will not work. The truth is that there is no perfect plan. Unfortunately, many people spend a lot of time on the same idea or postponing. Business is a journey and no destination. And the only way to be successful in learning the mistakes. The sooner a person accepts that there is no perfect plan or perfect timing, the easier it is to start a business.

 

Search for a mentor

Just like a child starts to crawl before he walks, business is the same. It did not matter how competent and informed you are, starting a business comes with its challenges. One of the most common concerns is lack of confidence or proper guidance. Such problems can be overcome by looking for a business mentor. A good mentor will have hands-on experience with a similar type of company. He will guide you and minimize errors.

 

CONCLUSION

As long as we remember, starting a venture has always been a big challenge. The main reason for not going into business is still due to failure. This probably explains why two-thirds of Americans are employed. The above tips for overcoming the fear of starting a business venture will be useful to any ambitious entrepreneur. The winning formula does not reflect on how to do it but do.

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Reasons You Must Not Use Your Personal Email for Business

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Personal email accounts are accessible almost everywhere. They are types of mail you use to receive messages from friends and family members. Most personal email services have web-based mailboxes, where you can read, write and edit emails from any computer. Though there are some email accounts that can only be opened at work, such is described as a business account. As an adult, you need characters and skills to keep up career.

Do you wonder how many employees use their personal email accounts for business purposes? Who uses your email for personal reasons?

Business and personal emails are two different things. Every entrepreneur or business persons must have both personal and business email addresses. These two email addresses must be separated and used for different reasons. Though there are some jobs that don’t require you to differentiate the two email addresses. However, there are some which you must have different emails, such as Sales representative, Accounting related job, medical health, freelancer, Marketing officer, Administrator, Credit Analyst, Agriculture Inspector, small business, combining entrepreneurship with health profession, engineer and many more.

The capabilities of each email address depending on the type of personal email account you choose to use and the type of account you have. The call to have two different accounts also mean there are different functions for each.

See these 3 good reasons why you should not use personal email for businesses.

It is not professional

Professionalism does not require informal activities. The communication through your email about your personal life is not professional. Therefore, it will be wrong to use a personal mail for an activity that requires a business email address.

Also, it would be abnormal to use your business email address to chat up your friends or family members. You should also know what to use these different emails for. Many officials likely to reject your mail is not sent with an appropriate email address.

If you are an employer or external translator, your personal business email may have been subject to an impairment. This can increase the risk of inappropriate communication and lost email. Also, if you are sending messages to other companies, business experts or customers, it will be wrong to use your personal email address.

Moreover, sending important information with your personal email does not look professional. Communicating with a potential customer using your personal email address as your primary email address does not look impressive.

 

Reduce privacy

Privacy is one of the things professionalism value. Personal communication using business email address is risky. You need to be careful how you use your email address when you are at the office. Many employees are not cautious of this situation. Men often use personal email for business communication, log in to their accounts and send emails regarding their work.

 

It is a security risk

It is crystal clear that many people use their personal email more often to communicate at work. However, it is risky for business security. The fact is that the files transferred might be vulnerable to viruses and other malicious activities as mails go in and out.

The use of personal emails for work is a risk that that can even cost your job. However, before you send any sensitive information, you must take operational safety into account and bear in mind that you have signed any document that prevents you from sharing important information. Security risk would make an employee to be responsible for the leak or lost information.

 

CONCLUSION

If these reasons stated above are not enough to stop using personal email for businesses, consider combining work and private life. We believe every individual needs safety tips for your career. Though we would advise you to have both personal and business email address for their different purposes.

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Why Most States in Nigeria Cannot Pay Workers Salaries – Dr. Joe Abah

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 This morning, I want to talk about why I think some states don’t pay workers salaries. As always, my intention is to explain, not to justify. It is immoral and wrong not to pay ANYBODY that has done agreed work, both in public and private life: civil servants or domestic staff.

Many states are public service states. In some, the main economic activities in the state revolve around the public service. The only good jobs available are public service jobs. Public servants are the elite. Everybody’s ambition is to join the public service. It’s prestigious.

The public servants are, if you like, the representatives of those in the rural areas. They are the educated elite who tell others what to do, even what to think. The salary of each public servant supports 30 dependents. They know how to write petitions. You don’t mess with them.

Because each salary supports 30 people, having high salary costs as a percentage of the budget is not seen by the people as a big deal in the states. It is seen as a means of direct distribution. So, a governor MUST recruit, pay and do infrastructure. Borrow, if necessary!

In some cases, personnel costs consume as much as 90% of state resources, even though the public service of that state is much less than 5% of the population. If you sack people, you’ll lose elections. It’s that simple. You may be forgiven if you sack AND REPLACE, like el Rufai.

So, you have less than 10% of resources available to spend on infrastructure, healthcare, education, security, youth, etc. As a governor, you know that if you don’t build roads, you’ll lose elections. If you don’t build gigantic structures in bricks and mortar, you lose elections

Now, assume that you defeated the incumbent governor to become governor. A month before he hands over, he will recruit an additional

10,000 people and dump them on you. They’ll report for work IMMEDIATELY! When you are sworn in, to sack them is a problem. To pay them is war.

At a point, Ekiti State which has about the smallest allocation from the Federation Account had the largest civil service in the country: 60,000 people. Even the Federal Civil Service is only 82,000 …and some people say it is bloated. You take over as a governor, in shock!

Now, the public service in the states is TOTALLY politicised. EVERYBODY ACTIVELY belongs to the ruling party. The main preoccupation of the civil service is party politics. Any contestations are within the same party. The only exception I’ve seen is Ekiti: about 50% APC; 50% PDP

Remember I said if you don’t do roads and build white elephant projects, you’ll lose. The same civil servants will tell the whole world that you are not doing anything, so you are not sure of their loyalty. There is no money. People that invested in your election are waiting…

So, to get anything done, you have no choice than to borrow. If you ask your Ministry of Works or Education to give you a quote for re-roofing a school, they’ll quote N50 million. You know you can do it for N5 million. You ignore the Ministries and do it yourself directly.

Because each successive governor has ignored them, they haven’t done any work in years and years. Any capacity they came to the Service with is now COMPLETELY lost. Indeed, you’ll need some convincing that some even have degrees. Many have fake degrees but that’s for another day. So now, as a governor, you are asking yourself why you should be spending 90% of State resources on this “useless, unproductive” 2%. You find it totally maddening. Also, you can’t raise taxes either. You can’t make enough money to be politically independent of your political sponsors.

Because capacity is so low and the cost of going through the public service is so high, you bring in your own staff and just award contracts from government house. You decide to throw a big party for your wife. The civil service prepares its dossier for EFCC when the time comes.

workers salaries

The choices before you are stark:

  1. Do the right thing, sack some and risk your political future
  2. Continue to pay them, do no projects and lose re-election
  3. Borrow massively to do projects and leave the Federal allocation to them
  4. Raise IGR, annoy market traders and lose.

Many governors will choose Option 3 and borrow massively. The problem comes when you’ve borrowed so much that you can no longer service the debt. You can’t afford to default on your loans. FGN guarantees international ones and will deduct at source. Also, local debtors don’t give time.

All of a sudden, you realise you can’t pay workers salaries. You promise them you’ll pay. Don’t forget that 30 people depend on EACH salary. The heat is so much that you start looking to borrow more. If you get “bailout funds”, you either want to do projects or pay other debts.

Since the public service has captured 90%, if you don’t do projects, you don’t make any money for yourself in kickbacks. So you build schools nobody needs, a state university or even an airport with the bailout funds. You continue to owe, and that’s how the cookie crumbles. End!

Join the trend of workers salaries here https://twitter.com/DrJoeAbah/status/962235146933071872

 

Follow Dr Joe Abah on

Linkedin: https://www.linkedin.com/in/DrJoeAbah/

Twitter https://twitter.com/DrJoeAbah

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Cultivated Workplace: 4 Tips for Keeping a Clean Office

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Collectively working together in a small space is a great way to build friendships and collaborate on projects. However, that can only be accomplished if it is a pleasant place to work. One of the key ways to a pleasant workplace is a clean office. Because of all the time employees spend in the office, it should be treated just short of being a second home when it comes to cleanliness.

Here are the four of the best ways to keeping a clean office.

Point out Benefits of Clean Workplace

There are several hidden benefits of clean workplaces that most office workers may not know.Coming into contact with this bacteria every day is going to lead to illnesses, and effect not only productivity but morale. Once everyone in the office knows the benefits of a clean office, then they will work much harder to keep it clean than ever before.  A clean office will instantly boost morale and productivity of every worker. It will also help improve the health of everyone in the office. Bacteria loves to live in dirty confined spaces.

Create a Cleaning Schedule

It can be hard to get office workers to focus on cleaning when they are so focused on their job duties, so cleaning must be scheduled into their regular workday. The best way to do this is by dedicating at least one day a month to just cleaning the office. You may also want to make every employee responsible for cleaning one small area of the office throughout the week.

Stock the Office with Cleaning Supplies

It is simply impossible to keep an office clean if it is not stocked with the right cleaning supplies, like those offered by Mailander. This allows anyone to grab the right supplies any time there is a problem. Seeing the cleaning supplies every day will also remind everyone that they need to keep the office tidy. There is no excuse for having a big mess when there is a fully stocked supply closest.

Point out the Problems

If the office is going to stay clean over a long period of time, then there needs to be a way to report any problems. Put up a bulletin board that allows employees to complain about dirty areas of the office. This will create more awareness for the problem while also making everyone more responsible for their cleanliness.

Nobody wants to come into a dirty office every day. This makes it vitally important for every successful business to maintain a clean workplace. Implementing these four tips will instantly solve any of the cleaning issues in your office.

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