Proper Management Of Tech Debt Is Necessary For Successful Business

debt-1376061_960_720

The word debt in the term technical debt may compel you to think that it is just like any other debt which has to be cleared at the earliest. Well, it is true that tech debts are just like any other debts and it is also true that a little bit of tech debt is also useful just like any other debts. Moreover, it is also true that just like any other debts you must manage it properly to enjoy the benefits and keep your business running. Therefore, you can cut the corners while designing software provided you do not let the debt accumulate and pay it off timely.

Various Debt Issues

You and your technical team may have various reasons to cut the corners while designing your projects like lacking proper skills, laziness or due to the time pressure and willingness to release code within a specific time frame. These reasons can lead to various debt issues as these debts can accumulate over time creating a huge backlog and cause technical inefficiency. The issues can also arise due to the faulty code base, environment of the development of the project, the operating platform, test coverage and automation programs, program designs and libraries and much more.

Addressing The Debt

As the issues of debt can result in defects which can reduce the velocity of the codes it must be maintained properly and regularly to increase the productivity of the codes. You must have a specific and positive attitude while you address the tech debt always. Be vigilant always towards your codes so that you can manage it whenever necessary. You must also use easy and simple designs in your codes so that anyone of your team can understand, identify and make the necessary changes in it. Avoid using shortcuts to achieve a design in time. Track the velocity of it regularly and ask your team to refactor it as soon as detected to increase the velocity.

Service Your Debt

Proper debt management means proper and regular servicing of it. You must also refactor your debt relentlessly and regularly to keep it in check. Once you give up it will start to pile up and the cost of paying off would increase as compared to the reimplementation. No matter what others think about code servicing, you must do it regularly to have a good return. Use various tracking tools and techniques for reworking on your defective codes as you will also come to know how much debt you have currently with the help of it. Identification and registering is the first step of proper management of debt.

Evaluate And Prioritize

Once identification is done you must start working on it by evaluating and prioritizing your debt so as to decide on which you want to work first. During this prioritization process, the factors which you must consider apart from the cost of the debt are the frequency, justification for rework and the economics behind. Check online to know more about prioritization. Consider paying those debts first which are about to expire and then those which have a higher rate of accumulation and keep your debt within manageable limits.  Do not forget to check out for bill consolidation loans which are much popular these days and can be of great help.

Read More: Top 5 Types Of Startup Business Loans

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

View all posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

Content Rally

Employee Monitoring Linked To Business Growth

The name “Spy App” itself sounds awfully notorious like something out of a James Bond movie, but according to the state law, its use is quite legal. As long as employers follow a few basic rules regarding spy apps, they are perfectly authorized to monitor employees by using the said apps. Spy apps like; TheOneSpy is quite helpful in keeping track of employees’ various activities, online and offline. They indirectly can also serve as a great medium of business growth strategy. According to various surveys, companies lose millions of dollars every year due to non-work related internet surfing as well as idle employees who slack off during work hours. This is where turning to spy applications can serve greatly in terms of business growth strategy in the following ways:  Read Also: What Does Business Law State about Monitoring Employees?You Can Increase Employee Productivity Most businesses use video surveillance to keep an eye on their employees. Video surveillance was enough at a time when if the boss saw that the employee was in his cubicle, it meant that he was working. But now, with unlimited access to the internet, employees can browse through various blogs and videos at their leisure while they pretend to be working. Such a coupe can seriously damage the productivity of such an employee since their work vs. time ratio doesn’t add up. If such employees learn that their employer has his eye on every single keystroke they make on the company sanctioned computer, it greatly reduces the chances of them slacking off during work hours. Additionally, this way you can easily work out the slackers and identify the hard workers they have in their business firm.Keep Confidential Information From Being Leaked Humans are fickle beings by nature. They can be the best people you have ever met and yet at the same time, they can turn out to be the worst people you can have the misfortune of ever coming across. We meet thousands of people every day. When we meet them, we can never know at a glance whether they are worthy of our trust or not. The same goes for employers when they hire an employee. At first, even the most notorious people seem fine but when given the time, such people show their true colors. Spy apps can serve as a brilliant medium to catch such people early on since spy apps allow you to:Take a look at their browsing history. Keep an eye on the emails being sent or received. Get detailed logs about every single keystroke being made by the employee.This way, if you keep a close eye on a certain suspicious employee by using the spy app, you can not only prevent confidential data from being leaked but also catch such a thing from transpiring early on.Keep Internet Abuse At Bay Since most companies conduct most of their business interactions and other things using the internet. They use high-speed internet connections to make sure that an important business deal is not hindered by bad internet connection. Such high-speed internet bandwidth is equivalent to a shot of cocaine to an internet junkie, who’d rather watch funny and cute cat videos all day long instead of actually doing work assigned to them. Such slackers do not only abuse the unlimited internet access companies allow their employees, but it also reflects badly on the company if they are not on top of all the work assigned to them. Spy apps help company owners out with this problem as well. Since spy apps allow employees to block certain websites from being accessed by the target device, they can easily block the websites their employees are obsessed about to get them back to work.Keep Employers From Stalking Co- Workers One of the biggest setbacks being faced by business owners is employees manipulating the use of office hardware and bandwidth to stalk co-workers. Since almost all the official data is accessible by certain employees, they can use this data to harass their co-workers which may not reflect nicely on such a business if the local authorities are informed of such occurrences. Therefore, it is in the best interest of business owners to use spy apps to discover such obsessive behavior and immediately nip it in the bud before it can become much worse.The Bottom Line A business and its success completely rely on the people working for it. Unfortunately, as mentioned earlier, humans are fickle by nature and such fickle nature is bad for business. Therefore, investing in a good spy app is in the best interest of business owners since they can serve as a great pair of eyes and ears on troublesome employees. Read More:5 Major Tips To Increase Employee Engagement In A Call Centre Industry How To Get What You Want At Work By Strategic Negotiation

READ MOREDetails
Business Loans

Benefits of NBFC Business Loans

Being a small-business owner, you have been putting your whole-hearted efforts to make your business venture a success. You have been working long hours, traveling for client meetings to different cities, staying away from home for days on stretch and also investing all your personal savings and assets to take your business to new heights. Now that you have put your business on the path to growth, it suddenly dawns on you that you have not been able to pay adequate attention to your financials. Now when there is a significant opportunity in front of you in the form of a brilliant idea, which will change the future course of your business, you find that you do not have necessary funds to put that into practice. You feel anguished and frustrated, but that is not going to serve any purpose. So rather than ruing your ill-luck, its better you start looking at other options that you must explore, to meet your financial requirements. One of the most obvious options is availing an Unsecured Small Business Loan. What is an Unsecured Small Business Loan? Business Loans that are available to small business owners for their desired purpose without any requirement of collateral are called Unsecured Small Business Loans. These loans are extended by all financial institutions in India, private sector as well as public sector. You are free to utilize the loan amount for any purpose you may deem suitable including the purchase of machinery, upgradation of infrastructure, renovation of office premises etc. There are two types of unsecured business loans in the market NBFC business loans and Bank business loans. The repayment of these loans is to be made in monthly EMIs. Advantages of Small Business Loans Small business loans offer a flexible source of funding for you to meet your urgent financial requirements. There are various advantages provided by small business loans such as: - No dilution in ownership : When you take a small business loan from a financial institution, you need not provide any collateral and are free to utilize the money in any way you want for your business purpose. The lender does not have anything to do with the way you have spent the money, as long as you repay your EMIs on time. This ensures that the ownership of business stays with you and is not diluted. This is a better option compared to other sources as venture capital or personal borrowing, where you must give up a part of your ownership of your business in lieu of money. Taxation Benefits : Small business loans are to be repaid in monthly installments, which comprise principal component and interest component. The interest that you pay on loan is allowed as an expense, and you can claim tax benefits against the same. This, in turn, reduces your tax burden, and the loan in effect costs less in practicality. No other source of funding offers this option. No Collateral required : If you do not have any collateral to be hypothecated with the financial institution, then unsecured business loans are your only option. This is an ideal situation for new businesses or start-ups who have a great idea but do not have any collateral to be mortgaged. If required by the lender, you can get a guarantor on board. Lower Interest Rates : Unsecured small business loans have a more moderate rate of interest as compared to various other sources of finance such as credit cards or private money lenders. Lower interest rates mean lower EMIs which translate into a lesser burden on your finances. In some cases, the government also offers subsidies on unsecured business loans to help small business owners have easy access to credit at lower interest rates. No stress on working capital : When you are able to avail an unsecured business loan, you get spare money at your disposal, which can help you in getting better deals from your suppliers and vendors. Moreover, this ensures that you need not withdraw money from your working capital and thus you can meet your daily expenses conveniently. Also, as the EMIs are to be paid on a monthly basis only, you do not have to put pressure on your cash cycle by withdrawing huge sums together. Flexibility in Repayment : some NBFC business loans come with the option for EMI holiday or flexible repayment options, where you only need to pay interest on the loan as your EMI for a specified period, in the beginning, this way your EMI payments, in the beginning, is reduced and you get time to manage your financial position. The principal amount for this mortarium period is adjusted over the remaining period of the loan.Unsecured small business loans offer a lot of benefits for you. But you must conduct proper research and analysis before you take a final decision regarding the loan.Read Also : Top 5 Types Of Startup Business Loans Major Financial Problems That Can Affect A New Business 7 Big Myths About Small Business Growth

READ MOREDetails
mobile soy software

What Does Business Law State about Monitoring Employees?

Occasionally, we come across many individuals that are conflicted about the role monitoring applications have to play in the day to day office routines and activities. The most common question asked deals with the boundaries and limits that are “bendable” with the installment of monitoring applications. And the answer is simple; monitoring applications and software programs are legal and frequently advised to be installed in any firm or company. Here is why. Legal but… Monitoring or spy applications are legal in any court of law across the world. However, there are some regulations that need to be upheld by the employers’ side before installing monitoring software around the company premises. These guidelines include: Informing Employees Beforehand When it comes to employee monitoring applications, every court of law strictly states that the employees should be clearly notified about being monitored. The best way to accomplish this is via policies and guidelines that should be always kept on display within office premises. These guidelines should clearly explain every element of the employee monitoring intervention put forth by the company. Moreover, even when the firm decides to take on new employees, they should adjust a clause in the contract which makes it mandatory for every person being hired to sign a nondisclosure stating that they are alright with being monitored on company-related matters. Only Limited to Company Owned Gadgets Monitoring software programs tend to give employers an unwarranted power over the employees. And to protect the employee's interests, legal guidelines regarding monitoring apps clearly state that the spying should be only limited to company-owned gadgets. This means that every information coming in and going out through the company-owned gadgets are company property. The guidelines placed around the office premises should also clearly pinpoint this clause so that it poses as a reminder at all times. Furthermore, it is also recommended that the employers get their employees to sign a nondisclosure agreement that clearly states that all information on the company owned gadgets is company property. This means it can be used by the company in court if need be as well. Using Reliable Technological Sources When another’s a source of income and image in the business world is on the line, it is always best to be careful and use reliable technological sources and software programs rather than the usual cheap ones. The expensive yet well-reputed ones can be easily programmed and altered according to the specific needs of the company, hence always used for easy access and usage. Balancing is key Putting so many restrictions and highlighting many stingy clauses regarding monitoring applications like TheOneSpy mobile spy software around the office can definitely scare an employee and hence hinder their overall productivity. This is primarily due to the lack of rapport that should be there between the employee and employer to help increase profits as employee motivation grows. Therefore, it is always recommended by experts to use a system that is similar to a token economy where the employees are given some leeway and flexibility in some areas while at the same time restricted in some too. For example, allowing them access to specific social media sites during a few designated hours of the day. Never Resort to Open Slander It is never healthy to insult or accuse an employee openly among their peers. And with monitoring applications installed, there will be many times that the system may show you red flags which in reality are nothing but some mishap with the coding of the monitoring application itself. Therefore, rather than losing your cool and openly slandering a perfectly loyal employee, it is always best to take them aside or discreetly conduct a further investigation either with their knowledge of it or without it. This is because an employee can otherwise sue you for slandering their image followed by wrongful termination which would prove bad for your company’s image.The law about monitoring applications is specifically made to protect both the employees as well as the employers in case of any mishap or misunderstanding between the two parties. While it may look like the employers have all the power with monitoring applications installed, but in reality, analysis has shown that monitoring applications have been found to be more useful to employees. For example, if an employee faces discrimination at the hands of another employee or employer, they can use the backup made by monitoring applications to highlight the wrongful act in court. 

READ MOREDetails