Proper Management Of Tech Debt Is Necessary For Successful Business

by

11 January 2017

Small 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

Productive Home Office

8 Tried and Tested Secrets of a Productive Home Office

Whether you are an entrepreneur or you run your own business from home, or you are simply doing your office work,  offices in the home are more than just a simple working space. Not only it gives you the freedom to work with ease, but it’s also a place where your work productivity depends upon. You can also transform your garage into your Productive home office. You can use the garage space for your office creation. If you are in a home and want space to not affect your productivity, here are some of the tips to help you: Different Tips You Can Follow For Creating Productive Home office   There are different tips and tricks you can apply for creating your Productive home office. In this article, you will get the complete details of it. Try to follow some key tips that can work well in your favor. Do not make your choices in grey as it can defame your dreams. Do not make things more complicated for yourself. 1. Be A Mouse Find a nook and start working. Be it a corner of your room, or the divided study, find the space that makes you feel comfortable while working.  Also, make sure that the place doesn’t amalgamate with noisy rooms. Busy rooms make the worst space to work, so find a distraction-free space where you can focus. 2. Declutter Space Although it's obvious to see extra pens and papers swimming on your desk, they can detract from your work and can hamper your productivity. Let your space think so that you can work peacefully. Allot different space to everything with your working device only on the table. 3. Segregated Log House If you have kids at home who constantly keep you nagging between your work, you surely need an individual workspace. While a study would be fine, kids can invade that too. However, you can construct a small log home to work in peace. You can even go for a log cabin kit if you don’t wish to build a complete house. 4. Green Can Help Make your workspace look appealing by bringing some outdoors into your space. A plant on the desk or floor is the perfect way to add a fresh feel to space. This will also give you a break from the screen when needed and will look pleasing to the eyes. You can add a small cactus or a succulent if you are not a fan of huge planters and pots. 5. Comfort Is Important Don’t create such an environment as you are napping, but you can incorporate something comfortable to relax during breaks. Since it’s hard to be focused by constantly straining to see screens, good and comfortable seating will prevent your fatigue and will increase productivity. Invest in a good office chair or a couch. If you are tired of seating too long, have a standing table in one corner. Things like small cushions, anti-glare screens and more can up your comfort level allowing you to stay focused during work. 6. Lighting Maximize work by incorporating good lighting to boost energy and also to reduce eye strain. If possible, increase natural light and let the fresh air come in. If it's impossible to bring natural light, use bright white bulbs to make the room look brighter. 7. Color Color can make a huge difference to your productivity, so use it smartly. While soft hues can give you soothing effects, yellow hues aim to increase creativity and induce a feeling of relaxation. So choose the colors that suit your personality and bring them into your productive home office. You can also add colors through accent wall painting or can paint the entire space. 8. Scents Also Work The key to staying active all day is a nice smelling room, and that means incorporating scents. You can use peppermint to add freshness and to energize the space. Also, peppermint can help you concentrate on your work.  If peppermint is not your smell, use citrus scents to de-stress and to uplift mood. Diffused candles and essential oil diffusers are also a great way to make your scented game strong and your room refreshing. Well, it’s no secret that the office environment plays a major role in your product. However, the above tips can also help you to create a productive home office. Final Take Away Hence, these are some of the factors that you have to take care of while you want to build your own productive home office space that is essential for your business. Try to make things work well in your favor as it is one of the crucial aspects for your business to encounter at your end. Work well in all the aspects that can help you to achieve your business objectives in the right way and in a short span of time. Read Also : 8 Ways You Can Improve Safety In A Workplace Exploring A Full-Time Remote Working Opportunity The Best Pro Tips For Setting Up An Awesome Home Office

READ MOREDetails

Why You Must Embrace Green Home Technologies?

Did you know? Buildings in India account for… 33% greenhouse emissions 38% energy consumption 30% landfill waste 12% water consumption And, every year, built-up areas in the country grow by 10% with a whopping 700% increase in energy consumption! It’s time to re-evaluate our priorities, It’s time to give back to nature, And for our children, it’s time to ensure that our homes do not destroy the world. India has been a fascinating growth story. Our story of growth is also about stress on the environment and natural resources. Fragile ecosystems and endangered species are struggling amidst the fast-expanding concrete. However, there is a silver lining in every cloud. Staying true to the traditional ethos of living in harmony with nature, Indian real estate is welcoming new technologies and innovative architecture to ensure a sustainable future. New-age financial solutions and subsidies are likely to encourage the adoption of green technologies in the construction sector.        Your contribution, however small, is significant in creating an eco-friendly living space. Going green is an important milestone for your family where you create a positive environment for growth. It saves you lots of money as you pass down the lessons of conservation to the next generation and add to their inheritance. Green constructions and architecture are the flavors of our times and builders are incorporating environment-friendly and energy-efficient features like LED lights, waste management plants, urban forestry, natural ventilation, thermos bricks and many other design elements for your conservation and well-being. Why do you need a green home? Money, money, money A green building creates many financial benefits for owners and tenants. Natural materials are compatible with the environment, while solar energy, proper ventilation, rainwater harvesting, water recycling, waste management, and foliage help to cut energy consumption and save large amounts of money for you. Tenants are clearly attracted to buildings which offer a reduction in everyday costs. Environmentally safe with GRIHA It feels great doing your bit to safeguard the environment. Buildings are responsible for one-third of greenhouse emissions and that portion can be reduced by 35%. Demand for high-quality, eco-friendly and energy-efficient real estate is growing across India. It applies to both, residential and commercial spaces. And with our urban air becoming a pollution hazard, it is imperative that as an Indian, you seek green alternatives to safeguard health, environment, and productivity. You can choose environment-friendly homes as per GRIHA (Green Rating for Integrated Habitat Assessment) rating. It evaluates how your home stands against accepted benchmarks of green buildings. Better innovation As an investor, you gain a higher yield from green buildings. The practice also spurs design and material innovation, which is important for our nation. The “green wave” has brought forth new technologies, understanding of ancient practices and ample research interest. Green buildings are using traditional material and recycling old materials to reduce our carbon footprint. Reduce, reuse and recycle: that’s the mantra sustaining your green home. A great start-up culture Grassroots awareness will drive greater adoption of green technologies. Rural artisans, cottage industries, and agriculture have felt a positive impact of the green drive. A new culture of entrepreneurs providing new solutions to builders is enriching the green economy. Green buildings in India are becoming a part of the culture. You should be thrilled to know our country was ranked #3 on a list of 10 countries by the US Green Building Council (USGBC) for LEED outside the US. India today boasts of 1 billion square feet of green building area. With over 200 million square feet of commercial space and 45 million square feet of construction coming up, you can say without a doubt: The sky is our limit! Apoorva Bharadwaj is a freelance blog writer. She has written blog posts largely catering to the real estate industry. Throughout these many years of her career as a blogger, she has kept up with changing trends in the real estate industry. She has written many blog posts on why the real estate prices are skyrocketing in major metros, how to choose the right real estate agents, about new apartments in metros, etc. At present, her latest blog work is on Jain Height’s new eco-friendly homes, luxury condominium projects for sale in Bangalore and about the right time to invest in an apartment.

READ MOREDetails
Small Business

Optimize Your Small Business Revenue by Taking These Steps

Making more money as a small business isn’t as straightforward as simply selling more product. There are many different variables that go into any business’s bottom line. The trouble is, finding those variables, and knowing what to do when you’ve found them can be a huge challenge! If you’re looking for a way to optimize your small business revenue without necessarily selling more products, these tips will help you get started. Forecast Future Demand for Your Products One of the most intimidating things any business has to deal with is figuring out how much product to have in the storeroom. Although you may think having more is better than not having enough, having too much can be just as bad. Manufacturing all that product takes money, and if it doesn’t sell, you’ll be out the cash you spent to have it made. There are things you can do to predict your selling forecast as accurately as possible. They include things like: Assessing the success of your marketing campaigns Consider your sales history Knowing the costs associated with customer acquisition Spending extra time preparing before the holidays By making an informed guess at the future demand for your products, you can ensure you don’t make too much, but you can also ensure you have enough in the warehouse, so you don’t have to turn any business away. Forecast Future Trends Not only do you need to spend time figuring out the future demand for your products, but you should also have your finger on the pulse of future trends. Keeping an eye on trends will help you assess the future demand for your products, but it can also help you develop new products that will appeal to new and existing customers. Digital tools can help you do this. For example, you can subscribe to subreddits to discover trends, while Google Trends can show you real-time searches on the world's most used search engine. Don’t be afraid to develop relationships with other professionals in your industry! Although other businesses may be the competition, they can also be allies. You can refer customers to each other, and you can share interesting developments you’ve observed in the market. Dive Into Your Data Although forecasting demand and future trends can be hard, they can also be fun. That isn’t necessarily the case when it comes to diving into your data. Collecting and analyzing data can be tedious, but it is the best way to learn about the hidden details of your business. There are many ways to do your data analysis better, but one of the best tips is to make time to look at seemingly meaningless data. From combing over time-stamped sales receipts to third-party transaction logs, you never know what kind of information you'll uncover! Segment Your Customers You may think you know your customer base, but it’s rarely as simple as it appears on the surface. It’s more likely that you have multiple segments of customers from different demographics with different needs. Segmenting your customers allows you to break down a large audience, enabling you to create marketing strategies that target the pain points of those groups. You can focus your message to appeal to the right people, and test separate messages for different groups. It also ensures you optimize your marketing strategy. By targeting specific audiences with detailed messages, you can increase your ROI. Optimize New Areas of Your Business Chances are, there are some areas of your business that you have spent a lot of time on. It should go without saying that there are other areas of your business that have received very little attention at all. If you want to optimize your business’s revenue, it’s time to start looking at those underappreciated areas of your business. A few things you may want to do to optimize your business include: Update to cloud-based software programs Personalize the online experience Find ways to automate time-consuming processes Work at developing a more robust social media presence Learn about and leverage application programming interfaces (APIs) Make sure your site is optimized for mobile Offer a new way for customers to buy your products Rethink your hiring process If you want to make more money, you can always try and sell more products, but you’re leaving money on the table if that’s the only way you try and increase your revenue. There are many things you can do to optimize the money you’re already making. Read Also: How Customer Success Can Help Grow Your Business Online Marketing: Selling Your Product And Services How to Empower Your Small Business through Digital Marketing?

READ MOREDetails