Archive for the 'Small and Medium Business' Category

Posting Similar Projects on LimeExchange

It’s quite possible that some of your projects are of similar nature but you’d wish to get them executed by different service providers.You do not need to post a new project every time. Our feature ‘Post Similar Projects’ would assist you in drafting a new similar project by simply editing the details of the original project.

How can you post a similar project?

You can get started with posting a similar project by creating a draft of a project for which the bidding has been closed. You can edit the project details as per your wish and project-centric requirements and then post it as a new, similar project. You can create as many number of drafts as you wish (of an existing project for which Bidding has been closed) and post them as different new projects and get them executed by different service providers of your choice. bidding closed

However, it is to be made clear that this feature is available once the bidding on a project has been closed and it gets canceled as you did not award it to any service provider. This link is also available when a project is moved to ‘canceled state’.

Steps to Post a Similar Project:

1.    Log on to your LimeExchange account.
2.    Go to “Exchange–> Dashboard” tab.
3.    Browse through your projects in the ‘Under Bidding’ and ‘Closed/Canceled’ sections.
4.    Click on the project name to open it.
5.    Click the “Post a Similar Project” link on the left hand side.
6.    Create a draft of the existing project.
7.    Edit the project details of the original project as per your requirements.
8.    Submit the project for verification.

We encourage our buyers to post their similar projects in case they want their projects to get executed by different skilled service providers on our platforms as per their choices. However, it is important to post complete details of your similar projects and clearly define the exact deliverables.

Get started today!

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10 Common Freelancing Myths

There are innumerable lies, myths and half-truths about freelancing, sometimes created by the community faceand sometimes by freelancers themselves. These myths develop as a story first and then turn out as a fact believed by many of us. This can prompt buyers to take a wrong decision as they might believe these myths before hiring a freelancer. Similarly, an individual can also get skeptical before jump starting as a freelancer. Hence, it is really important to understand the difference between a myth and a fact.

Here are some of the common freelancing myths which you must have heard many a times:

Myth 1- Freelancers remain busy with their personal stuff, I can’t rely on them for my work.

Fact – Freelancers believe in having a flexible lifestyle. They leave their jobs to give quality time to their family and make their own identity as an entrepreneur. Work is equally important for them because without that they just can’t meet their basic necessities. Their basic objective is to pursue their dreams for ultimate happiness within. We should not ignore the hard work they put in to accomplish the assignments successfully they have taken. This will not only give them credibility in the market but also the money to survive.

Myth 2- Freelancers have less resources, I am not sure about the quality of work I would get.

Fact- Freelancers are good workers and opt for this mode of career only to stand out of the league of crowd that works 9-5. Agreed they have less resources but they make sure that they have everything required for seamless execution of your project. Unlike your company’s employees, freelancers provide their specialized services at competitive costs cutting your overhead costs and giving you excellent work results.

Myth 3- Freelancer’s “NO boss” theory is dangerous, what if they don’t deliver my work on time.

Fact- Freelancers are responsible professionals as they own the business. They are accountable for their business growth as well as for their reputation in the market. Timeliness is considered to be the most essential requirement of freelancing. Hence, they believe in working to the best of their abilities to make goodwill in the market. They manage their time, make plans and focus on different goals each day.

Myth 4- Freelancers provide their services at affordable prices and it is easy for me to bargain.

Fact- Freelancers might not have a big corporate office or appropriate resources but quality professionals never compromise on the prices they charge for their services. They may agree to negotiate on their charges but for a good business deal it’s better to pay them what they are worth for.

Myth 5- Freelancers are unstable, they may find a good job one day then how can I assure my future.

Fact- The prevailing economic slowdown and resulting job layoffs have given a boost to freelancing across the globe. In such a scenario, people are looking for more and more sources to make money. Hence, freelancer would never lose these sources to earn some extra money as this will help them when their company for which they had worked for years show them a pink slip.

Myth 6- Freelancers need to put a lot of money to start up their freelance career and I don’t have much.

Fact- Yes, at initial stage freelancing do demand an investment of dedication, discipline, time and hard work. You need to spend a small amount of money on some basic resources like computer or some times for software, office space, furniture etc. At a very early stage of freelancing you can put in small amount of money and as you expand you can plan to spend more money to enhance your services.

Myth 7- Getting into freelancing doesn’t mean I will get projects easily I need marketing skills to get a project.

Fact- As many online service marketplaces are available these days like LimeExchange it is easier to get projects online. You just have to choose one matching your area of expertise, bid on them and get awarded instantly. You don’t need marketing strategies to get one but to build strong business relationships you may need networking skills. However, a basic word of mouth strategy can also help you to get project from your satisfied buyers.

Myth 8- Freelancers earn hundreds of dollars by working on their own terms. I will work less and charge per hour.

Fact- Freelancing is not a money-generating machine. You get paid for your skills, experience as per the industry standards. It also varies from country to country; like if you are working for a U.S. client you will get paid in dollars and then you can convert them into your own currency. You can also charge for a special service but at an initial stage of freelancing you cannot get truckload of money in a single go. It is important to build credibility before thinking of making money.

Myth 9- I have registered on freelance job website now projects will flow in.

Fact – Freelancers generally think that after registering on online services marketplace they don’t need to make any effort to get projects as they will automatically flow in to their way. But to get good projects freelancers should keep their profile completed, take online skill tests, get certified tags to attract buyers. You can also get your educational credentials verified to acquire better work projects.

Myth 10- As a freelancer I will always get buyers as per my choice and they will be supportive.

Fact- You may or may not get nice or supportive buyers always. As nobody is perfect, you need to develop good communication skills, collaborate with them using collaboration tools like PMB and IM and build strong relationships. You never know you may turn a bad client to a really nice business partner.

Hope now before making a business decision as a buyer or as a freelancer you will think more about the facts rather than the myths and work with more realistic approach.

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Milestone-Based Escrow Payments: An Effective Risk Mitigation Strategy

Payment terms are equally important for buyers as well as service providers. Payments are a big concern for buyers. Often, they pay upfront for project delivery only to be surprised that the final deliverables do not meet their expectations and that the payments they made have gone waste. Milestone-based escrow payments provide an excellent mechanism to link payment schedule to quality and schedule. It’s also important for service providers to get some steady working capital while they work hard to complete an assignment. The best way they can safeguard their interests is by setting up their own milestones for escrow payment.

What are Milestones?

Milestones serve as signals that mark the completion of different stages of a project. They not only signify the ‘distance traveled’ (key steps in project) but also reflect ‘direction of travel’. Payments along with a set of deliverables are fixed corresponding to each stage of the project.

Milestone-based payments…as risk mitigation tools

Milestones are important steps in the project life cycle that outline a delivery schedule and corresponding payments for progressive stages of the project. These are generally set for big projects and also for ones, which need constant supervision at every step.

At the time of bidding, the provider can break the large project into smaller chunks and draft a project contract specifying the milestones. Project Contract is a mutual agreement between buyer and service provider on scope, deliverables, payment and schedule of a project. It allows both the parties to agree in advance how the project will progress from stage to stage or milestone to milestone.

This is indeed a great way for both the buyer and service provider to ensure that the project is on track and progressing as scheduled. It minimizes risks related to outsourcing and helps justify payments besides reducing risks through visible progress.

For example, if there is web development project and both the service provider and buyer have mutually agreed on the below listed milestones through a project contract, then the payments would be released by the buyer to the provider after successful completion of each milestone.

Milestones: (a) Approval of Design (b) Preparation of Prototype (c) Development of Complete Solution (d) Testing  (e) Go Live

Milestone-based payments on LimeExchange

Project execution starts on LimeExchange after both the parties, buyers & service providers, have mutually agreed on scope, deliverables, payment and schedule of a project. However if there is any kind of disagreement, the buyer can add, modify or delete the milestones as per his wishes and then send it to the provider for his consent.

Once the provider approves of the same, the project execution receives a green signal. As soon as the the buyer escrows the first milestone payment to LimeExchange, the provider starts working on the project.

Release of payments as per the milestone status

On LimeExchange, the Payment Status column in the milestone details shows the status for each milestone in the business agreement. Following are three phases of milestone payment schedule:

1.    Escrow Pending – The buyer has not escrowed the payment. Work cannot be started on any milestone until the payment for that milestone has been placed in escrow.
2.    Escrow Deposited – This means that the buyer has escrowed the payment and the milestone is in progress.
3.    Escrow Released – This means that milestone deliverables have been accepted by the buyer and payment has been released to the service provider.

Milestones which have been completed cannot be modified. Once payment has been escrowed for a milestone, only the delivery time can be extended. Milestones which have not been escrowed can be modified by making changes to delivery dates, milestone amount or attachment.

Be in control of your payment schedule!

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How to best use LimeExchange: SMBs, SMEs get more business!

As we discussed in our previous blog about how Individual freelancers can ‘Best use LimeExchange’ to get more work opportunities by completing their profiles similarly, small medium businesses (SMBs)  & enterprises  (SMEs) can also reap the benefits by providing detailed profile at LimeExchange.

Profile Completeness, is a must for all service providers to acquire more freelance jobs and to become an established workforce at LimeExchange. After creating an account on LimeExchange, make sure that you have filled up all the required fields as given below:

1.General Information- Provide correct details such as Company Name, complete address, the country /countries your offices are located in and the contact details. By giving accurate details, you increase your chances of attracting more buyers from your own preferred location of work.  Do not forget to mention that you are a SMB or SME. SMB1

  • Profile type- If you are a SMB or SME, select for business type.  Fill in all the necessary details for e.g. in which year your organization was founded and the current number of employees working in your organization. Be upfront in giving all the information as this will help you build credibility among the buyers and other communities at LimeExchange.
  • Overview- Provide short, precise and complete details about your company, this will help buyer know you better. You can also give URL of your company’s website and also have SEO keywords listed to derive benefit of the traffic and your profile to highlight your company.
  • Educational background- Provide details on academic qualification (school/ University) of your top executive management as this will enhance company’s credibility in this cut-throat freelance market.
  • Skill set – Add your employees’ expertise, services and strengths. This will help you acquire best projects at LimeExchange, To see some examples, check out some profiles on LimeExchange who have already got hold of many good projects owing to variety of skill sets of its employees.
  • Work experience- Here you can mention  the work experience of your top- level management and experts, their clients and the number of years they have spent in a particular business domain.
  • Upload / link your certifications, the issuing “Institute” and the year in which it was attended/ awarded to your outstanding employee or a top-level executive. Sometimes a good certification can bring an impressive project in hand.

2. Company info- It includes all important information regarding your company, its infrastructure, about your employee strength, number of offices and its branches. If you have dedicated QA labs, mobile testing labs or other specialized services, clearly mention in infrastructure section as this will prompt buyers looking for such service stations outside their country to land up on your profile and award you the projects.

3. Portfolio – Create an effective portfolio to get maximum projects to work on LimeExchange. If you have designers/ software developers or any other professional in your organization, you can provide links of your past successful assignments or upload any non-executable file up to 10 MB. The file may contain an image, audio or video. Also, upload writing samples of writers/ bloggers with their portfolios and get awarded with more projects.

3. Connections- connect with your old trusted network with which you have worked in the past, build Company’s network to obtain better projects.

4. Limestand- If you are a company which provides graphic design category professionals, upload their work samples for e.g. Design, Illustration, Print Design, 3D Modeling/CAD, Blog Theme Design, etc. design logos, banners and creative using our Limestand feature.  The community votes for the best and enhance your chances of getting great work opportunities at LimeExchange.

We encourage, all our providers to work actively on completing their profile to get more number of project(s). And continue reading our blogs as there is lot more to come in our next blog on “How to best use LimeExchange- Notifications”

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