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MiFID II Definition, Regulations, and Requirements

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Want to know if the MiFID II regulation affects your business? MiFID II is legislation impacting the financial services industry with an attempt to increase transparency and reduce harmful financial practices. Let’s look at the communication regulations under MiFID II.

MiFID II Definition

The Market in Financial Instruments Directive II (MiFID II) is a European Union legislation that came into force in 2018. This legislation builds on MiFID I and focuses on preventing breaches and abusive trading or financial services. It regulates firms offering financial services to customers like interdealer brokers, investment managers, venture capitalists, stockbrokers, Independent Financial Advisors (IFA), etc. And similar to the Dodd-Frank Act, a major part of this legislation is the requirement for financial institutions to conduct mobile and voice recording.

Regulations Regarding Call Recording

MiFID II dictates that certain telephone conversations and electronic communications must be recorded by firms. According to the MiFID II policy statement from Financial Conduct Authority (FCA), firms must record correspondences that “result in transactions concluded when dealing on own account and the provision of client order services that relate to the reception, transmission, and execution of client orders.” In addition to this, certain correspondences relating to firms offering corporate finance services may fall within recording requirements. Other types of communication that might fall under the MiFID II requirements include those between:

  • A bank and selling shareholder or bank and buyers relating to the purchase of a block of securities by the bank and the resale of securities.
  • A bank and its corporate client and bank and sellers related to the purchase of securities in “buy-back” transactions.
  • A bank and buyers regarding re-selling shares purchased by an underwriting bank.
  • A bank and its clients and the bank and a third-party seller or broker regarding the purchase of securities as part of stakebuilding.

Call Recording Compliance

If you are a financial services company, it is highly recommended to comply with the regulations and requirements of MiFID II. However, traditional recording technology, as well as recording and storing all calls, can be expensive.

Fortunately, cloud-based solutions make call recording and storing processes easier. For many companies, MiFID II provides a good reason to switch to a cloud-based communication platform. One of the benefits of a virtual communication system is the ability to record calls and access them for future use. Additionally, having the ability to record communication over different channels and devices is exceptionally convenient.

With a virtual telecom services provider like United World Telecom, you can choose to record 100% of your calls. These calls are stored as MP3 files for later use. Additionally, you can get the feature with your virtual business number and so, you don’t need to purchase any additional equipment to record calls.

Other Uses for Call Recording

Call recording is often used to reduce business and personal liability and to record important transactions and maintain compliance. Besides recording your calls to comply with MiFID II, you can also use recordings to improve business-customer interactions. For example, you can review recorded calls for quality assurance by referring to them during training and performance analysis. Teach and train your employees to meet your company’s standards. Reward good customer service practices and highlight interactions that need improvements. Some advantages of call recording:

  • Improve staff performance
  • Receive customer feedback
  • Monitor marketing campaigns and ROI
  • Find and recover missed opportunities
  • Gather sales training material and more.

Record Calls with United World Telecom

United World Telecom’s Call Recording feature will provide you a safe space to record and store both incoming and outgoing calls. Record calls and store MP3 files that are easily accessible. Sign up for a business number or transfer your existing number to us and get this feature today.

Purchase Mauritius Toll Free Numbers, Available Now!

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Want to take your business to the island nation of Mauritius in the Indian Ocean? With Mauritius toll free numbers, you can now connect with significant businesses, contacts, and customers here and grow your business.

Mauritius Toll Free Numbers

In order to expand and grow a business, it is important to take steps towards gaining new and loyal clients and driving up sales. To do this, you need to have a good business plan and effective marketing strategies. But you also must consider ways of improving your existing customer base. And you need to provide reliable methods for customers to contact you. Think: which new markets and demographics can you target? And how can you provide easy communication channels that won’t increase expenses on your end or your callers’? Toll free numbers can help with that.

Can a Toll Free Number Help Your Business?

Mauritius toll free numbers open a new way to interact with contacts and consumers in Mauritius at inexpensive rates. Customers are not charged for calling a business with a toll free number, which incentivizes them to call. And furthermore, you can take advantage of other features that come with virtual phone numbers. These features help establish your business as a professional one that cares for its customers. For example, some of the features that United World Telecom offers include the following:

  • Call Transfer: Transfer calls with a pre-programmed digit sequence arranged by the account owner.
  • Customized Greeting: Create greetings for incoming callers to let them know about your business.
  • Advanced Interactive Voice Response (IVR) and Extensions: Design an automated greeting system that receives incoming calls. It can also direct callers to the right department through a menu.
  • Dedicated Account Managers: To ensure the service runs smoothly without any complications.
  • Fax to Email: Receive and forward faxes to your email.
  • Simultaneous Calling: This enables incoming calls to simultaneously ring on multiple phones, making sure no call goes missed.

Mauritius Business Scene

Mauritius is a country and island nation located in the Indian Ocean about 1,200 miles from the southeast coast of the African continent. Islands of Rodrigues, Mauritius, Agaléga and St. Brandon come under this country. Mauritius’ population is ethnically, religiously, and culturally diverse. And being a welfare state, it offers free universal healthcare and free education.

More importantly, this island boasts an innovation- and knowledge-driven economy. The most popular and successful industries in the country are information technology, telecommunications, healthcare, tourism, renewable energy, and hospitality. In fact, it has a strong reputation as an International Finance Centre with the presence of international corporate services, law firms, banks, and global investment. All of this makes this island an ideal location for foreign investment and business.

How to Get a Toll Free Number for Mauritius?

Purchasing a toll free number with United World Telecom is easy. Follow these steps to get Mauritius toll free numbers:

Step #1: Select “Toll Free Numbers” on the order menu on the United World Telecom homepage.

Step #2: Under “Select Your New Phone Number,” select “Mauritius (+230).” Then, select “Toll Free (mobile accessible)” for your Mauritius toll free number.

Step #3: Pick a number from the options available. Or, transfer your existing number.

Step #4: Enter a destination phone number to direct the calls under the “Forward Incoming Calls To” on the right.

Step #5: Review and select a plan ideal for your business purposes.

Step #6: Choose from a variety of add-ons available for your specific number. You can choose “Outbound Calling” to make international calls with caller ID override or “Call Recording” to record 100% of incoming and outgoing calls.

Step #7: Choose the type of account you want: Business or Personal. Enter the necessary contact and payment information. Then, read and accept the Terms and Conditions and complete your purchase.

Get Mauritius Toll Free Numbers With United World Telecom

Purchase Mauritius toll free numbers from United World Telecom with no set-up fees or contracts. Businesses can even make use of our free trial to test and see how our service can benefit internal and external communications. Improve visibility and reliability by becoming more accessible to your clients and investing in customer care. Sign up or talk to an expert today!

Lebanon Toll Free Numbers Now Available at United World Telecom

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Looking to do business in Lebanon? United World Telecom announces Lebanon toll free numbers to help companies connect with contacts and clients in Lebanon at inexpensive calling rates. See how getting a Lebanon toll free number can benefit your business.

Lebanon Toll Free Numbers

For any enterprise to enter new markets, they must first develop a connection with the country. And one way to do so is through a mode of communication: phone numbers. With Lebanon toll free numbers, companies from across the world can open a channel of communication and make contacts in this new market. Lebanon toll free numbers are an inexpensive way to add Lebanon prospects to your list of clients.

Benefits and Features of Toll Free Numbers

Major corporations and businesses have toll free numbers. This is because toll free numbers charge the receiver instead of the caller, making them free for customers to call. With Lebanon toll free numbers, you provide customers an inexpensive and hassle-free way to reach you. Additionally, it makes it easy for your Lebanon contacts to stay in touch and communicate with you on a regular basis. Toll free numbers usually have a distinct two- or three-digit code at the beginning. Besides being free, callers have the option to call from any telephone device: smartphones, landlines, payphones.

United World Telecom offers virtual toll free numbers that route calls over the internet. This way, all your calls and communications are cloud-based. And these numbers can be connected to whatever line you want. Virtual numbers also come with a set of features that can improve the way customers interact with your business:

  • Call Recording
  • Customized Greeting
  • Voicemail to Email
  • Advanced Interactive Voice Response (IVR)
  • Call Transfer
  • SMS to Email

Business in Lebanon

Lebanon is a country in Western Asia and is surrounded by Israel, Syria, and Cyprus. Often referred to as the “Paris of the Middle East,” Lebanon has been attracting businesses and tourists for quite some time. It is situated in a strategic location at the center of the Middle East and the crossroads of the major continents Africa, Asia, and Europe. Because of this location and access to neighboring countries and economies, Lebanon has many diverse investment opportunities.

How to Get a Toll Free Number for Lebanon?

Step 1: Go to the United World Telecom homepage
On the homepage, using the drop-down menu, select “Toll Free Numbers.”

Step 2: Select your new phone number
Under “Select Your New Phone Number,” select the country “Lebanon (+961).” Then, from the options available, select “Toll Free” for your Lebanon toll free number type.

Step 3: Choose your number or port your existing number
Then, choose a number from the options available. You can also choose to port or transfer your existing number.

Step 4: Provide a destination phone number
Next, provide a destination phone number under the “Forward Incoming Calls To” on the right-hand side. This can be your home or office phone.

Step 5: Select your plan
Review the plans to see which is best suited for your business needs. Select whether you want a free business trial or you can go ahead and pay for a subscription plan.

Step 6: Select optional features
Below the payment plans, choose from a variety of add-ons available for your number, such as Call Recording, Outbound Calling, etc.

Step 7: Enter contact, account, and payment information
Choose account type: Business or Personal. Then, read and accept the Terms and Conditions and complete your purchase.

Get Lebanon Toll Free Numbers With United World Telecom

Corporations, call centers, and customer service companies seek toll free numbers because of their affordability and reach. If you want to boost your incoming call volume as well as tap into the Lebanon economy, consider getting a Lebanon toll free number. Call us at 1 (877) 898 8646 or sign up on our homepage and activate your new number today!

United World Telecom Releases Morocco Toll Free Numbers

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United World Telecom now offers Morocco toll free numbers to businesses with customers in this North African country. This is a good opportunity for corporations that want to enter the Moroccan market and make new contacts without incurring international calling charges.

Morocco Toll Free Numbers

In this day and age, if you are not making the most of globalization and technology to grow your business, you will be left behind. Every company should attempt global expansion. And one way to expand without relocating or worrying about extra costs is by developing strong communication channels with new markets. With Morocco toll free numbers, companies can add Moroccan clients and prospects to their customer base.

Why Get a Toll Free Number For Your Business

Morocco toll free numbers will provide your Moroccan contacts an inexpensive way to get in touch with you. Toll free numbers are virtual numbers that charge the receiver instead of the caller. Giving your clients a free way to contact you shows initiative and concern for customer care. These clients are more likely to reach out to do business with you. Toll free numbers can build trust and reliability because they make you accessible, even if you are not in that specific area. And so, you can participate in Moroccan trade without having to move to the country physically.

Business in Morocco

Morocco is a country in the Maghreb region of North Africa and is officially known as the Kingdom of Morocco. To its north and west are the Mediterranean Sea and the Atlantic Ocean, respectively. Morocco shares its east border with Algeria and south border with the Western Sahara. Rabat is the capital of Morocco and the largest city is Casablanca. The population is a blend of different cultures and influences such as Arab, Sephardi Jews, Spanish, West African, and Berber.

Recently, Morocco has put in significant resources for large investments in sectors that are prime for growth and increased productivity. These sectors include electronics, aerospace, the automotive industry, renewable energy, and more, and have successfully attracted foreign investment. Mining, manufacturing, and construction are also popular sectors in this country.

How to Get a Toll Free Number for Morocco?

Getting and setting up a toll free number with United World Telecom is easy. Follow these steps to get Morocco toll free numbers:

Step 1: Select “Toll Free Numbers” on the United World Telecom homepage.

Step 2: Under “Select Your New Phone Number,” select the country “Morocco (+212).” Then, from “Please select a number type,” select “Toll Free (mobile accessible)” for your Morocco toll free number.

Step 3: Next, pick a number from the options available. Or, port or transfer your existing number.

Step 4: Enter a destination phone number, where you want to direct the calls, under the “Forward Incoming Calls To” on the right.

Step 5: Review the plans to see which is ideal for your business.

Step 6: Choose from a variety of add-ons available for your number below the payment plans. Consider adding “Outbound Calling” with the caller ID of numbers you purchased or “Call Recording” to record 100% of incoming and outgoing calls.

Step 7: Choose the type of account you want: Business or Personal. Enter contact and payment information. Then, read and accept the Terms and Conditions and complete your purchase.

Get Morocco Toll Free Numbers With United World Telecom

Toll free numbers provide a convenient way for prospective clients and customers to reach a company. And the easier you make it for them, the more they will appreciate doing business with you. If you plan to move your business to Morocco, getting a toll free number will prove useful in maintaining contacts. Sign up with United World Telecom today or call us at 1 (877) 898 8646 to learn more about how we can help you expand your business.

Dodd-Frank Act: Information for Call Recording Compliance

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The financial services industry has heard the name Dodd-Frank bounced around a lot. However, not many understand what the Dodd-Frank Act actually is and how it particularly impacts business communications. If you run a finance company, this information is essential to the legal and appropriate functioning of your business.

Dodd-Frank Act: What is it?

In 2010, the then President, Obama signed a comprehensive set of financial restrictions and regulations into federal law. Called the Dodd-Frank Wall Street Reform and Consumer Protection Act, this Act evolved as a direct response to the Financial Crisis of 2007 when many big names collapsed due to significant financial landslides. The Act, therefore, works towards encouraging financial stability and avoiding another financial crisis. And it does so through a series of measures:

  • Increasing transparency
  • Ending the “too big to fail” attitude
  • Protecting consumers from problematic financial advice
  • Protecting taxpayers by ending bailouts.

Interestingly, the Act’s rules and implications work quite similarly to the MiFID II Act announced by the European Union in 2018. The Markets in Financial Instruments Directive (MiFID) was initiated in 2004. MiFID II, the latest version, aims to strengthen investor protection and make financial markets more transparent and efficient. And the Dodd-Frank Act works towards the same goal.

Call Recording Compliance Under the Dodd-Frank Act

For this extensive list, regulations relating to voice recording are the most important and most difficult rules to adhere to. The motive behind the Act’s voice recording regulations is to encourage record-keeping and increase accountability and transparency. And these regulations apply to almost every organization within the financial services industry. Key call recording requirements state that:

  • Communications regarding trade information must be recorded across all channels: telephone, voicemail, text messages, email, etc.
  • Records must be organized efficiently for easy searching.
  • Files must be stored for the duration of the transaction and for up to five years after.
  • Records must be time stamped.

Swaps and Call Recording

Additionally, this Act legislates and regulates the monitoring of the swaps marketplace. Now, what are swaps? A swap is a derivative contract or future, involving the exchange of liabilities or cash flows between two financial institutions. Such contracts usually occur over the phone and have so far been unregulated. In 2012, the Commodity Futures Trading Commission (CFTC) required future brokers to record phone conversations. And so, the Dodd-Frank Act aims to bring transparency to these financial transactions. Firms receiving more than $5 million through swap or futures must store the information for five years, even after the termination of the swap. Furthermore, these records must be accessible and tagged for easy search.

Call Recording Compliance

Whether your business falls under financial services or not, it is a good idea to comply with the regulations of this Act. However, it is difficult to determine which calls are going to lead to a transaction. So, how do you decide which calls to record or not? One solution is to record all calls. But the cost of recording calls and storing them can be expensive. This is because traditional call recording technology works with hardware. And that can generate higher costs as well as limited access to data. Additionally, you will need storage space upgrades.

Fortunately, cloud-based solutions exist to make call recording and storing processes easier. By choosing a virtual provider, like United World Telecom, you can set 100% of your calls to be recorded. And then access them with ease without needing to store them “physically.” You can get call recording with your virtual business number, which eliminates the need for equipment costs, etc.

Closing: Get Call Recording with United World Telecom

You can take advantage of our Call Recording feature to record and store incoming and outgoing calls. Stored as MP3 files, you may access these recordings easily, as they are accessible through our control panel. Sign up for a business number today or call us to find out more.

Environmental Issues, Their Impact on Business, and How to Mitigate to Turn Crisis into Opportunity

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Our planet is plagued by environmental issues that are depleting our natural resources and putting an enormous strain on our livelihoods. If left unchecked, many of these issues will impact businesses directly and indirectly. In many instances, they are already doing so. Some of the primary environmental issues that are affecting businesses today include pollution, waste disposal, water quality, and water supply issues, and climate change.

Business Impact

Pollution is one of the world’s biggest environmental issues. The business impact due to pollution stretches far and wide, with just one example pointing to how pollution affects the health of people which then impacts medical costs and loss of productivity. Heavily polluted areas, for example, have a difficult time hiring and retaining workers. Waste disposal is another issue, with improper disposal resulting in foul smells, leaching into water supplies, and air pollution.

Climate Change Will Affect Everyone

Climate change is a global issue with serious implications including environmental, social, economic, and political. Factors like coastal flooding can have a major impact on businesses, leading to operational disruption and losses for organizations. Climate change can also create a higher demand for energy as the temperatures get warmer and there is a higher demand for air conditioning use. This means higher costs overall to businesses. Higher demand for energy also translates into increased use of natural resources like water and fossil fuels, which can then turn into a lack of resources for companies to turn into products.

Climate change also has negative impacts on the agricultural sector, which directly impacts the population in regards to food availability and safety. The impact of environmental issues on water supplies can result in harm to agriculture, a decrease in productivity, and higher costs.

Mitigating Risk

Environmental issues that we face today make it clear that solving as many of these complex issues as we can best serve all sectors. It will also require the cooperation of all sectors. Environmental issues affect every individual, community, organization, and country. We must all become environmental stewards to keep the economy moving, surviving, and thriving.

Environmental Crisis

The environmental factors that are affecting business and will continue to affect production and the economy. Such issues as major storms, loss of resources, inflation, and scarcity of food and water – are creating serious detriments. However, solving these complex issues requires the cooperation of individual sectors. It is apparent that the environmental crisis we are facing calls on all business leaders to consider the environmental impact that their companies have and also calls on business leaders to take action to ensure that they meet all compliance needs and regulations.

environmental impact
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Opportunity

Though the situation is difficult, environmental issues also present an opportunity for businesses to step up and show their employees and markets where they stand and what they are willing to do to mitigate the risks. Employees, for example, perform better when they are healthy. The Occupational Safety and Health Administration (OSHA) regulates work environments and most businesses do not have an issue with meeting OSHA standards. Businesses, however, should remain aware of current events and how they may affect their employees. An example is if the employees of a company are working outside and there are extremely high temperatures. The break times required by OSHA may not be sufficient enough for the health, safety, and wellbeing of employees.

Environmental Action is Marketable

The cultural demands of consumers are another area that presents an opportunity concerning businesses and environmental issues. Consumers are increasingly opting to align themselves with companies that have a strong positive environmental mission. Business leaders taking action to mitigate risks involved with environmental issues and promoting sustainable practices will benefit the company. Marketing campaigns are being used as a platform to inform the public of the efforts companies are making to address environmental issues. They are also being used to inform the public of efforts that are planned for the future.

In Closing: Environmental Action is Good for All, Especially Businesses

Once upon a time, the sole objective of business owners was to build a company that would generate revenues and continuously increases profits. As environmental issues, their impact on business and the world, and the risks to the future of all life have become more prevalent across the globe. The effects are being seen and the need for immediate action is now. It is the responsibility of business owners to take a full inventory of their choices and examine how those choices affect the environment. It is time to make modifications where necessary. Some effects are more subtle than others, but all modifications contribute to the greater good of our planet.

Virtual Phone Numbers for Environmental Groups and Organizations

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Any type of organization can benefit from the use of virtual phone numbers. Cost savings are important to all types of organizations, no matter the size or sector. However, a smaller organization may initially be drawn to the significant cost-savings benefit at first glance.

Virtual Phone Numbers Are an Environmental-Friendly Approach

The fact that there is no need for any bulky hardware may also be an immediate draw for environmental groups and organizations that promote cutting back on the use of plastics, metals, and other materials used in creating hardware systems. These are just two of many benefits when it comes to the use of virtual phone numbers for environmental groups and organizations.

Virtual Numbers Are the Perfect Option for Groups & Organizations

Virtual phone numbers are like any other phone number, except they are not tied down to any specific phone and location. When someone calls a virtual phone number, the owner of the virtual phone number may have the calls going to a landline or a cell phone of their choosing. Many different features can be activated to work with virtual phone numbers for environmental groups and organizations. Calls may be answered with a pre-recorded greeting. Calls can be forwarded to an extension within the organization. Time of day routing can also be used so calls are forwarded to different call centers depending on the time of day when they are received. This ensures that calls are not missed and the organization can essentially be operational 24 hours a day.

Virtual Numbers Are a Flexible Option for All Businesses

Virtual phone numbers can grow along with the organization. While the organization may not need extensions at first, extensions can be added later as more staff gets hired. This helps manage call volume when call routing to different staff members becomes necessary for efficiency and better service.

Environmental Groups using Virtual Phone Numbers
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Choose Local to Connect with Communities

Choosing a local phone number may help to create trust and credibility for a smaller, locally run organization while a toll free or vanity phone number may help an organization more quickly establish a national or international image. These capabilities help to strengthen a brand. Using virtual phone numbers allows the organization to be based in one state, yet have local phone numbers for many areas within the United States or even abroad. The ability to do this allows for the organization to reach these markets without incurring high financial costs in travel, relocation, training and more that is required to open different physical locations. That alone is a huge benefit to any organization that aims to expand without necessarily having the budget for expensive expansion.

Virtual Numbers Reduce Costs

The organization is also able to accept incoming calls without having the caller incur long-distance fees if the phone number is local or toll free. Calls can be routed and rerouted to a number of call centers in different locations and this helps to minimize the risk of missing any important calls. Another benefit is that using virtual phone numbers requires minimum set-up and training to get started. Using virtual phone numbers can be a significant step in scaling efforts and growth operation.

Numbers Can be Accentuated with Additional Features

Added features, such as call recording can prove to be extremely helpful in recording interactions with callers to use for training purposes or for accountability and tracking purposes. Accountability is becoming a more common standard used by organizations of all sizes to ensure best practices are being put to work and only improved upon as time goes on.

Another feature that can be added is extensions that can automatically forward calls to a department or specific staff member within an organization. SMS forwarding, sequential forwarding, simultaneous ringing, fax to email, local ring-back tones, voicemail to email, and failover forwarding are additional features that can boost the effectiveness of virtual phone numbers.

United World Telecom Has All of Your Virtual Number Needs Covered

United World Telecom also offers rollover minutes, so if all minutes are not used in a month, they are not lost and will automatically rollover to the next month.

Despite the advances in modern communication methods, the ability to be able to speak to a live person is still highly regarded. If someone is setting up an organization and wishes to be available to whoever they are working within the community or worldwide, using virtual phone numbers for environmental groups and organizations is a low-cost alternative to setting up brick and mortar locations while allowing the organization to easily access different markets. Setup with United World Telecom is quick and easy, enabling organizations to get started quickly and take advantage of all of the benefits immediately.

Is Your Business Still Using a Landline? Times Have Changed!

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Landlines have been seeing a decline in not only personal use but business use as well. This is due to many factors, including the ease and usefulness of a mobile phone, and also because of the flexibility in the workplace. Workers out at lunch do not want to miss an urgent call so that a work phone will be instituted on their behalf. As for workers who work from home or co-working spaces, a mobile phone line is necessary. Because of this, most offices have gotten rid of their landlines completely. Is Your Business Still Using a Landline? Times Have Changed!

Virtual Technologies Support Today’s Dynamic Businesses

still using a landline?
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Companies are created to grow and change, and it would be a hassle to move in mass amounts of wires every year when you could simply install a powerful WiFi network. Landlines also restrict businesses to one spot. Employees would not have the freedom to leave their desks while waiting for an urgent phone call. Mobile phones are incredibly useful for employees who do not work regular business hours and need more flexibility as well. One example is workers who need to contact international clients in different time zones.

Mobile phones have also increased the number of meetings done over FaceTime and Skype. Instead of having to travel to multiple businesses, you can meet with your colleagues face-to-face wherever you currently are. As long as you have WiFi, you are available. Video conferencing has now become the chosen way to host meetings for many businesses across the world.

Gaining More Flexibility and Freedom with a Virtual Phone System

While virtual phone providers can solve some of the problems associated with the landline, such as being restricted to one location, it can not solve all of them. With a mobile line, you can gain access to even more features with your virtual phone line such as SMS messaging. Most Americans, especially the younger generations, prefer text messages to phone calls. Most Millenials hate speaking on the phone and will ignore a phone call from a business. However, if they’re sent a text message, it’s likely they’ll respond or at least read the message and the information.

Are Business Landlines Common?

Landlines can still be found in many businesses, but those companies have been in business for several years when there were no other options. Many new companies are worried about alternative business developments such as access to bike racks, stocking healthy snacks, pet-friendly workplaces, and meditation rooms. These growing businesses aren’t interested in having a working landline. As landline numbers decrease in homes across the country, business landlines are corresponding accordingly.

If you’re still choosing a virtual phone system to use for your business or office, you can select between VoIP lines and a landline. VoIP, though, has a lower setup cost and much lower maintenance costs than landlines.

Advancing into the Future with VoIP

VoIP or internet calling uses the internet to place your phone calls. This system has been around for a long time, but only recently has VoIP become the best way to place calls. Because of consistent technological achievements over the years, WiFi connections have become very reliable.

If you’re still not convinced that you should ditch the landline, consider a few of these points:

  • VoIP offers many multimedia options, including video, unlike landlines, which only offers voice calling.
  • Your business can expand easier without the addition of multiple phone sets and installing wires.
  • Feature options are limited when choosing a landline, while VoIP comes with call waiting, call forwarding, and many others.
  • Cordless phone sets for landlines will not work during a power outage.
  • VoIP allows you to use mobile phones, landline phones, computers, laptops, and tablets to communicate.
  • You can port your numbers easily with VoIP and make calls from your mobile phone wherever you go.
  • VoIP has the benefit of rejecting anonymous callers, if you prefer.
  • Auto attendants, voicemail to email, and voicemail to text are all available with a VoIP connection.

Why Business Leaders Need to Focus on Sustainability Efforts

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It is one thing to acknowledge an issue and it is an entirely different thing to actually decide to do something about it and act on those plans. The conversation regarding building more sustainable and global businesses has gained a lot of momentum over the last decade. There is encouraging news regarding significant initiatives from various corners of the world. The bottom line is this: sustainability efforts should be on the agenda of every single business leader. Consumers increasingly expect business leaders to play their role in not only delivering economic growth, but also working to improve the lives of customers and employees while protecting the environment.

The Need for Sustainability Cannot Be Ignored Any Longer

Expressing intentions is no longer sufficient. Sustainability is becoming more important for companies across all sectors. It is a business approach to create long-term value by considering how a given organization operates in social, ecological, and economic environments. Developing and implementing these strategies are meant to foster a company’s longevity. This is why business leaders need to focus on sustainability efforts.

Additional Reasons Why Business Leaders Need to Focus on Sustainability Include:

  • Government Regulations: Federal, state and local governments are enacting additional regulations to protect the environment. Adopting sustainability efforts will help to ensure that your company will be able to meet the changing regulations in a timely manner
  • Public Relations: A growing number of consumers care about environmental issues. This sector of the population is investing in companies who are enacting sustainability policies.
  • Attracting Employees: Employees want to attach themselves to brands that care about the environment and social responsibility as a whole.
  • Increased Sales: Sustainability commitments are resulting in improved sales.
  • Attracting Investors: Like consumers, investors want to invest in a company that is socially responsible.
  • Feeding Creativity and Innovation: Challenging employees to come up with better ways to do things is inspiring.
  • Enhanced Productivity: Targeting one area with sustainability efforts may lead to improvement in other areas as well.
  • Reducing Risk: Reducing the risk of fines and lawsuits by being in compliance keeps costs down.
  • Brand Trust and Loyalty: Branding your company as one that is committed to sustainability efforts is a great way to gain consumer confidence, trust, and loyalty.
why should leaders focus on sustainability
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Sustainability is the Future

Companies are moving toward more sustainable practices by reducing waste, creating a greener supply chain, looking at water efficiency, optimizing material usage, increasing productivity, addressing labor conditions, setting targets on water replenishment, taking steps with regard to energy efficiency, and more.

Sustainability and Business

When examining why business leaders need to focus on sustainability, it is imperative to understand these efforts are good for the environment, for consumers, and for business. Any business leader that does not grasp this is taking the risk of being left behind the competition. There are other risks, such as promising and not delivering or addressing one issue without being solid on compliance with regard to sustainability in other areas. For business leaders to address sustainability appropriately, these risks should be assessed and plans should be in place to address these issues.

Improving Sustainability is a Work in Progress

Just like there is no “one solution” for every business model, there is no “one solution” across the board for implementing sustainability efforts in every business. The best course to take is in analyzing the ambitions and individual stakes of each company. A few steps management teams can take in improving sustainability efforts include:

  1.  Aligning the company strategy with sustainability efforts.
  2. Address compliance first (pollution and energy efficiency, human rights, labor responsibilities, regulations in waste management, etc.) before addressing competitive advantage.
  3. Develop proactive sustainability strategies rather than reactive ones. When looking at why business leaders need to focus on sustainability efforts, you should recognize the impact of sustainability and develop proactive strategies rather than waiting until there is a crisis (i.e. public anger for unfair labor practices) to implement such efforts.
  4. Transparency is key. An open environment in an organization leads to improved performance. This has been proven time and time again. The way to accomplish transparency is through open and clear communication with all stakeholders.

Putting Sustainability Plans into Action

In speeding up sustainability efforts, business leaders should focus on issues that are specific to your business. This includes building a clear business case for focusing on sustainability, reinventing your business model, and developing a compelling value-creating story for investors. This is especially helpful when presenting your case for focusing on sustainability. This is a major challenge, but it is also one that matters beyond individual organizations.

Looking at why business leaders need to focus on sustainability efforts is a critical first step, however, action is the next step that must be taken.

The Links Between the Economy and the Environment

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In November 2018, the current U.S. administration published a significant report detailing the advance of climate change. The news was bad and it also came with a price tag. The report detailed the damage that is being observed and the financial losses that are projected. In summary, the outcome is a result of what humans have constructed and are still constructing, which is not best suited for the world the way it is. As time goes on, the cost to live in this world could increase by hundreds of billions of dollars per year. The links between the economy and the environment are clearly shown.

The Evidence of Climate Change We’re Seeing Right Now

In recent years, thousands of Americans have died as a result of extreme weather events tied to climate change. This has included hurricanes, which have been fueled by very warm seas to other extremes, such as drought. Senator Sheldon Whitehouse of Rhode Island said, “This report shows how climate change will affect every single one of our communities. The president says outrageous things like climate change is a hoax engineered by the Chinese and raking forests will prevent catastrophic wildfires, but serious consequences like collapsing coastal housing prices and trillions of dollars in stranded fossil fuel assets await us if we don’t act.”

Climate Change May Prove to be Financially Crippling

The United States National Climate assessments since 2000 have focused on showing the links between the economy and the environment and how much Americans stand to lose to climate change. The costs that are discussed include household expenses, the availability and price of food, energy, and other goods that people use on a daily basis in modern society.

These effects extend beyond the US. The report states, “The impacts of climate change, variability, and extreme events outside the United States are affecting and are virtually certain to increasingly affect U.S. trade and economy, including import and export prices and businesses with overseas operations and supply chains.” The report also states, “Now it’s seen much more as a societal or economic issue than a narrow environmental one.” And that is what it takes for many to gather the full scope of an issue… a clear, eye-opening breakdown of how something will affect them, the economy, and society as a whole.

Environment and the conomy
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Dire Situations Ahead if Action Isn’t Taken

A section of the report analyzes the estimates of economic loss across the U.S. economy by sector. This section points to the fact that policy, as well as technological and behavioral changes that result in significantly lowering emissions, can cut the potential financial damage across many of these sectors by approximately 50 percent.

Even in a best-case situation, Americans will still have to pay tens of billions of dollars more per year to deal with the acceleration of climate change.

The climate change report goes on to show how climate change is putting different regions in the country in difficult financial situations:

In Pennsylvania, aging bridges may not fare well against more extreme storms, and water and wastewater systems need almost $30 billion in investment. In general, about 90 percent of the northeast is built on infrastructure poorly suited to adjust to rising seas. “Projected future costs are estimated to continue along a steep upward trend relative to what is being experienced today,” the report states. More than 60 percent of big southeastern cities see heat-wave trends above the national average, and three of them, Birmingham, Ala., New Orleans and Raleigh, N.C., are exceeding the rest of the country across all major heat-wave measures. Anchored by California’s clean-tech economy, the Southwest is seeing much of the nation’s new energy investment. Legacy power technologies, such as water-cooled power plants, will continue to work for decades, however, and will be less effective as temperatures make cooling sources too hot. Hot water could reduce efficiency of these power plants by 15 percent by 2050. In the Midwest, a major producer of corn and soybeans, increased temperatures, rainfall and humidity have eroded soil and allowed harmful pests and pathogens to thrive, according to the report. Rising growing-season temperatures in the region are projected to be the largest single factor contributing to declines of U.S. agriculture production.

If the Environment Collapses, so Will the Economy

There are growing threats to supply chains, global trade, and the price of goods. Other international issues include humanitarian aid, national security, and what the report refers to as “transboundary resources,” which include water, fish, and minerals co-managed by neighboring countries. The link between the economy and the environment is clear and must be addressed immediately.

Though adaptation efforts are currently being put into effect at various levels across the nation, they are often minimal in comparison with the challenges we face. Acknowledging the connection between the economy and the environment and addressing the full range of climate change will require substantial change in business practices and procedures across all organizations and sectors. It also requires substantial change on the part of individuals, laws, and capital investment. The goal is not to adapt to a new normal that will essentially remain the same, but to prepare lives and infrastructure with a forward-looking mindset that takes into account the “now” and the “what’s to come.”