When it comes to your business, there is one resource that is more valuable than any other. Many people will assume that this resource is money, and while that’s certainly a valid answer, it’s not quite the correct one. The single most valuable resource in your business is, in fact, time. This is because time is the only thing that, once you’ve spent it, you can never get it back. There’s no way to undo wasted time which means the most important thing for you to do is to make sure that you’re using your time as effectively as possible. However, many businesses end up falling into the trap of becoming incredibly inefficient simply because they don’t understand how to manage their time correctly. In order to prevent that from happening to you, here are some ways to make your business more efficient.
One of the most common mistakes that a lot of new business owners make is that they attempt to jump right into something without planning it carefully first. This desire is pretty sympathetic, after all, most people want to be doing something genuinely productive with their time. However, this actually ends up wasting more time because trying to play things by ear always leads to mistakes getting made and pointless threads being followed. The best thing that you can do is to take the time to plan out every move you make in regards to your business, both on a macro and micro level. Think about the overall trajectory of your business, think about the small, day-to-day interactions that you’re going to have. If you can plan everything down to the smallest detail, then you’re always going to be able to handle whatever new information is thrown at you.
Employee management
There’s no denying that your employees are one of the most important parts of your business as a whole. However, there are plenty of occasions where they can cause issues in terms of the efficiency of your business. For one thing, you want to make sure that you’re bringing in the right people who will always try to push your business forward. Similarly, the use of workforce management software can be incredibly valuable. It allows you to monitor when employees are clocking in and out as well as managing everything from paid leave to payroll.
One of the most common reasons that a lot of smaller businesses end up failing is that the business owner simply attempts to take on too much at once. Because of the level of personal investment, you have in your business, handing over parts of it to other people can be difficult. However, trying to handle everything yourself if not only going to be dangerous for your personal health but is also going to cause serious problems for your business. By delegating tasks to managers and supervisors, you’re able to ensure that each and every aspect of your business gets the attention and care that it requires, rather than attempting to spread yourself so thin that nothing really gets done.
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The sad fact of the matter is that no business is guaranteed long-term success. Statistics show that at one point or another, most entrepreneurs will be faced with the task to reviving their dying business. So if your business is failing, don’t worry because you’re not alone. At one point or another, most businesses will have a ‘near death experience’.
Often, these difficult periods are caused by bad business conditions such as low sales, a lack of morale, low funds, and the loss of innovation and dedication. Some businesses are able to bounce back from being in this slump and are stronger and more successful because of it. While other businesses don’t quite manage to get back on top and end up closing their doors for good.
Although it can be hard to bring your business back from the brink of death, it is possible; it’s just a case of knowing what steps to take, that’s all. To make the process of reviving your business a little easier, below are some tips and pieces of advice to take note of and implement.
To fix a problem, you need to determine the cause. What this means for your business is that you need to re-evaluate things and try to work out what the exact cause is of your business problems, if you don’t already know, that is. To make determining what the problem is easier, here are some areas to focus on: strategy, customers, team members, products/services, and finance. Take your strategy, for instance, ask yourself whether your company has a direction – does it have goals to meet? Look at whether your business is focused on the right things or if it might be time to slightly alter your direction. Re-evaluating your business situation is easier than you would think, it just takes some time, that’s all. Don’t rush the process, take things slowly and work through each area of your business, determining what needs to be changed.
Focus on finance
The fact is that to bring your business back to life; you will need money. If the reason your venture is struggling is because of a lack of funds, the need for more money can make it seem like it’s impossible to breathe new life into your business. However, there are a range of options that you can consider, so even if money is an issue, it’s not the end of the world. Perhaps you could look into getting a loan – you could find out about business lending and see what options you have. Or, if this isn’t doable, maybe you could consider teaming up with a financier and making them a partner in your business.The fact is that money makes the world go around, and without it, it can be almost impossible to successfully run a business, which is why it’s important to look into your options, to ensure that you give your business every chance of success.
Adapt your business
To get your business back on track, the fact is that you are going to need to adapt it. If you attempt to run it in the same way that you were before, it will fail – that’s a fact. So what you need to do is look at how you will adapt your business to ensure that it’s more successful this time around. You need to create a game-plan that will allow you to turn the tables on your business and make a success of it. The things to look at include your purpose as a business, your vision and goals, your values, and your branding. What you need to do is work out what changes you need to make to ensure that your company is successful this time around. Don’t rush this process, take your time. You may also find it helpful to get an objective opinion on things – for this, working with a business consultant can be useful. As by doing so, you will gain an objective overview of your business and what changes you need to make to ensure that it’s successful.
If you want to make a success of things, you need to be willing to rebrand. The saying ‘out with the old and in with the new’ is apt for this occasion, as you need to change up your business to ensure that the old problems don’t come back to haunt you. When a brand fails, often customers lose trust in the brand, and so, it’s worth rebranding by changing your business’s name and making other small changes, to demonstrate to your customers that it’s a “new” business and one that is going to be highly successful. All your company needs is a face lift and a new identity, and you should be able to make a success of it. If you’re stuck for ideas when it comes to your rebranding or marketing, it could be worth calling in the experts. If you’re not sure how to make changes and ensure that your marketing and branding are both spot on, invest in help. If it means your business will have a higher chance of success, it’s worth the cost.
Get your motivation and passion back
Have you lost the motivation and passion that you had for your business and products or services? If the answer is yes, then you need to do something about it. The fact is that you cannot effectively run a business without motivation and passion. If you are going to make a success of your venture this time around, you need to be motivated to work hard and should have passion for the products or services that you are providing, and so should your team members. The best way to get your passion back and keep yourself motivated is to goal plan and understand just how much potential your business has for success. Get excited about your venture, and you will find yourself raring to go, just like when you first started out.
There you have it, a guide to turning the tables on your failing business. Take note, and you can ensure that your venture is a success, even if right now it’s not doing very well.
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Agile project management can seem to be complex and daunting to undertake but it doesn’t need to be. The key principles are the same as with traditional project management; organisation and planning must be undertaken before a project begins and then the project must be continually managed throughout to ensure it is being completed in the most efficient way. The difference is that agile management is specifically targeted at adapting the project as it progresses, ensuring the end result is more successful and meets the changing demands of the business or customer. As such, agile management can be extremely beneficial for B2B businesses.
Better Results
The success of projects is dependent on various factors, some of which are beyond the control your business. However, those elements which can be controlled should be carefully managed to ensure the success of your project. Agile management will take project management one step further. By breaking each stage of the project into separate components for completion, there is more potential to make changes to the project as it progresses. This can ensure that end result of the project meets the needs of the business. It also reduces the number of failed projects or projects which exceed their deadline.
Working Faster
Agile project management is a good way to increase the pace of your work. The careful planning of each stage of a project means that employees should have a clear indication of every action and step they need to take to ensure the project is completed. Although there is room for adaptation and flexibility, the general pace of competition should be much quicker. Agile management should enjoy workers productivity levels as there is more room for their input as the project progresses, enabling them to work in a much more efficient manner.
Keeping Up With Trends
A significant benefit of agile project management is that it enables businesses to keep up-to-date with the latest trends in technology and marketing or even software updates. These areas are constantly changing and developing, so being able to implement a new idea in the middle of a project without disrupting the schedule too significantly is essential.
Feedback
Agile project management enables regular feedback to be given on each stage of a project. This feedback can come from both the project manager overseeing the completion of a project and from the stakeholders. It also offers more opportunity for collaborative feedback, which improves communication between members of the team and allows them to raise any issues before they become a significant cause for concern.
Agile project management can require a significant change within a B2B business. It can be difficult to engage employees with a new method of working. However, this is a worthwhile undertaking for many businesses and can improve the success rate of your projects and your business as a whole.
Enroll in agile courses to learn more about the techniques involved, from communication to prioritisation, and how these can benefit your business.
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Businesses can only thrive when they benefit from regular and targeted investment. There will be many areas of potential investment including physical infrastructure, consumables and professional services that all compete for a limited budget. Whilst employee recruitment is usually viewed as a legitimate area for investment, employee training has traditionally been overlooked and often comes at the bottom of spending priorities.
This is a mistake but there is more bad news. When business owners are looking to make savings in their outgoings, employee training is usually the first budget to be slashed because it is an easy target. This short-term view is not what is best for your business going forward and could be highly damaging. There are many compelling reasons why you should target your investment at employee training.
This may require a shift in attitude. You need to start viewing employee training as a way to make you more money rather than a waste of money. It is a long-term investment that will pay you great dividends in the future.
Why you need to take employee training seriously
Your employees are one of your greatest assets. You have made a lot of effort to recruit the right people for the job. The recruitment process is costly in both time and money. If you do not look after the employees that you have recruited then this has been a waste of time and resources.
If your business is to thrive, it is essential that you manage your workforce effectively. This is a lot more than ensuring that they turn up on time and that they stay as long as they are meant to. You need to make sure that you are making the most of them whilst they are at work. An experienced and well-trained employee could be your greatest business asset.
Human resources management is all about striking a balance between encouragement, rewards, and sanctions. It is also about developing each employee as an individual and nurturing them so that they can feel fulfilled and make the best contribution to your enterprise. On-going training is a vital element of this. It is viewed by employees as a reward because it has benefits for them as well as your business. It renews interest in their task and keeps them engaged with your operation. They will also enjoy being viewed as an authority in a particular area. Rather than relegating it to the bottom of the pile, you should place employee training at the center of how you manage your employees.
An employee that is trained in all the latest skills and techniques and who is provided with the latest knowledge will be able to complete their job more effectively. They are also more efficient so they get the job done faster using fewer resources. This is good for your cash-flow.
Trained employees are happier and feel more highly motivated at work so productivity is increased. Business research shows that employee training correlates with increased job satisfaction and higher morale. The workplace becomes a happier and more productive place and profits increase. It also means that employees are more likely to stay in their job and your staff retention is improved. Ultimately, this saves you money.
If your employees are using outdated techniques, technology, and modalities then they could be harming your business. It is time for a change in attitude towards employee training. You are leading a team and you should want that team to be the best that it can be.
Some employee training will need to be targeted at the specific role that they play in your organization. Training does not mean that employees need to leave the workplace to take advantage of it as there are many courses provided online these days.
If your business operates in the retail sector, you should invest in sales technique training. This will equip your sales team with the latest techniques for converting visitors into paying customers and even into repeat customers. If your business is associated with technology then you need to provide training on the latest technological developments – see programs relating to technology. Information technology skills are highly relevant to any business. Once the training is complete you could designate one employee as your IT expert. This will mean that you do not have to rely on an external organisation to provide your IT support and it could save you a huge amount of money. As an employee who is on site all the time, they will be able to spot problems before they occur and will understand how your business systems operate.
Training in cyber security is increasingly important for all of today’s businesses. Every business is a potential target for such an attack and the only way to effectively protect the business is to train employees in what they must do to prevent it.
If you operate in a specialized sector such as the provision of services to children, it makes sense to train employees in the area of child development and learning – see programs relating to early age education. You can provide your employees with courses such as Child Development, Assessment, Observation, and Intervention and Exploring the Principles of Education. Typically, the training programs focus on how to create healthy environments that encourage and stimulate children. This would provide valuable insights for your business.
Generic training for all employee
There are some areas where all employees need to be trained and health and safety training is one of these. It is an area that is often neglected but is essential in all work premises. As an employer, you have a duty to protect the health, safety, and welfare of your employees and training is a big part of that.
You cannot ask an employee to carry out a task without providing them with the appropriate training. If you do not do that, you are putting them and everyone around them at risk. Health and safety training could include any of the following:
Training in how to carry out a particular job. Every time you require an employee to carry out a job, you must ensure that they have been trained in how to do it safely. This includes training them in a safe system of work, how to spot hazards and what to do if something goes wrong.
Training in how to use equipment. When you require an employee to use a particular piece of equipment you must ensure that they are trained in how to use it safely. That includes how to use any safety features that the equipment is provided with and if there are any checks that need to be carried out before the equipment is used.
Training in how to use personal protective equipment. If your employees have to use some sort of personal protective equipment (such as ear defenders or breathing apparatus) they must be trained in how to use it correctly. It is not sufficient to simply provide the equipment because if it is not used properly it will not offer the protection that it has been designed to provide.
Training in spotting and reporting hazards. You cannot be everywhere in your business at the same time and so it is essential that every employee knows how to spot potential hazards. They are your eyes and ears throughout the organisation. They also need to know how they should report it to and how they should do that.
First aid training is useful for all employees and some workplaces are required to have a trained first aider on site. Employees with first aid training have saved thousands of lives in workplaces up and down the country. There are several different levels of first aid training ranging from simple first aid to CPR and serious incident management.
Training must be an ongoing activity
It is a mistake to view employee training as a one-off provision. It is actually something that needs to be kept under continual review. There are always new courses and new opportunities that you can take advantage of. You need to be continually assessing who needs training and what training it would be best to provide them with.
One approach that works well is to integrate an assessment of training needs into your staff appraisal so that employees are actively involved in identifying what they need. The findings could be reported back as part of an annual review so that you can work out your budget requirements.
If you are not sure of the latest training courses in your particular industry you can check these out on trade organisation websites and journals. However, don’t be afraid to think outside the box. A training course from an entirely different sector may bring the innovation that your business needs.
Finally, it is not just your employees that need training. As the business owner, you owe it to yourself to keep up to date with the latest developments. You may enjoy learning more than you thought you would!
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It doesn’t matter what business you are in or what the size of your business is, if you have an online presence then you have one specific goal in mind: increase your online sales. Of course, the battle lies in the execution, which isn’t as easy to do as you may have first thought, especially with the constant changes in this part of business. It can just be a lot to get your head around and keep up to date with.
That is why we have come up with a list of strategies, platforms and techniques you can start using to seriously increase your online sales performance.
The Best Strategy: Honest Sales Copy
The oldest and most obvious strategies are often the best, and that is certainly the case when it comes to writing your sales copy. Honest is always the best policy. That is why it dumbfounds us just how often companies make promises they simply can’t keep. Please, don’t do this. In today’s economy, reputation and trust are synonymous with success and that is why honesty is one of the things every entrepreneur needs to embrace. There is just too much consumer choice out there for your unsubstantiated claims to have anything but a negative impact on your revenue. So, this afternoon, we urge you to go through all your sales copy – from your email campaigns to your website content – and amend anything that isn’t absolutely true.
The Best Platform: Real-Time Bidding
This is one of those areas where the newer introductions to the market tend to always be better than the last, and that is what makes in app advertising such a must-have weapon in your money-generating arsenal. We already know that consumers prefer apps to websites, but what you may not know is that consumers are on the cusp of using apps more. It is on the rise. That is what makes sophisticated real-time bidding so important. It works by competing with your networks at the impression level in such a way that it ensures your inventory is filled by the highest-paying source, and that guarantees an improvement in your revenue.
The Best Technique: Ad Extensions
Extensions are absolute must-have for any business that is selling something online. It is simple: the bigger the ad, the more places to click and the more chance you will be clicked. The best bit, though, is that it doesn’t cost any extra while drastically improving the click-through rate your advert boasts. What’s more, all the big search engines offer this feature. The reason it works from a consumer’s perspective is that it increases the speed in which they can get to their desired product, making it the experience that much nicer. Let’s say they have searched Google for shoes, and a big advert comes up at the top of the page which says “Designer shoes – Free Shipping & Returns” and then below that has the clickable options of Men’s Shoes and Women’s Shoes, you have made their life easier.
The Best Asset: Your Customers
We’re going to keep this short: customer feedback is the most important asset you have when it comes to increasing your revenue. That is because new customers need something to trust before they commit to buying. They want to read that someone before them bought what they wanted and absolutely loved it. No matter how good your sales copy is, it will never be as powerful or effective as a satisfied customer giving you a thumbs up.
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