Have Your Business Relationships Stopped Working?

/in /by

You’re not going to build a successful business all on your own. You’ll need a whole range of other people if you’re going to make your company profitable in the long-term, including your staff, family, and business relationships. While the first two will be in your control – at least to a larger extent – your business relationships will be a bit more difficult to manage. And it’s easy to see why: they have their own interests to look after. However, because they’re so important, it’s imperative that you take proactive steps if your business arrangements aren’t working as efficiently as they once did. Below, we take a look at a few useful steps you’ll want to consider taking to get them back on track.

StrategyDriven Marketing and Sales Article | Handshake | Business Relationships
 
Leeway

Nothing black and white, especially the world of business. As such, it’s not wise to adopt an “all or nothing” approach to your business relationships. If you’ve spent years building your relationships, then you can’t throw it away the second things hit a rough patch. If they’ve otherwise been dependable, you don’t need to take drastic action the second that the quality dips. It might be because of reasons that are beyond their control.

Talk it Through

The best approach, therefore, is to talk it out. There’s little use in talking angrily in your office about the other business. Pick up and call them. They might have an excellent reason why they’ve not been in touch/been unable to meet their end of the agreement. As a matter of routine, you should be talking as much as possible anyway. Little wrong can come from talking too much, but a lot of damage can result in not talking at all. If nothing else, it helps keep confusion and other misunderstandings at bay.

Limit the Damage

There might be a situation where your partners aren’t able to provide the level of service that they can usually provide, but you don’t want to drop them entirely. If this happens, it’s at least important that you limit the damage that the partnership can bring. For instance, you might temporarily stop working with them until they’re in a stronger position. It’s all about making sure that your business doesn’t suffer because of another company’s actions.

The Legal Route

While you’d like to think that the business relationships you have wouldn’t cause you any harm, sometimes they do; sometimes it’s intentional, sometimes it’s not. Whatever transpires, it’s imperative that you don’t let their actions bring your business down. If you’re in the middle of a dispute with another business, look at working with a firm that offers business litigation services, such as Weisblatt Law Firm. These issues can be very complicated, and sometimes litigation is the only way to resolve the issue.

Conclusion

Managed properly, your business relationships will help to take your company to the next level, but they do require ongoing management to ensure they have a positive impact on your business. If not, they could cause damage you could live without.

Leadership Inspirations – Success and Failure

/in /by

StrategyDriven Leadership Inspirations Quote“Success is going from failure to failure without a loss of enthusiasm.”

Anonymous

Streamline Your Business to Make it More Efficient

/in , /by

StrategyDriven Managing Your Business ArticleNo matter how well you set up your business, there are always opportunities for you to improve the way you do things. After a little while, as your business starts to grow, and you begin to add more staff, you may need to think about changing the way your business works. To do this, you need to think about streamlining the processes and the way that you will deal with customers and clients. Here are some ideas to get started.

Review Your Procedures

Before you start embarking on any type of streamlining mission, you need to think about what you need to do, and the areas in particular that require work. To do this, you need to look at your procedures and the way you are dealing with customers and staff. Set up a team to review everything within your company, and see if there is any way that they can make the procedures more efficient. It is important that this team looks at all areas of your company. That way, they will be able to help you save more time and money in the long run.

Involve the Staff

Whenever there is the talk of streamlining within a business, staff always start to become very upset and worried about their future. To allay their fears, it is essential that you involve them from the beginning. Set out in detail what you want to achieve and include them in the process as well. Ask them if there’s anything about the role that they can do more efficiently. If there is, perhaps you could also give them an incentive to come up with a better solution. You can even make it a competition with the winner receiving a prize.

Dealing with Customers

Customers are the life force of your company; without them, you would not be able to run your business. It means that any way which you can make the processing of your products easier will be better for your customers and will encourage them to shop more often with you. To achieve this, why not think about adding an online store to your website and making customer service easier to contact.

Dealing with Clients

In the past, you may have dealt with clients by visiting them in person. This used to be the best and most effective way of dealing with clients and encouraging new contracts. However, there are now many other ways to do this efficiently. For example, you can find the best free conference call online that can allow you to speak face to face with your clients or via a telephone link. Doing so will save you a lot of time traveling and will also reduce your expenses by quite a substantial amount.
By looking at what you are already doing and by involving your workers, you can achieve a more streamlined and efficient company. This will enable you to compete against your competitors and build a company that will grow into the future.

7 Tips To Make The Most Of Tech

/in , /by

What is a business without proper technology?

It’s the eternal question that every new entrepreneur faces. The answer often reopens the typical debate about technology; namely should a business invest in tech or should it instead focus on other factors of success such as hiring the right team, keeping track of the trends on the market and managing your brand reputation. In reality, every business knows that there is no growth without modern technology to sustain it. You wouldn’t consider keeping your business afloat without a website or an email address, for instance. However, skip back to the 1990s, and you’d be surprised to know that most companies refuse to move with their times, finding a paper-based and one-to-one approach more suitable to their markets.

While nowadays the question of whether you need a website or not is not relevant anymore, the decision approach when it comes to technology follows similar patterns. Many companies are still hesitant about the tech they choose and how to use it effectively in their everyday business. From cutting down unnecessary tech costs to ensuring you select the most relevant addition for your company, these few tips should help you to make the most of your tech day after day.

StrategyDriven Managing Your Business Article | Business Technology
 
1. Find affordable equipment

First of all, it’s fair to say that for start-ups and small companies, investing in new technologies is not a decision you can take lightly. Indeed, for a lot of businesses with a limited budget, even the choice of the most necessary equipment can prove a huge and sometimes insurmountable expense. However, a business can’t do without the equipment that defines its day-to-day activities. From a small farming business to a family construction company, each piece of equipment demands substantial funds. When buying new is not a financial option, you can find the right auction online to get the best second-hand machinery for your activities. Ultimately, buying the previous tech generation at a low cost is often a preferable solution to breaking the bank for the latest generation of gadgets.

2. Make the most of your tax deductions

Nobody likes to pay taxes. But small companies often forget that they can take advantages of numerous tax regulations to maximize their access to technology. Indeed, the Section 179 deduction now allows small and mid-size business to take a first year deduction of up to $1 million on purchases of relevant and qualified equipment. You can also add the depreciation allowance to all the second-hand equipment that qualifies for your company. Ultimately, you can use tax deductions to increase your purchase power, which can help you to invest in new tech for the company. Similarly, you can also combine equipment deductions and energy-efficiency, for the purchase of tech that supports a green strategy. With a little bit of tax know-how – or the help of a certified accountant – you can be in a better position to afford the tech you need to grow your company.

3. Train your employees

Bringing new tech into the office is an essential step to maintain your agility on the market. Indeed, by keeping your production faster and more effective, you ensure your company the advantage of a competitive edge. At least, that’s the theory of it. In practice, new tech is pointless if you fail to train your team to use it. Indeed, you want to not only maintain the tech excitement but also maximize it for your organization. What this means is that you can’t prepare new tech investments without planning for training at the same time. As the two processes are intertwined, you can’t expect your tech to serve any purpose without delivery the appropriate training first.

4. New equipment means new risk assessment audit

With the introduction of new machinery and industrial equipment to your company, you also bring new risks. Indeed, industrial equipment requires high level maintenance and maneuvering to delivery the best possible performance. Failure to stay on top of your maintenance schedule or to follow the operational instructions for the machine can affect both your production and the safety of your employees. However, it’s important to note that each work environment presents unique circumstances that can also increase risks for your workforce. Consequently, if you want to ensure the positive impact of each piece of equipment, you need to work closely with a risk assessment auditor first. The consequences of ignoring risks can be dramatic for the company and the individuals employed within it.

5. Manage maintenance costs and schedule

The latest cyber attack on the British national health system, the NHS, has demonstrated the importance of staying on top of your maintenance schedules. Indeed, many NHS centers were forced to reduce tech upgrades in an effort to save costs. As a result, many IT security systems continued to be used even though they hadn’t been upgraded to the latest standards. By taking advantage of this tech flaws, cyber criminals hacked their way through the NHS systems and infected more than numerous computers all over the UK. The ransomware attack revealed that 97% of NHS centers didn’t use the latest safety procedures.

6. Ensure innovative tech doesn’t lead to disruption

There is a fine line between innovative tech that creates a positive disruption of an established process and new tech that affects the safety and effectiveness of existing operations. Indeed, exploiting tech development to offer better services or outputs can dramatically transform the customer experience. However, disruption requires a thorough understanding of the new patterns of risks and liabilities that are being created in the process. You need to research who is affected by the exciting novelties before launching a full-scale adoption.

7. Buy what you need, not what you want

Start-ups are the first to test out new tech. They love the excitement and value they get from new items. However, not everything that shines is precious. While it can be tempting to indulge in the purchase of the latest gadgets for the workplace, you need to question the strategic purpose of your tech in the business.

From a waste of money to a waste of resource, poor tech implementation can affect your business growth at many levels. Ensuring you can use technology as a boost on your way to success, instead of an obstacle, is the number one priority of all entrepreneurs.

How To Succeed As An Entrepreneur: A Guide

/in /by

StrategyDriven Entrepreneurship ArticleOwning your own business is a huge accomplishment and one that you should be very proud of. However, it’s important to realize that your journey is just beginning and now it’s up to you to navigate the business landscape properly so you can become a successful and thriving entrepreneur.

Learn from your past mistakes and also be prepared to take on experiences that may be novel to you. You can have a great business idea, product or strategy but you’ll likely struggle to make it big unless you’re prepared to put forth an extra effort and focus on a few important initiatives. Use the following ideas to help you find future success so you can have a more enjoyable experience growing your business.

Follow A Business Plan

It’s in your best interest to have a roadmap in place for where you’re heading now and in the future. Document and follow a business plan that specifies your goals and details about how you’re going to go about achieving each one. You’ll better succeed as an entrepreneur when you’re focused on a couple of critical matters instead of trying to spread yourself too thin. Take your time with this project and put a lot of thought behind it so you can make your job easier going forward. Remain flexible and be willing to adjust as you go if you find yourself needing to adapt to a changing industry or business environment. Without one, you’ll likely quickly feel lost and won’t be able to guide or lead others in a clear and concise manner.

Make Wise Financial Decisions

You’ll have a better chance of succeeding as an entrepreneur when you make wise financial decisions. This includes both on a professional and personal level so that you’re consistent and well-rounded in this area. One idea is to subscribe to a related newsletter and follow topics such as money morning so you can gather tips and advice from the experts. Take notes about what you find the most helpful and start coming up with strategies you want to follow so you can be more secure and stable financially. You’ll not only want to know how best to invest your money, but also how to create and follow budgets and keep your business in the green even when money is tight.

Build A Network of Contacts & Supporters

Although you’re an entrepreneur, it doesn’t mean you have to tackle this endeavor all by yourself or feel like you’re alone in this journey. You’ll be more successful in your role when you put your time and energy into building a network of contacts and supporters. Use these people to bounce ideas off of and as a crutch when you’re feeling lost or don’t know where to turn. Put yourself out there constantly by attending networking events and conferences and getting more involved in your community. Follow up with the individuals who you meet so you can reintroduce yourself and stay in touch in the future. It’s also a wise idea to find a business mentor who’s been in your position before and can assist you and offer up sound advice when you’re experiencing any setbacks or struggles.

Encourage Team Culture

As your business grows and expands, you’re going to need to hire people to help you run your company and meet your goals. What will allow you to succeed in your position as a business owner is to hire talented employees who will get the job done right, offer up new ideas and listen. You’ll want to think about how you can encourage a team culture where people are working together to solve problems and get ahead as a group. It’ll be a much more pleasant office environment for everyone when staff members are collaborating and you focus on breaking down silos between departments. Hold regular team and brainstorming meetings to help you accomplish this objective and make sure everyone is on the same page.

Work Hard

The reality is that although being an entrepreneur sounds fun and appealing, it’s a tough job with a lot of responsibility. The whole future of the company depends on your ability to move the needle forward in a positive direction and create a business that’s prepared to go places and experience new heights of success. You’re not going to be able to get the job done sitting back and waiting for the people around you to pick up your slack. You need to be a good leader and have policies and procedures in place for how your employees can get their work done the most efficiently. You also have to be willing to take care of yourself so that you’re healthy enough to run a business and work long hours when necessary.

Focus on Time Management

Another way to succeed as an entrepreneur is to focus on having solid time management skills. You’re going to be pulled in a lot of different directions as a business owner and will need to know how and when to say no to others. Keep a calendar, hire an assistant and create to-do lists so you can get what’s most important done first each day. Remember that your time, especially as a business owner, is precious and you don’t have a lot of it to waste. Set your priorities straight and have strategies in place that work for you and allow you to get through your tasks in a timely manner. Also, learn how to delegate and ask your employees to pitch in and help you when it makes sense. You’ll feel a lot more in control of your business when you’re in control of the clock and your schedule.

Being an entrepreneur isn’t an easy job and will take a lot of extra effort on your part if you want it to be a rewarding experience for you. Use these ideas to help you succeed in your role and build a company that’s going to be around for the long-term. Enjoy the process of watching yourself grow and mature into a reputable business owner as time goes on.