Dodge The Issues That Cause A Young Company To Crash

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StrategyDriven Managing Your Finances Article |Business Success|Dodge The Issues That Cause A Young Company To CrashDid you know that over ninety percent of businesses fail in their first year on the market? This shows you how risky setting up a company can be. It’s very much a lottery whether your company is a success and survives for the long term or even beyond the first couple of years. Why is this? Well, first, there’s the competition. Thousands of new businesses open each year and it makes sense that customers are not going to buy from them all. Instead, they are going to pick the ones that are providing the most appealing options or the best price. In some cases, it’s possible that the winner won’t have either of these factors on their side but will still come out on top. We’ll discuss why that might happen a little further down.

The good news is that once you open your business on the market, you can avoid most of the issues that cause it to fail. This can be related to financial decisions, marketing and promotion or the routes you take to build up your brand. Let’s get started and we’ll begin by exploring visibility.

Poor Visibility

If your business fails, then it could be because you have a poor level of visibility. Visibility is all about how easy it is for customers and potential customers to find your business online. This will depend on your marketing efforts and how successful your campaign has been. Some businesses have no trouble getting to page one of the SERPs for their targeted keywords. Others will struggle to get to page ten and most consumers won’t even get up to page two. The bottom line here is that if you don’t make the right choices with your promotion and marketing then you will be dead on the water.

Mistakes here can be both minor and complex. For instance, a minor mistake is thinking that marketing is one and done. It isn’t and you should be thinking about incorporating it into your monthly business budget. A more complex mistake is based on the type of campaign that you choose to run. Ultimately, you need to make sure that you are taking steps to run a targeted promotional campaign. Unless your business is already successful, you’re not going to be able to focus on every area of the market. You need to research your target audience, identify where they are online and build your marketing campaign around this. For instance, you don’t need to include every social media network if your target customers don’t use Facebook and Instagram.

Overspending

It is possible that you are overspending in your business. If you end up in the red running your company, then you’re not going to last much longer on the market. You need to make sure that you are keeping your business books healthy. While a business can start with zero profitability and making a loss, this is never going to be a sustainable business model. Instead, you need to think about working to ensure that you are making money with your company. So, how do you avoid overspending?

Well, first, you need to make sure that you are aware of the issue. You can do this by hiring an accountant. An accountant will be able to keep a check on spending in your company and make sure that you are staying in the green. They can also help you keep your business model more efficient by telling you where you can afford to reduce spending as well as where you might need to increase it. A lot of business owners will avoid hiring an accountant in an effort to save money.

It’s certainly true to say that an accountant can be expensive, particularly if you take one on fulltime. However, you can save by outsourcing this solution to another business. That way you can cut the cost and still have an expert on the phone whenever you need their advice.

If you are not going to hire an accountant, then you at least want to make sure that you are using an online digital solution. The software can be used to track your spending, keep a check and manage the books. This is also useful when the tax man comes around.

Running Out Of Money

Of course, it is possible that you are making a profit but you’re also running out of money in your business model. This will usually be the case where the budget isn’t enough to sustain the high levels of demand. The instinct here will be to cut back and make sure that you keep costs down by limiting your business model. However, this will typically be a mistake. If you do this, then what you end up with is a business that is unable to grow and that remains stagnant. Customers will quickly turn away from a company like this because you won’t be able to offer anything new or interesting.

Instead, what you need to do is make sure you are injecting more cash into your business model for expansion. Once you fund the expansion you can use your new levels of profitability to pay the cost. You may be able to attract the interest of an investor to fund your business growth. If you can’t do this, you will need a loan. You can explore things like Ondeck loan reviews to find the right option here and ensure that you are getting a good deal. Be aware of interest rates as well as fees as this will determine whether a loan is the right choice for your company.

We hope this helps you understand some of the reasons why a business may fail on the market. If you take this advice, you can avoid some of the common problems and ensure that you don’t have to worry about your business taking the next hit. Instead, you can rise from strength to strength, growing your company. Remember, to ensure longevity, you need to have a plan for your business in place. Always start with a five-year plan and then build from there.

Why You Need to Boost Productivity in Your Office

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StrategyDriven Talent Management Article |Productivity|Why You Need to Boost Productivity in Your OfficeWhen you run a business, there’s a lot that you need to think about. You might start your day with a massive to-do list, that only seems to get longer as the day goes on and more problems are brought to your attention. Every time you cross one thing off the list, two more jobs might get added. You might have to spend time dealing with customers and suppliers, as well as keeping your team members happy and coming up with new ideas. Your days are busy, and it can feel as though there is no time to take anything else on.

On these occasions, finding ways to boost productivity might not seem like a priority. But it’s usually one of the very best things that you do. Believe it or not, increasing your own productivity, as well as the productivity of your team on the whole, using an online data room and other tools, can help you to deal with all of those other issues, and simplify your days. Let’s take a look at just some of the reasons why you should commit to boosting productivity.

To Get More Done in Less Time

Getting more done in less time is something that many of us dream about. It would both give us more free time, letting us take more time off to do the things that we love, and allow us to spend our time on more creative enterprises and finding ways to improve and grow our business. If you had to spend less time on menial tasks, you would be free to spend more time doing the things that you enjoy, or more creative pursuits that only you can do.

Being more productive is the answer. If your whole office were more productive, everyone would get more done, with less time wasted and spent unfocused. Everyone could work shorter days, take longer breaks and spend more time doing the things that push your business forward. Get more done in less time, and you’ll also have the chance to earn more money.

To Keep Your Staff Happy

Staff morale and productivity go hand in hand. If morale is low, and your staff are unhappy, they won’t be able to work productively. They’ll be unfocused, they’ll waste time and procrastinate, and their work will be poor. Each task will take longer than it should.

But, equally, a team that works productively will be happier. If they’ve got more time, and they feel as though they are working well, getting a lot done and making the most of their time, their mood will be improved. This can rub off on the rest of the team.

StrategyDriven Talent Management Article |Productivity|Why You Need to Boost Productivity in Your OfficeTo Reduce Mistakes

Working more productively can also mean that fewer mistakes are made, which again, will increase productivity further as less time is spent redoing things and correcting errors.

A productive team that is happy, motivated and focused will make fewer mistakes. They won’t be flustered or confused. They’ll feel positive and confident. They won’t doubt themselves, and they’ll be happy to ask for help or guidance if they need it.

To Streamline Processes

These are another two that work hand in hand. If your office systems are streamlined and easy, your staff will be able to follow them easily, making fewer mistakes and working well. Thus, boosting productivity.

But, a productive office that makes fewer mistakes and is less flustered will be able to streamline their own work. They’ll be able to find better ways to do things, to cut unnecessary tasks and to find their own ways to work, which suit their style. Give your staff the freedom to work their way and productivity will be boosted.

To Improve Quality

A productive workforce that makes fewer mistakes and is confident in their own abilities will do quality work. The standard of work will improve, and your customers will be able to tell the difference.

So, we can see that boosting productivity is a must, but how are you going to do it? Well, a few techniques that you could try include letting your staff take regular breaks and allowing them to work more flexible hours. Keeping your workspace bright and open and operating an open door policy. Being an understanding boss, who your staff are happy to come to and confide in, will also be a big help. Other things that you could do include removing negativity from the office, increasing natural light, adding plants and other colors and simplifying systems, so that peoples jobs are as easy as possible. Really, you need to try things out, to see what productivity-boosting ideas work best for your company and your team.

How to Improve Your Digital Marketing Strategy Overnight

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StrategyDriven Online Marketing and Website Development Article |Digital Marketing|How to Improve Your Digital Marketing Strategy OvernightFor many small and medium sized business owners, internet marketing is like shooting in the dark. The good news is that there are plenty of online tools that will allow you to see clearer, so you can make the most out of your targeting and reach the right people. For this, you will need to collect and make sense of data and simplify processes. Below you will find a few tips on how to get started.

Learn to Collect Data

It is important that you monitor your market. Customer behaviors change faster than you would think, and this means that you will have to be proactive instead of reactive. You should conduct market research regularly, but in particular when you are looking to launch a new product or service, so you know what to expect, and what your target market wants. This will take the guesswork out of your marketing strategy.

Interpret Business Intelligence

It is important that you interpret your business intelligence and make sense of charts and data. If you are not qualified at data analytics, you might want to get in touch with a Business intelligence consulting company that will help you understand the trends and the business opportunities, so you can create a competitive advantage and grow your business through marketing.

Know Your Customers

It is crucial that you get to know your customers as much as you can. Make sure that you identify your ideal clients and those you would rather not work with. This will allow you to make the most out of your targeting and stop shooting in the dark, beating up the dead horse or dealing with tire kickers in your business. After all, you will need to maximize your marketing investment returns.

Test and Tweak

The key to scaling up your marketing campaigns is testing every single campaign and tweaking them on the go. You cannot expect people to buy from you the first time they come across your message, but you will be able to communicate a consistent brand message. If you already know what your audience reacts to, you can adjust your brand messages. When setting up a paid campaign, you can create an AB testing split, so you can identify the winning version and lose the one that is not performing.

Automate

There are some digital marketing tasks and processes that you should start automating, so you can save time and scale up your campaigns faster. From scheduling your social media posts to making sure that you are always staying in touch with your customers and let them know about the special offers available to them, there are several ways you can make your life easier and improve your digital marketing strategy.

If you would like to make the most out of your return on digital marketing investment, you will have to first understand your market and your customers. Use a business intelligence software that will allow you to make sense of big data and turn it into knowledge.

Make Yourself Way More Attractive To Employers

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StrategyDriven Professional Development Article |Professional Development|Make Yourself Way More Attractive To EmployersWe all have to work if we want to make something of ourselves. Some of us settle with something low-key and try to get through life with little-to-no fuss, others harbour lots of ambition and strive to be at the very top of their field. If you associate yourself with the latter, then you’ll know by now that it’s more than just a bit of talent and a little luck that will get you there. It takes hard work and a little extra know-how.

If you want to get yourself into a fantastic job, you need to stand out and be exactly what the potential employer wants – regarding both the job in hand and overall poised professionalism. Different people find different aspects of a person attractive and magnetic, so nothing is set in stone, but let’s talk about a few things that can make you a sexier prospect.

Become More Organized

If you work at becoming more assembled and almost systematic in your ways, then, like a lot of things, it will become second nature. Employers like when people have their stuff together as it, more often than not, means they’ll bring that kind of energy to the workplace. If you’re a more organized person in general, you’re more likely to have everything in order and impress during interviews, too.

Work On Your Resume

It’s not the be all and end all, but a good resume will certainly draw attention in a positive way. Sure, it’s nice to have good qualifications and relevant experience, but if you’ve laid it out in a cluttered manner, then employers may just toss it away immediately. Try to make it pretty and easy on the eyes.

Work On Your Skills

This goes without saying, but try to perfect what you’re already quite good at. Nobody will ever master anything completely, but hard work gets you ahead of others. There’s always something you can work on: if you’re looking to work in IT, then you can learn about anything from coding to something more basic like how to send large files online – every bit of knowledge can gain you that extra bit of advantage you need. Things don’t get easier; you just get good at them.

Smarten Your Appearance

This is almost aligned with the idea of being more organized as an individual. First impressions count for a lot when meeting someone – especially a potential boss, so making sure you’re fixed up and looking sharp is important. If you turn up to interview with a part of your shirt untucked or looking a little worse for wear, then you’re going to stand less of a chance.

Volunteer

Working on something without getting any reward other than knowledge and experience is super attractive. It shows that you really want to do a particular job and you’re not just in it for the benefits that could follow. It also shows a great work ethic – a lot of people, understandably, work or do things for others because they want something in return. With volunteering, you’re literally taking a risk and working your backside off just because it’s in your nature to do so.

How to hire the best talent

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StrategyDriven Talent Management Article |Recruiting Talent|How to hire the best talentMost business leaders understand they need great people working for them to make their business a success. People are an organisations most valuable asset. Build a workplace where people are valued and you have a much greater chance of attracting talent.

In the current economic climate, if you want to hire the best talent you also have to understand these four things.

  • It’s an employees’ market
  • Salary isn’t the only thing employees care about
  • It’s hard to hire great people
  • The B word (Brexit)

So why do these things matter in the world of recruitment? Let’s take a closer look.

It’s an employees’ market

Unemployment is at an all-time low, which means today’s job market is tough …. for employers! Successful recruitment isn’t easy at the best of times, but with record levels of employment, the search for talent and retention are a huge challenge for businesses large and small.

So, what can businesses do to entice people who are already settled in another job? Well “If the mountain will not come to Muhammed, then Muhammad must go to the mountain”!

Businesses looking for talent can no longer rely on job boards to attract people (these forums only reach those actively seeking jobs). Businesses must understand they need to connect with passive job-seekers. Businesses need to begin by broadening their search. Using social media marketing and LinkedIn to publicise opportunities is a good place to start.

Ultimately, it’s about improving online branding to publicise the fact that you are a great employer (Glassdoor reviews matter). Old-school recruitment methods just don’t work in the current business climate.

It’s now critical that businesses adopt more modern recruitment strategies. Study your competitors so you can figure out what makes you different. You want to be able to tell prospective employees why they should work for you.

Salary isn’t everything

A report by The Psychology of Business on what people really want from their job says that culture is the new salary. While the report refers to American businesses, this shift in company culture appeal also applies to the UK. Business culture in the UK is an important currency for prospective recruits.

According to the Government’s business statistics there were 5.7 million SMEs in the UK in 2018, which accounted for over 99 per cent of all businesses. This is an important fact to consider when it comes to recruitment because most organisations competing for talent are small businesses that don’t have big budgets for large salaries. It’s where culture comes in.

For start-ups and small businesses, talent is an incredibly important asset. Culture is the answer as to how smaller businesses can compete for top talent. A report on workplace culture by LinkedIn says 71 per cent of individuals would consider taking a pay cut to work at a company whose mission and values align with their own. Professionals today just won’t work for leading companies if they have a bad workplace culture.

But what is a good culture? It certainly isn’t bean bags and bowls of fruit. Positive culture is all about giving employees a sense of purpose, providing opportunities for growth, supporting people but holding them accountable, offering flexibility, fostering trust, acknowledging achievements, showing appreciation and more. It takes effort and investment.

However, culture alone won’t cut it. People need to be able to live with financial security. Poor pay is a problem and a fair salary is still important. Small business expert Gene Marks reflects on why SMEs are struggling to find good people. The solution he says is simple – “we just aren’t paying enough.

“Some say that small businesses can’t afford to pay their employees more. I’m not so sure about that. I have clients that insist on paying low hourly wages to warehouse workers and below-market salaries to administrative and support professionals because that’s what they’ve been used to doing for the past decade. These clients are profitable and have the money to pay more. But they don’t.”
Salary isn’t everything, but it needs to be competitive and fair.

Talent scarcity

A recent survey by global business consultancy PwC, found that 72 per cent of CEOs are worried about the availability of key skills, stating that it’s not a lack of people that is the problem, but a lack of people with the RIGHT skills and abilities.

Millennials will soon make up over 50 per cent of the global workforce. They put training at the top of their list when starting a new job or evaluating an existing employer. SMEs have to acknowledge this fact. For the SME, training staff is critical. Millennials want to be in learning cultures. The SMEs grasping this fact will ultimately gain from growing their talent from within.

Brexit and recruitment

Brexit uncertainty has, according to James Stewart of KPMG, “been sapping business confidence for months, and now it is causing the jobs market to grind to a halt. With unclear trading conditions ahead, many companies have decided to hit the pause button on new hires.”

As a result, there has been a sharp increase in the use of temps and contract workers, with businesses choosing temporary recruitment solutions rather than taking on permanent employees until the Brexit dust has settled.

There is a fear amongst businesses around recruitment, particularly in sectors where there is a reliance on EU workers. When (if?) we eventually leave the EU, skill scarcity could potentially be exacerbated once free movement comes to an end.

So how can businesses mitigate against the effects of Brexit?

Aviation recruitment specialist, Ryan Abbott, advises on the UK skills shortage “In a globally connected world where students are bombarded with choices, we need to shout louder to reach potential talent who are unaware of what our industries can offer. Business leaders and recruiters can partner with colleges and schools to directly engage with students and show them the variety of successful careers open to them across UK industries.”

UK businesses need to widen their search and open their eyes to new ways of attracting talent into their organisations, as well as invest more in training from within.