Tips For Managing A Business Expansion

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StrategyDriven Managing Your Business Article | Entrepreneurship | Tips For Managing A Business Expansion
 
Expanding your company is an exciting time, and hopefully it will enable you to boost profits, establish yourself as a key player in the industry and compete with the bigger brands. Expansion can also be disruptive and hard to manage because it will have an impact on your current operation and there are often a few teething issues too. Being aware of a few expansion tips could help to minimize the negative impact that expansion can bring as well as help you to manage any troubles that you encounter along the way. Read on for advice if you are planning on expanding your company.

Conduct Research & Planning

Much like when you first launch a business, it is vital that you spend time researching and planning so that you can make an intelligent business decision. You should never rush into an expansion and have a solid plan in place so that you can minimize disruption and hit the ground running.

Create A New Workspace

One of the best ways to expand a business is to open a new office space. This can give you and your team more room for operating and allows you to scale up the entire operation. This should always be a practical and comfortable space, and you will want to find an experienced architect from your local area to design the workspace, such as a Detroit architect. This way you will get a space which allows your entire operation to thrive and create a comfortable working environment for staff.

Introduce New Technology

Technology can always be used to improve a business, and it is a smart way of expanding because it can streamline the operation, make work easier for your team and even improve the quality of the product/service that you provide.

Keep Customers Happy

Going through a period of expansion can create a few issues, but it is essential that you are able to keep your customers happy during this time. Keeping customers happy ensures that you are able to retain and attract customers and keep the business afloat during a period of uncertainty. This can be challenging when there are major changes happening. However, by making customer service a priority you should be able to maintain a positive reputation.

Manage Finances

There are a number of financial implications that need to be considered when expanding, and this is an area that needs careful planning. You may want to consider securing funding for the expansion, collect any outstanding debts and reduce operating costs for this period so that you can manage your finances and keep the business ticking over while you expand.

Expansion should always be viewed as a positive as it allows your company to grow and compete at a higher level, but it can also be a challenging period to manage. Expanding a business can be disruptive, and there are often hurdles that need to be overcome, so you need to know how to manage this period effectively, and the above tips should help you to achieve this.

5 Digital Marketing Strategies to Put Your Power Tool Company on the Map

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StrategyDriven Online Marketing and Website Development Article | 5 Digital Marketing Strategies to Put Your Power Tool Company on the MapYou want to take over the power tool market but if you don’t have the best digital marketing strategies in place, your competition is going to leave you in the dust. Your company needs to put together a digital marketing plan vs. just putting up a couple of posts on social media every now and again.

Continue reading this article to learn five digital marketing strategies that are going to help your business go to the next level.

Must-Know Digital Marketing Strategies

When you’re trying to promote your power tool company, the following strategies will help you get started. As people learn more about how power tools work and how they help people, they’ll be more interested in investing in them and doing business with you.

Here are some ways to get the word out online.

1. SEO

SEO stands for search engine optimization and means that you do everything you can to make Google and other search engine choose your website to show in the search results. There is a lot that goes into SEO but once you get in the good graces of the search engines, you can pull in a lot of highly targeted search traffic.

2. Content Marketing

Content marketing is a great way to let your potential customers get to know you. When you deliver high-quality content that helps them with a problem they have, you become someone they see as a problem solver and may choose to do business with you when they need your product or service.

Content marketing might include blog posts, podcasts, whitepapers, ebooks and more.

3. Social Media Marketing

Getting the word out about your business online through social media can be an inexpensive way to get some serious exposure. With social media marketing, people are able to share your content with their friends and you can get a lot of reach that way.

4. Influencer Marketing

Influencer marketing is becoming more popular because of its effectiveness. Even influencers with small audiences can help you get a lot of attention and sales for your business. If an influencer recommends your products and services, their audience is likely to at least take a good look at what you have to offer.

5. Remarketing

Remarketing is a powerful way to get back in front of people that recently showed interest in your products. They may have triggered the remarketing campaign on Facebook but when they go over to Instagram, they might see your ad on that platform. Most people don’t buy anything the first time they see it so remarketing is very important.

Get More Help for Your Business

Now that you know more about these digital marketing strategies, you can get to work on your business promotion online. Why stop learning about business there? We have many articles that will help you level up your business.

Browse our site, find your favorite section, drop a bookmark and come back soon for more great reads.

3 Reasons Why Your Kitchen Staff Are Underperforming

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StrategyDriven Entrepreneurship Article | 3 Reasons Why Your Kitchen Staff Are UnderperformingCustomer wait time is one of the most important metrics in the restaurant industry. You could have everything right, but if the service times are too long, this will eventually play against your establishment. How good your kitchen staff are will have an effect on that, but you could also be making mistakes that are hindering workflow and making things more difficult for them. Here are some of the possible reasons why your staff aren’t performing as well as they should.

Your Kitchen Doesn’t Reflect Your Current Needs

If you’ve bought an old establishment and kept some of the equipment as part of the deal, then it might not fit the current demand. For instance, if your cold room is too small for your current needs, not only will it make things difficult when staff are trying to find things, or go in and out, you could end up facing some health violations because you ran out of space and had to cut corners.

If that is the case, we strongly suggest you invest in a bespoke cold room. This will allow you to build one that will take minimal space in the kitchen while still being efficient. You’ll be able to organise the storage in a way that fits your needs the most. Companies like fridgefreezerdirect.co.uk can build all types of cold rooms and walk-in freezers according to your exact specifications. Look for a provider that can build one that will fit the best within your kitchen’s floor plan.

You’re Using Time Wasting Processes

In many cases, you could get things done much faster if you reconsider some of your processes. For instance, if you only have a few burners available, but have a huge convection oven, you could use the convection oven to cook rice by using rice, water, and foil covered metal containers instead. You shouldn’t be afraid of the freezer either. There will be little difference between a frozen soup base or tomato sauce and a fresh one, so consider cooking more in batches and use the freezer when you can without sacrificing quality.

The Floor is Unsafe

If people don’t feel safe in the kitchen, they will not perform as well. They will constantly be afraid of causing an accident or seriously injuring themselves. This is why your kitchen’s layout has to be organised with safety in mind first and foremost.

With an ergonomic design, you’ll be able to reduce the amount of movement your employees have to make. Proper lighting and ventilation are essential as well. No one wants to work in a smelly, smoke filled kitchen. Your employees have to be able to see what they’re doing as well to avoid accidents.

Improving your kitchen’s productivity comes down to a few simple principles. Make sure that you take a look at how your kitchen is designed and look for possible pain points. And don’t be afraid to ask your staff for recommendations either.

Business Risks and How to Prepare for Them

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StrategyDriven Risk Management Article | Business Risks and How to Prepare for ThemBusiness is a risky game and one threat that arises that you weren’t ready for can have a devastating impact. Risk management plays a big role in the finance department who are constantly assessing for risks that could impact the company’s cash flow or investments. However, there are a number of other risks that all departments have a view of that can cause big problems if not assessed and prepared for in advance.

Data Breaches

One of the biggest risks to all businesses in modern times if the risk of being the victim of a cyber-attack. Criminals are on the hunt for a range of information from businesses. The most common data they go after are customers personal details. These could include, names, addresses, bank details, and credit card numbers.

There can be huge fines and PR consequences if businesses are found to have been incompetent with their data management. Another piece of information that criminals are looking for is IP information. Stealing intellectual property is becoming very common now and businesses need to have the right systems and processes in place to protect IP that could be worth millions or billions of dollars.

Injured workers

It’s estimated that every 7 seconds a worker is injured in their place of work. Many of the injuries sustained are avoidable but it costs businesses millions of dollars and time in lost production to compensate workers for losses.

Among the questions employees regularly have about workers compensation are ‘how long does it take to receive workers comp’ and ‘are workers comp benefits taxable’. Being clear with your employees about the processes and health and safety procedures you have in place will help to minimize the risk of people being injured at work. This, in turn, will lead to fewer claims if people are more aware of the safety precautions that they need to take.

Product Recalls

There have been many high profile cases of product recalls in recent years, one of the main ones being the Volkswagen emissions scandal. This originally began in 2015 when the EPA found that Volkswagen had been deliberately tampering with their emissions outputs.

There is no limit to the damage a product recall can have on a business. Some businesses have been so badly affected that they have declared bankruptcy and closed down. Implementing tight quality controls and regularly auditing processes, machinery and staff are good ways to ensure that the risk of having a product recall issue is lowered.

Even if your business has never had a product recall issue, you should have a process in place in case this does ever happen. Along with how you will identify a defective product you must think about how you will get the message out to consumers that they need to return the product and what your policy will be on refunds or exchanges. Just as important will also be your PR strategy and how you manage a potential customer or industry backlash.

 

5 Reasons Customer Service is Important to Small Companies

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StrategyDriven Managing Your Business Article |Customer Service|5 Reasons Customer Service is Important to Small CompaniesAs a small business owner, you may at times find yourself strapped budget-wise. Operating costs, marketing, and logistics may take priority over customer service but it should never be overlooked. Customer service is crucial – especially for small businesses looking to establish themselves in their respective industries.

The following article will articulate 5 reasons why customer service is so important for small businesses.

Customer Referrals

Word of mouth referrals is very important for a business, even more so for one that is just starting. No one is going to tell their friends or family about your business if they were treated rudely or didn’t feel valued as a customer.

People are much more likely to use the products or services of a company if they heard of them through a trusted friend or family member. Keeping existing customers happy is a great way to ensure you have consistent purchases.

Encourages Brand Loyalty

According to most answering services, when customers feel valued by a company, they are more inclined to stick with that company and purchase new product lines outside of their norm. Good customer service is therefore imperative for brand loyalty.

This is how you can extract the most value from a customer since the revenue you get from them comes with much less effort than trying to convert new customers. Great customer service can create life-long brand advocates and who doesn’t want as many of those as possible. One way to achieve this is through a call center or answering service that can tend every customer that calls.

Offers Valuable Insight

Having good customer service can add a valuable resource: knowledge. Some market research can only be done via a customer’s interaction with your customer service reps – and you don’t have to pay extra for it.

For instance, you can train your reps to ask questions about why a customer likes your product or what they use your service for. Their valuable answers can be used to direct your marketing campaigns to truly resonate with your customers. A well-trained customer service team can seamlessly insert these questions into their conversations with your client and phrase them so they are simultaneously providing value to them.

It’s Cost-Effective

The initial investment in your company’s customer service may seem costly but it pales in comparison to new customer acquisition costs. Having return customers means you don’t have to spend anything on their return business. Plus, customers are likely to spend more money with a company they like. Focusing on customer service is usually less expensive than focusing on new customer acquisition.

More Margin for Error

Customers tend to be more forgiving when a company with good customer service makes a mistake. Let’s say a shoe company ships the wrong pair to a customer. Usually, that is enough for a person to stop buying shoes from that company, especially if the company has bad customer service.

As much as the person likes their shoes, one small slip up can be enough for them to abandon them if they are known for poor customer service. Having good customer service will incline a consumer to stick around if you commit a shipping error or even if you raise your prices.

At the core of everything you do you should be providing great customer service because without your customers you wouldn’t be in business and doing what you love. We hope this article has provided you with insight into why this is so important even in this digital age.