3 Knowledge Gaps That Small Business Owners Need To Fill

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StrategyDriven Entrepreneurship Article |Business Owner|3 Knowledge Gaps That Small Business Owners Need To FillThere are a lot of misconceptions about running a business, and the biggest one is that some people are born to be business owners and some aren’t. But the idea that you either have it or you don’t isn’t really true. There are certain qualities that a good business owner needs and some people do have those natural talents. But if you are going to be a successful business owner, there are a lot of skills that you have to learn as well. A lot of new business owners don’t realize this and they think that they are guaranteed to succeed because they are a born business leader. Unfortunately, that means that a lot of new business owners have some serious knowledge gaps, and they run into problems. If you are about to embark on your business journey, it’s important that you fill these skills gaps.

Finances

The most important thing in any business is the finances. If you are an accountant that has experience working for a business, you should be fine. Otherwise, you won’t have a clue what you’re doing when it comes to business finances. Poor money management could sink your business, so it’s vital that you learn about business finances and where to turn for help when you need it. This small business bookkeeping guide will give you more information on how to manage your money and find the right bookkeeping service to help you stay on top of your finances. If you start a business without a good working knowledge of how to handle your money, your chances of success are slim.

The Law

There are a lot of exciting things about starting your own business, like watching your simple idea progress through the development stages until it finally becomes a working product. But it’s not all fun and games and there are some boring bits to deal with as well. One thing that people struggle with the most is the legal aspect. Business laws can get very confusing, and if you make mistakes, it could land you in a lot of trouble. These legal tips can help you out, but it’s important that you spend some time learning about business law and you hire a lawyer when you are out of your depth.

Process Management

Process management really catches people out because it’s not something that you will have to deal with when you first start the business. With a small team of 2 or 3 people and a relatively low number of sales, it’s easy to manage the workflow. But when your sales and marketing team start to grow and your sales volume increases, things get a lot tougher. Productivity will take a big hit if you don’t put processes in place to manage things, but a lot of new business owners don’t know how to run a business on that scale. You can use automation software to help a lot here, but you need to spend some time learning how larger businesses use process management to handle a large workload efficiently.

If you can’t fill these knowledge gaps before you start your new business, you will soon be out of your depth.

Why Steel Tubing is the Best Form of Fencing Around

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StrategyDriven Tactical Execution Article |Steel Tubing|Why Steel Tubing is the Best Form of Fencing AroundWhen a fence needs to be built, choosing the right materials is crucial. On farms and ranches, installing standard fences like the ones around homes can be cost-prohibitive and may not provide what the property owner is looking for. Instead, an inexpensive and easy to install option would be steel tubing. For fences, corrals, cattle pens, horse pens, and more, steel tubing is often the best option because it provides the following benefits.

Recycling is Better for the Environment

Steel tubing doesn’t need to be purchased new to be used for fencing. Instead, it’s possible to obtain used steel tubing for any fencing project. Steel tubing like the options available from Varner Pipe comes in a wide range of sizes, from around 1 and 3/8 of an inch to 3 and 1/2 inch. Recycled materials are far better for the environment and it’s possible to save quite a bit of money compared to new materials. For those who need to build a large fence, used materials can lead to a significant amount of money saved.

Structurally Sound to Prevent Issues

Steel tubing is structurally sound, so there is little chance of the fence failing. When the steel tubing is properly made into a fence, it is highly durable and is not going to suffer from issues that could cause it to fall apart. It can hold some weight if needed, which minimizes potential issues when building or after the construction of the fence is finished. Different techniques used during the installation can help make a fence that’s more structurally sound than other materials.

Easy to Set up in Any Location

Steel tubes are an easy way to build a fence. Some cutting may be required to ensure the fence is properly built, but the steel tubing is easy to weld, so the resulting fence is as strong as possible. Most people who can weld will be able to set up the fence on their own, which can help them save money. The company selling the steel tubing may provide information on how to assemble and install the fence, and there are other tutorials available as well if needed. If the person who needs the fence doesn’t need to hire a fence installer, they can avoid labor charges which can be as much as half of the cost of a fence installation.

Can Last Almost Indefinitely

Once the steel pipes are installed, they can last almost indefinitely. Properly installed steel tube fencing is not going to fall down or become damaged with use. Corrosion may be an issue, but there are ways to protect the steel tubing from corrosion to reduce the chances of it causing significant issues. The steel fencing doesn’t require a lot of care or maintenance, though it is a good idea to inspect it regularly and repair any parts that may require it. When the fence is inspected regularly and any necessary maintenance is done promptly, it can last for decades. This is significantly longer than other types of fencing, making it more affordable in the long run.

Steel tubing is an excellent option for fencing, for a variety of different reasons. If you’re looking for a durable, easy to install fencing option, make sure you look at the options available for steel tubing today. This might be exactly what you’re looking for and can help you save money on the fencing you need.

Amazing AI Facts That Could Change The World

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StrategyDriven Editorial Perspective |AI|Amazing AI Facts That Could Change The WorldAI, or Artificial Intelligence is something we often associate with science fiction movies. The concept of AI is to create machines that learn and are able to work autonomously, to make our lives easier. It is a wonderful and unique technology that can transform our lives as well as business ideas.

Whether its using a gpu server for ai deployment, creating self-cleaning machines, or clever robots who are able to think for themselves… AI is amazing. And here are some amazing facts you should know that could change our world.

1. Electricity transformed our world. But Google CEO Sundar Pichai thinks that AI will have a bigger impact on the development of human life.

2. The demand for data scientists will be over 50% more than the supply, making it a VERY smart career path to follow.

3. PWC believes global GDP will rise by 14% by 2030 due to AI.

4. Big Data and Analytics will be a huge source for spending by 202o reaching a global soend of $203 billion.

5. Men are currently dominating the AI industry and 71% of new applicants in this field are male…. Come on ladies!

6. AI continues to be a growing source of startups and as technology evolves it will continue to grow.

7. 84% of enterprises believe in the competitive power of AI resources for their empire

8. By 2025, revenue from AI projects will be $31.2 billion!

9. AI will soon be used as a marketing tool and will be developed for a more personalised email marketing campaign, changing the landscape of marketing.

10. Since 2000 the investment in AI projects has increased by 6 times!

11. Venture capital for AI between 2013-2017 increased by 4.5%

12. China has earmarked artificial intelligence as a key factor in their success going forward… and as a result of this they will look to be one of the dominating countries in AI in 2020 onwards.

13. Gartner believes that AI is crucial for business, and they believe that AI should be one of the most important investment opportunities. Those who invest in AI soon will be incredibly happy in the next few years as the markets continue to grow.

14. Nautilus is a self learning super computer. It was one of the first of its kind and has been used for a number of amazing tasks. The most crucial task this computer performed was to locate Osama Bin Laden. Computer such as these could literally change the world for the better.

15. These are the most highly valued companies from the US and China:

  • ICBC
  • China Construction Bank
  • JPMorgan Chase
  • Berkshire Hathaway
  • Agricultural Bank of China
  • Bank of America
  • Wells Fargo
  • Apple
  • Bank of China
  • Ping An Insurance Group

16. VC investors are increasingly investing in machine learning and AI capabilities, making it a great career to choose.

17. Huawei are looking to develop AI chips that will reduce the need for China to rely on other countries for their technology needs.

How To Turn Around Your Under Performing Sales Team

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Your sales team is at the heart of your business and when they perform well, the business thrives. But when they are not performing so well, your business is in real danger. Unless you can turn things around and get your sales team working again, your business could fall apart completely. In some cases, it might just be that you’re going through a slow period and things will pick up again soon. But if sales figures are low for an extended period and things don’t seem to be turning around on their own, you need to start making some changes. Here’s how you can improve your underperforming sales force.

StrategyDriven Managing Your People Article | How To Turn Around Your Under Performing Sales Team

Identify The Problem

The first step in fixing your sales team is identifying where the problem lies. For example, you might be getting plenty of qualified leads but your sales team is not closing that many deals, or maybe they are not getting enough leads in the first place. You may also find that certain employees are underperforming compared to their coworkers and you need to focus on those people in particular. The best way to identify the problem is to look at your sales data. If you use  a good salesforce dashboard, you can see all of the data about your sales team and how they are performing. By looking over all of this data, you will be able to identify exactly where the blockages in your sales pipeline are so you can start working towards a solution.

Generate More Qualified Leads

Sometimes, your sales team is struggling because you are generating leads but they are not qualified leads and so they cannot convert many of those customers. If that is the case, you should focus on targeting your marketing efforts more effectively so you get more qualified leads. Using digital marketing is a great way to reach more people and, most importantly, reach the right people. Spend some time thinking about who your target market is and how you can create marketing campaigns that will resonate with them.

Motivate With Targets

A lack of motivation could be the reason that things are slowing down. When people have a goal to reach for, they work a lot harder and sometimes, employers do not give their sales staff big enough targets to hit. People may be motivated initially, but if they are hitting their targets easily and you are not raising the bar, they will start to be complacent. It’s important that you set dynamic goals for your sales team so they always have something to strive for.

Improve Training

If customers are progressing to the final stages and then dropping out, that’s a sign that they are not very good at closing deals. In that case, you may want to consider improving your training. Giving your sales team more tools that they can use and helping them to improve their phone manner will make it a lot easier for them to convert those customers.

If you spend some time rethinking your sales team, you should be able to identify the problem and fix it before your business falls apart.

5 Tips to Improve Productivity in the Workplace

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StrategyDriven Managing Your People Article | 5 Tips to Improve Productivity in the WorkplaceAccording to experts, inefficiency can cost you between 20% to 30% of your business profits. Have you taken a hard look at your current operations? If you haven’t done so, you should get on it as soon as possible.

You may think it’s difficult to improve productivity in the workplace, but that’s far from the truth. It can be as easy as finding ways to motivate your employees and streamlining your operations. Don’t know where to start?

We’ve got you covered. Here are our top 5 tips to increase productivity in the workplace today.

1. Create a Positive Work Environment

As a business owner and leader, it’s vital to create a positive environment where your employees feel comfortable. Aim to motivate them through monthly events such as leadership workshops. You should also consider setting up a breakfast bar and other facilities to make your office space more comfortable.

2. Promote Employee Wellness

Healthy and happy employees make the dream work. You should always promote and prioritize your employees’ wellbeing. You can do this by scheduling wellness clinics at your offices or creating a fitness challenge to motivate employees to take care of themselves.

You should also promote talking about mental health as well. Try to make your employees feel comfortable enough to ask for a day off to prevent any burnouts.

3. Harness the Power of Technology

Believe it or not, using the most advanced technology can help you increase employee productivity. It’s important to take a look at your operations at an organizational and departmental level. Remember every department is a piece of the puzzle.

An example is how many businesses miss the mark when designing their accounting operations. When companies don’t streamline processes such as paystub generation, employees may be spending too much time completing these tasks. If this situation sounds familiar, you should consider a paystub maker such as Paystubs.net.

4. Set Up an Employee Development Program

Academic degrees and experience provide employees the knowledge needed to meet their job requirements. However, the best employers promote employee growth.

Establishing an employee development program or academy can help your employees grow. Focus on providing in-house seminars and courses to improve their skills and efficiency.

5. Empower Your Employees

You can empower employees by delegating tasks and guiding them. Make sure to monitor your employees’ performance to ensure they’re making the right choices. An empowered employee will contribute to your company’s success.

A great way to empower employees is by establishing a mentorship program. Under this program, company leaders will mentor your employees. This empowerment program will help you develop in-house talent for any need that arises in your organization.

Can You Improve Productivity in the Workplace?

As a business owner, you can improve productivity in the workplace. It will come down to implementing the best measures to motivate your employees. The first step is analyzing your operations and pinpointing where there’s room for improvement.

Focus on providing your employees with the best tools and creating a positive work environment. A good practice is asking your employees how you can help them. It may seem difficult to increase employee productivity, but we’re confident our tips will help you take your business to the next level.

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