Five Ways To Increase Productivity During Business Expansion

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StrategyDriven Managing Your Business Article |Increase Productivity|Five Ways To Increase Productivity During Business ExpansionEvery business aims to achieve and surpass its annual goals. The growth and expansion measure achievement of goals in entrepreneurship. It is a challenging task to steer your company through a new business opportunity. It would be best to focus on the new business and its seamless union with the existing activities. It requires a lot of patience and decision making, which is a crucial factor in business.

You also need the right support system to manage the growing and demanding needs of the company.

Re-strategize

When your business expands, you need to change your strategies to align with your new position. It is impossible to use the same resources for the expanded business. You need to analyze and budget afresh according to the new company needs.
The higher the standards, the higher the responsibility. It is essential that you first work on the additional infrastructure that the business will need. It will ensure that It will secure the business’ stable foundation. The infrastructure will ensure that new contracts or products are handled well.

You also need to modify your budget to include the new additions. It ensures that you will be ready if any extra costs will be needed. It would help if you channelled your finances to your highest prioritized department. Make sure your team is in sync with what you expect of them.

Outsource

As the business grows, the company’s needs increase to satisfy the company’s current needs. The company requires to upgrade and increase its resources to match their current needs. It is sometimes difficult for the growing company to adequately take care of the various departments. Thus, the need to outsource some of its functions like the HR and the IT departments.

Each company must take care of the employees’ welfare. With a big task force in place, it can swamp the HR department in handling all employees’ matters. Hence, the need for outsourcing some of the services. It will save.

You can get a peo company that will take over the HR department and work. It will be responsible for recruiting, maintaining the relieving of the employees. They will deal with any arising issue within the employees. This move will relieve you of the HR department and allow you to concentrate on other company needs.

By outsourcing IT services, you will be assured of quality services. The outsourced company will ensure that you are always digitally protected without extensive worry or hustle. Ensure that you carry out your research in choosing the outsourced companies. Be sure of the quality of services that they offer.

Constant Review

You must keep analyzing the new business’s performance to ensure that you are on the right track. Remember, to analyze the risk factor compared to the benefit of the new business to evaluate its performance and expectation.

Make sure you regularly hold meetings to get reports on how the business is fairing on. The reports will give you an accurate breakdown of the pros and cons of the business. You will know where to improve or make changes for better results.

Advanced Equipment and Tools

You will need additional equipment to meet the increased productivity needs of the company. It would help if you either chose to upgrade or add the tools according to the expected productivity rate. The productivity rate will be determined by the type of business deal that has been acquired. The deal might involve additional quantity, quality or tasks that will affect the production differently.

The cost of the purchase of the new equipment will also influence the time frame of its acquisition. You must quickly and efficiently set up the new department. The finances and decisions to be made will also influence the time taken to merge the businesses.

Data Security and Safety

As your business grows, it is important to secure your data and information. Data security is a vital facet of any business. It would be best if you employed the right techniques to combat any technological threat. There has been an increase in cybercrimes due to the advancements of technology globally. Hackers have devised new ways to hack into the systems.

Any loophole that is left by a network entity can be the weak point in the network. It is important to strengthen the protection against cybercrime. It would help if you also sensitized your employees on the importance of keeping your data safe and secure. Urge your IT department to take stringent measures and continuously update and review their protection methods.

Business growth is the joy of any entrepreneur. However, its responsibilities will overwhelm you if you do not follow the correct procedures. Take each task step by step and work diligently towards greater profits.

Defending Your Storefront With Care & Consistency

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StrategyDriven Risk Management Article | Defending Your Storefront With Care & Consistency

It’s important to note that when we own and operate a store, or a retail building, or our restaurant, we must learn how to defend it. Of course, that usually involves having rules as to what kind of candour is allowed within the store, and having security on hand to remove harmful people where necessary.

That said, it can also be that sometimes, our physical presence of being located in an easy-to-reach spot can be a problem. Furthermore, most people know that retail businesses have had to temporarily close down, or that offices are vacant, and that means they could be targeted by the hands of those looking to do harm. How are you supposed to defend your storefront with care and consistency in this light? Is there a best way forward?

We believe there is. Thankfully, you don’t have to feel that this is out of your wheelhouse, or that it requires overly expensive consideration. With the following advice, you’re sure to defend your storefront in the most aesthetically and purposefully intrusive manner.

Strong, Shatterproof Windows & Glass

Of course, it’s important to ensure that your store is protected with strong, shatterproof glass. This not only prevents people from getting through, but it prevents the nasty sharp edges that might unveil themselves if a trespasser were to break their way through glass and ultimately end up harming themselves. This way you can make sure that the exterior of your building not only looks secure, sturdy and aesthetically similar, but that it is much more secure than it might have been. In some older buildings especially, shatterproof storefront windows are essential.

Appropriate Warning Signage

Often, clear and direct communication is essential to prevent 90% of difficulties that may otherwise happen. This can often be applied in the form of consistent signage. For instance, you might clearly state that thieves or trespassers may be prosecuted if entering your loading bay area. You may notify just what burglar alarm you are using, or the fact that CCTV systems operate at all hours. If you have vans in your lot, a simple sign that states no tools are left in there overnight can prevent a would-be theft. Appropriate signage may not work in 100% of cases, but they certainly put your strong and firm point across -as if you were there.

CCTV & Security Measures

Proper CCTV and security measures can of course help you in the last-ditch effort that you may need to protect your retail presence. To enhance your security measures, consider installing state-of-the-art digital sign installation systems, which can not only act as a deterrent but also provide real-time monitoring and recording capabilities to ensure the utmost safety for your storefront. This might involve ensuring that your alarms are well installed, that you use a range of real and false CCTV cameras to deter would-be trespassers, and that you regularly communicate with other storefronts or restaurants in your area to make sure that you bar or ban the right shoppers, that you know who is most likely to cause trouble, and that you can adequately give evidence in the case of a difficulty.

With this advice, we hope you can more easily defend your storefront with care and consistency.

How to Stand Out in a Saturated Market: The Benefits of Niching Down

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StrategyDriven Marketing and Sales Article | How to Stand Out in a Saturated Market: The Benefits of Niching DownIntense competition and economic stagnation are forcing owners of small businesses to close their doors without any intention of reopening. Either the handwriting is on the wall, or they’ve already run out of money. Record numbers of business owners are seeking protection in the bankruptcy courts. They’re underwater, and they just don’t see things getting better anytime soon.

Less Can Be More

A few of the competitors of these sinking businesses are keeping their heads above water though. They’re prevailing and remaining profitable within their own small niche. So, what’s the distinguishing factor? The surviving business owners aren’t trying to be jacks of all trades and masters of none. For them, less is more.

They’ve identified and fitted into the needs of a smaller market segment that remains closely connected, and they’re well-known throughout that segment. Welcome to the world of the sub-niche. There’s less competition in this realm because many of the big players just don’t want to enter smaller markets. The opportunities that they’re failing to capitalize on are there for the taking.

Let’s take a look at a few examples of highly effective sub-niching.

An Eggcelent Example

When it comes to the grocery store, few sections are quite as saturated as the egg case. In an average store, it is easy to have a dozen or so brands to choose from. However, with the movement in eating awareness, people are more concerned about where their food comes from. While many consumers are satisfied with the $.69 dozen for conventional eggs, others are willing to pay a premium price to ensure their eggs are coming from humane sources.

In 2008, Betsy Babcock founded Handsome Brook Farm Pasture Raised Eggs. Prior to then, free-range was the golden standard. But Betsy exposed free range as not being quite as free as the egg industry wanted consumers to believe.

So, Betsy niched down and created a brand where the eggs came from chickens who actually spent their days outside eating bugs and being chickens. She started with a backyard flock, but by targeting a niche market, she grew the business into the nation’s largest organic pasture raised egg brand.

A Niche Children’s Advocate

When thinking about a traditional personal injury attorney, several images might come to mind. They usually involve car accidents, slip and falls, or those cheesy medical malpractice commercials. But who would you trust to represent your case if your child were severely injured in an accident? It is a thought that makes parents shutter and cringe, but accidents happen on a daily business.

One Philadelphia lawyer, Edith Pearce at The Pearce Law Firm Personal Injury and Accident Lawyers, PC., has set herself apart in the personal injury law industry as being the “Children’s Injury Lawyer.” Whether it is because she is a member of Mensa or she is a mom herself, she is exceptionally well respected and quite successful in this niche of the personal industry sector.

The Takeaway

Whether you have identified a hole in the marketplace that you can successfully fill, or you have an existing business that can promote a niched service to a target demographic, niching down can help you expand. There is generally less competition on the niche level, allowing you to capture more of the market share. So long as there is enough demand and you are properly marketing your service, this might be your most successful business scope strategy.

10 Ways to Improve Service Industry Operations

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StrategyDriven Tactical Execution Article | 10 Ways to Improve Service Industry OperationsRunning a restaurant, eatery, or any business in the service industry requires grit, determination, and intelligence, all rolled up into one. In any case, restaurateurs have to contend with a range of issues such as competition, the economy, and seasonality, to keep their businesses afloat and increase sales.

Nowadays, restaurants are no longer about cooking and serving meals alone, but also about consumer experience, ambiance, convenience, and good service.

If you want to see diners coming back to your restaurant every time, then you have no choice but to improve your operations. Here are a few tips on how to go about it.

1. Utilize Restaurant Technology

Any business in the service industry that is yet to embrace technology stands to lose a lot. Technology has improved operational efficiency by reducing workload, eliminating paperwork, streamlining services, and ultimately increasing sales.

With the emergence of digital menu boards and other restaurant digital signage, restaurants should expect up to 31.8% increase in sales. No. They do not work like magic. Research shows that 80% of consumers are likely to enter a restaurant after seeing attractive signage.

Moreover, these display systems allow you to incorporate full-motion videos into your menus so that you can reach and engage your customers easily.

2. Expand Menu Offerings

Expanding your menu offerings is another great way of improving operations and increasing sales. By giving your customers more options on the menu, they are likely to stream back and even invite their friends to your restaurant.

This brings us back to the use of digital menu boards. The benefits of using digital menu boards are almost endless. So dynamic are these digital boards that you can add more items to the menu display, include information about ingredients, or change the menu content at the touch of a button.

Nevertheless, you should be very careful when creating your menu and learn about the various digital menu board mistakes you should avoid if you want to attract more customers to your establishment.

3. Take Advantage of Social Media

Social media is a game-changer in almost every sector and the service industry is no exception. You can use social media to expand your reach and retain your current customers for free.

Social media platforms like Facebook, Twitter, and Instagram allow you to connect with your customers by liking or replying to their comments. You can also encourage your fans to share your posts, photos, and menus with their friends for a wider reach and increased brand awareness.

4. Create a Loyalty Program

Many restaurateurs make the mistake of focusing on attracting new customers rather than keeping their existing customers. This can leave a huge dent on your sales as your most loyal customers begin to feel disoriented and start thinking twice about returning to your restaurant.

One of the most effective ways of retaining customers is building a loyalty program. It doesn’t have to be complicated. You can start by issuing gift cards, free dessert, or special discounts to your most loyal customers. By doing so, it won’t be long before you notice an improvement in operations.

5. Offer Online Ordering

Although eating out in a physical establishment is still fun and exciting, things are changing and more people now prefer to order their food online. With this in mind, you should change with the times and offer online ordering. This will not only improve your operations and increase your sales but also retain your customers. Your clientele will have no reason to buy food elsewhere.

6. Adequately Train Employees

If you want to improve operations in your restaurant, it is imperative that you employ staff with the right training. Look for employees who have the right mix of skills and knowledge to avoid spending more money on cross-training. You can also consider providing custom training to your staff to ensure they are competent to handle your specific requirements.

7. Turn Your Customers into Promoters

Your loyal customers are certainly your biggest fans, and they would be more than willing to promote your restaurant to their family, friends, and workmates. However, for this to work, you have to make sure that you prepare tasty, lip-smacking meals every time to ensure your new and existing customers keep coming back for more!

8. Consider Outsourcing

In some cases, your current staff may not be able to handle some aspects of a restaurant business. This is the point where outsourcing comes into play. You should consider hiring experts to help set up the right structures and provide suggestions aimed at improving your operations.

9. Leverage Analytics and Trends

Utilize various reporting and analysis tools to monitor current market trends and know what is happening in your restaurant. Leveraging on analytics and trends will give you an idea of whether you are on the right path to success or not. You can then make the necessary adjustments like employing more staff or scheduling the right software to improve sales.

10. Cross-Train Employees

Cross-training your employees prepares them to be able to do more than one job. For instance, you can cross-train your waiters to be kitchen staff or vice versa. This means your operations will not stall in case one of your most reliable staff is sick or away on leave. However, you should only consider cross-training your most loyal staff to avoid disappointments when they decide to seek employment elsewhere.

Learn The Secrets To Impress Customers From Day One

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Are you interested in gaining more customers for your business? If so, then you need to work to ensure that you do impress them from the first day they find your company. This is always going to lead to higher conversions. Here are some of the boxes that you need to tick to get this right.

StrategyDriven Customer Relationship Management Article | Learn The Secrets To Impress Customers From Day One

A Killer Website

First, you need to think about your website. For most customers and clients, this is always going to be the first impression that they get of your business. You need to pay attention to load times. If it takes anywhere more than three seconds for a page on your site to load, then you’re going to have problems with your bounce rate. You need to think about the design too. It’s absolutely vital that your site stands out from all the other possibilities in the SERPs. A custom website programming solution is often the best way to ensure that’s the case.

A Fast Call Back

These days, customers don’t want to be waiting long for an answer they need. They want to get results immediately and this does tie back to ensuring that your website loads rapidly. If a customer makes an enquiry, you need to make sure that you are in a position to respond within at least 24 hours. If it’s anything more than this then you can bet that a customer will have turned their attention to the competition and potentially found the solution they were searching for before you could even pick up the phone.

Honesty And Transparency

Next, you need to make sure that you are both honest and transparent with customers. They value this more than most other things. They want to know that they can trust the company that they are buying from and this should always start with the quote that you offer for a product or service. The quoted price should be exactly what the customer is going to pay when the service is delivered. If you can’t quote a price, then you need to be honest about this as well. Don’t end up in a situation where they can catch you out further down the line.

Rave Reviews

Finally, you do need to think about reviews. The latest reports suggest that more than 80% of customers and clients will check reviews online before they even consider committing to a purchase. So, if there’s an issue with your reviews then you could lose a lot of buyers. This is often a matter of knowing how to approach reviews. For instance, you should respond to them publicly as this will send a positive message to any potential customers. You also need to watch out for bad reviews on social media that might be spreading like wildfire.

We hope this helps you understand some of the key steps that you do need to explore to get things right here and guarantee that your customers don’t leave you for a competitor. Impress them from day one and they’ll always come back for more.