4 Sustainable Methods Your Business Needs To Utilise

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StrategyDriven Managing Your Business Article |Sustainable Business|4 Sustainable Methods Your Business Needs To UtiliseBusinesses should be utilising the most up to date innovative sustainable methods they can to help improve their business practices.

Energy Reduction

One of the main sustainable methods business can utilise with ease in a short period of time, is in regards to their energy use. That means using less energy when the business isn’t open, such as at night, or using machinery and lights that are designed with energy use in mind.

LED bulbs are an example of a bulb that lasts longer, and uses less energy. Not only is this better for the planet, but it helps drive down the bills associated with energy for businesses.

Sustainable Construction Materials

Whether you’re constructing a new workspace, or investing into property on behalf of a client, you should use sustainable construction materials where possible. Renewable and recyclable materials will help reduce the impact on the environment, as well as helping to reduce energy consumption and waste.

When the building is constructed, the building should be able to have a reduced impact on the environment over its lifespan, using designs that incorporate different elements that have a positive effect. This could include insulation innovation, to help prevent any heat loss that could otherwise happen, and solar panels to help combat energy consumption within the structure.

Construction itself can be damaging to an environment, so you should conduct an environmental report to find out what the damage may be. This could be destruction of habitats, or huge numbers of machinery needed that will use a lot of fossil fuels, or excessive use of electricity.

Sustainable Packaging

If your business deals with any goods, either coming in or out, then you need to be utilising the newest sustainable packaging. There was a push in the UK in 2018 for businesses to work on eco-friendly packaging, to help combat climate change. Consumers themselves were choosing to buy fewer products that have excessive packaging.

Social media has been a big part of this, where people would share products, they bought with too much packaging, putting off people from buying. There are lots of different ways for businesses to improve their packaging methods, from using organic fabrics, to using sustainable polythene from Polythene UK. They use a lightweight material that reduces consumption up to 20%, which vastly reduces plastic waste.

Changing to a supplier of packaging such as this, will help your business abide by the current environmental trend, and do something positive in the world.

Use Local Suppliers

Local suppliers are a great sustainability tool, even if they don’t necessarily offer any sustainable focused goods. That’s because even if you decide to switch from a supplier to another that has the exact same product, but is closer, then you will save on travel.

Travelling costs money and time, as well as causing a mass release of carbon dioxide into the Earth’s atmosphere. This leads to climate change, which can cause weather patterns to fluctuate, affecting farming and general liveability of the planet.

Using a local supplier is also a great way of boosting the local economy, which in turn will benefit you. This is why many businesses network in their area, to create connections that they can use in the future, which local consumers also appreciate.

How The Pandemic Changed Everything For Entrepreneurs

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StrategyDriven Entrepreneurship Article |Pandemic|How The Pandemic Changed Everything For EntrepreneursThis pandemic has made us realize that we cannot predict the future. Business entities now have faith that their success depends on their ability to adapt to change. The preventive measures taken by governing bodies disturbed the entrepreneurial systems. The social and economic mediums of businesses were adversely affected due to this pandemic. The majority of the businesses got liquefied due to the adversities caused by this pandemic. Small-scale businesses and startups were the most vulnerable to these restrictions.

But entrepreneurs are a peculiar kind of successful people. They have the vision to extract opportunities from disasters. They are the ones for whom challenges are gratifying rather than frightening. Numerous entrepreneurs responded to the change optimistically instead of straying away from it. The change in business models and strategies has resulted in new entrepreneurial norms and a more digital atmosphere. It’s safe to say that the pandemic changed everything for entrepreneurs, and here’s how.

1. Digitalization Becomes Inevitable

Since the coronavirus broke out, we have witnessed an exponential increase in the need for digitalization. Entrepreneurial procedures are being shifted to digital platforms. All the major sectors like agriculture, education, trading, banking, and various business models are now rapidly transforming into digital versions.

As an entrepreneur, you must be acquainted with the digital processes in the business world. Luckily, learning resources for digital domains are increasing with the demand as well. They assist you in aligning with the exclusive integration of digital and business ecosystems. Several courses are now available on physical and virtual platforms to help. You can opt for courses like MBA programs no GMAT to gain access to virtual education to tackle your studies and startup at the same time.

Entrepreneurs who went digital were the only ones who successfully retained their market existence last year. Marketing campaigns are now run via mobile phones, emails, social media platforms, etc., reaching customers digitally rather than going door to door. Several service providers have even evolved their services to be contactless.

2. Shift Towards Remote Working

One of the biggest changes is the shift of workstations from offices to remote locations. Offices have now been shifted to home lounges from high-rise buildings, and “work from home” is the new slogan. If businessmen cannot meet people in person, they have found a way to work remotely. Virtual meeting rooms like Zoom, Microsoft Teams, and Google Meet are on the hotline since then.

Remote working has provided multiple benefits to the employees as well, like work-life balance, saving transportation costs, and an open room for time management. But, on the other hand, some entrepreneurs faced deterioration in work effectiveness due to remote working due to the addition of domestic responsibilities. According to a survey done by Kings College London, almost 22.6% of entrepreneurs faced difficulties due to such responsibilities. But, entrepreneurs must adapt to the need of the hour to ensure the success of their business.

3. Worldwide Supply Chain

The commerce and procurement sector is connected worldwide. This community took disastrous effects from restrictions over the international borders. It was a dire issue for supply chain executives when they could not communicate with vendors in the virus-affected zones. Most of these executives had their supply chains linked to the Chinese industry. Unfortunately, it became the center of covid-19 and abruptly disturbed the supply chains of every scale. Shortage of goods and materials caused an immense reduction in the productions of electronic and automobile industries. Production hubs like Taiwan, Korea, Indonesia, Vietnam, and India used to outsource their products from China. As a result, they faced a significant reduction in their entrepreneurial activities. The scarcity of supplies led to numerous challenges for the majority of the industries in meeting their targets. Supply chains have begun to gain momentum recently, but promising forecasts cannot be made yet.

4. Challenges For Small Scale Entrepreneurs

Since the pandemic, it has been a difficult time for small-scale entrepreneurs. Covid-19 has brought agonizing challenges to the newbies, and the majority of them are struggling with their businesses. A study by the Asian Institute of Research declares that 41% of small-scale entrepreneurs fell in the red zone during the pandemic and lost control over their cash flow. It was also seen that 20% of the startup got their commitments declined by investors. In addition to that, 53% faced a slowdown in the process, while only 27% were able to function normally.

In addition to this, almost all of the startups had to reduce their expenses. Some entrepreneurial firms even recorded a reduction of 76% in their operational costs. Almost 70% of the firms had to nullify contacts with their full-time employees, which affected their workmanship.

Closing Remarks

You can observe entrepreneurs enjoying hikes in their revenues during this pandemic. This is because they are the ones who have adapted to change and have stayed resilient. The essential step for staying resilient is to accept that you have certain boundaries, and being rigid won’t help much. This approach will lead you to regain control over the aspects that you can influence rather than dwelling on constraints that you can’t control.

How To Finance Business Growth

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StrategyDriven Managing Your Finances Article |Finance Business Growth|How To Finance Business GrowthYou can start and grow a business with very little money. In many cases, however, you will be able to grow your business more quickly if you can invest in its growth. With that in mind here are five options to consider for financing business growth.

Barter with other businesses

Bartering may sound old-fashioned. In actual fact, however, it’s very much alive and well and can work brilliantly for businesses. The key to successful bartering is to know the value of what you’re offering and make sure that you’re getting something of (approximately) equal value in return. This does usually involve some trust so it tends to work best with businesses you know.

Monetize your business assets

In the real world, bartering is good but it will generally only take you so far. Ideally, you want actual cash income. You may be able to get more of this by monetizing what you already have. For example, if you have real-world space, you may be able to sub-let (some of) it at least some of the time without it negatively impacting your business.

If you’re operating purely in the cloud, then make sure you monitor your real-world usage carefully. Act promptly to scale your resources up or down. This ensures that you are always paying for exactly what you use. Remember, a cent saved buys as much as a cent earned.

Apply for grants

This one can be hit or miss but if you hit it’s often free (or very affordable) money. It’s therefore always worth keeping your eyes open for business grants. Businesses that can demonstrate some level of social responsibility often get priority for these. Similarly, grants are frequently offered in line with general aims, for example helping businesses to be more sustainable.

Get business credit

The key to getting business credit is to work on the assumption that you’re going to need it. If it turns out you don’t, then your preparations will have benefitted you anyway. If it turns out you do, your preparations will benefit you even more. Preparation number one is to polish your credit record to a fine shine.

As soon as your credit record allows, get a small amount of business credit, like a business credit card with a low limit. Use it regularly and responsibly. This will keep pushing the needle on your credit score in the right direction.

Invest for your business

There are two ways you can do this. One is to invest personally but to divert (part of) your profits to your business. The other is to have your business own its own investments (assuming you’re incorporated). You could use a combination of both.

In either case, there are two key points to keep in mind. Firstly, you need to act mindfully. This means that your investment strategy has to be tailored to your goals. For example, is your aim to maximize capital growth or to maximize dividend income?

Secondly, your choice of trading platform does matter so do your research before you pick one. FXGlobe reviews are a good place to start. Fees are (very important) but so is the user experience. This includes security both in terms of regulation and in terms of cybersecurity.

4 Methods to Finance Your New Business Venture

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StrategyDriven Starting Your Business Article |New Business Venture|4 Effective Ways to Finance Your Startup BusinessEveryone has entertained the notion of becoming their own boss at some point. However, some people have the drive and initiative to start their own business. According to experts, over 600,000 new businesses open their doors in the United States every single year. Some open up subsidiaries of businesses like a Starbucks or a Waffle House franchise. Majority of these new enterprises will be small businesses run by people just like you.

However, starting a new business doesn’t just require determination, it will also need plenty of capital.
Without hefty initial funding, your dreams of opening a new business will be over before they even begin. However, there are a few tried and tested methods you can use that will guarantee you have the money needed.

Below are four effective ways to get the financing you need to become a business owner.

1. Take Out Personal Loans

One of the riskiest but perhaps one of the most surefire way to get a lot of money in a short amount of time is by taking out personal loans. Unlike a business loan, which can be denied based on the potential profitability of the business and the preferences of the bank you’re asking, these loans depend solely on your financial capabilities. If you are in a great place regarding you finances, you could be in the position to ask for large loans or even negotiate with a mortgage lending company for the money you need. However, this carries a lot of risk for you. If your business can’t recoup the money in time, you may be deep in the red personally. Gage the risk and rewards of this method before committing to it so you don’t lose all your finances.

2. Apply for Business Grants

If you don’t want to take out a loan, you can instead petition to a financial organization or similar enterprise for financial aid. There are many organizations whose sole purpose is to give out financial assistance to business owners. Each organization will have different criteria. Some cater to different types of aspiring business owners, such as women or color.

Some only give financial assistance to specific business categories such as eco-friendly businesses. The trick is to find the right organization to submit your petition to. Thoroughly research the organization you’re trying to get a grant from so you can present the best case possible.

3. Find an Angel Investor

Getting accepted for a business grant can be difficult, especially since there could be hundreds or even thousands of proposals that these organizations have to process. If you’d rather make your case to someone more personally, you can try to appeal to an angel investor.

Unlike venture capitalists, who are more concerned in getting in the ground floor of a possibly massively successful business, angel investors provide money based on other reasons. They can be moved because of your struggles, delighted by the idea of your business, or any other reason under the sun. Angel investors also typically don’t expect their money back quickly and are content to be silent partners. Of course, not every angle investor is the same and you may have a different arrangement with each one you meet.

Make sure you have clear boundaries with an angel investor and go over every inch of paperwork with a fine-toothed comb. This will protect you and your investor from any possible confusion after you’ve secured the finances you need.

4. Crowdsource

The internet can be a great source of revenue, especially if you can gather enough people to do so. Crowdsourcing sites like Kickstarter, Go Fund Me and the like allow you to present your case to millions of users around the world. They can then pitch together to meet your financial goals. Of course, the patrons and people who donate to your crowdsourcing efforts will require something in exchange. This sites usually include goals and milestones.

Should people donate a certain amount, they can expect a gift or product in return for their patronage. This can be a little costly and should definitely be accounted for when you calculate the amount of money you’re going to ask. Crowdsourcing can also be very subjective, and you will have to make your business proposal more attractive than countless other enterprises on these platforms.

Your small business can be the first and biggest step to securing your financial future. However, making sure your fledgling enterprise gets funded can be a massively difficult undertaking. These tips can help you amass the money you need and put you on the path to becoming a boss on your own right.

Web Development: 3 Fast Ways For Business Of Any Size

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StrategyDriven Online Marketing and Website Development Article |Web development|Web Development: 3 Fast Ways For Business Of Any SizeCan a business exist without a website? It all depends on the industry and services provided or products sold. Nevertheless, the website for the vast majority of companies is a showcase of what they offer, and the quality of its performance and content affects whether the user will make a contact or purchase attempt. Your brand needs to be seen for your business to gain interest, build trust and generate profit. Website development is the key to making these things happen.

Moreover, as of 2021, there are around 5.2 billion global internet users. It means that 65.6% of the population around the world is using the internet for a vast variety of reasons. If you want to capture people from different sources including social media, paid ads, and search engines you need to lead them to the website of your company.

The question is what is the best way to develop a website if there is nobody in your company who is capable of building it? By reading this article you will find out about 3 fast and effective solutions.

Web development: what does it include?

What does web development include? It can range from developing a simple single page of plain text to complex web applications, e-commerce sites, portals, and social network services. No matter its type website development includes:

  • web design – the process of designing graphics, user interfaces, and writing web markup (instructions to the software used for viewing a webpage on how the page should look and work);
  • web engineering – writing code for servers and applications using programming languages as well as building page integrations with content management system (CMS) and customer relationship management (CRM) platform.

Web development: what skills do you need?

First of all, you need to be aware that there is a difference between web and software development – different programs/programming languages are used and the final outcome of the developer’s work differs as well.

  • Web developers are mainly responsible for building web applications and websites that run on internet browsers.
  • Software developers, on the other hand, focus on computer programs for desktop and mobile devices.

Both specializations require a strong attention to detail, a knack for problem-solving and programming experience, however, they have different maintenance requirements, workflows, and levels of complexity.

Web development consists of two areas of work: front-end (the user-facing side) development and back-end (the server-side) development, so in most cases, you need at least two developers to build your website.

  • Front-end web developers take care of how a website looks and functions from the users’ perspective, make it easy to access and browse, and ensure the website is compatible with operating systems and devices that display content.
  • Back-end web developers are responsible for the technical aspects. They work on administrative components such as the server, the database, the operating system, and the software and make sure these components run smoothly together.

An alternative is to hire a full-stack developer who possesses knowledge in both front-end and back-end development. It requires years in the field to build the necessary experience and become such an expert but they can create a website from start to finish. The full-stack developer knows how to design a website, user experience and is able to use the necessary programming languages and technology stack.

Keep in mind that if you plan to build a great website you first and foremost need talented and effective developers who also understand the business perspective and represent a proactive approach.

What are the best options if you need to build a website?

Before you decide which of the available options are best for you, consider the needs of your project and company. If you need a web developer permanently to take care of your site and implement changes often or if you have more than one project in mind, you might be better off hiring full-time web developers.

In most cases, it might be a good idea for companies that have complex online stores, SaaS companies, or news sites. Otherwise, you risk investing a lot of money in the recruitment process, and later in the permanent salary of a specialist that you will not need.

What can you do instead? Below we mention 3 fast ways to web development:

Cooperate with Freelance Web Developers

Nowadays, there are many online job platforms, such as Upwork, Fiverr, YouTeam, Gigster, and others where you can find all types of developers with whom you can cooperate on a one-time project basis.

Pros: you can find freelancers from all over the world; developers are ready to work for a reasonable price; usually a short project implementation period; you can review the profiles of candidates and see examples of work; you don’t waste time on the recruitment process.

Cons: you are not guaranteed high-quality work – there are often no vetting processes; lower cost might mean that the project will be made in the simplest possible way, both technically and visually; you cannot count on the developer to advise you on the best solution; the chosen developer doesn’t need to be fully dedicated to your project; you risk losing money to build a website that will not meet your expectations.

Use a Dedicated Team service

When your project is complex you can quickly find a dedicated development team through an IT staffing company. You cooperate with a dedicated team that is not just a group of developers working on their tasks, but they act as a part of your company and support you.

Pros: such a team is fully allocated to you and dedicated to your project; you take an active part in a decision-making process; delivering results and high quality is ensured; the capacity of the team is set on the workload needed to finish the project until and must be delivered until the agreed time period; the fee is charged monthly and you only pay for worked-hours; you get access to work-proven and skilled developers.

Cons: not the right solution if you need to build a simple business website; even if you don’t need to manage tasks of the team, it requires some engagement from your side; cost might be higher compared to hiring freelancer due to high-quality and experience of developers.

Outsource the entire Web Development

Outsourcing has become a very popular process. Outsourcing web development means that
your project will be developed by a third-party company that acts as a contracted partner to perform and manage website development work.

Pros: you free up your time so you can focus on your business instead; the maintenance commitment of the website is usually a part of an outsourcing contract and lies on the side of the provider; software houses face higher liability than in cases of other services, which makes it less of a risk for your business.

Cons: besides contracted cost, the extra ones may occur so there is a risk of going over budget; developers who work for software houses usually have several projects to handle which may impact the quality; due to lack of proper communication you may receive a website that doesn’t fit your expectations; you don’t have an influence on your website development.
Summing up

Currently, thanks to the popularization of remote work, your business has the opportunity to use a much wider range of solutions. However, remember to analyze the needs of the project before deciding to cooperate with a freelancer, IT staffing company, or software house. Consider which of the solutions will bring you the most benefits and guarantee that your website will not only look good but also be technically adapted to your company’s needs.