The Challenges of Responding to the Coronavirus Pandemic in the Business World

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StrategyDriven Entrepreneurship Article | The Challenges of Responding to the Coronavirus Pandemic in the Business WorldRight now, there are a lot of companies that are figuring out how they are going to respond to the pandemic moving forward. Even though it is great news that many people have already gotten vaccinated, the virus is still out there. Furthermore, the virus is continuing to mutate, creating a lot of concerns for companies that are trying to stay afloat. For this reason, a lot of people are going back to school to get extra credentials, as the cost of CFA has gotten lower. What are a few of the biggest challenges that companies are going to face moving forward? Take a look at some of the key topics below.

The Growing Role of the Digital World

One of the biggest challenges is the increasing digitization of the business world. Because a lot of people are unable to go to physical stores right now, more people are purchasing goods and services online. Companies need to do everything they can to make sure they are accessible online. It is true that some products and services are more amenable to the online world than others. At the same time, it is incumbent on the companies to be as creative as possible. The more they can open doors to the digital world, the easier time they will have generating revenue in the current environment. It will be interesting to see how companies do this moving forward.

The Challenge of Supply Chains

Another major challenge that companies are facing right now has to do with supply chain issues. In the past, a lot of companies would try to rely on a single supplier for everything. The biggest benefit of this is that companies can develop a strong relationship with a single supplier, knowing that the supplier understands exactly what they want. Now, this is not a smart move. It is important for companies to rely on a variety of suppliers to hedge their risk. What this means is that if something happens to that supplier, such as they are forced to shut down because of changing regulations and their jurisdictions, the company will still be able to rely on other suppliers to fill the gaps. This is something that businesses will have to consider moving forward.

The Growing Reliance on Work from Home

There are a lot of businesses who are wondering how they are going to contend with the current work-from-home culture. Right now, there are a lot of companies that are still unable to return to the office. Because of current virus transmission rates, along with regulations in their areas, a lot of companies still have to have their employees work from home. Even though there are a lot of benefits that come with working from home, companies also still have to make sure their team members can communicate with one another. Companies that can find a way to ensure their employees can stay on the same page will be put in the best position possible to be successful.

Address These Growing Challenges

These are just a few of the many challenges that businesses are facing right now. As the pandemic continues to be an issue, companies need to figure out how they were going to address these challenges. Business owners and leaders need to remember that this is not something they need to go through on their own. There are professionals who are willing to lend a helping hand to businesses in need. If companies can find a way to overcome these challenges, they can set themselves up for success moving forward.

7 Tips for Aspiring Defense Contractors

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StrategyDriven Entrepreneurship Article | 7 Tips for Aspiring Defense ContractorsIf you’re curious about landing a defense contract, you may be interested to know that the Department of Defense grants contracts to small businesses and individuals in addition to large corporations. If you take the proper steps, you may be able to land one of these lucrative deals for your company. You may not be sure where to start and find yourself searching for answers to questions like what is CMMC compliance? Here are seven tips that can aid you in your pursuit.

1. Familiarize Yourself With Federal Codes

Before you begin trying to land a contract, you must first be familiar with how to categorize your company. Familiarize yourself with the federal codes that are applicable to what your business offers. Some codes to research are Federal Supply Class or Service, North American Industry Classification System, and Product Service codes. These will help you with registering your company for consideration. 

2. Look for Available Jobs

You can search SAM.gov for contract opportunities that are currently available. This will give you an idea of what is needed and what you may be able to provide. Once you have an idea of if your service is the right fit for a government contract, you can register your business and start networking to increase your chances of landing one.

3. Register Your Business

Before you can get a contract with the Department of Defense, you have to register your company. This will include getting a number from the Data Universal Numbering System (DUNS). Then, you will need to register with the System for Award Management (SAM) and get a Contractor and Government Entity Code (CAGE). These steps are required, and you will not be able to move forward until you complete them.

4. Build a Network

It is a great idea to reach out to other companies that have successfully landed contracts but avoid reaching out to direct competitors. Look for companies that have successfully obtained deals and likely have direct connections that can give you a leg up in the process. Better yet, if you build a great relationship and they are impressed, they could make recommendations that put you several steps ahead of the competition.

5. Ask for Help

A procurement and technical assistance center can help you decide how to market your services and obtain contracts. They offer expert advice and can help you prepare all of the necessary paperwork and complete the steps required to get a deal. This can save you a lot of time doing the research yourself, especially when you have no prior experience. These centers often offer one-on-one counseling, so you can get all of your questions answered while receiving ample personal attention.

6. Make Sure You Are Compliant

Most contracts today require compliance with Cybersecurity Maturity Model Certification. There are five levels of certification you can reach, ranging from “Basic Cyber Hygiene” to State of the Art.” You will need to get an independent, third-party assessment to be certified as meeting these standards.

7. Build a Proposal

The final step in landing a contract is building and presenting a proposal. You will need to gather and create marketing materials like booklets and catalogs to demonstrate your potential contribution. It is essential to build a story around your business that sets it apart and presents it as the only solution to the problem you are fixing. This will ensure you are showing your company in the best possible light.

By following the tips above, you will be on your way to landing a Department of Defense contract and having a secure stream of work for yourself and your company.

Don’t Miss These 5 Ingredients For A Successful Online Company

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StrategyDriven Entrepreneurship Article |Successful Online Company|Don't Miss These 5 Ingredients For A Successful Online CompanyAre you thinking about starting an online company? If so, then it’s important to understand the ingredients you’ll need to guarantee that your business is a success. There are various elements that you will have to get right here that should help separate your company from the rest of the crowd. Let’s look at some of the key possibilities.

A Great Website

First, you need to ensure that you do have a fantastic business website. The website will often be the first impression that customers receive of your brand. If you don’t hit the right marks here then they could be turned off enough that they will avoid buying from your business completely and that’s the last thing that you want.

When you are building your website, think about the structure. It’s important that they can find what they are searching for in minutes. You might also want to think about other elements of your website as well such as the content. In terms of marketing, content is still king. Any content on your site needs to be targeted, interesting and engaging to create the right impact.

Fantastic SEO Options

If you don’t have SEO then your new online business is going to be dead in the water. The reason for this is quite simple. The vast majority of online interactions still begin with the use of a search engine. So, if you don’t have SEO then customers won’t be able to find your business online at all. One of the ways that you can handle this is by making sure that you do explore the right SEO service. Affordable SEO services for small businesses are available and can be highly useful to you. You do, however, need to understand the signs that you have a high-quality service.

An example would be how businesses handle quotes for services that they offer. A high-quality company will want to get to know your brand and understand your current position on the market before they provide you with a direct quote. If they don’t do this, then there’s a chance that the company is providing a cookie-cutter solution. In cases like this, you are always going to struggle to stand out.

Ultra Levels Of Engagement

Next, you need to ensure that you are getting the right level of engagement with your business. One of the ways that you can do this is by making sure that you focus on your social media marketing campaign. There are various social media networks that could be beneficial to you. It’s worth using a marketing agency to research which ones your customers are most likely to frequent. For instance, if you are running a B2B business model, then LinkedIn and similar options could be very useful to you.

Fantastic Reviews

These days a business will live or die based on the reviews that it receives from customers. If you don’t get the right reviews in your company, then you are going to struggle to get customers to buy your product or service.

Indeed, polls suggest that 80% of customers will not commit to a purchase of a product or service until they have checked the reviews online. If you are struggling to get reviews for your business, it might be worth simply asking for them when customers buy your products. Even getting mixed reviews is better than having zero attached to your business brand.

Budgeting

Finally, you do need to make sure that you are not going overboard with your budget and your spending in your business. It’s important to make sure that you keep this under the right level of control. There’s no set rule on how much you should spend for a business like this. You just need to check that you are not sinking into debt. This can be avoided by using a cloud accounting service. A solution like that will mean that you can check your spending in real-time.

We hope this helps you understand some of the key steps that you can take to guarantee that your new online company is the tremendous success that you hoped for. If you make the right choices here, then you will be able to guarantee that you can effectively rise above the competition and ensure that your company gets the level of interest it deserves.

Be aware that there are countless small businesses started up online each year. The majority of these never reach a significant level of success. You need to make sure that your business doesn’t fall into this particular trap.

Six Meaningful Lessons you can Learn from Entrepreneurs

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StrategyDriven Entrepreneurship Article |Lessons from Entrepreneurs|Six Meaningful Lessons you can Learn from Entrepreneurs“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”-Peter Drucker.

An entrepreneur is a person who starts a new venture, manages it, and takes on the many risks that come with owning a company. Other than that, an entrepreneur has a keen eye for opportunities and a strong will to see things through.

Being a successful entrepreneur does not come easily because learning to operate a successful company takes long. Influential business people know how to capitalize on adversity and learn from their failures.

They didn’t learn this expertise through formal education but rather through on-the-job experience. The road of an entrepreneur’s life is filled with both challenging and rewarding lessons. These lessons, if implemented, can help you take your company to greater heights.

Some of the most important lessons for achieving success can be learned from entrepreneurs. Six of them are outlined below.

1. Discovering New Opportunities

You will not succeed if you wait for someone to tell you what to do. You may need to inquire at times actively because sometimes, there are opportunities when you least expect. All you have to do is take the first step of putting yourself out there.

One of the most common myths in the startup industry is that it’s all about the money. It isn’t about the money. Go out and do something else if you are starting businesses with the expectation of becoming rich.

The majority of startups fail, but it doesn’t mean you should not invest in startups anymore. Do it because you have a great ambition to fix problems, and there’s nothing more thrilling than bringing a new product to market.

2. Build A Strong Team

It is essential to value other people’s skills and talents. Nobody runs a firm alone, and a visionary entrepreneur will look for people who have specific skills. The people you engage with daily influence how you think and behave.

It is crucial to have a good team in place from the start that will assist you in difficult times. So, surround yourself with people who inspire you and help you grow. It’s easier to grow a business when you start with two strong team members instead of one.

Remember that employees are one of your most valuable assets in business, and hiring suitable ones will help you achieve success.

3. Failure Is Part Of Success

Nobody here wants to fail, including entrepreneurs. Failure is regarded as a symbol of shame in our culture, and as a result of this attitude, the fear of failure may force us to miss out on possibilities for achievement.

When it comes to entrepreneurship, keep in mind is that failure is not the end of the world but rather the opportunity for a fresh start. You can’t expect to go down this road and not fail once or twice.

If you begin with the assumption that you will fail along the way, you will be better prepared. Failure is simply another lesson that will help you get back on track to success.

You cannot eliminate the risk of failure, and the road to success is riddled with them. Failure is necessary for learning and preparing for future success.

4. Learning Is Crucial

Entrepreneurs should be aware of current advancements in their industry at all times. Being stuck in one spot or failing to keep up with updated information and skills will undoubtedly cause you to fall behind.

Regardless of their business, intelligent entrepreneurs understand the value of enhancing their knowledge because the secret to practical entrepreneurship is continuous learning.

It’s vital to plan time for reading and learning, whether in business strategies or just general information. This learning does not have to take place in a traditional classroom setting.

Conduct online research, enroll in a course and interact with professionals who work in your desired fields. There are numerous successful examples of individuals who have benefited from self-directed learning skills.

For instance, during his career, Bill Gates read a book every week. Many of the world’s busiest and intelligent people, including Warren Buffett, devote at least an hour per day to purposeful study.

5. Believe In Yourself

To believe it and achieve it, you have to see it, feel it, smell it, and taste it. It requires a shift in mindset. Consider a child’s energy: it is daring, fearless, unapologetic, inspiring, and persistent.

After a few losses, most entrepreneurs lose their spark of self-confidence because they believe failure is unavoidable. However, this is the most critical time to focus on reprogramming your brain to succeed, so you can turn around, learn from your mistakes, and move forward.

Get clarity on your vision with a strong passion. Reflect on what you want out of life and how you got off track. You will experience more flow than resistance after defining your actual objectives, allowing you to work more successfully and effectively.

Always have confidence in your skills and abilities, regardless of what others may think.

6. Ignore The Criticism

Whether you are a superstar, an artist, a tv personality, or an entrepreneur, you will always face criticism. Haters will always try to tear you down and put you off your game.

You may utilize your social media accounts to alter the message when people criticize your company. It would be best if you never lashed out at people personally, but you can use your social media accounts to publish generalized statements that explain, defend, or clarify why you do things the way you do.

Respect other people’s viewpoints, but also present your own. The bottom line is that you must grow tough skin and attempt to ignore the haters.

The Takeaway

Becoming an entrepreneur can provide you with numerous benefits in life. And we understand that starting a firm and embarking on the path of entrepreneurship can be stressful, which is why we want you to succeed as an entrepreneur.

If you follow the six lessons mentioned in this article, you will have a peaceful experience on your path.

How To Help Your Customers Money Go Further When They Invest In Real Estate

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StrategyDriven Entrepreneurship Article |Invest in Real estate|How To Help Your Customers Money Go Further When They Invest In Real EstateAs a real estate agency or freelancer, you will want to make your clients as happy and as satisfied as possible. To achieve satisfaction, you will want to help them put their money to good use and ensure that they can achieve a good return in the future. When it comes to helping your customers find the perfect home for them and ensuring that their money goes a long way, here are some tips.

Identify the trends and look at new news

Looking at the real estate marketing trends will help you identify where is hot and where is not to buy. The hottest places to live will likely offer your customer a high return rate, which will help them earn more profit when they sell.

For trend research, you could look at the work of people like Paul Ognibene to discover the best areas to invest in real estate to live a happier life.

Recommend older properties for flipping

If you customer has a lot of time on their hands and love flipping homes, then you should recommend investing in older properties that need upgrading. This will allow them to save money while having a fun project to work on.

So long as the location is good and it is in decent condition (so the customer doesn’t need to spend too much money doing it up) then they will attain more profit when they sell it in the future.

Let them know about short-term rentals

Some people might be saving to buy a home yet want to get a feel for the area. Some people move in and realize that the area isn’t for them, which could be a whole waste of time and money.

Letting your clients know about short-term rentals will result in them being able to save money until they reach their goal and also ensure that they like the location before they buy there.

Share information about buying land

For those that want to build their own house from scratch, you will want to share information about buying land as opposed to a house. If your customers dream is to build their own property from the ground up, then you should help them find a great plot of land that is well located. A good location will ensure that they get a good return when they sell it in the future. If the land is in the middle of nowhere then they might struggle to sell it for a good price in the future.

Finding an ideal location for your customers, which is also in a prime location, will help them live somewhere that will be great for selling in the future. If the location offers customers local amenities and is convenient, then its price will skyrocket as soon as it is built.

Using these tips you will be able to help your real estate customers money go further. Simply keeping an eye on the trends and offering information about prime locations will ensure that they buy properties (or land) in areas that will always guarantee to hold value.