How To Succeed As A Taxi Company

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There are many great reasons why you might want to run a taxi company. Not only is it the kind of business that people are always going to have a demand for, and therefore will prove to be a particularly successful business, but it is also fairly easy to run once you have it all set up. Of course, setting it up properly is the real challenge here, and something which you are going to have to think about well if you are going to have the success you want. In this article, we are going to look at some of the things you will want to consider if you are keen to succeed as a taxi company. As long as you make sure of these things, you will find that is much more likely to happen.

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Find A Good Location

Probably the most important thing of all is that you can find a location which is going to work out well for you. That means somewhere which has a need, and does not already have too much in the way of competition. You will probably find that this is one of the harder elements of all, as there are not going to be many places left which have that kind of goldilocks status. However, with enough research you should be able to make sure that you are finding somewhere good to operate, so it is something that you will find it is worth spending some time on. Remember too that you are competing with companies like Uber these days, so you need to think about that as well. If you can find somewhere they don’t tend to go, you might have better luck.

Track Your Vehicles

Ultimately, you need to make sure that you have a good level of control over your vehicles. If you don’t, then you don’t know what kind of money you might be losing out on without even being aware of it, and that is obviously not the kind of situation you want to find yourself in. so make sure that you are tracking your vehicles as closely as you can. The best way to do that is to use technology like TripLog. It’s simple enough to install, and you can check on the mileage of any vehicle just by looking at your phone. The more acutely you track your vehicles, the stronger a position your business will be in.

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Focus On Customer Care

People really care that their taxi drivers are caring for them, so this is something that you are going to want to think about too. The more that you set your business apart as a taxi company that shows a great deal of customer care, the more you will find that you have a good chance of people really respecting you. They will then use your service more, and recommend you to more people too, so this is an important consideration to think about as early on as you can.

Why You Need Both Knowledge and Wisdom

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StrategyDriven Entrepreneurship Article | Why You Need Both Knowledge and Wisdom

If just being the smartest person in the room was enough, then no smart person would ever fail.

But failure lurks around every corner for all of us. It’s hard to believe in our youth, but time reveals how little ‘d’ democratic failure can be. It stalks all of us sometimes, and it finds us often in life unless we figure out how to thrive and how to avoid the land mines.

It takes wisdom to figure that out. And though a handful of us get wisdom early in life, most of us acquire it from a struggle or two or ten. Many times, these difficult moments are of our own making. As we successfully work through those trying moments, wisdom imprints itself and becomes a guard rail against ever failing like that again, whatever it may be. There is safety in wisdom.

When we studied wisdom for our new book, we found many interesting qualities that it has versus knowledge. For example; Knowledge may change as times change, right? What we learned in college may not apply anymore in the current business environment. New technologies and new leadership styles are needed to succeed and win. Those changes are moving at an ever-increasing pace, and so knowledge can be quite fluid. It requires us to chase it and try to catch it to keep from falling behind.

Wisdom, on the other hand, turns out to be static and true in all generations. Get wisdom and you can use it for a lifetime.

So, how do you get knowledge and wisdom?

The knowledge part is easy. Your childhood and young life are filled to the brim with school of one kind or another. You are taught by people who know more than you and who most likely care about you. You go to college and we are surrounded by doers and achievers who understand the competitiveness of the world and how to win by outdoing other doers. You listen. You make notes. You read books. You get knowledge.

Then, you leave college, go to work, and use your knowledge to start making money, usually without a great deal of wisdom and foresight. For example, nobody in college told you that money and power can be dangerous if you let them become your primary focus. See also ENRON. A room full of the best and the brightest decided to take their chances and ignore the sirens going off in their heads. The carnage of that decision was strewn across the media. Billions of dollars lost. Suicides and jail time. Bad things tend to happen when we only have knowledge without wisdom.

Our research regarding wisdom took us back to purportedly the wisest man in history, Solomon. As we studied his life and teachings we wondered over and over again why he is not mentioned and written about more often. He was a smart businessman. He was historically wealthy, probably in real money the richest individual ever on this planet.

If you remember the story, Solomon was offered anything he wanted by God himself. He didn’t choose money or fame. He chose wisdom. And, interestingly, the other things he didn’t ask for just came as part of the deal with that request. He got very famous and rich. And wise.

As we read through the book of Proverbs that he penned we found a lot of wisdom, not surprisingly. Though written millennia ago, most of it sounds like something you would say this very day to someone you were counseling to keep them from making a big and costly mistake.

For example, be careful what kind of company you keep. Bad company corrupts good morals. Did your mother ever tell you that? I’ll bet she did, and she was right. Groupthink is a real thing. It’s why gangs can get their members to kill other gang members and rot in jail for it. It’s why a terrorist can be talked into blowing themselves up for a cause. Bad decisions don’t usually come upon us like a tsunami. They happen by inches. Hang out with people who consistently tell you a lie and pretty soon you start believing it. The business pages are filled with cautionary tales about this one piece of wisdom alone.

Solomon talked about money corrupting us, too. He understood firsthand the perils of great wealth and the pitfalls that had to be avoided. Bottom line: It’s OK to have money. Don’t let it have you.

And, the same can be said for power. Being in charge is an opportunity to do good, to serve others in your organization and community. It’s not there for you to use and take advantage of for your own gain. People don’t follow narcissistic leaders unless they are forced to. But they will follow a servant leader into hell and back every time.

Get the picture? We spend a lot of time and money getting educated and acquiring knowledge. We should spend at least that much effort acquiring wisdom because together the two are the jet fuel that leads to a great and profitable life.

About the Authors

StrategyDriven Expert Contributor | Drew HissDrew Hiss launched his outsourced payroll and HR technology solutions company, Checkdate Solutions, in 1994. He merged Checkdate Solutions with payroll industry leader Paycor, stepping away from the company in 2008 and serving on its board for eight years.

Drew founded Acumen in late in 2015. Acumen is a catalytic iron-sharpening-iron environment forged from the fiery furnace of entrepreneurial battle, marketplace survival and integration of the timeless wisdom of the ages.

StrategyDriven Expert Contributor | Dan CooperDan Cooper co-founded ej4, a video-based online training company, in 2003 and was its CEO until selling it in 2012. He then took his leadership and technology experience to work on and in the Sparklab startup business accelerator as well as leading change management and profit building initiatives for mid-market companies.

Today, he is the President and partner of Acumen, an accelerator community experience built for CEOs and Owners of strong and growing companies. Dan is also a certified Executive Coach credentialed through the International Coaching Federation.

Dan and Drew are the authors of a new book, Sharpen: A Guidebook for Business Ownership and Adventures in Leadership.

Industry Insights: What are the Top 4 Obstacles That Prevent Business Growth?

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StrategyDriven Entrepreneurship Article |Business Growth|Industry Insights: What are the Top 4 Obstacles That Prevent Business Growth?You can never stand still in business or you risk being left behind by your competitors, but there can often be some obstacles that are blocking your path to future prosperity, all of which are often negotiable if you know how to get around them.

Being able to get what your business needs in terms of new equipment is just one challenge that you have to find a way to face up to and if you can learn from others that have been there before you it could give you the vision to succeed.

Here are some pointers on how to clear some common hurdles that might be stunting your business growth.

Coping with change

As your business evolves and attempts to grow it will become abundantly clear that you can’t always rely on the same format that has got you to this point so far.

Businesses tend to become more complex as they grow and that means you will have to implement strategies that deal with challenges such as communication problems when there are more people in your team.

Innovation can be harder to implement when you have a rigid system that hasn’t changed from how it used to be in the beginning and this is why you need to consider ways to pull everyone in the same direction if you want to enjoy a smoother path to growth.

Not keeping an eye on cash flow

A growing business is always going to be hungry for cash and if you don’t plan for the financial strain that you might be under as the company expands it could easily derail your plans in a very short space of time.

Cash flow issues are a primary cause of business failure and it doesn’t have to be a lack of turnover that causes your cash crisis, as growth spurts are equally challenging to your survival if you don’t manage them properly.

Make sure you have an accurate cash flow forecasting system and use it to predict exactly how much cash you will need at any time to fund your growth.

When you need more equipment

Whether you are running a manufacturing business or operating in the service industry it is likely that you will need to acquire more equipment in order to cope with increasing demand and a growing payroll.

Look at efficient ways to get your hands on these new items and to upgrade your old stock. This could be achieved by browsing auction sites to see if you get the equipment you need for less, and sell what you no longer need.

You might also want to look at arrange equipment finance to help fund your growth plans.

When you fail to plan, you plan to fail

There is a lot of truth in this old business adage and the bottom line is that you can’t expect to overcome any obstacles in your way if you don’t create a viable business plan that shows you how to navigate your way through these stormy waters.

If you set some realistic goals and produce a credible blueprint for success you should find that your path to achieving business growth has a few fewer bumps in the road.

Business Blind Spots – How To Know What You’re Doing Wrong

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StrategyDriven Entrepreneurship Article |Business Blind Spots|Business Blind Spots - How To Know What You're Doing WrongWe all have blind spots. For example, perhaps one we all understand is those who are angry or showboating often hide a vulnerability or weakness underneath. Someone becoming incredibly toxic and aggressive following a romantic breakup, for instance, is often hurting underneath, and that’s what will motivate their hard reaction. While businesses are nowhere near as complex as people, the idea of the eternal blind spot is something that carries with it a sense of validity. After all, if you do not look in those darker areas, you’ll be unaware of how to improve or solve them.

But how can you know what you’re doing wrong as a firm? This might be clear if you’re struggling to sell your products, or if your staff turnover is increasing due to a bad manager. That being said, what if your business is improving and successful? We might take this as proof that we are perfect in our efforts, yet of course, this is never correct. Thankfully, with the following advice, your operation will remain more self-aware than ever:

Thorough Inspections

Inspect your processes thoroughly. Leave no stone unturned. It could be that you’re spending way too much on inventory, you’re failing to turn your stock over efficiently, or you’re experiencing an unusually high number of product damages at a certain area of your manufacturing line. Thorough inspections matter, and they can truly make a difference – allowing you to potentially slash tens of thousands of yearly dollars that may otherwise have been written off. The same can go for business expenses from your travelling remote representatives, or even computing equipment being replaced by overzealous IT managers. You’ll fail to find anything unless you look.

Worthwhile Consultants

Using expert procurement consultants can help you figure out if your procurement process is running in a streamlined manner or not, and if you’re truly maximizing the deals you are able to gain through this process. Additionally, they will be able to suss out flaws in your communication, in your staff training, and also the crippling overspending you may be laying down in certain departments. Procurement is complex and that means it is rarely perfected. With a team such as this on your side, you’ll take every step to get there correctly.

Coherent Feedback

If you’re not investing in the internal communication and surveying structures that can allow for staff to report issues, and for those reports to be read and understood, and for practical fixes to be considered and put in place, then you have an issue listening to coherent feedback. Even if you do not act on every issue that you’re presented with, the willingness to listen to them and maximize your attention to possible solutions at least helps you lay those cards out on the table, even if you decide that now is not the best time to move forward.

With these tips, you’re sure to understand where you’re going wrong as a business, and you’ll more than likely take steps to avoid that in the future.

Keys To Your First Apartment Redevelopment

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StrategyDriven Entrepreneurship Article | Keys To Your First Apartment RedevelopmentAre you looking to invest in real estate? Are you hoping to redevelop an apartment complex or multi-family home? For first-time renovators, there is a lot to take into account before investing in a redevelopment project. Here are several tips to consider when taking on a new project.

Get Some Real Estate Advice

The best thing you can do with your own project is to get a partner who has experience. Consult a real estate professional like Steven Taylor, who can help guide you through the process of purchasing apartments to redevelop. Having someone who knows what they are doing the first time you take on your own project will help you avoid the pitfalls that first-time developers often experience. If you consult with someone on your first project, it will help you learn more about the real estate world so that you do not need a consultant down the line.

Learn How To Be A Landlord

If you are planning on redeveloping an apartment building and renting it out to people yourself, make sure you know all the responsibilities of being a landlord. Take into account not just the work of renovation, but also the expected rent of the apartments. Make sure you establish how you will find tenants, Adelaide strata management, cleaning, and maintenance services, and what your expectations of them will be as the landlord. Set yourself up for success and be ready to run your business.

Consider Your Location

Do not forget to make sure your apartment redevelopment project fits in with the community you are in. If the apartments are in a working-class neighborhood, you probably do not want to make huge luxury apartments with expensive fixtures. Adhere to where you are, because an apartment development project can not be focused on just making money. You need to attract the right people to live there, which is more determined by the people who already live in the area you are working in.