Tips For Successfully Growing Your Business

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The decision to grow your business is an exciting one, but can also bring many new challenges your way. Plan ahead, so you have a good idea of what you want to see your company tackle going forward and know exactly how you’re going to handle the growth process.

You want to make sure the numbers are there, and your business is stable enough to withstand the expansion you’re about to undertake. Review the following tips to help you make certain you not only grow your business but that you do so successfully and without having any regrets at the end of the day.

Have A Plan in Place

Your first order of business is to get organized and create a roadmap, so you know where you’re heading in the future. Successfully grow your company by coming up with a strategic plan for how you’re going to get from one point to the next without experiencing any major road bumps. Some easy steps to follow regarding your plan include:

  • Setting new goals
  • Figuring out how you’re going to go about meeting your objectives
  • Having a backup plan handy if all doesn’t go your way

Prepare Behind the Scenes

Successfully grow your business by getting prepared behind the scenes and having the right technology and resources in place. For instance, you might want to consider a VPS server solution which will provide you with more control and flexibility. This can confirm your data is protected and ensures you have the means to gradually grow and expand your venture too. You want to ensure you’re fully equipped to handle the expansion in the office, so there are no disruptions to your service or delivery.

Continue to Provide Excellent Customer Service

What you don’t want to happen is to get so involved with the process of growing your business that you forget about your customers along the way. It’s extremely important to continue to serve them well and go above and beyond to meet their needs. You can successfully grow your business by getting more and more customers onboard who adore you and are willing to go spread a positive message about your business to their friends and family members.

Be Willing to Adapt

It’s your job as the boss and leader to make sure you know what you’re doing and are able to successfully bring your company to another level. Being able to adapt to the ever-changing business and industry landscape can see your business benefit and stand out from competitors. You’ll want to proactively take the proper measures to so you can continue to outsmart your competition and go to market with the latest and greatest before they do.

Conclusion

Growing your business isn’t easy, but it is doable if you have the right approach and guidelines in place. Use these tips to help you set yourself up for success so you can continue to outshine your competition in the future. Be willing to work hard and put forth an extra effort, especially in the early stages of this transition

3 Things All Business Owners Need to Know About Risk-Taking

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As pivotal as it is to be systematic and strategic with everything that you do in business, you also have to be open to a spot of risk-taking from time to time. To ready yourself for when that time comes for you, you need to know a few very important things.

Here’s are three things that you, as a business owner, need to know about the taking of risks:

1. It’s okay to predict disaster as it’s only natural

A business owner you might be, but you’re still a human being. As a human, you are naturally and inherently biased towards the predicting of disaster. For this reason, every time you seek to take a risk, there will probably be a voice in your head telling you not to take it because everything is bound to go wrong.

First of all, you have to accept that this is your inherent bias and that you’re always going to be fearful — it’s okay to be like this, it’s just who you are. Second of all, you have to do all you can not to let your fears guide you or push you towards making decisions. Of course, if the bad does, quite clearly, outweigh the good in regards to the risks you seek to take (after you’ve taken some time to look at them subjectively), then, yes, steer clear of them. Never, however, let your natural desire to predict everything going wrong guide your risk-taking actions.

2. When it comes to taking a risk, align yourself alongside experts

There’s nothing wrong with asking for help at any point in your career, as two or more heads are always better than one. This sentiment rings especially loud and true when it comes to risk-taking, though.

Simply, whenever you enter into a field you’re not wholly sure about, before you take any kind of risk within it, you should seek to align yourself with an industry expert. By doing so, you will be able to tap into their expert knowledge and use it provide you with a better understanding of where, when, what, and how to take your risk. An example of this is you getting in touch with a high leverage broker before you seek to invest in the foreign exchange (Forex) market — by doing so, you’d learn about what it takes to trade in high volumes as well as how to perform investment risk calculations.

3. The ability to take a risk will help you to stand out

As not a lot of people in business are willing to take a risk, by doing so yourself, you will make yourself stand out. For better or worse, your ability to put caution to the wind will act as a differentiator between you and your competitors. For customers that like that kind of thing, that’ll put you at the forefront of their mind. Subsequently, this will bye you a one-way ticket to the front of your market.

If you feel like your business is stuck in a bit of a rut, why not try something new? More to the point, why not take a bit of a risk?

Designing Your First Office: A Guide

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StrategyDriven Entrepreneurship ArticleBecoming an established business with its own premises is a great leap forward in your company’s journey. No longer are you a one-person band; now you can hire talented employees and invite clients and suppliers to your office for meetings. Creating the perfect office space can be a challenge, however. After all, there are numerous aspects to consider, and each one will impact on the atmosphere, efficiency, and first impression you give. With that in mind, you will find two areas to focus on when designing your first office below.

1. Electricity, Heat & Water

Regardless of what industry you are in, you will need a reliable energy supply, which is both cost-effective and eco-friendly. You will no doubt be running a number of computers, providing internet access, telephone lines, along with lighting and more. One highly popular option, especially in newer builds, is to use solar panels to power the building. These convert sunlight to electricity, but the good news is that they work even in cloudy weather. What’s more, sunlight is free, which means your electricity bill will be reduced by opting for this energy source.

When designing your office, you will also need to keep in mind the comfort for everyone who is in occupying the space, whether that’s employees, clients, or just yourself. To keep the office warm and cozy in the depths of winter, PBE Fuels are your go-to for biomass boilers, which use sustainably sourced wood pellets to provide adequate heating for the whole building. By picking biomass, you will be choosing a self-sustainable heat supply and one which will also work to lower your heating bills.

Comfort also applies to your water supply. Without clean, running water, you will not be offering the legal requirements to your workforce. As a business owner, it is your responsibility to provide a healthy, safe environment, and this includes drinking water. Of course, most offices opt for office water coolers, but you still must ensure the water running from your taps is drinkable.

2. Décor Scheme

The next step in designing your first office is choosing how to decorate it, including the color scheme you want and the furniture. It is a lesser known fact when planning your first office, how impactful color can be in regards to productivity and overall atmosphere. The color possibly depends on your business’s logo, but take the time to consider what feel you want to evoke in the room. Purple, for instance, can work to represent magic and mystery, or it can appear somewhat fake and artificial. White, on the other hand, evokes feelings of purity and cleanliness, or it can feel stark and sterile. When deciding on the color scheme, think carefully about how you want people to feel the first time they walk into the room. Do you want to impress clients and show your authority? Use black to create elegance – but use it sparingly, as it can absorb all the natural light.

The furniture will usually depend on the industry you are in; an office-based company will require a series of desks, chairs, and computers, whereas a manufacturing warehouse will need heavy machinery. However, both buildings will require a reception area, and this is where you can make your best first impression. By creating a welcoming, friendly reception area, where clients and potential employees can wait in comfort, you will be subtly showing your professionalism. Opt to place a relaxing couch in the waiting area, along with refreshment facilities, as these are proven to wow clients and make them feel at home.

How to Create an Impressive Office

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A potential client or employee will make their mind up within a few seconds of laying eyes on your office. If you want to prove you are a professional business with a great company culture, you should find out how to create an impressive office.

Eye-Catching Wall Wraps

Give your office the wow factor by adding striking wall wraps, which will add a little color and personality into the space, and will exude professionalism and a great company culture. Pick a design that complements both your branding and office layout, so your guests will remember a visit long after a meeting or interview is over.

Branded Sweets

Clients want to work with companies that have exceptional attention to detail – and branded sweets can prove just that. It’s a fun, welcoming and professional treat for guests to enjoy when they visit, so they’re bound to be impressed by the effort you have made to create a warm welcome, while reinforcing your brand recognition.

A Friendly Welcome

A receptionist will provide a first impression of your staff and company culture. Only hire friendly, warm and welcoming receptionists, who are willing to go above and beyond to make guests feel welcome. For instance, they should smile at every guest, offer them a seat and a drink, and keep them updated on their meeting to avoid frustration. You should also ensure the phone is not left ringing, as a client will believe your company will ignore their call, too.

Welcome Natural Lighting

Exposure to natural lighting will not only make your staff feel both happier and healthier, but it can also make a space appear more open. As a result, it can increase your employees’ morale and productivity levels, which can help your business to both flourish and grow.

24-Hour News on TV

24-hour news on TV will not only allow your team to stay up-to-date on the latest happenings from across the world, but it will also prove to your guests that you’re keeping updated with the latest trends. As a result, they’ll view your brand as a forward-thinking business that is worthy of their time and money.

Display Artwork

Artwork can add a burst of color to your office space, and it can also convey intelligence and professionalism. Choose a work of art that not only adds a pop of color into a room, but complements your company’s image.

Big & Bold Potted Plants

There are many reasons to incorporate big and bold potted plants into your office. Not only are they a beautiful addition to an interior design, but they can also reportedly increase employee happiness and reduce stress levels. It will also provide a natural contrast to your décor and can prove you can take care of multiple things across the business with ease.

Offer Branded Pens

Branded pens are an ideal stationery item for your business, as you can hand them to guests during a meeting. You should then encourage them to take the pen with them, so they’ll have a subtle reminder of your brand once they leave your office. As a result, you’ll remain firmly in their minds, and a client might be more likely to hire your services.

How to Avoid a Business Bankruptcy

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StrategyDriven Entrepreneurship ArticleThe number of small businesses filing for bankruptcy increases every year, and while bankruptcies don’t always lead to the full closure of the company, in a lot of cases they do. If your dream business is currently on the verge of bankruptcy, don’t panic. There are some steps you can take that may help you to turn things around. Try to think as positively as you can and put the following steps into action.

1. Look at the Figures

The first thing you need to do is work out how much you need to make each month to survive. This includes both the money you need to actually live, and the money you need to repay your creditors. Add 20% to this figure to give yourself a cushion. Finally, add in the costs of running your business. This includes everything from your bills to your payroll to the cost of inventory. With this information at hand, you need to work out how much your business is earning each month. If you are facing bankruptcy, it’s likely you have a deficit between the two numbers. The next steps are going to focus on decreasing costs and increasing profit to give you enough to cover everything you need to pay.

2. Cut Costs

Okay this sounds simple, but there is sure to be some ways that you can lower your expenses to meet your spending goals. Consider getting rid of your traditional phone plan and switching to VoIP, look into cheaper packaging options, and look into obtaining new quotes for any services you receive that aren’t under contract. The aim here is to look for redundant costs that your business can do without and either eliminate them entirely or reduce the amount you are spending.

3. Renegotiate with Your Creditors

Phone your creditors and let them know you are considering bankruptcy. The majority will be happy to come up with a payment plan that works for you so long as it means they will still receive what they are owed (with bankruptcy there is no guarantee they will be paid). Some may be willing to waive the interest, while others will extend the terms of your debt so that you have longer to repay it. You could also file a consumer proposal with your creditors if you don’t want to speak to them directly.

4. Look at Short Term Cashflow Options

We’re not necessarily suggesting that you take out loans to cover your cash flow. Instead, speak to your vendors and ask them for more lenient payment terms. If they can extend their terms, you will free up more cash in the short term. Another option is to ask your clients to pay you quicker. You could offer them a small percentage off their invoice if they are willing to pay faster. Both of these options will provide a boost in the short term.

Sometimes filing for bankruptcy is the only option. However, it is worth giving the above a try first if it could mean saving your business.