StrategyDriven Managing Your Business Article | How to Reduce Operational Costs for Your Small Business 

How to Reduce Operational Costs for Your Small Business 

StrategyDriven Managing Your Business Article | How to Reduce Operational Costs for Your Small Business For small business owners, reducing operational costs is essential for the success of the company. With rising overhead expenses and competition from larger companies, it can be difficult to keep up with the ever-increasing costs associated with running a business. Fortunately, there are several strategies to use for reducing operational costs and ensuring that a small business remains profitable.

Below are eight effective ways to reduce operational costs in your small business. From streamlining processes to taking advantage of technological solutions, these methods will help you save money while still providing excellent customer service.

1. Outsource Non-Core Tasks

Outsource any non-essential tasks and services to a third-party service provider. This will enable you to focus on your core business while still providing quality services at an affordable rate. By seeking services from reputable providers, you allow the company to gain access to experts who have experience in the field. Essentially, this helps your company to excel and produce higher productivity in the long run. Look for processes that can be automated or require minimal efforts, such as bookkeeping, customer support, marketing, and IT services.

2. Streamline Operational Processes

Take a close look at your operational processes to identify any areas of inefficiency. Consider ways to streamline tasks, such as using technology solutions or eliminating redundant steps. In a nutshell, streamlining operational process translates to optimization. You need to remove any unnecessary steps or manual work in the process, which in turn improves efficiency and reduces time consumption and resources. Implementing simple changes can help reduce costs while increasing productivity and customer satisfaction.

3. Invest in Efficient Technology Solutions

Investing in the right technology will help you reduce operational costs while providing better services to your customers. Automation tools, web-based applications, and cloud-based storage can all make your business more efficient and flexible. They will also speed up the process and free staff to do more valuable work. Evaluate which tools would serve your business best and then invest in them.

4. Leverage Cost-Effective Marketing Strategies

When it comes to marketing, don’t settle for expensive traditional methods. Instead, use cost-effective digital strategies, such as SEO or content marketing. These options tend to be much more affordable and can reach a larger audience. You can offer referral and incentive campaigns or leverage media opportunities. You can also write articles or offer knowledgeable and relevant content on social media platforms.

5. Negotiate Better Deals With Suppliers

Establish relationships with reliable suppliers and then negotiate better deals. This will help save money on overhead costs, such as materials and shipping fees, while still maintaining quality standards. Sell yourself as someone who will give them a lot of business. Sometimes, negotiation doesn’t just mean lower prices. In some cases, the suppliers will not budge on the price. You may need to negotiate on other areas to create savings — such as shipping costs or lower down payments.

6. Utilize Free or Low-Cost Resources

Whenever possible, take advantage of free or low-cost resources, including stock photos, open-source software, online marketing platforms, and more. Content creation is a fantastic way to gain an audience and attract potential customers. Another resource that you can utilize is a virtual assistant who can perform front-desk functions so that you can focus on your business without being distracted with the daily errands and small tasks. Social media now plays a crucial role in the business world, so it’s important for you to create a social media presence. However, you don’t need to do it on your own. Hire a social media consultant to run your social media accounts. By using these resources, you can save a significant amount of money without sacrificing quality.

7. Reduce Waste

Streamlining operations allows optimization and process improvement. Look for ways to reduce waste and increase efficiency in your operations. You may be able to cut costs by reusing materials or streamlining processes. Reducing waste means that the company is using less materials, labor costs, and energy. This will lead to faster turnaround times and higher performance. In the end, this can turn into a competitive advantage because you can offer lower prices and faster turnaround times. You can reduce waste by implementing lean manufacturing principles, investing in automation, considering just-in-time inventory, conducting waste audits, and promoting sustainable improvements.

8. Embrace Virtual Operations

Going virtual can help you reduce operational costs significantly. By relying on virtual services, you can reduce overhead costs such as rent and utilities while still providing quality customer service.

By implementing these strategies, you’ll be able to reduce operational costs in your small business without compromising customer satisfaction or the quality of your services. Take the time to evaluate which methods will work best for your specific needs and then start implementing them as soon as possible.


Dr. Vincent DeFilippo, DBA, MBA, is a professor in the School of Accounting and Business at Monroe College. Prior to that he was CEO of a private equity fund in Hong Kong, raising several billion dollars in venture capital for entrepreneurs and publicly traded companies throughout the Asia Pacific Region. His new book, Braking Point: How Escalation of Commitment Is Destroying the World (and How You Can Save Yourself), (ViennaRose Publishing, May 3, 2023), is a Wall Street Journal bestseller. Learn more at www.vincentdefilippo.com.

StrategyDriven Talent Management Article | The Lifeline Assistance Program for Cell Phones: What You Need to Know

The Lifeline Assistance Program for Cell Phones: What You Need to Know

StrategyDriven Talent Management Article | The Lifeline Assistance Program for Cell Phones: What You Need to Know

Many states have multiple authorized Lifeline providers, and most provide a choice of plans that include phone, broadband internet, or bundled services. Lifeline subsidies are provided on a one-per-household basis, and subscribers must have a valid proof of eligibility (pay stub, utility bill, letter or card from an accepted program). Check eligibility using the online Lifeline National Verifier or download a paper application. You may also qualify for free phone and data services with the new Affordable Connectivity Program (ACP). This federal program helps millions of households cut their monthly bills.

What Is Lifeline?

Lifeline is a government assistance program that lowers the cost of phone and internet service. To qualify for Lifeline, a potential customer must need government assistance or have a family income at or below 135% of the state’s federal poverty level. Eligible customers can choose between a landline or wireless connection, but one line of Lifeline service is provided per household.

Many authorized Lifeline carriers offer broadband internet services at low monthly rates for eligible households. You can find out what providers are available in your area by using the search tool at the USAC website.

How Do I Apply for Lifeline?

To qualify for Lifeline, you must meet the income requirements set by each state and federal government. Most of the documentation required for Lifeline can be submitted online or by mail, depending on your situation. Each year, Lifeline participants must recertify their eligibility for the program. The recertification process differs for each provider, so check with your chosen phone or internet service company for details.

The lifeline service in the state of Missouri was designed to provide low-income households with the telephone and mobile data services they need to participate in today’s world. Those who do not possess a reliable phone connection are at a disadvantage in the job market and can’t communicate with family members or employers. Thankfully, the federal government is helping those in need by providing Lifeline discounts for home and wireless service providers. Many participating companies offer eligible customers free phones and discounted monthly data and minutes.

Who Is Eligible for Lifeline?

The program provides a monthly phone or broadband service discount for low-income households. It offers a bundled service option, including home and mobile phones and internet access. The subsidy is provided through Lifeline-approved service providers, also called carriers. The National Verifier database checks consumer eligibility (except in California, Oregon and Texas – opt-out states). Your income must be 135% or less of federal poverty guidelines. Alternatively, you can verify participation in a qualifying government assistance program or your state’s letter or card showing you meet the income limits.

In addition, you must recertify your eligibility each year. You can do this online through USAC or, in some cases, with the carrier you use for Lifeline. Recertification reminders are sent to beneficiaries via text and voice messages. There is a one-phone-per-household limit on Lifeline subsidies.

Can I Keep My Current Phone Number With Lifeline?

It is not allowed to have multiple Lifeline phone numbers. When you sign up for a new Lifeline service provider, it is important to make sure that you tell the customer service representative that you want to keep your current number and that you are not receiving another Lifeline phone number from someone else in your household. The program can only provide one discount for each household. It also violates program rules to simultaneously receive cell phone services from multiple providers. Some service providers offer free or cheap phones to Lifeline participants. These phones include monthly data, talk and text minutes. You can find out if your provider gives smartphones to Lifeline participants by visiting their website. You can also learn about options from local community organizations like United Way 2-1-1.

How Do I Keep My Lifeline Benefit Current?

The Lifeline program was established in 1985 to subsidize the cost of phone service for low-income Americans. It has since undergone two major reforms: the first to combat ongoing allegations of fraud and the second to bring the subsidy in line with emerging technologies. In some States, eligible households can receive free cell phones and a monthly wireless plan for their household members. This program is available for anyone below 135% of the federal poverty guideline. Eligible customers can enroll in the program through a telephone service provider that offers Lifeline discounts.

You must submit annual proof of eligibility to keep your Lifeline benefit current.

What Are the Requirements for Lifeline?

Since its inception, Lifeline has benefited millions of low-income Americans by subsidizing their phone or broadband service. Under Wheeler, the FCC refocused this support on broadband and established a bidding process encouraging broadband providers to offer funded packages. It also implemented reforms to combat ongoing allegations of fraud in the program.

Eligible telecommunications carriers must verify each new Lifeline subscriber’s income-based eligibility by accessing state or national eligibility databases or obtaining documentation that meets the following criteria: Ensure all subscribers know their Lifeline benefit is non-transferable and only available to eligible household members. They are responsible for paying any monthly charges incurred after their Lifeline discount has expired.

StrategyDriven Talent Management Article | Reasons Why Criminal Background Checks is a Standard Practice in Employment Screening

Reasons Why Criminal Background Checks Is a Standard Practice in Employment Screening

StrategyDriven Talent Management Article | Reasons Why Criminal Background Checks is a Standard Practice in Employment Screening

A criminal background check is a standard practice that employers use to screen job applicants. It helps them reduce risk by ensuring that the people they hire are not a threat to themselves or their customers. A background check includes state, county and municipal records searches and pending criminal cases. Employers should always get the subject’s written consent before conducting a background check.

They Help Prevent Fraud

Few companies can afford to hire someone who will steal company assets, commit identity fraud, or otherwise risk the firm’s reputation. A criminal background check can help ensure the company only hires dependable workers. In addition, a background check can identify candidates who have convictions that may present a threat to staff or customers. For example, if a candidate has been convicted of an offense related to fraud or embezzlement, they should not be allowed to work for the firm. Verifying schooling and professional qualifications, searching social media, and running a credit check are all other searches that can be included in criminal background checks. All these criminal records searches can help prevent fraudulent activity that could result in the loss of resources, damage to your business’s reputation and a lawsuit. A background check is just one of the tools available to employers to minimize risk, but it’s an important tool nonetheless. When performed properly by a CRA committed to running FCRA-compliant reports, background checks can be a key part of your due diligence as an employer and help you avoid negligent hiring lawsuits.

Legally Required Part of the Hiring Process

Hiring the wrong person for a position can majorly impact your company. It can affect employee morale, customer relations, brand reputation and growth. It could even result in costly legal action if the wrong hire causes harm to people or property. Fortunately, background checks can help you avoid hiring individuals with criminal histories. It may also entail a credit check to verify a potential employee’s identification and financial responsibility. Some searches are limited to the local, state or county court records.

In contrast, others are more comprehensive and can include federal and international records searches as well as sex offender registries, terrorist watch lists, and national criminal databases. Many states and municipalities have “Ban the Box” legislation that forbids employers from inquiring about candidates’ criminal records during job interviews or application processes. These laws allow people with a criminal record to avoid initial prejudice in the application process and give themselves a fair chance at employment.

They Help Prevent Criminal Activity

A criminal background check can help prevent employees who pose a risk to your business or customers. Employees with a history of fraud, embezzlement or violence can create unsafe work environments, putting your staff and clients at risk of harm. In addition, convictions relating to illegal drugs, assault or murder can create workplace safety issues and liability concerns for your company. Criminal background checks can also help prevent gun-related crime. One recent study found that states with comprehensive background check laws, which allow police to deny a gun purchase to anyone convicted of a violent misdemeanor or felony, have lower homicide and suicide rates than those without such laws. However, the effectiveness of these types of policies is still controversial. Some experts believe public education campaigns would be helpful, while others suggest sting operations to target sellers who provide guns to prohibited persons.

A comprehensive background check is a critical part of your hiring process. It may involve searching through criminal records from the federal, state, and local levels, as well as sex offender databases, terrorist watch lists, and other databases. Using a trusted consumer reporting agency can help you ensure you’re conducting these checks in compliance with all federal, state and local laws. Our built-in tools and workflows provide the relevant information to make a fully informed decision.

They Help Prevent Discrimination

Using background checks to discriminate against certain groups of people is against the law. Employers cannot reject a candidate solely based on their criminal record or past convictions and must consider the nature of the offense, how long ago it occurred, and the position for which they are applying.  A criminal check can reveal an applicant’s history of fraud, embezzlement and violence, reducing the risk that they may expose your business to financial loss or put your customers or staff in harm’s way. It can also help to prevent negligent hiring claims by ensuring that the person you hire has not been convicted of crimes related to workplace violence or misconduct.

A criminal check typically includes a multi-jurisdictional “national” and county criminal database search and state records where available. In addition, a credit check can be run to gauge an applicant’s level of financial responsibility. A social media check can also be conducted to see if an employee, volunteer or independent contractor shares inappropriate content on their Facebook, Twitter, Instagram or other accounts that could impact their work ethic or reputation. Background checks may be necessary for volunteers interacting with children or vulnerable adults, government work at ports of entry, and other security-sensitive occupations.

StrategyDriven Marketing and Sales Article | How to Attract More Students to Your College or School

How to Attract More Students to Your College or School

StrategyDriven Marketing and Sales Article | How to Attract More Students to Your College or School

In today’s competitive educational landscape, attracting more students to your college or school requires a strategic and innovative approach. Whether you’re a higher education institution or a K-12 school, the key to success lies in showcasing your unique offerings and creating an appealing environment for students. This article will explore effective strategies to attract more students to your educational institution.

1. Build a Strong Online Presence

In the digital age, your online presence is often the first impression prospective students and their parents have of your institution. Develop an engaging and user-friendly website that provides comprehensive information about your programs, faculty, campus facilities, and admission procedures. Use social media platforms to share stories, student achievements, and campus events. Regularly update your website and social media profiles to reflect current information and showcase the vibrant life of your institution.

2. Highlight Your Unique Selling Points

Every educational institution has something unique to offer. Identify your institution’s strengths and unique selling points (USPs) and emphasize them in your marketing materials. These may include distinguished faculty, specialized programs, state-of-the-art facilities, or a commitment to community engagement. Make sure prospective students understand what sets your institution apart from the competition.

3. Optimize Admissions Processes

Simplify and streamline your admissions processes. Ensure that your application process is user-friendly and transparent. Consider offering an online application option to make it convenient for students from various geographic locations. Respond promptly to inquiries and provide clear guidance throughout the admissions journey.

4. Leverage Student Success Stories

Current students and alumni can be your institution’s best advocates. Share your graduates’ success stories to demonstrate your programs’ real-world impact. Create video testimonials, alumni profiles, and case studies that highlight the achievements and experiences of your students.

5. Offer Scholarships and Financial Aid

Financial considerations are a significant factor in a student’s decision to enroll in an educational institution. Consider offering scholarships, grants, and financial aid packages to attract talented students, including those from diverse backgrounds. Promote these opportunities prominently on your website and in your marketing materials.

6. Foster a Welcoming Campus Culture

Creating a welcoming and inclusive campus culture can make a significant difference in attracting students. Organize campus tours, open houses, and orientation events that allow prospective students to experience the atmosphere and community firsthand. Highlight the sense of belonging and support that your institution provides.

7. Engage With the Local Community

Build strong relationships with the local community. Collaborate with local businesses, organizations, and schools to create partnerships and opportunities for community involvement. Hosting community events, workshops, or lectures can raise your institution’s visibility and demonstrate your commitment to the region.

8. Invest in Marketing and Outreach

Invest in targeted marketing and outreach efforts. Develop a comprehensive marketing plan that includes digital advertising, search engine optimization (SEO), email campaigns, and print materials. Consider partnering with educational consultants and agencies that specialize in student recruitment and putting your information onto sites like Campusreel.org.

9. Continuously Improve and Innovate

Education is a dynamic field, and staying up-to-date with industry trends and innovations is essential. Continuously assess and improve your programs, curriculum, and campus facilities to meet students’ evolving needs and expectations.

Conclusion

Attracting more students to your college or school requires a multifaceted approach that encompasses online presence, unique selling points, streamlined admissions processes, financial support, campus culture, community engagement, marketing, and ongoing innovation. By focusing on these strategies, you can create a compelling and competitive educational institution that attracts students seeking a high-quality education and a supportive learning environment.

StrategyDriven Entrepreneurship Article | 6 Ways You Can Sell an Old House at a Higher Market Value

6 Ways You Can Sell an Old House at a Higher Market Value

StrategyDriven Entrepreneurship Article | 6 Ways You Can Sell an Old House at a Higher Market Value

Selling an old house can sometimes feel like an uphill battle. Older homes often have the charm and history that newer homes might lack, but they also come with their own set of challenges. These can include outdated interiors, worn-out systems, and design choices that might not appeal to modern buyers. Yet, every homeowner dreams of fetching a handsome price when putting their property on the market, especially in a city like Irving, TX, where house prices have increased by 14.1% compared to last year.

The question is, how do you bridge the gap between the age of your home and the expectations of today’s buyer? One of the effective solutions lies in strategic renovations and improvements.

1. Remodeling the Bathroom

The bathroom might be one of the smaller rooms in your home, but don’t let its size fool you. It plays a crucial role in the overall appeal of a house to potential buyers. Think about it: the bathroom is a personal space. It’s one of the first places people go to after waking up and often the last stop before bed. A clean, modern, and functional bathroom can set the tone for the entire house.

But how does one go about ensuring their bathroom meets the mark? That’s where the expertise of an Irving bathroom remodeling company becomes invaluable. They have the know-how, tools, and vision to transform an outdated bathroom into a modern sanctuary. With their help, you can address issues ranging from outdated fixtures and tiles to ensuring the plumbing behind the walls is up to par.

Moreover, the return on investment (ROI) for bathroom remodeling is generally favorable. According to real estate experts, a well-done bathroom upgrade can recoup a significant percentage of its cost in the home’s resale value. Simply put, money spent on a professional bathroom upgrade is not an expense—it’s an investment.

2. Upgrading the Kitchen

Next to the bathroom, the kitchen often stands out as a primary focus for home buyers. A well-appointed kitchen can be a joy for those who love to cook and entertain. On the flip side, an old and dreary kitchen can be a deal-breaker.

Fortunately, you don’t always need to go for a full-blown kitchen renovation to make a significant impact. Even simple upgrades can make a world of difference. Consider updating old countertops with modern materials like quartz or granite. Replacing dated appliances with newer, energy-efficient models can also be a game-changer. Even something as basic as changing cabinet handles or adding a fresh coat of paint can refresh the space.

Of course, like with the bathroom, balancing the cost of upgrades with the expected return is vital. While it’s tempting to go all out, it’s essential to consider which changes will most appeal to potential buyers and provide the best ROI.

3. Landscaping and Curb Appeal

They say you shouldn’t judge a book by its cover, but let’s be honest—first impressions matter. And in the world of real estate, the exterior of your home is that all-important first impression.

A well-maintained lawn, trimmed bushes, and a clear pathway can speak volumes. They convey the message that the homeowner cares about the property. If the outside is this impressive, the inside must be even better, right?

Beyond basic maintenance, consider adding a few landscaping touches. Planting colorful flowers, installing exterior lighting, or even adding a decorative mailbox can make your property stand out. If you’re unsure where to start, hiring a professional landscaper might be a wise decision. They can provide guidance on which plants thrive in your region and how to make the most of your outdoor space.

4. Improving Energy Efficiency

As the world becomes more environmentally conscious, so do home buyers. People nowadays aren’t just looking for a beautiful home but also one that’s light on their pockets in terms of utility bills. Improving the energy efficiency of an old house can be a major selling point, setting your property apart from others in the market.

Simple changes such as installing double-paned windows can make a significant difference in retaining heat during winters and keeping the home cool during summers. Replacing older appliances with Energy Star-certified ones not only reduces electricity consumption but might also qualify you for tax benefits or rebates. Insulation, too, is key. Ensuring walls and attics are properly insulated can prevent heat loss, leading to more consistent temperatures indoors and reduced heating bills.

It’s not just about savings, though. A more energy-efficient home reduces its carbon footprint, appealing to eco-conscious buyers who want to make responsible choices for the planet.

5. Refurbishing the Flooring

Floors bear the brunt of daily life. Over the years, they have endured spills, foot traffic, pets, and more. It’s no wonder, then, that flooring can show significant wear and tear, especially in older homes. Yet, when potential buyers walk into a home, one of the first things they notice is the floor.

Upgrading from old, stained carpeting to sleek hardwood can instantly modernize a space. If hardwood isn’t in the budget, consider laminate or vinyl, which offer similar aesthetics at a fraction of the cost. For those partial to carpeting, even just a professional cleaning or replacing it in high-traffic areas can rejuvenate a room.

It’s essential to think about the potential return on investment. While marble tiles might seem appealing, they might not fetch a return that justifies their cost. It’s always a balance between enhancing the home’s appeal and ensuring you’re making financially sound decisions.

6. Addressing Major Repairs

No one wants to buy a money pit. Visible damage or potential structural issues can quickly turn away potential buyers, even if the rest of the house is in tip-top shape. It’s essential to address any major repairs before listing your property, including everything from a leaky roof to foundation problems.

While it might be tempting to leave these for the next owner, unresolved issues can significantly lower your home’s market value. Plus, most buyers will conduct a home inspection. It’s better to address problems upfront rather than risk losing a sale down the line.

Consider investing in a pre-listing home inspection. It allows you to catch potential issues before buyers do, giving you the chance to either fix them or adjust your asking price accordingly.

Conclusion

Old doesn’t necessarily mean outdated. With thoughtful upgrades and renovations, even the most timeworn homes can compete with newer properties on the market. By focusing on key areas like the bathroom, kitchen, and energy efficiency, homeowners can significantly boost their property’s market value. In the end, it’s about making strategic decisions that cater to modern buyers’ tastes while ensuring a favorable return on investment. As you consider these upgrades, every change, big or small, brings you one step closer to making your old house a dream home for the next owner.