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A Guide for Business Owners: How to Protect Your Company Fleet

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StrategyDriven Risk Management Article |Protect your company fleet|A Guide for Business Owners: How to Protect Your Company FleetIf your company operates a fleet operation, protecting your vehicles is of the utmost importance. Taking on this responsibility will help your business to remain on the road for longer, which in turn will aid you in your attempt to provide a quick, efficient, and cost-effective service to your consumers.

For advice on how to protect your company fleet, read on.

Protect against collisions

Should any of your drivers, for whatever reason, find themselves involved in a road collision, you could be liable to face a whole host of problems going forward. For one, the driver may suffer substantial injuries and, in turn, be off work for a considerable amount of time. On top of that, you will be tasked with fixing your vehicle, you will have to handle your insurance issues, and you may even be forced to repair your fleet’s reputation.

Protecting against road collisions should be one of your top priorities. To aid you in your attempt to perform this all-important task, it’s advised that you invest in a vehicle blind spot camera. With a cutting-edge tech tool such as Mobileye at your disposal, your drivers will be made more aware of their surroundings while they’re out there on the open road. Amongst a slew of other benefits, this will help them to actively avoid hazardous situations while reversing.

Fend off theft

Unfortunately, there will always be people out there lurking in the shadows, waiting patiently for the perfect moment to steal your vehicular assets. If you don’t want to be blighted by the plight of criminality in this sense, fending off theft should be one of your top priorities.

There are a number of things that you can do to protect your fleet, one of which being to invest in onsite security. With trained security professionals in place, you won’t ever have to worry about your fleet courtyard being left unattended. Even at night, there will always be someone there to keep an eye on your valuable vehicles.

A dedicated security team will not, however, be enough to provide your fleet with full-scale protection. If you’re serious about shoring up your safety measures, it’s highly recommended that you utilize alarms, CCTV, immobilizers, and tracking devices. With all of this technology at hand, not only will you have the capacity to fend off theft at the scene, but you can also help to prevent it altogether.

Train your drivers

Last but certainly not least, training your drivers is another crucial task that you are advised to perform. By taking the time to educate your road-based workforce, you will clarify your exact security specifications and expectations. Ultimately, this will help your staff members to spot and avoid potentially dangerous situations in the future.

When training your drivers, remember to remind them that they shouldn’t leave any valuables in your vehicles overnight. This will drastically reduce the likelihood of your fleet being broken into.

The time, effort, and money that you have invested into growing your fleet will all go to waste if you fail to protect your vehicles, which is why you should consider heeding the above advice.

On-Demand Manufacturing: The Perfect Way to Minimize Your Risk

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StrategyDriven Managing Your Business Article |On-Demand Manufacturing|On-Demand Manufacturing: The Perfect Way to Minimize Your RiskCountless businesses benefit from traditional manufacturing techniques. These companies find they can have products produced in large quantities so they are always on hand when customers want and need them. When a company wants a custom product produced, however, obtaining a quote becomes a challenge. The buyer or engineer spends time contacting various suppliers to get quotes and answers to various production questions. Furthermore, they must negotiate the price with each manufacturer.

This process takes time and manpower. Furthermore, the manufacturing process lacks the transparency companies want and need. When a startup or small and medium enterprise moves through this process, they often find they detour from the innovation path. Fortunately, they don’t need to take this route. With the help of on-demand manufacturing, often referred to as cloud manufacturing, companies find they have the items they need and stay on track with their business goals.

What is On-Demand Manufacturing?

With on-demand manufacturing, a company only produces the goods it needs at any given time. They can request one copy of the product or 1,000. This process allows companies of any size to provide their customers with the desired product in a reasonable time frame. Startups and SMEs find this is the solution they need to build their business and expand it.

Why Choose On-Demand Manufacturing Over Traditional Options?

Companies want to know the benefits of cloud manufacturing to ensure it meets their needs. They find the process is scalable and allows them to manufacture only those items they know will sell. They no longer need to sit on inventory and pay for storage space for the products or markdown items that didn’t sell as expected. Furthermore, customers love getting a product they need promptly while paying an affordable price for it. There is also no need for the company to produce parts that will sit around waiting to be used, as they can be manufactured only when they are required to fulfill a sale.

The company can expand its product line and create unique, one-of-a-kind items. In addition, they find the need to forecast new product volumes decreases, and they can dedicate staff resources to those tasks designed to grow the business. Customer service improves as a result.

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Less Risk

Companies take on less risk thanks to on-demand manufacturing. In addition, 3D printing costs continue to decrease, manufacturing industries are modernizing, and consumers love personalized products. Startups and small to medium size enterprises benefit from on-demand manufacturing, as they employ a risk reduction strategy. What are some benefits associated with this option?

Customization

Customization options increase with cloud manufacturing, as the business finds it can make small production runs. Customization options boost a company’s sales conversions. Furthermore, companies find they can make prototypes without incurring the high cost of doing so. Prototypes often become cost-prohibitive when traditional manufacturing methods are used, but on-demand manufacturing allows a company to make a prototype at an affordable cost. The company can then determine its market acceptance and determine whether to proceed with manufacturing the item.

Time to Market

Traditional manufacturing methods lead to a lag time between obtaining the initial quote to producing the item. By the time a product makes it to market, the demand for the item could significantly decrease. Startup and small to medium enterprise businesses often find this to be a major issue. They forecast major sales for a product only to find large sums of money are tied up in products that don’t move. Faster production methods enable a business to help more customers and generate more revenue without this risk.

Decreased Costs

The cost assessment takes less time and the estimation process is simplified. The fast production times result in a rapid lead time. Businesses find this reduces their sales risk significantly. Business owners find they no longer need to place a minimum order to work with suppliers. This saves them time and money as well.

Inventory and storage costs drop drastically when a company makes use of on-demand manufacturing. Companies just starting out and small businesses need to maximize their cash flow, and on-demand manufacturing allows them to do so. They reduce the capital spent on storage, as they pay less in warehouse fees and the labor required to manage the storage. The funds saved in this area may be used for marketing, customer service, research and development, and more. All help to grow the business further.

Furthermore, the funds saved in this area may be kept in reserve. Many business owners find they have little in reserve when disaster strikes. The global pandemic of 2020 showed how important it is to prepare for anything and have funds set aside for when a problem arises. Reduced inventory requirements free up funds that become valuable in times such as those.

Transformation

Cloud manufacturing makes use of a platform-based approach. This approach continues to transform the manufacturing industry in ways people couldn’t have imagined a few short years ago. It finds ways to reduce the frustration experienced by designers and engineers in a variety of areas.

The platform provides an interface that is automated and centralized. This platform allows for simplified communication between the engineers and suppliers while eliminating delays and inefficiencies. The streamlined communication process offers countless benefits and eases the production process at every step.

Companies find they can produce products in the U.S. today that previously weren’t possible. In the past, electronic part production runs were handled offshore for a range of reasons. Today, companies in the United States take on PCB assembly and device manufacturing, among other things, thanks to on-demand manufacturing. This allows for cost savings without the worry of delays associated with international business today. The company can feel confident it will be able to deliver on promises to consumers when on-demand manufacturing methods are used.

If you have yet to consider the use of on-demand manufacturing, now is the time to do so. Companies that employ this manufacturing method find they save money while better meeting the needs of their customers. This allows them to compete against major businesses in crowded industries while boosting their bottom lines.

What Not To Do When Running A Retail Business

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StrategyDriven Managing Your Business Article |Running a Retail Business|What Not To Do When Running A Retail BusinessBeing a retailer comes with many perks. For instance, there is less liability risk as you don’t get to bear the loss of replacing a defective product. It doesn’t require significant space and initial capital, making it an ideal business for budding entrepreneurs. As of 2020, there were over 1 million retail establishments in the US, reiterating its popularity.

However, your retail business can crash if you don’t know the right steps to take. Here are costly errors to avoid when running a retail business.

1. Picking the wrong location

Except you’re running an online store, your retail business needs a good location. You may be doing your venture a huge disservice if you don’t get the right place to set up your store. For instance, it’s not prudent to open a high-end fashion retail store close to a college campus. Likewise, opening a meat shop in a predominantly vegetarian area may not get the required sales. Poor location will affect your sales, but you can also reduce employee morale, leading to high turnover rates.

Therefore, it’s best to consider certain factors before opening your store in certain locations. First, you need to determine your target market and where they are located to determine where to set up your shop. While at it, you can leverage creative design in retail to make your store more appealing to your clients. As a tip, choose a closer place to public transportation systems, easy parking spaces to improve accessibility.

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2. Undermining good customer service

Good customer service is instrumental to your retail business growth. A Salesforce research revealed that 91% of customers would patronize a business if they enjoy positive customer service. Likewise, happy and satisfied customers are more likely to promote your business to others. In other words, you get to welcome new customers without spending a dime. What’s more, good customer service can result in increased profits and improved brand image. Considering the benefits of good customer service, you may be doing your business a huge disadvantage by not prioritizing it.

Being friendly and welcoming is a good way to attract customers to your retail store, so keep this in mind. It’s also best to listen to your customers’ feedback and opinions to tailor your products to suit their needs. Also, offer personalized services to your clients, and consider sending them personalized gift cards on their birthdays and anniversaries. These seemingly small acts will make your clients feel valued.

3. Hiring the wrong employees

Although your products are great, you may still lose customers if your staff are not fit for the job. While it may be easy to hire just anyone for your retail store, you’d want to avoid that at all costs. Besides, an employee who doesn’t love to work at retail stores may not treat your customers right, leading to reduced sales. Therefore, it’s best to work with people who align with your work culture. When hiring, place the candidates in real-life situations to determine how they work under pressure.

Accelerate Your Small Business Growth With These Simple Tips

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StrategyDriven Managing Your Business Article |Small Business Growth|Accelerate Your Small Business Growth With These Simple TipsStarting a small business has become less challenging in recent years. By March 2021, the number of small businesses in the US shot up to over 31.7 million compared to about 30.7 million the previous year. Small business owners now make up about half of the private sector’s workforce. The rapid growth of this private industry presents a huge challenge in terms of competition, as business owners clamor for clients in the same market. So, how can you position your small business to accelerate growth and stand out? These tips should help.

1. Invest in marketing like your business depends on it (because it does)

Research shows that nearly half of all small business owners expect to increase their marketing budgets in the near future. From ads placements to various promotions, the sole aim of these increased marketing efforts will be to attract new customers. Although customer retention appears to be one of the prime goals of many business owners, an ability to attract new clients can quickly accelerate your small business. Investing in marketing does not necessarily mean spending huge amounts on above-the-line marketing strategies like large businesses do, as various digital marketing techniques, for example, are just as good enough.

2. Stay up-to-date with industry trends

To flourish in your industry, you must stay in your A-game. That requires having access to important industry knowledge through thorough market research, reading industry news, following market trends, and other advancements. You can also take advantage of social media platforms to showcase your expertise in your industry and build customer confidence.

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3. Branding

Another way to encourage customer confidence is by creating a brand that resonates with your target audience while setting your business apart from your competitors. You want your ideal customer to see your business as something more than an entity trying to reach for their pockets at any given opportunity.

4. Reduce your risks

A vital part of growing a small business or managing any successful business involves finding ways to minimize risks. Because cash flow and finances are the fuel that keeps businesses running, you need to ensure you prevent any form of financial disruption that might stall your business or collapse it. It’s also important to prevent risks like data theft and cybercrime, as they also have grave financial consequences.

5. Work with the right people

Your workforce is one of your main engines of growth, capable of either accelerating your business growth or slowing down business progress. Hiring a solid workforce means putting together a team that is dedicated to helping you achieve your business objectives. In addition, a good team allows you to delegate tasks to trusted hands, freeing you to focus on other important areas of your business.

Working with the right people isn’t always about hiring a team. Sometimes, the better option is to outsource tasks to an experienced team. For example, you can rely on outsourced accountants for small business instead of spending countless hours on various bookkeeping tasks.

Successful Company Culture at Work: What It Really Takes

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StrategyDriven Corporate Cultures Article |Company Culture|Successful Company Culture at Work: What It Really TakesThe world of work has changed dramatically in the last eighteen months, and as we head into a new year, there will be many companies who are looking to bring their employees back to the office or at least look for ways to improve their working culture.

Building a good company culture is not as easy as ordering a bunch of dim sum and drinking green tea, so companies must ensure that they take steps to understand what type of culture they want to foster, and then make sure that they build a company culture that is suitable for the company.

Build Motivation

While many people think that money will motivate you to work harder, it is not just about cash; it is also about your career, fulfillment, and purpose.

When asking the question ‘What really motivates people?’ you would think that putting money first was the answer given by most people.

However, most business researchers will say that money is not the most important motivator, the top three motivators are usually

  1. Achievement and recognition – A large percentage of people say that they would work harder if they got recognition through a raise or bonus.
  2. Liking your job – making the job worthwhile or enjoyable to be in is almost as important as money.
  3. Recognition – from bosses, colleagues, or teammates for good performance and effort done in the job.

Why Is Company Culture Important?

So what is company culture? A culture is a set of values, norms, and behaviors that are widely shared and accepted by the people within the organization.

The old adage “culture eats strategy for breakfast” is never truer than when you look at some of today’s best-known companies.

They have been able to create dominant company cultures that are so strong that they can eat up many other aspects of an organization where there may be strategies or ideas that could be great on paper but end up being poor practice in execution.

However, when you have a great company culture, it is much easier to attract top talent and get people to stay with your company. Talented employees are attracted by a sense of purpose, feeling valued, and getting the support they need to do their job well.

With a great culture, employees are more likely to be engaged in their work, they will recommend your products or services to others, and they may even do some word-of-mouth marketing for free on social media which can be great for your business.

The Three Main Parts Of Company Culture At Work

A company’s culture can be broken down into three main groups: Customer Culture, Organizational Culture, and Corporate Culture.

Customer Culture

Great customer culture is important for any business that wants to ensure that it has happy customers and can give them excellent service. Customer culture is something that a company should concentrate on from day one.

If a company first concentrates on deeper relationships with its current customers, then it is much easier to attract new ones.

A bad customer experience tells the world not just about your products, service or brand, but also about the type of company you are as a whole if customers are not given the support they need.

A few ways that companies can improve customer culture include:

  1. Customer service training: Get everyone in the organization to take part in the same training so that they know how to have good customer service.
  2. Empowered employees: Ensure employees are empowered and are able to help customers when they need it, even if this means going beyond their job description.
  3. A strong brand image: Make sure that frontline staff are empowered and know how they should deliver excellent customer service within your culture and brand image. This is something that needs to be emphasized at every level within the company and to be regularly reinforced through all media communication channels.
  4. Findability: Make it easy for customers to find your business and use your website. For this, it’s best to find an affordable SEO services to handle your search engine optimization, and keep your website on top for search rankings so customers can find you easily.

Organizational Culture

This is the part of a company culture that is aimed at the employees. Organizational cultures are based on key elements which can be generally separated into behavioral and cognitive factors

For instance, behavioral factors are things like rewards and achievements which help to motivate and give employees a sense of belonging within the organization. They can include:

  1. Rewards – both internal and external rewards are important, along with bonuses, cash prizes, and gifts for achievers, but also training opportunities and promotions can be valued as an achievement.
  2. Recognition – ensuring that everyone is valued and gets recognized for their contribution to the company is vital to having a great organizational culture.
  3. Support – everyone needs a bit of emotional support and encouragement when they are working, so having a good support network within the company is vital to ensuring that employees want to work harder.

Corporate Culture

Corporate culture refers to the company as a whole, not to individual employees. Corporate culture can be about core values, beliefs, and attitudes which are shared by all the employees in an organization. It may be about how managers work with staff or other external parties, or it may also cover things like relationships with clients and suppliers.

A good corporate culture can help you sell your products more easily because it is based on the company’s values, beliefs, and attitudes.

Should You Focus on Positivity or Creativity?

This is an interesting question, and it is something that companies and managers will have to debate long into the future.

There is no doubt about it, increased employee happiness has a positive effect on economic returns. So has creativity been given short shrift? Or should managers focus only on creativity when it comes to motivating employees? Is positivity more important or should we just stick to business as usual?

We have all seen many examples where people have demonstrated creativity at work by coming up with new ideas, new products, or new services. They know how good their products are, they are confident that they can sell them, and they can get the funding they require to start their business. However, in today’s competitive world, it is not enough for your ideas or products to be great, they also have to be profitable or you will not make any money.

Creativity can be a barometer of employee engagement, but it is not the only thing that matters. It’s easy to come up with ideas and pitch them internally, but in order for your good idea to turn into a profitable product, you need to work hard at turning it into a reality that your customers can enjoy and use every day.

This will require a lot of hard work on every level of your business from the CEO down to the junior members of staff.

Leading From The Top Down

For many companies, their brand image and culture are based around the top management. It is often those at the top who are most effective at communicating to staff how company values and policies should be acted on by everyone.

The top managers must be seen to be leading from the front so that employees are inspired to do a good job, as well as being rewarded accordingly. This will make them better at their jobs and more satisfied which will, in turn, lead to a positive corporate culture that attracts talent into your business.

When it comes down to it, the best way for a business leader to motivate people through their values is by communicating them clearly with all members of staff. For this, it must be communicated through a good culture (as mentioned above) as well as through training courses and performance evaluations.

Statistics indicate that recognition and rewards based on performance can have a positive impact on employees which will help to improve their work.

This may seem like a cliché, but your employees need to know that they are valued and have an important part to play in the company.

They will not just perform better, but they will feel good about coming to work every day because they know they are making a difference. You can build your business around them so that you get what you need from your team without much effort.

Interpersonal Aspects of Leadership

Interpersonal leadership refers to the relationship between leaders and their employees.

Relationships between leaders and the people that work for them are very important as they impact how good an employee is at their job, how much they are motivated, and how effective they are at doing their work.

A good leader understands the needs of their people and knows how to involve them in decisions that will help the business to be more productive.

Interpersonal leadership is essential to a company’s success, but it is not something that should be taken lightly. You need to see your employees as partners, as co-workers, as people who are performing a job that you need them to do.