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Five Essentials to Speed Up Business Processes

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StrategyDriven Process Management Article |Speed up Business Processes|Five Essentials to Speed Up Business ProcessesIn the information or data age, there have been some dramatic changes in how business is conducted and managed. There are also some basic expectations that all businesses are expected to meet and maintain. Essential modern-day business principles are discussed in this article, providing some insight as to how you can incorporate these principles to improve or modernize your business.

Quicker decision making

One of the most significant changes in how business is conducted or expected to be conducted in the modern age is the speed of transaction. The speed at which transactions are done and decisions made is faster than it has ever been before. This is primarily based on the internet and increase in speeds and widespread connectivity.

It has also seen a notable increase in the use of electronic signatures to speed up these processes. Now authorizations, contracts, and processes can be signed off on immediately through the use of one of several different DocuSign alternatives, allowing you to have the same professional services at a fraction of the costs. It is these technologies that, although simple in nature, will make a marked difference to your business professionalism when seamlessly implemented and integrated with your supply chain and stakeholders.

Connectivity technology

Without ongoing sufficient and reliable connectivity, then there can be no modern business. The internet is the source of all the data in this so-called data age, and if data is the new gold, then there can be no mining or access to this wealth without access and connection to the internet and the world therein. Research shows that at least 31% of American adults are online all the time. This is a massive market, and as such, it’s where your business needs to be as well.

Space in the cloud

There is no need for bulky onsite storage, daily or weekly backups to a portable hard drive or offsite storage that takes hours of your time. All this is and should now be immediate and seamless due to cloud computing. By accessing space in the cloud for both storage and computing power, any small business can compete with the big players out there, with the same IT infrastructure, software, and speed.

Security

The theft, misuse, and criminality related to data and information are higher than it has ever been in America. Unless you have serious cybersecurity, you and your business are likely to be a victim of such online crime. Having the most up-to-date security protocols, firewalls, and antivirus mechanisms that are updated and have the most recent definitions can save both time and money as access to the network or company data is regimented and secure.

IT as a managed service

Having all the connectivity, infrastructure, and IT know-how is fantastic for your business but will mean little if it cannot be maintained. There will be issues, and having a professional team that you can rely on to keep your business running is essential. IT as a managed service is accepted as the best way to keep your business in the fast lane, and with current cloud technology and connectivity allowances, this can be performed remotely in real-time, making downtime a thing of the past.

In summary

The modern business world is an increasingly competitive environment, and unless you have implemented and begun to use the existing technology to speed up and improve your processes, systems, and responses to the market, your business will be left behind.

A Guide to Choosing the Right Trading Platform

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StrategyDriven Managing Your Business Article | A Guide to Choosing the Right Trading Platform

If you are contemplating trading as a potential way of growing your wealth, the choice of platforms to use might appear somewhat confusing. It is not uncommon for beginner traders to wonder which criteria to apply to make the choice. While the prospect of doing it through sheer intuition might seem alluring, an informed decision will work better to establish a synergetic environment to assist you in the endeavor. That’s why we have prepared this concise guide on how you can single out the trading platform that best suits your needs.

What Is a Trading Platform?

First of all, we need to address a common entry-level misconception: a trading platform is not another term for a broker. The latter refers to a company or individual acting as an intermediary as you engage in trading. The broker will largely determine the general pricing and other terms and conditions.

By contrast, a trading company is a digital environment in which trading takes place. It is essentially a software product used to enable opening and closing positions and much more. A popular example of a trading platform is MetaTrader 5, where traders have the opportunity to explore all kinds of markets from gold to forex. It’s your trading platform that shapes the way you interact with trading partners through its set of features, which explains why it is crucial to make a fitting choice.

How a Trading Platform Influences Your Experience

The advance of technology has brought about a broad variety of trading platforms. Browser-based versus integrated platforms is probably the most universal dichotomy. This refers to where a platform runs, in which the name of standalone applications designed specifically for trading purposes is integrated. Such platforms tend to be easier to customize but also more demanding in terms of technical capabilities, while browser-based ones normally come with a steeper learning curve.

Apart from the above factor, trading platforms differ from each other in a number of ways that might be more or less vital to you depending on your goals and circumstances. The choice you make will eventually determine the experience that you have every time you need to effect a trading operation. Below is a list of aspects to pay attention to in order to select a proper marketplace based on your ambitions.

Accessibility

Given how fast-paced today’s life tends to be in every domain, the ability to access your trading data via a variety of channels is essential. With browser-based platforms, you need to make sure that they show a decent level of usability across devices. The same applies to standalone apps: check whether you’ll be able to run the platform you are considering on the go using your phone as well as from your PC.

Usability

A user-friendly interface is more important than you might be tempted to think. When the way you are supposed to interact with the system is transparent, it enables you to entirely focus on the trading process rather than spend half of your time looking for a particular feature.

Features

Speaking about features, these can be roughly classified into trading and analytical. The former category might include any or all of the following (the list is far from exhaustive):

  • the ability to create and maintain watch lists;
  • futures trading functionality;
  • stock trading.

Additionally, you can have support for advanced trading strategies and automation tools such as notifications. Analytical features include a range of reports and statistics to inform your trading decisions. They range from sector analysis to specialized newsfeeds depending on your preferences.

Pricing

The amount of money that you pay for using a trading platform is one of the factors that determines its efficiency. Regardless of whether you choose a premium option or a budget-friendly one, make sure the pricing is transparent to you.

It’s All About Staying in Control

Control is key when it comes to choosing a trading platform, and the amount of it that you want to have is usually correlated with knowledge. Would you like to watch the inner workings of trading, or do you prefer to operate on a high level? You are welcome to leave a reply and share your ideas.

How To Improve The Management Of Your Small Business

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Managing a small business can be tough if you are not surrounded by the right team or attitude. Maintaining an organized attitude and relaying that to your team will help you stay well-managed. Yet, there is more that you can do as a small business to improve everyday management.

No matter if you are looking for financial management tips or how to manage a construction team, these tips will help your small business improve its management.

StrategyDriven Managing Your Business Article | How To Improve The Management Of Your Small Business

Use scheduling software

There is no savvier way of enhancing your business management skills than with a helper, like a scheduling software application. These will help you stay on top of your tasks and schedule, which will help you manage yourself as your team effectively.

The best appliance service business software will help you stay organized. You can successfully manage jobs, clients, and appointments and never miss a deadline. It will help you stay time-friendly and make your working day more efficient. For example, if you are an appliance repair business and have various customers throughout the week, a scheduling suite will help you manage your schedule and maintain better management of your business.

Delegate tasks appropriately

Handing out tasks to employees that lack experience or knowledge of certain areas of the business might delay your processes and output. The better you delegate responsibilities, the more efficient your business will be. This will improve your management and ensure that your team is offering their maximum efforts to your business, which will help it grow and succeed.

The best way to know how to delegate tasks is by assessing your employee’s productivity for certain tasks. Or, assessing their CVs to see their strengths and weaknesses.

Likewise, you can ask them where they would feel best suited and what tasks they enjoy doing. Knowing your employee’s strengths and weaknesses will ensure that you delegate tasks effectively, which will result in a better-managed team.

Set clear goals and inform the team

Every business should have its own unique goals. These goals will reflect where you hope for your small business to be in a certain amount of time. They will help you and your team stay on the right path and work towards the goal instead of going off track.

Setting a goal should be clear and realistic. This will help you know exactly what you need to do in order to hit the goal. When you know your exact small business goal, inform your team so that they also know what to work towards.

Communicate better

The better you communicate with your employees, the stronger and more trustworthy relationships will be. If you lack communication and conversations in the workplace, then employees will find it difficult to team up to help each other.

Some employees might need help from time to time to successfully complete a task. Should they be stuck and feel unfamiliar with you or their colleagues, then they will likely struggle to efficiently fulfill tasks. The more communication that goes on, the more your employees can trust and interact with one another, which will enhance the success of your business.

Rewarding Your Team Members When They Do A Great Job

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StrategyDriven Managing Your People Article | Rewarding Your Team Members When They Do A Great Job

Working hard is an important part of life for a lot of people. It’s common for people to dedicate a lot of time and energy to their job, but it can be a challenge to do this when you don’t feel like you are getting enough back. Business owners work hard because they can see the results of their work, but those who work for someone else don’t always get this benefit. So, how should you show your employees that they are doing a great job? Let’s find out.

Verbal Rewards

Telling someone that they have done a good job is one of the best ways to encourage them to continue working hard. Many bosses neglect their employees’ needs in this area, and it is very common for workspaces to lack this entirely. Simply taking a minute to let someone know that you are very happy with their work can make them feel great. Of course, though, you need to make sure that this is spread equally.

Development Plans

Development plans give your employees the chance to assess their own work and come to conclusions on their own. You will work with them to build their plan, but they will be responsible for putting it into action. While this can highlight the poor aspects of their work, it can also help to drive them to improve.

Awards & Incentives

Offering awards and incentives for good work is a great way to encourage people to work hard for you. Many companies take this approach in the modern world, giving their team members custom medals to show them that they have done well. Different employees will respond better to different incentives, making it worth taking the time to experiment with this.

Group Rewards

Rewarding a single person is a good way to highlight their work, but whole teams often deserve recognition within a business. Giving group rewards, like meals and nights out, can be a great way to make your whole team work better together. Many companies take this approach in the modern world, but you have to make sure that those who do the most are recognized.

Free Time

Having free time during a workday can make life feel much better. You can’t let your team have time off all the time, but you can give them the chance to take longer breaks or even finish early when they work extremely hard. This can help to push them to work harder, as they will know that there is a chance that they can get out of work early.

As you can see, making sure that your employees feel rewarded for their hard work is easier than you might expect. Many companies work hard to give their team members the recognition they deserve, and this can have a very positive impact on your company’s productivity in the long run.

Online Marketplace: New challenges to overcome

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StrategyDriven Online Marketing and Website Development Article, Online Marketplace: New challenges to overcome

The marketplace model of eCommerce is one such breakthrough that allowed everyone to become a part of the new ecosystem of online commerce. There was a time when the entry of an online alternative in a market would scare the hell out of small offline retailers. The consumer behavior was changing and the prices were getting aggressively competing; it was not easy for small retailers to keep up with their online counterparts.

Then came the marketplace model that allowed even small retailers to claim a share from the multi-billion dollar pie of eCommerce. Now, instead of competing with the offline retailers, the eCommerce sites were connecting third-party retailers directly to their customers. We called this model the pure marketplace ecosystem, where the owner of the marketplace did not maintain the inventory but simply connect the people with inventories to the people who want to purchase. The marketplace was just an intermediary, which would make money from the commissions they charged on each sale generated for their retailers.

The time changed, markets evolved, competition became even harsh, and marketplaces required more innovative ways to make money than the mere commissions. This gave birth to different sub-classifications of the actual marketplace model, which still exists:

  • E-Bay: A peer-to-peer marketplace that sales only from the third-party inventories
  • Amazon: A hybrid marketplace that sales from both in-house and third party inventories
  • Walmart: A hybrid combined with the physical model to sell both in online and offline ecosystems

What’s next in the marketplace model of eCommerce?

The meaning of an online marketplace is changing as we speak. Today, the boundary that differentiates a physical marketplace from its online counterpart is as thin as a thread. The biggest names in the marketplace ecosystem, such as Amazon, Alibaba, and Walmart, have established both online and offline presence and securing major shares of the pie through their Omni-channel manifestations.

Today, the marketplace business is no more about massive catalogs of different categories of products. Instead, marketplaces are creating ecosystems for their customers. They are driving customers towards the business from all possible sides and earning customer loyalty by offering everything at one place on any channel. Take Amazon for example. Is there anything that Amazon can’t offer to a common consumer? From entertainment to finance, grocery, vegetables, electronics, home furnishing, and cloud services, Amazon is the best example to understand the rapidly evolving face of the Retail 4.0 marketplace model today.

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Is the marketplace is a profitable business idea in 2020?

It indeed is. Even the biggest entities in the market cannot cover everything. There are still numerous niches with profitable prospects for the new entrants. It certainly not an easy job to set up a marketplace and compete with the likes of Amazon, eBay, Alibaba, and Walmart. However, you don’t need to compete with them, if you identify some niche marketplace ideas. The marketplace model offers an array of benefits to the merchants and the customers, and all of them could encourage them to come along with your platform:

  • A combined channel: You could offer a hybrid channel to small retailers and merchants to generate sales from both online and offline markets.
  • Better exposure: Selling on a marketplace platform reveals new doors to the merchants who have been relying on traditional channels. They can even expand their business internationally.
  • Reduced marketing cost: Merchants need not spend a fortune to build eCommerce sites and then marketing them. They can save all these costs by simply signing up on your marketplace.
  • Established trust factors: Retailers get access to an established platform, which its customers already trust. This trust factor is induced to the sellers of the marketplace, too.
  • Competitive product prices: With so many sellers available for a single product, the prices are l always competitive. It encourages more customers to shop from your site.
  • Multiple revenue channels: As a marketplace owner, you need not depend on commissions alone to make money. You can make money from several non-traditional channels, such as showing featured products, sponsored products, and selling membership subscriptions for added benefits to sellers and the customers.

No doubt, the above benefits for everyone lay down the foundation of the marketplace model, but it’s not all breezy either. There are some pitfalls too that require strategic resolutions:

  • It’s all technology: The core that drives an online marketplace business is pure technology. From the marketplace software to web-hosting, content delivery networks, third party APIs, and compliance with the laws, everything is driven by technology. That makes a competitive marketplace setup quite expensive, complex, and workforce-extensive.
  • Chicken and egg problem: Sellers won’t board your marketplace until you have enough customers to make good sales, and customers can’t purchase until you have sellers. It makes the opening days for a marketplace business pretty complicated. You would need a significant amount of investment to market your platform, and then acquire sellers through handsome incentives.
  • Data security: When you are managing a massive marketplace with so many merchants, customers, and sensitive information onboard, there is a high risk of data security. Since the only asset you have is your platform and data, you have to be very particular about keeping it secure.

How you can start an online marketplace business?

It’s a big question – how to start an online marketplace business? There is the technology and there is business process development, both go hand-in-hand to form a complete marketplace ecosystem. If you have a business plan or a niche in your mind, you need to focus your efforts on handling the following four challenges first, and you could own a great marketplace business:

Note: You need to manage these challenges keeping your customers and sellers/merchants in thought. You can’t start a marketplace by conciliating with the needs of any of the two stakeholders.

Marketplace Software

Marketplace software constitutes your entire platform. You would need a collection of different marketplace solutions that work collectively to build your marketplace platform. One of the major constituents is – the marketplace website.

Marketplace website builder: You can develop your marketplace platform from scratch by outsourcing your project or hiring in-house developers. However, this would be a highly expensive and time-consuming undertaking. Instead, you can purchase a ready-made, open-source, multi-vendor eCommerce script to set up your platform in a few hours. There are various clone scripts in the market; you can get one of them and build your website. These scripts will provide all the fundamental features you need to build your platform. Since they offer open-source code access, you can also customize them the way you want.

Another alternative is using a free eCMS like Magento, PrestaShop, or OpenCart. However, these Commerce platforms are mainly suitable for inventory-based eCommerce sites, as they do not provide multi-vendor support out-of-the-box. You will have to purchase a corresponding multi-vendor module or extension from a third-party vendor to add marketplace features. They are open-source too.

Some SaaS solutions are also present in the market with ready-made marketplace sites. If you are ready to pay a monthly recurring fee, transaction fee per-sale, and can do with limited control over your site, this could be one of the fastest ways to build and launch your site in a day. These solutions are closed-source.

The choice is yours, you can use any of these options based on your preference and requirements. Do some research and select the most suitable option, as it would be a long-term commitment. You can’t switch your marketplace software every now or then.

Branding and Marketing

Be advised that customers don’t remember the seller but the marketplace platform itself. Therefore, every bad experience customers receive from your sellers directly affects your business image. All the discounts, Ads, and promotions, happen in the name of the marketplace platform. If you can’t get your customers to remember your brand identity, know that there is something wrong with your marketing and branding activities.

Supply-chain and Demand

The sole purpose of a marketplace platform is to fill the gap between supply and demand. Both the buyers and the merchants are your customers. You need to maintain a steady flow of demand and supply to keep both of the ends happy. Without buyers, you will lose customers and demand; without sellers, you will lose the supply-chain. Happy customers create demand, and sellers create the supply. You have to maintain an optimum balance between the two entities to succeed.

Flawless Customer Support

For both the buyers and the sellers, customer support is the most volatile constituent that might just ruin everything at any stage. There is a need for offering continuously impeccable customer support to the stakeholders. However, it cannot happen unless your sellers are supportive to the customers. You might try your best to give flawless experience to the buyers, but everything stops if your sellers don’t do their part. You must create an environment where everyone is doing his or her jobs properly. From quality control to addressing queries, processing refunds, and undertaking replacements, everything should work in harmony with each other. Consider professional grade customer service software or hiring professionals to build you efficient systems to reduce customer support issues.

To Conclude

Overall, the marketplace is a challenging business. However, easy businesses don’t furnish good returns. You can win this war with technical advancements and customer-friendly policies. If you want to create a hub of customers like Amazon and eBay, you shouldn’t arbitrate on the above four fronts. Invest in innovative marketplace software solutions, bridge the supply-demand gap, market your business, and extend the best customer support –this is the optimal way to command the new challenges of marketplace business and succeed effortlessly.

About the Author

Jessica Bruce a professional blogger, guest writer, Influencer & an eCommerce expert. She is currently associated with ShopyGen as a content marketing strategist. Jessica also reports on the latest happenings and trends associated with the eCommerce industry.

Follow her on Twitter @Jessicabruc (https://twitter.com/Jessicabruc)