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Reducing Your Small Business Costs in 3 Steps

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StrategyDriven Managing Your Finances Article | Reducing Your Small Business Costs in 3 Steps | Reduce Costs | Entrepreneurship | Managing Your BusinessTo take your small business to the lofty heights of being a market leader in the foreseeable future, you’re going to have to start turning over a major profit sooner rather than later. To do this, you have to treat solidifying the money that you do make just as seriously as actually making it. It’s quite simple – if you continue to waste your profit, you won’t be able to invest it into further growth going forward.

One way you can solidify the revenue that you earn is to cut down on your overall expenditure. To find out how you can reduce your small business costs in only three steps, be sure to read on.

Rent equipment for short-term projects… don’t buy it

If you have a short-term project on the horizon, don’t squander the potential profit that you stand to make from it by buying tools specifically for it. It may be tempting to invest in a shiny piece of brand new equipment, but buying something that you aren’t realistically going to use going forward isn’t good business practice whatsoever – it’ll just be a waste of money. Instead, what you should do is rent the equipment that is essential to your work for the duration of the project only. Doing so will see you spend far less in the long run without having to sacrifice the tools that you need to do a good job.

There are plenty of ways for you to rent the equipment that you need to optimize your next project, not just complete it. If you’re in need of I.T. tools, for instance, you could turn to Smart. As stated at Smart.uk.com, this leasing company can offer your business everything, from short-term laptop rental to website hosting to a complete I.T. infrastructure that can be loaned for 12 months plus. Whatever tech you need to complete your next job, this rental service will be able to provide you with it.

Ditch your traditional landline

The days of the landline being the be-all-and-end-all of business communication are well and truly over. Today, using this kind of communicative tool will do nothing but see you pay out unnecessarily expensive annual costs. If you do anything to cut your business expenses, then, let it be to ditch your office’s traditional landline.

There are plenty of alternative ways to keep communication alive within your business, some of which include:

Switching to the VoIP phone service is a wise move. Its functionality will help you to reduce the phone bills and to improve your interaction with customers. You just need to find your VoIP provider match in terms of a plan and options and Nextiva reviews will be helpful in while making your choice.

Go paperless

The amount of money that you spend on paper, ink, toner, and all of your other printer accessories may seem minimal at the time, but it will soon add up. Before you know it, you’re spending way more than you should be spending on printing… and way more than you need to be spending, as well. There is something that you can do to cut this kind of cost right down, and that is to go paperless. Whether you decide to get rid of your printer completely, or whether you resolve to only print when necessary, transitioning to, say, a digital invoice service will no doubt see you save a lot of money going forward.

Don’t Overlook These Valuable Details Before Launching Your Business

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StrategyDriven Starting Your Business Article |Launching your Business|Don’t Overlook These Valuable Details Before Launching Your BusinessThere is no getting away from the fact that starting an entrepreneurial journey is exceptionally challenging. Provided the modern-day cutthroat competition, you are likely to keep up with several trials and turbulences along the way. Nonetheless, it could also prove to be a lucrative path. Setting up a business venture has proven to be life-changing for many entrepreneurs and not only in terms of monetary gains.

To become a successful businessperson, you have to get many things straight even before launching the company. And this is precisely where a vast majority of people go wrong and bring doom upon themselves. If you want to avoid making the same blunder, ensure to pay attention to the following factors before commencing your business:

Define your marketing strategy

Marketing is the lifeblood of a business. In today’s competitive environment, companies cannot survive, let alone thrive without it. Therefore, we recommend you sketch out a comprehensive picture of how you will promote your business even before commencing operations. Here are some of the most remarkable marketing strategies that are worth the shot:

  • Email Marketing: Email marketing is undeniably the foundation of digital marketing. Even after the inception of various digital marketing platforms, email remains the most effective channel to attract leads and eventually convince them to buy your products and services. Nonetheless, don’t make the mistake of using an old or reserved email address. Instead, create a new email address that professionally represents your business.
  • Leverage social media: Social media allows you to effectively convey your messages to a massive chunk of the target audience. Likewise, it also enables you to build a loyal community around your brand. Social media is beneficial for generating feedback, developing unique user-generated content, and addressing customer service issues.
  • Webinars: A webinar, as the term explains, is an online seminar. Lately, webinars are being arranged to drive new subscribers to your email list. You can also exploit it to establish credibility with existing subscribers. Even though they are presented in the same manner, webinars are more engaging than videos. The reason being, viewers feel that they are getting more value from a webinar because of the live Q&A sessions.
  • SEO: Search Engine Optimization (SEO) practices increase website traffic by ensuring it ranks among the top search results on leading search engines. Talking about the standout features, SEO is budget-friendly and guarantees long-term marketing success.

Figure out start-up costs

A vast proportion of businesses wind up every year just because they run out of cash reserves. So, you must determine the costs to start and maintain your business right from the get-go. For example, depending on the nature of your business, you might want to invest in a manufacturing plant. Consider the costs of acquiring the land, purchasing the equipment, machinery, and so on. Likewise, suppose you are starting a retail store. In that case, you will need to consider the cost of the store and the required furniture to decorate it.

Whether initiating a small-scale company or a giant corporation, you must have clarity about the start-up costs. Once your business commences, it won’t start churning out money immediately. It will take some time until the organization gets some recognition and becomes profitable. During this phase, you will have to bear employee salaries, utility bills, marketing expenditures, miscellaneous expenses, etc. Mapping out the start-up costs beforehand will prove viable for the sustainability of your business model.

Spend some time researching your competition

Regardless of the industry, you will not survive long in the market if you do not know about your rivals. Analyzing the competition involves getting to know your competitors, identifying their position, and assessing their pricing and marketing strategies. Alongside this, you can also pull out some case studies about your competitors from the internet to determine their strengths and weaknesses. You can evaluate their critical success factors and gray areas to exploit the market to your advantage.

Once you gather and utilize this information, you can devise and communicate your Unique Selling Point (USP) with your target audience. This way, you will not only survive but also thrive over time.

Select the right business partners

Although having business partners can be beneficial, you must first ensure they fit your venture and business scope. Getting hooked up with the wrong partners could dent your business to a great degree, or worse, the company might come to a halt permanently. To be on the safe side, you must delve into legal documentation. It will safeguard your interest in case a dispute surfaces.

Similarly, mention all the critical points in the documents, such as: Who will play what role? Do not assume everyone who forms the company has the same goals and intentions. Before agreeing to a partnership, ensure that each potential partner has written out their visions and objectives.

Likewise, you may also address in the documents how the profits and losses will be distributed? Partners usually invest money and assets into a new venture. So, before you rush to form a partnership, everyone must agree on how profits will be divided.

Create a separate business account

Undoubtedly, it seems convenient to keep both personal and business money in the same account. But it’s viable to have a separate business account considering its numerous benefits. For instance, it can be easier to monitor the cash flow by separating your personal and business finances. As a result, you can better evaluate your business’s financial situation and forecast your cash flow in the future.

On the other hand, if you make business and personal transactions from the same account, you will not get a clear picture of your finances. In all likelihood, it could make you less efficient as far as decision-making is concerned.

Conclusion

Establishing a business in today’s unpredictable and merciless environment is no cakewalk. Many factors, controllable and uncontrollable, can make or break your entire business machinery. So, being vigilant about your efforts and thoroughly studying the market before entering it is highly critical. Likewise, you must determine your marketing strategy, analyze competitors, assess costs, and tackle all the legalities before launching your business.

Turn That Frown Upside Down: Top Tips For Happier Employees

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StrategyDriven Managing Your Employees Article | Turn That Frown Upside Down: Top Tips For Happier Employees

While there are many different ways you can set out to future-proof your business, maintaining employee satisfaction is one of them. This is because employees serve as the ‘face’ of your company, interacting with your clients day in, day out. This means that they are responsible for how others perceive your brand. Furthemore, studies suggest that when we are happier – we are often more productive. This means that by focusing on employee wellbeing, you can also improve your workplace efficiency – which is another step towards success.

That being said, employee satisfaction can be difficult to monitor from an employer’s perspective. This is because while employees may voice their dissatisfaction with their peers – they are likely to do so directly to their boss through fear of being reprimanded. However, this does not mean that their happiness should not be a priority – especially if you are relying on them to help kickstart your entrepreneurial ambitions.

With that in mind, here are some top tips that you can use to guarantee employee happiness in the workplace.

  • Delegate work fairly. One of the biggest complaints that many employees have within the workplace is being overworked and under-compensated. As a result, you should strive to ensure that the amount of work they are tasked with each week is fair and reasonable. You can do this by making the most of the services available to you and your company that can take some of the responsibility off your shoulders. For example, if your company does a lot of deliveries – looking into additional trucking services means that your drivers only have to make one stop instead of 5-6, lightening their workload significantly.
  • Put together a workplace wellbeing program. There are many different reasons why your employees may be unhappy at work – some of which even relate to their personal lives. This is due to the fact that it is sometimes impossible to stop your mood from impacting your work. However, you can combat these issues by placing a real emphasis on wellbeing in the workplace. For example, you could offer support to your staff by providing them with free access to therapy or counselling services. Alternatively, you can promote good workplace wellbeing by encouraging them to reach out for support as and when they need it – whether they want to reduce their hours or take time off.
  • Be responsive to complaints. If you want to create a better workplace for your employees, you need to figure out what you are doing wrong in the first place. The easiest way to do this is to ask. However, as mentioned previously, they might feel reluctant to speak up directly to you. Thankfully, there are various ways in which you can combat this. For example, you could set up an anonymous feedback submission box. Alternatively, you could ask them to elect a member of staff to take on their complaints and discuss them with you privately and anonymously. However, while taking these steps show your employees that you truly care about them – listening is not enough. You then need to make actionable change that shows you have taken on their feedback,

Is Your Business As Safe As It Could Be?

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There are a million and one things to consider when launching or about to start a new business: staffing, products, budget, salary, vacations, clients, and so much more. But, one thing that all businesses have in common is that you, as a business owner, are responsible for ensuring that your premises, your employees, and your customers are all safe. When it comes to safety, there are so many different areas to cover that it’s easy to feel overwhelmed or scared about missing something. Not to fear, we’ve put together a simple guide to workplace safety for any new business. Take a look.

StrategyDriven Risk Management Article | Is Your Business As Safe As It Could Be?

Clamp down on cyber security

We’ve all heard too many stories about cyber theft and ransomware, and the sad reality is that they’re still out there, and no one is safe since you never know when they’ll come after you. Hackers nowadays have tactics that allow them to access files without being detected unless you have a trained eye, which is a worrying concept, especially if you’re keeping important company information. Fortunately, there are tools that you can download and install on your computer to protect you from many types of computer intrusions. While free versions of these services are excellent, they usually only cover the most common trojans. Invest in comprehensive cyber security for the sake of your company so that it remains safe and you have one less thing to worry about.

Provide training for your staff

Your team will need training on a multitude of things to ensure they’re safe in the workplace. From extensive training on dangerous machinery to how to stay safe online, you’ll need to make a list of everything your team needs to complete – and stay on top of it too. Then there’s the matter of personal safety. Have you thought about a scenario where someone gravely injures themself or becomes unwell to the point of not breathing? What would you do? Would anyone know what to do to save that person’s life? It’s a good idea to encourage your staff to get a CPR certification online so that if the worst happens, your team has the knowledge to spring into action. You may also consider taking this too as it’s useful in all walks of life.

Equipment management

Whether you and your employees are using computers or operating large, dangerous machinery, there is always the possibility that the equipment will fail and become dangerous. Most injuries caused by machinery and equipment are caused by a lack of sufficient training, therefore make sure that all of your employees are properly trained on how to use all sorts of machinery and equipment in your business. This not only protects people from harming themselves, but it also protects you if a lawsuit arises as a result of their training. You should also make sure that your equipment maintenance management is up to date so that you can rest assured that your machinery and equipment are in good operating order. Machinery is typically serviced once a year, but if you notice any changes, have them repaired immediately to avoid any injury.

Food safety

Whether or not you’ve worked in the catering sector, you’ve almost certainly come across food safety information. The essentials, whether taught in school or by parents, are to keep your kitchen and everything in it clean at all times. If you’re running a business that will be serving food, make sure you and your employees are aware of the requirements that apply to safely storing food. This will cover the temperatures at which your food should be stored, as well as ensuring that it is kept free from any substances that could make someone sick. Read up on food safety thoroughly so that you have all of the facts and can avoid any harm.

Hazards in the workplace

Every workplace has its own set of risks. There are risks waiting around every corner, whether it’s a trailing wire that no one has thought to take out of the path or someone running with scissors. Making a handbook that you and your employees have constant access to as a reminder of safety standards that must be followed is a wonderful solution to tackle this issue. When you hire new employees, give them a copy to read and sign so they can learn all of the safety standards and so you’re protected in the event of a lawsuit. While the safety of human lives is vital, you should always consider the possibility of your business being compromised and defend it as well.

Safeguarding your team

When dealing with the general public, you’re always at risk of being attacked by an irate customer. It’s a tragic fact that 425,000 employees were verbally or physically abused by customers in 2017. Make sure you have a procedure in place to protect your employees from abuse if and when the situation occurs. Signs saying that no form of abuse would be tolerated are always a good idea to post throughout your premises. Protect your employees from injury in any way so that they can continue to do their jobs effectively.

Install silent alarms

Working in a hostile environment is something that no one should have to deal with. Employees in some roles, on the other hand, may feel threatened by a member of the public. Patients in doctor’s offices, for example, will occasionally express their dissatisfaction to the receptionist. If they don’t get what they want, they can become aggressive, and you must safeguard your employees from this type of situation, whether physically or verbally. Installing silent alarms under desks will discreetly alert the rest of the team to a problem, allowing it to be rectified without harming anyone.

Install security cameras

Someone attempting to break into your business and steal merchandise or money will always be a threat to you as a business owner. Unfortunately, you never know when someone might try to break in, so it’s a good idea to invest in security cameras and alarms so that if someone does try to rob you, you and the police will be notified as soon as the alarms go off. Security cameras might also help in catching the perpetrator. They’re also useful for making sure that everyone in your building is safe at all times.

Hire security guards

If you manage a high-risk business, such as a nightclub, you should think about hiring security guards to keep an eye on the doors and ensure that everyone is safe. Perhaps you sell high-value things and are concerned about theft or violence. Hiring security guards to keep everyone secure would not only provide you peace of mind, but it will also significantly dissuade potential robbers or attackers.

Protect personal information

Finally, we addressed cyber security before, but if you’re not careful with what you enter online, it might lead to identity theft. After you’ve set up your cyber security, you should start thinking about how you’ll protect whatever information you have on your employees. It’s possible that you have bank account information, addresses, and perhaps phone numbers recorded somewhere. Keep all of your information in a secure location, such as a physical safe or a portable hard drive that you can carry with you at all times. If you’re in the medical industry you’ll have access to your patient’s personal information. Using secure programs and plenty of security measures will help keep their information safe too. You should learn more about how to avoid identity theft and take the necessary precautions to keep everyone safe.

A Management Guide To Better Written Communication In Business

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StrategyDriven Business Communications Article | A Management Guide To Better Written Communication In BusinessThere is an old saying which goes, “The pen is mightier than the sword,” and therein lies a very powerful message for modern business management.

Written in 1839 by an English author, the sentiment expressed that the written word was a far more effective communication tool than a weapon.

Written over two hundred years ago, it is a lesson that still holds good today, and it would benefit the canny business manager to spend a few moments to ponder its significance.

A low literacy crisis

A study by the US Department of Education in 2020 found that 54% of the adult population of the USA – that is, 130 million people between ages 16 and 74 – lacked proficiency in writing and were graded as reading below a sixth-grade level. When viewed in this light, the question is just how this low literacy level impacts business and the overall economy.

This rightly raises several questions and can be viewed from both the perspective of the employer and employee alike.

Do workers with lower literacy levels in positions involving a high degree of written work output and/or a requirement for high levels of reading and comprehension cope adequately, or do they become unduly overwhelmed or dissatisfied?

Email and written communication

Email is likely to be the second most widely used communication tool after the telephone system for most business concerns. For many organizations, email is likely to be the first contact a potential new client will have with the company.

Based on the quality of outgoing emails, how exactly is the business being perceived by clients and potential new customers? A poor first impression can make or break a business relationship.

Consider providing staff with a deeper understanding of the importance of good communication skills. Ensure personnel makes avail of support applications like ‘Spell Check” or a communications editor like Grammarly. An explanation of how to use grammarly can be found here. For employees involved in the preparation of business letters, contracts, or reports, serious consideration should be given to the implementation of such support applications across the organization.

Social media – the new communication mode

In addition to lower literacy levels, professional organizations also face the intrusion of modern communication culture into the workplace. The mass uptake of social media accounts and communications apps has given rise to the popular use of abbreviations and emoticons, which have steadily found their way into more formal business communications.

Whilst their usage can be deemed acceptable in friendly, informal emails or written communications, the manager should maintain a healthy awareness of general business communication standards.

Deeper staff training and awareness

Given the importance of good business communication skills, management can further assist and equip their staff by providing a deeper level of guidance and training.

Consider providing a guideline to applicable staff members outlining best corporate practices with regards to written and email structure and presentation. The use of support applications to assist staff in meeting these guidelines can be recommended within these documents.

Remember that communication is always a two-way street – assisting staff by providing a support structure can not only assist in raising the bar with client perception, but it can also potentially contribute to improved levels of employee satisfaction.