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Managing your money as a startup: 5 things to consider

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StrategyDriven Managing Your Finances Article | Managing your money as a startup: 5 things to considerIn business, getting going can often be the hardest part. On average, over 20% of startups go bust during their first year. That’s why keeping on top of your money is so important. Businesses that look after their finances are much more likely to survive. Here are five important things to consider when managing your money as a startup.

1 – Take a paycheck

Don’t front all the cash yourself. Before starting up, talk to your potential co-founders about how you will work out who puts in what. You may not have money, but that doesn’t mean you shouldn’t be paid for your time, especially if you are taking a lower salary to save money for the business. Make sure everyone has an interest in the venture and doesn’t just work for free.

2 – Understand your overheads

The most common mistake when it comes to working on a budget is leaving out overheads. When planning your expenses, be realistic. Things will go wrong – computers will break down, there’ll be unavoidable decorating bills, and staff costs can spiral out of control if you aren’t careful.

3 – Monitor your performance

Once you’ve started up, there are going to be times when your finances seem like a constant struggle. Every month should have its own spreadsheet so that you can keep an eye on where the money is being spent. If things go wrong, it will be clear why. This way, you should be able to fix any problems and stay ahead of the curve.

4 – Keep on top of invoicing

It’s all very well having a good financial structure, but it won’t do you any good if you can’t get your money in on time. Get in the habit of being on top of your accounting from the very beginning rather than waiting until it’s too late. Here are a few important things to consider when invoicing:

  • Working with an ISO vs. Third-Party Payment Processing Company – there are pros and cons to both approaches, so make sure you do your research to learn the differences before choosing which option works best for you.
  • Invoice numbering – different companies have different ways of tracking order numbers and invoices. Remember to brush up on these before you start trading.
  • Paper or digital – a lot of customers still prefer a printed copy. However, paper costs more and is less environmentally friendly. It’s best to find the right balance before opening your business.

5 – Invest

You do need to make money, but don’t forget that this is not the only goal. A good business will run itself smoothly. If you can reinvest profits back into the business, you can grow much faster than if you just let the money sit there. Even though it might seem scary at first, try not to focus too much on the present and think about what you’ll be able to achieve in the future if you invest wisely.

If you follow these steps, managing your money should be easy, and your startup should go from strength to strength.

3 Secrets to Making Your Auto Parts Store a Success

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StrategyDriven Managing Your Business Article |Auto Parts Store|3 Secrets to Making Your Auto Parts Store a SuccessOwning an auto parts store is an exciting business venture. However, just having a passion for automobiles isn’t enough to draw in customers. Going above and beyond to make the store stand out from the competition is a must. Here are three proven ways to turn an average auto parts store into a booming success:

1. Contract with Dependable Suppliers

In-demand auto parts shops always have well-stocked shelves. After finding used madix shelving for sale, it’s crucial to keep it filled to the brim with the hottest products. That’s why finding the most reliable suppliers is of the utmost importance. After all, if the store doesn’t have what the customer wants in stock, they’ll just head elsewhere. No business owner wants to lose a sale because of an unreliable supplier.

When it comes time to choose suppliers, it’s best to shop around. Ask about product turnaround times, minimum purchase orders, and possible shipping disruptions. Don’t be afraid to back out of a deal if the supplier can’t meet the shop’s needs. The right supplier will do everything possible to ensure their retail clients have enough products to meet customer demand.

2. Know What’s on the Shelves

Having the best suppliers does no good if the store owner doesn’t keep track of their inventory. As an auto parts store owner, it’s wise to keep an eye on the top-selling products. For instance, if jump-starters or GPS trackers start selling out, it’s a good idea to increase inventory orders for those products. The most successful retailers also know how to pair different products. They might suggest a water repellent treatment whenever a customer purchases new windshield wipers, for example.

Owners should routinely monitor inventory statistics. This includes keeping track of popular brands and types of auto parts, such as BMW parts, to ensure the store is meeting the needs of its customers. These stats will show which products sell out the fastest, and it will also help owners monitor for product loss. Having a computerized database with help streamline this task. Moreover, recognizing inventory trends gives brand owners more negotiating room with suppliers. If a particular product moves more than others, it may be time to talk with the supplier about a bulk discount.

3. Create a Marketing Plan

While there is always a need for local auto parts stores, there is also a lot of competition within the industry. Analysts forecast the US automotive aftermarket will reach $445 billion by 2023. That statistic proves the demand for innovative auto parts is at an all-time high. The stores that will make the most money know how to effectively market to their audience.

Marketing needs to reach the target consumer. Years ago, most businesses relied on television spots and print ads to promote their services. However, online marketing is now the best option for auto parts stores looking to grow their customer base. Well-known stores all have company websites and social media profiles. These tools make it possible to connect with potential customers from all over. Marketing helps brands become automotive industry leaders, and the stores will generate more money as a result.

Prepare for a Successful Ride

Many auto parts stores compete in the same space, but some will prove more successful than others. Contracting with the best suppliers, recognizing inventory trends, and developing a marketing plan will help take any auto parts store to the next level. After implementing these proven secrets, brands will notice an influx of customer interest and an uptick in sales.

How To Succeed As A New Teacher

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StrategyDriven Professional Development Article |Succeed as a New Teacher|How To Succeed As A New TeacherBeing a teacher is a rewarding career to have. You’re helping others and giving back to your community. As a new teacher, you may have a lot of questions on your mind.

While you may be excited about your role you might also be a bit nervous and hesitant to get started. Your goal should be to have a positive attitude and do all that’s in your power to ensure you and your students succeed. Continue reading to get tips that will help you thrive and perform your best.

Plan Ahead

You can succeed as a new teacher by planning ahead for each school year. Map out what you want your students to learn and what type of material you should be covering. Come prepared to class each day by reviewing some lesson plans such as these https://studentreasures.com/teachers-lounge/lesson-plans/. It’ll help you structure your classroom and make sure you keep learning fun, engaging, and interactive.

Gather & Listen to Feedback

Succeed as a new teacher by being open to hearing feedback from others. Instead of taking it personally, use it as an opportunity to improve and do better going forward. Not only gather feedback from your students but also from faculty and parents. Take it to heart and listen to what these people have to say so you can do a better job in the future. It’ll help you get to know your strengths and weaknesses better and help you focus on improving in a few particular areas that will truly make a big difference in your teaching skills.

Be Available

As a new teacher, one of the best ways to make a difference in the lives of your students is to be available. Let your students know when they can talk and meet with you and be around during breaks and the lunch hour if necessary. Have an open-door policy and let your students know that they can always come to you with a problem, question, or concern. Get to know your coworkers and the faculty and your new school so that people can get to know you better and feel more comfortable working with you.

Practice Work-Life Balance

Although you want to succeed as a new teacher, it doesn’t mean you should neglect your own needs or health. Therefore, be committed to practicing work-life balance and making sure you leave plenty of time for hobbies and time with friends and family. Take advantage of any free time you get on the weekends or evenings to participate in activities you enjoy or that make you feel calm. Learn productive ways to reduce and manage your stress so you can be at your best each day for your students and not take action or say words you later regret.

Conclusion

These tips will help you succeed as a new teacher and ensure you enjoy your role. You’ll have a much better career and time teaching when you’re committed to excelling and doing a good job. Take pride in your work and remember to acknowledge your small wins along the way that will ultimately add up to you being a successful teacher overall.

3 Safety Measures For Manufacturing Facilities

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StrategyDriven Resource Management Article |Manufacturing Facilities|3 Safety Measures For Manufacturing FacilitiesFeeling safe is an important aspect of life. Being safe at home, on the road or in a job, are factors that everyone desires to have. Since being safe and feeling safe are both highly sought after, society has developed procedures for almost everything that we do. Included in this is workplace safety.

Workplace safety is important. It ensures that all employees know how to work safely, avoid any accidents, and reduce the risk of coming into contact with any harm. Understandably, there are certain industries in which the workplace is more dangerous. They will also have a higher risk rate than others. In these environments, such as a manufacturing facility, the term “safety first” is more than just a well-used phrase.

These are a few safety measures to implement in a manufacturing facility that can help to protect the safety of all those involved.

Conducting Risk Assessments

To protect yourself and your employees, you need to be constantly aware of all the things that could potentially go wrong. You will also need to know what you can do, as an employer, to prevent a dangerous situation from occurring. For instance, avoid taking unnecessary risks and remain calm should you find yourself in a dangerous situation.

Every company should conduct a risk assessment as a way of identifying and preventing work hazards. Some companies go a step further and have a safety officer. The role of the safety officer is to recognize and analyze hazards within the workplace. Having a thorough investigation means that both you and your employees are aware of the risks and know how to avoid them.

Ensuring Electrical Safety

Handling electrics, whether it be circuit switches, reactors, breakers, or transformers, can be risky if not performed properly. If an issue were to occur, your workers need to perform maintenance safely. One of the best ways to do this is through a group operated disconnect switch.
With a group operated disconnect switch, it allows workers to confirm where there is an open-air gap exists within their electrical sources. Using a group operated disconnect switch, they can safely perform emergency maintenance or routine check-ups as and when needed.

Knowing How To Operate Heavy Machinery

Within a manufacturing facility, employees will more than likely be in contact with heavy machinery. Each piece of machinery should be in working condition. It should also have all of the manufacturer’s safety guards correctly installed. Whenever a defect or malfunction is detected, immediately contact the maintenance department, and review the instruction manual.

Despite being a common risk, hazardous manual handling remains an underrated risk in too many industries. A general rule is, if you have not undergone proper training in the technical aspects of operating a piece of machinery, do not use it.

Putting Safety First

Every company, regardless of the industry that they operate within, should ensure that their employees are well aware of the safety procedures in place. They should also ensure that the work environment is safe.

All employees should feel safe when entering work at a manufacturing facility. They should not need to worry about working in an unsafe environment. Ultimately, with factory work, the consequences have the potential to be severe.

Preparing Your Store so You Attract Customers and Keep Them Coming Back for More

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StrategyDriven Managing Your Business Article | Preparing Your Store so You Attract Customers and Keep Them Coming Back for MoreTake in every part of your business, from the dingy store counter to the floors that have clearly seen better days. If your first thought is about how your business needs a makeover, keep reading for tips on making your space seem fresher while following the ADA guide, and keep your customers coming back for more.

Lighten the Rooms Up

When you walk into a dark space, you feel that you have no options. Unfortunately, many people don’t like this and will leave a store that is too dark. This can be costly for your business, especially if repainting isn’t an option that will help. Fortunately, the easiest way to brighten up a room is to tackle the floors.

Often, hardwoods can become dirty easily but are still salvageable. They need a good cleaning and refinishing. If you have painted concrete, you can also give this an update. Your first option is to repaint it with a lighter color and keep it clean. Or, for a lower maintenance option, you can install linoleum or similar material over the concrete. Just remember to keep the floor in touch with your main theme.

Move the Counters

One of the biggest problems stores face is the layout. Sometimes things are arranged in a way that cuts off sightlines and makes walking around confusing. Plus, many stores place their displays too close to the walls, which cramps up their counter attendants. If these problems sound familiar, you should consider investing in smaller counters, such as the ones Hestra offers, that can be placed in the center of your shop. That lets customers easily walk around your counters.

Start this process by setting up folding tables where you want your counters to go. Then, think about where you will place all your items. You don’t want anything important to be stashed into an unfrequented corner. You also want to avoid allowing anything to block your customers’ line of sight. Lastly, ensure nothing offputting is located at the entrance to your store. Remedying these problems can freshen up your shop’s layout, making it more attractive to customers.

Get Some Coolers Up and Running

Call your local distributor and have some coolers brought in. Have plenty of space that offers cooled items, whether it is fresh produce or something else. Many people are thrilled to see local products, such as cheeses, to snack on after shopping. When you figure out what cool products you want to offer, make sure they have enough light.

Don’t be afraid to paint your coolers, so they match your shop’s theme. Then, keep them out in the open, but don’t block your customers’ lines of sight. Also, get rid of any unnecessary racks for merchandise. At first, this may sound like a bad idea. However, having too many racks can make them get dusty and leave your inventory spread out, which can make your store appear old. Instead of relying strictly on racks, try fun ideas, like hanging merchandise on the walls. You can also try built-in options which may make your space seem more homely.

Give the Space a Makeover

Aside from these, figure out ways to make your space cosmetically appealing. The easiest things to do include figuring out ways to let more natural light in and painting the walls. Also, during your makeover, clean every surface thoroughly. Finally, if you’re changing the layout, think about how you want people to walk through your stores and place your displays accordingly. At the end of the day, make sure you highlight all of your products and that they are well lighted. By the way, lose the spinning racks because they will date your store.

Get Rid of Some Merchandise

If you want to bring in the new, get rid of the old. Even if you love something, don’t keep it in your store if it doesn’t sell. Instead, mark it down and don’t restock those items. They are simply a waste of space on your shelves.

Sometimes, it takes work to get your shop set up properly. However, taking the time to freshen up your space will help you attract new customers and keep them coming back to visit. So get started on your store’s makeover today.