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How to Manage International Expansion

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StrategyDriven Managing Your Business Article | How to Manage International ExpansionOverseas expansion represents a hugely valuable opportunity for any business, regardless of what industry they are in. Managing international expansion is a very exciting job prospect that also comes with a great deal of responsibility. This article has been created to help you understand how you can easily and effectively manage your business’ international expansion.

Create a Clearly Defined Timeline

The first step to successfully managing international expansion is to create a clearly defined timeline. With so much to consider and different factors to think about, a clearly defined timeline is key. You should outline everything that needs to be done and who is responsible for which jobs.

In your international expansion timeline, you should try to add in as many short-term goals as possible. Try to make these goals as clear and quantitively accessible as possible. Doing this will mean that you are able to measure goals as you go, which will allow you to evaluate progress and restructure if necessary.

Use Translation Management Software

Smartling describes how translation management software is key to successful international market expansion. When you are looking to expand to international markets, it is very likely that you are going to be operating in languages and cultures that and are outside of your own. If this is the case, you should be using translation management and localization software to ensure you are able to effectively communicate with your new target audience.

Outline All Rules and Regulations

When you are expanding into new markets you will likely have to consider a number of rules and regulations including, employment laws, taxation and product restrictions. Before you begin any active stage of expanding your business into a new market you need to outline all rules and regulations that might apply. Sorting these considerations out early will help you to ensure that you are not risking the future of your business by not complying with restrictions.

Use Cloud Computing and Communication Software

When you are managing an international expansion it is likely that you will work with a range of different people, possibly in a number of different countries. You should utilize the right software to ensure that the quality of communications is not limited by geographical locations.

You should use cloud computing solutions so that everybody who is working on the project is able to access all the necessary information, no matter where they are. You should also upload all relevant planning information, like your timeline and contact details of everyone involved in the project.

Using communication software can be a vital step for managers looking to maintain a high quality of communication. Communications software as the platform can facilitate a range of different types of communication, from direct message to group video meetings.

Project management software is another useful resource that managers might choose to utilize during your expansion process. Project management software can help you to stay on top and up to date with any progress that is being made in real-time, reducing the chances of unexpected delays.

The Five Key Qualities of a Decision-Maker

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StrategyDriven Decision-Making Article | The Five Key Qualities of a Decision-MakerDecision-making is one of the most important qualities when it comes to successfully running a business. Without being able to make the right decisions a business is likely to completely flounder. That’s why it’s so important to know which qualities separate a proper decision-maker from somebody who is simply coasting. Whether you are the CEO of a company but are unsure of how to proceed or you are looking to rise up the ranks of your company through firm and decisive action, you have come to the right place. Read on now for all you need to know about decision-making.

Research

A good business leader knows that no decision should ever be entered into lightly, as there can be a whole bunch of factors that could come into play once a decision has been gone into. That’s why you should make sure to do as much research as you can within the given time-frame as well as putting in the time to learn key skills and insights about the business. For key learnings about how to get better insights into your business, you should check out the services of a small business consultant today.

Listening

Listening is often an underrated part of the decision-making process, but the best CEOs know that they are not so often operating autocracies, but take all ideas in-hand before finally committing to a final decision. Take the example of the long-serving chancellor of Germany, Angela Merkel, who is often praised for her ability to listen to everyone before finally taking her own initiative.

Understand Risk

All decisions are about balancing risk in some way. After all, no matter which decision that you make in the end, you might encounter some difficulty along the way. By doing your research and understanding all the different risks involved, you will be able to make the best possible decision possible for your business.

Deliberation

Only the worst decision-makers jump rashly into a new business plan. It is worth fully deliberating and taking your time before you decide to commit to an idea. The worst decision you can make is a quick one, as this can definitely backfire. Remember it’s always better to not do something risky than to commit at all, meaning that you should be aware of all the different outcomes before making that final commitment.

Decisiveness

Intense deliberation should never be confused with indecisiveness. Instead, it is about weighing up options before committing to one. This mean that eventually you want to be able to make a key choice, good or bad, to allow the company to move forward. One of the worst options is to take too long to come to a final conclusion as this can slow down company processes completely and also cause your employees to start making decision themselves without your authority. Instead, once you have an idea of what you want to do, it’s important to take the lead, make that decision and then be responsible for any possible outcome.

The Best Software to Improve Operational Efficiency

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StrategyDriven Tactical Execution Article | The Best Software to Improve Operational EfficiencyOperational efficiency is the process of delivering quality services with fewer resources. The more high-quality output you can produce with limited input, the more you can sell and the better able you are to serve your customers. When your business is able to maintain high levels of operational efficiency the more profit you are able to make from a project. So, with all the benefits offered, all businesses should be looking to improve their operational efficiency today.

Accounts Payable Automation Software

AP automation software can help you to improve the operational efficiency of your accounts processes. No matter the size of your business or the scale of your operations, you will benefit from using an AP automation system. The software helps you to automate every related process, from invoicing to manual checks, helping you to save both time and money.

Problems with cash flow and accounts can cause issues above and beyond operational efficiency. For example, when you experience issues with accounts and your staff are not getting paid on time, this can lead to low morale, poor worker wellbeing and increased staff turnover.

Chatbots

Chatbots are another very valuable piece of software that businesses can use to improve their operational efficiency in their customer service teams. Chatbots can be set up to answer many routine customer questions, which means that staff can spend their time on more critical tasks.

Not only does using chatbot technology help you to improve the operational efficiency of your customer service teams, but it also benefits your customer relations. The average customer expects an answer from a customer service representative instantly, which means, within 10 minutes from making contact. Chatbots will provide customers with that instant response they desire no matter the time of day, or day of the week they are contacting you.

Employee Engagement Software

The term employee engagement is used to describe the relationship your staff have with their work and your organization. An engaged employee is absorbed in their work and will go above and beyond to further the interest of the organization they are working for. In contrast, a disengaged employee will do the bare minim work and is either apathetic to the organization or might actually try to harm the business’s reputation.

Using employee engagement software can help you to track levels of engagement in your organization. This can help in everything from task allocation to hiring, all of which can help to boost operational efficiency.

Project Management Software

Project management software is another hugely valuable tool that you can use to improve operational efficiency in your business. Project management software enables you to track the progress that is being made with all staff members that are involved in the project.

When managers have access to the up-to-date information that is provided by the software, they are better able to identify potential drains on efficiency. When you are able to identify when progress is not being made as expected, you are able to make changes early on.

5 Effective Ways to Maximize Your Digital Marketing ROI

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StrategyDriven Online Marketing and Website Development Article, 5 Effective Ways to Maximize Your Digital Marketing ROI

In order to get the most out of your marketing budget, you need to constantly monitor the performance of your campaigns to ensure you maximize on ROI. There’s no point investing in ads that aren’t working to target the right customers or keywords that aren’t drawing in traffic, for example. It’s essential to analyze your campaigns using the appropriate metrics and tools. It’s also worth educating yourself on the latest trends, techniques, and customer behaviors. Here are five effective ways to maximize your digital marketing ROI.

Outline measurable goals

Set measurable goals for your marketing campaign. These could be anything from number of conversions, click-through rates, or number of reposts on social media. This will help you tailor your campaigns to specifically meeting these targets. Without clear goals in mind, it’ll be more difficult to design marketing strategies that work. Here is a complete guide on how to set and achieve marketing objectives.

Improve your digital marketing skills

It may be worth improving your knowledge and digital marketing skills. You could even study a course such as an online mba in digital marketing or something a little more short-term. The more knowledge you build on different digital marketing strategies, the more equipped you’ll be to leverage this for your business. You could also consider researching your competition to find out what strategies are working for them. Gather as much information as possible to help you achieve your marketing goals.

Automate certain tasks

Many small businesses are enjoying the benefits of automation technology. You can automate plenty of repetitive marketing tasks such as sending out personalized email campaigns, retargeting ads, posting on social media, and more. This will save you time and resources. You can then focus on monitoring and improving your digital marketing strategies and other more complex aspects of running your business.

Focus on the right metrics

Many people fall into the trap of using the wrong metrics to measure the progress of their digital marketing campaigns. These can end up distracting you from your business goals and throwing you off focus. The metrics you use will depend on the type of campaign you’re running, your target audience, and your objectives. There are certain metrics that are worth tracking, however, including click-through rate, engagement rate, and reach. Other types of metrics may not directly correlate with your business goals or increasing revenue.

Monitor your performance

It’s worth investing in the best predictive analytics tools to ensure you efficiently monitor the performance of your digital marketing campaigns. These tools will use data to help you make forecasts for the future. They look for emerging patterns and behaviors and can even predict the ROI of your marketing campaigns. With social media, for instance, predictive analytics can help you decide which content to most and when according to the specific preferences and habits of your target audience. It’s essential to take advantage of all the tools and resources available to you. This will help to ensure you maximize your digital marketing ROI.

How To Take Your Business From ‘Small Fry’ To ‘Big Fish’

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Right now your business is small. You love what you’re doing and where you’re going but you’re starting to wonder how you can progress your business success more quickly. Being a small business is great but if you’re someone who aspires to go from ‘small fry’ to ‘big fish’ then you’re probably wondering what it takes to give your business the boost it needs.

Growing and developing a business isn’t always simple or straightforward, as there is a lot to think about, from budgets to planning. You have to think about a wide number of things if you’re serious about expanding your business. It’s stressful growing a business, that’s a given, but if you get your approach right, it’s worth taking the time and putting in the effort.

StrategyDriven Managing Your Business Article | How To Take Your Business From ‘Small Fry’ To ‘Big Fish’

So, what steps should you take to start growing your business? Below is a guide to some of the ins and outs of achieving successful business growth.

Create an action plan

First things first, if you want to give your business a boost and actually see results, you need to create an action plan. Your plan of action should lay out the approach that you are going to take to growing your business.

It’s best to set large targets with a number of small goals leading to each one – this approach makes achieving growth seem more doable. You don’t want to set overly ambitious targets as this can make them seem impossibly difficult to reach. Instead, aim to keep goals achievable – remember, you can always exceed them.

Speak to a consultant

If you feel like you could benefit from some professional advice about any area of your business and how to utilise that to see growth, consider booking an appointment with a specialist consultant. Whether that’s a general business consultant or with a consultant from a more specialised field, such as speaking to a finance consultant.

If you’re struggling with a certain area of your business, such as your brand’s marketing, for instance, then you might want to consider expert marketing consultation. You might find that taking the time to speak with a specialist gives you the insight and knowledge that you need to give your business the boost it requires to meet your goals.

Work smarter, not harder

Be a smart worker, not a harder worker. Yes, growing a business requires a lot of hard work, but that doesn’t mean that you can’t be smart about how you achieve business growth. Don’t be afraid to utilise smart tech as a means to an end for your business. Believe it or not, you can use smart tech to make managing your business processes simpler and easier – you can simplify and automate your entire operation.

There you have it, a simple guide to how you can make achieving business growth simpler, easier and more doable. Take note of the tips and ideas above, utilise them for your business and you should be able to make growing your business into a ‘big fish’ a little easier to achieve.