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What Are the 10 Economic Factors That Affect Your Business?

StrategyDriven Strategic Planning Article | What Are the 10 Economic Factors That Affect Your Business?As much as one might believe the success of their business solely relies on the work they put into their business, there are many outside sources that come into play. Check out examples of external forces in this PESTLE analysis examples article. Inevitable economic factors, for instance, can make or break your company. Below are several examples of ways your business can be impacted by the state of the economy.

1. Supply & Demand

One of the top economic factors that affect business is consumer supply and demand. As the demand for certain products or services increases, the supply for such begins to decrease. This can lead to inflation, which increases the monetary value of such items until (and if and when) the demand decreases. Some businesses might struggle to keep up with the demand.

2. Recession

A recession can trigger layoffs, higher prices, a surge in unemployment, and as a result, lower consumer spending. In turn, businesses may struggle to bring in sales.

3. Minimum Wage

An increase in the current minimum wage increases how much a business must spend on staffing employees. As labor costs increase, this might lead to lay-offs. In severe cases, a business might have to shut down completely if they can’t keep up with the costs of labor and still bring in good profit.


4. Laws & Policies

Laws and policies set by the government surely affect businesses. If the government, for instance, decides to ban a certain product from being sold, this immediately impacts any business who’s selling it.

5. Inflation

As consumer demand increases, this leads to the increased costs of goods. Inflation directly affects the money supply and purchasing power.

6. Tax Rate

The current tax rate, whether it be sales tax or a special tax levied on certain goods or services, can affect the total price a customer must pay when buying from a company.

7. Government Activity

Government activity such as promoting a certain industry or removing trade barriers can either decrease or increase a business’s overall success. Such activities can change consumer demand, increase competition, or lower/increase business expenditures.


8. Interest Rate

If loan interest rates increase, this decreases a nation’s cash flow and lowers its liquidity. The opposite is true if interest rates decrease.

9. Unemployment

The higher the unemployment rate, which often comes with a recession, the harder it will be for a business to keep up with supply and demand. In extreme scenarios, sometimes businesses have to increase wages/benefits to encourage more people to apply and to stay with the company.

10. Exchange Rate

The current exchange rate has a direct effect on international payment. Thus, it can change the prices of goods, as well as the demand for such goods to international customers.

Conclusion

The economy has an effect on each of us in some shape or form. Economic factors, from inflation, to unemployment, to a change in the tax rate, can impact businesses of all sizes. In the end, we must work with, not against, the current economic state if we wish to start or continue to run a successful company.

 

How you Can Find the Best Employees for Your Business

StrategyDriven Talent Management Article | How you Can Find the Best Employees for Your Business

In today’s competitive job market, it can be difficult for employers to find the perfect candidate. As a result, those hoping to hire new staff members need to think outside the box when developing recruitment strategies. It’s especially true for small businesses that might not have the budget for a third-party agency or an in-house HR team. Here are some hiring tips for employers that will help you find the most qualified applicants for the job opening at your company.

Research the Market

Before looking for new employees to join your team, you need to understand the market. Find out what skills are in demand in your industry and region. You may want to conduct a skills gap analysis to see if there is a lack of specific skills in your area. This will help you determine which positions you should hire for and what you should pay for those roles.

You likely have a recruitment strategy for hiring employees, but you also need to ensure you are not missing any opportunities to hire the best talent for your company. Therefore, you may want to consider hiring an external recruiter for assistance. A recruiter can be a helpful resource, especially if you are looking to employ senior-level employees and you are having trouble finding candidates for your open positions.

Use the Internet

Alongside hiring a recruiter, there are specialized online tools that help employers, and new hires get connected. For example, Timberseed recruitment allows you to manage every stage of the hiring process, from sourcing candidates to working job offers.

Websites like this also help to keep you compliant with hiring laws, so you don’t risk being fined for making hiring mistakes. These systems can also help you to screen out unqualified candidates and schedule interviews.

Hiring Events

Looking for new employees at a hiring event can be a great source of talent. It may be worth partnering with your local Chamber of Commerce to host a job fair in your company’s name. A career fair can help you to find the best candidates in your area. You can also attend a job fair in your state to source candidates from a wider area. That may be a way for you to find candidates who might not be applying to your job postings online because they don’t meet the minimum qualifications. These events are often free to attend and can be a great way to connect with potential candidates.

Utilize Social Media

Social media platforms can be an excellent way for you to source candidates and reach a wider audience. You can also use these sites to interact with potential employees and get your company name. In addition, it’s a great way to target younger demographic groups, people looking for remote work, and those who might not be actively searching for a job.


Ask Current Employees for Help

Asking your current employees for help is a great way to find candidates who are a good fit for the company. They can refer candidates who they think would be a good fit for the company and will likely know who is interested in the job opening. You can also ask current employees if they would be willing to take the job posting and pass it along to others who may not know about it. You can grant bonuses to employees to bring in other long-lasting employees.

Make Your Job Ad Shine

You may consider hiring a professional to help you write your job ad. That is especially true if you are hiring for executive-level positions. Your job ad should include all the information candidates need about the situation, including the company culture, vacation policy, and pay scale. You should also have information about the hiring process and where applicants can go to apply for the job.

Conclusion

Finding suitable candidates for your job openings can be difficult, especially if trying to hire entry-level employees. However, you can make the process more efficient, less stressful, and even more fun. Well-qualified candidates are out there, and they want to work for your company. Though it’s up to you to find them, nowadays, it’s easier than ever.

How Can You Free Up The Time To Focus Outside Of Your Core Competencies?

StrategyDriven Managing Your Business Article |Free Up Your Time|How Can You Free Up The Time To Focus Outside Of Your Core Competencies?All business leaders, and the businesses they manage for that matter, have strengths. These strengths are known as ‘core competencies,’ that is the mainline tasks, priorities, and unique selling points you offer as a firm.

So for example, you may imagine that a dairy farm is excellent at farming, harvesting, providing a good yield, crafting dairy products, and shipping those products to business-to-business clients or customers.

Their core competencies may not involve marketing. As such, they may use outsourced aid to craft a marketing package and develop their branding properly. Would it be prudent for them to generate a marketing department? Perhaps not, this may only become necessary if they grow to a point where structuring this in-house core competency would be essential.

However, not everything can be outsourced perfectly to another department we may a healthy sum to. Sometimes, we have to find a solution in-house, freeing up time to do so outside of our core competencies. But how can that be achieved? Let’s consider that below:

Effective, Simple To Operate Security Systems

Security is an approach we should focus on, of course, but it might not be that your modest business can really justify hiring a private security firm to watch every element of your business 24/7. This is why essential integrations like Access Control Systems can help you gate access, make certain that security is assured, and also seamlessly integrate those measures so your business is easily secured and operable by its staff. Effective, simple, and easy-to-operate security systems mean that safety and security doesn’t have to be a provision you half-focus on, but a worthwhile element of your daily operation – integrated properly.


Booked Training Days

Booking dedicated training days as an essential element of your core staff onboarding and training refresh should be factored-in to your general staff development measure. Sure, this might cost money and time, but it reduces staff turnover, allows you to hire internally for promotional positions, and grants you the chance to switch up the working year for your most cherished employees. Not to mention onboarding them on courses can bring all kinds of skills, like teaching public speaking, renewed compliance measures, or integrating a business-wide approach to cybersecurity.

Software Implements

Software that saves time and money will always be something to appreciate, even if it can feel as though an automated option takes the power out of your hands. So for example – site-wide cloud storage and communicative platform, like Google Workspace to use a major platform example, can help you keep all of the disparate communications and terminals unified as one. In some cases, integrating booking, ordering or client-handling software can help you provide a seamless and better experience for those who interact with your firm. This easy formatting and portable use can save your staff time, too, which again enables yu a more focused approach towards your core competencies.

With this advice, you’re sure to free up the time to focus outside of your core competencies going forward – and you’re more likely to see the benefit as a result..

Drive Your Taxi Business to Success with These Top Tips

StrategyDriven Managing Your Business Article |Taxi Business|Drive Your Taxi Business to Success with These Top TipsTaxi businesses provide an essential service to communities all over the world. Whether it’s getting people to and from work, taking them to appointments, or helping them get home safely after a night out, taxis play a vital role in keeping cities moving. If you’re thinking of starting your own taxi business, or you’re already running one and looking to improve your operations, then check out these top tips.

1. Know Your Local Market

The first step to proper success is understanding your local market. What are the demographics of the area you’re operating in? What is the average income? What is the demand for taxis like? Knowing the answers to these questions will help you to target your marketing efforts and make sure that your business is meeting the needs of your local market.

2. Invest in Quality Vehicles

Investing in quality vehicles is essential for any taxi business. Not only do you truly need to make sure that your vehicles are comfortable and safe for your passengers, but you also need to ensure that they’re reliable and easy to maintain. Investing in quality vehicles will help to keep your running costs down and make sure that your business is providing a high-quality service. You can find quality vehicles online at sites like cabdirect.com but make sure you do your research and compare prices before making a purchase.

3. Hire Quality Drivers

Your drivers are always the face of your business, so it’s important that you only hire drivers who are courteous, professional, and reliable. Make sure you carry out thorough and specific background checks on all your drivers and only hire those who have a clean driving record. It’s also a good idea to invest in some driver training to make sure that your drivers are up to date on the latest driving regulations.


4. Use Technology to Your Advantage

Technology can also really help you to streamline your operations and make your business more efficient. There are several apps and software programs available that can help you to dispatch drivers, track vehicles, and take payments. Investing in the latest technology will help you to improve your service and make your business more successful. In the end, happy customers are honestly the best advertisement for any business.

5. Focus on Customer Service

Your passengers are the people who keep your business running, so you must focus on providing an excellent level of customer service. Make sure your drivers are friendly and helpful and that your vehicles are clean and comfortable. If you can provide high-quality customer service, then you’ll be sure to attract repeat business. Also, don’t forget to ask your passengers for feedback so that you can constantly improve your service.
By following these tips, you can be sure that your taxi business will be a success. Just remember to always put your customers first and focus on providing an excellent level of service. The rest will follow. Also, make sure you keep up with the latest industry news so that you can stay ahead of the competition. Good luck.

How To Retain Professionalism as Hybrid Employees

StrategyDriven Practices for Professionals Article |Hybrid Employees|How To Retain Professionalism as Hybrid EmployeesThe world of work has been irrevocably changed, and we’re unlikely to ever see a return to full-time office life ever again. But with every adaptation comes a new set of challenges, and when you’re moving from office to home during the week, the lines between your personal and working life can become blurred. It’s important to retain the right level of professionalism when you’re working, but that can be hard to do when you’re working from home.

So how do you ensure that your interactions with colleagues and clients are as professional as they would be if you were in the office?

Use the right channels of communication

When you’re in the office, you can pop by someone’s desk or catch them on the way to a meeting to discuss that task or project. But when you’re all working remotely, it’s easy to let the channels of communication fall by the wayside.

Since remote working often means flexible hours and asynchronous communication, ask your colleagues how they’d like to be communicated with, so you can be sure you’re reaching them on channels they’ll check regularly. It ensures that everyone can be reached easily, but that boundaries are in place to avoid feeling like you have to be connected on every platform 24/7.

Foster inclusivity

Building a fairer workplace is the responsibility of everyone involved, but it can be complicated when you’re working as part of a hybrid team. Inclusivity is the key to driving employee performance and making everyone feel valued and part of the team, so you need to be sure that you’re not treating remote employees as lesser than those working in the office.

Rules are important to ensure that everyone is working on a level playing field and to create a fair team environment. So every member of the team needs to be clear on what’s permitted and what isn’t, so there’s not one set of rules for one group and another for everyone else, and has the opportunity to weigh in and offer opinions before decisions are made.


Check in regularly

Make sure that your colleagues know that you’re on hand to answer questions or queries when they need you to, or even that you’re available to discuss a project or brainstorm ideas when a fresh perspective is needed.

It’s easy to feel as though you’re in your own little bubble when you’re working remotely, but you need to be accessible to your team and flexible to their needs just as you would be in the office. Hiding away at home and dodging emails or group messages is unprofessional and your team dynamic can suffer as a result of it. What’s more, it can mean that your colleagues are left doing more work to make up the difference. Make sure that you’re regularly checking in, responding to requests in a timely manner and being the proactive team member that you would be if you were in the office.

Define goals and expectations

Goal setting is essential to successful remote working, since you have the freedom to work when and how you want when you’re not in the office — and that can often mean you veer off track. You need to have structure and goals in place to keep you moving in the right direction and ensure you’re staying productive, for your own purposes and for the benefit of the business. Remote employees can easily lose sight of the bigger picture, so it’s important to have those common objectives and clear expectations in place so that everyone stays engaged.

Goals are also vital to helping employees stay connected. This structure helps reduce the stress caused by a lack of purpose, where people in the team don’t know what they’re supposed to be working on. Everyone knows what they’re doing on any given day, and they can feel more engaged in the process.

Hybrid working has been adopted by businesses in many industries, but there are still teething issues to overcome, as with any new way of working. To really thrive as a hybrid employee and work productively, it’s important to stay professional and remember that location aside, you still need to maintain the same standards as you did pre-remote working.