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4 Ways to Safeguard a Company from Failure

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StrategyDriven Entrepreneurship ArticleWhile the abundance of tools and resources available online mean that this generation is arguably the best time in history to launch a new company, many startups are still sinking within their first few years of operation. Regardless of which industry you operate in, there are going to be expenses and risks that contribute toward the possibility of going under. Some business models carry fewer risks than others, but any time you go into business you’re taking on the fundamental risk that things might not go as planned. With that said, here’s a short but powerful list of four steps every company can take to ensure continuity and avoid closing down prematurely.

1. Study Safety and Redundancy

Occupational safety and operational redundancy are two factors that can cause serious financial, legal, and informational issues in the event of a mishap. Startup founders should immerse themselves in the research process and maybe even attend educational events like SeminarFest before officially launching any kind of business. Doing the research beforehand will ensure that you’re not surprised and overwhelmed by problems during the early stages of company operation. Of course, if your company is already doing business, it’s not too late to go back to the drawing board and make precautionary revisions.

2. Diversify Revenue Sources

Diversification is a classic concept that’s often pushed by successful entrepreneurs, and for good reason – it helps to have your eggs in many different baskets. Even within the confines of a single niche or industry, you can still diversify by obtaining more clients and pursuing more projects. You can also diversify your marketing efforts by targeting additional keywords, intersecting topics, and new demographics. Taking a multi-faceted approach will prevent your company from losing big when one source of revenue starts to dwindle or dry up.

3. Practice Stringent Hiring Techniques

Unless you’re running a one-person show, the success of your company is going to depend entirely on the skills and effort contributed by your employees. Thus, it’s imperative to create a strong foundation in the beginning by building the business around a staff of competent, experienced, credentialed, and collaborative individuals. Take time to screen plenty of candidates and consider offering appealing salaries and incentives to attract premium talent.

4. Use Performance Monitoring and Analytics

It’s possible to hire an all-star staff and still face operational deficiencies and suboptimal results. People don’t always live up to their track record, so it’s important to monitor or review employee performance and correspondence to ensure that everyone is carrying out their job duties in the most effective and efficient manner.

Taking Steps to Reduce the Probability of Failure

Ultimately, all of the tips suggested above should be thought of as core components to a much larger risk mitigation and prevention plan. Start by identifying the biggest risks your company faces, and then implement strategies to proactively address those potential issues. By operating with the “anything that can go wrong, will go wrong” mindset, you can create backup plans that account for almost every possible cause of company downfall.

Important Things to Consider Before Starting Your Own Business

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StrategyDriven Entrepreneurship ArticleYou’ve got a great business idea that you’re pretty certain won’t fail. Perhaps you’ve got a crafty side to you and can make things you know people will want. Whatever your new business idea, there are a few things you should consider before you give up your day job and leap into working for yourself. Starting a new business can be very exciting, but it can also be very costly. Costs you’re not likely to get back if you don’t have a clear plan for the future!

The best place to start with your new venture is to write a business plan. It will help you decide whether your idea is as feasible as you think and give you some direction to follow. Draw up your business plan correctly, and it will provide you with a series of clear steps to follow. To help with your business plan, there are going to be some questions you need to ask yourself.

Do You Have Any Competition?

Is there anyone else doing what you want to do? Are they any good at it? Before setting up your own business, you need to do some research on the competition. It’s possible you could learn a lot from the mistakes they may have already made. You should also be able to gain an insight into what their customers appreciate. Look at what people are prepared to pay for the same kind of service or product you’ll be offering.

Who Will be Your Target Audience?

It’s extremely unlikely that your product or service will appeal to everyone, and even if it did, you’d need to narrow your audience down for marketing purposes. Consider the type of people who are going to want to pay you money and target everything at them. It will include your website, advertising and your marketing campaigns. If you’re not sure whether you’ve targeted the right audience, you can always send out a questionnaire. Alternatively, communicate with them via social media. There is another benefit to consulting with your customers; it will make them feel like they have a say, which will ultimately bring their loyalty and increase the chances of them making a recommendation.

Think About a Web Presence

It might surprise you to learn that as many as half of small businesses don’t actually have a website! Out of these, there are bound to be a large percentage that wants one but doesn’t know what to do about building one. If you’re likely to fall into this bracket, don’t worry because it is easier than you think. There are some pretty amazing web building tools that an absolute beginner will be able to understand. Even if you’re not planning to sell anything online, it is important to have an online presence. So many consumers do their research using their smartphones you’d be mad to miss out on such an opportunity.

What Payment Methods are You Planning to Accept?

This is particularly important if you’re planning to open an e-commerce store. There are a wealth of different payment methods you can choose to accept. However, it’s probably not wise to accept all of them. For example, will you accept credit cards or just debit cards? What kind of card provider would you prefer? Is PayPal going to be an option worth considering? Payments can also be made using:

  • Skrill
  • Bank transfer
  • Cash on delivery
  • Direct debit
  • Amazon payments
  • Payoneer
  • Checks

Do You Have Any USPs?

What are your USPs? They are unique selling propositions or points; it’s what will make you stand out from the competition. Is there anything special about what you’re offering? Are you offering something customers won’t be able to get anywhere else? Maybe the customer service experience you’re planning is what will make you stand out. Think about your angle and make sure everything is true to it.

How Are You Going to Fund Your Enterprise?

The ideal scenario would be for you to have enough money to fund your new business yourself. The truth of the matter is more likely to be that you will need to look for funding. Start with friends and family as they might be willing to help you out in the short term. You’ll also be able to avoid paying huge sums in interest payments. There may be business grants available in your location. If you’re struggling to finance your idea, then start small and prove to yourself that it works before looking further. This will also put you in a better position to approach banks or investors for their support.

There are numerous other things worth considering such as licenses, accountants, insurance, staffing requirements, bank accounts, partners, marketing your business and many more. Starting your own business is a big step to take, but as long as you have your realistic plan, you’re already on the right road to success.

7 Essential Tweaks to Make to Your Website in 2018

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StrategyDriven Marketing and Sales ArticleA good business website must be fast, visually-appealing, helpful, professional, and visible in the search engines. It must also comply with various legal regulations. However, with shifting consumer behaviors and new requirements introduced by the likes of Google and governments, it can often feel hard to keep up.

To ensure your website ranks highly in the search engine results pages and continues to make a profit, here are seven essential tweaks to make to your website in 2018.

1. Make Your Site Mobile Responsive

As 60% of web searches are made on a mobile device, you must create a responsive site if you have yet to do so. This is a big Google ranking factor, and your site is more than likely being penalized in the search engines if you have yet to comply with their requirement.

A responsive site simply adapts the content and page layout to the device it is being viewed on. As a result, your website will appear differently on a desktop in comparison to a smartphone or tablet. It doesn’t mean you have to create a separate mobile site. It simply means introducing an intelligent template that can detect screen size.

2. Add an SSL Certificate to Increase Security

While an SSL (Secure Socket Layers) certificate is not a legal requirement, it is believed to now be a Google ranking factor. The certificate simply encrypts information delivered between a site visitor and the secure website so that it can provide a more secure connection between a browser and web server.

It is commonly used on business sites that handle credit card and personal information, which is the reason why it is now a positive search signal for Google. Adding one to your website can ultimately increase your trust in Google, which can help you to shoot up the search engines.

3. Comply to GDPR

The General Data Protection Regulation (GDPR) came into effect on May 25th, 2018 and was designed to protect the personal data for all EU residents. Even if you are outside of the EU, you must comply to the new regulations if you collect, process, or store personal information from anyone within the EU. If you fail to comply with GDPR, it could be a costly mistake for your business.
While most large organizations that regularly collect data from the EU will have responded to the new regulations, many smaller businesses might not be aware of their legal requirements. It is critical to understand your responsibilities to protect your business and your EU visitors’ data. That’s why you need to do your research on GDPR compliance.

4. Find Out What Doesn’t Work with A/B Testing

If your website is failing to convert visitors into customers, you might want need to tweak your web pages to increase your sales. A/B testing is an effective way to find out what is or isn’t working on your site. It will simply show some users a different image, color, text, or minor layout change, which might make a big difference to the user experience. As a result, you will be able to identify what is or isn’t working on your site to make the permanent changes.

5. Improve Your Website Accessibility

Did you know there are more than 57 million Americans living with a disability, who have a combined disposable income of $544 billion? If your site doesn’t offer the accessibility stated in the WCAG 2.0 guidelines, you will more than likely be unable to secure their custom. This will not just lead to a considerable loss of revenue, but it may also leave your business vulnerable to a potential lawsuit.

6. Prevent a Hacking with a Web Application Firewall

A web application firewall (WAF) will increase your site’s protections against a hacking or brute force attack. As a result, it can stop unauthorized access to your website, which can keep your site safe while protecting your customer data.

You might not think your website will be hacked, but 37,000 websites are hacked every single day, so it is a very real threat to your business. Install a web application firewall to ensure your business doesn’t become the next victim.

7. Introduce a Helpful Click-to-Call Format

As stated, more people are visiting websites on their smartphones, which is why you should consider introducing a click-to-call format onto your website. If you want to encourage visitors to become customers, a one-touch solution could make it easier for people to get in touch with your business on their smartphone. Work with a talented web developer today to increase your sales and the user experience.

Becoming a Landlord – Things You Need to Consider

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StrategyDriven Entrepreneurship ArticleIf you have an extra property or looking to purchase one, you might be considering renting it out to tenants to give yourself an income. Having a rental portfolio is also a way to invest in the long term, giving you the option to sell and rent properties to give you a nest egg for retirement. If you are looking to become a landlord, there are things you need to consider before starting. This guide gives you some tips.

Be Prepared to Work

While being a landlord might bring up images of not having much to do other than collecting your rents each month, in reality, there is plenty of work involved. You will have to do your research and know the laws regarding tenancy agreements and landlord responsibilities and also ensure you adhere to them. You will be a point of contact for a tenant who has a complaint, and a responsibility to make sure that a property is in good enough condition for a person to live in comfortably. If you don’t want to take on that responsibility, there are property management firms out there that can do it for you, but this will be for a fee that might not make it worth your while.

To be a successful landlord, you need to be prepared and willing to put in the necessary work. Otherwise, your tenant will be looking for new places to live.

Work out your Costs

You can earn a living by being a landlord, but you do need to work out your costs. If you have a mortgage on the rental property, you need to make sure that what you get in rent each month exceeds the mortgage repayments. This is so that you have some extra left over to pay for any maintenance costs or damages to your property, as well as paying for property taxes. You will also need to take out landlords’ insurance, so factor that into the amount you charge for rent also.

If your property is in an area where the highest amount of rent you can charge is not enough to pay for all the expenses, it is probably a wise idea to sell the property and look to buy in a different place where rental prices are better. Check out a trusted website like Rentberry to get the right information and learn about better places to live.

Repairs and Maintenance

As a landlord, you are responsible for the maintenance of your property, including internal works such as heating and plumbing repair. Any old or poor pipework should be replaced, otherwise, it could cause a number of problems, and you would need to find a water removal service to repair any damage. Issues such as damp should be thoroughly fixed if you want to keep a tenant in your property.

Other repairs might arise as a result of bad weather, such as replacing roof tiles or removing branches from damaged trees on your property.

Have regular inspection and a schedule of works to do each year on your property, such as clearing the guttering and painting wooden window frames, to keep the building in good condition. Doing so will save you money on more substantial repairs later.

Pick the Right Tenants

Having good tenants is one way to keep the stress levels to a minimum when renting out your property. Ideal tenants are in regular employment, don’t have any debts, and are genuinely looking to make your property their home. It is worth doing a credit check on applicants, as well as conducting an interview. You can also ask them for references from previous landlords.

Have a Clear Lease

Make the terms of your agreement with your tenants clear, so that there is no doubt about the rules. For example, specify if you allow pets or not, or whether the tenants are able to decorate to their own style. Make it clear, and there won’t be any difficulty as the tenancy progresses.

A good business has effective communication with clients, so a good landlord must also be able to communicate with tenants. It means listening to them when they need help with something that is to do with your property, and performing any repairs quickly and not leaving tenants waiting. A well-kept property and an open landlord is something that will keep your tenants wanting to live in your property, and that also saves you the hassle of having to find new ones once a lease is up for renewal.

Becoming a landlord is a good way to earn an income, as well as saving for the future. If you are organized and run your rental income like you would a business, then you are always prepared and able to contend with any issues that may arise.

Tips For Improving Your Small Business Using Technology

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StrategyDriven Entrepreneurship ArticleThere are many advantages to using more technology solutions in your small business that are worth you learning more about. Now is a good time to work through any fears you have and start to become more open-minded about bringing these types of advancements into your workplace.

Although you may be apprehensive about this transition, keep in mind how much more productive you and your employees will be. There will be less time spent on completing mundane tasks offline and more chances for you to innovate and outperform your competition. Educate yourself on the topic further and then spend time deciding what’s worth you implementing at your office.

A Website & Blog

Improve your small business using technology by launching an attractive website and blog so consumers can learn more about you. The reality is that shoppers want to find out more information about a brand before spending their hard-earned money with a company. A website and blog will give you the chance to present your business appropriately and quickly inform consumers about what makes you unique and better than your competitors. Use your blog to show that you’re the experts in your industry and as a way to provide added value to those interested in working with you.

File Sharing

Another way to enhance productivity and efficiency at your office is to move your tasks online and file share through the Internet. For example, you can use programs such as DropBox for cloud computing so all of your important documents are stored in one place, and any member of your team can access them at any time, wherever they are. No longer do you have to be next to someone to edit their work and waste paper printing off assignments for review. You can move all of your files online to the Internet and then allow your employees to work from their own laptops to complete their assigned projects.

Online Advertising

It’s important to consider working online advertising into your marketing strategy if you want to guarantee you’re reaching your target audience. You have control over the creative aspects and who sees your promotions, so you know your money is being spent wisely when using this tactic. Consumers are spending a lot of time online these days, and it’s a great opportunity for your business to increase brand awareness and boost the visibility of certain products or services. It’s a useful option for helping you to get your small business in front of the right people in a timely manner because you’re the one calling the shots.

Social Media

You should also consider using social media to help you build a stronger fan-base and following and as an additional way to engage with customers. Improve your small business by using social media to ask for feedback, collect user-generated content and run contests. It’s a quick and easy way to make your mark online and instantly get in touch with those who are interested in what you’re selling. Not only do you need to be consistent about posting content but also listen and see what people are saying about your business online. It’s a wise idea to put a team of employees in charge of your social media strategy to make sure you’re constantly present and don’t disappear for weeks at a time.

Ability to Work Remotely

Technology will allow you to offer your staff the ability to work remotely from anywhere in the world. Not only will they be able to work from home and have a more flexible lifestyle, but you too can stay connected to your business while you’re away traveling to see a client or on vacation. You’ll be able to attract top talent when you’re able to offer this benefit at your workplace and will enjoy being able to connect into what’s going on at the office whenever you choose. It’ll be easy to join a video conference or dial into a phone line when you’re away and in need of speaking with someone on your team or a client over important business matters.

Customer Service

Enhance the customer experience for your clients through technology by offering more options for how they can get in touch with you. For example, online chat, email and social media are great alternatives if someone isn’t able to physically walk into your office and get help. It’s still important you train your staff and make sure they know how to handle all types of customer inquiries and complaints regardless of the channel they contact you on. The easier it is for customers to get in touch with you, the more satisfied they’ll be with your service, and more likely that they’ll leave you positive reviews online.

More Communication

There’s no excuse for not communicating promptly when there are so many different technology solutions available to you. Improve your small business by communicating more often using email and your mobile phone. There truly isn’t any reason someone shouldn’t be able to reply to you or that you can’t contact someone back within twenty-four hours. When you move more of your business processes online, you’ll also be able to get in touch with the right people and update or download necessary files within seconds. Take advantage of all the different communication channels that exist to help you do a better job of keeping in touch with clients and managing your employees.

Conclusion

The word technology may sound a bit overwhelming at first, but you should now be able to see for yourself all the ways it can help your business. You’ll quickly be able to improve your operations and client satisfaction scores when you’re willing to adopt new and trending solutions in your office. Avoid worrying about what could go wrong, and try to focus on all the benefits that are possible when you decide to take on a little bit of calculated risk. While technology may not always be the answer, more often than not it’s a wise choice that shouldn’t be overlooked.