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Is It Time To Start Purchasing Your Own Business Assets In Abundance?

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StrategyDriven Entrepreneurship Article
 
Most businesses rely on the use of outsourcing, hiring other businesses, and using connections for niche supplies. This is quite obviously worthwhile. Not every business can be Google, a corporation with seemingly endless reach and a finger in every pie. However, as your business begins to really gain in profitability, and you decide to invest that back into your operation each year, it’s not hard to see how purchasing your own business assets might become a great long-term cost-saving scenario.

Is it time that you did this? There are many reasons for doing so, and if you have the funding to play with, you could potentially benefit in the following ways:

Transport & Delivery

Could it be that it’s time to branch out into your own logistics solutions? Purchasing your own vans and hiring your own drivers could help you not only ship your goods in a more competent timeframe but save you money in the long term, as the cost of upkeep often beats the cost of renting a service. This is only worthwhile if you ship many, many products nationally. However, if you do, your vans may serve as free marketing as they drive on public highways to get to the destination, and can often pass tens of thousands of cars in the process, effectively serving as a mobile billboard.

Construction

It might be that you own large plots of land, and purchasing your own equipment to help you retrofit this area for your own purposes can help you save plenty of money in the long terms. Simply looking online in the direction of cranes for sale, generators and hired construction services to come to a B2B relationship with could slash the cost of your construction, allowing you to extend offices, generate new lots or custom fit current property to your requirements.

Merchandising

Merchandising is, of course, one of the best methods of natural marketing. Having many pens made, or perhaps a set of mugs for distribution throughout your office can help your name and contact information travel. Merchandising can also become a larger investment opportunity. It might be that you print clothing designs, or decide to have more significant, long-term items made featuring your company names, such as mousemats or even skins for phones. These assets not only help you outfit your office with a personal touch, but often travel wide and far, and can be used as free and mass produced marketing. You’d be surprised how far these merchandising efforts can travel, sometimes around the world.

Property

Purchasing property can serve as a long form use of tying up cash in tangible assets. You may decide to profit from these properties, or generally utilize them to help your business expansion. Property is perhaps one of the most reliable assets you can purchase owner. It’s certainly good to keep in your business inventory.

With these simple investments, purchasing your own business assets in abundance is sure to reward you in the long term.

Finding The Profit In The Food Market

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The food market is a tricky one. People are always in need of food, after all, but it can be hard to find your space amongst the huge producers with enough volume to make your home-grown business look like a lemonade stand. That doesn’t mean it’s impossible to find your place, however. Here are a few tips on how to do it.

StrategyDriven Entrepreneurship Article
 
Increase production, lower costs

Profit in the food industry requires that you’re able to produce a certain amount of goods. Finding ways to lower costs while increasing volume is crucial. Investing in industry-level equipment from manufacturers like Fertilizer Dealer allow you to more efficiently store and distribute fertilizer, for instance, cutting down on the costs of that particular process. If you can’t produce enough of a volume to make up for the costs of producing the food in the first place, you should look into other options.

StrategyDriven Entrepreneurship Article
 
Focus on a niche

Being able to produce enough to make a profit is and will always be important. However, there are certain products that have a lot more value per kilo. No matter the industry, finding your niche can be immensely profitable, if it’s large enough to sustain the business. Right now, in food production, hops for homebrewing and ginger are two of the biggest niches. Keep an eye out on agricultural and food business reports to see what the next hot-ticket items are. Keep the space you have aside for the next niche you’re able to capitalize on. For a smaller farm or food production business, one niche can be enough to keep the business profitable enough to grow.

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Find new markets

Who are you selling to? Farmer’s markets have their audience, but it might not be enough to do much more than keep the business sustainable. If you want to make it profitable instead, then you might need to look at finding different markets. As Local Food Marketplace suggests, you can start selling ingredients to restaurants who would benefit from being able to brand their food as being organically grown and locally sourced. The same goes for grocers and retailers in your area, too.

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Lease what you don’t use

If you don’t have the capital or equipment to make use of all the land at your disposal, you don’t necessarily have to use it. Instead, you can make money off it by leasing it to other farmers or producers as shown at Farmland Info. Similarly, if you bought equipment in the past but haven’t had as much use to it, you can lease that as well. Not only are you making money off assets that you’re not using, but you’re also sustaining the business ecosystem by providing resources that other business owners do need.

Small farm owners and homesteaders do not have the space nor the capital to compete head-to-head with the massive food production corporations out there. They simply don’t. They can, however, still find a profit by being smarter in how and what they produce, as well as how they use the assets at their disposal.

How To Monetize Your Free Content Online

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StrategyDriven Entrepreneurship Article
 
It’s interesting to see just how free content is being given online, in exchange to build communities and potential exposure. From YouTube content to Twitch streaming to a plethora of interesting podcasts, it’s easy to see just how the bulk of online content has shifted from upfront monetization to a subtler approach. There are reasons as to why this is. The on-demand nature of many services means that placing monetization gateways before access can prevent many people from engaging with the work from the get-go, and sometimes it’s best to draw people in before you expect a form of transaction.

There is also the issue of online piracy. Why allow people to steal your show when you could provide it for them on an upfront scale? Also, trends in how content is delivered in the first place (YouTube, Podcasts) are frequently offering access at no cost, and that has led to a culture of content providers feeling little pressure to publish content frequently.

Let’s say you run a podcast. How can you monetize this free content in a way that keeps your operation sustained? Consider the following methods:

Promotion

Just like paid content, you need to promote. In fact, you usually need to promote more in these instances. As well as your content being offered, you should also draw attention to your other means of monetization. This could be a business email address should sponsors wish to contact you. You could choose to use email marketing software to generate interesting copy, for news about your show, or to present new deals on offer via your store. You might archive old episodes and sell premium access to that. You may release certain content a day or two early, allowing paying or donating customers to access that in return. When promoting your goods, it’s important to direct to both a renewed interest and your monetization efforts in a mutual balance.

Merchandise

Merchandise is important to get right. To use the podcast example, using in-jokes from the show to create clothing with subtle text references could help your audience feel part of a secret club. Merchandise can also extend to premium lighters, mugs, pillow cases among many other things. Developing your brand to a strong and attractive point can help you sell these once in a while. Consider expensive, low availability items to generate the ‘limited edition mindset,’ helping you both rely on an easy to gauge income, and to help your listeners or general audience take action.

Funding Sites

There are many alternate funding sites that can be used to support content. In the wake of advertisers regulating content harshly on YouTube, more and more content creators turned to websites like Patreon, and crowdfunding sites like Kickstarter to help fund new content. Consider selling premium access to higher levels of your output, and you can be sure that a platform of support in exchange for better content or surrounding content can help you in no small degree.

With these simple monetization efforts, your content is sure to be easy to sustain in the long term.

How Your Business’ Digital Marketing Strategy Can Best Utilize Online Platforms

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StrategyDriven Marketing and Sales ArticleIf you run a business, you will most likely have a digital marketing strategy in place, and this will probably be one of the main methods in which you communicate with your current customers, and reach out to further potential customers as well. Utilizing your online platforms effectively can see you easily boost your business, but to do this, it is important to understand how best to use the online platforms that are available at your fingertips.

Blogging

Blogging is a brilliant way in which you can not only connect with your customers and potential clients but further keep them interested once they are part of your community. Starting a blog or adding a blog as a permanent feature to your website shows potential customers and consumers that you are interested and engaged in current issues and matters, and you are also a company that values customer retention through the means of sharing information. With appropriate consideration, your business can easily develop and start a blog, where you can post informative pieces that your customers can relate to, and learn from. You can keep up with trends by publishing content that is relevant to your customer base, and the regular posts will mean customers are more likely to come back to read more as time goes on. Of course, adding a blog to your website or business will require a certain amount of effort and research, as it will be obvious if your content is not of a strong quality. You should aim for a balance of quality as well as quantity, with varied posts with the aim to inform and entertain your immediate readership. It is a cost-effective way to promote your business easily, and what you stand for, so what are you waiting for?

Social Media Strategy

Your social media strategy is another vital part of your digital marketing strategy that, when properly implemented, can bring in serious opportunity for your business. Social media can even be a free method of marketing, which you can tailor to suit each platform, as different social media platforms cater to different audiences. Instagram, for example, will require a completely different marketing strategy to a Twitter feed, due to the nature of the content you are sharing and the demographics of each platform’s users. The younger generation that has grown up in a digital age will use social media more, so effectively targeting certain age groups with a media strategy that will specifically appeal to them is a great way to boost business and see potential growth.

Unsure as to whether this is the case? Let’s take the travel industry as an example. It may interest you to learn that a whopping 68% of Millennials found inspiration for their most recent trip through Facebook, and 60% through Instagram. These stats go to show the way in which businesses need to market themselves is rapidly changing. Be sure to stay ahead of the curve if you have a business in the travel industry. Through photos, offers, and blog posts, you can maximize interest in your business and be one step ahead of your competition, in this case, travel agents. To find out more about developing an effective social media campaign, check out a professional Facebook ads agency for hotels who can help you to market your venture using avenues such as paid social for hotels, to inspire potential customers on social media.

Conduct Surveys

Conducting surveys and asking for regular feedback is another way to easily further customer retention as well as potentially gain further business. With every visitor to your website, you are essentially given an opportunity to see how your business appears to ‘the other side.’ Feedback surveys are a win-win situation, as not only are you showing your customer base and potential clients or consumers that you care about the experience they are having, but you also gain an understanding of the areas of your business where you can improve. Getting a customer’s perspective can be invaluable in terms of understanding the best way to improve your business for the better.

Money Management Tips Every Business Should Consider

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StrategyDriven Budget Management ArticleRunning a business is something that takes grit and resilience. This is because you’re likely to face many hiccups along the way as well as challenges as most businesses do. However, if you make a conscious effort to ensure you’re continuously learning, taking in new information, and keeping up with industry trends, you should find that your business continues to grow. Of the many key aspects of your business, finances are one of the most important. In light of this, you should continuously look for ways to ensure that your business finances are well managed. On that note, you’re going to find some key money management tips every business should consider below.

Look for Discounts

Bargaining and looking for discounts is something that can be done, even when running a business. For this reason, when looking for ways to manage money and resources in your business, you should consider where you can get reasonable discounts. You could, for instance, speak to your vendors and see if you can get a discount, especially if you’ve been a loyal customer. You can also try checking other areas such as your internet provider, phone bill, and insurance providers as well. The goal should be to save as much as you can as it all adds up at the end of the day.

Keep Track of Expenses

Another way that you can effectively manage money in your business, is to keep track of your expenses. This may seem obvious, but it can become easy to lose track of your expenses and begin spending outside of your budget. Some tips for keeping track of your business expenses include developing a bookkeeping system, setting up a payroll system, and determining your tax obligations. In addition to this, you should also carry out audits on a regular basis and ensure your finance team is effectively carrying out their job. As the saying goes that every penny counts, it’s imperative that you know where your money is going. When tracking expenses, you should also ensure that they are within your overall budget.

Periodically Review Expenditure

After tracking your expenses, the next logical thing to do would be to ensure everything adds up. While doing so, you might notice that there are unnecessary expenses eating out of your budget. You should, therefore, be realistic and see if there happen to be any expenses that can be completely eliminated or reduced. This could mean reducing the amount you spend on buying office snacks or seeing if you can get a cheaper alternative. If you find you’re going through a rough patch, it could also mean reducing the amount you pay yourself some months. To cover unforeseen expenses, you could find a loan with good or bad credit to help you get by that month. The idea should be to get rid of expenses you don’t need so that you free up your money and have more disposable cash to work with.

Save

One of the most important things to do when managing money as a business is save. This is where budgeting comes into play as saving is almost impossible without budgeting. You should begin by looking at your cash flow and determine how much you can actually afford to save. As with any time you’re saving money, you should pay yourself before spending anything. In addition, reducing your expenses as mentioned above means that you have a lot more left over to save and reinvest in other aspects of your business.

Hire a Professional

If you don’t have one already, hiring a CFO or accountant is a good idea if you need help managing your money as a business. They typically have the expertise needed to keep you on track and ensure you meet your financial goals. Seeing as tracking your business expenses can be tedious, they can take on this task and let you know if they identify any areas of concern such as with your cash flow. You could also explore the option of hiring a freelancer or contracting with a local provider instead if you’re trying to cut costs or can’t afford a full-time employee.

Money management tends to have similar fundamentals whether you’re trying to apply it in a business or your personal life. It is, therefore, key that you adopt positive habits when it comes to money and use the many tools and software available to aid the process. Hopefully, after reading the tips above you’ve learned a few more money management tips every business should consider.