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How to Prepare Your Business for International Expansion

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StrategyDriven Managing Your Business Article | How to Prepare Your Business for International ExpansionInternational expansion can be a big step for any business, no matter its size. It can bring plenty of benefits to a company – a whole new array of potential customers and the opportunity to operate in a less saturated market. However, it does come with risks – expanding is expensive and you’ll be operating in unfamiliar territory. What can you do to prepare for international expansion?

Market Research

Before you begin to think about expanding overseas, you need to understand the new area, and who you’re selling to. Market research is a vital tool for success. You need to have a firm knowledge of the country’s culture, how your customers think, and if your brand would succeed there. To get a firm understanding of the region you’re aiming to expand in, you need to spend some time there. For example, if you’re hoping to operate in the States, you can stay in a serviced apartment in New York to help guide your research and develop your understanding of the market.

Understand Your Capabilities

You need to assess whether international expansion is the right step for your business at this current time. You need to ensure the company is strong and secure in its current market. Venturing abroad won’t help if the business is already struggling. How are your finances? Review your budget and make sure you can afford to invest in international expansion. Expanding your business should help its success, not further hinder its funds. You also need to assess your company’s infrastructure and whether it would work abroad.

Delivering Goods

When it comes to shipping packages you need to understand a variety of global regulations. These can differ from country to country, so you need to ensure your packages are labelled properly depending on when they’re being shipped. Plus, take into account shipping times as well. You want to ensure effective delivery service and customer satisfaction in whichever country you’re operating in. Research courier systems and see which ones could benefit your business the most.

Right Team

Take due diligence with selecting your team members. Whether you’re intending on opening an office abroad or hiring remote workers – spend plenty of time considering who is right for the role. Hiring within the international market comes with pros and cons. You have got access to people who know the culture but potentially lack experience and vice-versa. There is a solution to this. Research countries that have a lot of professionals within your line of work, then you can hire new staff with ease. Your team will have a drastic impact on future success so don’t rush your decisions.

International expansion offers incredible opportunities for a growing business, but it is not a decision that should be taken lightly. Do everything you can to ensure your company is prepared. Have you had any experience with international expansion in the past?

5 Tactics For Maximizing Business Productivity

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StrategyDriven Managing Your People Article |Business Productivity|5 Tactics For Maximizing Business ProductivityDisaster! That is what happens when a business is unproductive. This is because whatever product or service your business outputs takes money to create. Therefore, if you are doing this in an inefficiently, it will be costing you money, the very lifeblood of your company. With that in mind, it’s crucial that you maximize the productivity of your company. A topic you can find out more about in the post below.

Improve employee wellbeing

Now, you may expect an article all about boosting productivity to take about rationalization and process flows, and that is to come, but your employee’s wellbeing and happiness is essential here too. The reason being that morale is crucial to maintain a high level of productivity, as well as to avoid slow down when valued staff leave.

To that end, it’s essential that you care, not only about the work your employees do but their wellbeing as well. Luckily there are some relatively small changes you can make in your business to improve wellbeing that will allow you to reap the associated reward in productivity.

The first is to offer flexible working hours and locations, something that can help your staff achieve a better work-life balance, and so be more productive and motivated when they are working.

Additionally, instituting a wellbeing program in work can have a significant effect. Of course, the exact form of these will differ from one workspace to another, but many companies find that providing exercise classes, meditation sessions, and even healthy snacks to be very useful in upping morale.

Deal with issues before they become problems

Next, if you want to boost productivity in your business, you need to change the way that your entire company operates. In fact, you need to move from being reactive when problems occur to being proactive instead.

This means that you need to put systems in place that monitor what is happening in your business, and will pick up any issues that have the potential to become something more damaging. The idea being that you can then deal with and resolve them before they ever blow up to be a significant obstacle. Then you can avoid downtime and the bottlenecking of tasks that are associated with a major crisis.

In fact, this is a philosophy that you can use across many different aspects of your business to improve productivity. One example of this being managed IT services.

Of course, you may be asking what is managed IT services, and how can they help my business be more productive? Well, don’t panic because it’s actually a straightforward question to answer. Managed IT services are where you outsource your IT provision to an organization that takes over the proactive monitoring side of things for you. Something that can help your business because it means a vast reduction in network downtime and the associated hold-ups in working, communications, and even hits on your website. Thus ensuring maximum productivity.

Automate

Another way that you can maximize your business’s productive it to take a long hard look at the type of tasks that your employees do day in day out. In fact, when you do, so it’s likely that you will find many repetitive jobs that are done over and over again, and it is with these that you can begum automating things.

Yes, that right, you can easily free up your workers to focus on more important things, by automating some of the most basic tasks that need to be done in your business. Something that should help to improve productivity because you have more person-power to give to the jobs that genuinely need it.

In fact, automation can be done in a range of situation from the factory floor, to the stockroom, and even in the office with specialized software. Something that makes it a fanatics way of maximizing your company’s productivity.

Minimize distractions / maximize focus

Of course, we humans don’t do as well as physical robots or AI at being 100% focused all the time. In fact, focus and being distracted from it can be a major issue in many businesses that contributes to time wasted and reduced productivity. That is why it’s crucial that you change the way your organization deals with these opposing forces.

Now, to do this, it is essential to acknowledge that as humans, we need distraction as well as focus to work efficiently and retain the quality of the work we are producing. With that in mind, encouraging a time-batching system like the Pomodoro Method can be incredibly helpful, as they allow for small restorative distraction breaks, but also keep most people on task for the majority of the time.

However, that doesn’t mean that unnecessary distraction cannot be abolished, and in particular constant email access and use can be a real time and focus drain in the office. Something that may mean scheduling emails time into the am and pm is a much better way of managing such a task and so boosting productivity.

StrategyDriven Managing Your People Article |Business Productivity|5 Tactics For Maximizing Business ProductivityReview Processes

Finally, when it comes to maximizing productivity, reviewing and improving the processes that you use in your business is always helpful. The idea here being to remove any redundant actions and so streamline what you are doing.

Of course, this is often easiest to do when it comes to things like a production line of the factory floor, but that doesn’t mean that you can take a rationalized perspective to other business related tasks as well. In fact, it is entirely possible to make things more efficient in places like the office or even a store by realizing what time is being wasted and changing things to rectify this.

In particular, an example of this that nearly every type of business can benefit from is to reduce the volume and frequency of meetings that they have. In fact, instead of spending days rushing from one meeting to another, it can work well to hold a short stand up briefing at the beginning of the day. This being something that will save time, and prevent distraction from the critical tasks in hand and so maximize productivity in your business.

Starting A Small Construction Business

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Being handy with tools can provide more benefits than simply keeping your home in good repair. Using your skills and experience to develop your own construction business can provide a source of income that allows you to be your own boss and set your own hours. Even though your future business is small, it requires careful planning and organization to increase the chances of success. Like other types of small businesses, small construction companies must follow regulations and work hard to earn a customer’s trust.

StrategyDriven Starting Your Business Article | Starting A Small Construction Business

Plan well

Write a plan for your business. Known as a business plan, this written document provides a roadmap to get your business started. Include your goals and outline the methods you will use to achieve those goals. It includes sections that deal with the financial aspects of your business, the intended clientele, the necessary tools, the equipment, and supplies, as well as the advertising plans. Print your business plan on paper to present it formally.

Apply for a loan to obtain any necessary financing for your new company. Take your formal business plan with you to present to the banker. Talk about your reasons for starting a construction business, including why you think you will be successful. Talk about your loan options, including interest rates and terms.

Check regulations

You may need to be part of a union, so look for information on how to acquire a construction license or membership. Look for services in your area, how to apply for a business license, register your business name, and pay licensing and certification fees. Request a company identification number through the Internal Revenue Service. Contact a surety company to request one.

Take an inventory of tools and equipment. Bring any tools or equipment you have to repair, in case they need it. Buy the items you need to complete basic construction tasks, such as ladders, saws, carpenters’ levels, drills, and bits. Do you need any specialist tools and products, such as ptfe tubing or corrugated pipes?

Advertise your new construction company in various media to attract customers. Advertise discounts to your first customers in a business. Notify your friends, neighbors, and family of your new company. Ask them to spread the word to their friends and co-workers. Personal recommendations can encourage homeowners to go inside their homes for construction work. It would help if you came up with a strategy on how to advertise your construction company. You may want to start a website that contains information about your company and how different they are from other contractors. You can also use traditional advertising methods such as printing business cards, flyers, and brochures – make sure you include a reference to your website.

Starting a construction business can be profitable and exciting, but it does take work. The risk of failure can be carefully minimized by considering a). where you will receive funds b). what you will do when accidents occur c). who you will hire to help you d). how you will bid on projects, and e) how to find your customers.

A breakdown of different types of consultants

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StrategyDriven Entrepreneurship Article | A breakdown of different types of consultantsThere are many types of consultants to choose from. A lot of people think that consulting is all strategy-driven, where companies hand a few slips of paper to the CEO and then leave. But this is not actually the case; there are all kinds of companies offering advice right along the value chain. This is why it is vital that you do your research into the kind of consultants you need for your organization and think about the types of problems you are experiencing.

1. Strategy consultants

Strategy consultants are the most obvious type of consultant. They are often slightly more expensive and have access to the CEO suite because they affect executive decisions. They give advice on the fundamentals of a business, such as pricing, product mix, and target market. They make decisions on the basis of profit margins, thinking about sales and costs and how to maximize the former and minimize the latter. They often work longer hours but do shorter projects because they have less need to engage with employees across the company, and a lot of their time will be spent on crunching numbers.

2. Technology consultants

Technology consultants will look at the IT systems which a company has in place and think about whether they are working as well as they could be for both the employees and the customers. In this digital age, technology is extremely important as customers often expect a seamless experience. Businesses often go to firms such as HLB System Solutions for longer-term solutions, including managed IT services. Often consultants in this area can tell companies how to migrate their systems across from legacy infrastructure to cloud computing, which can be more efficient for all concerned.

3. Operations consultants

Operations consultants look at the processes in place across the organization. They think about whether things could be done more efficiently. They may look at sourcing and where products come from, in addition to whether the cost makes sense and whether any element of the supply chain could be changed. They may look at executing projects or suggestions put forward by strategy consultants. They tend to spend a lot longer at organizations than strategy consultants because they need to be there through all the stages of implementation.

4. People consulting

Last, but far from least, in these times, HR is the most important function in a company. This is where people advisory services come in – they can understand what employees need to be more engaged and how to serve them better. They can also understand what competencies are needed for the job at hand and how those employees at the firm can meet those requirements by initially creating a checklist of different competencies, surveying employees on what they know, and then working with firms to fill in those gaps. This may be through training or learning and development – there are so many tools they have at their disposal.

There is bound to be the right kind of consultant out there for you – it’s just a question of what type you need!

How Your Business Can Become Christmas-Proof

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As we draw closer to the festive season, business owners need to be wary of the holiday rush. Just because the world has been in lockdown for so long, doesn’t mean that you can take your foot off the gas. All market indicators are showing that we will, in fact, see the same old surge around the festive season, despite most customers not shopping in-person. Online shopping dictates everything, and for the most part, has done so for the better part of a decade. But, with this comes new and old challenges, as every business needs to be sharp and ready in inventory management, sales, marketing, customer service, and invoices. This is how you can keep your business up and running, without backlogs and hiccups during the holiday rush.

StrategyDriven Managing Your Business Article | How Your Business Can Become Christmas-Proof

Conduct a health risk assessment

In a risk assessment, you’re not just calculating the health and safety risks, but also the threats to your business. Customers and staff are equally as important, don’t forget this! As the number of cases rises in the Coronavirus, the threat of spreading occurring in your business rises too. This is why whether you’re still working in the office or working from home, you should take the same precautions or have precautions in place. Here’s what you need to do safety-wise.

  • Determine whether any activities you have to do, could promote transmission? Do you work in the office alongside employees? How can everyone avoid getting the virus? Wear masks, have hand sanitizer bottles on the desks, and keep airflow strong in the office.
  • Your workers in warehouses and or production plants need to take similar precautions. They should also be wearing protective gloves if they can, and making sure that they are aware of tight spaces, gathering and a lack of airflow.
  • Determine how likely you can control a spread if it occurs. Do you have a track and trace system you can use? Can you give employees sick pay, to keep them at home? Can you ask them to work from home if they do strike positive for the virus?

Analyze the competition

Alongside your own desires as a business, you need to study and know your competition. For example, you should be keeping tabs on your rivals, seeing what kind of marketing ploys they have, what kind of sales, discounts and deals they are offering, as well as what kind of products they are going to be selling alongside yours. In the latter, you need to know the pricing, quality and branding efficacy, etc.

Some rivals will be pitching to your consumer base, comparing your prices and your products to their own, openly in ads. You must be wary of this. Many retail companies will literally show a product you sell and compare the price of the same or similar product they sell, in an ad. How do you fight back against this? You must be ready for your rivals to do this beforehand!

Increase your storage capacity

The only thing worse than being caught out by a rival, is catching yourself out. This occurs during the festive season more than any other time of year. Small businesses don’t plan ahead concerning their capacity for inventory management. What if you need to have a large storage capacity because sales are much higher than anticipated? You can carry on the Christmas rush over to New Year’s and beyond if you are wise.

That’s why you should consider building one of these custom industrial sheds. These metal structures can withstand any weather, they provide ample room for lots of stock storage, as well as being very easy and quick to erect. Such an industrial shed can be the perfect way to expand your business and reach. If you have export needs as well as domestic sales, but you need more storage space, this is the kind of affordable option entrepreneurs and small business owners should try.

Segment your base

Every single company in the world has a consumer base. These are people that love your brand, they keep coming back, they buy products you make and they will hold your brand in very high regard among your competitors. But you must know who they are, what kinds of individual groups there are and how to market to them.

Your base will have the following types of groups.

  • Veterans. These are consumers who have been with you for years and always check to see if you sell something they want, every other week or month.
  • Loyal consumers. These are people who will put you in their top 5 companies to buy from when they are looking for products in the categories you sell.
  • The new and enthused. The types of customers that have just found out about and are wondering what on earth took them so long. They will be excited to see what you have to offer as opposed to the companies they have always bought from.

Get ready for rules changes

We live in a Covid-19 world now, and the government can change the rules at any moment. Rather than wait for this to happen, you should have plans in place that give you leeway no matter what kind of changes occur.

This again, requires a risk assessment, because you need to know what your options are. Evaluate the following.

  • Tunnel sales. If your country goes into lockdown, can you still make export sales? Can you still make sales to other business clients?
  • Plan your most drastic sales and discount offers. If worst comes to worst and the market begins to freeze up again, consider what kind of sales you can offer to break even at the least and make a little profit at the most.
  • Work with governments. Engage with the representatives and respond to calls and emails. Accept invitations for consultancies and express your concerns to the elected officials.

The festive season is always a rush and hectic time for consumers as well as businesses. While you still have time, make as many positive changes as you can. With these measures, you should be able to proudly call your business Christmas-proof.