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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 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.

What Size Business Needs an Answering Service

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StrategyDriven Managing Your Business Article | What Size Business Needs an Answering ServiceConventional wisdom states you must have a medium to large size business in order to justify having an answering service. This truism arises primarily from the dated idea that those who answer the phone late are employees or are contracted to the company. While growing businesses with 50 employees or more by default really need to have a manned after-hours line, it is worth taking a look at the assumption that smaller businesses cannot afford an answering service. Of course, every industry is unique and no two companies within one industry are exactly the same. Despite this, you can still make some general inquiries into the need for and the cost of an answering service. The results might surprise you.

Small Business Is Helped Most by an Answering Service

Expanding large and medium businesses, as noted, seem to grasp the reality that having a real person answer the phone at all hours is not a luxury but a necessity. Research indicates, however, that the outfits which benefit most from a phone answering service are small businesses. Part of the dynamic has to do with the depersonalized manner in which business-to-consumer contact is initiated in the digital age. Statistically, most consumers believe their better chance of hearing back from a business when they have a question or an issue is by sending an email. Further, when a customer does call your business and gets an after-hours voicemail, only 20% of the time does that person leave a message. Unfortunately, studies reveal that many voicemails from customers linger for three days without being heard. Up to one in five customer voicemails are not responded to at all. The antidote for these ills is a virtual receptionist, an answering service that fosters an immediate connection between the customer and your business.

There Is a Difference Between a Call Center and Answering Service

Many business owners make no distinction between an answering service and a call center. A call center is a network of telephone agents that both receive and make calls primarily for marketing companies. Their work by definition is extremely high volume and impersonal. Should you ever reach the same person at the call center twice, it is strictly by chance. An answering service differs in that it is not a high-volume attempt to make sales on behalf of a number of businesses. The primary purpose of the answering service is to enable communication between a business and its customers as well as within the firm itself. This means the service often provides critical information that allows a sale or a business deal to be consummated. However, the answering service is not a pressurized sales unit, but rather a communication link.

Answering Services Can Offer Lots of Options

Another distinction between call centers and answering services has to do with options. Businesses that use call centers tend to be locked into a service that has limited flexibility in what it offers. A professionally managed phone answering service, on the other hand, offers a number of adaptable alternatives to its clients.

  • Payment options. The better services may give you the option of paying for their work by the individual phone call or the length of time the customer is on the phone. Since you know how long an informational call for your business usually lasts, you will immediately know which of these options is better for you.
  • Point of origin. Another plus that addresses a long-time concern of business owners is the origin point of the service. Some of the finest after-hours answering firms are based in the U.S.
  • Testing the waters. Finally, before locking your company into a contract without knowing how functional the service will be, you may want to find a service that allows a brief trial period.

An Answering Service Takes Your Business Global

Speaking of being U.S based, some businesses are concerned that an answering service will not be able to deal with international calls. After all, having 24/7 live voice support automatically suggests that people from different parts of the globe can do business with you. It is important to recognize that customers who call you will expect to be conducting business in English, which is universally regarded as the international business language.

Benefits of Outsourcing Staff Services and Platforms in the Hotel Industry

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StrategyDriven Managing Your Business Article | Benefits of Outsourcing Staff Services and Platforms in the Hotel IndustrySome facilities cannot afford to spend money and time on the recruiting process of staff members for each department. Hotel business owners must find the best candidates for the various roles in a hotel. Here are reasons why you should consider services from platforms such as www.abovehospitality.com:

To maintain a lead among competitors

The trends in the hotel sector are evolving. It is a direct response to the fast-changing business world. A hotel strategy should be synced with modern-day needs, ranging from the increase in costs to customer demand and expectations. The hotel business is headed for a revolution: the growing need for clients and pressure from the harsh economic state. With this, you ought to consider relevant support services and guidance. Hotels are therefore seeking ways to deal with industry-specific changing requirements and dynamics. To provide business solutions, some firms have assisted hotel owners in getting the best candidates to employ to enhance the level of proficiency without affecting the costs of operations.

It is economical

It has become essential for hotels to uphold competitiveness and promote the growth of other options for obtaining staff members. To promote better output and increased profits, it is advisable to get staff outsourcing services. The service providers assist your enterprise to have a competitive edge by leading and managing better transformation and transition in the new trends in the industry. This helps businesses to remain economical in the provision of products and services. This also enhances the capability of operating while maintaining an effective cost compared to the immediate competitor.

Efficient management of processes

To create, support, and manage the operations and processes in your hotel efficiently and effectively, you ought to get the right skills and expertise for the roles at hand. It is vital to have a team that can identify the challenges your clients can face in your hotel operations: the employees should determine appropriate ways to handle situations at different levels depending on the area of expertise. The good news is that, on top of enjoying the right candidates, hotel owners also enjoy simple access to the services.

Saves you a lot of time

It is vital to undertake a proper and successful hiring process within the shortest duration possible. With this in mind, you have to choose the best approach to get your employees for your new hotel or replace employees who may have left your business. It may be difficult to determine the right skills on your own: not every investor in the hotel sector knows much about the various professionals in the hotel industry. The services offered by companies that connect employers to employees in the hospitality sector have made work easy and less time-consuming.

To obtain a productive and conducive work environment in the hospitality sector, it is vital to ensure you get the right skills. There are several departments in a hospitality setting. You can enroll for the services regarding help with connecting you to the right employees at the comfort of your home, office, or any other location. You can sign up for the services through the company websites. This brings added convenience to your staff needs as you do not need to physically visit the offices offering the services.

Choosing the Right Fintech Partnership

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StrategyDriven Managing Your Business Article | Choosing the Right Fintech PartnershipWithin banking and financial circles, fintech partnerships have become more common. Organizations have realized partnering with fintech companies will help them achieve more than if they try to work alone. When it comes to the banking industry, a partnership with a fintech company is a good idea. It lets the banks focus on what they do best while allowing a fintech company to provide extra value to customers.

In recent years, innovation in the fintech field has been growing consistently. New technology has been a welcome asset in all businesses despite their sizes. For instance, solutions that aim to advance technology in various fields, such as artificial intelligence, have been hitting the market in increasing numbers. Since they offer significant potential, a partnership allows access to financial institutions like banks that may lack the expertise or knowledge to develop such technologies themselves. In addition, this outsourcing gives banks insights offered by fintech companies. It is clear that banks can benefit hugely from such partnerships. However, how can a bank choose the right company to work with?

Pick a Partner That Is Established

Before a bank chooses a fintech partner, they need to understand the power that a brand name holds. If they partner with a fintech company whose name lacks credibility, that could be the beginning of their downfall. The bank should also factor in its history and reputation as it chooses a partner. To avoid damaging their name, the bank should ensure whatever the fintech company has said they can do, they have the capability of doing it. As advised by Cane Bay Partners, if they want to get the most from these partnerships, they should choose a partner with credibility, longevity, and the ability to meet the demands of the bank.

Innovative Technology

The advancement of innovation and technology witnessed in the past years is something that most banks have struggled to match due to the lack of expertise and knowledge in-house. That is why a bank needs to partner with a fintech company that offers them the edge they require to improve customer experience. When looking at the technology platforms offered by fintech companies, the bank also needs to ensure that the technology offered is compatible with its ERP solution.

Banks can benefit hugely from using technology platforms offered by fintech companies. For instance, a bank does not have to invest in the development of in-house technology. In addition, the bank gets access to current technologies that benefit customers as well.

Improve Customer Experience

Partnering with the right fintech company should give the bank an opportunity to understand the needs of the customer well to enhance the customer experience. One of the significant ways that fintech is shaping financial services is by increasing focus on a customer. Therefore, a bank should look for a fintech partner that gives them a better understanding of their customers. The fintech partner also needs in-depth knowledge of the regulatory requirements of the industry. This means they have standards in place that comply with the law.

Ability To Deliver

Another thing that banks should look at is that the fintech company can deliver. Just because the company has a shiny vision and roadmap, that does not mean you automatically partner with them. They should be able to accomplish whatever they claim in their vision.

In the end, choosing a good fintech partner allows a bank to tap into a sea of expertise, knowledge, and technology innovations that most of them lack. This gives them the opportunity to focus more time on their strengths while developing a more robust platform for offering products and services. By doing that, banks can enjoy the latest technologies, ensuring they are not left behind in an industry that is moving very fast.