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8 Tips For Running A Successful Distribution Business

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StrategyDriven Managing Your Business Article |Distribution Business|8 Tips For Running A Successful Distribution BusinessWhile it is important to manufacture and deliver good products to drive more sales, most businesses would fall apart without an efficient distribution system.

An efficient distribution system is imperative for any business to thrive, especially in a global economy. Customers now shop online and expect to receive their products on time. So, if you’re planning on entering the business, now’s a good time. And if you’re already in it and want some quick tips on how to improve it, you’ve come to the right place. Listed below are a few tips that’ll help you run a distribution business successfully.

Manage your cash flow

Cash flow management may sound very simple- keeping track of the money coming in and going out. However, it’s not as simple as it sounds. The process gets tricky when money is tied up in stock. Making purchase and sale decisions and meeting other business expenditures becomes a headache in this case as maintaining balance is essential. One bad decision can lead to a series of losses for your business.

So, use tech tools to stay on top of your accounts payable and receivable. Set reminders for sending customers, suppliers, and vendors timely invoices to pay their dues. Doing so will help you stay in the green zone when managing cash flow.

Skill up

If you’re an enthusiastic learner, consider equipping yourself with additional know-how in supply chain management. Or motivate an existing resource in your business to do the same.

You can search for a budget-friendly online MBA in supply chain management on the internet to fast-track the learning process. These online degrees/courses specially cater to professionals looking for ways to enhance their knowledge, but don’t have all the time in the world to go back to campus-based education. By enrolling in such a course, you’ll learn many new tricks of the trade, including better inventory management, decision-making, etc. The updated info will help you run your operations more seamlessly.

Invest in automation

It’s always good to invest in your business and upgrade it. So, if you’re still running your business the old-school way, it’s time to become tech-savvy. Automating your processes, including inventory management, payments, and tracking will help you manage operations better and provide customers with better services. Your system will also be able to generate purchase reorders to keep inventory levels at the desired number for each product. This way, you won’t have to constantly count what to order and restock.

Automation will help reduce time lost in manual labor and eliminate errors in order fulfillment. You can then use the money and resources you save in other crucial business aspects such as marketing and customer support.

Organize your inventory

Maintaining inventory is perhaps the most essential part of a distribution business. If your inventory is unorganized, work will get difficult to manage. Staying on top of it is imperative, and some proactive measures can go a long way for your business.

Track and update your stock with invoices and physically oversee the store to double-check. It’s good to use technology here, i.e., barcode tagging and scanning to log incoming and outgoing shipments. Ensure your warehouse is tidy, well-organized, and safe from environmental threats. The last thing you want is your merchandise being damaged before it even reaches customers.

Make the ordering process simple

If a customer can’t place an order easily, they’ll likely not use your service again. Therefore, you must ensure your customers have a seamless experience while using your service.

A user-friendly website can be of great help. Ensure your website loads fast, and use efficient software to reduce the ordering time for the customer. Keep navigation simple and provide multiple payment options to facilitate more customers. Providing a fast, seamless experience means people will be more likely to use your service again and recommend it to others.

Prioritize customer support

At the end of the day, happy customers will drive your business to success. And considering that you’re not the only one in the industry, providing excellent customer support will help you retain a competitive edge.

Instead of relying solely on low-price strategies, focus on the quality of service and maintaining high customer satisfaction levels. Always provide your customers with the best products and services. Use chatbots on your website and social media accounts to provide 24/7 support and address customer complaints. You can also collect feedback from your customers on how they feel you can improve your service and incorporate it into your business model. You can leverage trust in your brand to build a loyal customer base for a steady income stream.

Invest in staff development

As a business owner, you must see if your staff is suitably equipped to adapt to any long-term organizational changes you implement. Investing in their growth means investing in your business growth also.

Providing your staff with the proper tools and training will ensure better productivity, whether it’s stock handling or customer support. This is also a good way to keep your staff more engaged, motivated, and loyal to your business. While employee turnover rates in 2021 were as high as 57%, research states that 94% of employees would stay with their current jobs if employers invested in their long-term training. So, invest in building a solid team.

Branch out your sales channels

A diverse customer base is always ideal for a business. However, you can’t cater to more customers with limited sales channels. So market your business and establish touchpoints n different channels, including social media and third-party retailers like Amazon. Incorporate an omnichannel strategy in your marketing mix. By catering to more customers, you can nurture more leads and sales.

Conclusion

When running a distribution business, the stakes are high because customers want their stuff on time and in good shape. This article mentions a few tips to help you run such a business model smoothly. While sound management is essential along with tech integration and providing customers a seamless experience, consider honing your expertise in the supply chain industry by seeking more education. By following the tips mentioned above, you can increase your chances of running a successful distribution company.

Making Marketing Moves Is Becoming Harder And Harder

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StrategyDriven Marketing and Sales Article |Marketing Moves|Making Marketing Moves Is Becoming Harder And HarderMaking marketing moves is essential to seeing success in your business. You can’t just use the same marketing all the time, you need to be different and creative. If you’re not doing this then you are going to find that there’s no more engagement, no more customers, and no more sales than you had previously. Businesses should always be moving forward, not standing still. In this article, we’re going to be taking a look at some of the reasons businesses aren’t making marketing moves right now, and how to sort this. Keep reading if you would like to find out more.

Original Ideas Are Tough To Come By

The first thing that we are going to look at is the fact that original ideas are getting harder and harder to come by. So much has been done, that even when you think you have a fantastic original idea, it might turn out that you don’t. Of course, it’s true to say that there are original ideas out there and people who are coming up with them, but it’s a lot harder than it used to be in the early days of marketing.

As such, businesses are not wanting to put out things that they have done before, or that their competition has done before. It’s a tough world to be in right now with marketing, but what we suggest is taking something you have done, and changing it enough that it isn’t recognizable but not so much that it no longer has the elements that made it successful.

A Lack Of Research By Businesses

Then, there is the problem that businesses are not researching what their customers want enough before they start trying to create marketing campaigns. You must conduct research and find out what is appealing to your target audience before you try to create a whole campaign that is aimed at these people. It’s okay to get things wrong as they can be fixed with feedback from a focus group, but you should always try at first to cater to what the audience is going to want. You can use the research conducted by BrandTotal to give you a starting point if you are ever stuck.

Social Values

The final reason that making marketing moves is becoming harder is due to social values. People want to buy from companies that align with their social values, and it can be extremely difficult to add this into marketing for some companies. It’s a tough one, and the only thing that you can do is do your best to show customers in other ways the values your business stands for.

We hope that you have found this article helpful, and now see some of the reasons why we believe that making marketing moves is becoming harder and harder for businesses. A lot of companies on the market still run fantastic, successful marketing campaigns, so you just need to ensure that you are one of them. You can do this, we know that you can, you just need to put your mind to it.

What Kind Of Support Should Your Business Rely On In 2022?

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StrategyDriven Managing Your Business Article |Business Support|What Kind Of Support Should Your Business Rely On In 2022?It has been a turbulent couple of years for many firms. Support has felt in short supply.

While competition has increased in some sectors, it is also fair to say that a sense of unity can be felt across industries too. With livelihoods on the line, very few firms will not support their peers however they can.

Of course, some companies make it their express purpose to provide unwavering support. Your firm could have a brighter future if it engaged with such entities. But who are they?

Here is the kind of support your business should rely on in 2022.

Group Purchasing Organizations

The pandemic has been tough for most sectors. Consequently, many suppliers have hiked prices, while numerous smaller firms have struggled to secure the funds to purchase what they need.

Increased leveraging power would be of great help in such situations. Fortunately, this is what Group Purchasing Organizations provide. GPO purchasing saves businesses time and resources, allowing them to rally together under a membership base. After that, the GPO negotiates with suppliers on their behalf, using their combined spending for better negotiation terms, conditions, and outcomes.

If you are still asking yourself, ‘what is GPO purchasing?’, Procure Analytics can help answer any lingering inquiries. They explain the perks of these arrangements and how all three parties benefit; the GPO, suppliers, and buyers. Additionally, you will also find details of how trustworthy GPOs can provide robust savings analysis services before your firm joins. Do some further reading if you do require further assurances.

SEO Services

Many firms are slipping into obscurity. Those that do not have a strong presence online, thanks to diligent search engine optimization strategies (SEO).

External experts and consultants can implement these digital marketing tactics in your business. Try to do some further research on SEO’s benefits, as it can optimize your marketing campaigns and generate more credibility and exposure for your firm. All of this will help you stay relevant in industries that are becoming increasingly cutthroat and competitive.

Marketing is firmly a discipline of its own today. It requires constant dedication to monitor key trends, create compelling content, and draw in an audience in a world where attention spans are short and fickle. Only dedicated experts who treat SEO as a full-time pursuit can secure you a steady trajectory of success and ultimately free up time for you to run other aspects of your enterprise.

Cybersecurity Services

Cybersecurity is an essential aspect of a firm’s infrastructure today. Without it, businesses big and small can be raised to the ground in a heartbeat.

However, there were almost 500,000 job vacancies in cybersecurity last year, despite industries worldwide adopting more digital working methods. Skills shortages in the workforce were principally blamed. The challenge of filling these positions will likely not ease this year, given the extent of the problem.

Therefore, it is probably more prudent to engage an expert cybersecurity service. Whether they are directly responsible for implementing measures or operating in a consultancy capacity, their knowledge and wisdom should make your firm safer in the long run. Cybersecurity cannot be mastered overnight with a series of Google searches, so having this extent of knowledge at your disposal is key.

5 Ways Invoice Factoring Can Offer Quick Financial Solutions to Your Business

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StrategyDriven Managing Your Finances Article | 5 Ways Invoice Factoring Can Offer Quick Financial Solutions to Your BusinessSmall or established businesses need effective cash flow to run their operations. However, maintaining a proper cash flow can prove hectic with the market and economic changes. A business should seek alternative funding to keep its operations active and productive. Besides applying for a loan, businesses can utilize invoice factoring as an alternative financing option. Pointed below are the ways invoice factoring can offer quick financial solutions to your business.

Offers Financial Flexibility

It is prudent for your business to maintain flexibility in cash flow. Your business needs to fund its operations and sustain its workforce despite hard economic times. Invoice factoring financing becomes vital as it offers your business the flexibility it deserves. You can use the unpaid invoices to get the funds you need at any time. You, however, need to find and work with a reputable factoring company to enjoy the flexibility. Remember, invoice factoring makes cash available to your business and helps avoid financial struggles that might affect its operations in the end.

Helps You Save Time and Resources

Note that applying for a bank loan means waiting for days before getting approval. The approval chances are also minimal, and your business can get affected as you wait for the approval. Most banks and credit unions also dictate that you provide collateral to process the loan. This, in the end, can be inconvenient, especially to a struggling business. However, using your unpaid invoices to secure funds saves time and resources. You avoid worrying about collateral and wasting during the application process.

Easy Application Process With Higher Financial Approval

Financial history, credit score, and collateral determine your chances of getting a loan approved by the bank. You must meet the criteria and the requirements for your business to get the funds it needs. This is, however, different when you consider invoice factoring. You don’t need to worry about collateral or your financial history to get approval. You only need to show your financial history to the customers. The factoring company needs to be confident about the payment history before taking your unpaid invoices.

Credit Control

Collecting your payments and managing the credit can have different impacts on your business. You need to be effective with debt collection to keep your cash flow steady. It is, however, hard when you have to deal with sneaky customers. You get quick financial solutions by considering invoice factoring as you avoid the stress of dealing with your customers. Note that the factoring company you sell your invoices to handles the payment collection process and credit control. You get more time and space to manage your business.

You Use the Funds for Any Business Purpose

Unlike other forms of loans, invoice factoring provides you with the funds to use for any business needs. There are no restrictions or conditions on where and how to use the funds. You can improve your working capital, fund expansion, purchase new stock and equipment and add more staff with the funds you get through invoice factoring. You enjoy financial freedom by working with a reputable factoring company.

It is crucial for a business to maintain its cash flow for its operations. However, it can prove hectic when you lack a proper financing avenue. As much as applying for loans can prove beneficial, the process can be overwhelming. You need invoice factoring to get quick financial solutions and enjoy other benefits, as highlighted above.

Does the company supplying e-services need to register to VAT in Poland

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StrategyDriven Managing Your Business Article |VAT in Poland|Does the company supplying e-services need to register to VAT in PolandThere is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland.

There is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland.

There is no denying that every entrepreneur wants to reach as many buyers as possible. This is the reason why many of them decide to provide e-services. Thanks to that they sell their goods and services on foreign markets. This raises the question of whether you should register as a VAT payer in Poland. The sale of electronic goods or services to individuals from another EU country involves a number of tax obligations. From 1 July 2021, with the so-called VAT e-commerce package, regulations simplifying these settlements came into force. Read our article and we will certainly brighten up your Vat in Poland.

What is VAT OSS?

VAT OSS (One Stop Shop) is a VAT settlement prcedure that replaced the previous one – VAT MOSS (Mini One Stop Shop). As we have already written in the introduction on 1st July 2021 new regulations came into force. The previous VAT MOSS procedure, which concerned the sale to individuals from another EU country of electronic, broadcasting and telecommunication services (so-called TBE services), has been extended to include the sale of goods by mail order to these entities (so-called WSTO), creating the EU VAT OSS procedure.

The EU VAT OSS procedure can be used by both active VAT taxpayers and non VAT taxpayers. VAT OSS registration does not interfere in any way with VAT-EU registration. It also does not result in losing the right to VAT exemption, due to the fact that sales settled under VAT OSS are not taken into consideration when verifying sales limits for VAT exemption.

VAT OSS – when is it worth using?

Every entrepreneur should remember that registration for VAT OSS is fully voluntary and depends on the decision of the seller. When making mail order sales of goods or providing services to private individuals from another EU country, they must keep an eye on the sales limit.

What is the sales limit?

The limit for sales to private persons from another EU country under the VAT OSS procedure is EUR 10,000. In case of Polish sellers, converted into PLN, the limit amounts to 42 000 PLN. Until the sales limit is exceeded, Polish entrepreneurs tax their transactions as domestic sales – applying the Polish VAT rate. After exceeding the sales limit, they are obliged to tax the transaction at the VAT returns applicable to the buyers country. Until the implementation of new regulations, which took place until 1 July 2021, after exceeding the limit of mail order sales in a given EU country, Polish taxpayers had no choice and were obliged to register for VAT in the country of exceeding the limit. This involved not only the registration obligation, but also the obligation to keep records and reports, i.e. accounting for VAT in another EU country. At that time, it was necessary to use the services of accounting offices that specialized in the knowledge of tax laws of other countries, which entailed additional costs.

To sum up, the VAT OSS procedure simplifies the settlement process, because once the limit of mail order sales in the EU has been exceeded, the seller can still settle the VAT with the Polishtax.com.