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Overcoming Challenges within your Business

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StrategyDriven Managing Your Business Article |Business Challenges|Overcoming Challenges within your BusinessRunning your own business can be tough and challenging at the best of times. There are always obstacles and hurdles in your way. How you deal with problems and how you overcome challenges says a lot about your personality and about your leadership style. Tackling problems as soon as they happen and working out solutions is just what good business owners and leaders do. Here’s what to do to make sure you’re overcoming challenges effectively.

Facing problems head-on

Whether you run a bricks and mortar based business or an online-based business, you will have daily challenges and problems to overcome. These could be smaller problems like running out of office stationery, or they could be bigger problems such as sourcing last minute suppliers’ or making sure pallet rack protection is in place for your next delivery to ensure no goods get damaged when in transit. Whatever the problem, how you deal with it and overcome it will determine how successful you are within other areas of your business.

Seeing issues or problems through to completion is what needs to be done. Don’t be afraid to compromise to get the best solution for your business, but at the same time, don’t become a pushover – you will struggle to regain authority and respect.

Delegate and seek assistance

This may be easier said than done, especially if you have run the business from day zero, but remember that as an entrepreneur or small business owner, nobody is expecting you to do everything. To succeed in business, you need to know when to delegate jobs and responsibilities to others. Trying to do too much all the time will lead to burnout, which is no good for you or your business. Never shy away from seeking assistance or help from friends, family, and possibly even freelancers.

Evaluate and learn from your actions

To move forward within your business and to push it to the dizzying heights of success that you deserve, you need to regularly evaluate your business and yourself. Take some time out to focus on what you have achieved since you started out, and ultimately, where you want to finish up. It is important not to be too harsh on yourself but to simply see where and how you could have done things differently in certain situations or scenarios. It is beneficial to utilise business consultants when evaluating where you are wanting to take your business next and deciding which direction to go in.

Consultants have a wealth of experience and can provide you with an in-depth growth and development plan which you can implement within your business and start working on as soon as possible.

There will always be challenges to overcome within a business, this is part of the fun which you thrive on and live for. Make use of networking both online and offline to meet like-minded business owners and entrepreneurs. When you are facing difficulties or facing other small business challenges, the people you met through networking will be your business support network, which you can rely on to help you continue picking things up and moving forwards.

It’s Time for Your Company to Switch to VoIP

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StrategyDriven Managing Your Business Article |VoIP|Why Your Business Should Invest in VoIPVoice over Internet Protocol (VoIP) is one of today’s most popular communication methods. Similar to a traditional phone line, it allows voice communication but uses the internet instead of phone lines. Due to its simple and convenient features, many businesses in different industries have successfully adopted this technology.

If you’re still using landline phones for your business, it’s time to seek a Fanvil reseller and make the switch to VoIP.

Consider the following reasons.

More Affordable Software and Hardware

If you’re having doubts about using VoIP because you’re concerned that the software and hardware will cost you a fortune, don’t worry. A majority of VoIP systems require little to no installation. Most of them can also function or integrate well with your existing equipment.

In terms of hardware, businesses that use VoIP through a computer require sound cards, which most computers already have. You’ll also need a speaker and microphone or headset. Other service providers may also require the use of VoIP phones. These phones are not too costly and in some cases, the VoIP providers charge phone use for a nominal monthly fee only.

More Affordable Communication Costs

Using VoIP services enable users to communicate for free or at lower call rates compared to traditional phone lines, as long as you are connected to the internet. Other service providers let you use your existing Internet-connected phones to enjoy unlimited calls for lower prices compared to the per-minute charges of telephone companies.

VoIP service providers offer different packages to choose from, many of which may suit your business’s size, budget and future goals.

Mobility

With a VoIP phone system, you can place and receive calls wherever you are – as long as you have a strong Internet connection. This means you and your team can work remotely, which is a great benefit in the world’s current situation (aka COVID-19 pandemic). Also, remote working is beneficial should your business be disrupted because of natural disasters or power loss. Your staff can still work from anywhere, as long as they have an Internet connection.

More Features Than Traditional Systems

Apart from supporting multiple calls simultaneously, many features come with using VoIP. These features may differ from one service to another, but most of the common features include the following:

  • Call forwarding
  • Caller ID
  • Voicemail
  • Fax
  • Call blocking
  • Call forwarding
  • Last number redial
  • 441 directory

Many VoIP systems also come with advanced features, which include return call, call transfer, SMS, area code selection and speed dialing. These features are often included in VoIP subscriptions, which keep the add-on costs low.

Increased Data Security

Telecommunications scams have been increasing in numbers over the years, costing businesses over $32.7 billion annually. This is where VoIP proves to be helpful. These systems can protect your data against hackers. Also, online VoIP service providers protect data using information security technologies, such as encryption and identity management.

One of the best things about VoIP is you need not perform DIY security audits. VoIP service providers monitor your network security and notify you in case of a breach.

Advanced Call Analytics Options

Call recording is one of the most significant call analytics features VoIP offers. First, it allows HR teams and managers to replay the conversation and assess their call center agents’ performance. It also helps customer support teams analyze their interactions with customers, as well as help them improve their calls in the future.

Marketing teams can also benefit from phone call analysis. With VoIP, they can calculate customer experience scores and customer sentiment, which help marketers determine the most loyal customers and reward them.

Personalized Customer Support

Today, customer experiences matter just as much as the quality and price of the products and services. When interacting with businesses, customers expect them to provide highly personalized customer services – a job VoIP simplifies.

First, VoIP makes customer interactions more enjoyable. Smart case routing connects your customers to the right team members, ensuring customers receive feedback without having to be on hold for long.

Second, VoIP easily integrates with CRM software. The software captures consumer data across different channels they use (e.g. website, social media, email and phone calls) and stores it in one platform. This helps you map out your entire buyer journey, which helps create detailed customer profiles.

The Bottom Line

VoIP services reward organizations in many ways, from creating mobile-enabled environments and boosting employee collaboration to reducing organizational costs and personalizing customer experiences. There may be no one-size-fits-all solution for your business so you’ll need to set clear goals and choose a VoIP provider that aligns with your needs.
Dispose of your old technologies and make the switch to VoIP.

2020 Analysis: Which Financial Services Sector Saw the Greatest Upsurge in Demand Due to COVID-19

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StrategyDriven Editorial Perspective Article | 2020 Analysis: Which Financial Services Sector Saw the Greatest Upsurge in Demand Due to COVID-19COVID-19 took the world by storm, inflicting people across the globe with many health concerns. Its impact was also felt in various industries and businesses, including an upsurge in financial sector demand. A study by Awaken Intelligence investigated how the financial sectors in the US and UK have been coming during the crisis.

The research can be found at www.awaken.io/blog/boom-or-bust and was derived from collecting Trustpilot data. They used this data to determine the demand for various financial sector services in the initial months of 2020 when the pandemic hit and the same months in 2019.

Financial Service Sector Growth in the UK and USA

The two nations have experienced an increase in demand for financial services. However, there is a significant difference between them. While the Uk saw a 175% increase, the US only saw a 47%. Despite this, both rises were sudden and unprecedented, forcing financial service providers to update their business models quickly.

In-person meetings were out of the question, and these services typically rely on them. Switching to new procedures was imperative if they were to deliver high-quality assistance to customers regardless of the pandemic. Customers flooded support centres with calls and messages, and many found it difficult to adjust to the demand.

As a result of the nature of the COVID-19 enforced changes, even the most traditional businesses had to embrace modern technology and recognise its value. With the increased availability of self-service websites and application, pressure on customer service agents was lightened. Through the use of technology tools such as voice analytics, it has minimised the average call handling time while enabling satisfactory customer service provision.

Banking & Money

Banks and other loan businesses in the UK readily offered clients a break period and holiday payments on credit cards, loans and mortgages. Banks also reduced rates on new loans in an attempt to attract customers and generate revenue. With certain branches being closed, banks would provide great emphasis on their online and mobile platforms to be used during the pandemic. Banks wanted customers to remain safe in the knowledge that they could still access a variety of services on their online platforms and still receive additional help regarding any queries that they may have.

The UK people took advantage of these offers, and the sector saw a 204% rise. Though the US experienced a 148% rise in demand, this reflects a need to borrow additional benefits did not facilitate that.

Real Estate

In March, the UK placed the conveyancing process on hold. This prevented completion form taking place and home viewings were against COVID guidelines. Surprisingly, the nation still has an 87% rise in demand for real estate services.

Due to the initial pause in the sector, there was a backlog of eager buyers and sellers. When the government reopened markets in June, demands poured on. Another factor that facilitated the rise was eradicating stamp duty by the Uk government, which is to remain until spring 2021.

The US witnessed a nominal 3% growth. Different states had their regulations guiding competitions and home viewings. Still, the main factor was that new listings became rare because property owners were unwilling to sell in a period of economic upheaval.

Insurance

One of the things people cherish about the UK is the National Health Service. Unfortunately, its services were quickly stretched because of the influx of COVID-related health issues. Scheduled appointments and procedures had to be pushed back to since healthcare providers needed to prioritise coronavirus patients.

Numerous individuals were compelled to seek private healthcare to reduce the NHS’s pressure while ensuring they received the best care. This shift resulted in a 311% increase in insurance demand in the UK. In the US, a rise took place, but it was only 26%.

The hike in demand in the US was relatively low because many Americans already have health insurance and did not need to purchase any because of the pandemic. Those who do not have insurance likely lack access on account of affordability. The pandemic did not suddenly make insurance coverage affordable.

Health insurance was not the only form that witnessed growing demand; travel insurance grew in popularity. Usually, only a minority of travellers claim their insurance, but the numerous cancellation resulted in a flood of claims.

Credit & Debit Services in the UK saw a 52% rise, but they dropped by 16% in the USA. Investment and Wealth experienced a 30% rise in the US and 119% in the UK. The financial sector is currently bracing itself for another impact as a second wave hits the two states. The uncertainty of these times holds the danger of rising unemployment rates and financial struggles.

Was the State of the Public Cloud Being Used Effectively by IT Managers in 2020?

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StrategyDriven Risk Management Article | Was the State of the Public Cloud Being Used Effectively by IT Managers in 2020?When Netsuite and Salesforce launched in 1998 and 1999, respectively, experts generally considered the cloud to be a fad. Since the early 2000s, the industry has experienced unprecedented growth. The collection, storage, and securing of data is a priority in the business world globally. Cloud-native technology has shaped business operations remarkably in the past decade.

Contino recently released the result of a study that can be accessed in full on www.contino.io/insights/infographic-public-cloud-report-2020. Within it, curious minds can gain enormous insight into the public cloud’s state in modern enterprises. IT managers in businesses with more than 5,000 members within the UK, US, and APAC were questioned to arrive at its conclusions. The survey took place at the start of 2020 to investigate the applications of could-native technology.

These are some of the study’s findings.

The Public Cloud Has Widespread Usage

Among the surveyed, 77% stated that their organisation used the cloud in one form or the other. Another 50% of these IT managers made use of the hybrid cloud. Only 1% of the professionals said they were using on-premise solutions at the time. The rest of the respondents made use of a single public cloud, single private cloud or multi-cloud.

Business-Wide Public Cloud is Uncommon

Only 13% of IT managers reported that their businesses had a fully-fledged public cloud system. Those who said that the most common application of the system was for projects or multiple apps (42%). 24% of businesses were experiencing progress in their public cloud usage, while 18% were still developing.

Most Respondents intend to Expand Cloud Programs

83% of the companies are currently trying to increase their cloud program usage. Out of these, 48% want to proceed cautiously. However, 36% think the best way is to move quickly. A minor 4% are interested in returning to on-premise solutions and mentioned that they were in no haste.

Security & compliance are the Main Obstacles

Security and compliance are vital to businesses. This is why business owners and directors are concerned about the risks of using public cloud since the two factors can vary significantly between industries.

The survey found them to be the biggest barriers. 48% of respondents talked about security concerns, while 37% were apprehensive about compliance. However, most IT professionals stated that these two issues were far from being the only barriers to implementing cloud technologies.

They cited a lack of skills, resources, and the hassle of integrating existing systems as the other issues that obstruct a switch to the cloud. 19% expressed eagerness to get with the cloud, but lack of leadership buy-in stopped them from going ahead.

The Public Cloud is Considered to be as Secure as On-Premises

64% of respondents think that on-premises offers even less security than the cloud. This belief comes after previous security concerns about the cloud. 29% said that they had not noticed any security-related differences between the two systems. Only 7% felt that on-premises provided better security.

Company is More Important than Location When Expanding Cloud Programs

Across the businesses surveyed, Contino found that location played little to no role in determining responses. Instead, the nature of each company that factored into cloud-related decisions.

The Cloud Facilitates Innovation

While 81% of IT managers stated that using the cloud-accelerated innovation, no one expressed any belief that the cloud was hampering innovation. 5% reported that the cloud increases their business expenditure. However, 79% said that the system helped them minimise expenses.

Vendor Lock-In is A Serious Concern

Though 23% reported that they had no worries about vendor lock-in, 63% expressed reluctance to commit to the cloud due to concerns with vendor lock-in that ranged in severity.

The Most Significant Advantage is Aligning IT with the Business

100% of the respondents reported many ways of switching to the public cloud was beneficial to their organisation. 72% found that compliance related to business data was easier, while 4% thought it was trickier.

Many modern organisations have implemented the public cloud in varying forms. The majority of respondents are committed to these programs in the foreseeable future. While security and compliance are the most significant barriers to cloud usage, they were also cited as the most remarkable benefits of switching to the cloud.

How To Start Your Own Small Business!

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StrategyDriven Starting Your Business Article |Start a small business|How To Start Your Own Small Business!Yes, after the pandemic, a lot has changed. A lot of people lost their jobs because of the pandemic and had to move to other countries to find employment, or came back to their homelands full of hope to find what they really want. But sometimes you have to see the light even from the most bottomless hole and from the worst situation. Be wise and a little bit cunning! Every question has its solution because it is the 21st century. Digital work is everyone’s salvation. Here you can find a job or start a new business.

If you are wondering how to create a small business or you are just searching for business ideas, go on reading the article till the end!

Nowadays, especially after the “huge” results of Covid 19, the digital world is an essential part of human beings’ lives. People using the internet do even impossible. Maybe just a decade ago, no one could think about working or studying remotely, but today it is more than actual. The really colossal chaos and the impact that pandemic had on us, we should use smartly. Everything starts with a good idea!

New tendency

Don’t you think that you should focus on the events going on in the world right now? The most obvious example is online education – real profits online. Have you ever thought that being a teacher someday could become a business? This is not a joke at all. And I am not speaking about traditional teachers.
Of course, both online and offline businesses are necessary. Still, you need to move with the times and prove that a lot of money is no needed, and intelligent people start businesses also without having cash or without serious investments. You have already known the secret, haven’t you? Hmm…

Okay, let’s think about the digital world and the benefits it gives us. Nowadays, digital technology has transformed nearly every aspect of modern life. People “live” using devices. Travel, work, shopping, entertainment, communication… These all are an inseparable part of our lives, and new technology makes it easier to do each of them. This is the most convenient time to start your little business and help others too.

But why online teaching, and what will be your profit?

Importance of Online Presence for a Business.

It is available wherever and whenever you want.

The number of users on online educational platforms has overgrown. Do you know why? People save their time. So, people prefer to buy online courses and learn wherever and whenever they find it appropriate: after work, on the way home, during the breaks, while drinking coffee, and so on.
Just because the internet is always available everywhere, the customers will find your “product” easily. Your video classes will be accessible on a 24-hour basis, and customers can conveniently find and use them. They will buy your video lessons, and you will teach them something, make money and at the same time enjoy the whole process.

Larger audience

The web gives you access to a much wider audience that involves personalities within your location and beyond.
If you can teach hundreds or fewer students in the traditional classroom, in this way thousands of people from all over the world learn something from you and thanks to your video classes, a lot of people acquire a new profession and find a job.

Positive Reviews

Here your work is appreciated, and due to the positive reviews, a lot of people know about your courses. If you have really good video classes and value your students, you can look forward to positive reviews that will result in a broader student base. People often use reviews to make their purchasing decision, and it’s important to prioritize quality service.
Perhaps you have a lot of questions right now. Like how to create video classes? Are there any websites to upload or even how to make educational websites? What to pay attention to, and if there are any details or nuances that you should know before starting your business? Go on reading and explore the answers to your questions.

How to create video classes?

The most important thing – follow the available trends! Have a little but comfortable working area for you even at home. It is really easy to share your knowledge, grow your audience, and scale the business you already love. At the very beginning, you can use the camera of your Smartphone or computer. Write on the paper the content plan to organize efficiently. In this way, you will have a well-developed strategy. Then record the class without forgetting about the eye contact. Look at the camera. This increases engagement.

Are there any websites to upload?

Of course, there are websites where you can share your video classes. You can easily find both free and paid websites—for example, UDEMY (do your research and use the one you like the most). Then quickly upload videos, build quizzes, and organize all your learning content. Set pricing, schedule lessons, and automate your content to curate a learning experience your students will love.

How to make my own educational website?

This is a little bit difficult, but we found a solution for you! You don’t need to spend a lot of time and money to create your own website. There are e-teaching website builders that will help you to do it in a few minutes. Yes, I am about Uteach, which will make your life easier ’cause this allows you to create your website using the domain you want. This is more convenient and has all the tools needed for online education. You save your nerves, have your own E-teaching Platform and make money. So it is your choice, find the most appropriate version, start your new business and make money!

To sum up

For people who love teaching and want to share their education working from home, online teaching provides excellent opportunities and is a perfect alternative for both tutors and students. An online tutor can gain millions of students remotely, and students sitting at home can learn some new things and work thanks to the information and knowledge teachers gave them. Do everything with love, and you will succeed!