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Five Things to Consider When Choosing New Suppliers

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StrategyDriven Tactical Execution Article |Supplier Choices|Five Things to Consider When Choosing New SuppliersOne of the most important decisions that you can make in your business is who will supply the parts or materials that you need for your products. Your supplier choices have a direct impact on the success of your business and without a good relationship with yours, you’re going to have fewer sales and this results in a poor service. In fact, the worst case scenario here is that you could end up with a failed business – all because you didn’t choose wisely when linking with new suppliers.

If you are searching for butterfly valves and need a supplier, you need to take some things into account. These options can be said for pretty much any product or piece you are looking for. The right supplier is going to make a huge difference to the way that you work, so here are five things that you should be considering right now.

  1. Cost. The very first thing that you would need to factor in is the cost of a supplier. You don’t want to choose someone JUST based on cost, but you do need to stick to your budget and find the best supplier that fits. Once you have a figure in mind, you can choose the products that will fit the costs you are willing to pay.
  2. Quality. Another priority here is to know the quality of the product you are looking at. The better the quality, the more you will be willing to liaise with that supplier. Know that your expectations are going to be met and that the quality goes beyond the product itself, but the supplier, too.
  3. Reliability. You need to know that the supplier you are paying is reliable and can give you what you need. You need references, and you need to know that they are going to live up to expectations. The suppliers that you choose will reflect on your business, and if you’re not choosing the right one, it’s going to make you look bad. Don’t forget this in your quest for the right people!
  4. Culture. Not only do you need a supplier who will meet your expectations, but you need to be the kind of customer who holds their end of the deal. You will likely have a supplier ask you as many questions as you’re going to ask them – so make sure that you are prepared.
  5. Location. You need to be close by to suppliers if you want to make sure that you are all on the same page. Sure, you can choose to have a supplier that sends you products from abroad, but this isn’t easy. You want to be able to meet them face to face and know them as people as well as a supplier who sends you the materials that you need. Finding the supplier you need in the right location is a must!

Sourcing your supplier may take time, but it’s 100% worth it going forward in your business. Ask your questions and be prepared for a fruitful relationship!

Reasons to Hire a Financial Coach for Your Startup Business

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StrategyDriven Starting Your Business Article | Reasons to Hire a Financial Coach for Your Startup Business

In today’s market and economy, starting a new business can be an exciting but risky thing to do, especially since many starting businesses are sprouting almost everywhere. Fortunately, there are financial coaches who can help you establish your business, not just in terms of finances, but also in fixing issues related to personal development and business growth.

Financial coaches also know your business’ field and its best interest, which are required for you to develop and grow your business. Hiring a financial coach can give you advantages over your competitors and will give you a great headstart in dominating the market.

What Is a Financial Coach?

To emphasize what a financial coach is and what they bring on the table, a financial coach is someone capable of helping you handle and learn necessary money management skills. Of course, that is only skimming the top as financial coaches have a lot of tricks up their sleeves that are important in growing a business.

Their specialty in money-making and managing skills is a great help if you are having difficulties managing your money or business in general. Whether you are making a mess out of financing in your startup business or are struggling with debt, a financial coach can help you alleviate your immediate or recurring problems. They can help you make decisions that will make your business go in the right direction.

Simply put, a financial coach’s primary goal is to empower your critical thinking and money management skills in both a personal or business setting. Here are some great benefits you will get when hiring a financial coach.

Learning How to Set Goals

Ask yourself: what do you want to achieve with your business the next year or more? If you don’t have a clear answer to that question, you will have a hard time formulating a plan and taking the right steps. For many small and startup business owners, it can be hard to develop realistic, practical, and measurable goals, especially in terms of financing. That is why it is beneficial to hire a financial coach business expert.

Financial coaches, especially those who have knowledge in business, can collaborate with you to set realistic goals that can be attained in practice. They stand by the acronym SMART: Specific, Measurable, Achievable, Relevant, and Timely. With these values in mind, formulating financial goals that can be attained through practical means will be easy.

Sustainable Support

Financial coaches do not only support you through your journey, but they also see you through the end of your goals.

There are two common scenarios once a new company experiences little significant success: they either stabilize without much growth or implode because of the demand and workload. Financial coaches make sure that your business can handle its finances while growing smoothly and steadily.

Financing Insight

Of course, financial coaches will not be called such if they don’t help you with your finances. As a business owner, you are responsible for a lot of things, including finances. That said, it will be a struggle for you to balance these things. With a financial coach, you will worry less about your finances.

One of the things financial coaches are good at is creating a significant financial picture. In simpler terms, this is a visualization of your business money flow, gains, losses, and potential currently and in the future. This will teach you to monitor your gains, allocate your profits to the right place, and monitor the flow of cash while they advise you on what things you should do and prioritize.

Understanding in Market Trends

Since financial advisors are experts when it comes to financial matters, expect that they have excellent and a deep understanding of market trends. Having a financial advisor on your side means that he/she will help you to get the right information as to how to run your business according to what’s in demand or the current trend in the market.

Also, given a financial advisor’s knowledge and skills, he/she can comprehensively answer all of your financial questions. This will help you understand how to conquer the market by taking advantage of the current trends.

Takeaway

Whether you are looking for financial help or only looking to learn new insights and money management skills, or even looking for support and guidance, a financial coach can help you with that, along with critical thinking, prioritization, and decision making. Not only that, but the lessons you’ll learn with your financial coach can be helpful to your company in the future. As a business owner, your focus should be on improving your business and yourself as a whole.

About the Author

StrategyDriven Expert Contributor | Lauren CordellLauren Cordell is a writer with a passion for business and finance. She likes to write just about anything related to growing business and making money. When not busy working, Lauren spends her time reading her favorite novels.

Figuring Out the Best Way to Get Your Business Insured

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StrategyDriven Risk Management Article | Figuring Out the Best Way to Get Your Business Insured

40 percent of businesses don’t reopen after a disaster. That’s the bad news.

The worst news? We’re in the middle of a disaster. The COVID-19 pandemic is taking the economy to the cleaners and leaving many small businesses on their death bed.

The good news? As a business owner, there are steps you can take to protect your business from foreseen and unforeseen disasters. One such step is to purchase adequate commercial insurance.

This sounds easy and straightforward, but it’s not. You must find out the best way to get your business insured; otherwise, you could end up underinsuring or even over-insuring your company.

Continue reading to learn how to go about insuring your business.

Identify and Assess Your Risks

Every business faces a wide range of risks.

Some risks affect all kinds of businesses regardless of their industry or niche, and others only affect certain types of businesses. For example, owners of medical practices face malpractice risk. Restaurants don’t face this kind of risk.

However, both businesses do face a fire risk. An electric fault can result in a fire that razes down the buildings that house both businesses.

As such, the first step to insuring your business adequately is to identify all the risks it faces. You can do this on your own or you can hire a risk assessment professional to help you.

If you’re hiring a professional, ensure they’ve got enough industry-specific experience. If you own a logging business, for example, an industry risk specialist is in a better position to identify logging insurance risks than a risk pro who specializes in the retail industry.

After identifying all your risks, assess their threat-level. Which risks pose a more imminent threat? Which ones are less likely to affect your business?

Next, what amount of damage is every risk likely to cause?

With a proper risk assessment, you’ll know the amount of coverage you need to protect your business.

Determine the Kind of Insurance Policies You Need

Wouldn’t it be awesome if insurance policies offered a blanket policy that covers all the risks your business faces?

Well, some large insurance companies offer customized policies, but it would rarely be a blanket policy. Also, there’s the general liability insurance policy that covers most of the risks your business faces, but it’s barely adequate on its own.

Yet, a common mistake small business owners make is purchasing general liability insurance and stopping there. Don’t make this mistake.

There are several other types of business insurance policies you should buy, depending on the nature of your business. Here are some of those policies:

Property Insurance

If you run a brick and mortar store and you own the building, purchase property insurance.

Your building faces a number of risks that can result in extensive damage. Fires and natural disasters, such as floods and windstorms, can destroy the building, forcing you to abandon it until repairs are made.

A property insurance cover will compensate you for the damage and other losses.

If you run a home-based business, you might want to add on to your homeowners’ insurance policy, so that it covers your commercial activities as well.

Business Interruption Insurance

You don’t need to look beyond the coronavirus to see how a disaster can disrupt your business operations.

During such times, business interruption insurance is your ally. Depending on the terms of coverage, the insurer should compensate you for the losses you make during the interruption period.

Workers’ Compensation Insurance

Do you have more than 3 employees?

In most states, that’s the requirement for purchasing workers’ compensation insurance. When an employee gets injured on the job, you won’t worry about compensating them for their medical expenses and other losses. Your workers’ comp provider will do that.

Cybersecurity Insurance

If your business has digitized some or all of its operations, it’s imperative to buy cybersecurity insurance.

43 percent of online attacks now target small businesses like yours, which means your risk level is high. A cybersecurity insurance policy will protect your business from the effects of an attack, including business interruption and data loss.

Other types of insurance you might need include product liability insurance and commercial vehicle insurance.

Find the Best Insurance Provider

You’ve probably heard horror stories of insurance companies that refuse to settle claims. If you don’t do your homework when looking for an insurance provider, you might end up telling such stories.

You want to work with a legitimate, reputable insurance company.

Read up online reviews about a specific insurance carrier before giving them your money. What are past and current clients saying about their service quality? Do they take forever to settle valid claims?

Also, you want to work with an insurance company that provides most, if not all, of the insurance policies your business needs. This way, you’ll be in a better position to negotiate for discounts when renewing your policies.

Consider Self-Insurance

Large corporations don’t typically purchase insurance from other companies. They self-insure, simply because they can afford to cover their risks from their deep wallets.

Self-insurance isn’t just for big companies, though. Even small businesses can develop a self-insurance plan, as long as you know how to go about it.

One effective way is to set up a captive insurance company. This is just like any other insurance firm, only that it is wholly owned by your parent business. You have complete control over its operations.

Get Your Business Insured the Right Way

Getting your business insured adequately can be a costly task, especially if you’re a small business running on a tight budget. However, it’s the right thing to do. Even a minor disaster can bring your business to its knees when you don’t have insurance.

With this guide, you now have the information you need to insure your business the right way.

Keep reading our blog for more business tips and advice.

Collaboration Tools Could Save Your Business Money And Improve Morale

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Rarely does a technology come along that provides nothing but benefits. But that’s precisely what collaboration tools seem to offer. These smart apps allow colleagues to work more efficiently and become happier at the same time.

Collaboration tools have become front-page news during the coronavirus pandemic. Businesses need quality solutions they can use to keep remote colleagues connected.

What Are Collaboration Tools?

Collaboration tools are essentially anything that makes it easier for people to work as a team. They facilitate the exchange of information and offer features that allow multiple people to work on projects simultaneously, even if they occupy remote locations.

Some collaboration tools offer messaging and real-time chat facilities. Others provide colleagues with the ability to edit documents or designs in concert with other people, dramatically boosting output.

Practically every collaboration tool depends on the cloud. Most are software-as-a-service. The business pays a monthly premium for a certain number of accounts, and then colleagues enjoy the proceeds.

Collaboration tools are easy to roll out. You don’t actually need a considerable amount of in-house expertise to get them up and running. If you have an MSP, they can take care of the process for you. And if you don’t, you simply download the relevant client, and the vendor will do most of the rest of the work for you.

What Are The Benefits Of Collaboration Tools?

We’ve alluded to the benefits of collaboration tools already in the above discussion. But it’s worth reiterating them here, to make it clear.

  • Better communication. With so many workers absent from the office, communication has become a sticking point for many firms. Keeping information flowing is a big challenge and one that they’re finding increasingly difficult. Collaboration software can fully reverse this situation and improve overall data fluidity in your organization compared to your regular setup. One colleague can start a project in the morning, and then another can finish it later in the day.
  • Keep track of current versions. What’s more, you can avoid ridiculous renaming of documents, like “final version 3.” The software just updates your work in the cloud, providing everyone with the latest version, plus a history of all revisions.
  • Keep people connected. Everyone wants to feel like they’re a part of the office, even if they’re not there. They don’t want to feel like they’re part of the “out-group” and that people at HQ are somehow more important. Collaboration tools can stop this process in its track, allowing everyone to make valuable contributions to the work of the firm.

You should note that the collaboration tools also differ, depending on the underlying hardware. The difference between consumer and business Microsoft Surface devices is that the latter makes it much easier for colleagues to communicate with each other. Sharing options are better, as is the support for the collaboration tools themselves.

Collaboration tools in the cloud also allow you to cut down on the admin cost of administering your documents and systems. You no longer have to keep folders full of drafts of work, just in case you have to revert to a previous version. Instead, the cloud provides all that functionality natively. It’s almost magical.

Increase Your Profits

So what’s the effect of all of this on profitability? Quite large, as it turns out.

According to research, only around 14 percent of all emails actually have anything to do with getting work done. However, workers spend roughly half their day responding to emails, meaning that they have a massive effect on overall productivity.

Collaboration tools help to put an end to this endless back-and-forth. Colleagues know that if they want to check something, they can do it in real-time through the app, instead of sending an electronic letter to their colleagues.

Universal search facilities also help to improve the situation. If a worker is trying to find something, all they do is type a query into search. There’s no need to ask colleagues for further information.

More Security

Online collaboration tools are also incredibly secure. Servers in a secure farm somewhere hold and back up all the information. It’s never going to be perfect, but it’s much better than keeping all your data locally.

Cloud collaboration tool providers regularly scan for security threats and keep your products updated to the latest version. In general, the risks of a breach are low.

To conclude, individuals can make a big difference in your business, but teams are even more potent. If you can bring people together, your company will thrive.