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How To Test Your Latest Business Project

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StrategyDriven Managing Your Business Article |Business Project|How To Test Your Latest Business ProjectComing up with new project ideas in business is what will drive growth and keep you ahead of the competition, but launching a project or idea without knowing that it will be successful (or at least having a good idea about it) is a dangerous thing to do; it could leave you out of pocket, and your reputation could be damaged at the very least.

Therefore, it is essential that you test your business project carefully before taking it any further. Here are some ways you can do it.

Outsource

Using a third-party company to test your project is a great way to see if your latest business project is viable. You will be able to receive a true assessment of the idea and some pertinent, accurate feedback about whether or not the product or service you want to implement is going to be successful for you. Not only will you gain these important insights, but you will also be able to fix any problems and flaws before you launch the product to the market. This means you will have a much better product overall, even if it takes you longer to start selling it.

Outsourcing is something that all businesses need to think very carefully about, not just for project or product testing, but for employment outsourcing, marketing, and much more. It could save you money and will certainly save you time.

Speak To Your Customers

Something else that can work hand in hand with outsourcing your product testing is to speak to your existing customers. By involving them, they will be more interested in what you are doing in the first place, but they will also be able to let you know exactly what it is they want to see in a product, what they need it to do, and even how much they are willing to pay.

Taking all of this information together means that you can come up with something that you know your customers will want to buy from you. You can even have a budget to work to if you know how much they would want to pay for it.

Speak To Other Business Owners

Depending on what your business is and what the project is you’re working on, it might be worth speaking to other business owners (not those in direct competition with you, of course) about whether or not they feel the idea is a good one. You might have a specific mentor who can help you here, but otherwise, speaking in general terms on a forum or at a conference could give you important insights.

Have A Marketing Plan

When you have a product or project that you are happy with, it is time to come up with a marketing plan. When you launch your plan, you will be able to instantly see whether or not the product is gaining enough attention. Although this is a potentially costly exercise, it is also extremely useful to see just what kind of interest your new project is getting.

There are ways to implement your marketing plan without paying out a lot of money, of course. Social media is a prime example and one that is often very cost-effective in terms of the reach it can give you.

How to work hard and smart in business management

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StrategyDriven Practices for Professionals Article |Business Management|How to work hard and smart in business managementIt’s the greatest challenge of our modern age: maintaining a healthy work-life balance and maximizing your productivity to help your business and career thrive. The last two years have significantly changed many perceptions and attitudes around presenteeism and productivity with the pandemic. It’s a complete culture change. The world we knew became even more digitalized, with most people working from home and attending meetings virtually through Zoom.

However, one of the key learnings for 2022 is when it comes to business management and your career, it’s not so much about how much time you put into it, but how you use that specified time. So, how do you work hard and smart?

Time management

Knowing how long tasks take, and finding the time to do them, is a top skill that is worth mastering, particularly if you’re looking to progress your career to higher leadership roles. If you aren’t sure how long specific tasks take, from answering emails to more significant projects, monitor yourself for a week and take notes. Once you know what you’re dealing with, you can time-block effectively. Put each task into your calendar as a block of time and aim to do the job in that allocated slot. This tool will help you concentrate on longer tasks and not get sucked into procrastination or non-urgent admin, therefore making your valuable time more productive. Being able to manage your time effectively will give you more time to relax outside of your working hours and will help to eliminate stress.

Outsource your resources

Don’t have time to do it all? No problem, find someone who can. If you have the means and budget, working with an agency can make a massive difference to your business. For example, video content has become a significant part of marketing, particularly on social media. Companies are competing with millions of other accounts, so top quality, engaging content should be high on your priority list for a successful marketing strategy. Corporate video production companies like MHF Creative are an excellent resource for making your business stand out and pushing your business to the next level. There is no shame in outsourcing tasks to others, especially to experts who will do a better job than you could do.

Get into ‘deep work.’

Deep work is the new superpower for focus and productivity developed by Professor Cal Newport. Deep work is about your ability to focus without distraction, reclaiming your concentration for a specified amount of time. By Newport’s definition, deep work is: “Professional activity performed in a state of distraction-free concentration that push your cognitive capabilities to their limit. These efforts create new value, improve your skill, and are hard to replicate.”

Think about how you work best, remove all distractions from your environment by muting all notifications on your phone and laptop, and be strict with yourself.

Working hard and smart isn’t just about getting more done; it’s about doing your job to the best of your ability with no sacrifice to your work-life balance or business.

4 Ways You Can Manage The Risk Of A New Business

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StrategyDriven Risk Management Article |New Business|4 Ways You Can Manage The Risk Of A New BusinessAre you thinking about setting up your own business? If so, it’s important to remember that the majority of new companies fail on the market. Indeed, some reports suggest that up to 90% of new businesses are likely to fail within their first year. That’s why it’s important to make sure that you are managing the risk effectively when setting up your company. Here are some of the ways that you can do this.

Kill The Costs

First, you need to think about the issues with costs in your business model. If you want to effectively manage the risk of setting up a new company, then you need to make sure that the costs remain under the right level of control. One of the ways that you can do this is by making your business more green. A green friendly company will always be far more cost friendly overall and that’s exactly what you need. One of the best ways to do this would be to consider investing in renewable power solutions for your business.

Set Your Business Up As An LLC

During the initial set up process of your business, you should consider establishing your company as an LLC. With an LLC, you can make sure that if you ever do run into money trouble with your business, then you can keep the debt confined to your company. You won’t have to worry about it spreading over to your personal finances at all. You’ll need a legal firm to help you here, one with years of experience.

Invest In The Right Insurance

Next, you should consider the insurance options that are going to benefit your business. The right choices with insurance will guarantee that your company is not left exposed to potential storms on the horizon. There are lots of insurance plans that could be beneficial to your business model. For instance, you might want to think about investing in general liability insurance. This will protect you and your company if anyone is injured or negatively impacted by the actions of your company. Cyber-security insurance can also help you handle the costs caused due to a hack or attack on your business.

Keep It Flexible

Finally, you might want to think about taking steps to ensure that you improve flexibility levels in your business model. By improving the flexibility, you can make sure that you will be able to adapt your business for different challenges that might exist on the market. One of the ways that you can keep your business flexible would be through hiring outsourcing services or freelancers. You might also want to think about avoiding the office altogether, instead allowing your team members to work from home.

We hope this helps you understand some of the key steps that you can take when you are managing levels of risk setting up your business. By exploring the best possibilities you can ensure that it won’t be a complete disaster if your business does fail while also improving the chances of longevity.

4 Business Services To Outsource In 2022

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StrategyDriven Managing Your Business Article |Outsource|4 Business Services To Outsource In 2022Throughout the turbulent, unpredictable, and often even distressing business climate the worldwide coronavirus pandemic has, and is continuing to cause, if you are either the owner or manager of a business that has continued to trade then you are to be commended.

With the Covid-19 pandemic still exceedingly prevalent as the new year arrives, it is time to start buying yourself more time to give attention to the areas of concern within your business model. With that being said, continue reading to learn of the top four business services to outsource in 2022.

1. Recruitment Processes

Recruiting and hiring for new staff is one of the most time-consuming and vital responsibilities of running a business and as a result, outsourcing the entirety of your recruitment management is one of the best decisions you could possibly make.
The primary advantages of outsourcing your business’s main recruitment processes include the simple fact that it makes it easier to run the fundamentals of your business, the beneficial assistance gained from industry experts, and the fact that the right hire means your business is more likely to succeed in growth and expansion.

2. Social Media Management

Whether you like it or not, social media is a prominent, and possibly even necessary, tool in running a business—regardless of industry—in the modern world.

Content across all of your social media platforms should be consistent, uniform, and most importantly, exceedingly engaging so as to entice both recurring custom as well as new consumers of your products or services.

As successful social media management requires such a lot of time and effort to be spent on it, outsourcing this service often results in a large intake of new customers to a business. Other benefits of outsourcing social media management include the injection of fresh content and ideas, the delivery of immediate and effective results, the important saving of cash monies, and the enormous amount of time you will save to focus on other areas of the company.

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3. Vertical Transportation Systems’ Inspections

Obviously, one of the principal roles of a business owner or manager is to ensure the safety of every single employee and customer who enters your business premises, and the best way to do this is to ensure you have everything inspected as regularly as possible.

When it comes to your vertical transportation inspections, it makes perfect sense to outsource everything related to each system to ensure optimum safety, performance, and compliance, and professional escalator companies will deliver unrivaled services every single time.

4. Website Design

In 2022, especially due to more and more consumers choosing to shop online, your company’s official website needs to be as simultaneously aesthetically pleasing and user-friendly as possible.
Outsourcing your website design and maintenance will mean you will benefit from cost-effective yet professional assistance, save valuable resources, and of course save that much-valued commodity of time—not to mention unprecedented access to the latest and most innovative technologies to make your website as professional as possible.

6 Clever Ways How Newly Established Businesses Can Save Money

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StrategyDriven Managing Your Finances Article |How businesses can save money|6 Clever Ways How Newly Established Businesses Can Save MoneyBusinesses must find better ways to save money when getting started. A new company won’t have the capital that major corporations have, and the owners must get creative when controlling costs. Better control over expenses helps the company get more out of their profits and reinvest in their business.

1. Buy Used Office Furniture and Cubicles

A great way for businesses to cut down on costs is to choose used furniture for their office. Used Office Cubicles could provide the same barriers in an office environment and provide adequate function. The business doesn’t have to spend hundreds of dollars just to improve the way their office looks. Used furniture can be repurposed and meet the expectations of the business owner. Comfortable and stylish furniture is within reach even with the most modest budget.

2. Use Social Media Marketing Options

Social media marketing options give the company a better option for getting started and spreading the word about their company and its products. If they perform services for clients, the business gets a chance to discuss these services on their social media.

When getting started, a business owner doesn’t have to spend a lot on ads. They can set up a social media profile and invite followers to like their page. The more they interact with followers and make a great impression, the business owner can generate a greater following.

3. Get Sponsors for Business Events

New business owners could save more on business events by getting a sponsor. The sponsors provide a portion of the cost, and the event gives both the business and the sponsor a chance to get exposure and attract more clients.

A top leader in their industry could act as a sponsor for the events and expand on the budget. A shared event gives both the business and the sponsor a brilliant opportunity without one party facing the majority of the cost.

4. Allow Telecommuting for Workers

Telecommuting workers cut down on costs for the business, and the owner doesn’t have to buy or rent a commercial space. They can set up a virtual office for all workers to connect to and complete all work tasks.

The virtual services allow the business and its workers to connect to a network and business services. If the workers complete tasks remotely, the business owner doesn’t need worker’s compensation, and they reduce liabilities that require more extensive insurance policies.

5. Use Shared Workspaces

Shared workspaces are another option for businesses and give the workers equipment they need for everyday tasks. The workspaces offer desks, meeting places, equipment, and internet services. The company pays a minimal membership fee, and their workers can use the services at any time.

6. Outsource Business Services

Outsourced business services cut down on costs, too, and the business pays a flat-rate fee for each service they need. The business can choose the services they want and adjust the contract as needed. The contracts include a variety of business services the company needs such as phone services, internet, call centers, and data centers.

Businesses need to devise strategies to cut down on operational costs, and each strategy cuts their costs according to the choices the owner makes. When setting up a new business, some owners won’t have the capital to get everything on their own at first. A better plan helps the business owner keep costs at a minimum and increase their profits.