Reducing Your Small Business Costs in 3 Steps

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StrategyDriven Managing Your Finances Article | Reducing Your Small Business Costs in 3 Steps | Reduce Costs | Entrepreneurship | Managing Your BusinessTo take your small business to the lofty heights of being a market leader in the foreseeable future, you’re going to have to start turning over a major profit sooner rather than later. To do this, you have to treat solidifying the money that you do make just as seriously as actually making it. It’s quite simple – if you continue to waste your profit, you won’t be able to invest it into further growth going forward.

One way you can solidify the revenue that you earn is to cut down on your overall expenditure. To find out how you can reduce your small business costs in only three steps, be sure to read on.

Rent equipment for short-term projects… don’t buy it

If you have a short-term project on the horizon, don’t squander the potential profit that you stand to make from it by buying tools specifically for it. It may be tempting to invest in a shiny piece of brand new equipment, but buying something that you aren’t realistically going to use going forward isn’t good business practice whatsoever – it’ll just be a waste of money. Instead, what you should do is rent the equipment that is essential to your work for the duration of the project only. Doing so will see you spend far less in the long run without having to sacrifice the tools that you need to do a good job.

There are plenty of ways for you to rent the equipment that you need to optimize your next project, not just complete it. If you’re in need of I.T. tools, for instance, you could turn to Smart. As stated at Smart.uk.com, this leasing company can offer your business everything, from short-term laptop rental to website hosting to a complete I.T. infrastructure that can be loaned for 12 months plus. Whatever tech you need to complete your next job, this rental service will be able to provide you with it.

Ditch your traditional landline

The days of the landline being the be-all-and-end-all of business communication are well and truly over. Today, using this kind of communicative tool will do nothing but see you pay out unnecessarily expensive annual costs. If you do anything to cut your business expenses, then, let it be to ditch your office’s traditional landline.

There are plenty of alternative ways to keep communication alive within your business, some of which include:

Switching to the VoIP phone service is a wise move. Its functionality will help you to reduce the phone bills and to improve your interaction with customers. You just need to find your VoIP provider match in terms of a plan and options and Nextiva reviews will be helpful in while making your choice.

Go paperless

The amount of money that you spend on paper, ink, toner, and all of your other printer accessories may seem minimal at the time, but it will soon add up. Before you know it, you’re spending way more than you should be spending on printing… and way more than you need to be spending, as well. There is something that you can do to cut this kind of cost right down, and that is to go paperless. Whether you decide to get rid of your printer completely, or whether you resolve to only print when necessary, transitioning to, say, a digital invoice service will no doubt see you save a lot of money going forward.

6 Reasons Your Startup Is Doomed

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StrategyDriven Starting Your Business Article |Startup|6 Reasons Your Startup Is DoomedEntrepreneurs are risk-takers. They calculate possibilities with high accuracy and take every step after thinking thrice. A single mistake in the initial phases can cause severe losses in the later stages.

A lot of amateur entrepreneurs make the mistake of not being thorough during the first stages. Since defining a solid business model takes up a lot of time, entrepreneurs must be patient and understanding to see through the process for fruitful business outcomes.

If you’re starting a venture or facing unfortunate results from your first venture, then we’d like to suggest some tips that’ll not only help you stand firm in the business landscape but also help to identify the places where you’re lacking.

1. Inefficient IT Professionals

IT is the core of all the success or failure businesses face. We know that initially, businesses need a lot of funding, so hiring an experienced IT professional can be expensive.

Most new ventures want great employees for minimum wage. Still, in today’s world, where living costs exceed an average man’s salary, it is almost impossible to find someone with the experience you need.

It is a primary reason startups hire inexperienced or amateurs as their employees and suffer because of it.
But, it doesn’t have to end badly for budding entrepreneurs struggling with capital. An even better idea would be to outsource IT professionals rather than hiring a dedicated team. A company like Synergy-UK is an excellent solution for all your IT-related needs.

With Synergy, you can worry less about your IT department and focus more on using your capital in other areas, ensuring company growth through mindful investment decisions.

2. Choosing The Wrong Market

You have to be wise when choosing a market for your innovations. The market is where all the targetted audiences are. It would be best not to select areas that are already over-served because then your competition would be very high, and customers will always prefer those ventures that started before you because they have gained their trust.

This would lead to a massive loss. When selecting a market, mark the severity levels (low, medium, or high) of these five warnings; the threat of suppliers, threat of buyers, threat of new entrants, bargaining power of customers, and the threat of already present competitors.

If you see threats as severe, it is recommended to choose a different market.

3. A Not So Thoughtful Business Model

It is a well-known fact that eight out of ten startups fail within the first eighteen months of their venture. There is a good reason for it. During the initial phases of the startup, entrepreneurs are optimistic about their venture turning out great with easy efforts.

They tend to disregard the prime factor leading to their downfall – the business model. A business model defines how a company will make money from its products in a type of market.

When developing your startup’s business model, you need to focus on two critical points; number one: see if there is a practical way to acquire customers, and number two: identify ways to earn revenue from your customers.

4. A Below Par Management Team

How the management team works define the success rate of your startup. Hiring an inefficient group of people only working to get paid won’t do your company any wonders since they’re not motivated enough.

Therefore, it is necessary to hire people who show interest in their field and have good communication skills since a team’s strength is defined by how well they interact and understand one another.

If the startup faces issues, the management team should resolve them instead of blaming and losing talented employees.

5. Miscalculations

Starting a business requires a lot of cash. Entrepreneurs have their ways of acquiring money. The number one method is saving up – which usually takes up a lot of time and effort.

Other ways include; asking from friends and family, external funding, or finding an angel investor. We’re trying to highlight that gathering enough money to start a venture is no child’s play.

Whatever the case may be, when you put everyone’s hard-earned resources on the line, you can’t afford problems or miscalculations.

It is always advised to let a professional financial analyst handle the finances and assets and generate a detailed report that illustrates the use of funds and highlights all the expenses made for the startup to enter the development stage.

6. Problems In Products Or Services

The product design is the key to success when starting up. This is what attracts customers and promotes better marketing. Faulty products or services will stop your brand from making progress and be a cause of ruining your venture’s reputation.

Most of the time, the products that the companies bring to the market aren’t exactly what the market needs. As stated before, you need to find the correct audience, preferably an underserved one, so you could have a high chance of succeeding.

Since startups (especially first-timers) can find it difficult to earn good marketing because of competitors, they can make themselves famous and attract more customers by introducing something that is needed rather than what is wanted.

To know the current trends, we would suggest taking surveys. Go around and ask likely customers if they would like to see your product in town; is it a must-have or just a want-to-have?

Ask them what price are they willing to pay once they see your product around. Surveys like these can give you a broader idea of what should be done to get business booming.

Final Thoughts

Only the bravest have the guts to become Entrepreneurs. Most of us tend to do things the traditional way and avoid any risks, so congratulations to you for believing in yourself and being courageous enough to make your path to success!
Now to be victorious out there, follow the tips mentioned in this article and face problems head-on. Good luck!

2 Fabulous Ideas To Kick Start Your Entreprenuerial Ambitions

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StrategyDriven Entrepreneurship Article |Entrepreneurial Ambitions|2 Fabulous Ideas To Kick Start Your Entrepreneurial AmbitionsThe time for mourning the year that wasn’t has come and gone. The business environment is exciting and innovative and gearing up to meet a whole new level of business continuity services that didn’t or might not have existed before – at least not as they do now.

The headline on this website says it perfectly:

“The StrategyDriven Entrepreneur is a uniquely talented individual, motivated to move beyond the confines of corporate America to make an indelible impact on the world around them. These entrepreneurs accept the risks and challenges involved with building an enterprise, believing in themselves, their team, and their ideas.? – strategydriven.com.

So how do you begin to unpack that noblest statement in an attempt to create your own startup value proposition? How are you going to pitch to your investor in a way that shows you mean business and are worth, relatively medium-risk investment?

The Truth is, it’s not easy. We’ll need more than just this post to unpack all of that because every startup carries individuals’ ambitions and intellectual progression that are quite unlike any other. But, there are two fundamentals that just about any entrepreneur should keep at the forefront of their business planning that can keep the vision on track, make provision for the bits that work, and be honest about those who need a little extra guidance.

Tell Your Investors a Real Story

Technically, this section should be after headings like “pitching your story,” “finding investment,” and “what differentiates your business.” Still, the truth is as clever as your pitch might be, there is a 100% chance that your potential investor and clients have heard it all before – or rather some version of it. So before you start pulling out the stats, data, and those fancy flowcharts, begin by telling your audience a real story. (Not your life story, mind you), just the real, honest version of how you brought your product or service to where it is now, and if you can include a little humor (read the room), never a bad idea.

Outline Your Business Model

Again, not quite the order that most people recommend it to be in, but after you’ve piqued their interest with your initial pitch, you want to get straight down to business – time is money, and this is no exception here. Introduce your leadership team and give them a minute or so to elaborate on what they do – but more importantly, how their function will make everyone else’s lives better.

What are you doing not just differently but better? What particular fail-safes have you incorporated into your business model based on local conditions and unique operating environments? Do you have a water-heavy plan in the desert, and if so, do you make use of the latest water tanks to ensure business continuity? This type of foresight matters and instantly elevates you above your competition. If your business can ensure that your clients do their business – you’re in.

There’s never going to be one sized-fits all approach to keeping your business fresh and relevant – and sometimes, you don’t even have to go down the route of endless innovation. If your model works for your environments and gives your clients, partners, and other businesses what they need to keep operating, then you’re on the winning side.

You can expand on this post exponentially, and we hope you’ll take the time to check out the rest of this site because there’s never been a more exciting time to indulge your entrepreneurship ambitions, but you do need the right advice and the right partners.

Finding Success as a Massage Therapist on Your Own Terms

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StrategyDriven Entrepreneurship Article |Success as a Massage Therapist|Finding Success as a Massage Therapist on Your Own TermsOver recent years, massage therapy has rapidly grown in popularity. Now, people of all ages – from young college students to retired elderly people – are visiting their local massage therapists to receive relaxation and pain relief. After all, when it comes to muscle aches and strains, massage therapy is one of – if not the – best solutions.

If you are a massage therapist and think you could offer much more to the world with your skills or just starting in this industry, you should keep reading to discover how you can find success on your own.

Learn how to start a massage business properly

Being a massage therapist is one thing, but owning a massage therapy business, while it is an exciting adventure, requires a bit more knowledge. Fortunately, you can learn online how to start a massage business. Guides like this will take you through everything you need to know, be doing, and what qualifications you will be expected to have. You can’t afford to take a slack approach with this, given the high competition. So thoroughly read the above guide and more to ensure you are provided the best start in your business endeavors.

Provide virtual consultations

Over the past couple of years, healthcare has undergone some rapid changes. For example, a lot of doctors are now providing digital appointments rather than face-to-face. This is because it saves time and allows faster service to be provided.

So, you should join the digital party by offering virtual consultations to potential customers. For example, if a customer wants to know the specifics of how you will treat their problem (e.g., lower back pain), you can schedule a quick and efficient virtual consultation with them where you describe your treatment plan. This way, they can be more assured and educated, and you showcase your knowledge. Plus, if no other therapist offers this, it gives you a competitive edge.

Offer discounts on first-time massages

The massage therapy industry is all about incentives. Getting customers on board can be difficult, which is why you need to throw incentives out there to catch their eyes.

A classic (and proven) way to do this is by offering discounts on first-time massages. Customers can get a taste of what you offer and will then feel more inclined to return for full-price massages in the future.

Advertise yourself

You can’t just open a business and expect people to come flooding to it. You need to make sure to advertise it across multiple channels and provide an about About Us page on your website that details more about who you are. Provide a short bio as well as your specialties. This will help to personalize your business and create a relationship between you and your customers.

Provide an online bookings system

Customers don’t always like to book appointments over the phone or in person. Instead, they might like to book them online either through your website or social media pages: so, make sure to provide them with this option!

Send out customer surveys

Customer surveys, which you can send via SMS or email, are a great way to make improvements to your service and ultimately make customers happier. Make sure to regularly send these out, and if you notice that customers want you to make improvements, act on these.

The Challenges of Responding to the Coronavirus Pandemic in the Business World

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StrategyDriven Entrepreneurship Article | The Challenges of Responding to the Coronavirus Pandemic in the Business WorldRight now, there are a lot of companies that are figuring out how they are going to respond to the pandemic moving forward. Even though it is great news that many people have already gotten vaccinated, the virus is still out there. Furthermore, the virus is continuing to mutate, creating a lot of concerns for companies that are trying to stay afloat. For this reason, a lot of people are going back to school to get extra credentials, as the cost of CFA has gotten lower. What are a few of the biggest challenges that companies are going to face moving forward? Take a look at some of the key topics below.

The Growing Role of the Digital World

One of the biggest challenges is the increasing digitization of the business world. Because a lot of people are unable to go to physical stores right now, more people are purchasing goods and services online. Companies need to do everything they can to make sure they are accessible online. It is true that some products and services are more amenable to the online world than others. At the same time, it is incumbent on the companies to be as creative as possible. The more they can open doors to the digital world, the easier time they will have generating revenue in the current environment. It will be interesting to see how companies do this moving forward.

The Challenge of Supply Chains

Another major challenge that companies are facing right now has to do with supply chain issues. In the past, a lot of companies would try to rely on a single supplier for everything. The biggest benefit of this is that companies can develop a strong relationship with a single supplier, knowing that the supplier understands exactly what they want. Now, this is not a smart move. It is important for companies to rely on a variety of suppliers to hedge their risk. What this means is that if something happens to that supplier, such as they are forced to shut down because of changing regulations and their jurisdictions, the company will still be able to rely on other suppliers to fill the gaps. This is something that businesses will have to consider moving forward.

The Growing Reliance on Work from Home

There are a lot of businesses who are wondering how they are going to contend with the current work-from-home culture. Right now, there are a lot of companies that are still unable to return to the office. Because of current virus transmission rates, along with regulations in their areas, a lot of companies still have to have their employees work from home. Even though there are a lot of benefits that come with working from home, companies also still have to make sure their team members can communicate with one another. Companies that can find a way to ensure their employees can stay on the same page will be put in the best position possible to be successful.

Address These Growing Challenges

These are just a few of the many challenges that businesses are facing right now. As the pandemic continues to be an issue, companies need to figure out how they were going to address these challenges. Business owners and leaders need to remember that this is not something they need to go through on their own. There are professionals who are willing to lend a helping hand to businesses in need. If companies can find a way to overcome these challenges, they can set themselves up for success moving forward.