The Legislation Involved In Working With The Government

/in /by

StrategyDriven Entrepreneurship Articles | Government Contracts | The Legislation Involved In Working With The GovernmentSecuring a government contract is the Holy Grail of business. As an entity with a trillion dollar budget, they usually reward contractors with competitive deals. Plus, they are an establishment which needs work completing on a regular basis. As a result, the agreements are lucrative and are long-term too.

Of course, working with the government isn’t a walk in the park. While it’s rewarding, it’s also potentially dangerous on various levels. Lots of companies have folded after a deal gone wrong with the government. Before signing on the dotted line, it’s imperative that you understand the risks.

Here are the main ones to consider.

Licenses And Permits

Before you can apply, the US government requires a few things from you first. Chief among them are the correct licenses and permits to ensure you’re an eligible contractor. A prime example is a D-U-N-S number which is a nine-digit code. It provides them with a physical location for each business premises of your company. Or, there’s a NAICS code which collects data relating to the economy. Any organizations that apply without either of these two things will get rejected. So, it’s essential to have your paperwork in order.

Admin

Speaking of paperwork, it’s pretty important to ensure everything is in order before applying. Remember that this is the government you’re talking about and they will perform a rigorous security check. If anything in your background is a little dodgy, it will show up as a red flag. Not only will this result in your application getting thrown out, but it will also be forwarded to the relevant office. So, say you owe tax, the IRS will get in touch to ask about an irregular tax return. If you’re not squeaky clean, it’s best to avoid the hassle in the first place.

StrategyDriven Entrepreneurship Articles | Government Contracts | The Legislation Involved In Working With The GovernmentInsurance

It’s tempting to see them as the most reputable client in the world. After all, it isn’t as if they’re strapped for cash. However, governments have to cut costs too and they will do so any way they can. If that includes stiffing you with a dodgy excuse, they won’t hesitate. It’s not as if they can’t use the legal system to their advantage. A policy entitles you to legal representation for Defense Base Act cases which go wrong. It won’t be included, yet the fact you have one is a strong basis for a lawsuit. Always have a backup plan in case there are unforeseen circumstances.

The Value

Competing with huge contractors is tough when they have the resources. So, it’s crucial to understand how the system works with regards to small businesses. Did you know that the law requires that government purchases worth $3,000 to $100,000 be directed to SMEs? It’s true, which means there is a lane for startups and non-specialists. All you need to do is to check out the opportunities on the Fed Biz Opps website and place a bid.

Even if you think there is no chance you’ll win, it’s worth a shot. And, if you’re right, keep plugging away until you hit the jackpot.

Three Ways to Establish a Baseline for Your Brand-New Business

/in , /by

StrategyDriven Managing Your Business Article | Three Ways to Establish a Baseline for Your Brand-New BusinessIn business terms, a baseline is where you start. It gives you an idea of your bottom-most revenues and ranks, then allows you to improve upon them until you have a new baseline to replace the start-up version. This is super-important for a brand-new business, as you need to know where you’re starting from to grasp where you want to go. Especially important in project management for business, baselines should be included in your initial business concept. Or at least projected and considered. That said, this article gives you more to think about when establishing a baseline for your brand-new business.

1. Establish a Projected Baseline of Your Hopeful Revenues, Ranks, and Business Presence for the First 3 Months

Baselines are your bottom dollar and where you begin in business. It’s the rock-bottom of your company, and it’s rather low to start with because you don’t know exactly what your business will make. However, you can do a projected baseline as a goal for the next three months. Project a hopeful new baseline, and if you accomplish that one, then that will be your new standard until you consistently make more.

2. Compare Your Actual Baseline to Your Projected Baseline AFTER the First 3 Months and Make Note of Things to Do Differently/Similarly

The first three months are crucial to the success of your business, so keep well-documented records of projected baselines and actual revenues and ranks. When the first three months pass and your business is still standing tall, make tangible notes of what you did, what you will keep the same, and what to do differently. This will be your routine for every three months that your business excels. You could even make a tangible office chart on your wall. Make custom stickers to represent your baseline, projected revenues, and current ranking numbers.

3. Build on Your Business Concept Using the Baseline as an Example of What You Can Accomplish—but Update it Every 3 Months

Baselines change, and businesses go through the trial and errors that either lead to big successes or big failures. Look at where your business began and how much you have accomplished every three months. Let these numbers drive you to do better and maintain a standard of success within your business.

Top Trends for Entrepreneurs in 2019

/in /by

StrategyDriven Entrepreneur Article | 2019 Top Trends | Top Trends for Entrepreneurs in 2019Entrepreneurs need to understand the changing markets that they are involved in. No matter their sector, failure to understand what modern consumers are looking for and the best ways to meet those needs, is one of the main reason for business failure. That’s why understanding emerging trends has always been a fundamental priority for those either running their own business or preparing to launch. There are some strong trends that look set to dictate the business landscape in 2019, and smart entrepreneurs should be looking at the coming year and finding the best ways to integrate these trends into their business models. For those that prefer to stick with outdated methods, the future will be much more difficult to thrive in.

Consumer Relationships

Consumer interaction is more important in the business landscape than ever before. Through social media, email newsletters, and in-house blogs, consumer engagement is the key to improved customer loyalty and higher conversion rates. It’s vital that business-to-customer interactions are natural and honest. As the most effective way to build on the strength of a brand, consumer engagement is the number one focus for businesses of every size and sector. Look at how big names have prioritized interaction, and become much stronger and more trustworthy brand names as a result.

Efficiency Trends

Every entrepreneur should have a strong focus on efficiency. Failure to remain efficient results in the unproductive use of resources and time. The good news is that it has never been easier to become more efficient, and this can be achieved through a variety of methods. However, one of the most consistently successful is through the use of a Kaizen Burst. Statistical analysis of your business processes is not new, but it has become increasingly popular since big name brands started adopting its use. There are potential benefits for businesses of all sizes, and entrepreneurs would be wise to start looking at their own Kaizen Burst Event before their competitors do.

Technology Trends

There’s no disputing that although the human touch is important, technology has become the primary driver of all business management. There are a variety of tech solutions available for all business, and whether you’re looking at the transition to cloud technology, better software, or even artificial intelligence, tech remains one of the most important elements for budding entrepreneurs to be aware of. As the rise of the Internet of Things continues, businesses are benefitting from greater collaboration through more connectivity. 2019 looks set to be the year that the IoT really takes off, making it one of the most essential elements to explore for those entrepreneurs hoping to capitalize on the benefits.

The consumer landscape is one that needs to be watched on a regular basis. If your business is not keeping up to date with what consumers are looking for, then you will lose out to those companies that have a consumer-centric focus. Running a business is rarely simple, but with modern technology and trending business methods, it’s never been easier to create a business model that not only works but has a long-term future.

How To Create A Website That Will Impress Your Target Audience

/in , /by

StrategyDriven Online Marketing and Website Development Article | How To Create A Website That Will Impress Your Target AudienceA one-of-a-kind website is essential for impressing your target audience. Keep in mind that it is thanks to an audience that the goods and services your business offers are used.

Without an online presence, no one will know about your company’s mission, and nor will you stand to make any profit as a result of it. Thus, you need to have a website that allows you to market your brand properly, and leaves a strong impression on anyone that finds it.

The very first step is to hire individuals who are experts in web design and development. Moreover, you want to guarantee that it is user-friendly so that people can easily navigate it, and lastly remain consistent with the branding you set up for it. All of these tips will be further explained below.

With professional assistance

There are expert web designers for a reason, and they know exactly how to help you put together the ultimate website for your brand. There is no need to spend countless hours learning how to do it yourself from scratch.

You should also keep in mind there are certain agencies and individuals who specialize in your niche company needs. After all, if you are looking to grow your charity’s website, you want the assistance of a reputable company such as Charity Box, that knows exactly how to grow your specific brand.

Everything from the development and up-keep assistance can be tied back to hiring the best professionals for the task. More so, given that they are already knowledgeable on the subject, they have a good understanding over what has and has not worked for other companies in the past, and can reduce the amount of trial and error that you have to go through.

Ensure it is user-friendly

Is your website user-friendly? This can include the following factors:

  • Easy to navigate
  • Clear layout
  • Readable text
  • Simple payment methods

Imagine that an individual starts to browse your website, but they have a hard time understanding what you do. It could be that the layout is jumbled and disorganized, the text itself isn’t clear, among many other factors. Company reputation is important, and if people can’t spend more than 5 seconds on your site, you need to re-evaluate everything you put together thus far.

Remain consistent with your branding

Remaining consistent is also crucial to build stronger relations with your audience. Once enough time and marketing effort have been put into growing your company, people will start to recognize you even by simply seeing your business logo.

It is incredibly important that you don’t change courses out of the blue with your branding, as this will only confuse people and further ruin the relationship you built with them. All in all, your brand will suffer if you are not careful.

Remember, when you impress your target audience, you are also strengthening the relationship with those individuals. They will be so impressed with your content, that they will continue visiting your website to check for updates. You also want them to spread the word about your company, and the only way you can do this is if you create an online presence that is buzz-worthy.

Setting Up a Brick and Mortar Business from Scratch

/in /by

StrategyDriven Entrepreneurship Article | Entrepreneurship | Setting Up a Brick and Mortar Business from Scratch

The majority of us become employees when we head into the world of work. This makes sense. From a young age, we are asked what we want to be when we grow up and are given ideas of different employed positions, no matter how outrageous or unlikely they might be – footballer, ballet dancer, fire fighter. When we head to school we are encouraged to get qualifications to show off on our CVs rather than the focus being placed primarily on the actual skills that we pick up along the way. This makes sense. Being employed makes for a relatively comfortable lifestyle. You have contracted hours, guaranteed pay, annual leave, and other privileges. However, it’s not necessarily the best option for all of us. There are alternative career paths out there and one of the best tends to be setting up your own business. Setting up your own business means becoming your own boss and determining exactly what direction your company will take. You can specialise in the area that you like and keep the majority of your profits for yourself – nobody else will be getting rich from your hard work. But where can you start on this journey? Well, one of the most lucrative areas to get involved in is retail. So, let’s start there!

Creating an Appealing Product

When you get involved in retail, you are going to have to provide the market with an appealing product. You need to come up with something that people are willing to part with their hard earned cash for! This is going to be a long and arduous process, but once you have a final product, all of the effort will be worth it. Identify a gap in the market, think up something that can fill it, and conduct a little market research to determine whether consumers would be interested in what you’ve come up with. If you get the go ahead, you can manufacture the product and bring it to reality!

Ecommerce vs. Brick and Mortar

The next decision that you need to make is how you are going to sell your products – you need a base where customers can find you and process sales. The main decision is ecommerce vs. brick and mortar. Now, Ecommerce is appealing for various reasons:

Cheaper to Setup – to set up an ecommerce store you only really need the help of a web designer and a product photographer. You could also call in a writer to come up with your captions, blog posts, and other written material. This is consequently extremely low cost.

Cheaper Operation – once you’ve setup, operating online is cheaper to run in general. You don’t have to fork out for commercial property, you don’t have to fork out for commercial overheads, and you don’t require as many staff.

Round the Clock Operation – the web doesn’t have opening and closing areas, meaning that consumers can browse your products and make purchases at all hours of the day and night!

Brick and mortar stores, however, have their own individual set of benefits and you can run an online store at the same time as running them!

Better Customer Service – you can interact with your customers and potential buyers on a face to face basis, answering questions more easily.

Fewer Returns and Exchanges – when customers can see and try out what they’re buying before handing over cash, you are less likely to receive return requests and exchange requests. This saves you money!

Setting Up

Furnishing Your Store

You will need furnishings to display your stock effectively. These can include shelves, rails, and other display units. Employ a merchandiser who will be able to give you advice on what types of display equipment will make your store look the most aesthetically pleasing and navigable.

Limiting Movement to Restricted Areas

If there are areas of your commercial property where you don’t want members of the public roaming, you are going to have to take steps to ensure that nobody trespasses. There are different methods that you can use to achieve this. If there are doors that lead to areas with confidential information, staff belongings, or stock, you can place signs on the doors that read “staff only”. If you are worried that people will ignore these warnings, you can add coded locks – permitted individuals can key in the code or scan a registered card to pass through. If there are outdoor areas that need to have limited access, you could make use of used sucker rods to create barriers and fences.

Using Signage Appropriately

Health and safety needs to reign supreme in your commercial property. If there are aspects of the space that pose a risk to people, but cannot be changed, you need to use signage appropriately. If there’s an unexpected step, you will need to make sure that it is highlighted and that there’s a sign warning people of its presence. If there are low ceilings, you need to do the same. You should also use signage to indicate fire exits and fire safety protocol. Then you should invest in temporary signs, such as signs for wet floors.

While Ecommerce may be appealing, remember that you can engage with this alongside your brick and mortar company. Hopefully, the above information will help you to set up a brick and mortar business effectively.