Are These Problems Restricting Growth In Your Business?

/in /by

StrategyDriven Entrepreneurship ArticleYou may have the greatest product the world has ever seen (we like to be optimistic). Your staff may be of the highest calibre. And you have reliable customers using your business on a regular basis. But if your business isn’t growing, there is clearly something wrong somewhere. You could sit back and hope the situation improves – and it might – but it’s worth getting to the root source of any possible issues. In this article, we will look at some of the problems that may be restricting growth in your business.

Problem #1: You have a limited online presence

You probably understand already how your business can benefit from an online presence, but you need to extend your reach beyond the typical environs of your website. Improve your marketing attempts on social media, by utilising social media buttons on your site, and encouraging your customers to pass the word about your worth. Contribute to other blogs, and ask the blogger for permission to use backlinks to your site. And consider the benefit of SEO services to improve your presence on Google’s page rankings, getting your website from page 101 to page 1 on the search engine.

Problem #2: You are spending too much money

You want your business to be the best it can be, but spending too much can eat into your profits. So, if you are constantly splashing out on technologies your business doesn’t need, and if you are neglecting practical ways to save money across your business, you won’t see much growth within your bank balance. Only buy what you need, keep money in reserves for rainy day emergencies, and look for ways to reduce the costs in both your small and large expenses.

Problem #3: You aren’t spending enough money

Sorry for the apparent contradiction, but you should see our point. While you don’t want to overspend on the things that don’t matter, there are some areas in your business where you should invest your money to make growth possible. These areas include marketing, staff training, and even a change in premises if your business is dependent on your location in town. Again, save money where you can when focusing on these things, but make them a priority when choosing where to spend your money.

Problem #4: Fear of rejection

Don’t be a wallflower, and don’t let your fears of rejection from others paralyse your business. You need to push yourself, not only within your marketing efforts but in building relationships with others. Get to know the people within your industry, and learn from their valued advice. Get yourself to conferences and other industry events to meet them. Talk to your customers, and ask them for referrals. Use social media and face-to-face contact to ask them. Speak to your staff and ask them for advice from time to time, and if you are struggling in any way, let them shoulder some of your burdens. By putting yourself out there, people will know what you need, and they will help you in ways that may benefit the overall status of your business.

Problem #5: You!

StrategyDriven Entrepreneurship Article

Sorry, but you may be holding the business back from growth. The previous point illustrates this to a degree, but there may be other problems inherent in your leadership. You may be pushing your staff too hard, causing burnout and unproductivity. You may not be pushing them enough, meaning your staff aren’t being as efficient as they could be. You may be doing too much or too little yourself, so delegate those tasks you struggle with yourself, and concentrate your efforts into the tasks you can do well. Be polite to your customers, and don’t do anything that will cause them to dislike you. Take a long hard look at yourself and reflect on your behaviour within your business. You don’t have to be perfect, but if you are doing anything that acts as a detriment to your business growing, start making changes to better yourself and your practices today.

Problem #6: Your rivals are better than you

Why should somebody choose your business over that of your nearest rival? You need to be better than the competition, outsmarting them at every turn. This includes pricing your product or service competitively, offering discounts and promotional deals to beat your rival in sales, and excelling with whatever it is you are offering the customer, ensuring quality is the key word within every facet of your business. In business, you are at war – you are fighting to keep your customers on your side – so always be alert to what your rivals are doing, and resolve to beat them in everything you do.

Problem #7: You are not learning from your mistakes

Nobody is perfect, so don’t worry if you make mistakes. You are human, after all. But taking the previous points in this article as examples, you may have made some fundamental errors in your business. Your website may not have been up to scratch. You may have neglected to market your business properly. You may have had issues with your spending. And you may have managed other facets of your business incorrectly. It’s tough running a business, so don’t sweat it if you do make mistakes here and there. But here’s the thing. If you don’t learn from your mistakes, your business will never grow. If you fail to make corrections to weak areas within yourself or your business, there will be little or no change, other than towards the negative. Look at your mistakes, figure out what went wrong, and move forward with a head for change, and a vision to better yourself. Only then will growth take place, not only within your business, but in your personal life too.

Final word

Let’s be honest. It takes time to grow a business, and profits don’t come quickly. But to ensure growth, you do need to tackle any problems that can hinder your chances of success. Follow the tips in this article, and reach out to other people within your business and social circles who can help you deal with any of the potential problems you may be facing.

Why Your Business Needs Insurance

/in , /by

StrategyDriven Entrepreneurship ArticleOwning a business can be very rewarding, but it’s a lot of hard work too. As a business owner, you are responsible for the well-being of your business, which includes managing employees, inventory and other assets. So what can you do to make sure you’re properly managing all of these assets and that your business is protected?

Commercial insurance is every business’s best friend. Whether something happens to your inventory or you need to pay worker’s compensation to an injured employee, commercial insurance can help you deal with it. In fact, everybody who owns a business should have some form of commercial insurance — and here’s why.

Legal Requirements

Although you aren’t necessarily required to insure your business, there are certain types of business insurance which you may be required to carry. Any business that has employees is required to carry worker’s compensation insurance. This type of coverage will pay for worker’s compensation claims if an employee is unable to work due to an injury.

Worker’s compensation coverage can cover a range of costs, from medical bills and bills associated with recovery to missed wages and funeral costs. Not only are you generally required to have worker’s comp coverage, it’s a smart idea to have it anyway since worker’s comp claims are usually quite large.

Protecting Your Inventory

If you run a brick-and-mortar business with a large amount of inventory that keeps your business afloat, lost or damaged inventory can be devastating. Even a small fire could significantly cut into your profits. When you have good business insurance, though, these losses are softened significantly. Many business insurance providers will even allow you to purchase a specific insurance policy for your line of business to make sure all of your industry-specific losses and perils are covered.

You can also purchase commercial vehicle insurance if you have a fleet of vehicles. If an employee gets into an accident on the job, damages to property and the vehicle may be covered.

Make sure you talk with your insurance agents about what you need to have covered. Different commercial insurance policies may only cover losses from certain events, in which case you may want to purchase additional coverage to protect yourself.

Downtime

Sure you may be young and spry when you start your business, but that can quickly change. If your business relies on you being around to make important decisions and handle managerial tasks, commercial insurance can cover you in the event that you become disabled or ill. This can be the difference between your business failing or staying afloat if something happens to you.

Liability

One of the toughest things for any business, whether large or small, is being held liable for the injury, illness or death of a consumer. Fortunately, business insurance with product liability coverage can help you absorb some of the damage. You can also purchase general and professional liability coverage to further protect your business in the event that it’s held liable for something.

Choose Wisely

Like any form of insurance, there are a lot of options when purchasing business insurance. It’s important to have some understanding of the different types of coverage and what your business needs before you buy. You don’t want to purchase coverage your business doesn’t need, but it’s crucial to make sure your business is covered.

Before you purchase a policy for your business, make sure you shop around with a few different providers to get an idea of the coverage they offer and the premium you’ll have to pay. Read reviews and ask around about different life insurance settlement companies and agents to make sure you’re getting the best coverage with the best service and price.

Starting Business in Canada? Basic Tips to Follow

/in /by

StrategyDriven Entrepreneurship ArticleWhether you are a Canadian or a new immigrant you might want to start your own company and be your own boss.

Statistics Canada showed in 2010 that 5.3% of immigrants started a business after living in Canada for a few years. At the same time, only 4.8% of Canadian citizens owned a private company in 2010. So, everything is in your own hands and all you have to do is to keep in mind the following information.

There are a lot of important things to consider about how to start a business in Canada. In this article, you will find the basic tips from financing and marketing to business planning in Canada.

Build Your Credit Score

If you are new to Canada, you may not have a credit history that banks can rely on to lend you the money for your startup.

There are several fast ways to build up your credit score. One of them is to build up your borrowing potential by signing up for a credit card. Make sure you use it with responsibility and in six months your credit score will slowly start to develop. Later on, you will be able to use it in order to finance your startup.

Pay attention to your credit score even after you’ve been approved for a loan as this is when problems may happen if you fail to repay the loan on time and in full.

Some lenders may approve your application for Canada loans for bad credit customers but it is not guaranteed that you will get the required amount and terms. Such loans are typically issued as personal cash advances rather than business financing options. Although, it may be enough to cover some small current business expenses.

Understand Canadian Culture

If you want your business to be successful in any country, you have to embrace its culture and understand local customers, what they like to purchase and how.

The best way to get immersed in a new culture is to join volunteer organizations and get involved in business associations or any other place where you can easily mix with people who know this country better and have lived here for a longer time.

After you’ve successfully built your local network, you may develop your business and make connections elsewhere.

Make Your Personal and Business Banking Accounts Separate

This piece of advice may seem obvious, yet so many business owners make the same mistake and start their own company not just out of a basement or an old garage, but also out of their personal bank account. Set up a separate business bank account that won’t mix with your personal one.

Also, make sure you have enough money to cover your personal expenses for at least six months while your company is getting started.

It always takes some time before the business becomes profitable so it’s always beneficial to have a good baseline. Even if you don’t have that money at the moment, you can start saving or find a job.

The website of the Government of Canada performs a useful page called Preparing to Work, which provides with additional information on how to land a job in Canada, tips on how to improve your English/French or get your credentials assessed. More than that, familiarize yourself with laws you will be required to follow as an entrepreneur, maybe even consult a business attorney if necessary.

Give your startup a fighting chance by creating a solid foundation with these basic for starting a business in Canada.

How A Business Can Benefit From an Online Presence

/in , /by

StrategyDriven Marketing and Sales ArticleThe internet allows companies of all sizes in all industries to reach new customers, connect with new suppliers, and increase recognition. So, even some more niche businesses could benefit greatly from online advertising.

It’s time for conventional companies to look beyond traditional marketing tactics, such as newspaper ads and flyers, and start focusing on online marketing campaigns. Here are three businesses that can benefit from moving online.

1. Recycling Company

Many businesses wanting to flourish and grow must start adopting modern technologies and marketing tactics. For example, there are new technologies on the market that are simplifying tasks, which can increase onsite productivity. This can apply to the recycling trade.

An online presence can, however, be beneficial to any business, as it allows them to reach a larger audience. It can also personalize a business, which can prove you provide a valuable service to the community. Professional blogs and web content can also add value to your produce, which will make people more likely to turn to your shipping business. Also, use the internet to improve your operations by researching into the most appropriate equipment, regardless of the goods you are recycling. For example, you could take your pick from reputable suppliers online, as you could buy high-quality, affordable cardboard baling wire from Baling Wire Direct.

2. Real Estate Agents

No longer are people looking through a real estate’s windows to find their dream property. Nowadays, house hunters or property sellers want to find or promote a listing online. This allows prospective buyers to easily browse through multiple properties, so they can make an informed decision and choose their new home at their own pace. If you want to compete with more forward-thinking real estate agents, you must develop a website and social media profiles, or you’ll be forced to watch potential customers turn to your competitors.

3. Retail

The rise of e-commerce has posed a serious threat to bricks and mortar stores. Unfortunately, even the most established stores are not safe without an online presence, as more and more people are choosing to shop online. If you’re a retailer without an online store, you may lose out on sales and can witness a drop in loyal custom, as consumers will choose to shop with a more flexible, helpful, and forward-thinking brand.

To survive in the modern marketplace, you could offer an e-commerce website with a fully-optimized checkout, and informative customer service and contact information. It will allow customers to shop at any time of the day, rather than being limited to opening hours at a physical store. So, an online presence could help you to generate money 24 hours per day, seven days a week.

Conclusion

There is absolutely no reason why traditional businesses should avoid moving online. By launching a website, creating social media profiles, developing content marketing strategies, and utilizing pay per click advertising (PPC), you can connect with people not only within your local community, but across the globe. It could help you to become a leader in your industry and generate a great return on your investment.

How Your Smartphone Can Help Your Business Grow

/in , /by

StrategyDriven Entrepreneurship Article
 
Just a few years ago – certainly within living memory for most people in business today – there were no smartphones. There were no tablets either, or any other kind of mobile device except, perhaps, for standard cell phones that did nothing except make and receive calls, and perhaps send and receive text messages. However, technology has advanced hugely, and now a smartphone or tablet can actually enhance our businesses in many positive ways, giving customers more choice and adding more profit to the bottom line of your company. Smartphones used to be just for fun, but today they are an essential business tool; here are some of the reasons why that is.

Keep Track Of Your Expenses

Running a business can cost a lot of money, and if you aren’t keeping track of your expenses, it can cost you even more than it should. If you have a smartphone or a tablet, you can download one of a number of apps that means you can keep all of your outgoings in one place. You may be able to upload images of receipts and organize them in a cloud-based system, for example. This makes getting your taxes done a lot quicker and easier than dropping into your accountant with a bag full of crumpled receipts.

These apps are also useful for budgeting as they will be able to tell you – once you have pre-determined the limits – when you are spending too much. This way you can re-assess your budget or your spending before it becomes a problem and you could potentially prevent a serious issue from occurring.

Present To Your Customers

Sometimes a business owner will need to make presentations. This could be to gain a big, new corporate client, or perhaps to explain a product to end users. Carrying a lot of equipment to your meeting and wondering how to set it all up can make your company look more amateur than it really is, but taking a tablet (or even a smartphone) that is easy to set up and, thanks to intuitive apps, easy to create presentations on can make a big difference. This can show your clients just how professional you really are.

If you have the right apps, you can even make a presentation on the move, so that if you find you are coming face to face with someone who needs to know more about your business, with a few taps you can create something not only informative but personalized too.

Spread Your Message

Our smartphones go everywhere with us, and many people feel lost if they happen to leave the house without their mobile device, even if they don’t intend to use it. Since our smartphones are going to be everywhere with us, it makes sense to use them as some advertising space too. Order a personalized iPhone case from new startup Indkly with your logo and website on the back, and every time you use your phone, you will be letting people know more about you.

Be Responsive

A responsive business is a successful one a lot of the time, which is why it pays to answer phone calls, emails, and reply to comments on social media as quickly as you can. You may not always be in the office in front of a computer, however, especially if your business is a mobile one. Therefore, you can use a smartphone or tablet to keep on top of customer questions and answer them much more quickly than if you had to wait to get back to the office. By that time, especially if you have a full day ahead of you, the customer who had the question may well have found another company who answered them more quickly and therefore secured the sale.

Take Orders

A mobile device can be used to take customer orders, and you may well have seen it happen already. It is becoming more and more standard to see waiting staff using mobile devices to take their customers’ orders and send it directly to the kitchen. This speeds up the entire process and gives customers a much better experience. Tapping the order into a smart device leaves less room for error than writing it down, or even simply remembering what was said, plus the servers can engage more with their customers which makes for a more pleasant experience all around.

Order taking devices don’t have to be limited to restaurants and bars. With the right equipment, they can be used in almost any sales situation. You can have an app designed for your business that means you can process orders there and then, rather than having to go back to the office or asking your clients to fill in long-winded paperwork. As a bonus, this means that less paper will be printed and used, which can benefit your business as well as the environment.

Accept Payment

What if, as well as taking orders from your clients, you could even process their payments should that be necessary? There are many apps that allow you to do this, and the money will appear in your bank account straight away. This means you can take credit and debit cards without the need for a special merchant machine, and that means you don’t have to turn away prospective buyers who don’t have cash on them – they can still pay you. If you give each of your salespeople a tablet that is designed to take payments, they can make more sales because they won’t have to go back later to process the payment.

Obtain Signatures

In some industries, particularly in sectors such as real estate, the signing of the contract can take a long time, delaying all the other parts of the transaction. However, with a tablet or smartphone, the contract can be signed immediately through the app, meaning that everything can be speeded up and become a lot more efficient. You will get paid more quickly, and your customer will have a better experience because their order will be processed speedily.