Building a board of directors can be difficult, but getting it right is essential. A well-run board of directors will help you achieve your strategic goals and ensure the long-term success of your business, whereas a disorganized and inefficient board will stunt business growth and harm profits and revenue.
Here are four steps you should take to build a strong board of directors:
Step 1: Choose board members wisely
You need to elect board members who have skills and expertise that align with your strategic business goals. Ideally, board members should have leadership and management experience in a field that is related to your business. They should also show a commitment to your organization and have the time and energy to fulfill their board responsibilities.
Step 2: Elect an experienced chairman
The chairman will preside over board meetings and facilitate good board governance and leadership. They will take on a senior and crucial role in your board of directors, and you must choose the right person for the job.
Research the characteristics of a strong chairman and elect someone who has several years of experience in a similar role. You need someone that can advise you on the best board governance practices, after all. Remember that the chairman you elect will have a significant impact on the overall effectiveness of your board of directors, so don’t make the decision lightly.
Step 3: Select the right number of directors
You must consider how many board members you will need for your company. According to advice on thebalancesmb.com, “five to seven members is plenty for small organizations. Larger, more complex organizations might want to select between 9 and 11 members at the minimum.” Various studies have found that organizations with a smaller board size tend to perform better than those with an excessively large board of directors.
Keep in mind that not every organization has a board of directors, and you might not need a formal board. An advisory board may be a more suitable option, especially if your company is small or a start-up. You can then transition to a formal board of directors when your company grows and becomes more complex.
Step 4: Offer effective board orientation
When a new member joins your board of directors, you must provide them with an effective orientation to prepare them for the role. Make sure this covers the roles and responsibilities of board members, your company background, and your strategic objectives.
An effective orientation process will make new board members feel welcomed and keep them engaged in their work. It will also provide them will the tools and knowledge that they can hit the ground running and add value to your organization.
Summary
Assembling a board of directors that will add value to your business can be a difficult and daunting task. However, you must get it right, as your board will play a vital role in business growth and development.
Follow these steps to create and maintain a strong board of directors that will drive profits and help you achieve your long-term objectives.
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A commercial real estate lease involves an agreement that enables businesses to rent commercial property from a landlord. Commercial leases can be full-term, net, and modified gross leases. Its identification, negotiation, and signing process is long, which is why you should know the steps involved so you can make informed decisions.
A commercial real estate lease is legally binding. This is why you should understand the lease contract as it defines your rights and responsibilities and those of the landlord. Below are things you need to know before signing a commercial real estate lease.
1. Research the area
When looking for a commercial property, researching the area will help you understand the prospective clientele. This is because location is everything for a business to thrive. Bearing in mind that once you sign the lease it becomes legally binding, and it may take at least two or more years before the lease term ends, ensure that the potential location is ideal for your business.
Consider seeking professional help for the ideal business location from industry experts like Jeff Tabor Group. They can also advise you on the benefits, differences, and value of different buildings within your preferred location, helping you make an informed decision.
2. Know the zoning laws
Zoning laws direct the development of real estate and may affect the operation of a business. Depending on your kind of business, research the municipality laws to ensure that you can run within that locality without facing any legal problems. Ensuring that your lease agreement aligns with standard zoning laws of the area will allow your business to operate without interference from local authorities.
3. What do you know about the landlord and the building owner?
At times, the landlord may not be the building owner. Before signing the lease agreement, ensure that you know who the landlord and the building owner are, their financial capacity and if they make good on their payments. This will help you protect your business should anything go wrong. For example, if a landlord doesn’t make payments to the building owner’s account, you may end up being evicted even if you made your payments on time. Conduct thorough research to ascertain that you’re signing the right deal for your business.
4. Find out about the nuisance laws
Once your business opens its doors, you want it to run without limitations. Before signing a lease, familiarize yourself with nuisance laws and check any smell, noise, and equipment clauses and negotiate where necessary. Look out for any environmental regulations governing the building you intend to lease to ensure they aren’t against your business.
5. Don’t forget the lease statutes
When reviewing your lease document, pay attention to the rent structure to determine your monthly payments, by what your rent will increase and after how long, so you can look at your budget and decide whether you’ll stay. Don’t forget about the lease term. Consider how a short- or long-term lease will affect your business. Find out about expenses like property taxes, insurance, maintenance, utilities, repairs, modifications, security, and more.
Endnote
Commercial real estate leasing can be tricky, especially when you lack the proper knowledge. Consider the above tips and advice from industry experts before signing a lease agreement.
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Even after a substantial penetration of digital platforms into our lives, the need to move around physical spaces hasn’t been ruled out yet. In most cases, having an address, name and set of coordinates can make this task straightforward via using GPS on your phone. But there are some limitations to GPS services as it doesn’t provide accurate information in the case of indoor navigation. Various indoor applications that require step-by-step guidance with quick & accurate results; led businesses to incorporate augmented reality into indoor mapping to reach the threshold level of navigation accuracy.
Businesses are actively leveraging the advantages of AR in indoor navigation systems; the global indoor positioning & navigation market is projected to reach $23.6 billion by 2023.
Augmented Reality Redefines Indoor Positioning
Augmented reality in indoor positioning is a next-generation solution. The possibility is that in the next few years, the navigation systems that utilize AR would become industry standards for many fields and eventually be beneficial to both users and companies.
Augmented reality (AR) provides an interactive experience by adding imaginary objects to the real world through computer-generated perceptual information. The release of Apple’s ARKit and Google’s ARCore has significantly improved the navigation apps and is regarded as the two powerful mobile AR platforms designed for AR applications to be built on. These platforms provide a variety of tools for understanding the objects in the real world.
ARKit combines device motion tracking, camera capture, advanced scene processing, and display conveniences to build AR apps. It allows developers to build immersive apps on the iPhone or iPad by analyzing the scene captured by the iPhone’s camera and fused with motion sensors to track the location of the object in 3D space.
ARCore combines motion tracking, environmental understanding, and light estimation. Motion tracking lets the phone understand and track the position relative to the world by observing feature points taken through the android phone’s camera and sensor data. Environmental understanding allows the devices to detect the horizontal and vertical surfaces of the floor.
Let’s get familiar with available Tracking Systems
GPS, which is considered as the global tracking system for the outdoors, but this also fails when it comes to finding location indoors. To overcome this, leveraging AR into indoor positioning solutions aids ease of navigation and enhances the user experiences. The accuracy and functionality of AR for indoor navigation provide tangible benefits for organizations and end-users (such as customers in a store, workers in a warehouse, visitors in a building).
Let’s have a look at the existing tracking systems for indoor positioning.
1. Visual recognition and SLAM systems (vSLAM)
Simultaneous localization and mapping (SLAM) is a computational method for obtaining the 3D structure of an unknown environment that uses the data captured by the external sensors to self-locate and build a map of the surrounding environment simultaneously. SLAM algorithm works by mapping out surroundings, extracting features, keeping a track of the user’s location, and based on this info, constantly updates the navigation map.
Visual SLAM refers to the complex process of calculating the location and mapping of a device to its environment, along with taking visual inputs from the camera. It works with 3D vision cameras and finds application in camera pose estimation in AR systems like head-mounted displays, indoor navigation & positioning apps.
The whole process is carried out in real-time and is considered more flexible than other tracking systems like LIDAR and UWB as it doesn’t deal with any external sensors but only with a camera. vSLAM technology is more accurate (tracks up to millimeters) in smaller areas than it is in wide-open areas.
2. Ultra-wideband (UWB)
Ultra-wideband (UWB) positioning systems are considered as one of the most effective options in advanced indoor positioning where a higher degree of precision is required. To monitor AR-based indoor positioning, it’s necessary to estimate the line-of-sight vector of observers using a UWB transceiver that estimates the distance to another UWB transceiver via time of arrival (TDoA). The process is carried out in real-time and can transmit a large amount of data at low power and low cost and can precisely locate the object via Time-of-flight (ToF) up to 200 meters.
One of the use cases where UWB promises to be the most effective tracking system is warehouse management where hundreds of thousands of items are kept and need to be located in the shortest time possible on the customer’s order. In the case of pinpoint accuracy, the UWB positioning system is considered the best option available.
However, this level of accuracy always comes at a cost. The tags used in UWB are much more expensive than tags used in other tracking systems, and hence, makes it a very expensive system to have. In such cases, businesses need to consider if they require pinpoint accuracy to locate the object, or more general information can do their work.
3. Bluetooth Beacons
Beacons are low-energy Bluetooth transmitters that are used to communicate with Bluetooth-enabled smartphones, tablets, etc when they are in close proximity to the beacons. Beacons can be mounted on the wall or ceiling all over the location at a distance of 10-20 meters. After the installation, Bluetooth beacons start transmitting the signals at regular intervals of time and can see the device once it’s in the range which may vary from 20m to 300 m.
Bluetooth Beacons have many applications in the business world like retailers use beacons to trigger location-based features on customer’s mobiles including coupon, store map, sale, discount, etc when they pass by their favourite store. For smaller range applications like shops, malls, airports, buildings, using beacons might be one of the best options to enhance user experiences. Despite these benefits, beacons are considered expensive & obsolete and are now being replaced by visual markers due to their greater accuracy.
4. Virtual Positioning Systems (VPS)
VPS is the amalgam of artificial intelligence, image processing & augmented reality technology that allows the devices to virtually place the surroundings in a map. Virtual positioning systems work well over large areas and fall short when trying to determine position within buildings. It creates a 3D environment by comparing multiple images of the surroundings taken by the phone’s camera to recreate the position relative to the environment using the GPS triangulation technique.
For example, Google uses Street View data to locate the user’s position by taking multiple images and stitching them together into a single 360-degree image, using buildings as reference points. Apple is using ARWoldMap in many outdoor applications to determine the user’s location.
Challenges in Indoor Positioning Systems
The use of AR in Indoor positioning offers so much, but there are still some challenges that need to be addressed during or before the implementation.
Indoor navigation is impossible without a proper map. Building an accurate map is a critical process as it requires the correct coordinate system in the 3D form then aligning it with the geographical coordinates using images taken from various sources. While building maps are critical, maintaining the map and always keeping them up to date become mandatory to provide the best possible user experience.
Drawing the route in the real-world using AR is also a big challenge that needs to be addressed. Visual markers are placed to draw coordinates at specific points to analyze the surroundings and are made sure that it matches to the real-world. AR effect is always placed on the top of any image which creates an illusion of placing digital content in the real world while rendering virtual places.
Having an uninterrupted session becomes another hurdle to get the accurate result in locating the object. To get this result, it’s necessary for users to keep their camera active from initial marking to the final destination. This limitation can be addressed by using Wi-Fi RTT (Round-trip-time) which can provide an accuracy level up to 1 to 2 meters. It measures the time for the signals to reach the user’s device and be received back using 3 or more wi-fi routers.
The Future of AR Indoor Navigation
As more companies explore the potential of AR in navigation systems, it would continue to prove a game-changer in indoor navigation. In the coming years, the use of visual markers will increase due to their ability to bring down the accuracy threshold down to within millimeters.
Wi-Fi RTT-based positioning will see greater adoption and proliferation due to greater precision than WPS (Wi-Fi protected systems). The time taken for sending signals to users and receiving them back will reduce and hence, will increase the accuracy more. The performance of mobile devices will also advance, which will support more complex algorithms. We might see other hybrid solutions like combining visual markers and visual positioning systems which will improve the quality of tracking in near future.
Augmented reality offers a potential solution to improve indoor positioning accuracy and is continually evolving over the years. Augmented reality indoor navigation technology is set to experience significant growth in the coming years, and, as a result, will be firmly on the radar as an investment theme in most companies regardless of their industry type.
About the Author
Kajal Mishra is a Senior Marketing Executive at PathPartner Technology. She provides her contribution in creating content & handling inbound & outbound marketing for Multimedia & AI domain. Exploring newer technologies and writing around that is something that excites her the most.
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Independent distributors of Herbalife Nutrition have several ways they can get their products into the hands of customers. One of those ways is through the Herbalife Nutrition Club. Understanding why that’s a valuable option is important, but it’s easier with a better understanding of the business, as well. Selling directly with Herbalife provides many advantages, and distributors have the flexibility to build their business any way they want, at any time they want.
Some independent distributors operate their business part-time and sell mostly to family and friends, while others choose to own and operate nutrition clubs. That can foster a sense of community, provide more options for sales, and make it easier for everyone in the Herbalife family to work together to provide quality products to people who want to purchase them. With options and opportunities for business, it’s not surprising that Herbalife Nutrition remains popular.
What Independent Distributors Do
Independent distributors of Herbalife Nutrition are focused on helping customers reach wellness, fitness, and weight loss goals. They’re coaches, and to help customers with their plans and goals, they also sell high-quality nutritional supplements. Those nutritional options are designed to add value and benefit to the lives of customers who want to get in shape, be more fit, and find ways to live healthier lives. Through sales to individuals and clubs or communities, distributors have some great ways to help.
Using nutrition clubs is one of the most highly visible ways that Herbalife distributors do business, but that’s not the only way. They sell both through clubs and individuals and market their products to plenty of people who want to be healthier. Since these products are only available through distributors, customers can’t get them at stores or through other online options. That makes the nutrition clubs good opportunities for the distributions and the customers to connect and get what they need.
Use, Wear, Talk
The philosophy of “Use, Wear, Talk” is a part of everything that Herbalife Nutrition distributors do, whether they’re involved with a club or just selling to others in their community or family and friend group. That philosophy is a shortened version of “Use the products, Wear the button, and Talk about your transformation.” The goal is to show that Herbalife’s products work and that the independent distributors who offer those products use them and understand their value.
The idea for doing that started early on in the creation of Herbalife and has been a part of the company ever since. It’s an idea that has evolved over decades but is still very relevant today. It’s also still a part of the core principles and tenets of distribution through the Herbalife Nutrition Club and other selling options.
The Value of Nutrition Clubs
In a Herbalife Nutrition Club, members and customers are invited to come in. It’s a place where they can share their testimonials and stories, and they can also keep track of their measurements and weight loss and fitness goals. It’s a place for everyone to come together and get the support and guidance they need to continue their health journeys. Because living a healthy lifestyle is such an important shared goal, members often develop a strong sense of community with one another.
There are teas, aloes, and shakes offered through the Nutrition Clubs, and there are also some fitness camps in some of them. That allows interested customers to have a workout and a shake, with a convenient stop where they can get all that they need in one place. While that’s a bigger investment for the independent distributor, it can go a long way toward adding extra value for customers. That helps to keep customers coming back.
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Unfortunately, we’ve all heard stories of offices being burgled. This can mean the loss of important equipment or worse, data. If you’re a small business these losses can be even more devastating. If you’re a victim of burglary, you’ll be forced to experience a long and arduous process of filing police reports and waiting for insurance settlements.
At best, this can be extremely stressful and time consuming. At worst, there could be exemptions that prevent you from claiming for all your lost property. To help avoid this outcome, it’s best to prepare. Here are some ways you can secure your office before you leave for the night:
Fit an Alarm System
Alarms can be extremely useful for various reasons. Firstly, they can notify people in the surrounding area if your business is being robbed. With a higher end Police Response Alarm, you’re even able to notify a receiving centre, that will either investigate the issue or call the police.
Alarms also act as excellent deterrents. Properties that prominently display an alarm, fall much lower on the target list of thieves.
Use CCTV
The words ‘Smile you’re on CCTV’ are likely familiar to you. There’s a reason so many businesses and other properties use CCTV. Whilst a burglar alarm can be a great determent, it can’t tell you exactly who has broken into your property.
With CCTV you have a record of your burglary and images of those that have broken in. These images can then be passed onto the police, helping you to find your stolen items more quickly. Like burglar alarms CCTV also acts as a useful deterrent.
If you’re looking at finding a new office, and worried about security, a serviced office From BE Offices is a fantastic option. These state-of-the-art offices come with CCTV and other security features. This ensures maximum security and a comfortable and pleasant office environment.
Protect your important documents
Your office will likely contain many important documents that relate to your business. Losing these documents can almost be as devastating as losing equipment and other items. It’s best to put these documents in a safe place before anything happens to them.
Keeping your documents in a locked cabinet can be a useful option. The average burglar takes no more than 12 minutes inside of your property. Anything that slows the thief down is likely to be a much lower priority.
Of course, today many important documents are stored electronically. These too, must be accounted for. A laptop lock can be useful for securing your devices. These metal cables attach your device to a non-movable object, making them much more difficult to steal.
Use British Standard Locks
Obviously, it’s absolutely crucial that you have proper locks on the doors and windows of your property. Although obvious, this is a factor that some businesses overlook. To make sure that you’re utilizing the best locks, you should ensure that they comply with British Standard Regulations. In fact, this is a general requirement for office insurance policy.
Make sure your office is secure and compliant with the policy of your landlord, by using British Standard Locks.
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Building a board of directors can be difficult, but getting it right is essential. A well-run board of directors will help you achieve your strategic goals and ensure the long-term success of your business, whereas a disorganized and inefficient board will stunt business growth and harm profits and revenue.
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