As your business grows, you will find yourself tackling problems that are possibly further away from your core skillset, this is completely normal, and often when the business starts to utilize outsourcing more.
These tasks are the tasks that take you away from your core skills and require you to spend more time than you need on learning new skills that are only linked to a limited amount of functions. For example bookkeeping or payroll. These are functions that are a necessity, however, unless you have experience in these areas you may spend valuable time away from aiding your business to grow.
It’s essential for you to outsource tasks such as these to people such as Digital Goliath Marketing who are able to manage your work efficiently, leaving you with less stress and hassle to have to do it yourself. There are many occasions where it is more sensible and worthwhile to outsource. In fact, it’s not realistic to handle everything in-house for a modern business.
Bear in mind that whilst outsourcing is efficient and necessary, you should always keep your core business functions in-house. That means that you don’t need to outsource anything that your skillset covers already/
Let’s have a look below at some of the areas you may want to think about outsourcing:
Legal Requirements
Every business will have legal requirements, and this is usually the first area that gets outsourced. Hiring an in-house lawyer can be extremely expensive, and there is often no need to have one employed all the time. Most businesses can’t afford to have their own legal department, so you need to outsource. There are many ways you can source legal services such as:
Find one lawyer to deal with all your legal requirements.
Use a freelance lawyer or solicitor.
Use different lawyers or solicitors for each aspect of your legal needs.
Administrative Duties
Did you know that your employees could be spending around 40% of their working ay just on administrative tasks? This means that a huge portion of their day is spent completing repetitive and time-consuming tasks that are easy to outsource and train people on. It is a sensible choice to outsource these tasks to someone who would possibly charge less for their time than yours or your employee’s costs. Especially if they are highly-skilled staff members.
Remember you shouldn’t be outsourcing your core business functions, however, you can outsource parts of your core functions like the admin. Build processes and systems to ensure that the outsourcer can support you well.
Some of the outsource administration you could consider are:
Surveying, polling, and focus group tests.
Data collection and research
Travel arrangements
Compiling reports
Virtual assistant
Document management and organization
Calendar management and organization
Customer service emails
Social media posting/management
Preparing and taking notes
Transcribing audio or video
Personal errands (so you can spend more time working)
Editing/proofreading
Financial Management and Bookkeeping
It’s far wiser to keep your account organized as you go rather than leaving them until the end of the year. If you don’t keep an eye on your finances, then you could be making an expensive mistake. You could use cloud-based accounting software to track it yourself, however, working with a bookkeeper is probably easier. All you need to do is send your bookkeeper all your data and they will organize it for you. They also send you back whatever types of reports you like.
It can also be handy to have a contact for any questions you may have about the business finances, based on your circumstances. It certainly never hurts to have a financial expert that you can contact and work with. When it comes to completing your taxes at the end of the year, a bookkeeper will eliminate that stress. All you need to do is give your account access to your accounting firm and they will deal with the rest. If they require any information from you they will just ask for it.
Lead Generation and Marketing
Marketing can be challenging for small businesses. It can be easy to market yourself when you are slow, however, if your business picks up, marketing can get left behind. This can’t happen, your business will only slow down again if you neglect the marketing of your business and brand. Marketing is how you are going to grow your business, therefore, you need to ensure you have the time to make a commitment to it. Even if you outsource your marketing, though, you still need to ensure you have heavy involvement in it. You could choose to use a complete marketing service that deals with the management and social media or you could choose to outsource to several different freelancers, it’s really down to what works best for your business.
For example, you may prefer to have someone in-house dealing with the articles and information that is allowed on your website, but you are happy to outsource content creation to a content marketing agency. If you would prefer to manage your own marketing strategy you could choose to use consultants or freelancers to complete bulk work but oversee it yourself.
IT Services and Technology
Regardless of whether you are tech-savvy or not, it is usually simpler to let someone else deal with your technology needs.
Many technology duties come tagged with a steep learning curve. Therefore it may not be worth your time to learn how to web develop, code an app, migrate your information to the cloud, optimize your website, or implement two-factor authorization for your data. The cost it would take with regards to your time to handle your own IT needs is probably more expensive than if you hired an outsourcer to do this for you.
For example, you could choose to manage your own website, but do you know how to safely move your files around your host? Backup your site? No jow to migrate to a new host? Or, Set up cybersecurity? They are most certainly all doable, however, they could cost you a huge amount of time. If your skill doesn’t lye in this area, then you may be better off outsourcing your IT needs. Yes, you will pay more than just hosting space, but your time is valuable and it could save you money in the long run.
Before you opt to outsource certain IT tasks though, you should also have a look to see if there are any tools that could do it for you rather than paying an outsourcer or in0house team.
Human Resources
Human Resources suits can definitely take up a lot of time, especially as your business and team grow. Each time you recruit a new person, the obligations in the human resources department only grow. On top of this, if you mishandle any human resources such as payroll, firing, ot hiring a poor employee, it can cost you money, create an array of issues, and even see you facing a lawsuit.
Depending on your businesses needed, you may choose to outsource your human resources to one provider or several smaller ones. For example, you may use recruitment agencies for any talent searching, a payroll company to ensure your staff is paid correctly and on time, and a PEO to manage any benefits. As well as this you may also want to make sure you have access to legal advice relating to anything involved with human resources.
These are six areas that you may want to consider outsourcing as a small business. Is there anything that you already outsource? Please share some of them in the comments section.
https://www.strategydriven.com/wp-content/uploads/word-image-72.jpeg14471920StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-07 15:00:222020-11-07 15:04:10Six Ways A Small Business Can Use Outsourcing
The ceramic filter is a clever and innovative technology that is widely utilized across various industries today. It provides practical functioning advantages as well as competitiveness in a commercial sense due to the pollution reduction applications. This is concerning industries and companies who utilize processes whereby there are gases involved of a heightened temperature – especially those that are subject to strict emission limits.
Filtration at high temperatures is something that is needed and thus applied in many processes. For example, in advanced coal-fired power plants it is used to stop the gas turbines from becoming damaged. Another example is the cleaning of synthesis gas from biomass. As well as this there are companies needing to meet stringent environmental demands too.
Ceramic filters are well established and popular for hot gas filtration for the reason that they possess outstanding thermal and chemical constancy. In addition to this, another reason ceramic filters are preferred is because of their high filtration effectuality and their long-term strength and sturdiness. When using ceramic filter elements there is definitely the possibility for filtration at extremely high temperatures and pressures. Not only is this possible, but filtration under chemical aggressive conditions is achievable too.
The reduction of emissions is something that is particularly important. When it comes to companies using hot air gases there are very stringent limits in place. Not only this, but with the heightened media attention given to pollution in the modern day, companies need to do their part if their reputation is to stay intact. Thankfully, a hot gas ceramic filter provides the perfect solution. They actually have the capacity to get rid of submicron particulates that are as minute as a nanogram. Not only is this advantageous, but so too is their ability to remain stagnant when in operation. Because they do not flex this eliminates the issue of potential submicron particles entering the substrate.
The good news is that there are several companies throughout the country who offer ceramic filters. You can learn more here about the different parts that make up this equipment. When determining what company to go for this is a decision you need to make carefully. There are lots of different hot gas ceramic filters available for you to choose from. Of course, the benefits in general have been assessed in this article. Nevertheless, some ceramic filters are more effective and efficient in comparison to others.
What should you be looking for? You need to assess how compact the system is in order to be ensured that it will fit into your site. In addition to this, what is the highest temperature of filtration possible? Furthermore, you should read up on the average amounts of particle reduction. Aside from this, other points worth bearing in mind are maintenance and ease of installation too.
There is no denying the effectiveness and efficiency of the ceramic filter. Filtration is deemed a necessity in an array of industries that utilize hot gases, and through reading this article you should be able to see why ceramic filters have achieved a status as the most popular method.
https://www.strategydriven.com/wp-content/uploads/word-image-47.png480684Nathan Iveshttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngNathan Ives2020-11-07 11:00:062020-11-07 14:52:23The Use Of Ceramic Filters In Industry Today
When you run a company, importing and exporting becomes an important part of its day to day operation. Whether you need to get materials, or you’re selling products to your customers, you’ll need to either import or export them quickly.
The trouble is, importing and exporting come with a range of challenges. This is especially true when disruption hits the sector, like it has with the coronavirus pandemic. So, how can businesses reduce the risks of importing and exporting? Below, you’ll discover some great tips you can follow.
Do your research
It’s really important to do your research when you’re importing and exporting. Different countries have different rules you’ll need to be aware of. For example, some goods may be illegal in certain countries. You need to know these things to avoid falling on the wrong side of the law.
Speaking of the law, always familiarise yourself with the legalities of importing and exporting. Make sure you understand any risk and compliance law you need to adhere to. If you don’t, the consequences to your business could be dire.
Ensure you have an organised record keeping process
One of the legal requirements when you import and export goods, is to keep accurate records. You’ll need to keep these records for five years. While brokers often have records, these are typically used for their own purposes. So, having your own copies is important.
It isn’t as much work as you might think and keeping records helps you to avoid any potential legal issues that might occur. You can research more about the types of records you’ll need to keep.
Having a good understanding of the different risks can help you to avoid them. While you can’t always plan for things that go wrong, you can at least familiarise yourself with the most common risks you’ll face.
Overall, importing an exporting are crucial for businesses. However, there are a lot of risks involved. The above are just some of the ways to reduce the risks importing and exporting present. Remember, the more research and planning you do, the more you’ll be able to protect yourself against these risks.
https://www.strategydriven.com/wp-content/uploads/pexels-tiger-lily-4481258.jpg19191280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-07 09:00:132021-04-29 12:17:16How to Reduce the Risk of Importing and Exporting
Managing a business is hard to do, but this year has been especially hard. With the normal tasks of creating a social media strategy, managing employees, and tracking data and finances, there have been a lot of upheavals and needed adaptations. A business may have needed to be done remotely or adapted to fit safety protocols. A lot of the needed adaptations needed require technology updates and fixes. Here are a few ways you can adapt your business using technology to keep up with the changing world.
Working Remotely
There has been a greater need to have employees work from home where possible. This can be better facilitated through technology like laptops, communication software, and other software that allows employees to access their work files and documents from home.
Another important aspect of working remotely is finding a good way to still hold necessary meetings. There are many different platforms that allow for video conferencing meetings. Some companies that have some employees working in the office and others working at home use Zoom Room Equipment to set up a designated room to use for online meetings with their remote workers. This helps to cut down on time needed to set up for meetings and other technical issues that can delay schedules.
Project Management
When everyone is working in different locations, it can be difficult to ensure that tasks are completed on time. You may have problems with people duplicating work or tasks getting forgotten due to a lack of good communication.
Project management software like Asana or other options can help you set up tasks, due dates, and assignments all in one place. Giving everyone access to the projects they work on will help the entire team be informed of the current status of the project and what needs to happen next to reach the goal.
Cybersecurity
Remote working is great for many reasons, but it can also open up the door for cyber attacks on your company if you are not careful. Employees may rely on public internet connections, or online storage solutions may be utilized to help gain access to important documents from different locations.
It is easier to provide security to an office location because you can lock the physical office that contains the servers and use closed networks with added layers of security. These are not possible when you have remote workers.
Investing in increased cybersecurity measures is crucial if you are going to keep your business safe. Virtual private networks (VPNs) and data backups are both essential for remote working. You should also stack up against your security by using multi-factor authentication, real-time security monitoring, and cybersecurity software.
Performance Tools
It can be hard to manage employees when they are working remotely, and that can make performance reviews unsubstantiated and flimsy. Using performance tools can help to give your employees concrete expectations and goals they can follow, and it can also give you usable data to help increase engagement and provide targeted training and feedback.
https://www.strategydriven.com/wp-content/uploads/word-image-71.jpeg16672500StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-06 20:00:452020-11-06 22:46:05Technology Adaptations for Your Business
According to the research highlighted at Fundera, 20% of new businesses fail in their first year, 30% fail in their second year, and 50% fail after five years. It’s enough to put anybody off the idea of starting their own business.
However, it’s also important to turn those figures around. While there are those businesses that fail, there are also those that survive. This should be a cause for optimism.
To reduce the risk of business failure, startup owners should:
#1: Find out why businesses fail
Why do businesses fail? According to Research Briefs, there are many reasons. 42% of businesses fail because there is no market need for what they are selling, according to figures highlighted. 29% of businesses fail because of cashflow problems. And businesses also fail because of such issues as the might of the competition, poor marketing, and the lack of a proper business model.
When the startup owner knows why businesses risk failure, they can take steps to alleviate any future problems.
So, they might look for a niche in the market in a bid to reduce the competition, for example. They might outsource their marketing to those agencies that understand their business model, such as a software marketing agency if they were running an SAAS business. And they might commit to market research before starting out to ascertain whether or not there is a market for their particular product or service.
#2: Seek assistance from a business mentor
The business world is hard for anybody, especially those who are just starting out in their particular industry. This is why it’s always useful to have somebody on speed dial who knows what they are doing. A mentor can help the startup owner become a success, with advice on the pitfalls to look out for, a list of contacts with the resources the startup owner needs, and other information, such as tips on hiring, financial management, and goal setting.
Of course, this is assuming the startup owner knows somebody who can mentor them, although it shouldn’t be too hard to track somebody down. Networking events, social media sites, and small business development centers are just a few of the places where somebody might find the help they are looking for.
#3: Improve their skills
The startup owner doesn’t have to be the master of everything. They can hire staff members to take on some of those tasks that they can’t do alone, and they can outsource too.
However, there are the basics to consider, as skills in such areas as management, leadership, and communication could be considered the bare essentials when trying to run a successful business. To learn more, the startup owner should consider a business course or any other line of study and training that enhances areas they are weakest in.
With a good foundation of knowledge at the beginning, they will be less likely to make many mistakes down the line.
So, take heed if you’re a startup owner, but be assured that failure doesn’t have to be an inevitability. You can override the risks involved, so consider our suggestions, and get help from other sources if needed.
https://www.strategydriven.com/wp-content/uploads/word-image-46.png500750StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2020-11-06 15:00:362020-11-06 22:39:42How Startup Owners Can Reduce The Risk Of Business Failure
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Six Ways A Small Business Can Use Outsourcing
/in Managing Your Business/by StrategyDrivenThese tasks are the tasks that take you away from your core skills and require you to spend more time than you need on learning new skills that are only linked to a limited amount of functions. For example bookkeeping or payroll. These are functions that are a necessity, however, unless you have experience in these areas you may spend valuable time away from aiding your business to grow.
It’s essential for you to outsource tasks such as these to people such as Digital Goliath Marketing who are able to manage your work efficiently, leaving you with less stress and hassle to have to do it yourself. There are many occasions where it is more sensible and worthwhile to outsource. In fact, it’s not realistic to handle everything in-house for a modern business.
Bear in mind that whilst outsourcing is efficient and necessary, you should always keep your core business functions in-house. That means that you don’t need to outsource anything that your skillset covers already/
Let’s have a look below at some of the areas you may want to think about outsourcing:
Legal Requirements
Every business will have legal requirements, and this is usually the first area that gets outsourced. Hiring an in-house lawyer can be extremely expensive, and there is often no need to have one employed all the time. Most businesses can’t afford to have their own legal department, so you need to outsource. There are many ways you can source legal services such as:
Administrative Duties
Did you know that your employees could be spending around 40% of their working ay just on administrative tasks? This means that a huge portion of their day is spent completing repetitive and time-consuming tasks that are easy to outsource and train people on. It is a sensible choice to outsource these tasks to someone who would possibly charge less for their time than yours or your employee’s costs. Especially if they are highly-skilled staff members.
Remember you shouldn’t be outsourcing your core business functions, however, you can outsource parts of your core functions like the admin. Build processes and systems to ensure that the outsourcer can support you well.
Financial Management and Bookkeeping
It’s far wiser to keep your account organized as you go rather than leaving them until the end of the year. If you don’t keep an eye on your finances, then you could be making an expensive mistake. You could use cloud-based accounting software to track it yourself, however, working with a bookkeeper is probably easier. All you need to do is send your bookkeeper all your data and they will organize it for you. They also send you back whatever types of reports you like.
It can also be handy to have a contact for any questions you may have about the business finances, based on your circumstances. It certainly never hurts to have a financial expert that you can contact and work with. When it comes to completing your taxes at the end of the year, a bookkeeper will eliminate that stress. All you need to do is give your account access to your accounting firm and they will deal with the rest. If they require any information from you they will just ask for it.
Lead Generation and Marketing
Marketing can be challenging for small businesses. It can be easy to market yourself when you are slow, however, if your business picks up, marketing can get left behind. This can’t happen, your business will only slow down again if you neglect the marketing of your business and brand. Marketing is how you are going to grow your business, therefore, you need to ensure you have the time to make a commitment to it. Even if you outsource your marketing, though, you still need to ensure you have heavy involvement in it. You could choose to use a complete marketing service that deals with the management and social media or you could choose to outsource to several different freelancers, it’s really down to what works best for your business.
For example, you may prefer to have someone in-house dealing with the articles and information that is allowed on your website, but you are happy to outsource content creation to a content marketing agency. If you would prefer to manage your own marketing strategy you could choose to use consultants or freelancers to complete bulk work but oversee it yourself.
IT Services and Technology
Regardless of whether you are tech-savvy or not, it is usually simpler to let someone else deal with your technology needs.
Many technology duties come tagged with a steep learning curve. Therefore it may not be worth your time to learn how to web develop, code an app, migrate your information to the cloud, optimize your website, or implement two-factor authorization for your data. The cost it would take with regards to your time to handle your own IT needs is probably more expensive than if you hired an outsourcer to do this for you.
For example, you could choose to manage your own website, but do you know how to safely move your files around your host? Backup your site? No jow to migrate to a new host? Or, Set up cybersecurity? They are most certainly all doable, however, they could cost you a huge amount of time. If your skill doesn’t lye in this area, then you may be better off outsourcing your IT needs. Yes, you will pay more than just hosting space, but your time is valuable and it could save you money in the long run.
Before you opt to outsource certain IT tasks though, you should also have a look to see if there are any tools that could do it for you rather than paying an outsourcer or in0house team.
Human Resources
Human Resources suits can definitely take up a lot of time, especially as your business and team grow. Each time you recruit a new person, the obligations in the human resources department only grow. On top of this, if you mishandle any human resources such as payroll, firing, ot hiring a poor employee, it can cost you money, create an array of issues, and even see you facing a lawsuit.
Depending on your businesses needed, you may choose to outsource your human resources to one provider or several smaller ones. For example, you may use recruitment agencies for any talent searching, a payroll company to ensure your staff is paid correctly and on time, and a PEO to manage any benefits. As well as this you may also want to make sure you have access to legal advice relating to anything involved with human resources.
These are six areas that you may want to consider outsourcing as a small business. Is there anything that you already outsource? Please share some of them in the comments section.
The Use Of Ceramic Filters In Industry Today
/in Tactical Execution/by Nathan IvesFiltration at high temperatures is something that is needed and thus applied in many processes. For example, in advanced coal-fired power plants it is used to stop the gas turbines from becoming damaged. Another example is the cleaning of synthesis gas from biomass. As well as this there are companies needing to meet stringent environmental demands too.
Ceramic filters are well established and popular for hot gas filtration for the reason that they possess outstanding thermal and chemical constancy. In addition to this, another reason ceramic filters are preferred is because of their high filtration effectuality and their long-term strength and sturdiness. When using ceramic filter elements there is definitely the possibility for filtration at extremely high temperatures and pressures. Not only is this possible, but filtration under chemical aggressive conditions is achievable too.
The reduction of emissions is something that is particularly important. When it comes to companies using hot air gases there are very stringent limits in place. Not only this, but with the heightened media attention given to pollution in the modern day, companies need to do their part if their reputation is to stay intact. Thankfully, a hot gas ceramic filter provides the perfect solution. They actually have the capacity to get rid of submicron particulates that are as minute as a nanogram. Not only is this advantageous, but so too is their ability to remain stagnant when in operation. Because they do not flex this eliminates the issue of potential submicron particles entering the substrate.
The good news is that there are several companies throughout the country who offer ceramic filters. You can learn more here about the different parts that make up this equipment. When determining what company to go for this is a decision you need to make carefully. There are lots of different hot gas ceramic filters available for you to choose from. Of course, the benefits in general have been assessed in this article. Nevertheless, some ceramic filters are more effective and efficient in comparison to others.
What should you be looking for? You need to assess how compact the system is in order to be ensured that it will fit into your site. In addition to this, what is the highest temperature of filtration possible? Furthermore, you should read up on the average amounts of particle reduction. Aside from this, other points worth bearing in mind are maintenance and ease of installation too.
There is no denying the effectiveness and efficiency of the ceramic filter. Filtration is deemed a necessity in an array of industries that utilize hot gases, and through reading this article you should be able to see why ceramic filters have achieved a status as the most popular method.
How to Reduce the Risk of Importing and Exporting
/in Risk Management/by StrategyDrivenThe trouble is, importing and exporting come with a range of challenges. This is especially true when disruption hits the sector, like it has with the coronavirus pandemic. So, how can businesses reduce the risks of importing and exporting? Below, you’ll discover some great tips you can follow.
Do your research
It’s really important to do your research when you’re importing and exporting. Different countries have different rules you’ll need to be aware of. For example, some goods may be illegal in certain countries. You need to know these things to avoid falling on the wrong side of the law.
Speaking of the law, always familiarise yourself with the legalities of importing and exporting. Make sure you understand any risk and compliance law you need to adhere to. If you don’t, the consequences to your business could be dire.
Ensure you have an organised record keeping process
One of the legal requirements when you import and export goods, is to keep accurate records. You’ll need to keep these records for five years. While brokers often have records, these are typically used for their own purposes. So, having your own copies is important.
It isn’t as much work as you might think and keeping records helps you to avoid any potential legal issues that might occur. You can research more about the types of records you’ll need to keep.
Understanding the different risks
So, what risks do you need to be aware of? The truth is, there are a lot of risks associated with imports and exports. These include goods being damaged in transit, your buyer becoming insolvent, political risks and economic risks.
Having a good understanding of the different risks can help you to avoid them. While you can’t always plan for things that go wrong, you can at least familiarise yourself with the most common risks you’ll face.
Overall, importing an exporting are crucial for businesses. However, there are a lot of risks involved. The above are just some of the ways to reduce the risks importing and exporting present. Remember, the more research and planning you do, the more you’ll be able to protect yourself against these risks.
Technology Adaptations for Your Business
/in Managing Your Business/by StrategyDrivenManaging a business is hard to do, but this year has been especially hard. With the normal tasks of creating a social media strategy, managing employees, and tracking data and finances, there have been a lot of upheavals and needed adaptations. A business may have needed to be done remotely or adapted to fit safety protocols. A lot of the needed adaptations needed require technology updates and fixes. Here are a few ways you can adapt your business using technology to keep up with the changing world.
Working Remotely
There has been a greater need to have employees work from home where possible. This can be better facilitated through technology like laptops, communication software, and other software that allows employees to access their work files and documents from home.
Another important aspect of working remotely is finding a good way to still hold necessary meetings. There are many different platforms that allow for video conferencing meetings. Some companies that have some employees working in the office and others working at home use Zoom Room Equipment to set up a designated room to use for online meetings with their remote workers. This helps to cut down on time needed to set up for meetings and other technical issues that can delay schedules.
Project Management
When everyone is working in different locations, it can be difficult to ensure that tasks are completed on time. You may have problems with people duplicating work or tasks getting forgotten due to a lack of good communication.
Project management software like Asana or other options can help you set up tasks, due dates, and assignments all in one place. Giving everyone access to the projects they work on will help the entire team be informed of the current status of the project and what needs to happen next to reach the goal.
Cybersecurity
Remote working is great for many reasons, but it can also open up the door for cyber attacks on your company if you are not careful. Employees may rely on public internet connections, or online storage solutions may be utilized to help gain access to important documents from different locations.
It is easier to provide security to an office location because you can lock the physical office that contains the servers and use closed networks with added layers of security. These are not possible when you have remote workers.
Investing in increased cybersecurity measures is crucial if you are going to keep your business safe. Virtual private networks (VPNs) and data backups are both essential for remote working. You should also stack up against your security by using multi-factor authentication, real-time security monitoring, and cybersecurity software.
Performance Tools
It can be hard to manage employees when they are working remotely, and that can make performance reviews unsubstantiated and flimsy. Using performance tools can help to give your employees concrete expectations and goals they can follow, and it can also give you usable data to help increase engagement and provide targeted training and feedback.
How Startup Owners Can Reduce The Risk Of Business Failure
/in Starting Your Business/by StrategyDrivenAccording to the research highlighted at Fundera, 20% of new businesses fail in their first year, 30% fail in their second year, and 50% fail after five years. It’s enough to put anybody off the idea of starting their own business.
However, it’s also important to turn those figures around. While there are those businesses that fail, there are also those that survive. This should be a cause for optimism.
To reduce the risk of business failure, startup owners should:
#1: Find out why businesses fail
Why do businesses fail? According to Research Briefs, there are many reasons. 42% of businesses fail because there is no market need for what they are selling, according to figures highlighted. 29% of businesses fail because of cashflow problems. And businesses also fail because of such issues as the might of the competition, poor marketing, and the lack of a proper business model.
When the startup owner knows why businesses risk failure, they can take steps to alleviate any future problems.
So, they might look for a niche in the market in a bid to reduce the competition, for example. They might outsource their marketing to those agencies that understand their business model, such as a software marketing agency if they were running an SAAS business. And they might commit to market research before starting out to ascertain whether or not there is a market for their particular product or service.
#2: Seek assistance from a business mentor
The business world is hard for anybody, especially those who are just starting out in their particular industry. This is why it’s always useful to have somebody on speed dial who knows what they are doing. A mentor can help the startup owner become a success, with advice on the pitfalls to look out for, a list of contacts with the resources the startup owner needs, and other information, such as tips on hiring, financial management, and goal setting.
Of course, this is assuming the startup owner knows somebody who can mentor them, although it shouldn’t be too hard to track somebody down. Networking events, social media sites, and small business development centers are just a few of the places where somebody might find the help they are looking for.
#3: Improve their skills
The startup owner doesn’t have to be the master of everything. They can hire staff members to take on some of those tasks that they can’t do alone, and they can outsource too.
However, there are the basics to consider, as skills in such areas as management, leadership, and communication could be considered the bare essentials when trying to run a successful business. To learn more, the startup owner should consider a business course or any other line of study and training that enhances areas they are weakest in.
With a good foundation of knowledge at the beginning, they will be less likely to make many mistakes down the line.
So, take heed if you’re a startup owner, but be assured that failure doesn’t have to be an inevitability. You can override the risks involved, so consider our suggestions, and get help from other sources if needed.