StrategyDriven Entrepreneurship Article | A 3 Step Plan To Deal With Your Weaknesses As A Business Owner

A 3 Step Plan To Deal With Your Weaknesses As A Business Owner

StrategyDriven Entrepreneurship Article | A 3 Step Plan To Deal With Your Weaknesses As A Business Owner

You won’t like to hear this, but you’re not perfect. Nobody is, and nobody ever will be. Some people seem like they’re perfect, but they have weaknesses just like anybody else. As a business owner, you can’t afford to let your weaknesses get in the way of your success. You have to understand how to deal with things that hold you back.

As it happens, this is a lot easier than it seems. Dealing with your weaknesses can be boiled down into a straightforward three-step plan – which can actually only last two steps, but you’ll learn about that later. How do you do it? Well, read on to find out…

Step 1: Identify your weaknesses

It begins by recognizing where your weaknesses lie. Many of you probably haven’t thought about your strengths and weaknesses before. More specifically, you only think about your strengths! Assess your life and consider what you’re good and bad at. Is marketing your weakness? Do you struggle with productivity and time management? Are you really bad at organizing your admin tasks?

Look at your daily workload and think about what comes easy to you and what is more of a struggle. If possible, ask someone close to you if they can think of your weaknesses. Often, you need someone else to point something out before you realize it yourself!

Step 2: Learn from the experts

Once you know your weaknesses, you can start improving them. The easiest approach is to learn from the experts in your weaker fields. Let’s say that leadership is a particular weakness of yours. You’ve acknowledged this, and now you can attend online business classes focused on leadership. Here, you’ll be taught key points and skills from someone who is a strong leader and knows what it takes to become one.

The same goes for any other weakness you have; get help from people who deem your weakness as their strength! Business classes aren’t the only way to do this, you can also read books, listen to podcasts, etc.

Step 3: Hire people who know best

After the second step, you may be in a position where you’re more confident and have conquered your weakness. In which case, you can carry on with running your business. However, what if you still struggle and can’t wrap your head around a certain topic? In this instance, move onto the third step where you hire people who know best.

If you’re really bad at something and it’s taking too long to master it, get someone else to do it for you. Hire an admin assistant to organize your day if you still struggle to handle all the admin tasks. Outsource a marketing agency to draw up your marketing strategy if you can’t get to grips with it. Source help from experts to cover your weaknesses and ensure your business has no cracks!

After following these steps, you will be in a position where your weaknesses are no longer a problem. Either you have mastered them, or someone else is taking care of them. Either way, your business is in a much better position.

StrategyDriven Tactical Execution Article | What Is POS Software and Why Is It Important?

What Is POS Software and Why Is It Important?

StrategyDriven Tactical Execution Article | What Is POS Software and Why Is It Important?The global POS software market was $12.23 billion in 2018. The market is expected to grow by a CAGR of 15.1% within the next seven years.

A point-of-sale system can transform your business by providing a comprehensive solution to everyday issues. If you’ve been dealing with human errors, unrecorded sales, and faulty inventories, POS software can help.

So, what is POS software, and why do you need it in your business? Here’s is our detailed guide on the point of sale software (POS) and its importance.

What Is POS Software?

Point-of-Sale software is the system eCommerce and brick-and-mortar stores use to execute sales. To understand POS better, you can consider it as an advanced cash register that gets combined with a computer. It allows cashiers to input customer orders and tally the involved costs, even before consummating the final financial transaction.

A POS system can incorporate other systems or software like the eCommerce platforms and accounting apps to expand the capability and flexibility of a business. As such, the POS software definition revolves around its primary purpose, which is processing sales.

POS software does more than sales processing. Here are some of the roles played by the POS system software:

  • Customer data management
  • Analytics
  • Inventory tracking
  • Sales monitoring and reporting
  • Employee management
  • Robust integrations
  • Mobile connectivity

On top of different roles, there are different types of POS software, too. Read more on that below.

Types of POS Software

POS software is in two types: cloud-based and on-premise. For the on-premise POS system, you need to be within the location if you want to use it. Terminals are the leading on-premise POS.

With cloud-based POS, you’re assured of flexibility as it allows you to use any compatible and connected devices for easy access to the dashboard. This system is preferable as it will enable you to execute sales and check your business even when you are miles away.

Some other types of POS system software that fall within the category include:

Mobile POS

A mobile POS can be used in-store or outside a shop. It manages and processes payments besides having other functions that include inventory tracking. The mobile POS is ideal for small businesses or sole entrepreneurs due to its affordability, ease of operation, and setup.

Desktop

A POS system running on a desktop is an on-premise solution, often in a checkout station. If you go for the best hardware version, the desktop POS will prove reliable and robust. However, it’s quite bulky, and you can’t move around with it.

Open Source POS

Open-source software allows businesses to create custom solutions using their source code. Business owners can create the open-source POS system with external contributors, or internally. This type of POS system software is ideal for companies that have a variety of technical resources.

POS Apps

POS Apps can work with any compatible devices or hardware for easy access to data and management of business operations. POS apps are best for a business that want customizability and flexibility.

Multichannel POS

A multichannel POS integrates with several commerce channels, which is one of its most sought-after capabilities. The channels are usually the third-party online marketplace, your website, pop-up shops, stores, wholesale, event sale, and many other channels. This POS is best for eCommerce merchants selling in-person or the multichannel online brands.

Why Is POS Software Important?

If you’ve been asking ‘what is POS system,’ there you have it. So, why is POS software essential for business owners? Here are some of the benefits you stand to enjoy if you have the best POS software:

Time-Saving

Your POS system keeps track of the movement of goods within and outside the store. The system will keep you updated on your stock. It further submits relevant orders to suppliers when you’re almost running out of inventory.

POS software also makes it easier to retrieve information about a particular product. You’ll reduce the waiting time, which is a plus in customer service.

Employee Management

On average, the cost of losing a worker to turnover is about 33 percent of an employee’s compensation. It is crucial to embrace tools that improve how you relate to your team. POS software is a managerial tool that can help in establishing the right reward criteria.

Consequently, your workers will be more enthusiastic and effective. Customer service will improve, and the sales will rise. If you’re looking for a tool that will be a resource in your employee management, consider the point-of-sale software.

Avert Mistakes

The entire system will be automatically updated if you make price changes. You don’t have to worry about inconsistencies as everything will be the same across the platform. With POS, it will be hard to contest with customers over inaccurate pricing.

Sales Report

POS software gives you an overview of your business processes as it keeps a cashflow record. If you need data on any product, you’ll find it effortlessly. The POS system saves crucial information about your company’s financial status, sales, and inventory.

With such data, it easy to have a realistic short-term budget. You can also make several predictions based on the reports.

Reduced Thefts

Theft from either customers or employees is one of the main concerns of retail stores. The POS system gives you control of your products. Strong tracking of items hinders common theft.

Invest in POS Software and Watch Your Business Thrive

Improving the sales process is a dream for many business owners. Despite embracing several tools to increase efficiency, many people are not familiar with POS. So, what is POS software in a nutshell?

POS software is a central component for businesses. The benefits of POS software are irresistible. From increasing the efficiency of processes to improving customer service, you need to get the best POS software for your company.

Our blog is all about businesses. Keep exploring for a range of articles on marketing, strategy, management, and execution, among other business-related topics.

StrategyDriven Practices for Professionals Article | Security Training Options

Security Training Options

StrategyDriven Professional Development Article | Security Training Options

Security training is a must for anyone that wants to make it in the industry. Irrespective of whether you are interested in becoming a CCTV operator or a door supervisor, you need to attain your license. This all begins with finding the best security training provider. Read on to discover how to do so.

The first thing you need to look out for is experience. Make sure the company has been in operation for a considerable number of years, as you don’t want a group of people that are effectively going to be learning on the job.

They should also have a wide assortment of different courses for you to choose from, for example, door supervisor training, bodyguard courses, first aid training and much, much more. Don’t only look at the course title, but check out the syllabus. You want to make sure the courses are modern and in line with the security of today.

They should not simply provide you with training and leave you to it either – they should help you to apply for your licence once you have completed your course. The best companies will have all of the details about applying for the licence on their website, making it much easy for you. At this point, it would be beneficial to note that you will need to renew your licence every three years. For example, the use of drones has become prominent in the security sector over the past few years. You can head to DrDrone for more information. The latest training courses will cover this.

In addition to this, you should take the time to read reviews that have been left by previous customers. This is the best way to get a truthful picture in regards to the level of quality you are likely to experience. If you come across a lot of negative comments, you know to look elsewhere.

What You Need To Find Out Before Taking A Course

Different security training courses have long been popular with those that want to make it in the security industry. If you have booked a training course, read on to discover the information you need to know beforehand.

The first thing you need to do is assess the dates and times for the security training course in question. In most cases, this will be a short, intensive training course, with the aim of ensuring you pass as quickly as possible. You may need to take time off work to accommodate this, so it’s worth finding out how long the course lasts per day.

Aside from this, you need to find out what you are going to need to bring with you. The best training course providers will supply all training materials so that you don’t need to spend extra money on this. However, it is likely that you are going to need to bring proof of identity with you and possible proof of address as well.

You also need to make sure your English language skills are up to scratch if you are going to take this test. You will be expected to have good knowledge of the English language if you’re to work in the private security industry. You don’t want to spend your money on a training course if your language skills are going to let you down. Don’t let this dishearten you though; arrange some English lessons until your tutor tells you that you’re ready.

What Course Is Right For You?

Firstly, one option to consider is CCTV training, which is designed for people who want to have a career as a CCTV operator. Once you have this licence, you will have the ability to monitor and work with CCTV camera systems that oversee any public spaces. For example, you could work for the local council or a busy shopping centre. The options are extensive.

Another popular option is a security guarding course. Once you have completed this, you will have the ability to work on unlicensed premises. This includes businesses like universities, banks, and construction sites. Please note that you cannot work on licensed premises with this course. If you wish to do so, a door supervisor course is advised. If you take the security guarding course you will learn about what you should and should not be doing on the job, as well as information on good communication, managing conflict, what it is to work as a guard and other things you need to be aware of, such as basic first aid.

Another option you may want to consider when working in the security sector is door supervision. You will need to obtain your door supervision licence, which will involve taking a training course. There are some other requirements too, such as being over the age of 18-years-old. As a door supervisor, you will have a number of different roles. This includes determining whether an individual is allowed to enter a licensed premise, such as a pub or a nightclub. You will not only be concerned with determining who is able to enter the building, but you are responsible for keeping everyone inside safe as well. Having tact and diplomacy is critical, as challenging situations can often arise and you will need to be able to defuse them. There are a number of other qualities you need to have as well, including having good people skills and being calm when troubling situations arise.

There is then the upskilling training for those who have been impacted by the new assessment rules that recently came into place regarding training to become a door supervisor. A lot of people need to take regular courses depending on their role in the security sector.

So there you have it: an insight into the world of security and the different options that are available. We hope that this will help you to carve out a career for yourself in this exciting sector, as demand is high and there are certainly diverse opportunities available.

StrategyDriven Managing Your People Article |Workers' Compensation Insurance|Why You Should Maintain Workers’ Compensation Insurance

Why You Should Maintain Workers’ Compensation Insurance

StrategyDriven Managing Your People Article |Workers' Compensation Insurance|Why You Should Maintain Workers’ Compensation InsuranceAs an entrepreneur, you are starting your business and have to make tough choices about where to put your money. Rent physical space or go virtual? Do your own books or hire an accountant? Pay for answering service or hire a receptionist?

The answers to these questions will vary depending upon the type of business you are starting, what your skillset is, and how well your project is funded. One thing you should not skimp on if you have employees is purchasing workers’ compensation insurance.

Why? Because if you don’t have workers’ compensation insurance and one of your employees is injured in a workplace accident, or develops a disease or condition as a result of the workplace conditions or duties, you will likely be on the hook for their medical expenses and lost wages. In many states, that is not all… you can be fined by a workers’ compensation judge, or prosecuted for a crime by your state’s Department of Justice.

Read this article for the consequences you can avoid if you just purchase workers’ compensation for the employees of your business.

How Workers Compensation Works

The reason every state has a workers’ compensation statute mandating the purchase of workers’ compensation insurance for most employers is to remove the issue of liability from workplace injuries, provide lost wages and medical expenses for the injured worker, and lift responsibility from the employer.

The public policy concerns resolved by the workers’ compensation statute are preserving the employer-employee relationship, helping workers recover from their injuries and get back to work, and avoiding lengthy, expensive, litigation between employers and their employees over who is at fault for causing the injury.

If a worker is injured, typically, the worker will inform the employer and seek medical attention. Most statutes provide a timeline for this and give the employer and the insurer the right to specify the medical professionals an injured worker must first consult.

Employers are usually required to post notices of workers’ compensation coverage and the procedure for filing a worker’s comp claim in a conspicuous place at work, such as a break room. The worker will complete and submit the required forms, and generally, in as little as a few weeks the worker will receive compensation for the injury in the form of medical expenses and lost wages. If the worker is unable to work for a time, the worker may also receive partial or total temporary or permanent disability compensation.

If an employer does not have workers’ compensation insurance but should, the injured worker can seek recourse in workers’ compensation court and in some states, can sue the employer directly. But that employer’s employees are not the only stakeholders in the employers’ decision not to carry worker’s compensation insurance – the state is.

Because your state has a stake in whether your business has workers’ comp insurance, your state legislators will have specified in the statute what penalties will apply if an employer fails to comply with the mandates of the statute. In many states, failure to comply is a criminal offense and individual owners of a business without workers’ compensation insurance can be fined and jailed.

A Judge May Impose Civil Fines and Penalties for Failing to Comply With Your State’s Workers’ Compensation Statute

Every state’s workers’ compensation statute is a bit different, but most states require employers with at least one employee to purchase workers’ compensation insurance. If a worker is injured and goes to workers’ compensation court, the judge has the authority to not only assess the worker’s medical expenses and lost wages against an uninsured employer but fine that employer in addition, in an amount that will match the egregiousness of the conduct.

In some states, there is an uninsured employer fund that the worker can access to receive compensation more timely, and you as the uninsured employer must repay that amount as well as any fines or penalties provided for your state’s statute.

Employers Without Workers’ Compensation Insurance Can Be Criminally Prosecuted

Failing to purchase and maintain workers’ compensation for employees is a crime in most states. The degree of the crime, the fines and penalties, and the jail sentences imposed upon business owners will vary state-to-state.

For example, in Pennsylvania, failing to maintain workers’ compensation insurance is a third-degree misdemeanor, the punishment being a $2,500.00 fine and up to 1 year in jail. If an employer’s failure to maintain insurance is intentional or willful, that failure is a third-degree felony and the punishment is a $15,000.00 fine and a jail sentence of up to seven years.

Know that in most states, every day the business fails to carry workers’ compensation insurance can be charged as a separate crime. A lengthy amount of time in operation without workers’ comp insurance will certainly enhance the fines, penalties, and jail sentences.
Workers’ compensation insurance protects not only your employees, but you, the business, and other owners of the business if any. Find somewhere else to save money if you need to.


About the Author

StrategyDriven Expert Contributor |Veronica BaxterVeronica Baxter is a legal assistant and blogger living and working in the great city of Philadelphia. She frequently works with Larry Pitt, Esq., a busy workers’ compensation lawyer in Philadelphia.

StrategyDriven Marketing and Sales Article |Poor Marketing|Don't Get Left Behind With Poor Marketing, It's Time To Step Up

Don’t Get Left Behind With Poor Marketing, It’s Time To Step Up

StrategyDriven Marketing and Sales Article |Poor Marketing|Don't Get Left Behind With Poor Marketing, It's Time To Step UpTechnology is evolving rapidly and nothing is stagnant anymore. Our daily life changes, everything around us changes. So how could Marketing be stagnant? It has evolved and with the tools now available we have the greatest efficiency ever. Let’s take the things from the beginning.

What actually is Marketing?

The truth is that the word Marketing is quite misunderstood in different countries and means different things to different people. When you hear the word Marketing, you may think that it is something that only large companies and corporations use.The reality is completely different. You use Marketing every day in your business and you do not know it. Marketing is the coordinated and organized effort of a business to meet the needs of consumers by promoting its goods or services. In this way we manage to attract new customers, build relationships and gain loyal consumers. No matter how good your product or service is, without a clear Marketing Plan you will not be able to attract customers and grow your business. So Marketing is vital in a business no matter how big or small it is. It is also a basic expense of a business and not something optional that you can skip. Which is what makes lending so important and small business loans can really contribute massively. You should look at funding options available and see how they can help build your strategy.

Audience Targeting

Targeting the audience is more than accurate. We can show an advertisement for example to Women, 26 – 45 years old, who live in the area of Utah, have 1 child and are interested in sports items and have it specifically targeted to them depending on the type of advertising platform we choose. This is when SEO becomes a huge thing for businesses.

Measurable Results

We have at our disposal really valuable information and statistics. For example, we can see what users did when they saw your ad, how long they watched your video and how long they browsed your site. Which ad was most effective, which one had the most clicks and which demographic audience was most interested. And all this is just the beginning.

Effectiveness

The effectiveness of Digital Marketing is spectacular. The most important thing is not that it turns out. How can you prove, for example, how effective the billboards you put up in the city columns were? In contrast, the digital poster you promoted on Facebook will tell you how many people saw it, what they did when they saw it, how many were interesting and to which demographic and age audience they belonged. Facebook ads can be great but you should certainly look to hire an expert to ensure you’re hitting the right people.

Speed

So imagine that you want to promote an event quickly, very quickly. You want things done on the fastrack. While it will take days to create and send a brochure, a Social Media campaign can not only “run” in 24 hours but also bring results. You should never be slow with your marketing because you can be sure that other companies are nailing it and it’s time that you do too.