As Christmas draws closer, business owners around the world will be starting to think about organizing, purchasing, and giving corporate gifts to their clients, customers, and suppliers. Whether these gifts seem like an expensive and unnecessary thing to do, or they feel like a Christmas tradition that can’t be broken, the point is that, if you want to make a good impression going into the new year, you’re going to need to give at least something to someone.
If you don’t quite know what to offer up as a holiday gift yet, and you’re not sure what to think about when choosing the gift, here are some key pointers that will help you out and ensure that everyone is happy with what they are given.
What Is Your Work Culture?
If you can distill your company’s culture down into one gift, this will certainly help you to be remembered, and it will ensure that whatever you choose to give will be completely unique. To do this, you need to think about the work that you do and the people who work for you. You might be famed for your dress down Friday, or perhaps your office parties are something that everyone talks about. Maybe it’s the fact that you give everyone their birthday off, or you include your employees’ families in everything you do. Whatever it might be, search around for a gift that speak of it, and give this to those important business connections that you want to impress.
Be Inclusive
It is important to find something that you can give to everyone because buying individual gifts will be expensive and time-consuming to find and purchase. If you want to offer up branded t-shirts, for example, think of the cut and the material – will everyone like it? Is it going to work for both men and women? This is an important point but one that will help to set you apart and show how caring you are and how you think of others when it comes to all aspects of your work.
Think Of Presentation
No matter what you are giving and to whom you are giving it, presentation is all-important. Wrapping a gift well in nice paper, perhaps with additional bows and ribbons will always be appreciated, especially when the alternative is a poorly wrapped gift that no time, thought, or effort was put into – assuming the gift is wrapped at all. Although this is a corporate gift, it should be treated no differently to any other that you would give to someone important to you. Make sure it looks good, because first impressions regarding anything county for a huge amount.
Ask Employees
As a business owner, you have final say in what corporate gifts you want to give, but it could be worthwhile to speak to your employees and get their opinions too. If you are completely drawing a blank, then ask your employees to come up with some ideas that you can work with. They might have more insight into what your clients and customers would like because they work with them more closely.
If you do come up with some ideas but can’t decide between them, again, you can ask your employees. They might be able to help you to determine which of the two, three, or more ideas is the most viable, saving you from buying and giving something that just wouldn’t really work.
Ask Questions
Being considerate and asking questions is another important step. You may feel you have discovered the ideal gift, but if there is any doubt then getting in touch with the recipient to determine whether this really is the case will help you – it will show that you are thinking of your clients and customers rather than simply buying the first thing that comes into your head (even if, in reality, you are). For example, if you are thinking of offering a food-related gift, it is a good idea to speak to the recipients and check to see if they have any allergies, or if they prefer beer to wine or red or white wine. You don’t have to tell them what you are buying in detail, either, so the surprise element will still be there.
Make It Local
Something that is always widely appreciated is a gift with some local flavor. This is a great gift whether the recipient lives nearby or far away – it’s always fun to be given something made in a specific place, perhaps in a specific way. You could choose a calendar showcasing your local area, or some food products that a local maker has created. If your area is famous for anything, this is a great gift to give as it will help the recipient get a better idea of where you are based and what the place is like.
This is also a great way to support local small businesses who might be able to help you in return. By doing this, you are enabling the economy to thrive, which is certainly another bonus.
Make It Personal
Whatever you choose to give, you need to ensure that it reflects your company in some way, and the easiest way to do that is to brand it with your logo or company name. Many companies such as Perfect Imprints make this an easy thing to do, and your branding can be added to mugs, coasters, Christmas decorations, t-shirts, pens, and much more.
You should remember not to overbrand, however. You can make yourself remembered with just a small logo, for example, rather than printing your name all over the front of everything that you give away. This can look much more attractive, and will even do a better job of reminding those who receive the gifts about you, as they will be more likely to use items with only small amounts of branding on them.
Give Quality
Whatever it is you choose to give, it needs to be of good quality. If you buy cheap and give items that are poorly made and that break apart quickly, or that can’t be used, worn, or even eaten, this will reflect badly on your company. You don’t need to spend a fortune to find good quality products, but you should take the time to read reviews and even sample the products for yourself if possible, to ensure that you are happy to give them to important clients and suppliers.
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The classic method of segregating innovation to a single department, or to a process led by specialists, just isn’t fast enough any longer. What’s needed is a culture in which innovation is the mission of everyone, everywhere, every day. What’s not understood is how to do it.
Most innovation methods don’t actually result in innovative solutions. Research finds that just 5 to 15 percent of innovations are successful at large companies. Most business leaders would have greater odds of success if they went to a Las Vegas casino and gambled their innovation investment on one big bet. But companies pursuing innovation as their core business strategy realize 50 to 100 percent higher profit margins than those who pursue low cost, high quality and fast delivery strategies, or simply doing whatever the customer says.
Yet now, with Innovation Engineering – a data-driven, reliable system for creating fresh ideas and successfully turning them into reality – companies can transform innovation from a random act to a reliable science. Innovation Engineering is validated in real-world practice, and has been the launch pad for more than $16 billion in growth and system improvement projects.
Every existing innovation program preaches the importance of embracing a childlike, creative spirit. This works for the 15 percent of the work population who have a right brain creative thinking style. But it doesn’t work for the 85 percent with a logical left-brain thinking style. And without the 85 percent who are logical, there’s virtually no chance a meaningfully unique innovation will become reality. Left brainers are critical to accomplishing the engineering, finance, production and operational work that’s required to make meaningful change happen.
Innovation Engineering methods and tools are designed to engage both left and right brain thinkers. Projects are focused with clear, motivating strategic missions that speak to both project vision and boundaries. The result is an unleashing of a culture of “whole brain” thinking.
The following are some of the essential practices of Innovation Engineering:
1. Create systems that enable instead of control. The word “system,” especially in connection with innovation, creates a vision of being controlled, constrained and restricted. That’s not the purpose of Innovation Engineering. It’s a system designed to enable innovation by everyone. Dr. W. Edwards Deming, a renowned systems specialist, observed: “Ninety-four percent of problems are caused by the system — 6 percent by the workers.” In fact, 99 percent of companies have no system for innovation. Often, leaders don’t believe the people in their organization can innovate, or they blame their people for a lack of innovation. In fact, the problem lies in their lack of an embedded innovation system. A new mindset is needed to embrace the discovery of ideas, methods and tools for working smarter.
2. Generate a multitude of ideas to end up a big idea. Invite teams of workers to free-associate around a problem or challenge. The more ideas you create, the more big ideas you end up with. For example, a business selling Christmas trees, who needed to find a profitable way to dispose of leftover trees, generated a multitude of ideas, such as pine needle tea and pine oil extract. The notion of creating great ideas by first creating lots of unrealistic ones is a viable approach to innovation.
3. Discover and develop “meaningfully unique” innovation. Innovation Engineering’s definition of innovation is precise: meaningful, in that it has an obvious value to the customer – that is, customers would willingly give up their existing behaviors for it; and unique, in that it’s genuinely original. Often it offers a quantifiable advantage that you can put a number on that shows how much better it is versus the existing alternative.
4. Analyze potential “death threats.” Key issues that could keep an idea from succeeding, in Innovation Engineering termed death threats, must be resolved through disciplined systems of discovery, instead of the old “declare and defend” approach. The term denotes the emotional intensity that matches a fear of unknowns inherent in innovation. It enables honest conversations about critical issues without igniting defensiveness. Instead of saying, “Your idea can’t work,” others are taught to say, “There could be a death threat with this idea.” Defining a challenge (such as a regulatory barrier) as a hypothetical concern moves it to the less confrontational third person. Death threats are examined by creating “What if?” hypotheses and experiments.
5. Add define and discover phases before the classic develop and deliver phases. To enable speed and success with innovation projects, include disciplined front-end phases to get clarity on the entire idea before entering the “develop” stage. Innovation Engineering designers have found that adding these phases increases development success by up to 250 percent. Two big decision points occur before develop and deliver where bulk of the investment (60% and 30%) is made. The define stage involves laying out the entire idea, as opposed to a sequential system of hand-offs from marking to R&D to production and sales. The discover stage involves problem-solving to reduce uncertainty and address the project’s death threats.
6. Know that patent owners reap the rewards. Patent filings in the U.S. have grown exponentially. While ideas alone aren’t patentable, the methods or the proofs of innovative ideas are. The importance of technology ownership is significant. The U.S. Patent Office found that, on average, wages are 42 percent higher for those employees who work in intellectual property intensive industries versus non-intellectual property intensive industries. Filing of provisional patents now take hours, not weeks, and doing so is a no-brainer.
About the Author
Doug Hall is an inventor, researcher, educator and craft whiskey maker. He is founder of the Eureka! Ranch, Innovation Engineering Institute and Brain Brew Custom Whisk(e)y. He’s been named one of America’s top innovation experts by Inc. magazine, The Wall Street Journal, Dateline NBC, CNBC, CIO Magazine and the CBC. His new book, Driving Eureka! Problem Solving with Data Driven Methods & the Innovation Engineering System (Clerisy Press,Oct. 16, 2018) describes how to transform innovation from random acts to a reliable science. Learn more at doughall.com.
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There is a small dilemma that most businesses face at some point, and that is whether or not to expand. If you try to expand too soon, you will end up failing to meet the increasing demand which can, in turn, harm your reputation. However, if you decide that you’re not going to expand just yet, it could lead to your competitors moving above you and gaining the ground that you were looking at yourself.
To stop your business from collapsing, you need a sturdy foundation. There are many ways to build this. Here are 7 points to help budding business owners expand their business for added growth.
1. Assess Your Key Performance Indicators
One way you can assess whether you’re ready for expansion or not is to check out your key performance indicators. These indicators help to tell you whether you are meeting your financial commitments and whether you are making enough profit to survive.
If you think you’ll need additional investment to expand your company, then these targets will also be something investors will look at when they decide to offer you money or not. If you find these targets are not being met, then you need to think about the long-term for expansion rather than right now.
2. Cash Flow
Expansion can be expensive, so you need to know that you can afford to do this while still maintaining the profits you need to survive. There are many ways you can fund your expansion. For instance, you can ask investors for additional cash, or you can plow your own profits into it. Whichever you choose, you need to make sure that you’re taking small steps. If you don’t, then you could run the risk of overstretching yourself and finding cash flow difficult.
After each period of expansion, you need to sit back and assess the outlook to make sure that your profits are still good. After a couple of months assessing your cash flow, you can then proceed to the next level of your expansion. Remember, be the tortoise, not the hare when it comes to business growth and expansion. Too quickly, and you run the risk burning out too soon.
3. Assess Your Needs
Before you can actually begin your expansion, you need to know what you’re looking for. This is where it can be very helpful to come up with a plan of action. In this plan, you can think about how you are going to expand, how it will take shape, and what you’re looking to achieve. You also need to have a set period of time set aside for this expansion, otherwise you could find yourself spending far longer than you should. As an example, if you’re looking to expand into online sales, then you need to know where your audience is and how you can attract them to your website.
Have a customer persona so that you know who you are targeting. Also, have the steps outlined so that you know the pathway to successful expansion. If your business needs extra labor, then be sure to spend time and money in this area, for example.
4. Logistics
With expansion should hopefully come growth, which is exactly what you want. However, this growth can sometimes cause you to have logistical issues. For example, if you’re making more sales, then you will need to have warehousing and shipping available that can accommodate this improved growth. One alternative is to visit companies such as those on this website where you can get other companies to arrange shipping and storage for you. Not only will this avoid the task having to find larger storage, but it will also mean you don’t need to hire additional staff.
Another option is to piggyback with another supplier so that they can store your products for you. This can often work well when you are considering a partnership with another company as part of your expansion plans.
5. Prepare for Additional Staff
It is likely that almost any expansion will require additional staff at some point. You need to think about this in advance, so you can make preparations for hiring additional staff and providing for their salaries. Alternatively, you could think about hiring freelance staff to take on some of the additional workloads. While this can be a good idea in many cases, you need to assess whether these types of workers will be beneficial to you in the long run. For example, although freelance workers will be a good idea for certain admin tasks or IT solutions, they may not necessarily work if you need people on site.
6. Do Your Market Research
While you may have the money to expand, you need to think about whether you have enough of the market to do so. To find this out, you need to do your market research and see if there are enough customers there to warrant an expansion. Look at your website analytics, for example, and see if you have more hits to your website than you can cope with order wise. Are you experiencing delays with your orders? Are you having to set up waiting lists for some of your products? If this is the case, then you have a good idea the expansion will work for you.
7. Marketing Adaptions
Once you’ve made this expansion, you need to think about attracting the customers to those areas of your business. If you’ve decided to expand in your horizons into the international markets, then you need to adjust your marketing to correspond with it. It means seeing where your international customers are, and how you can reach them. For online expansion, you might need to think about adding social media marketing to your strategy. These adaptations should have already been thought out during the planning stage, so you can also see how much you need to add to the marketing budget. This is also a good time to assess whether your competitors are also moving into these markets. If they are, and you may need to consider choosing different areas instead.
There are many things you need to consider when expanding your business. However, if you can plan your expansion properly and know your financial outlook is strong, then there is no reason why you can’t push ahead with the expansion plan.
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Since 2012, with the proliferation of Python in general software development, Machine Learning has become the biggest trend in the technology world. Because of the many applications that ML could have within every business, it’s quite easy to understand why the topic is so heavily looked after. With applications ranging from the mobile world to the automotive industry, let’s break down Machine Learning in its complexity.
Why Automation Is Important
Machine learning as a matter it’s appealing because it proposes as an automated form of management for both infrastructures and digital tools. The brightest example would surely be related to warehouse management and production, where robots are the majority of the entire chain. In this case, a Machine Learning coded program could definitely be implemented in terms of management: the tool, installed in the central brain, could heavily optimise the entire production chain.
On the other hand, automation is as fragile as it could be: a simple error in the mainframe could cause a series of cascade malfunctions, naturally leading the entire production process to the end.
The Mobile Sector
Smartphones have been taking over the world since the launch of the first iPhone. Many mobile app development companies, in fact, are heavily working on different Machine Learning algorithms, in particular, the ones that are UX (User Experience) focused.
Applications like Alexa’s voice search, for example, have been incredibly popular from a development point of view, given the fact that Voice Search Optimisation will be potentially the biggest thing in the near future.
Service Providers
When it comes to personal finance and mortgages, there is a variety of tools available online which are calculating requirements, status and projections. An interesting case study would be related to bridging loans, given the fact that fast-paced finance is heavily looked after by many clients. There are reasons to believe that in the near future most of the calculators, online tools and projections will automatically be generated by Python coded applications. This is incredibly important because it states the fact that the current Machine Learning development level is at a point in which we are able to create and monitor complex finance matters.
To Conclude
With dozens of applications available, machine learning is definitely going to be the biggest focus in the near future, given the fact that automating certain sides of a business can definitely be a very impactful thing.
About the Author
Paul Matthews is a Manchester based business writer who writes in order to better inform business owners on how to run a successful business. You can usually find him at the local library or browsing Forbes’ latest pieces.
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Proper inventory management is one of the keys to keeping your business running smoothly and remaining profitable. Make mistakes here, and you may run out of best sellers, buy products you don’t need, and waste resources you can’t afford to lose. Here are eight essential inventory management tips every business should follow. We’ll focus on universal advice that almost any firm can implement.
Manage Inventory via Software
Don’t rely on spreadsheets to track software. Spreadsheets can be deleted. Cell values could be deleted or overwritten. Formulas may be altered, scrambling values elsewhere in the spreadsheet.
One of the best ways to manage inventory is by using software designed for this task instead. The ideal case is switching to inventory management software that integrates with your accounting system. Then the inventory is automatically updated as you sell items or buy more. That is why a QuickBooks Inventory management tool is invaluable – it is already tied to software you already use. QuickBooks lacks serial numbers, scanning barcodes and shipping. An inventory management tool can handle all of this. There are several tools that will allow you adjust stock levels in inventory checks and automatically remove inventory from stock when you receive orders so you don’t accidentally sell more than you actually have on hand. They will also help you track items reserved for sales orders and you can track inventory status, such as when you’re waiting for products to arrive so you can fill outstanding orders.
Have Clear Product Names
If you want to avoid problems with customer orders and internal inventory management, have a clear product naming system. You could use manufacturer part numbers, though this may be confusing if different manufacturers use similar part numbers for very different products. The ideal situation is creating internal part numbers that make it very obvious what someone is picking up. Instead of CRAY008 and CRAY016 for crayons in boxes of 8 and 18, label them “crayons, set of 8” and “crayons, set of 16”.
Set Minimum Stock Levels
Nearly every inventory management system allows you to set minimum stock levels, and most have reorder points. This ensures that you won’t run out of items. The best inventory management systems allow you to calculate reorder points based on historical data so you can order items based on how quickly you actually consume the product. You can still set low inventory alerts to ensure that you never run out.
Implement FIFO
FIFO is first in, first out inventory management. This is one of the oldest inventory management techniques, and it remains one of the most popular. A major reason of this is that it minimizes spoilage and the associated waste, since you’re selling the oldest items first. This isn’t limited to perishable goods that can spoil; it is applicable to other products, as well. Move your oldest products first so that they don’t become obsolete due to changes in packaging or industry standards. It simply requires setting up inventory so that the oldest items are on the front of the shelf and picked by employees, though you’ll want to train people to check expiration dates. You’ll also have to train staff to ensure that the FIFO system is properly maintained, instead of someone hurriedly stocking the front of each shelf with the newest products.
Keep the Warehouse Organized
If the warehouse itself is disorganized, how can you reasonably expect your staff to keep your inventory organized? Don’t let crates of packaged inventory pile up in aisles; have them immediately emptied and the shelves stocked. Keep work surfaces as clean as possible. Make certain that items are clearly labeled.
Also, make sure that you have formal processes for each task. Document how people perform tasks like placing purchase orders, receiving items, fulfilling orders and checking stock levels.
Do Regular Checks
Inventory management systems don’t eliminate the need to do inventory checks. People may make mistakes when checking in deliveries or in their data entry. Theft, spoilage and property damage may erode your inventory, too.
There are two main ways to check inventory. One way is with a complete physical inventory – checking all inventories – usually done at the end of the month. The other way is with cycle counting, counting small sections of the inventory on a particular day. You can mix and match with these tactics, such as doing surface area cycle counts for particular aisles in the warehouse each day but checking large physical item inventory every quarter or year.
Prioritize with an ABC System
An ABC system allows you to prioritize inventory checks and product maintenance. The “A” items are high value items that have low turnover. “B” items have some value and sell at a steady rate. “C” items have low value but sell in large numbers. “A” items should be checked for spoilage, maintenance and theft regularly, since you have so much money tied up in them. “B” items are a lower priority, since they don’t cost you as much but do move steadily. “C” items require little attention since they move quickly and cost very little, though you’ll want to make sure you have enough in stock.
Only Order with Purchase Orders
Only place orders via purchase orders. Don’t let employees place orders over the phone with your vendors. They may order items you don’t really need or can’t afford to buy at this point. By requiring people to order via a purchase order, it forces every purchase to be checked against inventory levels and the budget. No one orders an item that’s already on its way from the supplier. It creates a paper trail so that no one is surprised by a delivery of widgets. There’s no confusion regarding the payment terms or rush to figure out how to pay for something that just hit the dock. It ensures that inventory knows when to expect delivery and gives management a chance to negotiate purchase prices.
You cannot afford for the gap between accurate inventory numbers and bookkeeping to grow. This knowledge gap prevents your firm from being able to plan for the future or know the true state of operations.
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What To Think About When Giving Corporate Gifts
/in Customer Relationship Management, Marketing & Sales/by StrategyDrivenIf you don’t quite know what to offer up as a holiday gift yet, and you’re not sure what to think about when choosing the gift, here are some key pointers that will help you out and ensure that everyone is happy with what they are given.
What Is Your Work Culture?
If you can distill your company’s culture down into one gift, this will certainly help you to be remembered, and it will ensure that whatever you choose to give will be completely unique. To do this, you need to think about the work that you do and the people who work for you. You might be famed for your dress down Friday, or perhaps your office parties are something that everyone talks about. Maybe it’s the fact that you give everyone their birthday off, or you include your employees’ families in everything you do. Whatever it might be, search around for a gift that speak of it, and give this to those important business connections that you want to impress.
Be Inclusive
It is important to find something that you can give to everyone because buying individual gifts will be expensive and time-consuming to find and purchase. If you want to offer up branded t-shirts, for example, think of the cut and the material – will everyone like it? Is it going to work for both men and women? This is an important point but one that will help to set you apart and show how caring you are and how you think of others when it comes to all aspects of your work.
Think Of Presentation
No matter what you are giving and to whom you are giving it, presentation is all-important. Wrapping a gift well in nice paper, perhaps with additional bows and ribbons will always be appreciated, especially when the alternative is a poorly wrapped gift that no time, thought, or effort was put into – assuming the gift is wrapped at all. Although this is a corporate gift, it should be treated no differently to any other that you would give to someone important to you. Make sure it looks good, because first impressions regarding anything county for a huge amount.
Ask Employees
As a business owner, you have final say in what corporate gifts you want to give, but it could be worthwhile to speak to your employees and get their opinions too. If you are completely drawing a blank, then ask your employees to come up with some ideas that you can work with. They might have more insight into what your clients and customers would like because they work with them more closely.
If you do come up with some ideas but can’t decide between them, again, you can ask your employees. They might be able to help you to determine which of the two, three, or more ideas is the most viable, saving you from buying and giving something that just wouldn’t really work.
Ask Questions
Being considerate and asking questions is another important step. You may feel you have discovered the ideal gift, but if there is any doubt then getting in touch with the recipient to determine whether this really is the case will help you – it will show that you are thinking of your clients and customers rather than simply buying the first thing that comes into your head (even if, in reality, you are). For example, if you are thinking of offering a food-related gift, it is a good idea to speak to the recipients and check to see if they have any allergies, or if they prefer beer to wine or red or white wine. You don’t have to tell them what you are buying in detail, either, so the surprise element will still be there.
Make It Local
Something that is always widely appreciated is a gift with some local flavor. This is a great gift whether the recipient lives nearby or far away – it’s always fun to be given something made in a specific place, perhaps in a specific way. You could choose a calendar showcasing your local area, or some food products that a local maker has created. If your area is famous for anything, this is a great gift to give as it will help the recipient get a better idea of where you are based and what the place is like.
This is also a great way to support local small businesses who might be able to help you in return. By doing this, you are enabling the economy to thrive, which is certainly another bonus.
Make It Personal
Whatever you choose to give, you need to ensure that it reflects your company in some way, and the easiest way to do that is to brand it with your logo or company name. Many companies such as Perfect Imprints make this an easy thing to do, and your branding can be added to mugs, coasters, Christmas decorations, t-shirts, pens, and much more.
You should remember not to overbrand, however. You can make yourself remembered with just a small logo, for example, rather than printing your name all over the front of everything that you give away. This can look much more attractive, and will even do a better job of reminding those who receive the gifts about you, as they will be more likely to use items with only small amounts of branding on them.
Give Quality
Whatever it is you choose to give, it needs to be of good quality. If you buy cheap and give items that are poorly made and that break apart quickly, or that can’t be used, worn, or even eaten, this will reflect badly on your company. You don’t need to spend a fortune to find good quality products, but you should take the time to read reviews and even sample the products for yourself if possible, to ensure that you are happy to give them to important clients and suppliers.
News Flash: Innovation Is No Longer Just a Specialist’s Job. Now Here’s How to Involve Your Whole Workforce Instead
/in Innovation/by Doug HallMost innovation methods don’t actually result in innovative solutions. Research finds that just 5 to 15 percent of innovations are successful at large companies. Most business leaders would have greater odds of success if they went to a Las Vegas casino and gambled their innovation investment on one big bet. But companies pursuing innovation as their core business strategy realize 50 to 100 percent higher profit margins than those who pursue low cost, high quality and fast delivery strategies, or simply doing whatever the customer says.
Yet now, with Innovation Engineering – a data-driven, reliable system for creating fresh ideas and successfully turning them into reality – companies can transform innovation from a random act to a reliable science. Innovation Engineering is validated in real-world practice, and has been the launch pad for more than $16 billion in growth and system improvement projects.
Every existing innovation program preaches the importance of embracing a childlike, creative spirit. This works for the 15 percent of the work population who have a right brain creative thinking style. But it doesn’t work for the 85 percent with a logical left-brain thinking style. And without the 85 percent who are logical, there’s virtually no chance a meaningfully unique innovation will become reality. Left brainers are critical to accomplishing the engineering, finance, production and operational work that’s required to make meaningful change happen.
Innovation Engineering methods and tools are designed to engage both left and right brain thinkers. Projects are focused with clear, motivating strategic missions that speak to both project vision and boundaries. The result is an unleashing of a culture of “whole brain” thinking.
The following are some of the essential practices of Innovation Engineering:
1. Create systems that enable instead of control. The word “system,” especially in connection with innovation, creates a vision of being controlled, constrained and restricted. That’s not the purpose of Innovation Engineering. It’s a system designed to enable innovation by everyone. Dr. W. Edwards Deming, a renowned systems specialist, observed: “Ninety-four percent of problems are caused by the system — 6 percent by the workers.” In fact, 99 percent of companies have no system for innovation. Often, leaders don’t believe the people in their organization can innovate, or they blame their people for a lack of innovation. In fact, the problem lies in their lack of an embedded innovation system. A new mindset is needed to embrace the discovery of ideas, methods and tools for working smarter.
2. Generate a multitude of ideas to end up a big idea. Invite teams of workers to free-associate around a problem or challenge. The more ideas you create, the more big ideas you end up with. For example, a business selling Christmas trees, who needed to find a profitable way to dispose of leftover trees, generated a multitude of ideas, such as pine needle tea and pine oil extract. The notion of creating great ideas by first creating lots of unrealistic ones is a viable approach to innovation.
3. Discover and develop “meaningfully unique” innovation. Innovation Engineering’s definition of innovation is precise: meaningful, in that it has an obvious value to the customer – that is, customers would willingly give up their existing behaviors for it; and unique, in that it’s genuinely original. Often it offers a quantifiable advantage that you can put a number on that shows how much better it is versus the existing alternative.
4. Analyze potential “death threats.” Key issues that could keep an idea from succeeding, in Innovation Engineering termed death threats, must be resolved through disciplined systems of discovery, instead of the old “declare and defend” approach. The term denotes the emotional intensity that matches a fear of unknowns inherent in innovation. It enables honest conversations about critical issues without igniting defensiveness. Instead of saying, “Your idea can’t work,” others are taught to say, “There could be a death threat with this idea.” Defining a challenge (such as a regulatory barrier) as a hypothetical concern moves it to the less confrontational third person. Death threats are examined by creating “What if?” hypotheses and experiments.
5. Add define and discover phases before the classic develop and deliver phases. To enable speed and success with innovation projects, include disciplined front-end phases to get clarity on the entire idea before entering the “develop” stage. Innovation Engineering designers have found that adding these phases increases development success by up to 250 percent. Two big decision points occur before develop and deliver where bulk of the investment (60% and 30%) is made. The define stage involves laying out the entire idea, as opposed to a sequential system of hand-offs from marking to R&D to production and sales. The discover stage involves problem-solving to reduce uncertainty and address the project’s death threats.
6. Know that patent owners reap the rewards. Patent filings in the U.S. have grown exponentially. While ideas alone aren’t patentable, the methods or the proofs of innovative ideas are. The importance of technology ownership is significant. The U.S. Patent Office found that, on average, wages are 42 percent higher for those employees who work in intellectual property intensive industries versus non-intellectual property intensive industries. Filing of provisional patents now take hours, not weeks, and doing so is a no-brainer.
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7 Things to Consider When Expanding Your Business
/in Entrepreneurship/by StrategyDrivenTo stop your business from collapsing, you need a sturdy foundation. There are many ways to build this. Here are 7 points to help budding business owners expand their business for added growth.
1. Assess Your Key Performance Indicators
One way you can assess whether you’re ready for expansion or not is to check out your key performance indicators. These indicators help to tell you whether you are meeting your financial commitments and whether you are making enough profit to survive.
If you think you’ll need additional investment to expand your company, then these targets will also be something investors will look at when they decide to offer you money or not. If you find these targets are not being met, then you need to think about the long-term for expansion rather than right now.
2. Cash Flow
Expansion can be expensive, so you need to know that you can afford to do this while still maintaining the profits you need to survive. There are many ways you can fund your expansion. For instance, you can ask investors for additional cash, or you can plow your own profits into it. Whichever you choose, you need to make sure that you’re taking small steps. If you don’t, then you could run the risk of overstretching yourself and finding cash flow difficult.
After each period of expansion, you need to sit back and assess the outlook to make sure that your profits are still good. After a couple of months assessing your cash flow, you can then proceed to the next level of your expansion. Remember, be the tortoise, not the hare when it comes to business growth and expansion. Too quickly, and you run the risk burning out too soon.
3. Assess Your Needs
Before you can actually begin your expansion, you need to know what you’re looking for. This is where it can be very helpful to come up with a plan of action. In this plan, you can think about how you are going to expand, how it will take shape, and what you’re looking to achieve. You also need to have a set period of time set aside for this expansion, otherwise you could find yourself spending far longer than you should. As an example, if you’re looking to expand into online sales, then you need to know where your audience is and how you can attract them to your website.
Have a customer persona so that you know who you are targeting. Also, have the steps outlined so that you know the pathway to successful expansion. If your business needs extra labor, then be sure to spend time and money in this area, for example.
4. Logistics
With expansion should hopefully come growth, which is exactly what you want. However, this growth can sometimes cause you to have logistical issues. For example, if you’re making more sales, then you will need to have warehousing and shipping available that can accommodate this improved growth. One alternative is to visit companies such as those on this website where you can get other companies to arrange shipping and storage for you. Not only will this avoid the task having to find larger storage, but it will also mean you don’t need to hire additional staff.
Another option is to piggyback with another supplier so that they can store your products for you. This can often work well when you are considering a partnership with another company as part of your expansion plans.
5. Prepare for Additional Staff
It is likely that almost any expansion will require additional staff at some point. You need to think about this in advance, so you can make preparations for hiring additional staff and providing for their salaries. Alternatively, you could think about hiring freelance staff to take on some of the additional workloads. While this can be a good idea in many cases, you need to assess whether these types of workers will be beneficial to you in the long run. For example, although freelance workers will be a good idea for certain admin tasks or IT solutions, they may not necessarily work if you need people on site.
6. Do Your Market Research
While you may have the money to expand, you need to think about whether you have enough of the market to do so. To find this out, you need to do your market research and see if there are enough customers there to warrant an expansion. Look at your website analytics, for example, and see if you have more hits to your website than you can cope with order wise. Are you experiencing delays with your orders? Are you having to set up waiting lists for some of your products? If this is the case, then you have a good idea the expansion will work for you.
7. Marketing Adaptions
Once you’ve made this expansion, you need to think about attracting the customers to those areas of your business. If you’ve decided to expand in your horizons into the international markets, then you need to adjust your marketing to correspond with it. It means seeing where your international customers are, and how you can reach them. For online expansion, you might need to think about adding social media marketing to your strategy. These adaptations should have already been thought out during the planning stage, so you can also see how much you need to add to the marketing budget. This is also a good time to assess whether your competitors are also moving into these markets. If they are, and you may need to consider choosing different areas instead.
There are many things you need to consider when expanding your business. However, if you can plan your expansion properly and know your financial outlook is strong, then there is no reason why you can’t push ahead with the expansion plan.
How Impactful Is Machine Learning In Today’s Business World?
/in Evaluation & Control Program/by Paul MatthewsSince 2012, with the proliferation of Python in general software development, Machine Learning has become the biggest trend in the technology world. Because of the many applications that ML could have within every business, it’s quite easy to understand why the topic is so heavily looked after. With applications ranging from the mobile world to the automotive industry, let’s break down Machine Learning in its complexity.
Why Automation Is Important
Machine learning as a matter it’s appealing because it proposes as an automated form of management for both infrastructures and digital tools. The brightest example would surely be related to warehouse management and production, where robots are the majority of the entire chain. In this case, a Machine Learning coded program could definitely be implemented in terms of management: the tool, installed in the central brain, could heavily optimise the entire production chain.
On the other hand, automation is as fragile as it could be: a simple error in the mainframe could cause a series of cascade malfunctions, naturally leading the entire production process to the end.
The Mobile Sector
Smartphones have been taking over the world since the launch of the first iPhone. Many mobile app development companies, in fact, are heavily working on different Machine Learning algorithms, in particular, the ones that are UX (User Experience) focused.
Applications like Alexa’s voice search, for example, have been incredibly popular from a development point of view, given the fact that Voice Search Optimisation will be potentially the biggest thing in the near future.
Service Providers
When it comes to personal finance and mortgages, there is a variety of tools available online which are calculating requirements, status and projections. An interesting case study would be related to bridging loans, given the fact that fast-paced finance is heavily looked after by many clients. There are reasons to believe that in the near future most of the calculators, online tools and projections will automatically be generated by Python coded applications. This is incredibly important because it states the fact that the current Machine Learning development level is at a point in which we are able to create and monitor complex finance matters.
To Conclude
With dozens of applications available, machine learning is definitely going to be the biggest focus in the near future, given the fact that automating certain sides of a business can definitely be a very impactful thing.
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8 Easy Ways Any Company Can Improve Inventory Management
/in Tactical Execution/by StrategyDrivenManage Inventory via Software
Don’t rely on spreadsheets to track software. Spreadsheets can be deleted. Cell values could be deleted or overwritten. Formulas may be altered, scrambling values elsewhere in the spreadsheet.
One of the best ways to manage inventory is by using software designed for this task instead. The ideal case is switching to inventory management software that integrates with your accounting system. Then the inventory is automatically updated as you sell items or buy more. That is why a QuickBooks Inventory management tool is invaluable – it is already tied to software you already use. QuickBooks lacks serial numbers, scanning barcodes and shipping. An inventory management tool can handle all of this. There are several tools that will allow you adjust stock levels in inventory checks and automatically remove inventory from stock when you receive orders so you don’t accidentally sell more than you actually have on hand. They will also help you track items reserved for sales orders and you can track inventory status, such as when you’re waiting for products to arrive so you can fill outstanding orders.
Have Clear Product Names
If you want to avoid problems with customer orders and internal inventory management, have a clear product naming system. You could use manufacturer part numbers, though this may be confusing if different manufacturers use similar part numbers for very different products. The ideal situation is creating internal part numbers that make it very obvious what someone is picking up. Instead of CRAY008 and CRAY016 for crayons in boxes of 8 and 18, label them “crayons, set of 8” and “crayons, set of 16”.
Set Minimum Stock Levels
Nearly every inventory management system allows you to set minimum stock levels, and most have reorder points. This ensures that you won’t run out of items. The best inventory management systems allow you to calculate reorder points based on historical data so you can order items based on how quickly you actually consume the product. You can still set low inventory alerts to ensure that you never run out.
Implement FIFO
FIFO is first in, first out inventory management. This is one of the oldest inventory management techniques, and it remains one of the most popular. A major reason of this is that it minimizes spoilage and the associated waste, since you’re selling the oldest items first. This isn’t limited to perishable goods that can spoil; it is applicable to other products, as well. Move your oldest products first so that they don’t become obsolete due to changes in packaging or industry standards. It simply requires setting up inventory so that the oldest items are on the front of the shelf and picked by employees, though you’ll want to train people to check expiration dates. You’ll also have to train staff to ensure that the FIFO system is properly maintained, instead of someone hurriedly stocking the front of each shelf with the newest products.
Keep the Warehouse Organized
If the warehouse itself is disorganized, how can you reasonably expect your staff to keep your inventory organized? Don’t let crates of packaged inventory pile up in aisles; have them immediately emptied and the shelves stocked. Keep work surfaces as clean as possible. Make certain that items are clearly labeled.
Also, make sure that you have formal processes for each task. Document how people perform tasks like placing purchase orders, receiving items, fulfilling orders and checking stock levels.
Do Regular Checks
Inventory management systems don’t eliminate the need to do inventory checks. People may make mistakes when checking in deliveries or in their data entry. Theft, spoilage and property damage may erode your inventory, too.
There are two main ways to check inventory. One way is with a complete physical inventory – checking all inventories – usually done at the end of the month. The other way is with cycle counting, counting small sections of the inventory on a particular day. You can mix and match with these tactics, such as doing surface area cycle counts for particular aisles in the warehouse each day but checking large physical item inventory every quarter or year.
Prioritize with an ABC System
An ABC system allows you to prioritize inventory checks and product maintenance. The “A” items are high value items that have low turnover. “B” items have some value and sell at a steady rate. “C” items have low value but sell in large numbers. “A” items should be checked for spoilage, maintenance and theft regularly, since you have so much money tied up in them. “B” items are a lower priority, since they don’t cost you as much but do move steadily. “C” items require little attention since they move quickly and cost very little, though you’ll want to make sure you have enough in stock.
Only Order with Purchase Orders
Only place orders via purchase orders. Don’t let employees place orders over the phone with your vendors. They may order items you don’t really need or can’t afford to buy at this point. By requiring people to order via a purchase order, it forces every purchase to be checked against inventory levels and the budget. No one orders an item that’s already on its way from the supplier. It creates a paper trail so that no one is surprised by a delivery of widgets. There’s no confusion regarding the payment terms or rush to figure out how to pay for something that just hit the dock. It ensures that inventory knows when to expect delivery and gives management a chance to negotiate purchase prices.
You cannot afford for the gap between accurate inventory numbers and bookkeeping to grow. This knowledge gap prevents your firm from being able to plan for the future or know the true state of operations.