There’s no denying that a manufacturing business is one which promises to be profitable, regardless of the industry or sector. There are a wide variety manufacturing businesses, and whether you have chosen to begin in the food sector, selling delicious beverages, or you produce technology parts for the latest smartphones, there are always changes to make to your processes to improve them. From examining your current workflow to making significant changes to the production line, below are three ways you can take your business from zero to hero, and truly make your mark in the industry.
Assess & Analyze Your Workflow
Boosting employee productivity is essential in any business and manufacturing is no different. But how do you do so effectively and quickly? First, you need to assess the current processes you use and analyze your workflow to ensure you know exactly where you need to make changes. For example, if your assembly line is a significant distance from the production workshops, you need to assess how long it takes your products to arrive at their destination, and whether this time can be shortened. If your employees find themselves waiting for their next batch of products, it will drastically reduce their productivity, meaning they may also get distracted, which could increase the risk of injury or damage to the products. Perhaps you are using outdated equipment because it still works, so why would you replace it? This reluctance to upgrade is an obstacle in your workflow and needs addressing.
Automate Wherever Possible
Automation is the future of a vast number of industries, and of course, this includes manufacturing. While many managers believe adopting automation means they will lose the human touch and have to replace employees with machines, this isn’t the case. Automation is a time-saving addition to any business, and it is not created to simply replace human employees. An example of saving time by using automation would be to utilize an automatic bottle capper machine. Ideal for a variety of manufacturing businesses which use bottles, such as pharmaceuticals and beverages, this machine maximizes the efficiency of your staff and your packaging line, allowing you to create more products and reduce human error or damages.
Continue Educating Your Employees
For every employee to perform at their optimal level of productivity, they need the tools to be able to do so efficiently. The first tools are, of course, the equipment needed to complete their roles, but the second tool, of equal importance, is their own education. After all, how can they work quickly and safely without the right knowledge on how to do so? It’s for this reason why you need to continue educating your employees regularly. It may be worthwhile, for you, your employees, and your business, to schedule into the company diary training sessions at regular intervals and arrange training when there is a new improvement in business processes or the technology you use. By addressing any issues and queries within the regular training sessions that your employees may have, you can ensure everyone is on the same page.
https://www.strategydriven.com/wp-content/uploads/img_7981.jpg8541280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2018-09-14 11:00:052018-09-14 18:30:15How to Take Your Manufacturing Business from Zero to Hero
When you are a remote worker embarking on your first freelance adventure, you will need to find ways of increasing your productivity and getting new clients quickly. Doing so means that you will be able to generate both your desired income and the portfolio of high quality of work that will make you instantly stand out as someone to watch. A key element to achieve this is that you will need to look into how to digitize your work effectively, and, in turn, reap the benefits from making the most of modern tech. This handy guide will give you insight into where to start.
Choosing your own work environment
One of the joys of freelancing is that it gives you the freedom to choose where you want to work, and of course, when you want to work. If you have your business digitized and set up online for clients to find you and your portfolio, then the sky is truly the limit for where you want to set up shop. A great idea is to consider using a co-working environment, like those at thebrew.co.uk, as this gives you a professional setting and a proper work base, rather than just sitting at your kitchen table trying to work through your commissions and projects.
Counting the money
Just because you are going to start working in a freelance capacity doesn’t mean that you necessarily have all the training and skills to keep on top of your earnings, costs, and taxes. When you are starting out on a new business venture such as this, the last thing you need is menial tasks getting in the way of your work and progress in the industry. A solution to this is to start using accounting software for freelance work. Using a cloud-based software means you can update your accounts anywhere you have an internet connection and your phone to hand. Another benefit is that accounting software will save you time that can be better spent earning money and talking with clients.
Showing off your portfolio
A final element to making your freelance career a success is getting your work in front of potential clients. The best way to this digitally is to learn how to make a small business website, where people can find you and commission work instantly. By converting your work into digital files, you can have your portfolio readily displayed on your own website, which will make it easier for people to see the kind of work you produce and be more likely to hire you for their next project. Uploading your work onto a digital platform will mean that, not only can people see how good your work is, but they will be able to see how much you have been commissioned for and infer how much professional experience you have. This information will put you on strong footing for getting customers.
Becoming a remote worker is a great way of changing your life for the better and using technology will only make this easier.
https://www.strategydriven.com/wp-content/uploads/img_7978.jpg8531280StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2018-09-13 11:00:422018-09-14 18:34:28How Digitization Can Boost Remote Working
Setting up a new manufacturing business is no easy feat. Not only is it a big financial commitment, but you will need to make sure you hire the right people and embark on the best processes, which will help you to create as many products as possible to increase your revenue.
While it is a huge responsibility and will require a great deal of time and hard work, you can trust it will be worth all the effort once you start to enjoy the many rewards. For help getting off to the best start, find out how to start your first manufacturing business below.
Secure Investment
Starting a manufacturing business will not be cheap, and you will most likely need to secure either a hefty bank loan or an investment to launch your new venture. Make sure you detail all expenditure within your business plan, so you will know exactly how much money you will need to get started.
For example, you will need to realistically consider staff salaries, transportation fees, advertisement expenditure, material prices, equipment and technology costs, plus more. To secure investment, you will need a detailed plan of how you intend to use the capital you receive, how you intend to pay it back and when.
Choose the Ideal Location
Choose a location wisely when launching a manufacturing business. For example, you must be within close proximity to great public transport links, so your employees can reach your facility with ease. Your premises will also need to be closely located to motorways to make it easier for logistics vehicles, such as dependable Chicago LTL carriers, to gain access to your manufacturing facility.
Pick the Perfect Premises
You might be tempted to pick a cheap manufacturing premise to reduce your overheads from day one. However, your thriftiness could backfire if you do not have enough access to electricity, have no running water, or the building experiences structural damage, as this could slow down or stop your operations.
Hire the Right Staff
If you are running a large manufacturing business with powerful equipment, you will need to hire a wide range of people to help run your business. Not only will you need to employ experienced production operatives, but you will need to find business managers, market researchers, and quality managers. Each person will take some of the pressure off your shoulders, so you can focus on marketing your business and increasing your profit margin.
Seek Support
You are bound to be filled with passion and enthusiasm when developing your first manufacturing business. As a result, you might think you can handle every challenge you will face along the way. However, there might come a day that you are faced with a huge obstacle and are unsure how to overcome it.
Rather than struggling in silence and making a big mistake that could impact your business before it has even started, you must seek support from experienced professionals to save your business both time and money. Thankfully, there are several organisations you can turn to for guidance or grants, such as the Chambers of Commerce, Federation of Small Businesses, and UKTI.
https://www.strategydriven.com/wp-content/uploads/Manufacturing.jpg595450StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2018-09-12 11:00:212018-09-12 20:19:50How to Start Your First Manufacturing Business
As an entrepreneur, you will always want to look at industries which are always in demand so that your company always has a chance to succeed through constant demand. These industries are few and far between, but one which will always be in demand is the medical industry. This means that it is never a bad time to set up a medical supplies business and this could prove to be both a rewarding and lucrative area to work in because there are so many medical professionals that require supplies. This is quite a unique industry and not quite like any other, so here are a few tips for getting started which should help you to succeed.
Identify Target Market
The first thing to do will be to find a target market. There are many medical professionals that require a constant flow of supplies, and it is a good idea to focus on one of these groups so that you can focus all of your efforts on this niche – medical supplies are constantly evolving and changing so it can be hard to stay up to date with all of the different markets. A few good options for a target market include dentists, veterinarians, nursing homes and midwives.
Market Research
Once you have established a target market, you will then want to carry out thorough market research so that you can familiarize yourself with the industry, understand who the competition is and identify any gaps in the market. Identify the products which are high in demand and look at what the competition is pricing these at so that you can set your prices competitively.
Logistics
The logistics will be crucial to success, but this is also the most complex area of the business. Having a suitable warehouse which is carefully managed and dependable shipping will be vital to success. It is a smart move to use medical warehousing and logistics specialists who will be able to provide integrated shipping and logistics solutions.
Business Promotion
As with any startup, it can be hard to establish your brand and compete when first starting out. Business promotion is an important tool early on to make people aware of your brand – in addition to advertising and marketing; you can also use social media, offer deals for new customers and establish authority by posting regular content such as blog posts and newsletters. Additionally, sponsoring healthcare events and getting involved with the local community can have a huge impact on brand reputation and awareness.
Networking
The medical industry is one which can be tight-knit with many opportunities to network and build important relationships. Be sure to attend as many conferences and industry events as possible and meet as many people as possible to grow your brand and increase awareness.
Medical supplies will always be in demand, and this can make it an excellent field to enter as an entrepreneur. It can also be a challenging one to succeed in, but with a little preparation, research and networking you should soon find your feet and start to develop a strong customer base while making a difference to the world.
https://www.strategydriven.com/wp-content/uploads/rawpixel-577480-unsplash-1.jpg14782500StrategyDrivenhttps://www.strategydriven.com/wp-content/uploads/SDELogo5-300x70-300x70.pngStrategyDriven2018-09-11 20:00:502019-12-20 20:29:31Tips For Starting A Medical Supplies Business
After all the work and investment that goes into building a successful business, the day you start to realize a decent profit makes you feel on top of the world! The primary objective in running a business is to make money from it – even if that’s not the most important aspect to you personally and you love the challenge and the nature of the work first and foremost, you still need to make a profit to stay in business. Having gotten to the stage where the books are in the black and the profits are starting to roll in, how do you make sure that your hard-earned cash is put to best use?
The urge to splurge
Unless you have a superhuman level of self-control, you’ll probably want to buy yourself and your loved ones a few treats. A special night out or a weekend away, new clothes or hobby equipment, or maybe a luxury purchase for your home are all likely ways that you’ll want to give yourself something back from your business. There’s nothing wrong with that idea, after all, you should be able to enjoy the fruits of your labors. However, there are several considerations you need to make before getting too carried away with your spending spree.
Where is the money coming from?
You obviously know how the profit has been generated, but you need to consider how your business is set up and how you are paid out of the profits. For instance, do you get a salary and a percentage of profits, or dividends? You should discuss the structure of your business with your accountant to make sure it is positioning you in the most advantageous place regarding tax and debt liabilities. If you would have to take responsibility for the costs of the business taking a downturn and be liable for its debts, you need to take account of this, and make sure you are covered for such an eventuality.
Where is the money going to?
Whenever you pay out for anything, it’s worth checking whether your purchase could be legitimately set against your tax return as an expense. That doesn’t mean trying to pass off personal purchases that have nothing to do with your business, but you might be better off leasing a car through your company than buying one privately for example. It’s always worth checking how to gain the best advantage, as long as you stay within the law – if there’s one agency renowned for its tenacity, it’s the IRS!
Clearing debts
When you start to make a profit, your first step before deciding how to spend the money you’re making is to clear any debt that may be outstanding. Depending on how you have structured your finances, your business may be showing a profit on paper, but still be liable for repayments to investors for instance. If this is structured as a repayment plan over a defined period of time, you can still take any surplus profits for your personal use. Or your cash flow may require you to have a reserve fund to cover any shortfall caused by slow-paying customers or other short-term drains on resources. Once your business liabilities are confirmed, look at your personal finances. If you have loans, credit card debts, or lease and rental agreements, make paying these off a priority. It will save you money, in the long run, to focus on clearing debt and avoid paying interest on what’s due. You probably want to make an exception for your mortgage, which is more of a high-value long-term investment; unless your profits are so impressive you can afford to clear it now!
Putting money back into the company
Many business owners choose to reinvest their profits back into the business, and this should be your next consideration. If you want to expand or improve your operations, then reinvesting some of your profits is a sound way to grow your business. The money you reinvest needs to be detailed precisely on your accounts to ensure your tax liabilities are accurate, or you will lose out; so don’t splash out on new tablets for all your staff without the expense being recorded and legitimized.
Investing
Once you’ve checked whether you need a reserve fund, cleared any outstanding debts, and decided how much to reinvest in your business, you can then relax and start choosing how to spend your money. Treating yourself is important, as it will give you a thrill to know that you are splashing out on something you truly desire as a result of your hard work and business acuity. However, if you want your money to work for you, you should consider investments. There is an extensive choice of different types of investment available, from high-risk shares to low-risk long-term assets, property investment, bonds, foreign exchange, cryptocurrencies, and many more. The most reliable returns will be in low-risk stocks, but these can take many years to achieve their full potential. High-risk strategies by definition increase the odds that you could lose your money, but you could try a middle road with swing trading strategies. These are specially selected shares that experts calculate are just about to make a significant swing to profitability, which could gain you better returns over a shorter time frame.
The complexity and intricacies of the financial world need experts to exploit them to their full advantage, and if you try and go it alone without seeking their advice, you’ll lose a lot of time on research, and you could well make the wrong choices. A financial adviser can guide you through your investments and make recommendations to suit your needs and aversion to risk, which is preferable to trying to learn enough to make sound decisions by yourself. Most importantly, your CPA should be more than just a number cruncher. They should be able to advise you as to the most efficient way to structure your business and how to get the best from your financial arrangements.
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How to Take Your Manufacturing Business from Zero to Hero
/in Entrepreneurship/by StrategyDrivenAssess & Analyze Your Workflow
Boosting employee productivity is essential in any business and manufacturing is no different. But how do you do so effectively and quickly? First, you need to assess the current processes you use and analyze your workflow to ensure you know exactly where you need to make changes. For example, if your assembly line is a significant distance from the production workshops, you need to assess how long it takes your products to arrive at their destination, and whether this time can be shortened. If your employees find themselves waiting for their next batch of products, it will drastically reduce their productivity, meaning they may also get distracted, which could increase the risk of injury or damage to the products. Perhaps you are using outdated equipment because it still works, so why would you replace it? This reluctance to upgrade is an obstacle in your workflow and needs addressing.
Automate Wherever Possible
Automation is the future of a vast number of industries, and of course, this includes manufacturing. While many managers believe adopting automation means they will lose the human touch and have to replace employees with machines, this isn’t the case. Automation is a time-saving addition to any business, and it is not created to simply replace human employees. An example of saving time by using automation would be to utilize an automatic bottle capper machine. Ideal for a variety of manufacturing businesses which use bottles, such as pharmaceuticals and beverages, this machine maximizes the efficiency of your staff and your packaging line, allowing you to create more products and reduce human error or damages.
Continue Educating Your Employees
For every employee to perform at their optimal level of productivity, they need the tools to be able to do so efficiently. The first tools are, of course, the equipment needed to complete their roles, but the second tool, of equal importance, is their own education. After all, how can they work quickly and safely without the right knowledge on how to do so? It’s for this reason why you need to continue educating your employees regularly. It may be worthwhile, for you, your employees, and your business, to schedule into the company diary training sessions at regular intervals and arrange training when there is a new improvement in business processes or the technology you use. By addressing any issues and queries within the regular training sessions that your employees may have, you can ensure everyone is on the same page.
How Digitization Can Boost Remote Working
/in Entrepreneurship, Talent Management/by StrategyDrivenChoosing your own work environment
One of the joys of freelancing is that it gives you the freedom to choose where you want to work, and of course, when you want to work. If you have your business digitized and set up online for clients to find you and your portfolio, then the sky is truly the limit for where you want to set up shop. A great idea is to consider using a co-working environment, like those at thebrew.co.uk, as this gives you a professional setting and a proper work base, rather than just sitting at your kitchen table trying to work through your commissions and projects.
Counting the money
Just because you are going to start working in a freelance capacity doesn’t mean that you necessarily have all the training and skills to keep on top of your earnings, costs, and taxes. When you are starting out on a new business venture such as this, the last thing you need is menial tasks getting in the way of your work and progress in the industry. A solution to this is to start using accounting software for freelance work. Using a cloud-based software means you can update your accounts anywhere you have an internet connection and your phone to hand. Another benefit is that accounting software will save you time that can be better spent earning money and talking with clients.
Showing off your portfolio
A final element to making your freelance career a success is getting your work in front of potential clients. The best way to this digitally is to learn how to make a small business website, where people can find you and commission work instantly. By converting your work into digital files, you can have your portfolio readily displayed on your own website, which will make it easier for people to see the kind of work you produce and be more likely to hire you for their next project. Uploading your work onto a digital platform will mean that, not only can people see how good your work is, but they will be able to see how much you have been commissioned for and infer how much professional experience you have. This information will put you on strong footing for getting customers.
Becoming a remote worker is a great way of changing your life for the better and using technology will only make this easier.
How to Start Your First Manufacturing Business
/in Entrepreneurship/by StrategyDrivenWhile it is a huge responsibility and will require a great deal of time and hard work, you can trust it will be worth all the effort once you start to enjoy the many rewards. For help getting off to the best start, find out how to start your first manufacturing business below.
Secure Investment
Starting a manufacturing business will not be cheap, and you will most likely need to secure either a hefty bank loan or an investment to launch your new venture. Make sure you detail all expenditure within your business plan, so you will know exactly how much money you will need to get started.
For example, you will need to realistically consider staff salaries, transportation fees, advertisement expenditure, material prices, equipment and technology costs, plus more. To secure investment, you will need a detailed plan of how you intend to use the capital you receive, how you intend to pay it back and when.
Choose the Ideal Location
Choose a location wisely when launching a manufacturing business. For example, you must be within close proximity to great public transport links, so your employees can reach your facility with ease. Your premises will also need to be closely located to motorways to make it easier for logistics vehicles, such as dependable Chicago LTL carriers, to gain access to your manufacturing facility.
Pick the Perfect Premises
You might be tempted to pick a cheap manufacturing premise to reduce your overheads from day one. However, your thriftiness could backfire if you do not have enough access to electricity, have no running water, or the building experiences structural damage, as this could slow down or stop your operations.
Hire the Right Staff
If you are running a large manufacturing business with powerful equipment, you will need to hire a wide range of people to help run your business. Not only will you need to employ experienced production operatives, but you will need to find business managers, market researchers, and quality managers. Each person will take some of the pressure off your shoulders, so you can focus on marketing your business and increasing your profit margin.
Seek Support
You are bound to be filled with passion and enthusiasm when developing your first manufacturing business. As a result, you might think you can handle every challenge you will face along the way. However, there might come a day that you are faced with a huge obstacle and are unsure how to overcome it.
Rather than struggling in silence and making a big mistake that could impact your business before it has even started, you must seek support from experienced professionals to save your business both time and money. Thankfully, there are several organisations you can turn to for guidance or grants, such as the Chambers of Commerce, Federation of Small Businesses, and UKTI.
Tips For Starting A Medical Supplies Business
/in Entrepreneurship/by StrategyDrivenIdentify Target Market
The first thing to do will be to find a target market. There are many medical professionals that require a constant flow of supplies, and it is a good idea to focus on one of these groups so that you can focus all of your efforts on this niche – medical supplies are constantly evolving and changing so it can be hard to stay up to date with all of the different markets. A few good options for a target market include dentists, veterinarians, nursing homes and midwives.
Market Research
Once you have established a target market, you will then want to carry out thorough market research so that you can familiarize yourself with the industry, understand who the competition is and identify any gaps in the market. Identify the products which are high in demand and look at what the competition is pricing these at so that you can set your prices competitively.
Logistics
The logistics will be crucial to success, but this is also the most complex area of the business. Having a suitable warehouse which is carefully managed and dependable shipping will be vital to success. It is a smart move to use medical warehousing and logistics specialists who will be able to provide integrated shipping and logistics solutions.
Business Promotion
As with any startup, it can be hard to establish your brand and compete when first starting out. Business promotion is an important tool early on to make people aware of your brand – in addition to advertising and marketing; you can also use social media, offer deals for new customers and establish authority by posting regular content such as blog posts and newsletters. Additionally, sponsoring healthcare events and getting involved with the local community can have a huge impact on brand reputation and awareness.
Networking
The medical industry is one which can be tight-knit with many opportunities to network and build important relationships. Be sure to attend as many conferences and industry events as possible and meet as many people as possible to grow your brand and increase awareness.
Medical supplies will always be in demand, and this can make it an excellent field to enter as an entrepreneur. It can also be a challenging one to succeed in, but with a little preparation, research and networking you should soon find your feet and start to develop a strong customer base while making a difference to the world.
Safeguarding Your Business Profits
/in Budget Management, Entrepreneurship/by StrategyDrivenThe urge to splurge
Unless you have a superhuman level of self-control, you’ll probably want to buy yourself and your loved ones a few treats. A special night out or a weekend away, new clothes or hobby equipment, or maybe a luxury purchase for your home are all likely ways that you’ll want to give yourself something back from your business. There’s nothing wrong with that idea, after all, you should be able to enjoy the fruits of your labors. However, there are several considerations you need to make before getting too carried away with your spending spree.
Where is the money coming from?
You obviously know how the profit has been generated, but you need to consider how your business is set up and how you are paid out of the profits. For instance, do you get a salary and a percentage of profits, or dividends? You should discuss the structure of your business with your accountant to make sure it is positioning you in the most advantageous place regarding tax and debt liabilities. If you would have to take responsibility for the costs of the business taking a downturn and be liable for its debts, you need to take account of this, and make sure you are covered for such an eventuality.
Where is the money going to?
Whenever you pay out for anything, it’s worth checking whether your purchase could be legitimately set against your tax return as an expense. That doesn’t mean trying to pass off personal purchases that have nothing to do with your business, but you might be better off leasing a car through your company than buying one privately for example. It’s always worth checking how to gain the best advantage, as long as you stay within the law – if there’s one agency renowned for its tenacity, it’s the IRS!
Clearing debts
When you start to make a profit, your first step before deciding how to spend the money you’re making is to clear any debt that may be outstanding. Depending on how you have structured your finances, your business may be showing a profit on paper, but still be liable for repayments to investors for instance. If this is structured as a repayment plan over a defined period of time, you can still take any surplus profits for your personal use. Or your cash flow may require you to have a reserve fund to cover any shortfall caused by slow-paying customers or other short-term drains on resources. Once your business liabilities are confirmed, look at your personal finances. If you have loans, credit card debts, or lease and rental agreements, make paying these off a priority. It will save you money, in the long run, to focus on clearing debt and avoid paying interest on what’s due. You probably want to make an exception for your mortgage, which is more of a high-value long-term investment; unless your profits are so impressive you can afford to clear it now!
Putting money back into the company
Many business owners choose to reinvest their profits back into the business, and this should be your next consideration. If you want to expand or improve your operations, then reinvesting some of your profits is a sound way to grow your business. The money you reinvest needs to be detailed precisely on your accounts to ensure your tax liabilities are accurate, or you will lose out; so don’t splash out on new tablets for all your staff without the expense being recorded and legitimized.
Investing
Once you’ve checked whether you need a reserve fund, cleared any outstanding debts, and decided how much to reinvest in your business, you can then relax and start choosing how to spend your money. Treating yourself is important, as it will give you a thrill to know that you are splashing out on something you truly desire as a result of your hard work and business acuity. However, if you want your money to work for you, you should consider investments. There is an extensive choice of different types of investment available, from high-risk shares to low-risk long-term assets, property investment, bonds, foreign exchange, cryptocurrencies, and many more. The most reliable returns will be in low-risk stocks, but these can take many years to achieve their full potential. High-risk strategies by definition increase the odds that you could lose your money, but you could try a middle road with swing trading strategies. These are specially selected shares that experts calculate are just about to make a significant swing to profitability, which could gain you better returns over a shorter time frame.
The complexity and intricacies of the financial world need experts to exploit them to their full advantage, and if you try and go it alone without seeking their advice, you’ll lose a lot of time on research, and you could well make the wrong choices. A financial adviser can guide you through your investments and make recommendations to suit your needs and aversion to risk, which is preferable to trying to learn enough to make sound decisions by yourself. Most importantly, your CPA should be more than just a number cruncher. They should be able to advise you as to the most efficient way to structure your business and how to get the best from your financial arrangements.