Predictive analytics (PA) is well known in many business arenas but has never entered Human Resources until recently. PA is a form of technology that learns from other existing data. This process results in predictive results. It is most frequently used to predict very specific individual behaviors in Human Resources.
Predictive analytics examines data or content to answer the question “What is likely to happen?’’ This is important in any business area but is critical to Human Resources who previously depended on intuition to determine future needs of both the company and employees.
With the support of predictive analytics, it’s no longer necessary to make decisions because of intuitive feelings, or ‘’gut’’ reactions to some issue or plan. Data is gathered, analyzed and presented quickly, without stumbling or bumbling on the data or statistics. Intuition or ‘’gut’’ feelings are often unsuccessful, while data mining information that predicts uncertain outcomes is much more reliable and trustworthy.
How Predictive Analytics Affects Recruiting
Applying predictive analytics in Recruiting and Staffing helps companies foresee and enhance several areas, including:
Potential top talent is easier to identify with predictive analytics. This makes a recruiter’s job much easier and accurate. Predictive analytics can easily identify the candidates with the most potential, better understand when these talents can be contacted and understand if and why a job opening may be attractive to candidates.
Predictive analytics helps companies optimize the responses to their job openings. The analysis can help companies understand how duration, location, occupation and industry will likely affect recruiting results.
Why Companies Utilize Predictive Analytics in HR
73% of companies surveyed said the primary reason they used analytical data was to make the workforce planning process more efficient. 69% believe the main reason to utilize predictive analytics is to more accurately plan for the future and also, create plans to eliminate skills gaps in their organizations. 65% of companies credit predictive analytics as identifying high potential employees.
Other companies indicated that predictive analytics provided better analysis of company needs to align people and company strategy; while others indicated that analysis provided the needed links between performance and compensation; the remaining companies surveyed stated that predictive analytics provided more in-depth knowledge of external talent pools.
Predictive Analytics Helps HR Look Forward
HR has historically been responsible for forecasting the right amount of talent and knowing when to hire additional talent. Unfortunately, before predictive analytics was utilized in HR, the forecasting was more backward-looking than forward. For example, one or more employees terminate, and HR suddenly decides there is talent disproportion.
Unfortunately, few companies have implemented predictive analytics for their HR groups. According to Deloitte, in 2015, only about 8% of global organizations have adopted PA for their Human Resources groups.
The few companies that utilize predictive analytics have had great success and freely share their efforts and results. For example:
Google: This company is a strong advocate of statistics and freely admits that it is the most critical tool in their Human Resources group. All interview questions in their hiring process are computerized and perfected to ensure that the best candidates are hired. Additionally, Google’s predictive analysis can estimate the likelihood of future terminations, why they are terminating, and what could have been done to circumvent the termination.
Hewlett Packard (HP): HP is also a leader in the HR predictive analytics arena. Recently, HP shared with news media that ‘’when their attrition rates started moving upwards, they utilized predictive analytics to predict which employees were likely to leave by developing a ‘Flight Risk’ score.” This analysis was able to define both the ‘who’ and ‘why’ of their 300,000+ employees who would potentially terminate. For example, higher pay, promotions and better performance ratings were negatively related to flight risk, but the analysis proved that there were strong relationships between these findings. For instance, they were able to analyze that a promotion without a substantial pay increase would likely result in a termination.
“HP’s Flight Risk scores helped managers make better decisions since the early warning signal from Flight Risk allowed time for managers to intervene or if the loss was unavoidable, it prepped the manager to react accordingly. The predictive analysis in Flight Risk allowed HP to save an estimated $300 million.”
The extensive time previously spent on creating charts, reports, quotients, etc., will soon be history because predictive analytics easily allows organizations to analyze the past and predict upcoming trends for both positive and negative analytics.
The end result of having predictive analytics in Human Resources is the ability to predict future needs that are accurate and verifiable. This becomes the organization value to business that Human Resources has long struggled to create. HR has for years attempted to get the infamous ‘’seat at the table’’ and predictive analytics will ensure this happens.
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Whilst starting your own business is both exciting and fulfilling, it can also be exhausting. Never ending work hours and a lack of weekends can mean at times, all you fancy doing is sitting back, relaxing and watching your favorite box set on TV. If you’re interested in maximizing your downtime however, we’ve found the best TV shows that every entrepreneur should watch, to make sure that down time is not only guilt free, but invaluable.
1. Dragons Den
If pitching for investment isn’t already nerve-wracking enough, imagine doing in front of some of the countries most successful business people and on TV. That’s what the brave entrepreneurs on Dragons Den have to do. The current panel includes business greats such as Peter Jones, Deborah Meaden and Jenny Campbell. Watching Dragon’s Den is great for getting tips on how to pitch, an insight into what kind of questions you may get asked and probably most importantly- what not to do. Think you can take on the dragons? The show is open to applicants- enter the den if you dare!
2. Girl Boss
Inspired by the bestselling book ‘#GirlBoss’ by Sophia Amoruso and based on her start-up story, this Netflix original shows how Sophia went from broke to running the multi-million dollar fashion empire, Nasty Gal. Sophia starts by selling vintage clothes, but as her business starts to grown, she learns about all the ups (and downs) of running your own business.
3. Billions
If you want a lesson in power struggles, Billions is the one of you. Set in New York, it tells the story of the U.S. Attorney Chuck Rhoades, who boasts the title of never having lost an insider trading case. In Billions, he is taking on Axelrod, a (corrupt) hedge fun tycoon. What follows is a battle of intelligence, ambition, influence and ultimately power.
4. I Give It a Year
In this show, Baroness Karren Brady (who you may remember as one of Lord Sugar’s advisers on ‘The Apprentice’) meets with entrepreneurs who have just taken the leap and decided to start their own business. One year later she goes back and revisits them, to see how far they may (or may not) have come. The types of businesses vary from episode to episode- one of our favorite episodes involves one entrepreneur tackling the constant battle of trying to keep your cup of tea warm. A dilemma indeed!
5. Undercover Boss
Ever felt like your previous management was a little ‘out of touch’ when it came to the day-to-day running of the company? In Undercover Boss, the company leaders go undercover in the guise of a new employee within their own company. With the change of perspective, problems are uncovered they hadn’t realised were occurring and relationships with workers are both forged and strengthened. A great programme to help you change your own perspective on how to run your company, as well as proof of why you should always maintain a working knowledge of every aspect of your business.
6. Empire
Empire is a fictional drama, focused on the company ‘Empire Entertainment’ and it’s CEO, Lucious Lyon. When Lucious learns his life may be cut short due to health issues, Lucious must pick between his sons to decide who should take over his multi-million dollar company. With an ex-wife adding more drama to the mix, Empire shows the potential consequences of mixing family and big business.
7. How It’s Made
Ever looked at something and wonder how on earth they made it? How It’s Made has the answer, by looking at how everyday items are created and manufactured, covering everything from foil to chewing gum. It gives you a great insight into what is required for different items and may help you uncover the secret as to how to take your prototype to the next level. Or perhaps you have a better idea when it comes to how something is currently made… Either way, you’ll be inspired (and sometimes in awe) of the manufacturing processes that goes into those things we take for granted everyday. This show is also great for getting to grips with supply chain management as well as the basics of product design.
8. The Profit
The Profit follows Marcus Lemonis (Camping World CEO) as he invests $2 million dollars of his money into companies that are struggling to stay afloat, with them giving him a percentage of their future profits in return. Instead of giving them the money and expecting them to go it alone, Marcus offers his experience, expertise and knowledge, to help the businesses get back onto the right track for a fruitful future. Some will thrive and some won’t survive, but you can learn valuable lessons along the way by watching their journeys.
9. Mad Men
Set in New York in the 1960’s, Mad Men follows Don Draper’s power struggles at his Madison Avenue advertising firm and how he balances his position at work with his home life. A great insight into how the advertising industry operates combined with enough fictional drama to keep you binge watching those episodes. If you’re getting stuck on finding a name for your company, you can find out more here. Investing in company branding and advertising only to find your name is already taken is a costly mistake to make!
10. Shark Tank
A spin off from Dragons Den, this American reality TV programme shows entrepreneurs pitching for cash from successful millionaire entrepreneurs in exchange for equity. The sharks do not hold back in their assessment of the contestants businesses, with their harsh questioning sometimes bordering on brutal. The sharks include Kevin O’Leary, Barbara Corcoran and Daymond John. However, if the sharks like the sound of the business pitching, deals can be made then and there. A dramatic cut down of a longer pitch, it still captures the intensity of pitching for investment and is a must for any entrepreneur.
11. The Apprentice
This British reality TV show follows multiple hopeful entrepreneurs competing against each other for an investment in their business idea. The contestants are given weekly business challenges in which they work in teams, with one contestant being fired each week from the losing team. The final winner gets £250,000 and Lord Sugar as a 50% owner of their new venture. The weekly challenges vary and show not only the talents of the candidates, but also the importance of team-work when striving to reach goals.
12. Gordon Ramsey Kitchen Nightmares
In this reality TV series, Gordon Ramsey takes his foul mouth and flaring temper to various restaurants that are struggling to stay afloat. After uncovering what is going wrong in the business, Gordon tries to help turn it around. From awful food and stubborn management, to shabby interiors, Gordon often ruffles a few feathers in his bid to create a viable restaurant business for the owners. Not only great dramatic viewing, it shows the importance of customer experience and being open to feedback.
13. House Hunters
House Hunters is a US show that follows the journey of people looking for a new home. With the realtor working hard to make their customers dreams comes true, this show is a lesson in knowing what your customers wants, and shows how emotional reasons can overtake financial sense when it comes to consumer purchases.
14. Silicon Valley
Despite being a fictional comedy show, Silicon Valley was influenced by the experiences of it’s co-creator (Mike Judge) during his time working in Silicon Valley. The show is the story of Richard- a computer programmer who works alongside his intelligent friends to try and tap into the booming tech industry with their start up Pied Piper. Living in the home of the leader of their start up incubator, this show will help you laugh and unwind whilst getting an insight into the lives of those living in Silicon Valley.
15. How I Made My Millions
When you start your own business, you trade in huge risk for potentially huge reward. This programme tells the story of individuals who took exactly this risk and for whom it has paid off, creating million dollar businesses. Instead of showing the journey as all roses, this programme shows the reality and the hard work that goes behind creating a successful business. A great one to keep you inspired during those scarier moments in your entrepreneurial journey.
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Too many businesses fail within their initial stages, and you don’t want yours to be next. That’s why it’s crucial to optimize your business procedures right from the start. It will be much easier to implement them when you only have a few staff, rather than waiting until you have dozens or even hundreds.
Hiring
If your company is small, then every team member is crucial. For example, let’s say you have a team of five. Every person is responsible for 20% of the workload. Imagine if your new hire is simply not performing. That takes your business down to 80% effectiveness. Now imagine another staff member suddenly quits without notice. You’re suddenly down to 60%.
The smaller a company is, the greater the importance of each employee. It doesn’t matter if a large company hires a few bad apples because it will have hundreds of other workers to take up the slack. Unfortunately, you don’t have that luxury.
Make sure you develop a comprehensive hiring process to weed out lazy and unreliable workers. Have a look at qualityeducationandjobs.com to learn more about what you should be looking for.
Accounting
Make sure you hire a good accountant and make sure you document all your expenses and revenue closely. Any bookkeeping stuff ups can cause chaos throughout your company, potentially land you in tax trouble, and impair your ability to plan for the future.
Marketing
If you want your business to grow, then you need to get it seen. The best way to do this is to develop your online presence as much as possible. If you’re not familiar with social media marketing (you should be), now is the time to learn. You want to start developing posts that connect with your audience.
You should also aim to get your company site seen on Google. If you have no idea how to do this, then it may be time to learn about SEO (search engine optimization). This involves a variety of processes to get your site ranking on the highest page possible. The easiest and most efficient way is to develop content that is relevant to viewers. This could be in the form of articles or videos.
Quality Control
It’s easy to think that because your business is small, there is no need to implant major quality control procedures. Why it does depend on your industry, it usually pays to implement these procedures sooner rather than later. Imagine you send out an order that is completely wrong, all because of a simple mislabelling mistake. You may end up losing a customer who would have gone on to spend hundreds or thousands. While human error will always occur, it’s important to minimize it as much as possible.
Final Thoughts…
These practices are crucial to almost any business, regardless of their industry. If you’re a small business owner who wants to level up to a medium sized business, then you need to get your procedures perfect.
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Let’s assume you already have the culinary talents and the dedication to customer satisfaction that are crucial to any successful catering enterprise. Besides providing food to satisfy at events, celebrations, and so on, you are also going to have to nail the image of your business. People don’t just want good food, they want good food from someone they can trust as a professional. Here, we’re going to look at how you make sure your catering biz is a tempting dish from any and all perspectives.
Make sure you are legally good to go
If you are just starting off on a freelance venture and trying out cooking for small events around you, make sure that you have all the licenses you need for a catering business. Many people will start a business off with a few trial runs for families and friends, ensuring that they get a good enough reception to start putting time, money, and effort into it. Unfortunately, many of these people keep building without realizing that they are going to need to be licensed to start charging people money for their services. If you plan on serving alcohol with your food, then you are going to need a separate license for that, too. If you can’t confirm you are fully licensed to clients, they are less inclined to trust you.
Create an online menu
As soon as your business kicks off the ground, you should try to make sure that you have some kind of online presence. Caterers are used to roaming around for their work, and often don’t have a set premises that can attract people with curb appeal. You can set up a Facebook group, but it shouldn’t serve as the “home” of your business. Take your business online and invest in a professional looking website that details your services, offers a menu, and enables potential clients to find you much more easily. A search engine optimization campaign can help you direct more local traffic to your services with little cost, too.
Tell your story
Whether it’s on your website on in brochures, make sure that you are starting to build a brand unique to your business. Your own business name, logo, and aesthetic will make up the core imagery of the brand that helps you build recognition and an image that stands apart from your competitors. But food provides a sensory and emotional journey and you can kick that narrative off with a brand story. Your brand story can talk about the inspirations for your menu and what got you started, or it can focus on the needs of the client, talking about providing convenience and comfort for those who need food quickly. Figuring out your story means figuring out which market you’re appealing to and what they want to see and hear.
Be specific in your services
Your story does not, however, tell the audience everything they need to know in detail about what services you are going to provide. It is a common mistake for brand new caterers to fail to tell clients whether they are going to be providing cutlery, what areas they can serve, even how many they can feed. Your focus on marketing your menu can distract you from some of the more crucial elements of the service that they want to hear. If you haven’t decided what level of service to offer, it’s a good idea to look at what clients look for in a caterer and figure out what you can provide without cutting too deeply into your profits. Make sure the details are listed clearly on your website and any brochures or long-form marketing material you publish.
Look the part
Your marketing and branding doesn’t end when you get the part. In fact, that’s where it starts. We are going to assume that professional caterers don’t need to be told about how to make good food or how to present it well. However, it’s wise you take the same approach to your very being, too. If you want to convince people you are dedicated to your field, then you might want to consider a uniform that makes you look like a food service professional. If you have a van or another business vehicle you use to reach venues, events, or clients, then consider investing in branding for the van, too. Not only does it cement a serious working aesthetic, but it also functions as a traveling advertisement for your services.
Speak the part, too
Professional caterers are expected to be able to communicate in detail about many different elements of the business you are in. You are going to be explaining not only your services, but your menu, specific tastes, and all sorts of other details. If you aren’t entirely confident or feel like you have trouble expressing yourself clearly, it may be worth looking into getting lessons in communication or reading books that can help you express yourself and be a little more confident. That confidence in communication will give the image of confidence in your cooking, as well.
Don’t let the strain show
As you become a more successful caterer, you are likely to become busier and busier. You might be taking on more events and clients than ever before, and you may be catering for larger crowds than you have handled in the past, too. It can be a stressful environment and you may be managing the business on the side even when you and your team is in the middle of a job. It’s important you don’t let that strain show, so it’s worth using catering management software to help you streamline all the organizational parts of it. Dealing with messy notepads or bloated Excel sheets can make it much harder to keep your cool, which can show in front of the clients and is not a flattering look.
Leverage the power of social
When you create a new dish, what is the best way to show it off to get those potential clients’ mouths watering? Having pictures to go with the menu on your website can make it even more compelling. In terms of marketing, however, food is especially powerful when published through social media. Twitter is a must-have marketing platform for any business that operates online. For food businesses, such as caterers, however, Instagram can be even more valuable. Good food has aesthetic appeal and you can use that to attract much more business, build your brand, and attract new clients through the right visual-focused social platforms.
Know your best bits
After you finish an event, it’s a good idea to review what you have learned. CRM tools can help you manage correspondence, details, and feedback from clients that can help you gather data on what works and what doesn’t. You can start to compile data based on what menu choices are most popular and which aren’t. This way, you can stop spending money on ingredients you don’t use as much and look into replacements. You can also gather feedback and see if there are any trends in which parts the clients liked, in particular, or which can be done better. Know your best bits and keep adapting your menu to maximize your profits. Even if you don’t agree with a client, it doesn’t matter. If a menu choice is costing you more money that it makes, it needs to be cut.
Keep building the network
It’s not only your reputation and image with the clients that matter. You also want to make sure that you have a firm presence within the event planning industry. Other caterers, wedding planners, and venues can all be highly valuable contacts for you. You can gain referrals from them, for instance. When caterers have a full schedule, they will often recommend an alternative. Event planners and venues often have links with local caterers. Build your links within the industry by visiting trade fairs and finding networking events near you on a regular basis.
Full mouths are good for business
Filling mouths is what you do but you should be filling them with praise as much as food. If your clients are happy and seemingly willing to shout it to the world, make good use of that. Word of mouth is one of the most effective marketing practices out there and, as food is such an emotional product, it is one of the easiest industries in which to acquire and leverage word of mouth. Ask them if they would leave a review in your Google listings or a testimonial online. Encourage them to spread the word through social media or follow you. You can even incentivize them with, for instance, a free taster or a voucher if they help you successfully gain a referral.
Food for events isn’t just a practical concern, it’s an emotionally driven purchase. Food is tied deeply to subjective enjoyment, so making it attractive as possible is in your best interests when attracting clients. The tips above should ensure that your business has an image that’s impossible to resist.
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If you want your business to seriously compete with the other players in the field, you need to promote it in the right way. Remember the different forms that promotion can take. For example, your online marketing will constitute part of your promotion efforts, as will any events that you host.
There is no right or wrong way to go about promoting your business; the best moves for your business will depend on exactly what it is, as well as who you are marketing to and competing against. There are, however, a number of things that you can do that will maximise the chances of your promotional event being a success.
Throw the Event You Would Want to Attend
The easiest way of ensuring that you plan the very best event that you can is to make it the kind of event that you would want to attend. It doesn’t mean that everything should match your personal taste, it just means that you should put in as much effort as you would want someone else to put in to an event you were attending.
This thinking should extend beyond the event itself and also include things like invitations sent out beforehand. If you don’t invite people to your event in the right way, the number of respondents who show up at all will be lower.
Make sure that every aspect of your event reflects the care and attention you have put into it. The best way of achieving this is to ensure adequate planning beforehand. It’s no use getting to the day of the event and still not having everything in place. The more organised you are beforehand, the better chance you have of pulling it off without a hitch.
Staff it Properly
There are two components to ensuring that you have the right staff on hand. The first is simply numbers as if your event is understaffed, it will show. Guests at an understaffed event will have a harder time navigating. Even if your event only takes place in a single room, and everything is clearly signposted, you need enough staff members to ensure that food is circulated properly and that any issues can be addressed promptly.
While some businesses choose to staff these events using their own staff, if you want to really push the boat out, and if you want this event to be a roaring success, then you should hire some temp staff externally. Through companies such as Staff Heroes, you’ll be able to find a range of staff that are available to work during the specific date of your event, and then choose each staff member based on their profile.
Promote it Beforehand
Hosting a killer event isn’t going to do much good if no one turns up. And, of course no one is going to turn up to an event they don’t know about (not intentionally anyway). The best way of promoting your event will depend upon a number of factors, namely what the nature of your event is, and who you are hoping to attract to it.
For example, if you are a software company who is hosting an event in the hopes of meeting other programmers and coders, with a view to working with anyone whose skills and interests complement your business’s other work, it would make sense to promote your event in places where coders will see it. By contrast, if your business is one that sells custom clothing, it’s unlikely you’ll be looking to fill a room with programmers. Instead, you should advertise your event with flyers in clothes stores, and any outdoor market clothing stalls near you.
Holding a killer event is an excellent way of raising your business’s, and your own, profile. With the right event, you can achieve almost anything. It is worth investing the necessary time and money to get it right.
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Business Programs
Predictive Analytics Tools Can Create a Better Workforce
/in Organizational Performance Measures, Talent Management/by StrategyDrivenPredictive analytics (PA) is well known in many business arenas but has never entered Human Resources until recently. PA is a form of technology that learns from other existing data. This process results in predictive results. It is most frequently used to predict very specific individual behaviors in Human Resources.
Predictive analytics examines data or content to answer the question “What is likely to happen?’’ This is important in any business area but is critical to Human Resources who previously depended on intuition to determine future needs of both the company and employees.
With the support of predictive analytics, it’s no longer necessary to make decisions because of intuitive feelings, or ‘’gut’’ reactions to some issue or plan. Data is gathered, analyzed and presented quickly, without stumbling or bumbling on the data or statistics. Intuition or ‘’gut’’ feelings are often unsuccessful, while data mining information that predicts uncertain outcomes is much more reliable and trustworthy.
How Predictive Analytics Affects Recruiting
Applying predictive analytics in Recruiting and Staffing helps companies foresee and enhance several areas, including:
Why Companies Utilize Predictive Analytics in HR
73% of companies surveyed said the primary reason they used analytical data was to make the workforce planning process more efficient. 69% believe the main reason to utilize predictive analytics is to more accurately plan for the future and also, create plans to eliminate skills gaps in their organizations. 65% of companies credit predictive analytics as identifying high potential employees.
Other companies indicated that predictive analytics provided better analysis of company needs to align people and company strategy; while others indicated that analysis provided the needed links between performance and compensation; the remaining companies surveyed stated that predictive analytics provided more in-depth knowledge of external talent pools.
Predictive Analytics Helps HR Look Forward
HR has historically been responsible for forecasting the right amount of talent and knowing when to hire additional talent. Unfortunately, before predictive analytics was utilized in HR, the forecasting was more backward-looking than forward. For example, one or more employees terminate, and HR suddenly decides there is talent disproportion.
Unfortunately, few companies have implemented predictive analytics for their HR groups. According to Deloitte, in 2015, only about 8% of global organizations have adopted PA for their Human Resources groups.
The few companies that utilize predictive analytics have had great success and freely share their efforts and results. For example:
The extensive time previously spent on creating charts, reports, quotients, etc., will soon be history because predictive analytics easily allows organizations to analyze the past and predict upcoming trends for both positive and negative analytics.
The end result of having predictive analytics in Human Resources is the ability to predict future needs that are accurate and verifiable. This becomes the organization value to business that Human Resources has long struggled to create. HR has for years attempted to get the infamous ‘’seat at the table’’ and predictive analytics will ensure this happens.
The Top 15 Shows That Every Aspiring Entrepreneur Should Watch
/in Entrepreneurship, Recommended Resources/by StrategyDriven1. Dragons Den
If pitching for investment isn’t already nerve-wracking enough, imagine doing in front of some of the countries most successful business people and on TV. That’s what the brave entrepreneurs on Dragons Den have to do. The current panel includes business greats such as Peter Jones, Deborah Meaden and Jenny Campbell. Watching Dragon’s Den is great for getting tips on how to pitch, an insight into what kind of questions you may get asked and probably most importantly- what not to do. Think you can take on the dragons? The show is open to applicants- enter the den if you dare!
2. Girl Boss
Inspired by the bestselling book ‘#GirlBoss’ by Sophia Amoruso and based on her start-up story, this Netflix original shows how Sophia went from broke to running the multi-million dollar fashion empire, Nasty Gal. Sophia starts by selling vintage clothes, but as her business starts to grown, she learns about all the ups (and downs) of running your own business.
3. Billions
If you want a lesson in power struggles, Billions is the one of you. Set in New York, it tells the story of the U.S. Attorney Chuck Rhoades, who boasts the title of never having lost an insider trading case. In Billions, he is taking on Axelrod, a (corrupt) hedge fun tycoon. What follows is a battle of intelligence, ambition, influence and ultimately power.
4. I Give It a Year
In this show, Baroness Karren Brady (who you may remember as one of Lord Sugar’s advisers on ‘The Apprentice’) meets with entrepreneurs who have just taken the leap and decided to start their own business. One year later she goes back and revisits them, to see how far they may (or may not) have come. The types of businesses vary from episode to episode- one of our favorite episodes involves one entrepreneur tackling the constant battle of trying to keep your cup of tea warm. A dilemma indeed!
5. Undercover Boss
Ever felt like your previous management was a little ‘out of touch’ when it came to the day-to-day running of the company? In Undercover Boss, the company leaders go undercover in the guise of a new employee within their own company. With the change of perspective, problems are uncovered they hadn’t realised were occurring and relationships with workers are both forged and strengthened. A great programme to help you change your own perspective on how to run your company, as well as proof of why you should always maintain a working knowledge of every aspect of your business.
6. Empire
Empire is a fictional drama, focused on the company ‘Empire Entertainment’ and it’s CEO, Lucious Lyon. When Lucious learns his life may be cut short due to health issues, Lucious must pick between his sons to decide who should take over his multi-million dollar company. With an ex-wife adding more drama to the mix, Empire shows the potential consequences of mixing family and big business.
7. How It’s Made
Ever looked at something and wonder how on earth they made it? How It’s Made has the answer, by looking at how everyday items are created and manufactured, covering everything from foil to chewing gum. It gives you a great insight into what is required for different items and may help you uncover the secret as to how to take your prototype to the next level. Or perhaps you have a better idea when it comes to how something is currently made… Either way, you’ll be inspired (and sometimes in awe) of the manufacturing processes that goes into those things we take for granted everyday. This show is also great for getting to grips with supply chain management as well as the basics of product design.
8. The Profit
The Profit follows Marcus Lemonis (Camping World CEO) as he invests $2 million dollars of his money into companies that are struggling to stay afloat, with them giving him a percentage of their future profits in return. Instead of giving them the money and expecting them to go it alone, Marcus offers his experience, expertise and knowledge, to help the businesses get back onto the right track for a fruitful future. Some will thrive and some won’t survive, but you can learn valuable lessons along the way by watching their journeys.
9. Mad Men
Set in New York in the 1960’s, Mad Men follows Don Draper’s power struggles at his Madison Avenue advertising firm and how he balances his position at work with his home life. A great insight into how the advertising industry operates combined with enough fictional drama to keep you binge watching those episodes. If you’re getting stuck on finding a name for your company, you can find out more here. Investing in company branding and advertising only to find your name is already taken is a costly mistake to make!
10. Shark Tank
A spin off from Dragons Den, this American reality TV programme shows entrepreneurs pitching for cash from successful millionaire entrepreneurs in exchange for equity. The sharks do not hold back in their assessment of the contestants businesses, with their harsh questioning sometimes bordering on brutal. The sharks include Kevin O’Leary, Barbara Corcoran and Daymond John. However, if the sharks like the sound of the business pitching, deals can be made then and there. A dramatic cut down of a longer pitch, it still captures the intensity of pitching for investment and is a must for any entrepreneur.
11. The Apprentice
This British reality TV show follows multiple hopeful entrepreneurs competing against each other for an investment in their business idea. The contestants are given weekly business challenges in which they work in teams, with one contestant being fired each week from the losing team. The final winner gets £250,000 and Lord Sugar as a 50% owner of their new venture. The weekly challenges vary and show not only the talents of the candidates, but also the importance of team-work when striving to reach goals.
12. Gordon Ramsey Kitchen Nightmares
In this reality TV series, Gordon Ramsey takes his foul mouth and flaring temper to various restaurants that are struggling to stay afloat. After uncovering what is going wrong in the business, Gordon tries to help turn it around. From awful food and stubborn management, to shabby interiors, Gordon often ruffles a few feathers in his bid to create a viable restaurant business for the owners. Not only great dramatic viewing, it shows the importance of customer experience and being open to feedback.
13. House Hunters
House Hunters is a US show that follows the journey of people looking for a new home. With the realtor working hard to make their customers dreams comes true, this show is a lesson in knowing what your customers wants, and shows how emotional reasons can overtake financial sense when it comes to consumer purchases.
14. Silicon Valley
Despite being a fictional comedy show, Silicon Valley was influenced by the experiences of it’s co-creator (Mike Judge) during his time working in Silicon Valley. The show is the story of Richard- a computer programmer who works alongside his intelligent friends to try and tap into the booming tech industry with their start up Pied Piper. Living in the home of the leader of their start up incubator, this show will help you laugh and unwind whilst getting an insight into the lives of those living in Silicon Valley.
15. How I Made My Millions
When you start your own business, you trade in huge risk for potentially huge reward. This programme tells the story of individuals who took exactly this risk and for whom it has paid off, creating million dollar businesses. Instead of showing the journey as all roses, this programme shows the reality and the hard work that goes behind creating a successful business. A great one to keep you inspired during those scarier moments in your entrepreneurial journey.
Key Practises You Must Get Right To Grow Your Small Business
/in Entrepreneurship/by StrategyDrivenHiring
If your company is small, then every team member is crucial. For example, let’s say you have a team of five. Every person is responsible for 20% of the workload. Imagine if your new hire is simply not performing. That takes your business down to 80% effectiveness. Now imagine another staff member suddenly quits without notice. You’re suddenly down to 60%.
The smaller a company is, the greater the importance of each employee. It doesn’t matter if a large company hires a few bad apples because it will have hundreds of other workers to take up the slack. Unfortunately, you don’t have that luxury.
Make sure you develop a comprehensive hiring process to weed out lazy and unreliable workers. Have a look at qualityeducationandjobs.com to learn more about what you should be looking for.
Accounting
Make sure you hire a good accountant and make sure you document all your expenses and revenue closely. Any bookkeeping stuff ups can cause chaos throughout your company, potentially land you in tax trouble, and impair your ability to plan for the future.
Marketing
If you want your business to grow, then you need to get it seen. The best way to do this is to develop your online presence as much as possible. If you’re not familiar with social media marketing (you should be), now is the time to learn. You want to start developing posts that connect with your audience.
You should also aim to get your company site seen on Google. If you have no idea how to do this, then it may be time to learn about SEO (search engine optimization). This involves a variety of processes to get your site ranking on the highest page possible. The easiest and most efficient way is to develop content that is relevant to viewers. This could be in the form of articles or videos.
Quality Control
It’s easy to think that because your business is small, there is no need to implant major quality control procedures. Why it does depend on your industry, it usually pays to implement these procedures sooner rather than later. Imagine you send out an order that is completely wrong, all because of a simple mislabelling mistake. You may end up losing a customer who would have gone on to spend hundreds or thousands. While human error will always occur, it’s important to minimize it as much as possible.
Final Thoughts…
These practices are crucial to almost any business, regardless of their industry. If you’re a small business owner who wants to level up to a medium sized business, then you need to get your procedures perfect.
Turning Your Catering Biz Into A Really Dishy Proposition
/in Entrepreneurship/by StrategyDrivenLet’s assume you already have the culinary talents and the dedication to customer satisfaction that are crucial to any successful catering enterprise. Besides providing food to satisfy at events, celebrations, and so on, you are also going to have to nail the image of your business. People don’t just want good food, they want good food from someone they can trust as a professional. Here, we’re going to look at how you make sure your catering biz is a tempting dish from any and all perspectives.
Make sure you are legally good to go
If you are just starting off on a freelance venture and trying out cooking for small events around you, make sure that you have all the licenses you need for a catering business. Many people will start a business off with a few trial runs for families and friends, ensuring that they get a good enough reception to start putting time, money, and effort into it. Unfortunately, many of these people keep building without realizing that they are going to need to be licensed to start charging people money for their services. If you plan on serving alcohol with your food, then you are going to need a separate license for that, too. If you can’t confirm you are fully licensed to clients, they are less inclined to trust you.
Create an online menu
As soon as your business kicks off the ground, you should try to make sure that you have some kind of online presence. Caterers are used to roaming around for their work, and often don’t have a set premises that can attract people with curb appeal. You can set up a Facebook group, but it shouldn’t serve as the “home” of your business. Take your business online and invest in a professional looking website that details your services, offers a menu, and enables potential clients to find you much more easily. A search engine optimization campaign can help you direct more local traffic to your services with little cost, too.
Tell your story
Whether it’s on your website on in brochures, make sure that you are starting to build a brand unique to your business. Your own business name, logo, and aesthetic will make up the core imagery of the brand that helps you build recognition and an image that stands apart from your competitors. But food provides a sensory and emotional journey and you can kick that narrative off with a brand story. Your brand story can talk about the inspirations for your menu and what got you started, or it can focus on the needs of the client, talking about providing convenience and comfort for those who need food quickly. Figuring out your story means figuring out which market you’re appealing to and what they want to see and hear.
Be specific in your services
Your story does not, however, tell the audience everything they need to know in detail about what services you are going to provide. It is a common mistake for brand new caterers to fail to tell clients whether they are going to be providing cutlery, what areas they can serve, even how many they can feed. Your focus on marketing your menu can distract you from some of the more crucial elements of the service that they want to hear. If you haven’t decided what level of service to offer, it’s a good idea to look at what clients look for in a caterer and figure out what you can provide without cutting too deeply into your profits. Make sure the details are listed clearly on your website and any brochures or long-form marketing material you publish.
Look the part
Your marketing and branding doesn’t end when you get the part. In fact, that’s where it starts. We are going to assume that professional caterers don’t need to be told about how to make good food or how to present it well. However, it’s wise you take the same approach to your very being, too. If you want to convince people you are dedicated to your field, then you might want to consider a uniform that makes you look like a food service professional. If you have a van or another business vehicle you use to reach venues, events, or clients, then consider investing in branding for the van, too. Not only does it cement a serious working aesthetic, but it also functions as a traveling advertisement for your services.
Speak the part, too
Professional caterers are expected to be able to communicate in detail about many different elements of the business you are in. You are going to be explaining not only your services, but your menu, specific tastes, and all sorts of other details. If you aren’t entirely confident or feel like you have trouble expressing yourself clearly, it may be worth looking into getting lessons in communication or reading books that can help you express yourself and be a little more confident. That confidence in communication will give the image of confidence in your cooking, as well.
Don’t let the strain show
As you become a more successful caterer, you are likely to become busier and busier. You might be taking on more events and clients than ever before, and you may be catering for larger crowds than you have handled in the past, too. It can be a stressful environment and you may be managing the business on the side even when you and your team is in the middle of a job. It’s important you don’t let that strain show, so it’s worth using catering management software to help you streamline all the organizational parts of it. Dealing with messy notepads or bloated Excel sheets can make it much harder to keep your cool, which can show in front of the clients and is not a flattering look.
Leverage the power of social
When you create a new dish, what is the best way to show it off to get those potential clients’ mouths watering? Having pictures to go with the menu on your website can make it even more compelling. In terms of marketing, however, food is especially powerful when published through social media. Twitter is a must-have marketing platform for any business that operates online. For food businesses, such as caterers, however, Instagram can be even more valuable. Good food has aesthetic appeal and you can use that to attract much more business, build your brand, and attract new clients through the right visual-focused social platforms.
Know your best bits
After you finish an event, it’s a good idea to review what you have learned. CRM tools can help you manage correspondence, details, and feedback from clients that can help you gather data on what works and what doesn’t. You can start to compile data based on what menu choices are most popular and which aren’t. This way, you can stop spending money on ingredients you don’t use as much and look into replacements. You can also gather feedback and see if there are any trends in which parts the clients liked, in particular, or which can be done better. Know your best bits and keep adapting your menu to maximize your profits. Even if you don’t agree with a client, it doesn’t matter. If a menu choice is costing you more money that it makes, it needs to be cut.
Keep building the network
It’s not only your reputation and image with the clients that matter. You also want to make sure that you have a firm presence within the event planning industry. Other caterers, wedding planners, and venues can all be highly valuable contacts for you. You can gain referrals from them, for instance. When caterers have a full schedule, they will often recommend an alternative. Event planners and venues often have links with local caterers. Build your links within the industry by visiting trade fairs and finding networking events near you on a regular basis.
Full mouths are good for business
Filling mouths is what you do but you should be filling them with praise as much as food. If your clients are happy and seemingly willing to shout it to the world, make good use of that. Word of mouth is one of the most effective marketing practices out there and, as food is such an emotional product, it is one of the easiest industries in which to acquire and leverage word of mouth. Ask them if they would leave a review in your Google listings or a testimonial online. Encourage them to spread the word through social media or follow you. You can even incentivize them with, for instance, a free taster or a voucher if they help you successfully gain a referral.
Food for events isn’t just a practical concern, it’s an emotionally driven purchase. Food is tied deeply to subjective enjoyment, so making it attractive as possible is in your best interests when attracting clients. The tips above should ensure that your business has an image that’s impossible to resist.
3 Tips on Holding an Event to Promote Your Business
/in Marketing & Sales/by StrategyDrivenThere is no right or wrong way to go about promoting your business; the best moves for your business will depend on exactly what it is, as well as who you are marketing to and competing against. There are, however, a number of things that you can do that will maximise the chances of your promotional event being a success.
Throw the Event You Would Want to Attend
The easiest way of ensuring that you plan the very best event that you can is to make it the kind of event that you would want to attend. It doesn’t mean that everything should match your personal taste, it just means that you should put in as much effort as you would want someone else to put in to an event you were attending.
This thinking should extend beyond the event itself and also include things like invitations sent out beforehand. If you don’t invite people to your event in the right way, the number of respondents who show up at all will be lower.
Make sure that every aspect of your event reflects the care and attention you have put into it. The best way of achieving this is to ensure adequate planning beforehand. It’s no use getting to the day of the event and still not having everything in place. The more organised you are beforehand, the better chance you have of pulling it off without a hitch.
Staff it Properly
There are two components to ensuring that you have the right staff on hand. The first is simply numbers as if your event is understaffed, it will show. Guests at an understaffed event will have a harder time navigating. Even if your event only takes place in a single room, and everything is clearly signposted, you need enough staff members to ensure that food is circulated properly and that any issues can be addressed promptly.
While some businesses choose to staff these events using their own staff, if you want to really push the boat out, and if you want this event to be a roaring success, then you should hire some temp staff externally. Through companies such as Staff Heroes, you’ll be able to find a range of staff that are available to work during the specific date of your event, and then choose each staff member based on their profile.
Promote it Beforehand
Hosting a killer event isn’t going to do much good if no one turns up. And, of course no one is going to turn up to an event they don’t know about (not intentionally anyway). The best way of promoting your event will depend upon a number of factors, namely what the nature of your event is, and who you are hoping to attract to it.
For example, if you are a software company who is hosting an event in the hopes of meeting other programmers and coders, with a view to working with anyone whose skills and interests complement your business’s other work, it would make sense to promote your event in places where coders will see it. By contrast, if your business is one that sells custom clothing, it’s unlikely you’ll be looking to fill a room with programmers. Instead, you should advertise your event with flyers in clothes stores, and any outdoor market clothing stalls near you.
Holding a killer event is an excellent way of raising your business’s, and your own, profile. With the right event, you can achieve almost anything. It is worth investing the necessary time and money to get it right.