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5 Key Business Considerations To Keep In Mind

StrategyDriven Managing Your Business Article |Business Considerations|5 Key Business Considerations To Keep In MindWhen you’re running a business, your mind can be a really busy place. Most of the time, when you’re in a set job, you’ll find that you have one major responsibility or role. Your job title often means that there’s a set thing that you need to work on – and that’s great. However, when you’re a business owner, there’s usually a full range of things that you need to be working on. And so, it can mean that you’re always doing so many things to keep your business running. But not only that, you have to be thinking of things to help it grow too. As a business looking for success, whether you’re currently running it from home or not, you will definitely want to think about what you want to do to make that happen. Here are five key considerations to keep in mind.

1. Marketing

To start with, you are going to want to be thinking about your marketing. What sort of marketing methods are you working on? How are you able to get your business and brand name out there? Really start to think about what it is that you want to create and pull together a marketing plan that allows you to shout about what you’re doing.

2. Outgoings

From here, you’re then going to want to take a look at your outgoings. You may find that you don’t really know what your business expenses are but that then can mean that you aren’t able to track your profits or business growth. So instead, it’s much better for you to be thinking about what costs you have to help you ensure you make a profit.

3. Manufacturing

The next thing that you’re going to want to consider is the manufacturing side of things. It could be the case that you have to find suppliers to work with, or consider doing it yourself with the right equipment. When that’s the case, you’ll want to put the right time and care into choosing a mixer or whatever it is that you need. This is to ensure that you have got the right setup in place and you know that you are able to create the products that you need.

4. Growth Plans

You should also have some sort of growth plans in mind. It’s safe to say that if you want to get somewhere you’ll want to be able to have a plan on how you’re going to get there. So start to think about the steps you need to be able to take to get to where you want to be.

5. Customer Service

Finally, there’s also customer service for you to be thinking about. As you may know, when it comes to business, the key to making things work out for you, is to ensure that your customer is happy. So, if you want to be able to nail all of the other points and, of course, scale, you have to be able to produce stellar customer service too. So make sure that you are hot on emails, getting orders out, and if you’re not sure, hire a service team to help you.

Is your Business Not Growing? Here’s What you Could be Doing Wrong

If you feel as though your business is stagnating, then you will know how frustrating this can be. You may be able to fix the issue though, if you are able to pinpoint the cause properly.

You Don’t have a Good Marketing Plan

Operating without any kind of written plan is not a good idea if you want to keep your business running like it should. If you do not have a good plan, then you may find that your competitors end up surpassing you and this is the last thing that you need. Sustained growth and cost containment all require a huge deal of planning, so you have to make sure that you explore every option here so you can prepare your business for any future hiccups.

You Don’t have a System

Believe it or not, systems save time and they also give you the chance to monitor all of the different parts of your business. If you want to facilitate growth, then you need to try and track your weekly and your monthly productions. You also need to develop and track your leads, and boost your customer retention rate. If you can use tools to monitor your customer satisfaction, then this will help you out a lot here, so keep that in mind as much as possible. Look into sample accountability to find out more. You can find additional info here.

You Cannot Differentiate Yourself

If you or your team can’t answer why you are different from your competition, then you may have just found the reason why you are not growing as well as you could be. Take the time to come up with the answer and then tell your staff. The answer here should be automatic. It’s the key to making sure that you are not selling price over value and that you are able to close big sales with ease.

StrategyDriven Managing Your Business Article | Is your Business Not Growing? Here’s What you Could be Doing Wrong

You’re Not Investing

Some say that it takes money to make money, but so many companies underspend when it comes to marketing and advertising. You have to know that your business growth is often related to how much you are able to allocate in this area. You should be spending around 9% of your projected revenue every year on reinvestment. If you can do this then you will be able to increase your company potential more than you realise.

You’re Not Staffed

You may say that you do not have enough money to hire help. That being said, you have to make sure that you don’t defer hiring staff. If you do, then you may find that you end up losing out and that you are not able to advance your company. This is the last thing that you want, so you have to make sure that you invest in your business and that you hire people to help you out with any non-essential tasks. Outsourcing is a fantastic way for you to do this if you want to stay under budget. Little things like this can really work wonders for your profit and your rate of progression.

How to help your business grow in 2021

StrategyDriven Entrepreneurship Article | How to help your business grow in 20212020 will go down in history as one of the hardest years for businesses. Some industries, like nightclubs or stadiums, haven’t been able to open their doors since the very start of the year. Even the businesses that are normally in constant high demand, like fast food restaurants and coffee shops, have faced their own challenges and seen big drops in revenue. The sad reality is that some businesses won’t survive long enough to reopen their doors after the Christmas holidays. Those that do survive will be desperate to increase their profits to make up for the damage caused by the coronavirus. If you’re one of those businesses looking to recover, here are some of the best ways you can help your business grow in 2021.

Employ the right people

One of the most important aspects of any business is the people you employ. Choose the right employees and they will be your most important asset. Choose the wrong people to work with and they can cause all manner of problems, including poor productivity, inaccuracies and they could even damage your brand’s reputation, all of which will impact your ability to turn a profit.

To make sure your business can reach its financial potential, it’s important to choose a talented group of people who can work well together to produce a good product or provide a good service. It’s important that you choose people with the right skills you need to compete those all-important tasks. One of the best ways to ensure you find people with the right skillset is to seek the help of a recruitment agency that truly understands your industry. Whether you work in the construction industry or the performing arts, find a local recruitment agency that can instantly recognise what makes a good potential employee for your business. That way you won’t be wasting your time meeting up and interviewing candidates that are clearly not the right fit for your team. If you suddenly have a gap in your workforce that needs filling, they can find you the right person to fill that position before your productivity is affected.

Introduce yourself to your customers once more

If you’re involved in an industry that has been forced to close temporarily or reduce the services you provide, it’s important to remind your customers of your existence once you are able to fully reopen. Even if you have been able to remain open, it may be that the restrictions have meant many people just haven’t required your products or services. A lot of businesses are in this very situation, for example those who sell travel insurance or even those who sell suits and dresses for big evenings out socialising.

One of the best ways to attract those customers back is to act like those customers are brand new to your business. Create a marketing campaign that explains the advantages of using your products or services. Remind them of how they can buy goods from you or access your services. Make sure this marketing is located in the places where your target audience spends most of their time. For young people, this could be on social media platforms like Facebook or Instagram. For the older generation, this could be in newspapers and on the radio, although an increasing number of people in this demographic are now using social media.

Revisit your pricing

Over the last few months, it’s probably not just your earnings that have taken a big hit. It’s likely that some of your customers also have a lot less money than they did this time last year, whether that’s because their hours have been reduced at work, they’ve been furloughed or they’ve lost their job completely. If this is the case, the main obstacle stopping them buying your product may be the price. Consider either reducing the price of your products or offering cheaper alternatives for those who have a smaller budget. For example, you could offer a product in smaller quantities or made from cheaper materials.

On the other end of the scale, there could be customers with lots of money saved up as they weren’t able to go on their annual holiday or they just spend less money on things like day trips and nights out. Consider offering luxury packages to encourage these customers to spend more money with you. You could group several of your products together and sell them as a bundle, offering customers a small discount for buying all of the products together.

Strategies to Transform Your Small Business into A Large One

StrategyDriven Managing Your Business Article | Strategies to Transform Your Small Business into A Large One

Small businesses play a large role in the world’s vibrant economies, as they employ many people and drive innovation and competitiveness. According to the US Small Business Administration (SBA), small businesses constitute 44% of the country’s economic activity. However, every small business owner’s primary goal is to have a company that expands and eventually becomes large and profitable. So which smart strategies can help turn your small business into a large one? Here are four points to consider:

1. Extend your market reach

Making your products or services available to new customers is a great way to expand your small business into a large one. New markets represent new customers, who also represent fresh opportunities for increased earnings. You should open stores in new areas to introduce your business to new customers. Experts also recommend targeting new groups in your locality who could use your products and services, aside from your regular customers. Finding and promoting new uses for your product also encourages existing customers to purchase more from you. Therefore, it would be advantageous if you extended your market reach to increase sales and transform your business into a more stable model. Over time, this stability will only lead to increased earnings that will transform your business into a large one.

2. Introduce new products and services

Many business experts agree that the business world is in constant flux, and as such new products and services are crucial to the survival of companies. Consider introducing new products and services that attract new customers and encourage your existing ones to buy more. Accomplishing this can be quite tricky, but with research and flawless execution, you could be on your way to bigger things. First of all, you must identify a pressing need through customer interaction, employee brainstorming, and personal research. Then, you must develop and test a product concept that meets this urgent need. Developing a good prototype is essential here, so reach out to experts to find out how it works and how best you can bring your ideas to life to permeate new markets.

3. Consider franchising

Research reveals that 80% of McDonald’s locations are franchises. Franchising is a useful tool that you can also leverage to transform your small business into a big company. As your small business begins to experience success, consider licensing your branding, business model, and processes to others who will market your products under your brand name. Franchising has many benefits that should make it a vital consideration in your business expansion plans. Firstly, it can substitute capital acquisition as a less risky and more cost-effective way of business expansion. Franchising also gives you more motivated unit managers because your franchisees are business owners themselves with a vested interest in your business’ success. It facilitates faster growth because you team up with already successful companies, which catapults you to a market leadership position within your industry ahead of your competitors. You should see franchising as a way to increase your business’ profitability, penetrate new markets, and transform your small business into a large company.

Understanding Why Businesses Need Storage Units

StrategyDriven Managing Your Business Article |Storage Units|Understanding Why Businesses Need Storage UnitsStaying organized is an essential requirement for any business to succeed. However, the office items are tough to manage sometimes, especially in the warehouses and manufacturing department. Messed up offices mean you are stepping into the world of hassles and time constraints. It is not convenient to run a business if you have a mismanaged environment in the workplace. Your employees will consider managing their belongings rather than the entire office. You are the boss, and you have to consider all such problems.

How would it feel if you have an urgent task to meet and the workplace is messy? You are likely to waste time arranging everything, and then you can begin working on the assignments. Furthermore, you can quickly lose clients if you spend time on instant management instead of dealing with the customers. Storage units are an efficient choice for businesses to avoid time wastage on such issues.

Storage units are sufficient spaces in the form of a hut that allows you to store all the unnecessary or least used items. You do not have to get rid of them entirely, and the units store them safely. Businesses do not find it a beneficial idea because storage units are often related to housing, but we can help you change this perspective. Here are some of the most compelling advantages of using storage units for businesses.

Seamless Business Growth

If you are wondering about growing or expanding your business, you might need more room for the purpose. You require more employees for more work, and ultimately, your office demands will increase. What would you do with such belongings? Getting a professional assistance, for instance, Lakeside Storage, can do away with all the hassle and leave an organized unit behind. You do not have to face sales hassles, and the equipment stays safe too.

Save Money

Business owners often believe that renting or buying a storage unit is expensive. With this thought, many companies have to bear the burden of warehouses and various other options. However, you get size alternatives that are cost-effective and just right for your needs. These units are efficient for all purposes – equipment, machinery, and extra furniture. All you got to do is find the right size of the storage unit, and you are good to go—no money wastage.

Secure Choice

Have you made up your mind for storage units? Fantastic! You have decided on a secure option for the lesser-used yet essential business items. Such space nowadays gets protected with a password, and as technology is advancing, you can enjoy fingerprint protection as well. All the belongings are at a secure place so that your office stays spacious and productive.

Productivity of the Employees Increases

Utilizing storage units means you are keeping the workplace clean and well-organized. Organizing the office in the best possible way always influences the employees positively. Workers feel motivated and stress-free, which results in higher efficiency. Efficient employees are still in favor of the business. Messy organizations usually fail in several departments and not knowing the reason is more depressing than losses.

Pleasant Work Environment

Apart from an organized corporation, employee productivity also depends on the workplace environment. The pleasant climate keeps them free from stress, which also boosts employee morale and efficiency, especially the manufacturing department. If the department doesn’t have any extra equipment and furniture, they can work at a better rate. So, instead of storing everything in corners of the office, find a storage unit that fits your demands.

Keep Backup Equipment

Storage units are not for getting rid of the extra items. You can also use them to keep a backup for operations. You can invest in new machines and equipment and store them in the unit as a backup. All the unused machinery or least used machinery should not get rusty in the corner of the plant. Instead, they can enjoy a happier and longer life in a storage unit.

Stress Relief

The mismanaged office is stressful for the bosses, but fortunately, a storage unit can save the day. Do not stay stressed because you have an impact on the entire team. Stop searching for different options and avoid salvage issues. Benefit from storage units, stay stress-free, and maintain a healthy atmosphere in the organization.

Get Rid of Cluttered Offices

According to a survey, 17 percent of the people look for storage units to get rid of clutter problems. Undoubtedly, unnecessary items give the firm a cluttered look, and it is overwhelming for everybody. If you haven’t rented or bought a unit, get it now and free yourself from cluttering issues.

Essentials Remain Safe

You may lose vital documents and important files since several unimportant things make a way in the company. When needed, you may not find the critical items, and this is where numerous problems are born. But storage units keep the unimportant ones safe and essential ones readily available for you.

Conclusion

Other than managing the employees and operations of your company, you must also manage the surroundings because a disorganized workplace results in lesser productivity. Furthermore, it also lowers employee morale. Hence, it is essential for you and your organization to stay organized with tangible goods. Your functions do not demand all the items, and several things at the office are out of use. Instead of overloading the workplace, be wise, and get a storage unit. It is a more convenient alternative for all the least used items. You can conveniently store them and use them as per the need – no need to sell and buy essential elements. Your firm will stay organized, and the employees will be more productive.