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The Challenges of Responding to the Coronavirus Pandemic in the Business World

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StrategyDriven Entrepreneurship Article | The Challenges of Responding to the Coronavirus Pandemic in the Business WorldRight now, there are a lot of companies that are figuring out how they are going to respond to the pandemic moving forward. Even though it is great news that many people have already gotten vaccinated, the virus is still out there. Furthermore, the virus is continuing to mutate, creating a lot of concerns for companies that are trying to stay afloat. For this reason, a lot of people are going back to school to get extra credentials, as the cost of CFA has gotten lower. What are a few of the biggest challenges that companies are going to face moving forward? Take a look at some of the key topics below.

The Growing Role of the Digital World

One of the biggest challenges is the increasing digitization of the business world. Because a lot of people are unable to go to physical stores right now, more people are purchasing goods and services online. Companies need to do everything they can to make sure they are accessible online. It is true that some products and services are more amenable to the online world than others. At the same time, it is incumbent on the companies to be as creative as possible. The more they can open doors to the digital world, the easier time they will have generating revenue in the current environment. It will be interesting to see how companies do this moving forward.

The Challenge of Supply Chains

Another major challenge that companies are facing right now has to do with supply chain issues. In the past, a lot of companies would try to rely on a single supplier for everything. The biggest benefit of this is that companies can develop a strong relationship with a single supplier, knowing that the supplier understands exactly what they want. Now, this is not a smart move. It is important for companies to rely on a variety of suppliers to hedge their risk. What this means is that if something happens to that supplier, such as they are forced to shut down because of changing regulations and their jurisdictions, the company will still be able to rely on other suppliers to fill the gaps. This is something that businesses will have to consider moving forward.

The Growing Reliance on Work from Home

There are a lot of businesses who are wondering how they are going to contend with the current work-from-home culture. Right now, there are a lot of companies that are still unable to return to the office. Because of current virus transmission rates, along with regulations in their areas, a lot of companies still have to have their employees work from home. Even though there are a lot of benefits that come with working from home, companies also still have to make sure their team members can communicate with one another. Companies that can find a way to ensure their employees can stay on the same page will be put in the best position possible to be successful.

Address These Growing Challenges

These are just a few of the many challenges that businesses are facing right now. As the pandemic continues to be an issue, companies need to figure out how they were going to address these challenges. Business owners and leaders need to remember that this is not something they need to go through on their own. There are professionals who are willing to lend a helping hand to businesses in need. If companies can find a way to overcome these challenges, they can set themselves up for success moving forward.

You Need HR Services – Here’s Why

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StrategyDriven Managing Your People Article |HR Services|You Need HR Services - Here's WhyDid you know that there are over 30 million businesses in the US right now that hire almost 60 million people? Small businesses are popping up all over the place and those small businesses are employing people to work within their walls. While large enterprises are still sweeping through and making a name for themselves, it’s smaller businesses that need some help with human resource issues as they crop up.

Small businesses are facing some of the biggest challenges in-house than bigger businesses, and they are often on a very steep learning curve. Outsourcing issues you might have with contracts and employee separation agreements is important and you will find that HR issues like payroll disputes are often better left to experts. An outsourced agency could be the support you need, and understanding what they can do for you will help. If you are operating a small business, the best thing that you could do is to check out whether you need outsourced HR services in the first place. You might not even think that you need a human resources department, but if you’re hiring people, you need someone to manage them. You’re the owner and you should be considering keeping up with your regular business practices.

The last thing that you want to do is leave things up to chance. Your employees can be your best asset and below, we’ve got a list of reasons you need to have HR services to help your business.

    1. Reducing your overheads. Did you know that a HR department can help you to reduce your overheads? HR departments often increase your staff, which means that you have to have more desks, more technology and more space for documents. If you outsource your HR services, you’re going to save on this and still get an excellent service. Great HR departments outside your business are going to help you to save money in the long term. The costs can vary when you pay an agency, so shop around and get the right one.
    2. Attracting employees. A big red flag for the best talent out there is a business that has no regular processes in place to make sure they are protected. A HR department is one that will ensure that your staff are happy, protected and able to continue their work. If you’re not experienced in recruitment, you don’t have to be. You can have the experts doing the job for you and this will help you to attract the best talent. Their onboarding processes are going to be targeted, too, which will help you to bring on the best people.
    3. Training. You know that your business works with you at the helm; it’s why you’re the owner. If you want to ensure that your business training and education works well with your employees, contact a HR agency outside the business. Training may not even be a huge part of your business but it also doesn’t have to be. It can pay to outsource this as training isn’t cheap!
    4. Policy development. It’s not easy to develop a range of employee policies, especially if you’re not aware of the law. You can hire an expert to do this for you, though, and they can work with you to come up with employee separation agreements and working contracts that will be used across all departments. The right HR services can help you to develop policies that suit your business and what you need.
    5. Coping with risks. There are some things that can be a liability in businesses and you might not know all of them. It’s okay if you don’t; that’s why you have external HR resources to help. You might not know much about labor laws, but your HR expert will. There are plenty of laws like this that are out there and these change all of the time. The best thing to do here is to have a trained professional handle it all for you and keep up with them – so you don’t have to.
    6. Payroll issues. One of the biggest HR issues is payroll! People not getting paid, people not getting the right perks and benefits and trying to get what they are contracted to get is important. Your HR service can handle this for you because you don’t need to let this slip through the cracks. You have to stop what you’re doing so that you can deal with difficult issues, but if you hire a HR expert, you’re going to be able to avoid this and let someone else handle it. There’s nothing wrong with stepping aside and asking someone else to take over; you just have to be brave enough to ask for help!
    7. Health insurance. A HR service is going to be the best place to look for the best health plans out there and with the right service, you’re going to be able to offer your employees the best. Going with an outside HR company will help you to have access to a range of benefits that you wouldn’t normally get, too. These are the benefits you want to look for for your staff.
    8. Insurance management. Did you know that your human resource department can work with you to set up the right insurances? There are so many different types of insurance out there that you have to understand, and there are HR experts to handle it all. There are liability insurances and workers’ compensation insurances, professional liability and commercial insurance. It’s a lot, but you are one person and you don’t have to worry about understanding it all.

Human resource experts are out there looking after businesses. You will never have to worry about your business being without an expert in people if you hire a great HR service to work with you. Your whole business is going to be built on the people who work for you – make sure that they are as looked after as possible and don’t skimp on this expense.

How To Impress Potential Business Investors

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StrategyDriven Managing Your Finances Article |Business Investors|How To Impress Potential Business InvestorsNot all businesses require investors, but if yours does because you want it to grow more quickly, you can’t keep up with demand, or you can see that it will be much bigger than you can handle on your own, you will need to be able to impress those who might invest their money with you.

When you meet with investors, you have one chance to get your pitch right and let them know why they should give you their money and not invest it elsewhere. This is why you need to be wholly prepared beforehand. Here are some tips so that you will be prepared and ready to be a success.

Know Your Figures

What investors are going to be most interested in is the financial aspect of your business. It’s true they may also love what you do – in fact, it certainly helps – but this is not the only reason they will invest. They need to know that they will make a return on this investment; this is how they make money, and they won’t want to lose.

You will need to really know your figures if you are going to impress potential business investors and prove to them that their money will grow if they put it into your business. You will therefore need to be sure of:

  • How much your goods cost to buy
  • What your margins are
  • How much profit you can make
  • What your other outgoings out
  • What potential growth there is and over how long

Knowing these figures will help your investor decide whether it is worth them investing with you and see that you understand your business and business in general.

Show Them You’re Serious

An investor will need to know you’re serious about your business before they will invest. The last thing they want to do is give you the money you have been looking for, only to find that you grow tired of this business and want to move on to something else. If you can show that you are serious about what you are doing and that you have gone to great lengths to get it this far, they will be more comfortable investing.

One way to show how serious you are is to have a professional website. Investing in this and having experts create it for you is proof that you aren’t going to give up and do something else any time soon. Your website is also a great way to showcase what you do and is therefore an easy place to direct potential investors if they want to see exactly what you do. Make sure it is up to date and contains all the relevant information they will need to see.

You can also show you’re serious by having a thorough, up-to-date, well-thought-out business plan. This will show that you have considered where you want the business to go and what you want to be able to do with it in the future, whether that’s finding the top places to buy a second business to add to your portfolio, selling your current company when it reaches a certain level of profit, or anything else.

Prove That You’re Different

It is relatively easy to set up a business these days, thanks to technology. The fact that jobs are sometimes difficult to come by is another reason there are many new businesses being created; people are making jobs for themselves.

You will need to show any potential investor that you are not only different but better than your competitors. Show them what problem you are solving and how your business is solving it, for example. You can also show them evidence that you are an expert in your field, making your business the one that people are more likely to come to.

Address Possible Issues

You’re eager for your business to change the world and solve existing issues, which is fantastic. However, this is insufficient information to persuade investors that your prized project is going to work out and won’t fall apart when it’s put under pressure.

Consider the potential problems that your project and brand could encounter in the future. They should be highlighted or perhaps given their own section in any presentation you offer your potential investors. Investors want to know that their money is secure even when things aren’t going well. The greatest impression you can create is to show them that you know how to solve issues and that you’ve thought ahead to what they might be.

10 Factors to Consider When Choosing a Roof Type for Your Construction Projects

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StrategyDriven Tactical Execution Article | 10 Factors to Consider When Choosing a Roof Type for Your Construction ProjectsYour roof will determine the durability and appearance of your business facility whether it’s an office or factory. Here are 10 factors worth considering when choosing a roof type for your construction projects.

Choosing a roof type comes with great responsibility. This also involves choosing the right contractor for your construction projects as they influence your decisions the most. Baker roofing company provides you with the 10 factors to put into consideration when choosing a roof type for your construction projects.

Your budget

Finances will always be your number one constraint. How much are you willing to spend on your roof? A good roof type will always be more expensive than the rest. You should be aware of the costs you will likely incur through the process of purchasing, installation, and maintenance. Costs may include that of raw materials, transportation costs, a roofing contractor, and maintenance costs.

Budget involves estimation of costs prevailing in the market. The use of construction estimating software eliminates the likelihood of underestimation or overestimation. Having a good budget with correct estimates shades more light on how much the project will cost you.

Business needs of the facility

When choosing a roof type for your construction projects you need to consider the business needs. Does it need a roof? Is it an office? In case it’s a factory, are there any pollutants emitted? Will they react or cause damage to the roof? These are some of the questions you need to ask yourself to make a good choice.

The geographical location of your building

Different regions have different trends of weather. The weather may differ year to year in terms of wind velocity, rainfall, and snowing and other regions may experience the extremes of these weather conditions. Different roof types are made to withstand the extremes. Your geographical location may restrict you to only certain types of roofs hence you should consider looking into this.

Cost of maintenance

Roofs also need maintenance to keep them functional. Some types of the roof will require high maintenance with the need of expertise which may be expensive. Some may also need to be replaced wholly, therefore, you should take into account this factor.

Reviews, references, and testimonials

A good roof type will be followed by positive reviews. Check the provider’s website or social media platforms to see the reviews and testimonials given by their customers. Ask for references from other owners of buildings who have already installed their roofs.

The length of service

Longevity varies from one type of roof to another. In addition, other factors may influence its normal lifecycle by either prolonging or shortening it. These factors may include exposure to the sun, level of maintenance, and installation. The key goal of any business is to maximize profits and minimize costs hence the need for long-term goals prioritization.

You need to ask yourself this: will there come a time when you’ll have to relocate? Do you have ideas of converting the building into something else shortly? Answering these questions will help you make an informed decision on the type of roof you need to purchase.

Level of expertise of the roofing contractor

Some negative reviews of the roof types may arise due to poor workmanship. You may end up not liking your roof type because it was wrongly installed by an unqualified professional. Expertise in this field has vast knowledge on the different types of roofs and has a better understanding of which one will suit your business. You should also consider looking into the number of years the roofing contractor has been in the market. Those with over 50 years of experience such as slate roofing should provide a high level of expertise.

Energy saving

Energy-saving roof systems are becoming popular because of their efficiency. They can recycle toxins that are hazardous to the environment hence leading to energy bills savings. They are quite expensive than others but in the long run, you save more on your energy bills.

Building codes

Some states have restrictions on the type of roofing for safety purposes. This is because some states are exposed to risks that are natural such as tornadoes and hurricanes.

The roofing application

Are you applying the roof to a new building, as an addition or as a replacement? Answering this will help you in choosing the correct roof type needed.

Conclusion

Making a good choice of roof type is very vital for the success of your business. Your decisions should be informed. Considering the 10 factors discussed above, you will be guided to arriving at the best decision.

How Should Leaders Promote Healthier Workplaces?

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StrategyDriven Managing Your People Article | How Should Leaders Promote Healthier Workplaces?

The food industry is an industry that always has its discussions around the topic of health, but this is something that we don’t always consider within small to medium-sized businesses. While there’s a lot of talk on health well-being and mental health, common physical health is just as important. So when it comes to being an effective leader for a business, we’ve got to learn how to promote workplace health but also make sure that we promote a healthy lifestyle. So how can we do this?

Implement Healthy Practices in the Workplace

It’s about leading by example, if we are shown to have healthier practices, this will begin to slowly seep into our employees’ mindset. It’s important to have certain touchstones of health dotted around the office. A good example would be a juice bar or juicing machine. Juicing is a great way to detoxify and energize us, which can have a massive impact on productivity. You can use this link to take a deep dive into juicing and see if it works for your employees. But also, it’s about slowly getting rid of those unhealthy practices that we’ve come to rely on. A very common example is having doughnuts or pizza at the end of the working week. If you want to decrease productivity, this is the best way to do it! While not many people would like you for swapping pizza or doughnuts for fruits, you can find tastier and healthier choices.

Focus on Prevention

Prevention is much easier than cure, and it’s also much cheaper! Everybody is more focused on health than ever, and if you want to focus on general preventive health, you could bring a doctor into the workplace and speak to your employees about certain health issues. But you can also incorporate this into the perks of the job. For example, you could offer rebates for arranging flu vaccinations. You could also look at rebates on health insurance or provide more incentives. These are all little things that can help you in the long run because they will reduce sick leave, and make for a healthier workplace environment.

Encouraging More Physical Exercise

Physical exercise is a great way to encourage better health, but it doesn’t need to be expensive. You might not want to start a running club, but if you are looking to encourage employees to be healthier, you may want to add standing desks, install bike racks in the car park, or provide allowances for public transport. Another unconventional approach could be to have walking meetings. You may think that you are part of The West Wing by doing this, but when you think about the benefits of walking, it could stop that lethargy that occurs during mid-afternoon meetings.

Creating Healthy Attitudes

This is something that will take a while to embed, but from a cultural perspective, healthy attitudes will improve productivity and well-being in the long run. It’s a very difficult thing to get right, but when we start to incorporate health as a priority, we have to remember that it should come from the employees. Healthy attitudes can come from well-being hours, allowing people to finish an hour earlier so they can focus on their well-being, but also providing implements around the office that can help. Of course, we should focus on improving our employees’ education as well. Sometimes, we don’t have the relevant knowledge to improve our health. And as things are changing so much in terms of exercise and attitudes to health, it can be difficult to keep up with the latest data. What we can do is facilitate discussions on the latest trends and how it impacts people in the workplace. We could encourage our employees to speak to a doctor or a practicing dietitian about certain concerns, and then help them to manifest ways to incorporate being healthy in the workplace. Many people find it difficult to be healthy in the workplace because of the temptations, but also a lack of time to prepare things before coming into the office. In which case, what we need to do is to bring healthier options into the working environment and encourage your employees to choose their best options.

Promoting health is something that doesn’t come easy because we have to find the right balance. Some people do not want to be told how to be healthy, but others merely need guidance. But we have to remember that for the benefit of productivity and workplace happiness, health should be a priority.