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What Do You Need When Opening a Retail Unit?

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StrategyDriven Starting Your Business Article |Retail unit|What Do You Need When Opening a Retail Unit?There are many different forms of business out there, and each one offers customers and owners alike something slightly different. If you have chosen to open a retail unit, you need to think about some of the following things.

Location

With a retail unit, location can be everything. You need to make sure that you track down somewhere that meets several needs. Of course, the unit has to be big enough for your business. Not only must it have a good layout on the shop floor, but there should be enough room in the staff-only areas like the stockroom and office for you to be able to successfully manage the business.

On top of this, the unit needs to be in a good place. If you are going to be relying on passing foot traffic for a lot of your trade, you need to make sure that you are located somewhere where you will get this interest. A busy high street or a shopping centre might be ideal. If you are tucked away in the middle of nowhere, you might not be able to get the foot traffic that you need.

You should also think about the needs of your customers. For example, if you sell particularly big or bulky goods, or if you expect your customers to purchase a lot from you in one go, it can be good to try to find a retail unit with an adjoining car park. This is going to be something important to your customers, and can be a great way for you to begin to build customer satisfaction and loyalty from the moment your brand launches.

Technology

Nowadays, there are many pieces of tech that every business needs to make sure that they have as part of their retail unit, even if it is a simple shop. For example, most shops nowadays take card payments, so you will need the terminals and software to be able to process these payments. With this, you need to look for the payment provider that offers the lowest credit card processing fees possible. This means that you will be able to take the most revenue from each transaction instead of paying excess fees. Though finding the lowest credit card processing fees should not be a priority when choosing a payment provider, it should definitely be something in the back of your mind.

A retail unit is going to need many more different pieces of technology to be able to run smoothly. Most businesses nowadays make use of some form of computer system to be able to keep track of several metrics. This computer system might be linked to the till and payment provider, but it could also be used to track stock, orders, and holidays for staff to mention just a few of its capabilities.

Even if you have what appears to be a very traditional store on the outside, you can still make use of technology in a few key places to help you manage the business more efficiently. Never doubt how much easier it can be to manage certain projects and operations with the right tech on your side.

Equipment

In a slightly different tangent than technology lies equipment. You obviously need to make sure that you have all the right equipment necessary to be able to open the business and run it properly. This can often mean that you need to find some highly specialised equipment. For example, if you decide to open a hairdresser, you will need all the equipment associated with styling hair. A café will need a kitchen outfitted and a coffee machine. A specialised repair shop will need the tools and precision equipment required for orders.

It can be expensive to outfit a retail unit with the right equipment but it is incredibly important that you do find it. Not having it to hand means that you might be tempted to try to get around it and complete the task with the equipment that you have might mean that you do not finish the task properly, potentially leading to more issues further down the road.
You might have to go to a specialist supplier to get the right tools and equipment that you need. However, there is a chance that you will be able to build a professional relationship with this supplier. If you know that you will regularly need to purchase disposable equipment as part of your business, finding a supplier to work with could mean that you are able to score a discount on bulk orders in the future.

The Shop Floor

You need to think carefully about how you decorate and arrange the public sections of your business that your customers will be able to see. This needs to be a good space that is welcoming and perfectly describes your branding. It can be more difficult than you might imagine to get this right. Ultimately, you need to make sure that you have a space that flows well, that naturally encourages your customers to browse.

It is incredibly important that you think about how the shop looks from the customer’s perspective. You might like your initial set-up and design, but it could be overly cluttered from the point of view of a customer. Likewise, you might want to go for a more minimalist look, but to a customer the store could appear to be very bare.

Don’t worry if it takes you several attempts to arrange things how you would like them. Consider taking a course in visual merchandising to learn more about how to arrange your shop floor in a more pleasing manner. You would be surprised to learn about how much this could help with gaining traffic and other interested parties.

Social Media

Even if you do not operate an ecommerce business, having an online presence of some variety is incredibly useful. If you want to be able to find new customers who can be converted into loyal ones, you should turn to social media. You cannot expect to rely on foot traffic alone.

Make sure that you have social media accounts across the big platforms like Twitter, Facebook, and Instagram, and make sure that you post on them regularly. These are key places where you can reach out to your customers and they can get in contact with you if needs be. It is also the perfect environment for you to show off your new deals and products that might be launching. Learning the best tips and tricks for social media will hopefully help you to push ahead and attract a new audience who are interested in what you have to offer as a business.

Opening a retail unit can be more work than people might realise. However, there are plenty of things that you can do to create a fantastic environment that many are happy to visit. From the tech and equipment you are choosing to include in your operations to the design of the shop floor and your choice of social media, opening a retail unit can be very complex. Make sure that you have everything that you need on your side, and take this challenge head on.

7 Strategies for Reducing Operational Management Risk

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StrategyDriven Risk Management Article |Operational Management|7 Strategies for Reducing Operational Management RiskDeploying an operational risk management program that does the intended job remains a challenge for many businesses today. The industrial sector and others have witnessed rapid changes that significantly altered the way businesses operate. Global commerce continues to expand and supply chains are becoming more complex. Furthermore, regulations influence every interaction, and social media provides another means for regulators and other government entities to scrutinize the businesses.

Another problem companies face today involves the funding of the operational risk management strategy consistently. Verdantix, an independent consulting firm, recently conducted a study on behalf of DuPont Sustainable Solutions. This study found that 65 percent of businesses lacked the funds for this purpose, according to the respondents. They stated it remained a barrier they were finding difficult to overcome.

This study involved 75 senior leaders spread across eight different industries and ten countries. Verdantix asked them about risk management to learn more about ORM strategies within their organization and their perception of these strategies. These interviews led to DuPont Sustainable Solutions recommending the following seven steps for anyone looking to implement an operational risk management program successfully.

Start at the Top

The leaders at the top of the organization must be fully behind the operational risk management program for it to be effective. Approximately 80 percent of businesses in the survey stated the corporate level remains accountable for risk management. The leaders need to understand the internal operational risks, as this allows them to make better decisions and direct employees to take informed risks. They need to discuss what happens when there is a breakdown in regular operational processes, systems, and people. The risks can be controlled and avoided when team members assume responsibility for identifying the risk before evaluating and addressing them. The top five operational risks are collaboration, cultural, customer, people, and technology risks.

Risk Accountability at All Levels

However, leaders serve as only part of the equation. They need to train all employees to make risk-based thinking part of everyday operations. These individuals must be held accountable when something goes wrong in the area they remain responsible for. In the survey, 38 percent of businesses reported they didn’t hold shop floor employees accountable in this area. Any person within an organization can make a risk decision. Nevertheless, this task should be reserved for the person with the authority to minimize or eliminate the identified risk before implementing any necessary controls. This is currently how the Federal Aviation Administration handles it and other businesses have followed suit.

Timely Risk Assessments

Companies must comply with new regulations as they arise, which helps to explain why risk management must always remain a top priority. However, each company must determine how often they need to conduct an audit based on their unique characteristics and operational footprint. Of the firms surveyed, 92 percent stated they carry out this assessment at least once every year. They do so to ensure their risk profile remains current and they incorporate necessary changes in a timely manner. However, this serves as only part of the process.

Every company needs to determine risk triggers. For instance, an oil rig in the Gulf of Mexico needs to be battened down when a hurricane is forecast to hit the area. They know this trigger increases the risk of damage to the rig and take steps to prevent this damage. Each company needs to determine the root cause of each risk and protect against the risk event in every way possible.

Quantifying and Prioritizing Risks

When optimizing the operational risk management program, companies must quantify each risk in terms of its probability and severity. Once this information has been gathered, they calculate the benefits and costs associated with mitigating each risk to determine if it is more costly to mitigate than to allow it to remain. These calculations allow the organization to target its efforts effectively.

Select Metrics and Key Performance Indicators

To successfully implement an operational risk management program, the company must know which metrics and key performance indicators are needed to monitor and assess performance accurately. This ensures the company is putting its efforts and resources where they are needed most. Fortunately, many companies recognize they need to make this a priority and are turning to outside sources for help in determining which metrics and key performance indicators are best for their organization.

Many business owners associate key performance indicators and metrics with general business management, accounting, and finance. However, they remain necessary in every organization, as they help with achieving specific targets. The company might identify targets related to exposure reduction, minimization, or mitigation. For instance, a business may monitor the number of transactions that have a fault or error and the number of cumulative hours the IT system is down. It all depends on the business.

Implement Controls

When a business chooses to implement control measures to mitigate risks actively, particularly those that have been determined to be a priority, they must use controls that are cost effective, consistent, and well-documented. Although 98 percent of respondents in the survey stated they have measures in place, only a quarter of the businesses believed the measures to be cost effective. This demonstrates the need for companies to look for better solutions when it comes to managing and controlling risks they have identified.

Communication

Companies must recognize operational risk management needs to be an ongoing process. Furthermore, regular communications on ORM performance serve as a requirement when it comes to effectively ensuring employees remain engaged in this area. Tailor these communications to different levels and functions across the organization, as different areas and departments have distinct priorities and areas they focus on. There is no need to share a communication meant for one department with everyone in the organization, as excessive communications lead to people tuning out, particularly when the majority of the communications don’t pertain to them. Avoid this by sharing messages with certain audiences rather than across the board.
Operational risk management differentiates competitors. Companies that make this a priority find their product performance improves, brand recognition increases, and financial results are easy to sustain. If you have yet to make this a priority in your company, do so today. You cannot afford to miss out simply because you haven’t focused on ORM enough. This needs to change today so you can stand out from competitors and increase your market share.

Is Your Onboarding Process Up To Scratch?

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StrategyDriven Managing Your People Article |Onboarding Process|Is Your Onboarding Process Up To Scratch?The happiness of your staff is important, and making sure that they feel settled, happy and valued from day one is a must for your business.

The onboarding process for new starters is something that can affect your turnover and many other elements – get it right, and employees will say great things about your business. Get it wrong, however, and you’ll not only affect that particular employee’s experience, but it could also lead to negative word of mouth what will deter future candidates from applying to your company.

Is your onboarding process up to scratch? Perhaps it’s time to reconsider ready for your next new starter.

Why the onboarding process matters

While most people have suffered from a poor onboarding process at some point in their career, it isn’t something that has to happen. A study on the state of the American workplace revealed that 70% of workers did not feel engaged at work, a statistic that should cause concern for most business. When employees feel disengaged, they’re likely to feel undervalued and unsatisfied with their roles, and more likely to accept a position elsewhere. Feeling engaged from the outset is important for new starters, and will help to make sure that they start their new role feeling confident that they know their place and are receiving effective management.

Onboarding begins before the first day

While an employee doesn’t technically work for you until their first day, there are some things you can do to help make the process easier in advance of their start date. An invitation to a welcome lunch is a great way to ease a new starter in and allows them to get to know some key people before they start work. You can also provide them with some literature that will help them get to understand the company a bit better and help them feel more prepared for their first day. It’s quite rare for companies to carry out any early onboarding, so your business can get ahead of the curve by making a part of your process going forward.

Making that first day a success

Effective onboarding will make sure your new employee is left wowed rather than worried. You can make a new starter’s first day a success by making sure they’ve got a prepared itinerary that includes a tour, meet and greets, and a nice social event like a team breakfast or lunch, you’ll already be getting their day off to a great start. Speak to your current employees about things that would’ve made their first say better and try to implement their comments as much as you can.

Help them settle in

There’s nothing worse than being sat in a new office with nothing to do. New employees left to their own devices can feel nervous and disheartened – they’re there to work after all! Giving your new starter some tasks to get on with can help them start to settle and get to grips with their new role. Put together an onboarding checklist that includes some small, manageable tasks to help keep your new recruit busy while also getting a feel of the office. This can help them prepare for their role and ensures they get the opportunity to ask questions along the way.

Touch base regularly

The first few days and weeks of a new job can be a lot to take in for a new starter. While they might be showing a smile on the outside, things might not be so rosy on the inside. It’s important that you meet with your new employee regularly to find out how they’re getting on and how things can be improved. Many businesses are using onboarding surveys as a way to get authentic feedback about the onboarding process and can help improve things going forward. New employees will form their impressions of an employer quickly, so you’ll want to do everything you can to make that first impression a great one.

If you’re looking to recruit the highest quality staff for your business, you need to nail your onboarding process. By engaging employees from the moment they set foot in your door, you stand a better chance of establishing company loyalty and making your staff feel welcomed and valued. New starters can breathe fresh life into your business, but that will soon disappear if you don’t give them the welcome they deserve. Work on your onboarding process and help boost the reputation of your business as a top employer.

Why You May Need Street Furniture For Your Business

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StrategyDriven Managing Your Business Article |Street Furniture|Why You May Need Street Furniture For Your BusinessThe benefits of street furniture for business environments are countless, being a necessity from both a practical and aesthetic perspective. From timber bollards to control access of vehicles to cycle shelters to offer a secure place for bicycles, the addition of street furniture on your commercial grounds can go a long way when it comes to both security and convenience for visitors. By creating a welcoming space with sufficient security measures, this will lead to positive reflections on your brand which make it a place that people will want to return to.

Encourage interaction

Providing an outdoor space for people to enjoy holds some great benefits, creating an area to rest, socialise and unwind whilst getting some fresh air. Whether it is a space for visitors to your business enjoy or an area for employees to use when on their breaks, the mood bosting impact of socialising can go a long way. By allowing people to enjoy the area stay on your site for longer, the prospect of visiting again in the future is much more appealing.

Keep efficiency to a maximum

The more structured your business grounds, the more efficient the processes will be able to run. With a clear flow of traffic being directed through the site and allocated pedestrian areas, the risk of accidents will be reduced and visitors will clearly know where to head. By having allocated areas for seating, smoking and bike stands, the layout of your site will be effective for everyone and ensure the space is kept organised at all times.

Create a clear brand identity

Your commercial grounds are a reflection of your brand as a whole. By creating a tidy space with good organisation, you are promoting your positive reputation to any visitors to the site and ensuring everything runs smoothly. By adding your branding to any street furniture, it can act as a promotional tool as people subconsciously take in the colours, messaging and any designs they come across.

An experience to remember

The more original your space is, the more likely it is to be remembered. By investing into aesthetic street furniture and opting for bold architectural designs that step outside of the box, you are showing visitors how you are different to the rest and creating an experience that is one to remember. Whether you opt for a geometric design with bold steel features or a cosy feel with traditional features, show your brand personality both indoors and outdoors.

Everything a visitor could possibly need

Keep people on your site for longer by providing everything they will need for a positive experience. From sufficient spaces to park or a secure space to store bicycles to plenty of litter bins and rest areas, think from the perspective of a visitor to tick all of the boxes. Creating a space where people feel comfortable and welcomed can go a long way for businesses, creating a community feel and encouraging them to come back in the future.

What Are the Benefits of Electronic Payment Systems for Business?

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StrategyDriven Managing Your Finance Article |Electronic Payment Systems|What Are the Benefits of Electronic Payment Systems for Business?An eCommerce payment system is also known as an electronic payment system, which is a digital transaction or paying for goods using electronic medium and eliminating the requirements of cash and checks. An electronic payment system is a globally popular payment technique due to the continuous usage of internet-based activities like baking, shopping, etc.

Modes of Electronic Payment

There are several online payment methods, such as smart cards, electronic wallet bank transfers, credit cards, bitcoin wallets, etc. In contrast, e-payment is classified into two categories, i.e., credit payment system, and cash payment system.

There are several online payment methods offered by companies like cardknox, such as smart cards, electronic wallet bank transfers, credit cards, bitcoin wallets, etc. In contrast, e-payment is classified into two categories, i.e., credit payment system, and cash payment system.

Credit Payment System

  • Credit cards; according to branding services UK, the credit card is the most primary form of e-payment system used by billions of people; in this mode, financial institutes provide a card to the account holder for making payments online through electronic devices.
  • E-wallets are also one of the leading techniques of online transactions in which a prepaid account holds user financial data used to make payment.
  • Smart card; smartcard is an advanced technology of transaction known as integrated circuit card or chip card (ICC or CC), which have a microprocessor to store money deducted when online transactions happen using that card.

Cash Payment System

  • Direct debit is a mode in which the account holder allows the bank to pay the amount from his bank account electronically.
  • E-check; e-check is one of the most valuable digital transactions of money from an account for paying for goods eliminating paper checks.
  • E-cash; in this method, a specific amount is saved on the customer’s device for accessible online transactions.
  • Stored-value card; stored cards are used by many well-known companies and businesses known as gift cards, in which a card with a certain amount is used for the transaction.

Benefits of Electronic Payment System for Business

In the globalized world where technology is constantly evolving and developing, around 3.8 billion consumers use the internet actively has changed business dynamics.

According to branding services in the UK, the continuous advancement of technology has changed the traditional payment system into an electronic payment system that can grow business efficiently. With the revolution of the electronic payment system as they are easy and straightforward for making payments. Moreover, they have eliminated the requirements of going to banks for transactions and other activities. Here are few benefits of an electronic payment system for business.

1. Instant Payments

Life has been chaotic where everyone struggles with work, relationships, finance, health, and many other things. The traditional method is a hectic and stressful process as they are often a slow and time-taken process. The electronic payment system eliminates chaos as they are faster and straightforward, like credit cards, e-cash, etc.

Electronic payments can be made through an electronic payment app from anywhere by deducting the need to go to banks by saving time and energy.

2. Higher Payment Security

With the expansion of businesses into the online world, one of the most significant concerns of any firm is security. Payment security is the prime need of a company to protect client’s data and information from frauds and other issues.
The electronic payment system is leading globally because of several reasons why security is one of the main reasons. It provides a higher level of payment security for clients by offering multiple encryptions, SSL, tokenization, etc. Clients don’t have to swipe cards again and again as they can save card details using One Time Password.

According to surveys, some organizations don’t utilize e-commerce payment technology and are stuck at traditional payment methods; that’s why they are having security issues and lack the opportunities to serve a higher number of consumers.

3. Better Convenience

Providing convenience to an audience is essential for business from that customer decides whether to engage with a company. According to experts, convenience is a vital aspect of growing a business, and electronic payments provide higher security; more importantly, they offer better conveniences to clients to achieve a better user experience.

It allows clients to purchase excellent using card facilities and paying later. Moreover, it doesn’t annoy consumers by sending several reminders and messages for payments and automatically collects the specific money as per rules.

4. Saves Processing Costs

Processing cost is a term of cost accounting used in manufacturing units for assigning and collecting cost. It takes the total cost of the process and averages it over the branches of production. For instance, when you offer payment service to clients, you need a card processor; and that processor allows payment transaction in exchange, it will charge an expensive cost value.

But electronic payment does not charge expensive cost values; you have to pay a fixed subscription according to the agreements and rules to your service provider.

5. Low Risk Of Theft

In the modern era of technology, business dynamics are swiftly changing; according to statistics, money is the lifeline of a business. The capital is essential for the company and day-to-day life. However, using cash for accepting payments is quite risky and against safety. As the crime rate is gradually increasing, several chances of getting stolen and even depositing money in a bank account are pretty unsafe.

Using an electronic payment system reduces the risk of theft by providing safe and secure payment transactions. Moreover, it gives all transaction records by the end of the day.

6. Transparent

According to branding services in the UK, transparency is an essential factor for a business; consumers are more concerned about their privacy and are willing to protect it. A study found that over 50% of consumers would switch companies simply because of their data policies or data sharing practices, which fail to secure consumer data. They will lose the interest of their customers and lead them to find another company where they feel more secure sharing their personal information.
That’s why the electronic payment system provides transparency by offering you details of transactions for a better user experience.

7. Contactless

Due to the Covid-19 pandemic, people avoided human contact for safety; this increased the need for contactless payment transactions.

The electronic payment provides POS terminals and QR codes to avoid human contact; in this method, the payee holds a cellphone near the terminal, and the payment will automatically proceed.

8. Reduces Carbon Footprint

With eCommerce payments systems, the use of paperwork has been reduced, for instance, paper receipts. Modern payment technology offers digital equivalent to the clients by saving money on ink, paper, and printers.

9. Greater Revenue

Every business wants to achieve more significant revenue for business progress and development. According to the latest survey and reports, it has been proven that consumers spend more on buying products and services using e-payments and increases the rate of revenue for business progress.

10. Better User Experience

A business needs to attract customers by providing a better user experience. Electronic payment is the advanced technology that offers a better user experience in terms of a smooth transaction, removes obstacles from purchasing like long queues or a limited amount, no extra cost involved, and furthermore.

Conclusion

According to experts, cash transactions have been decreased due to electronic payment systems; that’s the potential reason that e-payment is considering as a leading facet of a successful payment infrastructure by offering several valuable advantages to clients to increase business progress.