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3 Common Problems Businesses Face (And How To Deal With Them)

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StrategyDriven Managing Your Business Article |Problems Business Face|3 Common Problems Businesses Face (And How To Deal With Them)When you run your own company, you may encounter problems from time to time. While it would be great to avoid these stumbling blocks entirely, this is simply not possible. Instead, you should focus on developing a proactive approach to problem-solving. For example, each time an issue arises, you should take the time to figure out the following:

  • The immediate cause(s) of the problem.
  • The far-reaching effects of the problem.
  • How you can avoid this problem in the future.
  • What you can learn from your mistakes.

Although each business is different, many companies will deal with the same issues from time to time. This gives you an opportunity to learn from the mistakes of others and put certain steps in place that stop you from tripping into the same pitfalls.

With that in mind, here are some of the most common problems businesses are facing today and how you can deal with them should they arise.

Problem: Little or no public interest.
Resolution: If you want to succeed in business, you need to find a way to generate hype around your company, brand, or products. Essentially, you have to find a variety of ways to garner public interest, as this is how you will generate income and grow your business. However, when you are first getting started, it can be hard to make waves, especially if you are joining a market that is already overcrowded. However, there are various different ways that you can increase public interest. For example:

  • Hosting competitions or giveaways
  • Developing a social media presence
  • Promoting your services in print/online
  • Connecting with your customers and building a relationship with them
  • Collaborating with other businesses
  • Attending local/industry-specific events
  • Using a variety of different marketing techniques

Problem: Poor efficiency.
Solution: Inefficient practices are a drain on your time, money, and resources. For example, a lack of efficiency means that tasks that should take around twenty minutes to complete could take you several hours. While this may not seem like a huge issue, think about how much more work you could do in this time. One way in which you can boost the efficiency of your business is by using appropriate software. For example, if you work within the construction and engineering industry, you can use the software provided by RIB CCS. Their estimating, project control, and management software can improve your efficiency, control, compliance, and profits.

Problem: Quick Employee turnover.
Solution: While it is important to bring new employees into your company when you are looking for fresh ideas, you should also ensure you do what it takes to keep employees on board. Fast turnover rates could indicate that your staff are uninspired or that you aren’t providing them with a reason to stay. You can combat this issue by providing your employees with the resources they need to remain in their position – whether this is access to training or health benefits. Show them you appreciate them, and they will reward you with loyalty that allows you to thrive.

Tips for Retaining Employees During the COVID-19 Pandemic

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StrategyDriven Managing Your People Article |Retaining Employees|Tips for Retaining Employees During the COVID-19 PandemicThe coronavirus pandemic has changed the landscape of employee and employer relations. Before, the retention of employees could be greatly influenced by the environment and relationships. Yet, for many businesses, now the only interaction they have with their employees is online.

More than ever, people struggle with their work-life balance, struggle to maintain their productivity, and struggle with their mental health.

When looking to retain employees through the pandemic, hopefully to the other side, it is important to consider the specific issues COVID-19 has caused.

Excellent Communication

One of the greatest struggles employees are facing right now is feeling out of the loop. Communication may have been easier before, when you could call someone into your office and speak to them face to face. But it’s different now.

Just because you can’t speak to your employees face to face doesn’t mean you shouldn’t keep up that level of communication.

Ensuring everyone is on the same page and understands what is expected of them is key. Still, in the mental health crisis we find ourselves in, communicating more generally will help too.

More people than ever will be dealing with loss, grief, and poor health. Alongside that is the general anxiety caused by the pandemic and the listlessness and depression that has plagued many due to the new lifestyle we have had to adopt.

Taking time to ask your employees how they are doing and speaking to them personally will create a working environment employees will want to stay with, effectively retaining them through the pandemic.

Compensation and Perks

This may have been easier to dish out pre-pandemic, but it doesn’t mean you shouldn’t still consider them to retain employees. Benefits are a crucial pillar of the employee experience, even more so now than before.

In an increasingly difficult world to navigate, aspects like paid time off, health packages, and retirement plans are more important than ever.

If employees feel like they’ve been treated well over the pandemic, they are more likely to stay. However, if they feel as though you didn’t support them enough, you will lose their trust, and they will be unlikely to stay long-term.

Wellness Activities

Providing a focus on wellness within your business is essential right now. Many are suffering through the pandemic and need relief.

Wellness activities focus on keeping your employees healthy – whether mentally, physically, or emotionally. Whilst this will help you retain your employees as they feel supported by the business, it will also help you out as employer. A healthy workforce means a productive workforce.

Kill two birds with one stone, and invest in your employees’ wellbeing.

Retain your employees easily

The pandemic has thrown up so many issues for business owners. Retaining your employees through this time will be difficult, but it offers you a chance to prove yourself to your employees. If you manage to retain them through this difficult time, you’ll be able to retain them through anything.

How an Enterprises Video Content System Helps Your Business

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StrategyDriven Online Marketing and Website Development Article |Video Content|How an Enterprises Video Content System Helps Your BusinessVideo content became the most popular way of conveying a message on the internet. Users in the US watch over 180 million hours of video content every day, making it the perfect method of spreading the word about your business.

Videos have the power to help transform some areas of your business and help you communicate with customers through content to improve sales, solve problems, and build trust. Keep reading, and we’ll explain how an enterprise video platform can help you grow your business.

What Exactly Is an Enterprise Video Content System?

When put in simple terms, an enterprise video content system is a centralized management system that allows you to manage and deliver online video content. While it might seem simple, it’s a complicated and handy tool for growing a business.

For example, such a system allows you to access files stored across multiple platforms such as Dropbox, Box, Google Drive, and so on. It takes away all traditional restrictions such as file size and type of video and allows you to quickly set up your videos from a single management platform.

Why Using YouTube Isn’t the Best Choice

Sure, you might think that all you need to do to set up a working video platform for your business is to open a private YouTube account used for that specific purpose. YouTube does have some marketing value, but it’s not very good for managing internal video content. Apart from posing another security threat for your entire enterprise, YouTube is followed by other issues you should be aware of.

1. Loss of proprietary content

YouTube has its own policies that keep changing over time. That means that a video you posted according to the rules at the time might become unsuitable according to the current rules. If that’s the case, YouTube will simply delete those videos or the entire channel.

In other words, you’re not in control of your videos – YouTube is. If the platform simply sees your posted video unfit because of whatever reason, they will delete it completely, and you will lose all of the hard work you’ve put into creating those videos.

2. No control over related videos

YouTube comes with its own recommendation tool that pretty much decides what content your videos should be paired with. While that might not be a problem for some type of businesses, it can create a massive issue for your company.

There’s simply no way you can know with which videos your content will be paired with. It can be paired directly with your competitors or with completely irrelevant information that ruins your lead generation.

An enterprise video management system, on the other hand, gives you complete control over your content. It also features advanced security protocols such as restricted access and advanced encryption, allowing you to control who sees the content and who doesn’t.

Other Benefits of Using an Enterprise Video Content Management System

The most basic role of such a system is to provide you with a single platform you can use to save videos on and individually choose who can access each video. However, most advanced solutions, such as VidYard, will give you more advanced features you can use to your benefit. Here are some of those features:

1. Support for large files and high definition videos

Video files can be immense, depending on their video resolution. A minute of a 4K video is often much larger than what most free platforms support. Using your own system, you can upload videos of any size and format, and all of them are saved to a single library for easy access.

2. Built-in video creation tools

A high-quality enterprise video content management system comes with a set of video creation tools designed to make the entire process as simple as possible. You won’t have to spend days and even weeks putting a video together anymore. With built-in recording tools and other features, you’ll be able to record and share videos directly from the manager. That will save you a lot of time and money in the process.

3. Automatic transcription and closed-captioning

Every video should have a transcription to make sure that everyone who sees it understands every single word, even if they are deaf. Advanced video management systems have a built-in feature that processes speech and turns it into text automatically. Again, saving you time and money in the process.

4. Advanced search

Since most advanced enterprise video management systems offer the speech to text feature, you can use it to quickly find the videos you want simply by saying important keywords out loud. A single phrase or sentence is enough to pinpoint the video you want to access.

5. Mobile optimization

Most legacy systems don’t allow access using other devices or software because of the specific formats they use. A management system will allow all of your team members and potential customers to access any content using any device. They can access your video library 24/7, enabling you to spread the word about your business more effectively.

The Bottom Line

Video content is the most effective marketing method used by businesses to generate leads and spread the word about their offers. They will become even more important in the near future, which is why investing in an enterprise video content system is definitely a good idea.

You will get unlimited control over all your video content, and you won’t have to worry about potential security risks or losing your content due to changing rules on third-party platforms.

Why P2P Lending Makes Complete Sense for Startups

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StrategyDriven Managing Your Finances Article |P2P Lending|Why P2P Lending Makes Complete Sense for StartupsSince its inception, the peer-to-peer lending industry has moved ahead at warp speed. The P2P lending market was valued at $67.93 billion in 2019 and is expected to cross the $500 billion figure in 2027 at a CAGR of 29.7 percent, despite the global pandemic crisis.

P2P lending is a funding method that lets businesses get capital from several investors online. P2P lending marketplaces get investors and businesses seeking funding together on one platform. It is a debt-based investment that’s different from crowdfunding. It presumes that the borrower will repay the loan in installments over the specified period.

Since the entire process is technologically driven, it ensures transparency and involves low operating costs and market risk. Hence, this funding model is a perfect fit for startup owners and entrepreneurs who are constantly looking for quick access to funds and reasonable interest rates.

Here’s why P2P lending is an ideal business financing option for startups and SMEs.

1. It Offers an Easy and Streamlined Application Process

P2P lending allows startup owners to borrow capital without the hassle of going to financial institutions. This is an ideal scenario for startups as banks have extensive eligibility requirements and take a long time to approve a loan.

Also, startup owners who do not have good credit but a healthy cashflow find it tough to get loans from credit unions or banks. P2P lending is a great alternative option for such businesses. Even with a less-than-perfect credit score, a small business can get its funds through an online lending platform.

These platforms use the latest technology to provide direct and safe interaction between borrowers and lenders through a simple application process. They perform all the necessary checks, set all the rates and terms and conditions, apply legislation changes, and allow safe transactions.

For instance, the loan marketplace platform Swaper has built its own AI scoring model that’s completely automated and adjusts legislation changes to the new risk terms.

Check out this interview with Iveta Br?vele, the CEO of Swaper for details.

2. It Helps Startups Get Funds Quickly

Depending on the size of your loan, the process of funding from financial institutions can last for weeks on end. However, P2P lending is an online and transparent process where the borrowers are constantly updated about the progress of their funding.

P2P platforms offer startups with a huge pool of willing investors who evaluate borrowers and lend accordingly. Lenders needn’t support 100 percent of the financing; rather, it is pooled by many lenders. All this reduces the time taken to raise funds for a venture. Even loan amounts like $5,000 or more are funded in less than a week.

3. It Offers Excellent Interest Rates

When compared with the traditional ways of funding, P2P lending offers better interest rates. Banks usually have a higher interest rate on personal loans as they are unsecured loans. Repaying such loans can burn a hole in your pocket.

Being completely online (unlike banks), P2P platforms operate on low overheads. They do not have administrative and operational costs to pay. This allows them to offer attractive rates depending on the borrower’s credit score, loan amount, and loan term. Hence, startups looking to reduce their business costs can benefit from this type of financing.

4. There Are No Hidden Costs

If you’ve ever applied for a loan from a bank, you’d understand the importance of reading the fine print. Many who have failed to do so have landed in a soup. Banks have so many hidden charges that most borrowers aren’t aware of until it’s too late. Such cashflow surprises can ruin your startup.

Online P2P lending is different. As mentioned earlier, it’s a transparent process that clearly states the registration fee and the commission on the loan at the time of your registration. There are no hidden charges. What’s more? If you plan to repay your loan early, you will not have to contend with any prepayment penalties.

So, you can use your funds to scale your startup rather than wasting it on unnecessary penalties and hidden charges.

5. You Don’t Need a Collateral

Not all P2P lending platforms offer loans without collateral; however, they mandate a certain credit score and critically verify the eligibility of the borrower. They also check your business cash flow. If you meet the eligibility and your business has healthy cash flow, they may take collateral lightly and drop it from the requirements. So, you can get your startup funded without collateral!

Before opting for this funding option, consider the following pointers –

  • Take a look at the fine print at the bottom of each P2P provider’s home or the product page. They usually share the complete overview of the loan amounts they offer and the rates and fees they charge.
  • Make sure that the lender operates in your state or country. Many P2P lenders do not operate in all locations.
  • Review your credit reports for major negative entries if any as these may come in the way of your loan approval.
  • Watch out for tempting upsells. You may require a certain amount but qualify for a larger loan. A few P2P sites will encourage you to borrow more. Agree only if you think you can put the money to good use.

Summing Up

P2P lending is an ideal funding option for small business owners and entrepreneurs looking for quick and easy ways to fuel their venture. No wonder, over the past decade, P2P lending has become mainstream among startups seeking additional funding.

Use the information shared above to make an informed funding decision for your venture.

Five Ways To Make Your Brand Stand Out

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StrategyDriven Marketing and Sales Article |Make your brand stand out|Five Ways To Make Your Brand Stand OutIn today’s world dominated by the Internet and social media, brand image plays a big part in the outreach and success of your business. With so much competition in the market, first impressions are often lasting impressions. So whether it’s your brand logo or website or message, it needs to be smart, eye-catching and on-point. This blog shows you five ways to help make your brand stand out.

1. A Good-Looking Website

Every business/ company today must have a website (if you don’t, get cracking on it!) that gives potential customers all the information required. Of course, depending on the nature of the business, the website can be informational, technical, educational or entertaining. But if you want your brand to stand out, make sure you are on the world wide web!

If you aren’t familiar with web design or don’t know the technicalities of building a site that stands out, hire a web design agency to make your website. Their creative input also be of great benefit.

2. A Logo That Stands Out

What do companies like Amazon, Nike, Apple and Dominos have in common? A logo that is instantly recognized worldwide. Your brand’s logo is of prime importance if you want your business to be noticed. First and foremost it must be striking, but more importantly it has to be relevant to your niche/ brand. Putting images of flowers on a logo for a tech company will make no sense, and won’t be coherent. A picture speaks a thousand words, it is said, and that’s exactly what your logo should do!

3. Strong Social Media Presence

Social media accounts are like the appendages of a website and a business. Today, almost everyone has an account on Facebook/ Twitter/ Instagram/ Pinterest etc and if your business isn’t on social media, you are seriously missing out on exposure and thousands of potential customers/ clients.

Also, besides attracting new customers, social media helps you to stay connected to your existing customers, keeping them updated and informed about new developments in your business as well as keeping your brand constantly in their radar.

4. A Blog

Having a website is great for your business, but having a blog section in the website is fantastic. Today, every top notch business has a related blog on their website, which gives additional information and knowledge about the niche/ area of business through researched articles. You could choose to have an in-house writer/s or you could outsource the blog posts to freelancers. Whatever you choose, keep your blog updated and post articles regularly. Share them on your business’s social media pages. Keep your customers in the loop and interested at all times.

5. Advertising Options

Gone are the days of simple print advertisements in magazines or on hoardings. Nowadays, with so many multimedia options available, there are a range of ways you can advertise your business and be seen. Apart from print, television and radio, you can also place ads on websites or blogs and get other bloggers to write about your business and link to your website.