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5 Ways Small Business Can Cut their Shipping Expenses

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StrategyDriven Managing Your Business Article | 5 Ways Small Business Can Cut their Shipping ExpensesShipping is a major expense for many small businesses. Yet, you can’t keep on expecting your customers to pay, and there’s a point when you’ll have to reduce costs in order to stay competitive. Thankfully, there are lots of things that you can do to keep these costs under control. Sometimes, all you have to do is make some minor adjustments, or look at ways that you can streamline your processes. Let’s take a look at a few ways small businesses can cut their shipping expenses.

Look at Shipping Insurance Software

One thing you should do is automate your shipments, insurance process, and tracking. Find a shipping insurance software company that offers third party insurance, and will allow you to save money in the process. Not only will you be able to find insurance for less, but you will also be able to get insurance on items that other carriers usually won’t offer. Find a tool that will allow you to manage all of your packages in one place, file claims, and get automated notifications about things like risk zones among other things.

Have Things Shipped through Your Shipping Account Number

A lot of businesses will have a tendency to have inventory shipped directly to them and get billed, but a better option would be to ask them to ship through your account number. Not only will it increase your volume, which translates to lower costs, but you also won’t have to deal with suppliers padding their shipping fees.

Use Your Carrier’s Packaging

Another thing you should do is use any packaging your carrier is providing instead of your own. If your packaging does not meet the size regulations of carriers like FedEx or UPS, you might have to deal with “dimensional fees”. Doing something as simple as putting small boxes in a FedEx envelope could save you tons of money.

Look at Regional Carriers

You should also consider working with regional carriers as well. Many of these carriers do as great of a job as national carriers like UPS but at a fraction of the cost. Some examples of great local companies include Lone Star in the state of Texas, Spee Dee in the Midwest, and OnTrac on the west coast.

Look for Association Discount

If you aren’t a member of a professional association in your industry, we suggest you start looking immediately. If you are already, then you should check to see if you can get a discount. You’d be surprised at how much you could end up saving. As a matter of fact, you could save up to 50% on shipping fees if you join the right organization. Not only will joining an association allow you to save on costs, but you’ll be able to get tons of visibility through directories and discounts on all sorts of things.

Conclusion

These are just some of the ways your business could make significant savings on shipping costs. This could have a big difference on your margins and allow you to offer better shipping terms to your clientele.

Ensure That You’re Covered Before Things Go Wrong

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We’re sure that you have heard of the phrase ‘expect the unexpected’, and that’s the kind of idea that we’re going for in this article. It’s important when you own a business that you ensure you are covered before things start going wrong so that if they do, you don’t have to panic. Obviously, it’s never good to see things go wrong for your company, but at least you’re in a position where you are covered and not left to hang out to dry. So, in this article, we’re going to give you some ideas on how you can ensure you’re covered. If you want to know more, keep reading down below.

IT Services

StrategyDriven Risk Management Article | Ensure That You're Covered Before Things Go Wrong

The first thing that we are going to look at is IT services. Now, if you don’t currently have strong IT services for your business, this is something that you need to change fast. Unfortunately, even though tech has made the business world easier and more efficient in many ways, it is also one of the ways that people can get to your business. Hacking and cybercrime is a real problem, and don’t make the mistake of thinking that it can’t or won’t happen to you. Take the necessary precautions and keep yourself one step ahead by hiring experts to set up and monitor your systems. This way, you know that a professional has handled everything, and will be keeping an eye out for any kind of suspicious activity. This is the best thing you can do to keep your business safe in terms of the online world, so don’t forget to do it.

Insurance

Something else that’s going to be helpful to keep your business covered is having all the necessary insurance. If you go to a broker, they are going to be able to help you figure out what insurance your business needs, and which policies aren’t going to be relevant to you. This way, if something does happen to your business, such as a halt in operations due to the Coronavirus, which is a big issue right now, or if there are any problems with an employee, then you should be covered. Take precautions, and listen to the expert when they advise you about what policies you need, you never know when you’re going to need to be protected. It could be the case that you think you’ll never need the policy, but it’s better to have it and not need it than need it and not have it.

Have A Lawyer On Retainer

Finally, we highly recommend that you have a lawyer on retainer in case of any legal issues that you might get involved in. Like we mentioned above, some businesses have issues with employees, such as if they think they have been terminated unfairly and so on, which means you need legal advice. Having a lawyer on retainer means that you can get this advice quickly, without having to try and find a reputable law firm to take you on at the last minute.

We hope that you have found this article helpful, and now see that you need to be covered before things go wrong to protect your business.

Benefits of Help Desk for Your Business

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StrategyDriven Managing Your Business Article | Benefits of Help Desk for Your BusinessMany companies do not realize the benefits of IT help desk software until they are in a reactive mode trying to fix issues with hardware and software that continue to compound.

Imagine that you are an employee who has just spent hours working on a report when suddenly, your computer crashes. All your work is gone, and you are unable to get your computer to operate. In this technological era, most daily work functions depend on an internet connection and electronic appliances. When troubles arise, employees are dependent on the IT experts of the company to get their system back up and running. Implementing IT help desk software and best practices allows end-users to request and receive assistance as quickly as possible. Help desk software automates and streamlines IT support so that your support staff can efficiently handle tickets.

Improve Employee Productivity and Satisfaction

Employees rely on IT support staff to troubleshoot and mitigate technical issues. Employees can quickly open up a ticket using help desk software instead of spending time tracking down IT staff. This reduces employee downtime, and work can resume. Employees tend to become disgruntled when there are problems that result in wasted effort. Knowing that there is a team dedicated to preventing such problems will reduce frustrations. When frustrations are low and satisfaction is high, the company is in a better position.

Automated Support Ticket Management

Some companies use email to report technical issues. However, as the quantity of tickets increases, it becomes harder to manage and prioritize critical issues. Help desks organize, prioritize, and distribute tickets efficiently for the IT help desk staff.

Automated ticket management can improve your IT team’s performance and help them stay on top of all incoming tickets. It will distribute tickets based on location or type of issue. If many issues are originating from users located in the same area, a team member can be assigned all of those tickets. This reduces traveling back and forth from one person to another.

Another way ticket management can maximize efficiency is to delegate all similar tickets to one person. That team member will be able to work faster since they are in charge of one specific task.

IT Documentation and Analytics

A very useful benefit of help desks is the retention of all the different tickets, as well as the implemented solutions. Recurring problems can be dealt with promptly even if it is a new team member who is working on it.

Another benefit is being able to analyze the data and history that the system is saving. Many help desk software can generate reports so you can easily detect trends or bugs in the system. This information offers crucial insight into any holes within your company’s IT infrastructure. For example, if many employees are repeatedly reporting the same problem, then you know that you need to spend resources to correct it.

One Resource for All Answers

Tracking via help desk allows IT staff to manage and maintain resources for the whole company. This will build the company’s knowledge base and free up IT staff to troubleshoot more serious issues.

Once common issues are identified, staff can compile solutions that employees can easily follow on their own. This provides a single tool for the entire company to utilize when they need help, but assistance is unavailable immediately.

Another way to use help desk is to quickly provide office-wide announcements as soon as an issue is known to be happening all across the system. For instance, if a specific application is having problems, the IT team can broadcast to everyone that a solution is in the works. This will reduce confusion, as well as the number of tickets in the help desk system.

Help desks can be valuable to your company and its employees. It provides a way for the support team and employees to communicate with each other and to work together to bring the company onto the path of success.

Is It Time to Upgrade Your Office Setup?

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StrategyDriven Managing Your Business Article | Is It Time to Upgrade Your Office Setup?

Whether it’s a home office or the top floor of the tallest building downtown, upgrading your office space can transform your business’ productivity more than you might expect. While you might have a sleek and stylish office already, it can always be better. Upgrading your office could spark increased creativity, satisfaction, and a feeling that you and your employees can get this done, whatever this might be.

But where do you fall behind when trying to upgrade your office? There are so many things to consider, from the equipment you use to your surroundings. Here are some tips on what to consider upgrading your office setup and reaping the benefits.

The Equipment

Whether it’s your computer, office chair, desk, printer, or even desk toys, upgrading the equipment in your office can make everything run smoothly. If you’re looking for increased comfort, investing in better ergonomic chairs for you and your employees will prevent the back stains and complaints. Likewise, company-provided laptops will make it easier for everyone to complete work from home.

When upgrading your office chairs, you have many options available. For instance, many modern office chairs are popular because they have ergonomic, aesthetic designs. They’re usually made of metal and leather for durability and longevity. For instance, Steelcase office chairs and other ergonomic chairs have either aluminum or platinum base with steel adjustable armrests, leather backing, and seating. They deliver full support for different body sizes and shapes, providing a perfect fit.

As mentioned, you may also want to upgrade your office desks. Office desks come in different designs. You might want to install standing desks, like adjustable height desks, to promote your employees’ comfort. This type of desk is adjustable to prevent unhealthy, prolonged sitting. Furthermore, you can install corner desks to use office space efficiently.

In addition, a vital factor to consider when upgrading your office desk is the surface material. Whether you prefer one with some storage drawers below or a desk to securely hold your desktop computer, the material reflects how the desk feels and looks in the office.

There are too many businesses that rely on old equipment because they don’t feel it’s worth upgrading it. But outdated equipment can ruin productivity and lead to nothing but frustration for your staff. If you’re looking for a happy office with top morale, the best place to start by investing in shiny new toys for them to play with.

The Systems

Network systems are something you must keep up to date, as this ensures that you can keep your data and information safe from hackers and similar security threats. Investing in robust Network Cabling Services will make this a reality and also mean that you have a system you can rely on.

It might also be worth thinking about upgrading the operating systems that your company uses. While most people will use Windows 10 or macOS 10.15, company computers seem, curiously, stuck in the past, with some machines still running Vista. While this could be considered more secure than others, it also cannot handle the programs that could be beneficial for your business, so even jumping up to the next generation would make a huge difference.

The Energy

Being energy efficient is a significant thing in the modern business world, and it doesn’t matter if you work from home or run a large office, you want to do everything you can to save money on your energy bills.

Upgrading from your existing, migraine-inducing fluorescent lights for something more comfortable on the eyes is the first step. Still, you can also consider looking for a way to bring more natural light into the office. It is, however, unlikely that you’ll be able to replace windows outright. Even so, you can think about rearranging the office layout to make the most of the light and space available.

The Surroundings

No one wants to sit in a dull and study office, but while you don’t want to fill it with too many distractions, such as a ping pong table or something similar, it doesn’t mean you can’t still have fun with the overall design of the office.

Everything from employee artwork to house plants dotted around will create an atmosphere that you and your employees will be glad to work in. It will provide a sense of personality to the office’s overall style and design, and make it a place where you and your staff will feel comfortable, relaxed, and ready to get on with the day.

The Policies

If you’ve not already noticed, the professional world is changing. Companies are embracing the opportunities of working remotely, allowing flexible hours, as well as outsourcing tasks that will help others free up their time so they can perform better.

It could be that it’s time for your office to update its policies and see the benefits that doing so can bring. Studies show that flexible working can increase employee productivity, despite some believing the contrary. This will only prove beneficial to your business and the morale of everyone in the office.

Space to Breathe

Not every office needs to be a painfully minimalist adventure in subtlety. You can use it to reflect your company and your employees. The days of the stuffy office are long, long gone, now it’s all about personality and oomph to motivate and drive employees, even if the only employee is yourself. Whether you are upgrading your office systems or its surroundings, there is always something that you can explore to boost your satisfaction, security, and quality of service.

How to Boost Your Profits

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StrategyDriven Managing Your Finances ArticleAmerica is built on the spirit of entrepreneurship. There are over 28 million small businesses nationwide, and a further 22 million that are solely operated. That’s a large number of businesses that contribute to the country’s economy. However, the number of businesses that fail within the first four years is a significant 50%, and out of the survivors, only a third will reach a decade.

Running your own business is a challenge no matter what industry you are in or the products and services that you provide, and there is no singular reason for these failure rates.

Common Reasons for Business Failure

Failing to plan

For your business to be a success, you need to make both short and long-term plans. You need to identify your goals and define objectives that will help you reach them, from the next few months through to the following years. Your goals will shape every business decision you make and give you direction. They need to be quantifiable so that you can assess how successful the actions that you take are. This is important; how will you know what is working and what isn’t if you have nothing to measure?

Ignoring customer needs

The customer is always right. That’s a correct statement, surely. Not always, but it has you relate to your customers that will affect the success of your business. In the digital age that we live in, there has never been a better time to truly understand your customers’ and clients’ needs and wants. Always keep an eye on what your customers want and tell you about your business; their perception of your business may be very different from what you intend. They are fickle, and your business needs to be able to respond to emerging trends, feedback and correspondence. It requires flexibility and patience, but if you not only listen but hear to what your customers say, you will reap the rewards.

Lack of profit

Lack of profit is very different to lack of revenue. Your business turnover may be high, but that does not mean that it is a profitable business. For your business to grow, the profit needs to flow. There are several reasons for a lack of profit: poor management decisions, cash flow problems and premature scaling; all can be related back to a failure for adequate planning. Only 40% of small businesses are profitable – the others either break even or lose money. If your business is not making a profit, you need to assess every aspect of your business so that you can identify why you are not.

How to Boost Your Business Profits

The quandary you have is how to generate more sales while reducing your expenditure. While your current efforts have been successful to some extent, you must maximize the opportunity to turn a profit.

Modify your strategy

You need to implement a new strategy to do this. Research online about how other successful businesses in your niche have succeeded. The chances are high that they have switched to a more relationship-based model that uses technology to improve their customer experience and loyalty. Here is an example of how this change in strategy has been used to grow a law form, check it out.

Increase the product selection

To increase sales, identify which products you can cross-sell to existing clients and customers. You already know that they are interested in your niche, but are there other relating products that your customers will buy from elsewhere? An example of this is for a yoga clothing company to sell yoga mats. The key to making this cross-selling strategy work is to comprehensively understand who your current and target customers are. Know what they want and what they need. You can incentivize your customers to buy more from you by offering bundles and discounts.

Review operational procedures

There will always be aspects of your operational functions that can be improved upon. The Japanese word ‘kaizen’ translates as improvement, and is the name given to a strategy that works on the principle that all employees work together to improve process incrementally. Kaizen is a valuable mindset to adopt and can dramatically reduce waste and improve a business’s profitability. It is imperative that you get all staff members on board and seek their feedback on how to improve your business’s function.

For example, a sub-total column on an invoice can help speed up the efficiency of your accounts department; introducing cloud-based technology so that your teams can collaborate easier, or even something as simple as moving the printer’s location to be nearer to the receptionist can help to make working more efficient. Kaizen is not a one-off experience, consistently aim to improve efficiency. Ask your employees for their recommendations and act upon the information that they give you.

Regularly review expenditure

You may just have been focusing on the income and profit columns of your account reports; however, you need to pay equal attention to your costs. Businesses evolve over time, and so you need to make sure that your regular outgoings are still relevant to your business today, and not based on historical data.

Review your running costs and identify areas that you could save money. Rolling contracts are a great way of controlling cash flow as you know how much money is leaving your account and when, but they can also make you complacent to other deals that are currently up for grabs and can save you money.

Are there routine tasks that you can outsource? Or, would it be more cost-effective to hire someone on a part-time or freelance basis to complete jobs that you currently pay for a full-time member of staff or do yourself? Outsourcing can be a great solution to boosting efficiency and profits; you only pay for the project that you need completing.

You should also review your suppliers. There may be better market deals that you can access that may not have been available when you started out. It can be risky, as there is potential to damage the relationship you have with your current supplier, but it is worth opening the conversation up, just tread carefully.

While it can seem daunting to undertake such a thorough review of your business, it is critical for your business to be a success. You need to adjust your business to the changing times and embrace technology to help your customer’s user experience and increase the efficiency of your organization.