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Five Ways To Increase Productivity During Business Expansion

StrategyDriven Managing Your Business Article |Increase Productivity|Five Ways To Increase Productivity During Business ExpansionEvery business aims to achieve and surpass its annual goals. The growth and expansion measure achievement of goals in entrepreneurship. It is a challenging task to steer your company through a new business opportunity. It would be best to focus on the new business and its seamless union with the existing activities. It requires a lot of patience and decision making, which is a crucial factor in business.

You also need the right support system to manage the growing and demanding needs of the company.

Re-strategize

When your business expands, you need to change your strategies to align with your new position. It is impossible to use the same resources for the expanded business. You need to analyze and budget afresh according to the new company needs.
The higher the standards, the higher the responsibility. It is essential that you first work on the additional infrastructure that the business will need. It will ensure that It will secure the business’ stable foundation. The infrastructure will ensure that new contracts or products are handled well.

You also need to modify your budget to include the new additions. It ensures that you will be ready if any extra costs will be needed. It would help if you channelled your finances to your highest prioritized department. Make sure your team is in sync with what you expect of them.

Outsource

As the business grows, the company’s needs increase to satisfy the company’s current needs. The company requires to upgrade and increase its resources to match their current needs. It is sometimes difficult for the growing company to adequately take care of the various departments. Thus, the need to outsource some of its functions like the HR and the IT departments.

Each company must take care of the employees’ welfare. With a big task force in place, it can swamp the HR department in handling all employees’ matters. Hence, the need for outsourcing some of the services. It will save.

You can get a peo company that will take over the HR department and work. It will be responsible for recruiting, maintaining the relieving of the employees. They will deal with any arising issue within the employees. This move will relieve you of the HR department and allow you to concentrate on other company needs.

By outsourcing IT services, you will be assured of quality services. The outsourced company will ensure that you are always digitally protected without extensive worry or hustle. Ensure that you carry out your research in choosing the outsourced companies. Be sure of the quality of services that they offer.

Constant Review

You must keep analyzing the new business’s performance to ensure that you are on the right track. Remember, to analyze the risk factor compared to the benefit of the new business to evaluate its performance and expectation.

Make sure you regularly hold meetings to get reports on how the business is fairing on. The reports will give you an accurate breakdown of the pros and cons of the business. You will know where to improve or make changes for better results.

Advanced Equipment and Tools

You will need additional equipment to meet the increased productivity needs of the company. It would help if you either chose to upgrade or add the tools according to the expected productivity rate. The productivity rate will be determined by the type of business deal that has been acquired. The deal might involve additional quantity, quality or tasks that will affect the production differently.

The cost of the purchase of the new equipment will also influence the time frame of its acquisition. You must quickly and efficiently set up the new department. The finances and decisions to be made will also influence the time taken to merge the businesses.

Data Security and Safety

As your business grows, it is important to secure your data and information. Data security is a vital facet of any business. It would be best if you employed the right techniques to combat any technological threat. There has been an increase in cybercrimes due to the advancements of technology globally. Hackers have devised new ways to hack into the systems.

Any loophole that is left by a network entity can be the weak point in the network. It is important to strengthen the protection against cybercrime. It would help if you also sensitized your employees on the importance of keeping your data safe and secure. Urge your IT department to take stringent measures and continuously update and review their protection methods.

Business growth is the joy of any entrepreneur. However, its responsibilities will overwhelm you if you do not follow the correct procedures. Take each task step by step and work diligently towards greater profits.

Coming Up With an Alternative Business Model

StrategyDriven Strategic Planning Article |Alternative Business Model|Coming Up With an Alternative Business ModelRight now, a huge number of people are looking for new jobs. This is pretty understandable. At the end of the day, we’re in the midst of a worldwide pandemic, where coronavirus and Covid-19 are spreading at a rapid rate and we’re doing the utmost we can to slow its transmission. Governments around the world are requesting that people work from home, reducing their contact with others and minimising fatalities and the burden on healthcare services. This means that countless companies have collapsed, had to make redundancies, or are asking staff to work for a reduced rate or reduced hours. On top of this, many people have spent time away from their current job while the company gets back on its feet and have realised that the role and career path just isn’t for them. If you fall into either of these categories and are looking to pursue something new, the good news is that you can go ahead with it! Sure, it can feel daunting to start your own business in these difficult times where established companies are visibly struggling. But if you have the right idea and there’s demand for what you’re providing, you could actually experience profound success. There are businesses out there that are flourishing and profiting right now. If you are going to take this path, you are going to have to work to stand out from the crowd and consider an alternative business model though. Here are some suggestions that can help you to achieve this!

Consider What You’d Really Enjoy Doing

All too many people simply look where the money is when starting a business. But this isn’t all you should consider when choosing what you want to do and sell. Sure, it’s important to provide something that has demand. But you also need to make sure that your business is based around something that you’re genuinely interested and invested in. This will make each and every working day easier and will see you put more effort into the venture. Commitment and positivity are more likely to drive success.

Remember You Don’t Have to Do the Same as Everyone Else

You also need to remember that you don’t have to stick to the flow when it comes to setting up your own business. There are some business models that are more popular than others, but this doesn’t necessarily mean that they are better. For example, selling products often proves to be more common than selling services. But you could find that during times like these, where people are looking for support, setting up a coaching business and using services that can revamp your coaching business for the current times could prove pretty successful!

Make Things Easier for Yourself

You should also make things as easy as possible for yourself. Chances are you aren’t going to be committing to hiring full or part time staff straight away. These are unprecedented times and many business owners don’t want to commit to paying out salaries at the minute. But that doesn’t mean you have to bear the weight of every aspect of your business’ operations on your own shoulders. Remember you can outsource.

Running your own business right now is going to be a challenge. But it is possible! Hopefully, some of the steps outlined above will help you along the way!

Want To Outsource? Here’s How You Could Do It!

When it comes to your business, you push it as hard as possible to do well and make a profit. You’re working early mornings and late nights and the days seem to run into each other without stopping. While this is wonderful, and you can see the dollar signs rolling as the profits come in, the better you are the more in demand you are – and this means more work to keep up with.

Outsourcing pieces of your business to others to lighten the load from you isn’t a bad idea to combat that extra workload. Taking the right approach to outsourcing your marketing team or your invoicing to an accounting service is important. You need to be able to trust the people you’re handing a piece of your business to, and so it’s important that you know the advantages of outsourcing and why you should do it.

StrategyDriven Managing Your Business Article | Want To Outsource? Here's How You Could Do It!

Advantages of Outsourcing

Outsourcing is going to help you to combat the growth of your business. You want to be able to manage and control your business growth so that it goes in the way you hope it goes. You want to ensure that the time is right for your outsourcing, and if you know that it’s going to lower your costs and regain your focus properly, you’re going to do very well. On top of this, you could use outsourcing to develop your talent. A knowledgeable workforce is going to boost your bottom line and this will lead to even further growth. Now that you know the advantages of outsourcing with your business, let’s look at a few ways you could do it!

  • Know what to outsource. Before you do anything, you need to know what you should outsource. Look at your business functions and choose where you are weakest. If your social media marketing could use a boost, you know that choosing the right agency is the way to go. The same can be said for your IT, accounting and even your administrative tasks. You can check with your employees and your profit bottom line to know whether you need to outsource a function in your business.
  • Time it right. Sometimes, you can jump the gun and outsource too soon. You need to look at your long and short term needs and if you need help in the short term to help the long-term goals of yours, you’re going to do well. Once you have done this, communicate with your employees so that you can time this exactly right.
  • Cut ties gracefully. If you start outsourcing with an external company, you are more than within your right to cancel any agreements you have with them. No one enjoys firing a company, but you have to find the right provider to work with.
  • Communicate with your team. If you plan to outsource at all, you should consider talking to your team first. They will be able to tell you what they need and you can then decide whether to go ahead or to go another way. Communication is key and this will help you to get what you need for your business.

4 Services Small Businesses Can Outsource

StrategyDriven Managing Your Business Article | 4 Services Small Businesses Can OutsourceRunning a small business requires wearing a lot of different hats. You don’t have to do everything yourself or hire full-time staff to take care of all the daily tasks needed to keep your business going. Here are four services to consider outsourcing.

1. Technological Support

If you use any technology to operate your business, even if it’s just website maintenance and email, you need some type of IT support. It may not be cost effective to have your own team on staff, though. IT outsourcing can help you manage your technical infrastructure and keep everything running smoothly.

2. Janitorial Services

When you have a brick-and-mortar location, you want to keep it clean to protect yourself, your employees and your customers. You can ensure that regular cleaning happens when you enlist the help of janitorial services Minneapolis. You can set up a schedule that works best for your business.

3. Accounting

You hope that all areas of your business run well, but one area you need to be as close to perfect as possible is accounting. Accounting helps you keep track of payroll, revenue, expenditures and taxes. You can use payroll software for basic functions, but hiring outside experts can help you avoid costly mistakes.

4. Marketing

Analyzing the marketing strategies that will work best for your particular business can be time-consuming. That’s why it makes sense to outsource your marketing to a team of professionals. Marketing specialists can focus on finding the best way to reach new customers and keep your current customers informed. This releases you to have the time you need to focus on what you do best.

Part of running a small business is making sure everything is taken care of. Instead of trying to add a lot of employees to the payroll, try outsourcing as many services as possible.

3 Questions To Answer When Outsourcing

StrategyDriven Tactical Execution Article |Outsourcing|3 Questions To Answer When OutsourcingWhen you are looking to get a business up and running, there is no doubt that outsourcing will be an essential part of your early efforts. In the beginning, when you are trying your hardest to break through, you’ll often try to do everything yourself. That, however, is a risky strategy, as it can lead to burnout and crucial mistakes – so outsourcing is a necessity.

With that said, outsourcing in and of itself is like any other tool you can use in a business – it’s about more than just having it to call upon; how you use it also matters, and so does the quality of the service you are getting. In other words, there is no point simply deciding to outsource your accounting, the legal side of things or marketing without first asking a few questions about what you’ll be getting for the (often substantial) money you spend on it.

1. Do you trust the people who will be handling the task?

It’s all very well and good to know what you can and can’t do, and in truth it’s not knowing that which often stymies startups’ chances of success. Just as importantly, though, you need to consider what you might be getting when you put your IT services or marketing in the hands of another business. It’s essential that you meet them and find out not only what they say they can do for you (secure your network against hackers, or deliver a higher market share for your business), but how they plan to do it.

If they can show you figures, and demonstrate past success, then they are worth your trust when it comes to boosting your business.

2. Will they take the lead on the project?

If you outsource an aspect of your business to another company, then you will want to know that you can leave things in their hands and get on with what you’re good at. They’re not just there to give you a hand, after all, they’re essential in freeing you up for other tasks – but that won’t be the case if you constantly have to field questions from them and correct their work. Ideally, you should be able to compile a plan of what you need, then let them action it.

Often, experienced service providers will be the best ones to work with here – an occasional catch-up will be all that is needed to stay on the straight and narrow – but don’t rule out someone new with a convincing and detailed plan.

3. Will they answer your calls?

Arguably the most important factor when choosing a company to outsource any part of your business to is communication. As we’ve noted above, you don’t want them to constantly be asking you for more information, but equally it’s important to know that they’ll be reachable when you need to ask for a change or a progress report.

What’s ideal in this situation is to ensure that someone within the external company takes personal ownership of your task and oversees it to conclusion. When you have a specific contact you can always reach, you can be more confident of the work being done promptly and well.

Outsourcing is a thoroughly sensible way to ensure your business runs smoothly and you can focus on your strengths; just make sure you don’t saddle yourself with a few extra headaches when you do it.