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How To Build A Successful Team

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StrategyDriven Managing Your People Article |Build a successful team|How To Build A Successful TeamFor most small businesses, there will come a time when it needs to expand. It could be that bigger premises are required, or that new products should be introduced to the line. Or it could be that more staff are needed. It is at this point that, if the business owner is not very careful indeed, things can start to go wrong. Putting a team together is one thing; putting the right team together is quite another. Without the right team, a small business can vanish overnight. The right team can boost it to the next level – and, in fact, as far as it needs to go. Read on to find out more.

It’s Not What You Know

When it comes to employing your core business team, it’s definitely more like ‘it’s who you know’. If you can possibly do it, you should always hire people you already know. Not family and friends (not necessarily anyway – if they have the requisite skills, then it isn’t a problem), but those you have worked for in the past and found to be professional and good at what they do. This way, you can be sure that the foundations of your team are strong and that they know what they are doing. Training new team members is the last thing you want to do when you are also running a business, unless it is absolutely necessary.

Make Sure They Have Experience

If you don’t know anyone suitable, or if no one is available, you will need to broaden your search. This can be worrisome, but remember that you are looking for experience. That’s the key point. Don’t hire someone just out of university who, despite their excellent degree, hasn’t done anything like what you’ll be asking them to do before. That will just take more of your time, and it will slow the progress of the business down too. If you get things right at the beginning, the time will come when you can afford to hire those who are just starting out to give them a chance. That time is not when you are building your first team.

Sales And Marketing

If there is any part of the team you should be looking at first, it’s the sales and marketing part. Without them, nothing else matters. You could have the best company in the world, but if no one knows about you, what’s the point? Sales and marketing need to get acquainted with the business and how it all works as early on as possible. They should definitely be part of your core team.

Find The Passionate Ones

As well as people who know what they’re talking about, whether they’re experts in trailer reflective tape or which social media platform to use for marketing, or what kind of coffee is best in the waiting room, you want people who are passionate about your business and want to see it succeed. This is partly down to you as the business owner, as the person who can show them your vision and ask them to get behind it. It’s about the rest of the business too. If these people can also have experience, then you will have the best of both worlds.
Therefore, it is down to you to instill that passion in the people you want around you. They’ll stay for longer, and they’ll do a better job for you.

Is Profit Bidding Strategy Beneficial?

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StrategyDriven Strategic Planning Article |Profit Bidding Strategy| Is profit bidding strategy beneficial?So, how can you ensure that your AdWords advertising meets the goals that are most important to your company? To achieve success, an increasing number of advertisers are employing a profit bidding strategy, in which they optimize for total profits rather than maximum CPAs or target ROIs. Only then will they be able to discover the optimal balance of volume and efficiency.

What Does the Bidding Strategy Imply?

Bidding on its own brand terms on the SERPs is known as brand bidding. Your competitors are free to utilize your trademarked phrases in their own keyword lists, according to Google regulation. They won’t be able to utilize your brand name in their ads in most circumstances, but they will be able to run ads that urge consumers to click on their ads rather than yours.

How Does Profit Bidding Differ From Revenue?

Revenue might be deceiving since it hides margins, fixed costs, payment fees, and shipping charges. POAS has data and insights that revenue doesn’t have. Other costs, profit margins, and product margins are all factored into the equation, allowing advertising to be completely open to all stakeholders.

This is how a profit bidding strategy makes effects on your business

Increased CPC
Enhanced CPC bidding is identical to manual bidding, with the exception that it allows the Google Ads algorithm to change them manually specified keyword bids. Better CPC allows Google Ads to change the price of a term in a single auction based on the likelihood that a click will result in a sale. This adjustment used to be limited to a 30% rise or drop, but in recent years, that limit has been removed, allowing Google Ads to react to any amount.

You Increase Your Brand Recognition

Another significant advantage of using Google Ads and bidding on competitor names is that it aids in brand awareness. Larger, more well-known corporations are exempt from this rule. On a lesser scale, you can still raise brand awareness by reaching out to the audience your competitors have already built.

Should Be Maximized

The Maximum Conversions bid approach aims to maximize conversions while staying within your daily budget. There are no more controls available to the marketer, as we will see in future possibilities. It’s critical that each Maximize Conversions campaign has its own daily budget and isn’t part of a common budget, as this technique will always strive to spend the entire daily budget per campaign.

Outranking Share as a Goal

Target Outranking Share, like Target Search Page Location, focuses on the placement of an ad in an auction rather than the actual outcomes of that placement. Target Outranking Share is a feature that allows marketers to rank higher in search results than another domain, usually a rival.

Conclusion

When you’re establishing a new Google Ads campaign, deciding on the best bidding format can be difficult. There are a lot of options to pick from, and if you don’t know what you’re doing, your decision might make or break your campaign. Before settling on a bidding strategy, consider your goals.

Can You Improve Work By Improving Your Office Space?

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StrategyDriven Managing Your People Article |Improve Office Space|Can You Improve Work By Improving Your Office Space?In short, yes. Over the past 50+ years, our traditional office layouts have transformed from impersonal and claustrophobic cubicles to more open-concept spaces with performance in mind. These new spaces aren’t more advanced, but instead, they offer simple concepts and additions for your workers that boost their productivity.

As the Summer of 2021 draws to a close, more and more people are returning to the office after working from home. It’s essential for business owners to bring the comfort and safety they felt at home back to the office. Below we’ll cover various additions and adjustments you can make to your office that will positively influence your employee’s productivity, creativity, and wellbeing.

Natural Light Goes a Long Way

While it may seem obvious, natural light is very beneficial for improving your productivity. According to an article by turnstone, workers who have natural light stay on-task for 15% longer than those without. It’s proven that natural light improves employee’s energy and creativity too.

For buildings that don’t get as much natural light or windowless offices, there are solutions. Installing interior windows can break down the barrier between workspaces and allow natural light in from other areas. If that’s not an option, there are several different types of natural light lamps available that can supplement your natural light needs somewhat.

Design a Better Workspace (Colors, Furniture)

It’s no surprise that specific colors evoke certain emotions and feelings. From furniture to newly painted walls, there are a wealth of opportunities for adding some color to your office. In a post from LinkedIn, they suggest that certain colors provide different benefits such as:

  • Blue: Known to help with concentration and can be calming.
  • Yellow: Associated with positive emotions like happiness, excitement, and creativity.
  • Red: Raises your heart rate and can energize your employees.
  • Green: Associated with nature and can ease anxiety and encourage relaxation.

In addition, comfortable seating options and standing desks are a must. When employees are comfortable with their workspaces, they’re more likely to stay at them longer. In an article by bureauone.com, they cite a study that shows that those who use height-adjustable desks were 45% more productive than those who don’t. However, you shouldn’t replace every desk with standing desks, but leave the option open for employees to request height-adjustable desks.

Allow Personalization

Personalization of workspaces can make a considerable difference in creating a connection to the workplace. There are effortless ways to personalize your workspace, from screensavers to knickknacks, company photos, and more. The idea is to make yourself more comfortable in your surroundings. Helping your employees feel more relaxed is a common theme of this article because they are more productive. Awards, certificates, and other forms of recognition are also good ways to remind your employees that they’re appreciated and that the team is proud of their accomplishments.

Plants

Due to the nature of office work, employees can be disconnected from nature. Plants have been proven to have many benefits for office workers. According to an article from ciphr.com, productivity increases by 15% when there are plants in the workplace. In addition, they clean the air, reduce noise, and in some cases, can lower the chance of sickness. By far, this is one of the easiest ways to boost productivity.

Investing in a New Office Space

According to an article from FNRP, around $38.9 billion in office space construction happened in 2020. Even though that number is down from 2019, it still shows a huge market for new office space! If your business is nearing the end of its current office lease, or if you’re looking to upgrade your space, there are definitely options. More modern workspaces may be more desirable for employees returning from remote work that are used to more relaxed environments.

If 2020 and 2021 have taught us anything, it’s that workers do not need traditional work environments to be productive. As employees ease back into office life, it may be beneficial for you to move to a more ergonomic office space or consider communal workspaces like co-working spaces.

No matter the size of your company, office, or sales you do, your employees matter. It’s essential in our conversion back to in-person work that we bring our employees back into safe, productive, and relaxing environments for them to work in. These tips and many more like them are guaranteed to improve productivity, and your employees will appreciate the office facelift.

About the Author

StrategyDriven Expert Contributor |Veronica BaxterVeronica Baxter is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.

Managing your money as a startup: 5 things to consider

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StrategyDriven Managing Your Finances Article | Managing your money as a startup: 5 things to considerIn business, getting going can often be the hardest part. On average, over 20% of startups go bust during their first year. That’s why keeping on top of your money is so important. Businesses that look after their finances are much more likely to survive. Here are five important things to consider when managing your money as a startup.

1 – Take a paycheck

Don’t front all the cash yourself. Before starting up, talk to your potential co-founders about how you will work out who puts in what. You may not have money, but that doesn’t mean you shouldn’t be paid for your time, especially if you are taking a lower salary to save money for the business. Make sure everyone has an interest in the venture and doesn’t just work for free.

2 – Understand your overheads

The most common mistake when it comes to working on a budget is leaving out overheads. When planning your expenses, be realistic. Things will go wrong – computers will break down, there’ll be unavoidable decorating bills, and staff costs can spiral out of control if you aren’t careful.

3 – Monitor your performance

Once you’ve started up, there are going to be times when your finances seem like a constant struggle. Every month should have its own spreadsheet so that you can keep an eye on where the money is being spent. If things go wrong, it will be clear why. This way, you should be able to fix any problems and stay ahead of the curve.

4 – Keep on top of invoicing

It’s all very well having a good financial structure, but it won’t do you any good if you can’t get your money in on time. Get in the habit of being on top of your accounting from the very beginning rather than waiting until it’s too late. Here are a few important things to consider when invoicing:

  • Working with an ISO vs. Third-Party Payment Processing Company – there are pros and cons to both approaches, so make sure you do your research to learn the differences before choosing which option works best for you.
  • Invoice numbering – different companies have different ways of tracking order numbers and invoices. Remember to brush up on these before you start trading.
  • Paper or digital – a lot of customers still prefer a printed copy. However, paper costs more and is less environmentally friendly. It’s best to find the right balance before opening your business.

5 – Invest

You do need to make money, but don’t forget that this is not the only goal. A good business will run itself smoothly. If you can reinvest profits back into the business, you can grow much faster than if you just let the money sit there. Even though it might seem scary at first, try not to focus too much on the present and think about what you’ll be able to achieve in the future if you invest wisely.

If you follow these steps, managing your money should be easy, and your startup should go from strength to strength.

3 Secrets to Making Your Auto Parts Store a Success

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StrategyDriven Managing Your Business Article |Auto Parts Store|3 Secrets to Making Your Auto Parts Store a SuccessOwning an auto parts store is an exciting business venture. However, just having a passion for automobiles isn’t enough to draw in customers. Going above and beyond to make the store stand out from the competition is a must. Here are three proven ways to turn an average auto parts store into a booming success:

1. Contract with Dependable Suppliers

In-demand auto parts shops always have well-stocked shelves. After finding used madix shelving for sale, it’s crucial to keep it filled to the brim with the hottest products. That’s why finding the most reliable suppliers is of the utmost importance. After all, if the store doesn’t have what the customer wants in stock, they’ll just head elsewhere. No business owner wants to lose a sale because of an unreliable supplier.

When it comes time to choose suppliers, it’s best to shop around. Ask about product turnaround times, minimum purchase orders, and possible shipping disruptions. Don’t be afraid to back out of a deal if the supplier can’t meet the shop’s needs. The right supplier will do everything possible to ensure their retail clients have enough products to meet customer demand.

2. Know What’s on the Shelves

Having the best suppliers does no good if the store owner doesn’t keep track of their inventory. As an auto parts store owner, it’s wise to keep an eye on the top-selling products. For instance, if jump-starters or GPS trackers start selling out, it’s a good idea to increase inventory orders for those products. The most successful retailers also know how to pair different products. They might suggest a water repellent treatment whenever a customer purchases new windshield wipers, for example.

Owners should routinely monitor inventory statistics. This includes keeping track of popular brands and types of auto parts, such as BMW parts, to ensure the store is meeting the needs of its customers. These stats will show which products sell out the fastest, and it will also help owners monitor for product loss. Having a computerized database with help streamline this task. Moreover, recognizing inventory trends gives brand owners more negotiating room with suppliers. If a particular product moves more than others, it may be time to talk with the supplier about a bulk discount.

3. Create a Marketing Plan

While there is always a need for local auto parts stores, there is also a lot of competition within the industry. Analysts forecast the US automotive aftermarket will reach $445 billion by 2023. That statistic proves the demand for innovative auto parts is at an all-time high. The stores that will make the most money know how to effectively market to their audience.

Marketing needs to reach the target consumer. Years ago, most businesses relied on television spots and print ads to promote their services. However, online marketing is now the best option for auto parts stores looking to grow their customer base. Well-known stores all have company websites and social media profiles. These tools make it possible to connect with potential customers from all over. Marketing helps brands become automotive industry leaders, and the stores will generate more money as a result.

Prepare for a Successful Ride

Many auto parts stores compete in the same space, but some will prove more successful than others. Contracting with the best suppliers, recognizing inventory trends, and developing a marketing plan will help take any auto parts store to the next level. After implementing these proven secrets, brands will notice an influx of customer interest and an uptick in sales.