Business

What are the Best Places for Office Space

Founding a business is a risky yet exciting endeavor, as many people who start a business are following their dreams. Before starting a business, you have to take many things into consideration. One of which is the practicality of launching a business in a particular area at a particular time, as well as how likely that business is to survive.

Looking at these statistics can prepare you for the reality of opening your business.

What do the statistics tell us?

In London, an increasing number of business are being established, with over 400,000 having been established in 2016 alone. The majority of businesses being established fall within the business administration and support services sector, the transportation and storage industry, and in education.

However, the businesses with the highest survivability rates, which means those that last the longest, are in healthcare, property, and information and communications.

Just as businesses are born each day, many are closed every day too. The majority of those businesses that die each day fall into the realm of finance and insurance, business administrations and support services and property.

Although property falls into the highest death rate and the highest survival rate, the survival rate of the property industry outnumbers its death rate by at least 35%, so it is still a feasible business venture.

It is also important to note that the accommodation and food services industry has the lowest rate of longevity. Many who open these types of establishments do not see continued success.

Although many businesses shut down, the number of businesses established each year continues to outnumber those that are closed. This means that finding space for all of these businesses will eventually become more challenging.

Where are the best places to open a business?

As far as location is concerned, London has both the highest birth and highest death rates for businesses, but only by about 2-3%.

Unfortunately, London also has the lowest survival rate at almost 42%. The locations with the longest survival rates, which would be the best places to open a business, include the Southwest, Northern Ireland, and the Southeast.

What is a Flexible Workspace?

One of the latest trends in business is flexible workspace. Exact definitions of this word will vary depending on who you ask, but the general underlying concept is still there.

A flexible workspace is a workspace that can be used by different people or businesses at different times and for different purposes. The idea is that a property manager owns a building that has a variety of office space options that are rented out monthly, daily, or even hourly.

For example, a small startup that doesn’t have a conference room setup available could rent a conference room from a flexible workplace location.

This way, the small business can host a professional-looking meeting without the cost of renting or leasing a large property for an extended period of time.

Why do we need it?

Running a business successfully requires income coming in to the business to exceed the amount of money going out of the business. If businesses are spending a large amount of money leasing or renting a property that is too large for their everyday operations, they are essentially wasting money. They end up paying to rent space they do not utilize every day.

Flexible workspacesare a great way for businesses to save money. Another benefit of flexible workspace is that businesses that share the workspace will also have an opportunity to collaborate and share ideas. This could create competition between businesses, which could be good in that it could drive up productivity. It could also result in the birth of new ideas.

London is home to the largest number of flexible workspaces, with around 10% of the London market being comprised of this type of office space. Finding an affordable location to do business in London shouldn’t be a problem for you.



Conclusion

No matter the location or the industry, opening a business is always going to be a risk that you take. However, doing some research and looking at the numbers can serve as a guide for you as you begin the process.
Don’t forget to take into consideration the possibility of utilizing flexible workspace as an alternative to renting or leasing space that you just don’t need right away.


Grow Your Business with Automation

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You could grow your business by stretching your finances and investing more money into it – that’s what so many business owners do – or you could be smart and grow your business by using automation to increase your company’s productivity, and therefore your profits.

Did you know that you can typically automate up to 45 percent of your business? That’s a lot, right But, if you still aren’t sold on automation, here are some compelling reasons that are sure to change your mind…

Automation is Cost Efficient

Perhaps the most compelling reason to use automation to grow your business is the fact that it is likely to have a positive impact on your finances. You see, with automation, you can use tools like Intelligent Information Management and even basic email templates, to cut the amount of time that you and your employees spend doing simple and complex tasks that take up time. The more time you free up, the more productive your business can be and the less money you will need to spend on staff – it makes perfect sense.

Automation Can Consolidate All Areas of Your Business

Using the various automation tools at your disposal will allow you to connect up various different aspects of the business, which can improve productivity significantly. For example, you can use digital asset management to ensure that all members of staff can collaborate and access documents via various different applications, which means they can work together more easily, or you could use a CRM system like Infusionsoft to not only deal with customer subscription sign-ups, but to also let customers know about new products and services, or even special offers you’re running. That means you can make many more sales without any effort whatsoever, which can only be a good thing for your company’s finances.

Automation Can Free Up Your Time

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If you automate everything from your calendar to your social media updates. That will free up a lot of your time, and as the owner of the business, this is very important. Why? Because you are the person who should be schmoozing clients t get more business, scouting out the best talent to help your business grow, and a million other things that triviality such as booking appointments and doing the books gets in the way of doing that and bosting your finances as a result. By automating this stuff, you ate allowing yourself to work on high-value tasks that lose your full potential and help your business to thrive and grow, it really is that simple.

Automation Can Do Your Marketing

Whether you’re using Hootsuite to schedule your social media posts for the week or Infusionsoft to push your content to a range of platforms where your customers can see them, automation can do the bulk f your marketing for you.



Automation Can Get Rid of Human Error

Human error can cost businesses hundreds of thousands of dollars and set them back when they should be pursuing growth. The great things about automation are that providing you set it in motion correctly, it will run and run without experiencing any problems. In fact, it is estimated that it can eliminate as much as 80 percent of human error in industries such as manufacturing and engineering alone.

Automation is the way forward, especially if you want to increase productivity, boost profits and see your business grow.

 


Production scheduling is vital for a business – How about using automated software?

vital for a business

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Any smart business owner will be aware of the fact that scheduling and planning are necessary for achieving success. In fact, these processes form the key base of all activities and processes in a company. This is why it is vital for you to learn why planning and scheduling are vital for any business who wants to level up his company. They both go hand in hand and they share a symbiotic relation where they need each other to obtain maximum results. Planning comprises of designing a plan for your business, setting goals for the upcoming year and setting a tab on the things that are getting done.

In order to maintain a competitive advantage, it is easier to use a production scheduling software which is a great way of boosting efficiency and reducing costs. Here are few ways in which this software can help you.

#1: Planning and scheduling gets automatic

One of the biggest benefits of using this software is the capability of combining production schedules for the company. Each and every schedule of the department is set against one another so that meeting goals become easier. Each and every feature of the distribution and creation of a product is referenced immediately thereby saving hundreds of hours on doing it manually.

#2: You can buy raw materials during a drop in demand

One of the most significant things for majority of the manufacturers is the cost of raw materials but there are several who think that they don’t have enough control on the cost they pay while buying them. When you use a production planning software, it is able to keep a tab on the prices of raw materials from several vendors. You can also buy raw materials when the prices are high.

#3: Reviewing of data is easier

With the help of the software, each and every aspect of the process of production is kept in record. You can generate several reports at a time on every single aspect from raw material cost to the cost of shipping a definite product. With this data, it is vital to determine a limiting factor of the facility, gain insight on the efficiency and productivity of the personnel and make improvements on the process of production.

#4: You can adapt your tasks as per schedules

Whenever there are any kinds of unfortunate unforeseen events, they can spell disaster for any manufacturer. Production scheduling software will adapt to such occurrences efficiently and swiftly. You can move manufacturing to other facilities or product can be routed to reach out to customers where there is strongest demand. The software will suggest you several options or decide the most cost-effective solution.



Therefore now that you know the benefits that you can reap from using a production planning software, you should never think of not using it. Always stay at the edge of competition so that your competitors don’t leave you behind in the rat race to stay at the top of the list.


Things You Need to Know About Starting a Business

Many people want to start a business but few people know what to and how they can make it a success. A lot of the skills gained from starting a business are things you can learn on the job, but if you do your research you can avoid some of these common pitfalls and save your money while you do it. Many people waste so much cash on their first business, but no doubt they learn a lot by doing it. If you want to run a successful business straight off the bat and avoid some common mistakes, then make sure you follow the advice in this article. Doing your research and being prepared when you open up is essential, and making sure you keep track of everything when you do it can also help you so much in the long run. If you are thinking of starting up your own business or you are currently running your own first business and want some pointers, read on.

Make a Plan

This might seem like simple advice but so many people start a business thinking that they can just wing it and don’t need to keep track of what they have achieved or what they are planning on achieving. Having a plan can give you some pointers on where you want to be and what you want to achieve in a certain amount of time. Although this can be difficult to predict with your first business, setting targets and trying to meet them is a great way to push yourself and the people around you to do the best you can. Even if your goals change it is really useful for any business owner to keep track of how their business is doing. This means you can see the effects of any changes you make, and you know what works and what doesn’t work too.

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Outsource Work

Depending on what kind of business you run, outsourcing work could save you a lot of time and money. If you work in the service industry then this might not affect you, but if you have a web-based company it could be really useful. Outsourcing work can work for your company if you get work in fits and burst, or it seasonal rather than being steady. If you don’t need to employ full-time employees or this wouldn’t work for your company then outsourcing work might be for you. If you do have a web-based company make sure you register your company formation at www.yourcompanyformations.co.uk. Outsourcing work can save you money as well as free you up some office space if your outsourced work can be done at home. Make sure you consider this for your business and it could make all the difference.



Here are just a few ideas for you if you are starting up your own business for the first time. Much of what you learn is from trial and error, but doing your research can mean saving a lot of money and avoiding mistakes too.

 


Ten Time Saving Tricks Your Business Needs

No company can completely avoid wasted time. No matter how hard we try, each of us can end up waiting for someone or something else. Making the most of that waiting time is one way to reduce the impact of wasted time. But there are also plenty of internal systems and working practices that could do with some fine-tuning. If you’re looking for ways to save time within your company, you’re not alone.

There are plenty of reasons why you should be actively seeking ways to reduce lost time and the number of hours spent on key tasks. For a start, it is reducing the number of hours your employees could be spending on new and innovative projects. Freeing up their time lets their creativity flow. But it is perhaps the cost of lost hours that is worrying you the most. If you could save thousands every year by reducing how long it took to get business done, wouldn’t you do it?

1. Ditch The Commute

Your employees might be particularly happy about this time-saving exercise. As a busy business owner, it might do you some good to claw back those two to three hours every day too. The amount of time spent in the car each morning and evening can be very stressful. We would all rather be anywhere but stuck in a traffic jam. If you’re willing to offer your workforce more flexible working, you might be quite surprised at the results.

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Without the stress of traffic jams and expensive parking, your workforce might be more energetic, better focused and less prone to sick days. They don’t have to spend that extra time each morning preparing a professional appearance either. It could even save them on their dry cleaning bill! You might enjoy more productivity, and more creative flair from a workforce spared the dreaded commute.

2. Collaborative Working

Have you ever sent an employee away to finish a document so you can then refine it, edit it, and send it out? Why are you wasting so much time? Surely if you were working on it at the same time, your employee would know exactly what you’re looking for, and you don’t have to wait for them to finish their bits off first? That is collaborative working made easy for time-saving. Best of all, it’s all in the cloud. You can check on the project or document while you’re at lunch, or on the plane to that meeting.

The team needn’t be in the room together. Picture credit

Collaborating like this also helps to motivate your subordinates. They will feel more integral to the team, and they’ll feel more inclined to prioritize that task knowing you can see when they’re working on it! You can step in with comments or changes as they go to reduce time wasted on edits later.

3. Who Needs Data Entry?

Entering data manually from 3rd party documents isn’t just tedious, it’s costly on time. Chances are you hire someone specifically to perform that task. Are they the happiest member of the team? Probably not. Using automated data entry can save a lot of time as it is often quicker than human data entry. Of course, ocr software accuracy isn’t perfect. Sometimes it needs a little help to improve and get up to speed. But once it’s there, all your supplier invoices could be in the system and automatically sent for payment. As for your data entry clerk? Give them something more fun and creative to do!

4. Walk And Talk

The walk and talk is a tool used for film and TV to heighten the urgency of dramatic situations. It makes the characters appear busier, and it visually supports the rapid progression of events in the narrative. It can work in the real world too! If you’ve got somewhere to be, but you need to have a conversation, don’t schedule it for later. Take the conversation with you!

There are more benefits to this than just saving time. You’ll find your increased heart rate and circulation make it easier to focus and fire off ideas much quicker too. Even if you don’t actually need to be anywhere else, walking while talking is a great way to stay active, fitter and healthier in the workplace. If it can reduce sick days, surely it’s saving your business time too?

5. Self Service Personnel Resources

As an employee, it is really frustrating to try and get an appointment with someone in HR just to book off a long weekend. Using an app to manage leave, check promotion eligibility and even apply for internal jobs can save everyone a lot of time and hassle. There are plenty of systems like this available. Ultimately, they offer a few checkboxes or drop-down menus to allow the worker to submit a request. It’s up to you if you want to allow the system to auto approve requests as well.

Other resources that can be challenging to access include company information, contact details and meeting schedulers. By placing all these details in a single app, you can save each employee a lot of time and headaches. It shouldn’t have to be a big research project to get the name and email address of someone in accounts!

6. Recruit From Within

It’s up to you how you choose to recruit talent for your business. But there is a lot to be said for recruiting from within. For a start, that worker already knows your company and you. They know the culture and fit right in. They know the quickest and easiest way to get things done to your satisfaction too! A clearly defined career progression is a great motivator too. It improves worker loyalty and reduces the amount of training that is required to bring someone into the role.

Know who you’re hiring and why they’re good for the job. Picture credit

There are legal issues surrounding this though. You can’t just ignore the wealth of talent outside of your firm. But you can recruit from the ground floor and let the best of the best work their way up naturally. Check your local laws and regulations on recruitment and best practice. If you don’t have to advertise externally, then you can save time on the entire recruitment process. Sifting through applications, holding interviews and training new recruits can take months.

7. Use Freelancers For Those Little Jobs

Some departments, like the marketing team, have countless small tasks that take up more time than they are worth. Your marketers are a creative bunch that are full of fresh ideas. The last thing you want is for them to be stuck on a relatively small creative piece instead of brainstorming and developing the next big thing. This is where freelancers come in. They can dedicate their time, energy and resources to that single line of copy or that cute infographic design.

You might find the same thing for your customer service team. A seasonal influx of orders through the call center can be great. But it means your people are busy taking orders instead of taking care of customer enquiries. Handing over some of these calls to an outsourced service provider means your agents can get on with what they’re best at doing without suffering the fatigue of overwork.

8. No More Paperwork

Shuffling paper and filing hard copies is another job that workers find tedious. Your employees want to be doing something more creative and fun. They don’t want to spend their days moving stacks of papers about. Use a digitizing service to reduce your office-based paperwork to zero. It means that all those documents are available to everyone at the same time, without anyone having to run off to the filing cabinet.

Working digitally like this can also mean that security is improved. There is no more time wasted searching for lost papers and documents. They are all on your server and filed appropriately for anyone with the correct permissions to view. You might even choose to edit them if required. That’ll save a few hours in photocopying!

9. Reminders, Scheduling And Calendars

Make good use of your phone or computer reminder app. This saves you a lot of time worrying about what you’ve got to do or making endless todo lists. Scheduling apps make it easy for you and everyone else in the company to see where you are and what you’re up to! Sharing these details means that every moment of your time at work can be carefully managed to maximize your day.

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Shared calendars also mean that you can find out when your key personnel are in the building for meetings. You’ll be able to follow their workflow more easily. Best of all, you can all see when time has been booked off. This saves you the hassle of ringing or emailing when your employee is actually away from the office on leave. Of course, if you don’t use these facilities, then they won’t be able to save anyone any time at all!

10. Video Conferencing

Spare yourself a flight, and reduce the cost of hotels. Simply take that meeting by video call. You might well save hours! How does your business save time?


From The Top: Being A Better Boss Made Simple

In business, there’s a lot to be said for leading by example. If you look at the most successful entrepreneurs in the modern world, you’ll notice that they have something in common. They all take an interest in what’s going on in their business empire, and they set a good example for their workers to follow. If you’re a business owner and you’re keen to improve your leadership skills or become one of those employers that the workforce raves about, this guide will come in handy.

Setting out clear goals and objectives

Confusion can be a major barrier in business. If you don’t know what you’re doing every day when you arrive at the office and turn on your computer, you’re not going to be as productive as you could be. As the boss, it’s up to you to ensure that your team is aware of the objectives and that every person understands what they’re working towards. If you don’t have an active role in the day to day management of the company, ensure your senior members of staff take over this mantle for you. Organizing regular team meetings is always beneficial, but it’s also a good idea to meet with individuals to make sure that everyone is on the same page. One to one sessions can also be helpful in building relationships between you and your employees.

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Running a tight ship

A lack of organization can be incredibly costly in modern business. The most successful companies have plans in place that maximize efficiency and productivity. Consider the importance of dealing with payments or outstanding invoices swiftly, for example. If you don’t have a firm grip on your finances or an accounting team to handle payments for you, there’s every chance that you could end up with cash flow issues or let clients disappear without a trace when they haven’t paid for work you have completed or products you’ve sold. Another important consideration is scheduling and staff hours. If there’s a lack of clarity in the process or you’re experiencing a lot of confusion related to rosters, you’re likely to end up with a situation where you’re dealing with no call no show employees. Of course, if an employee is down to work and they don’t turn up or inform you that they’re not able to work, this isn’t always your fault, but if it’s a regular occurrence, it may be time to rethink your scheduling plans. You could look into using new and improved software, for example, especially if you have a large workforce or a high staff turnover.

Being clear on policies and expectations

As the manager of a company, you probably have certain expectations about how your employees should behave and what they should bring to the table. It’s essential to communicate with your employees so that they are aware of the policies that are in place and they understand what is expected of them. Make sure new employees are guided through an induction process and refresh training related to protocol and procedures. If you’re finding that people are ignoring the rules or they’re failing to meet the standards you expect, it may be wise to get everyone together and reiterate working guidelines. Sometimes, a simple reminder is all that is needed, but you may need to take further action if an email or a friendly chat goes unnoticed.

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Promoting development

Most people go into a job with the aim of progressing and moving up the ladder. As the boss, you should actively support development and provide your workforce with the opportunity to expand their skills and take on more responsibility. If you consistently overlook the talent you already have, you may find that you lose your star players. If you’re advertising jobs externally, for example, your employees may feel that they need to go elsewhere to get a shot at a promotion. Training is really valuable for both employers and employees. It gives you a better-skilled workforce, and it provides your employees with the chance to learn new skills and improve their techniques. If you don’t currently offer training opportunities, look into schemes, programs, and workshops and have a think about the kinds of courses and classes that would benefit your business. It’s also useful to have a chat with your staff about what kinds of sessions and subjects they would like to cover. If you have a highly-skilled team, this is going to improve the overall performance of your business.

Image credit https://www.pexels.com/photo/business-coach-concept-education-159703/

Rewarding hard work and celebrating success

Nobody wants to invest blood, sweat, and tears and get nothing in return. If your team has been working all hours to meet a deadline or people have made sacrifices to cover for illness, for example, make sure you reward their hard work and commitment. If you expect people to give you more, there has to be an incentive. A motivated team will put in more effort than a group of people who know that there’s nothing coming their way even if the outcome is positive. Offer rewards and celebrate successes. You don’t have to go crazy and hand out huge bonuses, but an extra day off, an office party or outing or a little extra in the paycheck will go a long way.

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Ambition and passion

If you’re not passionate about your business, you can’t possibly expect others to be, so show your employees how much this venture means to you and how determined you are to make it a success. Share the backstory, talk about plans for the future, and be willing to get involved. You may not want to spend every hour of the working day in the office, but popping in from time to time to see how things are ticking over is hugely beneficial. It’s always positive to have a presence and for people to know that you care even if you don’t want to devote all your time to the business.

Communication and teamwork

Everyone knows that a cohesive team works better than a group of individuals. As the head honcho, it’s your job to encourage cooperation and create an environment that fosters collaboration. If you want people to work together, plan regular meetings and set up communal spaces. Make it easy for people to share ideas and to work on projects together by investing in technology and innovative software systems, and encourage socialization outside of work. Not everyone has to be best mates with their colleagues, but if you get on with the people you work with, the working day is likely to be a lot more enjoyable and productive. Go out for a drink after work on a Friday, organize a team movie trip once a month or look at options for a weekend away doing team-building exercises.

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Understand your role

When you oversee everything, it can be easy to blame others if things don’t go to plan or there are delays or hiccups. As the boss, it’s important to realize that the buck will always stop with you. Although somebody may be at fault for an error, it’s your company, and therefore, it’s beneficial to understand that getting involved in finding solutions is more constructive than shouting and screaming. Be the person your employees look up to and inspire to be like and understand how your actions affect and influence others.

Listen

This is one of the tips leading entrepreneurs usually share in interviews or articles about their career. When asked about what makes a good leader, the ability to listen makes it to the top of many lists. Being in charge isn’t always about calling the shots. It can also be about listening to the people you work with and learning. Perhaps you could learn from your mistakes sometimes, or you could take other people’s ideas on board to improve your business. Think about people you’ve worked for in the past and how their actions affected you. Did you feel that your boss never really had time for you or that you were overlooked, or were they always eager to try new things, give people opportunities and engage in open conversation? It’s wise to take time to get to know your employees and to be available to them if they have concerns or they simply have a brilliant idea they want to share. If people do raise issues or you receive feedback that isn’t wholly positive, use it to improve your leadership skills. It’s not always nice to hear negative comments, but it can help you develop as a person as well as improving the business.

Image courtesy of https://www.flickr.com/photos/akumar/3180900835

If you own a company, you’ve probably realized that life at the top isn’t always a bed of roses. Leading a team can be difficult, and not all entrepreneurs are blessed with management skills. Hopefully, this guide will inspire you to be a better boss and to move your business in the right direction. Pay attention to your employees, take time to communicate with them, listen, and make sure you set out clear goals and objectives so that everyone’s pulling in the same direction. Be passionate, be enthusiastic and ensure that everyone knows that their hard work is valued.


Ways to Secure More Funding to Expand Your Business

Businesses grow with money—there’s no changing or denying that fact. Sadly, getting the money required can be a bit tricky especially if you’re not making much money from your current services and products. Most companies would love a little injection of cash to start up a new product or to start a marketing campaign in order to get more business. Unfortunately, getting the money required can prove to be difficult if your business is already in a bad shape.

Fortunately, there are ways to secure more funding your for business if you’re willing to put in the extra work. Here are some ideas to help breathe new life into your business and to secure more funding for future projects that will hopefully kick start a new era for your company.

business fund

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Consider Crowdfunding

Crowdfunding is one of the best ways to promote a new product idea that you’re unsure about. You can gather interest using platforms such as social media and then you can request money from supporters in order to fund a new endeavour. This method only really works if you have great relationships with your customers, so only do this if you’re confident that you can deliver because nobody likes a company that goes back on its promises—especially if they ask for money. Consider looking at platforms such as kickstarter.com if you’re curious about crowdfunding and how you can make it work for your business.

Look at Credit Services

When you’re looking for a tried and tested method of funding your business, look no further than a credit service for business loans such as businesslineof.credit. You’ll get money in your bank relatively quickly, you’ll find that you don’t have to bother with pandering to your audience and if your ideas are good, then you can easily pay back the credit loan once your new products are ready for sale. Keep in mind that even if your idea isn’t successful, you’re still going to have to pay whatever you’ve borrowed. Just make sure you don’t plunge yourself further into debt!

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Rebranding Old Products

A quick (and fairly cheeky) method of making money to expand your business is to rebrand older products into something new. Some people will catch on to this and be less impressed by your tactics, but if it’s offering a new colour for your smartphone product or making slight alterations to fit another audience, then it’s usually acceptable as long as you don’t make a habit of it and you’re actually meeting some kind of demand and not trying to create a new audience for something. Rebranding is powerful if used correctly, but rely on it too much and you’ll find yourself facing harsh criticism and being judged for a lack of ideas.

Sell Old Assets

Finally, don’t forget that you can sell old assets in order to make more money to expand your business. Many people don’t realise that they’re sitting on potential money in their company. Whether it’s selling outdated computer hardware or getting rid of stock with clearance deals, take a look at your company and find out where you can make more money by getting rid of unneeded things.


The Right Injection For The Right Direction: What You Can Do To Make Your Business Financially Ready

It’s a huge concern every single entrepreneur will have at some point during their career, and the concerns when it comes to managing startup debt or keeping all of the finances in check can be quite a pressing task, especially if you don’t have the right resources at your disposal. But it can come to us all, there may be a point where your business is on the precipice between success and failure, and one gentle push in either direction could make a massive impact on your entire entrepreneurial career. So how can you better prepare your business financially to make sure it goes in the right direction?

business loan

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Form The Right Alliances

You can get discounts on bulk purchases if you join forces with another trade association or business. This works especially well if you are starting to manufacture on a large scale because you are not just getting good discounts on larger purchases which will help you in the long run, but it’s also a great way to form positive working relationships with clients and suppliers.

Minimize Interest Where You Can

In other words, shop around for the best type of loan or cash injection for your business size. If you look on a site like smallbusinessloans.co, you can get an overview of the different types of business cash injections, from a small business startup loan to invoice factoring, SBA loans, or even a personal loan for a business. It shows you the different interest rates so you can be savvier about what type of cash injection is best for you, so you can minimize interest, and therefore the amount of money you owe back.

small business loan

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Do You Need All Your Staff Members?

When your business is starting out you may be forgiven for thinking that the more staff on side, the better. However, if you have the best people for the job you don’t need an abundance of staff members. In which case you can make the most of a skeleton staff, or if your business is right at the very beginning, you can use freelancers or temporary contractors to get the leg work you desperately need doing right now. You can worry about getting more staff members on board when your business needs upscaling, but if you are thinking about ways to conserve your finances right now make sure you are cutting every corner, and that includes making sure you’re utilizing the resources you have within your means.

Other Handy Hints

To make the most of your financial transactions you can make the most of a couple of nifty approaches. One good example is if you make bank deposits early in the day, as opposed to right at the end of the working day, you can start earning interest earlier. Another simple one is picking up orders from suppliers yourself as opposed to paying for shipping fees. Also, if you order your checks from a printing company like designerchecks.com rather than from a bank, it will cost you less.

The best way to push your business in the right direction is to be sensible when cutting corners. A lot of businesses cut corners so much that it is to the detriment of their business, but there are simple approaches you can take advantage of.

 


Be The Boss Who Your Employees Appreciate; And Increase Your Productivity

There are many factors in running a successful business; however, your employees are the ones who carry out the daily work needed to meet your targets and deadlines. Therefore, a happy and motivated member of the team will benefit your company’s productivity and the efficiency of your processes. Ensuring that you’re being the best boss, you can be will help to ensure that your staff appreciates what you do and they’ll keep up momentum regarding their job roles. The following are some areas to consider if you need to improve the relationship you have with your employees and want a better contribution towards your business from each individual.

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Invest In Their Development

If a member of your team feels like their job is going nowhere and they haven’t progressed or grown in their role for a substantial amount of time; they’re unlikely to be giving the role 100%. To keep up momentum in not only your employees, but in your business, it’s vital that you invest in continuous training and any added qualifications that will enrich a person’s knowledge and abilities in your business. Look into relevant courses for each member of staff and gauge their enthusiasm for further learning. Your employee will not only appreciate the interest and effort they’re being shown; they are more likely to remain in your company and grow as you do. Prospects and development within a job are very appealing attribute to a business, so you’re also going to attract fresh talent who will help to expand your brand further.

Perhaps a new qualification or further training in a particular area isn’t what your staff would benefit from. You might need to send team members out to conferences and networking events so that they can develop their skills in communication and become an ambassador for your brand. Giving a person the trust and encouragement they need to represent your business in a public domain, will give them a confidence boost and they’ll return motivated and ready to get to work. By creating an all-round employee, with the ability to network and gain contacts for you; you’ll have made sure that you have a strong, functional team that can multitask with ease. This reiterates the point that investing in your employees is actually investing in your business as a whole.

Lead your business and team through example, and ensure that you’re developing your own skills as the head of the company. Research into what skills you can develop in order to lead successfully and what the best attributes are for an MD or CEO. Go along to the seminars and relevant networking events with your staff, and you’ll show them how you too are open to progressing for the business, and you might get to know them on a personal level. Maintain your enthusiasm to encourage and push your employees towards qualifications and further training; if you’re keen and positive about the courses, they will be too, and productivity will go up in no time.

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Keep An Open Line Of Communication

Aside from encouraging your team to develop and master their skills in their job role; you’ll need to make sure that you’re consistently communicating with them. Regular group meetings are a great way to gauge the mood and momentum of your business; problems and issues can be raised and ironed out accordingly. A team or group meeting is the perfect environment to bounce new ideas off one-another and to come up with a fresh, and productive approach. You’ll be able to give your feedback and any constructive criticism to the team as a whole so that everyone is on the same page and you’re all moving towards the same goals.

Some people may find it easier to bring up issues in a one-to-one setting; so ensure that you take the time to talk to each employee individually, or give them the chance to talk to a senior member of staff. Your staff may need to ask for personal leave or have a query about their time off to discuss; so it’s crucial that they feel there is somebody there to help and assist them. Make sure that you’ve referred to an employers guide to refusing holidays so that you can deal with matters in an informed and helpful manner. Take the health and stress of your team into account and try to see how their life is outside of the work environment; this may help you come to a decision when they need time away.

If your team have any issues with their colleagues and coworkers; try to resolve the problem when both members are present. Communication will help you to pick up on any issues early on so that they don’t escalate and cause further problems. Utilize your senior staff to keep an eye in the day-to-day running of things and catch up with them weekly, so they can raise their concerns and understand how much you value their contribution.

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Give Credit When Credit’s Due

Praising a good job will go a long way in keeping the motivation of your workforce high, and it’ll end up doing the same for your productivity. You could implement reward schemes, incentives, and bonuses for when targets are met, and people exceed their job role. Depending on the means and size of your company; an annual awards ceremony could be a great way to celebrate the special efforts and achievements of your employees. Regular praise will boost an employee’s self-esteem, and they’ll continue to appreciate that you’re the boss and will want to work hard for your company.

As the head of your business; always remember that your biggest assets are those who you employ. Therefore, you need to ensure that they are happy, and motivated when they’re in the workplace. Investing in their future with you, communicating regularly, and rewarding them when they meet, and exceed, your expectations will push your productivity forward and help to ensure that you have a loyal, hard-working workforce behind you and your business.


Are You The Right Person To Lead Your Business?

There are a lot of people who want to start a business. Not all of them are going to do it. Not all of them who it should. At least, not before they understand what’s going to be required of them. A business needs a lot more than a great product or service to lead it to success. It needs someone who is prepared to take the helm. If you’re wondering whether or not you’re the right person, ask yourself if you’re any of the people below.

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The businessperson

The businessperson is the leader that gets down to brass tacks and knows how to turn their concepts into reality. They have the principals of what it takes to take a product or service to market, to manage their resources, and organize the efforts of the business. They have the administrative side of business locked down so that the team isn’t getting tripped up by errors in organization. Nowadays, it’s easier to build this business acumen with classes being offered through the internet from places like Fresno Pacific University online. The use of time, money, and other resources in a business will directly contribute to how easily it can profit. Without a focus on the “business” side of the business, you’ll find it hard to keep afloat.

The visionary

There are those who aren’t driven just by the numbers, by cost-effectiveness and efficiency. Every business needs to have a sense of spirit in it. It needs to know the grand aims of the business. This is where most business ideas come from, in the beginning. From a sense of creativity that sees a problem and knows exactly how to solve it. The visionary is also an important component in finding the brand identity of the business. They find the path ahead and dictate the values that the business holds most dear, including the all-important value proposition.

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The leader

Just like you need someone who can find the way forward, you also need someone who can lead others down that trail. The leader is all about the people. They create the corporate culture. They do this by focusing on employee productivity, motivation, wellbeing, and happiness. For instance, they are important in setting the goals for individual employees. When giving people aims, they don’t just give them targets but they contextualize them in how those aims contribute to the overall success of the business. They manage employees effectively. They put in place policies and processes that allow conflicts to be resolved with as little fuss or harm done to all parties as possible. A leader knows that the people in the business are the most important resource of all.

The advocate

The advocate knows that the people in the business aren’t the only ones that matter. These kinds of business owners are the ones that know how to apply the brand most effectively, focusing on finding the target market and ensuring that all marketing methods are aimed directly at them. The advocate isn’t afraid to be the face of the business. At trade shows, at networking events, with important clients, and in public relations opportunities, they are there to speak for their brand, their team, their products, and their services. Nowadays, that kind of public advocacy is becoming more and more important. That’s why many business leaders join groups like Toastmasters International to improve their public speaking and presentation abilities. A sense of charisma and interpersonal fortitude can be developed through plenty of practice.

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The organizer

The businessperson manages resources, the leader manages people. The organizer manages efforts. They know how to structure a company so that the individual processes all fit together in a much more efficient package. This is known as working on the business, not in it. For instance, they spot the methods and tools that are slowing certain employees down and surgically fix it by finding a more efficient replacement. They dictate the means of communication and information sharing in the business to make sure as little is lost as possible. They look at the overall workflow, see where they can speed it up, how they can avoid bottlenecks, and keep it working like a lean machine.

Which kind of person should you be? The answer: all of the above and more. The business owner has to be ready to wear many hats. It’s a big responsibility and if you’re not ready to face it yet, devote yourself to getting there. Further your education. Practice essential skills. Get experience in management and leadership roles. You’ll get there if you put in the work.


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