Business

As a business owner, it is easy to get caught up in doing everything yourself, but there are times when bringing in an outside voice can really help your business. Figuring out when to get outside help can take time and be a challenge, but there are a few things you should keep in mind. Here are a few major benefits you can get from having an outside consultant help your business. 

Develop a Better Marketing Strategy 

Marketing is a huge part of making your business successful and if you aren’t an expert in marketing it can hurt your business to try to handle it alone. Bringing in a marketing consultant can help you to find flaws in your marketing and make it better. With their skills and knowledge, you can get a better handle on your marketing strategy and start reaching your audience more effectively. This will help you to learn and grow and get more out of the marketing you do all the time to better your business. 

Help Craft a Business Plan 

If you are experiencing a stall in your business, it may be time to rethink your business plan. A consultant can make it easier for you to come up with a business plan that will actually work for your business. Your business plan should be thorough, and marketing is just one of the elements that should be included in your plan. A consultant will be able to help you to come up with a step-by-step plan that will get your business into a much better place. 

Improve Your Design 

The design features of your company from your logo to your website are hugely important to the success of your business. If you don’t create your designs with the help of an expert it can be confusing or off-putting to your audience. When you choose to work with a designer you can make sure that everything you produce is beautiful and easy for your customers to recognize and use. This is one area where outside help can really improve the way your business works. 

With the help of expert consultants, you can make your business even better than it already is. Each consultant brings a layer of skill and expertise that can be invaluable to your business. And, as you expand your access to that skill you will expand the possibilities for the future of your business.

Read this next: How to Proactively Preserve Your Reputation

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Business

If you’re planning on a career as a small business owner, you want to be as successful as possible. This has more factors than just the national economy, or even the pandemic, of course. If you are planning on having and building an amazing business, you need several factors which are critical to all small business owners.  What do you need to increase your chances of success?

The Right Employees

Your team means everything, both to you and your business. If you want a higher chance of success, it’s critical to both your and your business to have responsible, intelligent team members who are loyal both to you and to the work that you are doing. If your employees know that you are honorable and working hard to create a healthy and good environment for your business, they will be kinder and more likely to stay with your business, helping it grow.

A High Tolerance for Risk

Only 35 percent of businesses last beyond ten years. This means that small business owners have to have the capacity to make brave choices to take risks for their businesses. It’s very important to learn to take calculated risks. This means that you use the mentoring of experts, your financial planner, and your employees to help you make risk-oriented decisions. Your choices should be according to what is best for your business and employees, not just for yourself or even for fast financial chances.

Learn New Stuff

Businesses that find success figure out how to transform often. Whether this means figuring out how to learn and use cloud computing, taking your business on the road to make it more mobile, or learning how to market using social media, your business is only made possible if you can embrace new technologies and ideas! This creativity will help you to practice helping your business roll with the punches as you find and keep more customers and clients.

Think of it like this: if a business only had one product for forty years, and never changed anything about it, that can be good in some ways, but you still have to learn how to market and change how to sell that product! Word of mouth is still your best friend and learning how to take calculated risks to protect your team and bottom line! You can do this!

Read this next: Important Considerations to Make When Setting up Your Business

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Business

Knowing which industries are growing can help you figure out where to put your efforts over the next few years. As you think about certain industries that seem to be accelerating, consider your current career path and your specific skills. If you can find a way to apply your current skill set to one of these fields, you’ll find a lot of success.

Solar Panels

Solar energy continues to be increasingly relevant as energy prices seem to go up each year. Solar panels are incredibly effective depending on the area you live in—if you live somewhere with year-round direct sunlight, getting solar panels on your home could significantly reduce your energy bills.

But even if you don’t live somewhere with consistent strong year-round sunlight, solar panels could still be an option. Figure out which specific area of the market you want to get involved in and go for it. It’s a great industry to be in.

Source: https://www.dataforma.com/the-future-of-the-solar-industry/

HVAC

HVAC systems are incredibly important for homeowners. For a growing market of homeowners who are renovating their existing older homes, having a new HVAC system put in will save them money and will make their lives much easier and more convenient.

The HVAC business is already a $130 billion industry. And it is only growing. As you figure out how to become part of this business, be sure to think it over carefully.

Source: https://www.podium.com/article/hvac-blogs/

Pest Control

Another surprising industry that continues to be on the rise is pest control. As real estate continues to develop and as people continue to move into new homes, homeowners will need pest control options to ensure their home stays protected and their families stay comfortable in their yard.

If you’re thinking about busting into the industry, there are a variety of places to start. You could start as an initial sales representative to get a taste for the business or try to start your own company by connecting with realtors to see if you could coordinate with them to sell your pest control services to new home buyers.

Source: https://www.mypmp.net/2020/02/12/2020-outlook-predictions-for-the-pest-control-industry/

Understanding and being able to forecast where markets are going in the recent future can help you in your career or with your business. Continue to do your research to understand where these industries overlap with each other and with your field to identify areas where you could make a difference. Ultimately, be prepared for change because it is definitely coming.

Read this next: How to Generate Excitement Among Your Customers

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Business

With many startup businesses failing within 5 years, there’s a lot of pressure already on your shoulders when starting a financial business. A lot of the time, people are unprepared for the difficult decisions that will need to be made. As you get your business started, prepare to deal with each of these things at least once.

Operate on a Loss

There’s nothing scarier than spending more than you’re making. For a startup, however, this is an unfortunate reality that is rarely avoided. Operating on a loss is a temporary decision that can benefit your business by jump starting it into prosperity—or it can just incur debt. When making such a decision, it’s important to have saved up enough in the bank yourself that can ultimately cover the costs of running your startup if it doesn’t pick up the way it should. Still, at times while first starting a business, losses will be inevitable and part of the growing process.

Deny Customers Loans

Your financial startup, like all financial institutions, relies on the payments and loans flowing between you and your customers—but especially as a startup, you can’t afford to approve a loan that puts your business in jeopardy. Establishing your lending standards before and with a customer helps relieve a lot of the resulting awkwardness, but in some cases, it can still be hard to implement. Adverse action letters let customers know they have been rejected for a loan. The wording you use in this letter can make all the difference between paving the road for a future relationship and completely alienating the potential customer from your business.

Obtain Proper Asset Diversification

You don’t want to put all of your eggs into one basket. When investing in the stock market, make sure to properly diversify what you’re putting your money into. If all of your assets are invested in one section of the market and it suddenly becomes obsolete, your business will be in bad shape financially. Deciding which market segments to invest in, however, is a big decision that may determine much of its future success. Make sure to research and observe stock for some time before actually making your choices.

Though there is no guarantee that a business will flourish, being prepared to make the tough decisions certainly helps increase your chances. When preparing for your startup, have a plan in place for the inevitable difficult things you will need to do. Your business will certainly thank you later!

Read this next: How to Generate Excitement Among Your Customers

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Business

Making the move to become an entrepreneur by starting your own business is a big step that takes careful planning. A lot of difficulties can be avoided if you take the time to consider the right things in the very beginning. The more you can address areas of your business early, the easier it will go while you are running your business.

Business Model

One of the most important considerations you need to keep in mind while you set up your business is your business model. This is how you plan to make money from your business. There are many kinds of business models you can choose, but it is important to choose one that works for you and makes sense for your products and services. Your business model should cover things like the products or services you want to provide and who you plan to market them to. The more you figure out in advance, the more prepared you will be to get started.

Structuring Your Business

Once you have your business model in mind, you need to figure out how you would like to structure your business. The structure of your business will affect you for tax purposes and is important to get right at the beginning. Consulting a tax professional can help you make the right decision. Use their advice to make a smart choice that will help your business to be as successful as possible.

Acquiring Funding

Figuring out how to fund your business is another really important decision that will greatly affect how your business works. You have lots of options for funding and they all come with their own benefits and downfalls that you should take into consideration. Borrowing from a bank can be a great way to get a chunk of money to start your business, but it comes with interest. 

Crowdfunding allows you to get help from a large number of people while also building your client base. Beyond those two options, you can use your own money or find a business partner as well.

Figuring out the basics before you start your business will give you a clear direction forward and plenty of help on your way. If you aren’t sure how to get started, try talking to a small business owner to see what they wish they had known when they were starting. The more information you have the better prepared you will be.

Read this next: How to Effectively Build Leads for Your Business 

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Business

Running your business is a lot of work. Not only do you manage several teams of qualified people, but you have to make sure they can get paid by leading effective advertising campaigns. There are a lot of other tasks you are required to do as the head of the company and finding ways to reduce that stress should be paramount.

Find Ways to Cut Waste

Cutting out wasteful habits is an important way to remove pressure from yourself. Oftentimes, employees will find themselves in a specific rut that they will repeat every day. They may occasionally waste time doing less productive activities instead of dedicating their full time and attention to the most meaningful tasks.

Find ways to reduce this kind of waste. Add signs to different rooms in your building. Communicate directly with your employees if you notice a problem. There are other official strategies you can implement to discourage wasted time. By maximizing your employees’ time, you will have to spend less of your workday dedicated to things they should be doing.

Hire a Social Media Manager

One job that is becoming increasingly necessary in this digital climate is social media management. The job entails that you become familiar with your audience and find creative ways to promote your products. It’s one of the most effective ways to keep tabs on your customers.

However, managing more than two or three social media accounts can get overwhelming. Though you may like doing it as the owner of the business, it might be time to delegate the task to another qualified worker. Hire somebody who knows digital lingo, can relate to customers, and understands social media algorithms.

Consider Automation

Automation is another great way to get menial tasks done. Most people think of this in a factory setting, but there are plenty of digital platforms that enable you to shortcut a tedious process. For instance, sending emails to customers can take some time, but if you send an automated message to them, you have one less task on your to-do list.

Live chat automation and instant payments can make signing paychecks a breeze. Look at your company and see what tasks you can better automate.

As the business owner, you already have a lot on your plate. It’s time to find ways to make your job and your life significantly easier. Don’t be afraid to innovate or try new things, just make sure your work time is spent doing high-quality tasks.

Read this next: How to Control Customer Perceptions of Your Business

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Business

The customer experience is a critical point of business operations. If you nail it, there’s a good chance you’ve earned the customer’s loyalty and you can expect to see them again. If you don’t, they probably won’t come back. Unfortunately for some industries, the customer experience isn’t a strong suit.

Mobile Communications

Cell phones and the internet are so ubiquitous at this point, that most of us don’t really stop to give it much consideration. We just expect it all to work the way it’s supposed to. At least, until something goes wrong, that is. Then we have to deal with customer service. Given that a few mobile communications companies landed in the top spots on a list of America’s most hated companies in recent years, it’s pretty much a given that this industry could use some serious work in the customer experience department.

Healthcare

Everyone needs healthcare services at some point in time. Unfortunately, the healthcare industry is rife with customer experience horror stories. More than 80% of patients are dissatisfied with their healthcare experience. Reasons run the gamut from medical malpractice to a lack of transparency in billing practices. Many people don’t get care unless they really need it, and even then it often gets pushed off because it’s perceived to be unaffordable. In many cases it may very well be. It doesn’t help that healthcare is virtually the only service in which you don’t know the price for what you’re getting before you get it. For anything else, you know the price you’re going to pay before you pay it.

Insurance

A huge part of the problem with healthcare billing is insurance, though the problems with customer experience aren’t limited to health insurance. Insurance in general is often perceived as something of a necessary evil. It can make an otherwise unbearable financial burden a little lighter, but only if your claim is approved. Insurance companies deny claims for multiple reasons, but it can all be boiled down to them being a business that needs to make a profit. This can lead to a frustrating experience for customers, especially since they don’t feel their needs are being met, let alone prioritized.

For some industries, the customer experience often doesn’t seem to be much of a priority. Mobile communications, healthcare, and the insurance industry are just a few examples of industries that could really use some work in this area. It would go a long way towards improving customer satisfaction, which would likely be reflected in profit margins too. Really, improving the customer experience is a win for everyone.

Want to increase the reach of your brand? We can help!

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Business

2020 made clear how precarious a business’s situation can be if it isn’t prepared for tough times. While you can’t plan for every eventuality, there are some things you can do to improve your resiliency. One of the things you can do is to build resilience into your business model. Here are a few tips on how you can make that happen.

Develop a Better Marketing Strategy

Most businesses rely on their marketing to bring in new customers and remind prior customers that they’re still there. If your marketing strategy isn’t good enough though, you’re not going to be effective at attracting new customers and will likely struggle to retain old ones. Take the time to evaluate your marketing strategy. Run a SWOT analysis to identify areas that could be improved and then come up with strategies to make those improvements.

Attract Younger Customers

Don’t make the mistake of thinking your work is done once you’ve attracted a loyal customer base. Aging is one of the facts of life, and ultimately a business that fails to focus some of its efforts on attracting younger customers will see its existing customers grow old and move on. You’ll need to adapt your marketing and operations to attract younger customers. For example, mobile payments are popular among younger customers, and 80% of customers prefer them. Cash, by comparison, is far less commonly used to pay for goods and services. If you want to cater to the younger, upcoming demographic, you’ll likely find that transitioning to mobile payments is better for your business.

Make It Scalable

Scalability in business is highly valuable. Of course, the hope is that you can scale your business up. During difficult times, however, you may find yourself needing to scale your business to survive. To make sure your business can successfully scale up, use key performance indicators to measure the success of your business and identify areas that may need improvement. KPIs can alert you to problems in different areas of your business before they get too big, but only if you’re measuring them and paying attention to the data.

Building a resilient business model can make a huge difference in your business’s ability to survive long-term. You can do this by developing a better marketing strategy, attracting younger customers, and making sure your business model is scalable. This will help you put your business in a better position to find long-term success and navigate difficult times when they arise.

A successful business requires solid branding. Contact us so we can help you to develop yours!

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Business

Nothing could be better than having a booming business in the wake of the pandemic. Figuring out how to build from there can be the difficult part. Starting with a few basic steps can make a big difference in assuring continued success.

Pay Off Debt

According to Accion, one of the first things that you should consider doing when your business is booming is paying off your debt. Paying off debt with your extra cash flow can help you be more secure later. You should start by paying off debt that could cost you more as time goes on. You’ll want to start by paying off the debt with the highest interest rate.

You should also build a plan for how you will pay off your doubt incrementally. Having this type of plan in place can help your company not be overwhelmed and properly allocate resources.

Expand Your Business

If your business is doing significantly well, now may be the right time to think about expanding. Start by considering how you want to expand. Maybe you simply want to take on more employees so that you can reach more people in your current target demographic. With so many people looking for work right now, according to Franchise Gator, it’s easier to find eager employees.

On the other hand, maybe you want to focus on targeting a new demographic. If that’s the case, it will be important for you to make a specific growth strategy aimed at targeting the new demographic of customers.

Address Deficiencies

If your business is booming during this pandemic, looking at your business’s deficiencies may not be the first thing that you think to do. But, according to Setmore, times when your business is doing incredibly well can actually be the most opportune moments to focus on correcting inefficiencies.

You should take time to analyze a variety of data from your company including information from your website, your customer service, and how well your employees are able to do their jobs. Analyzing each sector of your company can make a big difference in helping you figure out how to best allocate the added resources you have from your business’s current success.

You’ve made it through what seems like the worst of the pandemic. And now you’re wondering what next steps you should take. Focusing on these specific strategies to expand your business and to minimize potential risks can help you keep moving down the right path.

Read this next: 5 Amazing Benefits of Building a Positive Company Culture

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Company culture dictates how a company functions. Furthermore, having a positive company culture holds great importance with workers. 

To improve your company’s culture, start by looking at what your business is lacking. Perhaps you should take it to your employees to decide what they need to thrive in the workplace. An anonymous suggestion box will allow your employees to be transparent.

All companies can benefit from a positive culture; whether you’re a small start-up or one of the largest companies in the world. Here are five amazing benefits of building a positive company culture in your workplace.

Employee retention

Employing a new worker takes time. In fact, according to The Society for Human Resource Management, it takes 42 days to fill a position. This time includes countless hours of advertising, interviewing, and training the new employee.

Retaining valuable employee talent eliminates this burden on the company. A positive company culture keeps employees happy, and happy workers foster employee retention. It makes complete sense; those who feel happy at work will be more likely to keep a job than those who do not.

Employee recruitment

Following on from the benefit above, if your company has an excellent culture, the news will spread. Having a good reputation within your business will attract new employees outside of your company. This will give you the competitive advantage your company may need to climb the ranks.

Promotes good health

Believing a stressful workplace will push employees to perform at their best is primitive thinking. 

Organise activities where your employees can improve their health and have fun at the same time. Provide employees with opportunities to keep fit while hard at work. Standing desks or Swiss ball chairs are great options. 

As well as physical health, it’s essential to recognise the value of mental health as well. Offer employee wellness programs so workers can get the support they need.

Small businesses are especially dependent on employee health. Make sure your employees know their health and wellbeing is valued. Healthier employees mean there will be less of a need to take a day off.

Enhances teamwork

Employees should feel comfortable around one another. Comfortable enough to work together and alongside each other.

Build a workplace that values collaboration. Build social connections by incorporating team outings and activities into your workday. 

Employee-to-employee relationships are essential to ensure the smooth running of a business. But, so is the relationship between a boss and an employee. Younger workers who have recently entered the workforce tend to prefer their boss to act more like a mentor to them. Bridge the divide between employee hierarchy by guiding your employees. Provide resources to better their workflow. Ensure they are in a position where they’re comfortable asking for help.

Boosts productivity

How can you expect a business to perform well when employees are not happy? Research shows happier employees are 12% more productive in the workplace. While this statistic should not come as a shock to you, it goes to show happiness in the workplace is conducive to productivity.

So, we know that happier employees lead to higher levels of productivity. But how does this help your business? Higher productivity advances your company’s sales, profit, and revenue. It’s a win-win situation.

A business model that focusses on employee health and wellbeing is pivotal for the success of a modern-day business. Set your company apart from the rest and lead your employees by example.

Author’s bio:

Johanna Cider is a freelance writer based in Wellington, New Zealand. Besides writing for her blog, Johanna is also an avid reader and enjoys reading books about travel and business.

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