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Top tags: Growing business  Startups 

Scaling Your Business: a Guide

Posted By Administration, Friday, November 22, 2019

Reaching the point in your career where you are ready to start a business is a big one, but even that won’t compare to the moment you realize your business has hit a wall and the only way forward is to expand. Expansion, however, can easily go wrong. You never want to expand without a solid plan in place or before ensuring your business has the tools and systems in place to facilitate it.

Expansion can help your business grow in ways you’ve always dreamed of, but you must follow this guide so that you are ready for it:

 

Evaluate and Plan For Expansion

Scaling a business can feel natural, but no matter how natural the progression is due diligence is a must. You need to know for a fact that your business can handle the increase in sales. This applies regardless of whether you open a store, or just expand your shipping options for online sales. If you are going to grow, you need to know that you are:

  •  Ready for growth
  • Able to increase sales
  • Able to handle the accounting of increased sales
  • Use the new data to your advantage

Doing this will often mean investing in more advanced systems. You need all your systems from your accounting to payroll, to sales, to inventory management and beyond to be able to work together. Automation is going to be your friend, but without the right infrastructure, you won’t be able to benefit from automating tasks and could run the risk of falling behind.

 

Invest in the Necessary Infrastructure

Chances are you won’t be able to invest in the infrastructure until you have the money to do so. In fact, it is expected. Knowing how to get the money is going to help you ensure that you budget correctly for both your digital and physical expansion. We have already discussed how you will need to expand your company’s internal infrastructure to allow for automation; now we will discuss what infrastructure you will need to know what your website and digital presence needs, and what your stores need.

 

Digital Expansion

There are many ways you can expand digitally, from creating a foreign language version of your site to adding a new location page. Consult an SEO specialist to ensure your expansion efforts see results.

 

Physical Expansion

Acquiring a new store means you need to research where your demographic lives and what retail opportunities exist.

 

Acquire the Loan

Small Business Association loans are notoriously difficult to achieve. Having a solid and well-researched plan can help, of course, but regardless of how good your idea is you will need to be prepared to wait months, even a year, for your application to go through.

If there is an opportunity that you need to take advantage of right now, and you haven’t been approved for a loan through the SBA, then there are loan options for businesses on Biz2credit.com.

Banks in this matter won’t likely be a big help to you unless this is the second business you are opening after successfully selling on your previous company for a huge lump sum. That is because they will not provide a loan without a good business credit history or collateral.

 

Regroup and Solidify

Once you have the plans and the loans, it is time to put your plan into motion. Don’t try to expand too quickly, however, and remember to regroup and solidify your new business. You need to ensure everything runs smoothly before expanding again, no matter how successful that initial expansion was. 

Tags:  Growing business 

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5 Tips for Overseeing Periods of Growth

Posted By Administration, Thursday, November 21, 2019

There comes a point in every business when it is time to grow. Growth is critical for driving future success, for staying ahead of the competition and for keeping things fresh within the company. Things can become stagnant when nothing changes, even if you are performing well, which is why it is important for business owners to recognize these periods so that they can find ways to take the company forward. There are many different growth strategies — and it can depend on your particular business — but it is important to understand that this can be a challenging time for all. Here are a few tips for managing periods of growth.

 

1. Make Communication a Priority

When changes are made to the business, it can be a confusing and challenging period for everyone involved. This is why you need to make communication a priority during periods of change so that everyone is on the same page. You should also notify your team about any major changes and help them feel valued and part of the process.

 

2. Expect Teething Problems

More often than not, growing a business will result in some teething problems, especially if you have been working in one particular way for a long time. Anticipate what problems you may encounter along the way and think about how you can manage these issues. Additionally, give your team time to adjust and get used to any changes.

 

3. Get Financial Support

Growth usually requires some form of spending so you may need to get financial support. This may involve taking steps to improve your credit rating so that you can get approved for loans. Credit repair software from specialists like DisputeBee are helpful as they can remove any negative credit items and simplify the overall process.

 

4. Take Calculated Risks

There will always be some risk attached to growing your business and making changes; however, this should always be a calculated risk that has been carefully researched and planned. Calculated risks are important for growth and development and even the world’s best entrepreneurs will have made the occasional mistake. These kinds of risks should pay off and help the growth strategy of the business to be a success. If it doesn’t, then perhaps you need to use this as a learning experience and move on.

 

5. Stay Focused on Principles & Strengths

One of the biggest mistakes you can make when changing the business is to move away from what brought you success in the first place. You should stay focused on your key business principles and strengths so that you can build on these and retain your existing customer base.

 

If you keep these tips in mind when undergoing business growth, then it should help keep the company running smoothly and allow you to benefit from positive changes. All businesses need to take calculated risks and grow from time to time to continue competing and keep things fresh, but this can be a challenging and daunting process which is why you need to be careful and strategic.

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Sound Business Management in the Digital Age: A Guide

Posted By Administration, Thursday, November 14, 2019

There is often no end to the din of noise shouted across the swathes of the internet, demanding that you know your business’ place within an increasingly complex business world. With global market forces now dominating smaller, local businesses, and the likes of social media, online retailing and other digital technology changing the nature and essence of business, it can feel incredibly difficult to keep up with the state of play. Well, in an effort to engender some calm in this chaos, this article maps out some of the key areas in which you can manage your business through the changes brought about by digital technology.

Review Software Packages

As a business manager, you might only be aware of the software that your company uses on a name-only basis. That’s because instead of interacting daily with this software, you’ll be managing the individuals that do.

Nonetheless, it’s now your responsibility to conduct a thorough review of your company’s use of software – in order to spot inefficiencies and hear from your staff what they might be struggling with. Meanwhile, keep an eye out for software upgrades and competitor packages, like improving inventory management with smart software that helps you keep abreast of all your stock on a centralized platform.

Adjusting to Consumers

A host of statistics and data insights have proven that consumers are shifting their spending habits online – for ease, convenience, and choice. This means that your business is no longer just competing in terms of its physical store or service provision office – it’s also required to conquer the virtual realm.

The upshot of this is that your business needs to find strategies to make the most of the online world. This includes channeling business onto your sales pages and smart online advertising to help you establish a foothold in e-commerce or digital service provision.

Digital Marketing

Your business needs to attract new customers in order to grow, and the best way to do that is to embark on a digital marketing campaign. Marketing in the digital age comes with its complications and difficulties, but in general, your hiring of expert personnel will help you make the most of social media, programmatic targeted adverts, and other methods by which you can increase your exposure.

The flip-side of this and something to reconsider in the digital age is your brand and company design ethos. You may wish to revamp this in order to make your graphics and marketing material more apt for the online space – with the help of graphic designers and brand overseers.

Networking and Conferences

As a manager, it’d be unfair to expect you to balance your time overseeing your staff while gaining intimate knowledge of the digital world and its products. But you’ll be able to take a short-cut to enhanced knowledge and digital application simple by networking and attending tech conferences.

Make time in your schedule for conference attendance in order to mix with other business elites who’ll be able to share with you the digital insights you need to implement into your business in order to maintain your edge in the digital age.

As a manager, it’s your responsibility to prepare your business for the digital age – and these four tips help you do just that.

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A Quick Look at the Leading Challenges in Business Project Management

Posted By Administration, Wednesday, November 13, 2019

Managing a business in today’s corporate environment can be an overwhelming prospect because everything seems to be moving at the speed of light. Not only do project managers need to contend with internal issues but external factors can have an impact as well. With so much going on around you it can present major challenges you must meet head-on and overcome. Here is a quick overview of the leading challenges today’s business project managers face.

Poorly Defined Goals

Often the most challenging obstacle to overcome begins within the organization of a company. Upper levels of management fail to clearly define goals in terms of timeframe and budget and this puts projects at risk from the very beginning. It’s almost always impossible for project managers to meet or exceed goals if those goals haven’t been outlined from the very beginning. The first challenge today’s businesses must meet is getting projects off to a good start by clearly defining goals both in short and long-term increments.

Inadequate Line of Communications

In the corporate world, an open channel of communication is vital to the success, not only of projects but the company itself. From the very beginning, it is imperative to establish how your company will communicate internally and externally as well. This is where project management software can be a real boon. With the right platform, it is possible to keep everyone on the same page at all times. Project managers can set access levels within the organization and can even give clients access to your workflow as it progresses. Perhaps Cloud-based project management software, Software as a Service (SaaS) would best meet this need. Each team member and client can see, in real-time, where a project stands. Questions and concerns can be addressed immediately. This, in effect, keeps work flowing smoothly without going back to correct issues left unnoticed.

Risk Assessment and Management

Another key area that often suffers is risk assessment. An effective project manager goes into a job knowing there will be risks involved but without clearly defining them from the onset, a project can suffer serious losses. Can you define specific risks within a current project you are working on? Perhaps that risk would be meeting goals timely due to notoriously slow materials suppliers. Risks can come in any form, internally or externally, and so it is imperative to define and outline those risks so that you are better prepared to handle them should they arise.

It is possible, and probable, that you are working on a number of projects simultaneously and why it is so important to understand the leading challenges to effective business project management. Once you understand these key challenges, it is possible not only to overcome them but to avoid issues altogether. Why not let technology come to the rescue? Project management software can help you meet these challenges head-on so that they never pose a problem to any project you are tasked with bringing to completion. Now, that’s a project manager’s dream come true.

 

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How to Make the Most of Your Workforce

Posted By Administration, Wednesday, November 6, 2019

Your employees can be your biggest asset or your largest liability. It is proven that happy workers are more productive, but as well as keeping them content in the workplace, you also need to be able to manage what they are doing, create goals for them to achieve, and maintain your workforce with ease. This may all sound very simple, but in reality, there can be challenges that need to be faced to make the most of your workforce so that your business is as profitable as possible.

Keep Them Safe

There are many ways you can help to make sure your employees are glad they work for you, but one very important thing is to ensure your workplace is a safe environment for them to be. All industries and professions have safety and health rules that need to be legally followed. Your staff will be much more relaxed at work if they are not concerned about any dangers and they will be able to concentrate on their work rather than trying to avoid being injured.

Use Human Capital Management (HCM)

You may well be asking what HCM is and how it could help your business. It is software that has automatic features to assist you to manage your human resources. It can be tailored to suit your needs but could include your payroll and employee benefits, staff training, performance, and recruiting among other things. HCM software or human capital management is designed to make the maintenance of your workforce simple for you and your managers, which in turn will help to maximize the effectiveness of all your workers.

Reward Them

It does not have to be anything huge or expensive, but a reward to show that you appreciate what they have achieved will boost morale. It could be something simple such as treating them all to cakes or maybe providing lunch for them all. Your workers like to feel appreciated and a small reward shows that you value them.

Of course, a cash bonus is always welcomed but there are many ways you can reward your employees without handing over extra dollars.

Leave an Open Door

There should always be managers or your door open for employees to approach someone if they have a problem. It could also be that they have spotted an idea that could save you money. Always be prepared to listen to what they have to say and if you cannot deal with the matter immediately, make sure you do not forget. This shows you care about them as people and that they are not just numbers on a payroll. This is a very important part of keeping your workforce happy and productive.

Do Not Alienate Them

Every single job in a business is important, from the cleaners up to the managing director. No one should feel they are above anyone else, as without each worker things could go wrong. You should never make an employee feel they are worthless as you will alienate them, and they will not be a good worker. Show them you are all humans, just with a different job to do, and they will be much happier working in your workplace.

Making the most of your workforce is not always easy, but it is possible, and these few suggestions are meant to help.

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