4 Business Risks All Small Businesses Need To Know About

Dec18

Being able to work for yourself and setting up your own business can be a dream for many people. It can be the challenge of creating something for yourself that you can drive to be a success, as well as being the person in control and being your own boss. And all of that sounds well and good, right?

But if that is the case, why don’t more and more people do it? The reason being, is that there are definitely some risks involved with running your own business and being your own boss. There are risks each day when you’re working for yourself, and you have to be the one to deal with it, rather than someone else.

That being said, there are many advantages to working for yourself and running a business of your own. But to help provide some balance, here are some of the risks that you may face, and the things to be looking out for. Then you can be in a better place to manage your risks successfully.

1. Physical Risk

There are going to be physical risks to your business, because your business will be made up of physical things. From laptops, computers, offices, and warehouses, these will all carry risks for your business, and things need to be put in place to make sure that you are able to deal with it all.

There can be a whole host of things that can go wrong with the physical things that you have, such as natural disasters, fires, theft, and vandalism. Insurance for your business is a must really, as then you at least have protection should anything like that happen to your physical business.

You won’t want to slow down production or growth because of having to deal with something stolen, for example.

2. Strategic Risks

The decisions that are made for your business will bring some form of strategic risk for the business. The choices that are made are generally made to help the business to achieve the goals or aims that you have set out for it.

But there is always going to be a chance that what you choose doesn’t go to plan. There could just be plain bad or ill-thought out decisions that are made, as well as just not being able to execute them clearly, or that they are not rolled out in a good or timely way.

Cash flow can be a problem when there are strategic things that go wrong, as well as missed deadlines or lack of sales.

In order to combat this kind of thing, it is a good idea to regularly check over your business processes, and keep on to of what is going on. It is also a good idea to set yourself clear key performance indicators, to check that you are on track for things.

3. Development Risks

In order to help your business to grow and do better, then there are going to be a certain degree of development risks that come as a result of growth.

It could be the decisions to relocate or move things offshore, that could lead to other issues out of your control, such as government changes or legislation in the new country, or things like service provider risks. When you expand you may choose to outsource to suppliers or vendors.

And it can be a risk as they have to meet things at their end in order for you to meet your deadlines. So research for all of this kind of thing is really key.

4. Technology Risk

We live in an ‘information age’ where we have access to so much at our fingertips through technology. And as a result, it is highly likely that you use technology in your business.

There are risks that are small, from things like power outages, to things that are much more serious like malware issues, or cyber attacks. These things can lead to down time on your business, loss of profits, and even data breaches.

Which is why making sure that you have the right backups in place, as well as things like anti-virus software in place, can be really key to helping minimize the destruction that a technology risk can have on your business.

 

As you can see there are risks that can come to your business. But there are also things that can be put in place to deal with them. You just need to put it all in place, before things get started.

 

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Why You Should Never Ignore Your Business’s Equipment Needs

Nov24

There’s no denying that every business is different. After all, if your business was the same as every other one on the market then there would be no reason for it to exist, would there? Because of that, you need to be fully aware of what the specific needs for your business are.

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Different businesses always have different needs and if you’re not tailoring your business in the right direction, you’re doing it a disservice. One of the most significant areas where this applies is in the equipment that your business uses.

If you’re ignoring the specific equipment needs of your business, that can lead to some serious issues further down the line. With that in mind, here are some ways in which you can make sure that you’re not ignoring the equipment in your business.

1. Efficiency

Making your business more efficient should be right at the top of your list of priorities at all times. The modern business world moves at an incredibly fast pace and if you’re not keeping up then you’re just going to end up falling behind.

Whether it’s the software that you use to communicate within the company, city cranes for construction work, or even something as simple as making sure that the computers in your business are all working properly, having the right equipment and keeping it well maintained is essential to improving the efficiency of your business.

Your business should be a well-oiled machine. Otherwise, you could well end up getting buried under all of the different aspects of your business at once.

2. Employee support

The beating heart of your business is always going to be your employees and that means that you need to be doing everything that you can to support them.

If you’re not keeping your equipment maintained then that’s going to make it a whole lot harder for your employees to do their jobs.

This means that you’ve got to focus keeping things running smoothly so that your employees can focus on what’s most important, rather than trying to find fixes for things that shouldn’t have gone wrong in the first place.

3. Health and safety

Health and safety might not be the most glamorous part of any business, but it’s still one of the most important. If you’re not making your business a safe place for your employees and yourself then that can lead to some serious problems down the line.

This means that you need to be sure that you’re maintaining all of your equipment as well as possible and that you’re offering clear training on how to safely use it for all of your employees.

Of course, this doesn’t mean that equipment is the only part of your business that matters. The truth is that your business needs to focus on all of the things that are specific to it.

If you’re not leaning into the things that make your business unique then you run the risk of it ending up generic and uninteresting to customers.

You need to make sure that customers can instantly see what it is that makes your business stand out against the competition.

Short-Term Hiring: What Are Your Options?

Nov12

hiringIn an ideal world, your business will have everyone it needs to help it run like a well-oiled machine.

However, when it comes to startups and small businesses, this isn’t always possible.

Even large businesses work on one-off projects that only need personnel for a short amount of time, making full-time hires impractical.

Short-term hiring could be the best solution for your business, but what options are available to you? Learn more below. 

 

1. Go down the freelance route

More and more of the population are going freelance, which is great news for businesses looking to hire staff on a more casual basis.

Many benefits that come with hiring freelancers, from gaining from their expertise to not having to worry about payroll and staff benefits.

You can hire freelancers for one-off work and for ongoing projects depending on your need and can be a good way to keep your overall headcount low and make the most of your office space.

2. Hire contractors

Hiring contractors is a good way to approach short-term projects, although a temp-to-perm solution can also arise if there is a need for ongoing work. Specialists in the labour hire, DSC Personnel, can take the hassle out of hiring, making sure you get the right person for the job.

When choosing a recruitment agency, make sure they go for one that has experience in your industry to help you feel confident that you’re getting the right hire.

Many agencies will often take care of payroll and HR functions when it comes to contract staff, which can be a fantastic time and resource-saver for your business.

3. Offer internships

Internships can fulfill a business need, while also providing someone with some valuable experience that will help boost their career.

An internship program can be a great initiative for your business, giving you the opportunity to enjoy fresh ideas and perspectives, while also fulfilling a business need.

Many interns go on to work in permanent positions for companies, which can be a great way for you to develop your personnel and build high employee retention rates too.

4. Work with an agency

If you have a requirement for a one-off project, such as brand design or an overhaul of your IT equipment, then working with an agency can be the best move for your business.

When working with an agency, you’ll agree on the costs up front, meaning you’ll know exactly how much the project will cost you.

With their expertise, and their own equipment and resources to drive things forward, you can resolve short-term solutions for your business without having to bring in extra staff.

Short-term hire can be the ideal solution for fulfilling a temporary business need. From completing short-term projects to ad-hoc work, there are options for your business that will save money while ensuring the job gets done.

Short-term hire can also be a solution for dealing with rapid business growth, allowing you to test the water before bringing in employees full time.

With the right approach, you can make short-term hiring work for your business and meet your overall aims and objectives.

Supplier Selection: Choosing the Right Ones for Your Business

Nov9

A business isn’t only about the actions that you take yourself; it is also about the partnerships which you form with your clients, your partners, and your suppliers. Everything needs to run like a well-oiled machine so that you can provide the highest level of service and develop the excellent reputation which you need to achieve success.

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But with so many potential suppliers out there which are all vying for your business, you need to make your decision carefully as to who you will partner with.

  • Decide On Your Criteria

Before you do anything, you need to set up your criteria for what you require in your suppliers. Perhaps you need them to have very short lead times or be able to handle a high volume of orders.

Maybe you need some assurances when it comes to quality control. Ultimately, when you set up this criteria list, it will be much easier to work out the types of questions that you need to ask when you are on the hunt for suppliers.

  • Do Your Research

The internet is a fantastic tool when it comes to finding suitable suppliers, and it is worth doing your research before you start getting in contact with potential options.

Perhaps you are looking for a fuel supplier, so you can check out the Red Diesel website to see if they can match your criteria.

By doing your research beforehand, you will have a better idea of which companies may be able to provide the type of service that you are looking for, as well as getting a head start on the questions that you can ask them.

  • Get in Touch with Multiple Suppliers

Even if you think that you have a pretty good idea of which supplier that you would like to go with from the initial research stage, it is still worth speaking to multiple suppliers and getting a number of quotes.

If nothing else, you may be able to negotiate a better deal simply by speaking to more possible partners. Make sure that you get detailed information from each possible bidder and confirm the details at the earliest possible opportunity.

If you can, get case studies and examples of previous work. Everyone should be on the same page beforehand you get started to reduce the chances of disagreements occurring further down the line.

  • Monitor Supplier Performance

Once you have engaged the services of a supplier, the work doesn’t stop there. You then need to monitor their performance to make sure that they are delivering on their promises.

You should already have your point of contact, and you need to get in touch with them if there is anything that you are not happy with or think could be improved upon. Don’t be afraid to make a switch if you feel like there is anything that you are happy with.  

Coping with Rapid Business Growth

Nov4

The rapid growth of a business can be an exciting time for the owner who has worked so hard to get it off the ground. Now the sales are up, profits are getting better and the dream is all starting to take shape.

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The change can be sudden and a bit disconcerting if you are not properly prepared to handle a rapid business growth. The challenges you are going to face are different from the ones when you first started, but nonetheless are very real and it is just as important you overcome them.

  • How Has It Happened?

The first thing you need to understand is what has brought about this sudden and rapid growth. You need to analyze the strategies you have in place, and why you are standing out above your competitors.

Has the key to scaling sales in your business been new staff you have employed? Have you improved the quality of your product? Have you had a special offer that has worked?

There could be no end of reasons why this upturn has happened and you need to know why so you can make sure it continues.

  • Do Not Let Your Customer Service Quality Drop

You must maintain a good customer service, no matter how busy you are. You have to remember that with no customers you have no business, and giving them a poor service will send them to your competitors quicker than anything else.

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If until the growth started they have always received an excellent service, you should maintain that, as it is what they will always expect. If you want them to stay as loyal customers, do not let the customer service quality drop.

  • Raising Finances

As an entrepreneur, you need to look closely at how this rapid surge in sales will affect your finances. Look at your assets, your overheads and your inventory to see if they are being impacted, and if so what do you need to do to stop it having an adverse effect on your business?

You may need to raise some extra finance, as it is not unusual for a rapid growth to be the reason a business fails. The growth can be so quick that the company cannot sustain it, but an injection of cash by a bank loan or maybe an investor could solve the problem.

Be prepared to put a business plan and cash flow forecast together as you may need them to be able to show how good your business has become.

They should show that the cash injection will make the difference and mean you will then be able to sustain the growth that is happening.

  • Be Careful When Hiring

You may now be in a position where you need more staff to cope with the demand. Anyone you employ can affect your business and you need to take care that they will fit in with the rest of your team, and be capable of the work you are hiring them for.

Everyone you take on will need some form of training, even if it is just in the way you do things. Make sure they have this training as soon as they start, and you will soon know if they are up to the task in front of them.

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Your employees are your biggest asset, but if your team does not have the right people, or is at loggerheads, the rapid growth you are experiencing could halt, and your business could be back to struggling along.

  • Could New Technology Help?

Technology is evolving all the time with new innovations being developed every week. Keep your eye on any advancements in the industry you are in, as it can be quite amazing how a new piece of software or a piece of updated equipment can make your business more productive.

The more productive your business is, the easier it will be to cope with this sudden and rapid growth.

This is something you should consider when you are looking to raise extra finance, as some equipment, for example, can be very expensive.

  • Be Flexible

You will have to be flexible and prepared to change the way you operate if you are to come out the other side of this rapid growth as a stronger business.

Being able to adapt to the changes in your business and try varying strategies is one of the best ways to approach the scale of your growth.  

It will also mean that any challenges you face will be less of a problem if you keep an open mind and are not against change.

 

4 Reasons Why a Website is Important for your Business

Nov2

In a world that is becoming more and more digitized, the need for a website for your business has never been more real than now. Any business whether big or small needs a good website.

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If your business doesn’t have one yet or you have one but haven’t been using it to its true potential, then you could be missing out on a lot of potential customers.

It can be used as part of your marketing strategy, as well as reaching a whole new audience that would like to know what your business is about, but wouldn’t have heard about you without the use of an online search.

 If you still need a little more persuasion, then here are some of the reasons why you need to have a website for your business, or tidy up the website that you already have.

1. Saves Money

If you have a retail business and perhaps sell things locally or have a store, just look at the costs of having a brick and mortar store. Rent in popular locations can be so high these days.

But the cost of having a website can literally be a couple of dollars a month. So it makes sense to have a website you can sell and advertise from, and it can be a cost effective way of doing business.

2. No Closing Time

The good thing about a website is that it can be accessed all around the world. And if that is the case, then you don’t want to have restrictions on opening hours.

Which is why a website can be such a good thing; it never closes! You can reach your audience through your site, but they can browse and shop at a time that works for them.

So many people don’t have the traditional nine to five job these days, so for business success, what you offer needs to work around them.

3. Build a Customer Base

When you have a website you can use it to your advantage to build a customer base. You can offer incentives for people to sign up to your business newsletter when you have a website, and keep asking people to sign up to it too.

Just make sure that you have email newsletter templates that look good so that people will want to open them and see what is new with your business.

A newsletter helps to create a customer base that can be loyal to the business, and you have their details to send offers and incentives their way.

4. Marketing

Having a presence online is so good for your business. It means that you can market online, start a blog to create backlinks for your site, as well as work on how well your site ranks in search engines.

Online marketing strategies have proven to be pretty effective, so it is worth doing as a cost-effective way or running your business. There isn’t going to be a negative impact from online marketing, so make sure that your business is part of it all.

How To Create Your Ongoing Presentation At Exhibitions

Oct30
Craftworld Events

Craftworld Events

Ever walk around a business exhibition and it feels like you’re in Time Square? There are so many advertisements bombarding you from all sides, it can be like a kid in a sweet shop for businessmen.

This is because when you walk by a stand, you should be able to see and understand exactly what it is that business is all about.

You can’t talk to all the people at the stand as they might be busy talking with another consumer, and neither can you wait all day to ask them basic questions.

Therefore when you’re heading to a business exhibition yourself, you’ll need to follow suit. Just because you have the basic premise down, doesn’t mean you can’t be adventurous.

Once you know how to set up your stand and what it should look like, then you can go onto experimenting with different face-to-face marketing skills.

1. Standing to a-10-tion

Booths are where consumers get to have a more intimate experience with a business and the marketing or sales staff. 10×10 exhibit booths are by far the most popular choice because they are small and easily transportable.

They combine different materials so it’s not just a plastic stand that will fall over easily. On top of this they allow more room on your designated floor which means, the booth can be like the island while your staff go out to swim.

Their obvious goal is to snap up people who are looking like they’re interested. They can bring them back to the booth when they need to give a demonstration, a better explanation or just taking down their details to such as name and email for other marketing or business purposes.

2. On a loop

It might sound easy, but making a marketing video is difficult to get right. It’s important you make this kind of video so you can play it on a loop on your flat-screen tv which should be placed at the booth.

You should really have at least 2 or 3 so people walking either side can get a taste of what you are about. In the video the visuals must be incredibly strong.

The sound is important but save that for when people wish to actually come to your booth and put on some headphones to listen to it. Therefore for this to happen smoothly, you should have one central TV that is for consumers and customers wanting a demonstration.

Otherwise, the video should be about why your product and or services are useful and how they can be used.

3. Comfortable Speakers

Not every marketing expert in your business will have charisma. They will have the knowledge of how to make a presentation but they won’t all have the skill to charm their way into talking with complete strangers who are busy with other things.

Therefore to have an ongoing team that is going to be working around the clock, you need those that are passionate about meeting new people.

They need to be very enthusiastic about the booth and what it represents as their genuine love for what they do will be a selling point to consumers.

At any business exhibition you are presenting in, you need to have a good solid stand. However logistically speaking, something that is transportable like a 10×10 booth makes sense in a lot of scenarios.

Creating a video that will explain what you’re about exhibit will be useful as it can be played on a loop to help pull in those walking by.

How to Minimize Your Work When Managing Your Business

Oct12

Managing a business and being the person who’s expected to make all the big decisions can be a difficult task sometimes. You should try to remember that just because you’re running the business, that doesn’t mean you have to do everything yourself.

No business can operate as a one-man band, even if you want to retain control of it. You need to branch out and find ways to take some of the work off your shoulders. Here’s how.

1. Trust People

Trusting people to work well for your business and to offer you the best possible outcomes is something that you really need to do when you want your business to succeed.

This is something that can’t really be taken for granted, but you do need to offer trust because most people want to do their best for your company and they want it to succeed when they’re working for you.

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2. Get Professional Help With Managing Your Website

Many people who are great at running businesses are not necessarily so great at managing websites. And that’s perfectly fine because these are two completely different tasks requiring different skills.

It’s up to you to ensure you get the help you need. Using a managed server and a good hosting service is a good start. Then you can look for regular help with maintenance if you need it.

3. Expand the Skills and Capabilities of Your Team

The skills and capabilities of your team really are a priority. When they’re better equipped to work well for your business, it will help you in the long-term because it will give you the chance to offer them more to do and offer the tougher briefs.

You should offer employee training so that they will always be ready to help you turn your business into a force to be reckoned with.

4. Outsource Mundane Tasks

Outsourcing is one of those things that pretty much all companies can benefit from in one way or another. So try to outsource the mundane tasks that you don’t want to be wasting your time on each day.

It will only make your life harder than it needs to be if you don’t try this. There are lots of good companies to outsource to, so give it a try if you haven’t already.

5. Try to Automate Too

Finally, you should also try to automate more of what you do because there are people out there who are already doing this and reaping the rewards. There are so many little tasks that can be taken care of by computers, freeing up more of your time and leaving you with less on your plate. That’s got to be a good thing.

Running a business is never easy, and no one ever said that it would be. But it also doesn’t have to be a massive weight around your neck every moment of the day; that’s not how it’s supposed to be for you. So try to take things easy and ease the load a little by making the most of these tips.

Getting The Best Deal On Transport For Your Business

Oct8

When it comes to shipping items to and from your warehouse, freight trucks are the most commonly used vehicle and they can carry huge loads in one go which can save you time and money on fuel.

For a small business the idea of using a freight company might be fairly new, and the temptation to agree to any price can be huge. However, if you want to be successful as a business you need to be able to negotiate.

1. Look around

Before anything else, always make sure you approach more than one transport company and get a few different quotes for the prices you would be able to achieve. You will find that every transport company prices their trips differently and this is why you could end up with a really varied choice of prices.

However, once you have the initial quotes here is where the work begins.

2. Ask for help

Get your team to work on the job and call around each of the companies you have spoken to. The idea here is to talk about them taking a shipment from you and asking them how much once more. When they give you a price you can counter that with:

‘Well, company name quoted me this price which is cheaper, is there any way you can match or beat this price for us?’

Freight companies are tough cookies and they won’t always crumble at the first sight of a challenge, but it can always be worth that initial price probe for later.

3. Meet in person

If you are going to be trusting someone to handle your goods which will be either brought to you or your customers, you need to get to know them.

We all need to have mutual trust and meeting in person at their place of work is a good way to see whether they would be a good business partner.

Take a look at the grounds, the people and the state of the vehicles. If you both get on well and you think you can trust them, it could be a winner.

4. Build a rapport

Building a friendly relationship with a company can allow you to be a little more brash with your ideas and it can allow you to be a big cheeky when negotiating a price.

If you have been paying them for a while and they know they can trust you, they will likely give you a reduced rate to make sure you stay with them don’t move to someone else.

5. Don’t settle for more

Sometimes you need a truck rapidly for whatever reason and this can mean you are tempted to just grab the first available slot you can, but don’t.

Maintain your principles when it comes to any order because if you give in one price once, the company will be more likely to try and charge you more in the future.

Stick with your guns and you will still be able to get a good deal even if it is for something very last minute.

6 Simple Steps For Managing Personal Work Projects Successfully

Sep28

Personal project management is not a difficult task if you are following the right steps. First, you must understand the need and importance of the project that you are handling so that it gives you a right sense of belonging. It is very important to keep a realistic timeline for the completion of your project as it helps to avoid the last minute stress and confusions.

  • Create a calendar –

It is very important to plan your goals and act accordingly. You must have your calendar in place to execute your plan and complete your targeted goal well in time. Either you can make use of your table calendar or the software tools in order to mark all your important dates, along with the set target.

 

  • Completing the task before the deadline –

It is always a wise idea to complete the task in advance so that you have enough time to review the project and make necessary alterations if required.

  • Use software to speed things up –

The best professionals today have spent time researching software options so they can find the best choice for them. With the right software in place, you can automate time-consuming tasks and make more intelligent decisions.

  • Avoid last-minute work –

This is a very important step and you must take all the necessary efforts to avoid keeping anything for the last moment. Imagine if all of the team did this – it would be chaos!

You must finish everything about the project well in advance or within the set time limit so that there is nothing left, at the end.

Even if you have to review your project and make alterations, that too, must be completed before the set time limit, to avoid last minute confusions and unnecessary pressure.

Last minute work can never give you quality projects and satisfactory results and it may even lead to loss of clients.

  • Frequent reminders to complete the task –

You must set frequent reminders and alarms so that you are on the right track and well organized to accomplish the given targets. This will remind you about your future goals and keep you focused on your targets.

  • Finish the toughest one first –

You must first attempt to the toughest job and then proceed towards something that is easy. This way, you will have enough time to dedicate towards the tough tasks and thus, finish your overall project in an effective manner.

This step will surely make you finish your project well in time and will avoid unnecessary confusions and stress at the last moment.

 

The above tips are the simple and basic steps that you must work upon in order to complete your project effectively. It is very important to set deadlines to achieve your goals and remain organized throughout the process.

These two major factors will work wonders for you in achieving your goals within the set deadline.You must remember one thing that it is not only about completing the project effectively in time but it is also about keeping your clients happy!