Big Business Challenges That Will Make You Want To Keep Your Company Small

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Growth is always a major goal for businesses. Whether you work by yourself or have a small team by your side, it makes sense that you would want to increase the size and scope of your operation. Of course, though, there are plenty of perks that come with being a David amongst Goliaths, and there are issues that large companies have to deal with that are completely foreign to the little guys. To give you an idea of why you might want to keep your business nice and small, this article will be exploring some of the challenges big companies face each day.

Unemployment Claims

Large companies tend to have a lot of employees working for them, and this means that they also have a lot more people leaving them than smaller businesses do. Whether someone gets fired or chooses to leave their job, they can file for unemployment if they are unable to find something new. Your state may take this money from your business, forcing you to invest in software to help you through this process and ultimately costing you on a long-term basis. Small companies can also suffer from this, though the more employees you have the greater the chances it will happen to you.

Share Holders/Boards

As companies start to get larger, they often need to look for funding from investors and other groups. To do this properly, though, you won’t be able to remain as the sole owner of the company, and it’s common for businesses to set up boards so that they can assign important roles to different professionals. This gives you less power over the company you’ve worked hard to create, while also creating the risk that you could eventually be ousted from your position if you don’t perform as expected. This can take the freedom you have as a business owner and turn it into something far more similar to a normal job.

Regulations

Governments around the world work hard to make sure that companies can work on a level playing field, prompting new laws and regulations that can make it hard for a company to operate properly. The largest companies out there often get targeted with rules specific to their work, with examples like Amazon and Google under the constant threat of new laws. Of course, this can still impact you as a little company, but making a large amount each year will certainly paint a larger target on your back. In some cases, these sorts of rules are put into place because large businesses are genuinely abusing the system, though this is a separate issue.

With all of this in mind, you may want to think twice before rushing to expand your business. It would be wrong to ignore all of the benefits that come with large companies, but you need to weigh this up when you’re planning your work to make sure that you don’t make costly mistakes that will make it hard for you to keep operating into the future.

How To Help Your Small Business Grow In 2021 & Beyond

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Whether you have just started out on your small business venture or have run a successful company for several years, there are always new things you can do to grow and expand. Remember, the more work you put into your company, the more rewards you will receive back. This could mean, for example, higher earnings or an expanding customer base. However, as always, you have to be willing to put the hard work in. 

Don’t rest on previous success and expect it to carry you through the next year. The most successful companies earned their fame through continuous hard work and innovation – you can’t sit still. With that in mind, here are some different ways you can help your small business grow this year.

Set yourself challenges.

We often work at our best when we are moving towards a specific goal. It allows us to manage our time better, and we often don’t rest until we achieve it. Therefore, one way in which you can help your small business flourish is by setting yourself regular goals. 

If a goal seems particularly large or unattainable, break it into several smaller sections that are more manageable. This means you won’t lose focus and will feel a sense of accomplishment more often. When working as part of a team, you can boost productivity by setting shared and individual goals.

Identify problems with your business. 

Another way in which you can help your business grow begins with identifying problems with your business or how you operate. For example, you may pay for advertisements on social media but receive very little traffic to your website from the advert. This means you might need to redesign the ad or redefine your target audience to ensure you are reaching out to the right people.

Remember, mistakes are a part of everyday life – so when you find a problem, don’t despair. Instead, treat it as a valuable learning opportunity and a chance to grow.

Rely on the experts

Although you may enjoy the independence that comes with running your own business, you don’t have to do it all alone. For example, you can work alongside experienced vendors such as EP Logistics to secure the logistical side of your business. This gives you plenty of time to focus on other areas of your business, such as product development and customer relations.  By working closely with experts, you’ll be able to bring your company to new strengths – which is not something you could do entirely alone.

Develop a relationship with your customers 

If you want to succeed, your customers should be at the heart of everything you do. If you want them to make purchases or continue to support your business, you need to ensure that you develop a strong relationship with them. There are many different ways you can cultivate a relationship, be that through email, social media, or face to face conversation. Always operate with their best interests in mind, and give them plenty of opportunities to voice their opinions. This means you can continue to provide them with the services and goods they need.

Growing Your Business in Size and Productivity: 6 Top Tips for Entrepreneurs

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Launching a business is undoubtedly one of the greatest adventures for any entrepreneur. However, once the business is up and running, other challenges come along. Among these, it is crucial to invest in development and avoid stalling. Investing in growth, research, and marketing can help you connect with your customer, increase productivity, and continue thriving during challenging moments. 

However, identifying a growth strategy that works for your business is not always easy. Indeed, depending on your company’s goals and vision, you might focus on certain aspects rather than others. Below, you can find some considerations that can help you get started with your growth plan.   

Understand Industry-Specific Strategies

Increasing the productivity of your business to meet demand can be challenging. Indeed, there is always a fine line between investments, profits, and losses. Of course, it is crucial to invest in innovations, but since you don’t know how the audience will react, it is also important to keep expenditures to a minimum. 

While it can be hard for you to compare your business to others, it can help to look into industry-specific strategies. For example, if you are looking to increase the efficiency of your fleet, programs such as Quarles fuel cards can help. In the hospitality sector, a cloud system helps you keep up with compliance and keep your customers’ data safe. Start by researching your industry!

Outsource

Making money from a business is challenging, but growing these profits even further might be even more difficult without the right approach. Many entrepreneurs fall into the trap of not realizing that they need help. Indeed, when the business is still small, you might be able to manage several aspects related to it. However, once this has grown, it is crucial to invest in resources and professional help. 

Outsourcing is an excellent way to see a greater return on investment in your projects. While you might be able to look after the branding, marketing, and IT of your company at first, asking professional agencies to take these aspects off, you can yield much better results. 

Understand the Current Trends

The customer trends and the global market are changing rapidly, and it is crucial to keep up with such important developments. Indeed, if your business has been operating for over a year, it is possible that your customer demand is already different. So, it is crucial for entrepreneurs and business owners to keep re-evaluating the market and its trends over time. 

For example, you might notice that there is a greater sensibility towards environmental issues, and many employees are looking for remote positions. Offering such choices can help you gain the best talents, meet customer demand, and grow your business. 

Invest in Tech and Innovations

Just like trends are changing rapidly, many aspects of running a business as we know them are developing. Many companies fail to understand these developments, which can lead to decreased customer loyalty and limited selling points. 

While investing in tech can undoubtedly represent an investment, it can also help you keep up with the competition and win over a greater portion of the market. Of course, it can be more challenging for small businesses to undertake a digital transformation

This project requires funds that can seem out of reach for smaller companies. However, investing in this aspect now can help you grow your business much faster and further. 

Be Present for Your Community

Whether you own a small local business or a larger company, your community is the reason why your company is still thriving. Looking after the ones around you can be an excellent way to guarantee that your customers will keep coming back! Being present for the community does not only mean offering valuable services. 

You should also think about getting involved in local activities, events, and charity initiatives. Such simple gestures can help you win over the hearts of your customers and maintain that precious loyalty. Additionally, this can be an excellent way to improve the image and reputation of your company. 

Invest in Marketing

Marketing and branding are at the heart of any business. Of course, understanding how much to invest in marketing campaigns can be challenging. These are undeniably costly, and they don’t guarantee a return on investment. However, visibility is crucial for your business to expand. Luckily, today, you can leverage the power of digital marketing strategies instead. 

For example, you might consider investing in social media campaigns, SEO, and influencer marketing. These are excellent ways to reduce your outgoing costs while seeing a much greater engagement from the community. Ensure to speak to a professional digital marketer for the best campaigns.

Growing In Business Together: What No One Is Talking About

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Being independent in business may soon become a thing of the past, as new companies start to adopt a more collaborative approach to running their businesses.

You are probably wondering what the benefits of working in this way can help keep your moving forward, and how you can make this concept work for you.

Working Together.

Working collaboratively in business is a tool that embraces connectivity, rather than a competitive approach that often works negatively against both parties involved.

When businesses work this way, there is scope for sharing resources, forming strong networks and growing to create innovatively. You all improve your businesses potential to thrive, which is imperative, especially in our declining economy, when many companies of all sizes are crashing and collapsing due to the Coronavirus Pandemic.

How To Create Business Success, Collaboratively.

To create business success, you need to investigate all viable options, root out any potential deadwood that may impede you and seek like-minded individuals who are happy to share your story. The benefits of working with others to grow your business are that it can help to expand both of your interactions, and grow your customer base.

You could also share advertising and marketing efforts that add value to both of your companies.

Building Value And Generating Financial Growth. 

One of the ways to add value is to increase the speed you deliver the result to the client or customer. You can create wealth by offering a better service or product than your competitors. Research your markets well and evaluate what quality means to you and your customer.

You may need to consider packaging, advertising and your businesses marketability – getting your brand or product out into the world as effectively as you can is critical. For example, suppose you had a custom t-shirt printing business. In that case, you could target specific audiences ranging from designing t-shirts for schools, to creating T-shirts for promotions that support charities offering a percentage of sales to support local charities. 

This method also allows you to raise your business profile, and you engage in indirect marketing, raising greater awareness of your businesses visibility.

To accelerate business forward, you should also consider your customers or clients needs and be aware that people are more likely to buy into your concept if it speaks to them on an emotional level. It has been proven that businesses that thrive a succeed to do this by meeting their clients and customers from the heart; this means being friendly, cheerful, and offering helpful customer service. This is a win-win if you want to own a successful business that stands out from the crowd.

Finally, you can add value to your business by offering generous discounts, promotions and giveaways that entice customers and clients; this method often accelerates growth and opens your business up to new opportunities to succeed.

The world is changing, and time is now of the essence, particularly during our current economic climate. 

By working together, you can keep business alive.

Expansion Of Your Business Now That Lockdown Is Easing

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There is no denying that it has been a tough couple of months for all businesses. Having to ride the storm of the global pandemic and figure out not only how to function in a new world but also to continue to make money in an ever changing community. It has been tough. However, lockdown is easing and people are starting to get used to this new normal. But what can you do to start expanding your business and moving it forward now that lockdown is easing? Here are some of the things to consider.

Continue to diversify your business

One of the first things to think about when it comes to your business is to continue to diversify it in any way that you can. You will have likely had to think on your feet when the anemic got serious and you had no way of functioning normally. It may have meant you offering up more online focused points of sale or even diversifying with different products and services. Keep with the changes that have proved successful and build upon them in any way that you can. This is the perfect opportunity to make some decent changes to the direction that your business can take. 

Make some changes to your online presence

Another thing to focus on now more than ever is your online presence. Many people have no choice but to shop online these days which often means that the shops that once were popular are no longer needed. It is a good idea to work on your digital presence when it comes to your business. This will be things such as your social media platforms and ensuring that you build your following organically. Another thing to think about would be to consider your website and how you are portrayed online. It might be worth focusing on SEO and looking at the content that you have on your website. 

Give manufacturing a go

It could be that sourcing your products is difficult due to restrictions in other countries, so it might be time to look at ways that you can manufacture your products yourself. Whether you need to think about a production line, find a space that you can house the industrial products that you use and even hiring staff in order to operate it, you might find that in the long term the investment will pay off. Plus manufacturing your own products gives you greater flexibility when it comes to product changes. 

Value your time and focus on areas you can change 

Last of all, it is very important for you to place a value on your time. This means that you should focus on the areas where you can make the most difference. Now more than ever it is important to use your time wisely, and if you are not going to be able to do things well, look at outsourcing it instead. This could make a big difference to your output. 

Let’s hope these tips help you when it comes to expanding your business after lockdown.

Technology In Balance: How To Keep Your Business Human-Centered

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It is common in business these days to decry the impact of technology. We’re told that it takes away the personal touch, and that it is off-putting to customers who face an ever-decreasing chance to speak to “a real person”. There are, it’s true, plenty of ways in which an increasingly digital age can leave the customer feeling alienated – but if we look deeper, it’s not technology that’s at fault there; it’s got more to do with the cost-saving drive to automation meaning that workforces can be smaller and work more impersonal.

So, what if you are a business that wants to make the best use of technology and retain both the worker-centered ethos of its past as well as a customer-friendly face? Can you have the best of both worlds, embracing progress while staying true to traditional values? You can; but you need to ensure a balance by keeping the following in mind…

Technology can be molded to your needs

Anyone who has looked into the opportunities offered by automation and technology will know perfectly well exactly how much can be done by “machines”. They can make calls, take calls, write letters, reply to live chat messages, keep a count of stock, and much more besides. At some point in the future, it will be possible for every single thing in a business to be done by robots – but it won’t have to be, and that’s the key point. Use technology to make things easier, by all means – but just because a computer program can do something, that doesn’t mean it has to.

The “Goldilocks” principle

If everything in a business had to be done by hand, it would take forever and customers would end up getting frustrated. If everything was instead done by automated machines, that could still be frustrating for any customer who had the kind of specific enquiry that required outside-the-box thinking. Many businesses find that technology is best applied to the “big” stuff like monitoring sites, and you can click here to see how that works in oil fields as an example. This division of labour allows more people to be assigned to key customer-assisting duties, where a human brain is essential and where empathy can be a huge boon. 

People can work without tech, not vice versa

A boss can easily be tempted to replace more jobs in their business with automatons; machines won’t query their orders, don’t need breaks and can’t turn up late. There is, however, a very clear failing that tech can’t escape. Let’s sum it up in this way: if a human worker is not performing, a machine can’t take a look at them and get them working better, like human IT staff can help with a failing machine. In other words, humans are essential to a business, so your working practices should always be designed with your human workers in mind. Remember, your customers are also human – your business should reflect that.

Tech will continue to be influential on business, and its hold is set to grow in times to come. That’s not a bad thing, as long as you recognize the importance of keeping the right balance between people and machines in your business.

Moving Your Business Into a Building? Here’s What You Need to Know

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If you’re a small business owner and you’ve started to see continual growth, that’s something you should be proud of! Small businesses are currently playing a huge role in overall economic growth in the U.S, and they have been for a while. The first three quarters of 2014 alone saw small businesses add 1.4 million jobs

With business growth, however, often comes the issue of “outgrowing” your current workspace. Whether you started your business from home or you’ve always had a small office, it’s never a bad thing to upgrade – especially if you’re adding more employees to your operation. 

If you really want to move forward with your business, you’ll need the right space to do so. But, moving to a new location for the first time can feel overwhelming. With that in mind, let’s look at a few tips you can use to make the transition to a new space easier on you and your employees, so you can continue to grow and achieve success.

Set a Budget

As you start looking at new spaces, it’s important to have a set budget in mind. While you consider the cost of the building itself (or the monthly rent), don’t forget about other fees and hidden costs you might face. 

Additionally, it’s important to think about any upgrades or renovations you might want to do and include those in the cost. Things like upgrading appliances, putting in new carpet, using roof coating, or even just painting and remodeling can all cost money, so include renovation factors into your budget before you make a final space decision. 

Research the Right Locations

You might think you’ve found the dream location for your business, but there are many things to consider aside from the size and functionality of the building. 

Will it be easy for people to get to, including your employees, suppliers, clients, etc.? What is the crime rate in the surrounding neighborhood? Are there any other businesses nearby? When you move into a building, you want to become a part of your community as quickly as possible, just like when you move into a new home. If the area around that building feels like a ghost town, it might not be the best place for you. 

Give Yourself Plenty of Time

Moving is stressful, no matter what. Even if you have everything perfectly organized and you have a timeline in place, it’s not easy. So, give yourself plenty of time to transition from one building to another. 

You might even consider a “staggered” move so operations can continue in your current business space while you slowly integrate more employees and equipment into the new space. It can make the move easier for everyone and won’t feel as overwhelming. Staggering your move will also have less of an impact on workflow, so you’ll still be able to meet deadlines and work directly with your clients without feeling disrupted. 

Congratulations on outgrowing your initial business space. Keep these tips in mind to make your growth easier, so you can focus on an upward momentum, instead of getting tied up in the details of a building.

What Does Your Company Need From You Right Now?

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At different times throughout the year, or even different years throughout the lifespan of your business, it will require different things from you. Every business grows in its own way. And as the market chances and trends come and go, it’s safe so that those needs are ever evolving. And that’s fantastic. But the most important thing is that you know what your company needs from you at any given point. And then, you are able to ensure that you are working on that. So, do you know what your company needs from you right now? What you should be putting your time and attention on? If not, let’s look at a few ideas that could be relevant.

A Big Sales Push

First of all, you may find that what your company really needs from you right now is a good old-fashioned sales push. If you know that you’ve just been coasting along, it’s time to make a change there. Instead of just seeing what happens, take action. It’s so important for you to think about what you can do to grow. Setting goals will help then creating an action plan is definitely the way forward.

Security

The next thing to think about is security. And this will mean something different to everyone. Maybe it’s your physical security you’re concerned about? Or is it the security of your staff and equipment while at work? Maybe a CCTV system on the premises and fleet dash cam systems are what you need? It could even be cyber security that you’re concerned about. If so, you’ll want to consult with a specialist company to get that in place.

Organization

Or, it could just be that you need to be a lot more organized right now. When that’s the case, you’re likely to find that you need to bring more systems and procedures in place. Don’t know where your files are? Create a system. No plan for marketing? Create a plan. Not sure how best to approach a taste? Put a procedure in place. Being a lot more organized can often really transform your business.

More Staff

It could even be that you know you need more staff. When this is the case, it’s time to start hiring. So, ask yourself – who do you need right now? What kind of support will help you to grow? Make sure that you’re bringing on people that will add value to what you’re doing and will help you to reach the business goals.

A Better Marketing Effort

Or maybe you know that you need to put a lot more focus on your marketing? When that’s the case, you’ll really want to ensure that you are connecting with your customers a lot more, then maybe it’s marketing you need to focus on right now? It can be fun to pull together a marketing plan for your company, and to decide exactly what you’re going to work on to help the business to grow.

Moving Your Business from One Place to Another

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If you’re operating a business on a brick and mortar basis, you’re going to have to put a whole lot of focus on making sure your business can grow and expand. Increasing competition from the realm of Ecommerce means that you’re going to have to be increasingly savvy with your decision making and sometimes that means having to shift your company from one place to another more lucrative spot that holds more potential for increased sales. This, of course, can be a difficult process. But here are a few areas you might want to focus on, as well as some tips and tricks to make it easier and a greater success!

Consider Location

Location is often the main reason for people moving their small business. When you first start out your journey, you probably have a limited budget and consequently are likely to have your business in a low cost spot that potentially has limited footfall. But by now, you should be well aware that footfall can have a huge impact on your profits. A higher passing footfall means giving your brand greater exposure to the public. The more people who pass by generally means there will be more people passing through your doors, purchasing goods, and generating profit.

Consider Size

Another reason you might be considering a move is because your business is expanding, you’re taking on more staff, and you’re going to need more room to house everyone. Always consider getting somewhere slightly bigger than you need. Your small five-person size property simply isn’t going to cut it after a few months or years. Give yourself room to expand even further, as this will reduce the number of times you have to move.

Making Moving Simple

Have a Cross Over Period 

It’s sensible to have a cross over period for the move. You don’t want to have to move the entire store or office in a single day. Reduce pressure by having a week or even a month when you have your current commercial property, as well as access to your new one. This will allow you to take a gradual and phased approach.

Hire a Van

So many small business owners think they can move their entire business in their own car. But there’s often furniture and pieces of equipment that would have to be stacked in a car in a dangerous way to get it from A to B. So, use van hire that will give you a vehicle big enough for the job.

Consider Employees

Before moving your company, consider how this will impact employees. Some will already be commuting a long distance to get to work and may not be able to travel any further if you happen to move further away from their home. Weigh up the pros and cons of recruitment and decide whether you’d rather maintain the employees you have.

These are just a few areas you should take into consideration when it comes to moving your small business. Take them seriously and everything should go pretty smoothly!

Grow Your Business Without Stretching Yourself Thinly

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When it comes to business and working for ourselves, the aim of the game is to grow and make it a thriving success. You are finally doing something that you feel passionate about, and that you are making money from with a flexible working and home life approach. However, the problem you may have is stretching yourself too thinly. There are a lot of plates to spin and sometimes too much to think about. With that in mind, here are some of the ways that you can grow your business without losing your mind.

Outsourcing where needed 

One of the biggest temptations that all business owners will have when it comes to their business is to manage and complete everything themselves. If you want a job done properly, you may as well do it, right? Wrong! This is where you end up not doing things to the best of your ability. Outsourcing can be a real asset to your business, and there are many avenues you can choose, depending on your strengths and weaknesses. Companies like Simplified can offer things such as IT services, websites you find online will give you access to freelancers who can take on roles such as website development or social media management. Work out where your time is best focused, and then consider outsourcing the other elements. 

Working on your time management 

You might need to take some time out to figure out some of the best processes that work for you when it comes to time management. As a business owner, even if you do outsource certain aspects of your workload, you will still need to manage your time and prioritize the things that need to be done quickly. This is when looking into different time management options can help you to succeed in this. There could be many different things you could consider and try that work for you. 

Analyzing your business regularly 

Each week or month, depending on the type of business you have, it will be worth it to sit down and analyze the results. This might be the amount of sales, and the popular times in which they were made. What brought those customers to your business? Was it a deal or an advert? Then look at other things such as website analytics, the demographics of your customers. These things can help you to make better decisions about things moving forward. 

Making allowances 

Finally, even though you may be a business working from home, it is also important for you to make some allowances. This could be anything from having a storage unit for your stock, a dedicated office in your home to help you work better, or even getting to the stage where you lease an office or shop and hire staff. These are exciting prospects and could definitely be a great way to help you move the business forward without stretching yourself and could help you to be more successful moving forward. 

Let’s hope these options have given you something to think about within your business.