Tag: business owner

Proactive Ways To Protect Your Business In 2023

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Business owners face an array of challenges and obstacles. Running a company is never easy. As a director, it’s natural to want to safeguard your investment and lower risks. In this informative guide, we’ll share some proactive ways to protect your business in 2023. 

Insurance and surety bonds

Buying insurance policies for your business is critical to avoid financial losses, but there are other steps you can take to protect your company, including obtaining surety bonds. Check your insurance plans to ensure that your business is fully compliant and then search for additional policies or features to enhance coverage. It’s wise to invest in the most comprehensive policy you can afford. Business insurance can protect against everything from natural disasters, theft and fire to public liability claims and employee mistakes. If you work with other companies or contractors, it’s beneficial to explore the possibility of protecting yourself with a surety bond. Commercial bonds are contracts between three parties. If you’re working with a construction company, for example, and they don’t complete the job, you can avoid financial losses by claiming on the surety bond. 

Cybersecurity

Cybercrime is one of the most potent and dangerous threats to modern-day businesses. We often read about multinational corporations and brands that have millions of customers being targeted by hackers or scams in the newspaper, but small businesses are the most common targets. Every company owner should be aware of the risks. Prioritize prevention by investing in robust defenses and cybersecurity. Implement workplace policies, seek expert advice if you don’t have a dedicated IT department and upgrade systems and technologies. A survey by Gartner revealed that 98% of companies lose an average of $100,000- $540,000 per hour during periods of downtime. As well as lost sales, businesses also have to cope with damage to their reputation. 

Physical theft

Commercial properties are an enticing prospect for thieves because they often contain high-value items, which are sought-after by consumers. If you run a physical shop or store, you own or lease a warehouse, storage or office space, you own a salon, restaurant or bar, or your service business has a central base or multiple offices, it’s crucial to invest in security. From CCTV and alarm systems to strengthened windows and doors, outdoor lighting and security guards and foot patrols, there are solutions to suit every budget. Try to deter thieves. Visible deterrents make business premises much less appealing to burglars and vandals. It’s also important to avoid storing large sums of cash on the premises and to consider buying a safe or adding extra security if you sell expensive items, such as designer clothing, bags or shoes, jewelry and electronics.

Business owners face a raft of challenges and hazards in 2023. From theft, natural disasters and cybercrime to financial losses and being let down by other companies, there are all kinds of dangers to try and avoid. Being proactive in protecting your business can go a long way to reducing risks. Invest in comprehensive insurance, consider obtaining surety bonds and make sure you have robust policies, procedures and measures in place to prevent cybercrime and theft.

Running A Business Doesn’t Have To Be A Solo Mission

Scott Asai1 Comment

When launching your business, there is a big part of you that wants to control everything. However, learning to accept help from an early stage can make all the difference. Especially if you look in the right places.

Support is available from many sources. Pay attention to the following solutions, and your business will have a far brighter future.

Employee Innovation

Every business owner appreciates the need for a strong workforce. However, their function shouldn’t be limited to providing labour and boosting productivity. Employee innovation could be the key to unlocking new ideas capable of disrupting the industry. By actively supporting them, you will cultivate a successful company culture.

It is often shown that people lower down the pecking order have a better understanding of client pain points. Better still, celebrating innovation can lead to increased employee engagement. And lower staff turnover rates.

Outsourced Services

Outsourced services have played an important role in business for many generations. Still, the pandemic helped many more companies open their eyes to ideas beyond IT and delivery services. Whether it’s powder coating to improve the quality of your products or using influencers to market your brand doesn’t matter. 

A strong network of outsourced firms will support the in-house teams to aid productivity and cost-efficiency. It also allows you to grow without expanding your work premises. It also removes some of the risk attached to taking on more employees.

Mentors

As a new business owner, the advice of someone that has already achieved your goals can be priceless. Finding a business mentor can manifest in many ways. It could be through tuition, financial backing, or active participation in business matters. The right mentor will motivate and educate you in style.

You will still need to create your own path to success. Nevertheless, the guidance can help you avoid common pitfalls and acquire a new outlook on various markets. Mentorship could also be delivered in-person or online.

Tech Features

Advanced tech continues to play an increasingly important role in modern business. Financial apps for business owners can help you stay organised. Meanwhile, machines can complete a range of tasks far quicker than you ever could. The right features can also use real-time data to automate a variety of decisions.

Data analytics can tell you when to schedule machinery repairs, order new stock, or stop a certain marketing channel. When you combine the right tech with the right people, you will find the formula for success far sooner.

Customers

Finally, you should never forget that your business relies on customers to thrive. Their role is integral to the immediate and long-term future of the company. With this in mind, you must give them a voice. Their feedback can guide you in many different aspects of business while also showing your appreciation in a very clear way.

Existing customers can also become your greatest brand advocates. Their testimonials, for example, can often establish the trust needed to turn new leads into converted sales. A customer-centric business operation will always perform better.

3 Reasons To Have A Mobile Website

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As a business owner, you know that you have to have a website for your business; without one, you are just not going to have the visibility you need to lead to growth and success. Without that growth, you could become stale or even flounder and fail entirely. The good news is that setting up a website is not as difficult as it once was, and by utilizing the right tools and help, it can be done in a relatively short amount of time, offering you the ideal base from which to introduce your company and sell your products. 

Yet setting up your website and making it look great isn’t the end of the story. You also need to make it possible for the site to be easily viewed and interacted with on mobile devices such as smartphones and tablets. This was not something that needed to be considered even a decade ago, but today it isn’t only a good idea; it can make or break your business. Here are the reasons why.

Who Uses A Laptop?

There are, of course, people who sit in front of their laptops at a desk and browse the web. However, more and more people are happier when they have a mobile device in their hands, and they can browse at their own convenience – perhaps on the commute to work, when they are making dinner, or even when they get into bed. 

If your website isn’t accessible from these mobile devices, then no matter how good your products might be or how innovative your design, those potential customers will simply move on to a site that they can see and use more easily from their phones. Missing out on several sales for this reason will hurt your business financially, and it won’t do your reputation much good either. 

Better Visibility 

Being the business and website that is noticed amongst the plethora of others out there is something that isn’t always easy (or possible in some cases). If you want to stand a chance of being seen, you need to ensure your site is mobile-friendly. Doing this means you can have many more visitors come to your site. 

If you can include a blog, videos, social media, informative content, and an online store that can be trusted, you won’t just attract them, you’ll keep them there for longer. Without a mobile-friendly, responsive website, however, they probably won’t come in the first place. It’s so vital that it’s often better to get experts such as WebX360 to design your site for you; it’s a wise investment. 

Offer A Greater User Experience 

Your customers are fussy. It’s the way of the world these days, and you would be exactly the same if you were looking for something specific. Search for what you’re looking for, and you’ll find websites that match what you want exactly and offer a positive user experience. You’ll also come across plenty that don’t. What do you do when this happens? You’re most likely to click away and head back to a site that works in the way you want it to. 

Offer this excellent user experience to your customers by doing everything you can – including making a responsive website – and you’ll find you are much more successful.

How to Emulate Successful Entrepreneurs

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Do you ever wonder how an entrepreneur gets so successful? How did they do it? What do they do on an average day? These and other questions can leave you thinking if you’re doing anything right or wrong with your own business. While there may be some mysteries as to how successful entrepreneurs do their work and how they spend their day, there are small ways that you can emulate these successful entrepreneurs. Here are some great tips that successful entrepreneurs do that you can imitate themselves!

Setting realistic goals

Any successful business owner knows that whatever goals that they set for themselves and their business have to be obtainable. Smart and successful owners accept their current position and will go about taking small steps to achieve great things. Maintaining this major focus while going about it slowly is the best way to make your goals far more achievable. Also making small phases for goals such as weekly or quarterly is another great way to create easy and realistic goals that can have a major impact on your business.

Love what you do

Successful entrepreneurs love what they do, their work is their passion. Their work is their passion not because they’re a workaholic, but because they truly enjoy what they’re doing and want to continue moving forward doing it. This element of passion is what sets a person apart. Loving what you do and having a passion for it is going to make your work seem far more excellent and you’ll be less likely to feel any negative feelings such as dread. But having this passion for all of the work that you do will also prevent distractions, so you won’t become side-tracked.

Staying focused

Having a clear vision and staying focused on it is going to be one of the key components to how an entrepreneur gets successful and how they stay so successful. They keep connected to their visions whether it be through writing it down, having a vision board, daily reminders, or possibly other ways to keep connected to how they want their destiny to be. They also know helpful tips to keep their business and private life separate. It’s important to try to avoid any distractions and to keep your eyes on the prize.

Networking with like minded people

You don’t need to try to attempt to network with millionaires or owners of Fortune 500 companies. You instead just need to network and be around like-minded people who want to learn, who aim to be successful, or are staying focused. Networking with like-minded people will help in finding inspiration and accountability. There are plenty of networking events where you can find like-minded people.

Always being open to learning

There’s always time to keep on learning. The passion of always wanting to grow and learn is going to be a major aspect of how your business will expand. This is something that entrepreneurs constantly keep paying attention to. They read through books, attend courses, workshops, go to summits, hire a coach, do a program, visit seminars, or anything else as long as it allows them to further their education. Being open to growing and developing is going to have a major impact on your and your business in the long run. Doing things such as this is going to allow you to give your small business a big presence.

How to Make Wise Business Investments

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If you are a business owner, then you should be researching how best to invest your business profits. Wise investment decisions are a sure-fire way of your business succeeding in the long run. You should try and get to grips with the world of finance no matter what your business type as well as thinking about other forms of investments such as marketing, outsourcing, and assets. Knowing where best to place your profits is not something you will learn overnight. As you develop in the business world, the savvier you will become. And one thing is for sure, don’t let every setback destroy your confidence and stop you from making better choices further down the line.

Research What Works

Investing correctly takes a good deal of skill in many areas. First, you need to have the wherewithal to invest in the first place, then you need business savings, you need to know the market and how things work. Do not go into any kind of investment you do not understand. If you do this, you will eventually end up in trouble, in potentially more ways than one. So, get down to the library or surf the web and read up on investments and finances. Maybe you could sign up for an investment course. By meeting like-minded people, you can ask questions and possibly get connections with people in the know. Once you have a good idea of how things work, then you can get down the nuts and bolts of what you are actually going to do. Make your own sets of rules and invest in your own way. 

Don’t Fear what Others Fear

Being brave and making those seemingly risky decisions could make the difference between being a small business owner and owning a huge corporation. As they say, Fortune Favors the Bold, and it is true. However, with any investment, it needs to be done with a risk mitigation factor. Don’t just blindly go into a investment because the herd is too scared. Always check your options and understand the investment.

Think Overseas

With many emerging markets worldwide, there has never been a better time to start investing in the overseas market. Also, with the world opening up in terms of the internet and easier access to overseas banking, this is a real chance for anyone who has the funds.  For example, a ghana lawyer can help you capitalize on the fast-growing market of Ghana with its diverse economy. There are plenty of other opportunities, too if you are prepared to do a little research, then the world is literally your oyster. 

Long-Term Results

As a business owner, it makes sense to look at things in the long term as opposed to the daily fluctuation of your sales and the stock markets. Look at trends over the years and make decisions that way. Knowing the big picture is a great asset to your thinking in, and it can help you make projections onto the future, be that fice or ten years ahead.

4 Questions You Should Ask About Commercial Properties

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Are you the owner of a commercial property? If you are a business owner or a manager, it’s important to handle an asset like this the right way. Here are some of the key questions that you need to consider.

What Improvements Can You Make?

First, you should think about the different improvements that you can make to your business property. Improvements can be used to ensure that a property doesn’t cost you too much money or is more practical in general. For instance, if you have a flat roof, then you can think about applying elastomeric roof coating. This can be used to boost the insulation of a property which will, in turn, ensure that you can lower your energy bills. Alternatively, you could instead focus on the interior design of the building to ensure that it is more welcoming for customers and clients who are visiting. 

Does Your Property Have Curb Appeal?

You should also consider whether a commercial property does have curb appeal. Curb appeal is key because it will make it more likely that customers will want to explore your business and what it has to offer. This is important regardless of whether you are creating an office or setting up a business store. Your business still needs to look great from the outside. If you are wondering how to increase curb appeal, then there are a few possibilities. For instance, you might want to consider adding a unique feature outside your property like a sculpture. 

Is It Secure?

Next, you need to consider whether your business is secure. It’s often assumed that business break-ins are no longer an issue. The reason for this is that there’s a lot of issues surrounding cybercrime these days. While that is the case, break-ins do still occur, particularly if a commercial property does not have the right type of security in place. You need to make sure that you are investing in advanced securing to protect your business assets. 

Are You Better To Buy, Rent Or Work From Home?

Finally, it could be worth considering whether you should rent, buy a commercial property or if you would be better off working from home. The majority of businesses can now be run from home, but there are both advantages and disadvantages connected to this possibility. The main advantage is that you can save money. However, there is still a certain stigma connected to home businesses. Clients will often assume that they are smaller and may not be able to handle the requirements of larger contracts. Renting can be cost-effective but you do still have all the responsibilities of a landlord. These will usually be addressed in your contract. 

We hope this helps you understand some of the key questions that you should ask yourself if you do own a business property and the right changes that you can make here. If you explore the key options then you’ll be able to improve your property in a variety of different ways.

Business Expansion Made Easy | Top Tips For Business Owners

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Despite popular misconceptions, expanding your business doesn’t mean that you need to work longer hours or deal with more stress. In fact, business expansion often means that you can expect your workload to decrease a little, as it gives you the chance to get a better hold over your finances or delegate tasks across a larger workload. However, business expansion isn’t always as straightforward as it seems – meaning it can be hard to figure out exactly what you need to do in order to grow and develop.

With that in mind, here are some top tips that every business owner can use to grow and expand their business.

  • Focus on improving workplace efficiency by investing in new technology or software. This will allow each employee to make the most out of their time, meaning that tasks will be completed at a quicker rate and to a higher standard. This also allows you to boost your revenue.
  • If you’ve been running your business from the comfort of your own home, consider renting out a workspace for your business. Whether you open up a shop or offices, this is a great way to take your business to the next level or develop your relationship with your staff and customers face to face. To get started on this venture, you simply need to reach out to a commercial real estate agent who can help you find the property of your dreams for a price that won’t break the bank.
  • Focus on growing your team by bringing in new employees, focusing on candidates who are enthusiastic, and bring something new to the table. For example, sometimes innovation and new ideas could be far more beneficial to your business than previous industry experience. You should also ensure that you provide your employees with training that will allow them to develop new skills. 
  • Create a friendly working environment where every employee will feel appreciated and comfortable. This will allow them to work more productively and ensures that they know how to reach out whenever they need help. Putting your employees first will also help you become a better manager.
  • In order for your business to grow, you need to ensure that you can stay up to date with current trends and consumer habits. To put it simply, you need to find a way to stop your business from being left in the dust in a hypercompetitive and ever-changing world. The easiest way to achieve this goal is to prioritize innovation, as this will encourage you to come up with new ideas, which will enable you to stand out from the crowd. 
  • Be sure to invest a considerable amount of time and money into your marketing campaign – as this is one of the most straightforward ways to expand your customer space. Thankfully, you can market your business in a variety of ways, through growing your online presence, networking, or through traditional marketing techniques such as flyering. You should also update your marketing strategy regularly, using your analytics to guide you and ensuring that you capitalize on popular trends.

Are You Really Ready For Growth?

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As a business owner, it’s safe to say that you’re going to want to enjoy some level of business growth. It’s only natural. When you start a company, you will have goals and aspirations and dreams. Yet, your business isn’t going to grow on its own. Instead, you have to be someone that is really ready to grow – and that’s not always easy. You are going to find that If you want to grow, you have to put the work in. It’s something that you have to really dedicate yourself to – and that means setting goals and really working through the steps that will allow you to get there. But what exactly are they? And how can you guarantee to get the results you want? Let’s take a look.

Grow Your Knowledge

To begin with, one of the most important things you can do is grow your knowledge. This can sound like something obvious, but it’s so important if you want to grow in business. Keep an eye out for any career advice that is relevant to your industry. Watch YouTube videos, listen to podcasts, and read as much as you can. This is all going to contribute to your rapid growth.

Find A Mentor

The next thing that can really help you to get to where you want to be is the idea of having a mentor. Sometimes, you’re going to grow alone. Instead, you may find that working with a seasoned professional and having someone hold you accountable can really do the trick.

Act Like A Professional

From here, you are then going to want to make sure that you are acting the part. You say you want to grow, but are you really acting like the business professional you want to be? If not, you need to make a huge change here. Get organized and look the part. Bring in the right staff, get an office space, manage your warehousing and inventory control efficiently with barcode labels and generally be the entrepreneur you want to become. This will help you to bring about growth.

Push Your Marketing

When we’re talking about business growth, one thing that you absolutely have to make sure that you do is push your marketing. It’s really not enough for you to just keep doing the same old things and then hope for the best, you really have to put in some time and attention to your marketing plans to see a change in your growth.

Have A Plan

Finally, you’re going to find that it really helps if you can have some kind of plan in place. If you want to grow, you cannot just put a bit of work in and hope for the best. Instead, you need to do your research and see what’s going to work out best for you. So really start to think about what you can do to put something concrete in plan. It’s great to have direction and creating a plan can help you to get guidance on what you need to do.

Protecting Your Business Bubble: Could You Be Doing More?

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In some cases, it’s not possible to avoid disasters in business, but often, there are steps you can take to protect your company and minimize risks. In this guide, we’ll take a look at some strategies you can employ to shield your business and reduce the risk of unexpected incidents or threats. 

Maintaining a safe working environment

No matter if you work in an office, a store, a restaurant, a warehouse, a construction site or something totally different, there will be hazards in your workplace that need to be assessed. Health and safety should be a huge priority for your business, even if you work in a relatively “risk-free” industry. If there are health and safety oversights and somebody gets hurt, it could be devastating for your business.

Especially if you work with chemicals or other hazardous materials, your working environment’s safety should be taken even more seriously. Processes like Ambient Air Sampling and regular health and safety assessments can ensure you are doing everything you can to reduce risk.

Securing physical premises

If you own a store, a restaurant or a bar, or you rent a warehouse that is full of stock or an office packed to the rafters with technological gadgets and gizmos, it’s essential to ensure your premises are secure. Commercial properties can be enticing prospects for thieves looking to seize items with high street value. Consider investing in security measures and deterrents, such as alarm systems, outdoor lighting and CCTV, or hire a security firm if your premises contain expensive or sought-after products. In addition to investing in robust security measures, it’s also essential to ensure that you have insurance. If your store is broken into, and stock is taken, for example, you should be able to make a claim. 

Strengthening cybersecurity

Cybercrime is one of the most significant threats to businesses today. It is often assumed that it’s only large corporations that are on the radar of cybercriminals, but small businesses are also a target. If you don’t already have rigorous policies and watertight plans in place to prevent security breaches, now is the time to investigate measures you could take to protect your business and your customers. Many companies store personal data, and breaches can contribute to lost revenues through downtime and a loss of consumer confidence. If you don’t have an IT department, it’s worth considering working with an agency that offers consulting, IT support and data security and disaster recovery services. Having access to expert advice will provide you with peace of mind and ensure your networks, systems and devices are secure. It’s also beneficial to provide staff training to help employees spot the signs of scams and to ensure they understand policies related to network security, working from home and using personal devices.

Protecting your reputation

Did you know that over 80% of people now check reviews and ratings before buying products or choosing service providers? In an age where online feedback can make or break you, it’s vital to be proactive when it comes to protecting and improving your reputation. Prioritize customer service, reward loyalty, make sure you deliver on the promises you make and try and set your business apart from others. Connect with customers through social media and personalized emails and showcase the human side of your brand. Supporting good causes and initiatives that are relevant to your business is an excellent way to give back and to enhance brand image. It’s also important to look after your employees, to be honest and open with customers and to address complaints or negative feedback promptly.

Business owners will always face challenges, but disasters are not always inevitable. Protecting your business bubble can help to save money, enhance your reputation and increase your chances of survival if an unexpected obstacle or incident threatens your future.

Grow Your Small Business with Outsourcing

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When you’re running a business, you’ll want to spend all of your time focusing on your core activities. Developing new products, refining your services, and acquiring new customers are amongst the most exciting aspects of launching an enterprise.

However, business owners generally spend far more of their time dealing with a myriad of other things. Instead of being continually distracted by important but non-profit making tasks, why not consider outsourcing some activities to specialist firms? 

To find out how beneficial outsourcing can be for growing business, take a look at the advantages you’re missing out on:

Meet your legal obligations

All businesses are required to meet certain legal standards and understanding your obligations isn’t always easy. When you’re managing staff, for example, you’ll need to ensure you’re adhering to the relevant policies and incorporating sector-specific guidelines too. 

If you want to ensure you’re fulfilling your duties without spending all of your time reading legislation and case law, outsource your HR management instead. With services like https://employeradvantage.com/human-resources-hr-outsourcing-management-and-consulting-services/, you can ensure your staff are well-managed and have access to the support they need at all times. What’s more, you can be confident that your business is managing staff well and meeting its legal obligations.

Save your capital

When you aren’t spending your capital on large expenditures, you are free to invest it elsewhere. Hiring numerous members of staff is a fast way to use up most of your resources, which will limit your ability to grow your business. Instead of hiring in-house employees, you can save your capital and stockpile your resources by outsourcing instead. By doing so, you’ll be able to invest in your capital in growth opportunities and expand your business at a much faster rate. 

Partner with experts

When you have access to expert opinions and specialist guidance, you can give your business the best chance of success. Of course, very few businesses could afford to hire industry experts on a full-time basis. However, even spending a few hours learning from high-profile specialists could help you to transform your business for the better. 

Whether you need a one-off service, like a new IT infrastructure installation, or on-going support, such as regularly payroll services, outsourcing the task to a team of professionals will ensure it’s completed to a high standard every time. In addition to this, experienced professionals will be able to complete the task in a fraction of the time that in-house staff will be able to, particularly if they have no formal training in a particular area of expertise. 

Grow Your Business Now

Launching a small business is always challenging but growing your business can be even trickier. To generate more revenue, however, you’ll need to find innovative ways to take the next step. Only experienced entrepreneurs tend to have a long-term growth plan in their sights when they first launch an enterprise. If you’ve been focusing solely on getting your business up and running, there’s no need to panic. By using outsourcing to lower your costs and refine your processes, you can find new growth opportunities and begin expanding your business right away.