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!

Why Small Manufacturing Businesses Fail

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As an entrepreneur, you want your small business to succeed, but you can’t succeed until you’ve made the business secure and stable. In the world of manufacturing, businesses fail for a wide variety of reasons. To make sure you’re doesn’t, it makes sense to find out why small businesses in this industry so often do. Read on to learn all about that and take steps to ensure a similar fate doesn’t befall your company.

A Lack of Purpose and Focus

Starting a business without really knowing what its focus will be or what its niche is will almost always end in disaster. Many entrepreneurs mistakenly believe that being vague and keeping their options open is wise, but in practice, it really isn’t. Be sure to clarify these things before you get your business off the ground. That way, you can hit the ground running with purpose and focus from day one.

The Wrong Colleagues and Collaborators

No business exists in isolation; they all have colleagues and collaborators, as well as vital suppliers. They rely on these companies and individuals to carry on running their business smoothly. If you need Red Diesel, for example, you’ll need to find a supplier who can provide you with it reliably and consistently. Working with the wrong companies and suppliers will only hurt your business and maybe even cause it to fail in the end.

Insufficient Capital

This is the classic cause of business failure. When you run out of money and you struggle to cover basic costs, it won’t be long before the business is dead in the water. But that’s not the only scenario that describes the problem of insufficient capital. Sometimes, businesses can fail to grow enough in their early days because they don’t have the necessary startup capital in place. This can lead to rapid failure.

Poor Management

Poor management leads to unnecessary mistakes and once they start to mount up, it can really impact the business’s chances of surviving. Good management is about making sure the fundamentals are taking care of and that the business operates in a sensible and coherent way on a day to day basis. It’s not uncommon for young entrepreneurs to get this badly wrong because they lack the requisite experience.

Try to Grow Too Quickly

A little early success can be really positive but it can also be misleading. Just because your business does well early on, that doesn’t mean it should grow too fast. Trying to grow too quickly is liking trying to run before you can walk. Be sure to put a sustainable growth plan in place and don’t get carried away with early success. Growing the business in a steady way is usually the best way to go.

There are many reasons why small businesses fail in the manufacturing industry, but the reasons mentioned above are certainly among the most common. Be sure to address the concerns mentioned above if you want to make sure your manufacturing business operates in a successful and sustainable way.

The Most Common Reasons For Why Small Businesses Fail

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The reason for business failure can be down to many things, most commonly though it is often tied to the reason that the owner was ill-prepared when starting the business. When the average ‘joe’ hears ‘business’, they generally assume that the primary reason for starting your own business the desire to make a lot of money and that ‘business’ is always based on the circulation of money. They aren’t wrong, but they are also not right. Do you think that if you started your own successful business that you’d have more time with your children or family? Or maybe that being the boss, everything would be smooth sailing as wouldn’t have to answer to anyone else? While these are benefits that some successful entrepreneurs achieve, after years of hard work, they are not reasons to start up a business.

Here are some of the most common reasons start-ups and small businesses fail.

Poor Management

At the start of creating a business, there is a lot to do and consider getting done and more often than not, new business owners frequently lack relevant business and management knowledge or experience in areas such as finance, stock purchasing, marketing, production, and even hiring and managing their employees. If the business owner doesn’t recognize what they don’t do well and seek help if they don’t comprehend the issues, then the company may fail and go out of business. There are plenty of administrative and vocational courses, some free, some paid for, that small business owners can take advantage of to educate themselves on skills they lack, hire skilled employees, or outsource work to competent professionals.

Lack of Planning

If you have ever been in charge of planning a major event then you would know that you were not careful with methodically and strategically planning it, which includes a lot of team collaboration and hard work, then success may have not followed. The same could be said of any business success. Having a plan, or Business Plan / Model is critical for all businesses to be on par with the vision of the company. Though, many small businesses fail because of a lack of fundamental foundations in their business planning. It must be realistic and based on accurate and current information with pre-existing affairs with educated projections for the future.

Insufficient Capital

Depending on the type of businesses one sets up, such as a removal company, restaurant or even a web hosting company, there will always be a common factor to think about: How much will you need to start being able to make more? Another common business mistake that can make a business fail is down to having insufficient investment funds.

Often, business owners who are totally new to running a business won’t fully grasp or understand cash flow and underestimate how much money they will need to get the business started. Unfortunately, as a result, many are forced to close before having had a fair chance to succeed. Another financial disaster that strikes new businesses is there also may have an unrealistic expectation of incoming revenues from sales. 

No Website, No Social Media Presence, No Back Up

Today’s industries now heavily rely on having an online presence and having custom come through that business platform. An estimated number of American internet users – nearly 90% of the population, used web-based purchases and e-commerce sales in 2016 and continues to rise yearly.

Simply put, every business should strive to have a professional looking and well-presented website that allows users to easily find out about their business, products and services. If you don’t have a website and your competitors do, you’ll lose out. You may also need to have various social media profiles for the services that your clientele might use for the same reason. If a company didn’t do this then the chances are the company will won’t look professional amongst its peers and market competitors, and may even lose business to these competitors who do at least have profiles on popular social media sites.

If you have products that can be sold online, or you can take orders online, that’s an added benefit. But at the bare minimum, you need a website that lets customers know what you offer and how they benefit by doing business with you. Having a Web-Based service for your business will also need to be securely backed up with regular maintenance. Depending on the nature and spec of your application or framework, small business owners may want to consider utilizing services such as Backup and Business Continuity Solutions as part of keeping the business secure, protected at the forefront of your online presence.

When it comes to the success of any new business, the businesses owners and directors are the keys to its success. For many business owners, failure is not an option! Are you one of those determined business people? Let us know your thoughts in the comments below!

Things To Consider When Buying Land

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If you are looking to move your living space to a new area this year, or you are considering opening a small business in your local area, buying a plot of land can be a handy thing to do. When we look at the cost do building a simple home or business building, it can often be a lot more cost effective to buy a plot of land. Today we are going to take a look at some of the things you need to think about when you do buy a plot of land this year.

Price

First of all the most important thing to think about is price. Price is a huge factor when it comes to buying any land or home and this will be the biggest deciding factor for what you end up with. Make sure that you take your time creating a budget for yourself and look for plots which fit this budget or are a little bit under to give you some leeway.

Location

The location of a plot of land will have a big effect on the type of building you create and also the type of lifestyle you can lead. When it comes to location, as a small business you will always want to take the time to find a spot in the middle of the city somewhere which is visible to many people. When it comes to a home, you will likely want somewhere a little more quiet and peaceful so that you can enjoy your time. Make sure to research the location and be sure that you have transport routes in and out.

Age

The age of a plot of land might not seem like it would matter, but the longer the land has been left to its own devices the more wild it will be and the more work it will take to flatten it out. As long as you have the budget and the time to do this it shouldn’t be an issue and you’ll likely be able to benefit from this land in the long term.

Environment

The environment is important for you to check whenever you buy some land or a home, and it is the environment which will tell you whether or not it is safe to build on the space. Make sure to check ground water monitoring and for contamination on the ground to ensure that you aren’t on a floodplain and that you won’t risk releasing toxic chemicals into the air when you dig into the ground and build on it.

Area

The area you choose to buy land in is important because if you plan to build a home or a business here you will want it to be safe and secure. Make sure that the neighborhood is friendly and that crime rates are as low as they can be and this will have a big effect on you when you do finally move there to build a new life for yourself.

Areas of Your Small Business to Consider Outsourcing

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Many small business owners start out by taking all work that needs to be done into their own hands. They’ll operate independently and get their business up and running alone. However, as your business establishes itself and you begin to experience more demand, you’re going to have to accept help. If you don’t, you’ll burn yourself out and your business will suffer for it. At the same time, taking on part time or full time employees can be relatively daunting. Becoming an employer lands a whole lot of responsibility on your shoulders. So, what’s the solution? Well, a good place to start is outsourcing.

What Is Outsourcing?

So, what exactly is outsourcing? Well outsourcing is a commonly employed business process in which you pay third parties or freelancers to take care of some of the work that you have to carry out. You don’t have to employ them – you simply pay them for a temporary service.

Web Design

Increasing numbers of small business owners are deciding to take their store online. The world of Ecommerce is booming and allowing customers to make purchases through the web can significantly increase your sales and profits. However, unless you want to spend a whole lot of time learning CSS and HTML coding, you’re going to have to outsource web design to a web design professional. They’ll be able to bring your ideas to life on a webpage.

Accounts Receivable

Accounts receivable, otherwise more casually referred to as “AR”, are records of the money owed to your business. Perhaps you have let a supplier take stock and they are going to pay you for it as it sells. Maybe you have offered finance plans to your customers where they can buy now and pay later. Regardless of why you are owed money, it’s important that you manage these accounts well and keep an accurate record of what is owed, what has been paid back, and what settlement figures different people have attached to their account. This, of course, can prove extremely time consuming. At the same time, you can’t cut corners, because this could mean making losses and charging people the wrong amount for products and services that they have already received or used. So, consider an accounts receivable solution.

Product Photography

Sure, you might be able to take some good quality pictures on your smartphone nowadays. But nothing quite beats professional product photography. A professional product photographer has the best equipment and also has an eye for the perfect shot, so they’ll display your products in the best light possible. This can boost sales, especially if you are selling online. Remember that online customers only have images to go by when it comes to deciding whether to purchase a product or not.

These are just a few different areas that you might want to consider outsourcing. At the end of the day, you can outsource almost any aspect of your business’ operation. But these are some really good starting points that you could seriously benefit from.

The Small Inventory Options That Can Truly Help Your Small Business

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When establishing your small business, it’s important to equip yourself with the correct equipment as soon as possible. In order to do this it may be important to invest in these vital resources via a loan, or budgeting with your starting finances. Many small businesses often suffer from a lack of functionality as they humbly try to establish departments. With the right investments however, you can get up to speed more quickly and learn simple tips for getting the best out of your operations.

With these simple tips, you should be able to do so:

Cloud

Immediately signing up for cloud functionality can help your many business files find a safe place in an encrypted environment online. This can come at a relatively inexpensive cost to you. For example, Google’s G Suite cloud services offer unlimited cloud storage for only $9, more than affordable for any small business. With this you will be able to offer ten users to make use of the online environment. This can help you establish yourself before you gain to the more advanced methods of web hosting solutions and domain name management. In the early days, it can be incredibly vital that important documents are protected with absolutely everything you have to offer, and ensuring you have a reliable online avenue for this is essentially useful.

Storage

Storage is very important to consider. Ensuring that your stock has adequate room to remain in weather-appropriate and temperature-appropriate conditions can help you prevent damage to your expensive inventory. It might be that using more secure options are appropriate to you, as many businesses deal with quite costly raw materials before they construct a product or service. This backroom of inventory, spare equipment and even archived documents can help you ensure that the physical matter of your firm is well kept, and needn’t be worried about in the long term.

Suppliers & Checking

In the earlier days it’s essential to ensure that you build good relationships with suppliers and business to business connections. This means that you need to verify you are gaining the goodwill you are showing others. Many business blogs may tell you that you need to provide goodwill yourself in order to make yourself known on the circuit, and this is true. However, as a new firm it can be easy to be sometimes taken advantage of. For example, a supplier or connection may send you an inflated weight of an item via specific packaging. For this reason, taking the raw materials you have ordered in personally arranged packaging using industrial bench scales can not only ensure you are having your orders fulfilled, but that you’re fulfilling the orders of other firms. For such a limited investment, purchasing a quality item such as this could save you plenty of money and unhappy customers in the short to mid term.

With these simple inventory options, you’re sure to help your small business with the foresight and protection that may be absolutely necessary.

Guest Post: How to Save Your Small Business from Bankruptcy

Monopoly-broke

Bankruptcy is often the result of bad finance management and resource allocation. Sometimes, however perfect your business might be, your company would face bankruptcy due to external economic conditions. These include sudden currency changes, inflations and global recessions.

More than big corporate companies, it is the small business companies that are mainly victimized. This is mainly because they operate with small budgets and less financial security. Considering the current economic climate, bankruptcy has virtually become unavoidable.

Instead of facing the problem when it comes, take the necessary precautions to at least reduce the possibility of such a scenario occurring. As soon as you sense it coming, you must sell whatever assets you have to pay off your debts. Just keep what is necessary and sell the rest. Since it is an emergency situation, make use of any source that will enable you to get a good price. Whether it is a community sale or an online discount sale through eBay, do not hesitate or waste your time since it will only multiply your interest rates.

You can also try to convince or persuade your creditors to ease your financial burden. To not ask for complete exemptions, but rather try requesting a longer deadline or reduction in the debt amount – maybe both if the situation is critical. If you have borrowed money from an established bank, it will definitely have hardship programs that can help you out.

Latest bankruptcy law stresses the importance of credit counseling during such situations. You can either visit professional credit counselors or bankruptcy lawyers for expert advice and feasible solutions. If you are looking for the best bankruptcy attorneys in Scottsdale, your destination should be Canterbury Law Group. This firm has a number of lawyers who will be willing to be of service. Make sure that you explain your situation thoroughly before asking for immediate solutions.

You can also get rid of your debt by finding more cash. Getting a new loan can ease your financial situation and can even out you through the same situation is the future, but in desperate circumstances, if it can provide temporary relief, it should be considered as an applicable solution. Do not make the same mistake of getting high interest rate loans. You must only settle for a nominal price in any situation.

Management changes can also be effective in such situations. Bankruptcy can happen due to improper and unorganized management of work. Therefore, you will have to make immediate changes in designations in order to ensure the survival of your business. If a particular employee’s methods prove to be unfruitful, you must give the position to someone who will be able to bring positive change to the company’s financial situation.

If nothing works out, you can ask for help and financial assistance from your friends and family. Make sure you use this as a last resort, since although you might be a small business company, it is still unprofessional to do so.