Archives for May 2018

Data Management for Your Small Business

May 31, 2018 by Contributed Post Leave a Comment

Data Management If you are small business owner, chances are that you’ve heard the term “data” thrown about a whole lot lately. But what actually is it? Well, data is a collection of “facts”. This is essentially just another way of saying that data is information. It can be any numbers, words, measurements, observations, or design details that you may have accumulated over time. You could even say that data is knowledge – as the more of this information you have, the better! Knowledge is power after all. So, how do you effectively manage all of this data, information, or knowledge that you may have stored up? Here are some ideas to get you started.

Managing Customer Data

First things first, let’s tackle the area of managing customer data. This should be a priority, as if you fail to manage customer data properly, you could find yourself breaching data protection law. This could result in costly legal action, so you want to ensure that you don’t make any mistakes! Any data that you have gained from customers, employees, or other members of the public needs to be effectively managed to ensure that it isn’t leaked. When someone purchases something from you or someone works for you, you gain their full name, their address, their email address, their contact number, and (perhaps most importantly) their bank details. If you don’t manage this effectively, these details could fall into the wrong hands and the individual could become a victim of identity theft or fraud. So, make sure that any data you collect is used fairly and lawfully, used for limited and stated purposes, kept for no longer than is necessary, and kept safe and secure.

Protecting Design Data

When you design a product, you are creating something that your business is going to sell for profit. So you want your designs to be kept as safe and secure as possible. If this data is leaked, your competitors could access it, learning exactly how your products are put together. They can then replicate this and sell the products at a lower cost, as they haven’t had to invest time or money into the design process themselves. Instead of merely saving your designs to your device, use design data management services at Altium.com. The professionals here will store your data in a systematic and controlled way.

Protecting Market Research Data

Some of the most valuable data in business is market research. Market research involves engaging with your target audience and finding out all sorts of information regarding their personal income, their tastes and preferences, and where their disposable income is currently spent. This information can help you to design the perfect product to meet their needs and to price it appropriately. However, when you’ve put time and money into finding these results, you want them to be private. If you dish them out to the public, you are letting your competitors know exactly what they need to do to succeed. So, conduct your research yourself and store your results securely for your own personal use.

These are just a few different areas of data that could make or break your small business. So, focus your attention on them and manage them accordingly!

Taking Manufacturing Into Your Own Hands

May 31, 2018 by Contributed Post Leave a Comment

Manufacturing

When you own a small business, you’re likely to outsource a whole lot of your work. After all, you’re only one person and it would be impossible for you to have specific and in-depth knowledge of every single process that needs to be carried out in order to keep your company afloat. Outsourced work often includes web design, market research, IT, and product photography. However, no matter how much work you put into your company’s design and set up, you need something to sell and this is where manufacturing comes into play. Now, many businesses outsource their manufacturing process, as they don’t want to commit to buying expensive machinery and specialist equipment. However, as your business progresses and expands, and you become more certain that there’s a market for your products out there, this is a process that you should seriously consider bringing back in-house. So, let’s take a look at what you should focus on when bringing manufacturing in-house and how you can expect to benefit from this clever business move.

Having the Right Equipment

When you bring things in-house, you need to make sure that you have the right equipment to complete the work to a high standard. This is likely to involve a fair amount of investment. You want top end machinery to get the job done right first time around. This is likely to include product-specific machines, as well as equipment such as an Industrial Touch Screen Monitor to control them. You should try to get the hardiest and sturdiest options possible, as manufacturing is often an Industrial job and the equipment is really going to be put to the test to keep up with production deadlines.

How You Will Benefit

While outsourcing your manufacturing may take a weight off your shoulders, you lose a whole lot of control over the very products that you are going to be selling. By bringing manufacturing in-house, you can keep an eye on proceedings. This improves quality, as you can alter the process to ensure that everything is exactly what you want. You also gain immediacy – if you need a certain run of items produced quickly, you can focus on them and ensure you get them out on time. Third parties will have other orders to keep up with, so will only be able to produce your items in the time originally stated in your agreement. You also know the exact working conditions that your products are created in, as you provide the working environment and you’re the one managing the staff. This means that you can be one hundred percent sure that everything is responsibly and ethically sourced and crafted.

As you can see, as long as you are sure that there’s a steady market for the products you’re selling, bringing manufacturing in-house is an extremely logical decision. Not only will it give you more control over your wares, but it also helps you to keep up with demand. So, make sure you have the right equipment and know how to operate it, and you should be good to go!

A Second Location: Moving Onto The Next Stage Of Expansion

May 31, 2018 by Contributed Post Leave a Comment

You’ve done well by thriving in your first location. Business is well you’ve got heaps of customers and you have a loyal consumer base that sees your products and services on par with large companies. Momentum is like a rolling boulder in business. Taking so long to move when you are finally gathering some pace, it feels like you’re unstoppable. But now that your business is thriving in one location, it’s time to expand and open up another location so you can meet the increase in demand. The consequences of not expanding could be both irreversible and a missed opportunity that may not come around again. For one, an increased demand means you have to service much more customers that you may have planned for. When you cannot fulfill the needs of consumers, your reputation will be damaged permanently. You’ll be forever seen as unreliable and taking on more than you can handle. On the other hand, a perfect location may only be available for an unknown period of time since other businesses may move into those spots.

Expand your line

Could you simply copy and paste your existing business from one location to another? Sure, you can. Would this wise? Not when you have a chance to shine. Just because you’re expanding your business to a different place where you may only be slightly heard of, it doesn’t mean you can rest on your laurels. Just as you’re going to open up a new spot, expand your line of products and services. This takes obvious planning and releasing them at the precise moment you do expand. However you have a new lease of life as a business that gains popularity but doesn’t innovate, goes through a classic boom and bust cycle. Presumably, you have been noting all the customer feedback you’re getting and once you have a clear picture of what needs to be improved, you can design a new product or service that plugs that gap. At the new location, you also have an immediate connection with new customers as they will be more likely to be accepting of the new additions.

Financial momentum

Growing a business cannot be easily done if you don’t have the appropriate funds. It’s one thing to utilize a piece of your revenue but then you would be exposed in an emergency. If a financial crash were to occur, then you wouldn’t have a revenue well you could dip into for a prolonged period of time. So to expand you might it in your interest to get a small business loan like the type offered by SummitFR. They come in and observe your business practice and take a look at your business model. Obviously, when you’re expanding you are showing you are not only thriving but moving onto the next stage of growing your company. They target businesses that are looking for rapid growth. With their loan, you can capture a market share which is what you can do with a new line of products and services.

Expanding a business is all about making a strong decision to move your business to the next step of your journey. The financial wave will smooth over any speed bumps you run into and new offerings to consumers keeps your business relevant while you expand.

And The Key To Productivity Is… Spring Cleaning?

May 31, 2018 by Contributed Post Leave a Comment

Ask any reputable business person about productivity, and they will say things such as technology and teamwork. A company is only as strong as its weakest link according to conventional wisdom. No one in their right mind would say that spring cleaning is an essential aspect. Isn’t that something we only do at home to keep our significant other happy? There is too much going on in the industry to worry about dusting the surfaces or mopping the floor. Running a company is about working hard and investing in the brand and product.

Well, the following reasons disagree. In fact, they think that spring cleaning has a massive role to play, and here’s why.

Employee Mentality

If you believe YouGov, 45% of workers like their job. Although this is a relatively high figure, it isn’t a majority. On the flip side, 20% of people in the same poll said they neither liked nor disliked their job. They tolerated it, which isn’t a positive attitude regarding productivity. Employees work for a steady paycheck, and lots have days when they can’t stand the thought of going into the office. Hiring Office Cleanz to remove mess and dirt can change their opinion. Granted, a lot more will have to change but a tidy office is a start. Output revolves around the surroundings.

Office Distractions

Of course, some people love their work and wouldn’t change it for the world yet are unproductive. Why? It’s because there are too many distractions in the office. As much as they want to complete their tasks for the day, they can’t help but stare at a screen. And, human eyes are always drawn to TV sets so this will happen 100%. A spring clean is an excellent way to remove the junk that is stealing the office’s focus. Merely ask yourself a question: is it necessary? When the answer is no, throw it in the trash.

And Insight

Let’s look at spring cleaning from another angle. There you are, tidying away clutter that you think is a distraction when you stumble across an anomaly. It’s something that has zero meaning whatsoever, yet that the office wants to keep. Is it because it has sentimental value, or maybe they don’t like the idea of throwing it in the bin? Nope, it’s because it acts as a vehicle for output. Yep, cleaning the office can raise awareness of the tools that you didn’t know where useful. With this info, you can tweak the workplace to increase productivity.

Memory Loss

Don’t worry; clutter isn’t a leading factor in the onset of dementia or Alzheimer’s. Memory refers to work memory, the part of the brain that deals with processing information. As you can guess, a dirty, cluttered office can impact the brain’s ability to digest data. As a result, it gets harder to complete a task that was once a walk in the park. In short, physical mess turns into mental clutter and that is why spring cleaning is critical to productivity.

What is your view on the impact cleaning has on output?

Business Owners: Improve Your Skillset Today

May 31, 2018 by Contributed Post Leave a Comment

Running a business is exciting and rewarding, but it comes with all sorts of challenges. Trying to make money and become successful is the endgame, but you have to balance this against business ethics, legal parameters, competition, and various pitfalls. So, it’s important for business owners to consider what they can do to improve their own skill sets.

By making yourself a better and more proficient business owner, you will help the brand grow as a result. Think about it like this, when you first approach working age you need to consider whether to learn a trade or go to college. And, as a small business owner, you need to make a similar decision about the sort of things you can do to boost your skills. These are some epic ideas you can use to boost your skill set right now!

Improving Business Skills

Learn About New Technology

There is so much new technology these days, and new sectors that you have to learn about to help the business progress. When it comes to enhancing and advancing the company, it is important to make sure you learn as much as you can. This might be learning about the new technology needed to help the company grow, or make your job easier. Or, you might be learning about new markets and industries that you can invest in or that are going to affect the company in the future.

Gain More Qualifications

It’s also important to look at where (and how) you can gain more qualifications these days. As a business owner, you can always do more to improve yourself and ensure you are even more qualified with carrying out your job and running the company effectively. That’s why you have to ensure you gain more qualifications and take courses pertinent to what you do. Whether you’re taking a massage course, a business management course, or an IT course, remember that it is worth it for helping improve you as a business owner.

Push Yourself

Sometimes you need to push yourself beyond your comfort zone in order to progress and succeed. There are so many wonderful things that will allow you to treat yourself and push your business in the right direction. By testing yourself, you understand what you are good at, and you naturally develop new skills in the process. This is important for helping you grow as a leader and allowing the company to develop with you.

Learn By Doing

Sometimes it is simply a case of diving in and letting yourself learn as you go. Being thrown in the deep end and having to learn to swim reveals skills you never knew you had. Your company is going to face tough times, and this is a great way of making sure you learn how to cope. There are so many things involved in this that you often just have to learn and pick things up as they happen. This is a good skill to have, and it will set you on a good path in the future.

Improving your skill set makes you a better business leader and allows you to enjoy the process of running a business. The more you can do, the more areas of your business you can help nurture, and this bodes well for the future.