Archives for November 2018

Use your cash flow to adapt, expand and succeed

November 5, 2018 by Contributed Post Leave a Comment

Speculate to accumulate is so often said when discussing the expansion of your business that it has almost become a cliche. As is often the case with cliches, the phrase itself is rarely expanded upon. So what are you expected to speculate with and how can you tell if the time is right to be looking forward and expanding?

Cash Flow Business Expansion

There are many indicators for businesses that are looking towards expansion and growth. First of all, the economy will play a significant role in any decision you make. If the market is rough and customer sales are down, this is a red flag for you to avoid any further expenditure. However, if your sales are positive and the economic state of firstly your industry but also the climate of your country are leaving you with a sense of optimism, then it is time to start looking at your books.

We all want our business to reach its full potential. For some of us that will be opening up a few chains and for others it will be a global shipping strategy, but the one thing that will link all of our ambitions and how we achieve them is how we monitor our free cash flow. Before looking into where to open your new store or what country to explore next, you need to make sure your business is healthy, and that is where FCF comes in.

Different from net cash flow, FCF is looking at how much difference there is between your cash flow and capital expenditure. It is here that you will find that all important money that you can use to grow your company while ensuring you don’t expand beyond your means.

You may be reading this and realizing that you have the capital available to move your business to the next level but are wary of making significant changes to your current set up. Well, don’t be. As discussed here, companies that don’t look to the future – and embrace it – will get left behind and eventually fail. Expanding your business doesn’t have to mean making it bigger and bolder, it can mean moving into new areas to make it more efficient. Home businesses, for example, may struggle to organize growth but following tried and tested methods just with a modern day twist can alleviate a lot of that pressure.

Digital marketing is one area of business that can be used for as big or small an expenditure as you would like and ensuring that it is done right isn’t necessarily linked to budget. Assuming you’re now looking at ways to expand your business, what can you do?

A social media audit will give you a strong indication of how your business is being represented online. Analyzing all of your data across the many networks used every day by millions of people will help to set you up with a coherent social media strategy for the future. Even now the biggest conglomerates are finding new and exciting ways of developing their social media strategy on the understanding that this is a new way of reaching your consumer base and the rules of engagement haven’t necessarily been set yet.

Staying in the digital market space, you should use this opportunity to look at how well your SEO is performing, what does a cursory search engine glance tell you about your company? There are several analytics tools available to you as well as the tried and tested Google Analytics and having assessed your cash flow you can now decide whether this is the time to redirect the manpower you have at your disposal so that you can utilize your time to get to grips with how digital expansion can help your business.

There are more traditional ways to expand your business like looking into brick and mortar stores or increasing your stock. The point of this article is not to tell you what to do but instead show you how you can do it, the most important of which is to ensure you have the cash flow to expand into new areas, build upon what you already have and achieve the dreams that you have for your business no matter how big or small they may be.

So, now is the time for you to pick through your accounts with a fine tooth-comb and analyze just how you can take your successful business and make it better.

7 Trucking Risks Your Business Needs To Know About

November 5, 2018 by Contributed Post Leave a Comment

A variety of businesses rely on trucks to maintain their activities. Indeed, whether they’re in charge of deliveries or whether they provide the room professionals on the go need to store their equipment or resources, trucks play a significant role in many sectors. Without them, there could be no one-day delivery offers – a truck can transport a large volume of items and make them available to your end-customers and your lines of production in record time, while small vehicles would require more time to perform the same service. Small trucks also enable mobile experts to be effective and productive wherever they are – a plumber or a gas engineer can keep their tools inside, for instance. In other words, trucks are an essential part of a country’s economy.

However, trucks are large and heavy vehicles that can prove deadly on the road. Their sheer size makes them dangerous to other drivers. But the list of risks the trucking industry can bring to your business doesn’t stop here. As it’s virtually impossible to maintain a stable business presence without relying on trucking storage volume, transport function, and visibility, business owners need to become aware of their potential dangers. As the saying goes, forewarned is forearmed.

Trucking Risks

Can you trust your drivers?

Parcel logistics is a top priority for retailers. Consequently, managing inventory becomes a factor of performance and success in a sector where you need to deliver orders in record time. However, most companies continue to waste precious time at various levels in the delivery chain. Indeed, a disorganized warehouse can affect the loading time of your delivery trucks, as well as the volume of each charge – indeed, parcels that are incorrectly managed can appear under false measurements, labels, and weight input. In the long term, this affects the quality of your delivery service, without mentioning that drivers are more at risk of accidentally damaging items that have not been properly secured or stored. Additionally, parcels that are not organized are more likely to disappear without getting noticed, which can lead to customer complaints and painful resolution processes. Amazon trials its drivers by placing fake parcels in the delivery van. The packages are labeled with an incorrect address – an address or a recipient that doesn’t exist. The aim is to ensure that drivers can be trusted to bring the parcels back to the warehouse for further investigations.

Transporting highly valuable items attracts criminals

Computerware. High quality furniture. Luxury vehicles. Live animals. Some items are more valuable than others. A truck that carries books and stationery is less likely to get ambushed than a truck that transports high value goods. As a result, it can be tricky for businesses to find the appropriate high risk commercial truck insurance cover for their needs. Ultimately, while you need to provide your vehicle with all the necessary security system – your truck must have a tracking system on board as well as sturdy and secure locks on all doors, for instance –, you can’t avoid experienced burglars trying to break in.

Road accidents can happen without warning

Let’s mention the elephant in the room without delaying it any further. When your business drives a vehicle, there is the risk that this very vehicle becomes involved in a road accident. Questions of liability, compensation, and costs regarding the lost items are likely to affect your company. Consequently, it’s essential to take all the possible precautions to protect your drivers. Regular truck maintenance and servicing appointments need to run appropriately – based on the on traveled distance and not the age of the vehicle. Besides, your trip schedule has to leave enough time for your drivers to rest and recover from previous trips. When your truck causes an accident that can be traced back to a company’s fault, your business can suffer from a backlash.

Is your schedule too competitive for your own good?

Your drivers need to be on the road if you’re going to run a profitable business. However, there is such a thing as pushing your drivers too far, and throwing impossible schedules at them. Overworked drivers are a high risk on the road, not only for other drivers but also for the reputation of your company. As a rule of the thumb, truck drivers can work 50% more hours than other employees, despite US regulations designed to limit commercial driver work hours. Unfortunately, low wages force drivers to accumulate trips in order to make ends meet.

Is competition coming from unexpected areas?

While the current legislation doesn’t yet allow for self-driving vehicles to replace truck drivers, it’s fair to say that automated truck delivery is only a matter of time. Companies such as Daimler – parent company of Mercedes-Benz and Freightliner Trucks –, Waymo and even Tesla are investigating the potential of self-driving trucks. As technology progresses and tests are becoming more and more reliable, it’s likely that your truck drivers could soon be replaced by automated trucks. The transitional phase could become tricky to manage, as many drivers are expected to protest against the change.

The truck needs to work for your brand

How visible is your brand? While most trucks display the logo of their company, many show signs of wear and tears as the consequence of many trips. Trucks can be vandalized as they stop – which can affect your branding display even if it doesn’t damage any of the items you’re transporting. Additionally, the combination of fuel, changing weather and humidity can partially erase your brand name and info. When you put a truck on the road, you need to maintain regular wrapping appointments to keep your brand visible. A truck that shows a new display boosts your brand reputation.

Truck drivers are at risk of illnesses and early death

Truck drivers spend extended hours in the same position. Sitting 6 hours or more per day can increase your risks of dying early by 40%. Additionally, the risk of cardiovascular disease and cholesterol issues spikes significantly for prolonged sitting occupations. Drivers are especially affected and require regular breaks and adapted schedules to maintain their health.

From accidents to brand visibility, the trucking sector exposes your company to a variety of risks and obstacles that you need to manage. You can’t afford to ignore the impact that a bad trucking day could have on your business, and that’s precisely why you need to take preventive measures as soon as possible.

Career Aids We All Forget About!

November 5, 2018 by Contributed Post Leave a Comment

If you’re stuck in your career at the minute, and you feel like there is no one or nothing out there that can help you, then we really do feel your pain. But let us tell you this, career aids are all around us, you might just not know about them. But that’s why so many of us feel as though we’re trapped in our career with no one to help, because we know the last thing that a lot of your employers do is actually help you. So many of them just throw you in at the deep end, expect you to know what to do, and hope that you become their number one employee. What happens when you don’t pick things up within the first five minutes, you’re judged, moaned at, and your career life could be made a living hell. So, if you’re stuck in a company at the minute who just isn’t cutting the mustard for you, we’re here to solve a few things for you. Here are just a few of the career aids we think are out there, and how you can use them to your advantage.

Career Resources

The Wonderful Web

The wonderful web is definitely the place to be if you want to ensure you’re getting allll of the career aids, because there is just so many. First of all, you’ve got career advice in the masses on the internet, which we think is really helpful. Take a problem at work for example, perhaps you’re being bullied. This problem at work can spill over into your personal life, and make you feel depressed and victimised to say the least. All you have to do is a quick Google search, and you can find all of the information you need to form a case against those who might be bullying you. Now, that is a bit of an extreme, but that doesn’t mean that the web isn’t full of so many different bits of information to fill your brain with. You could learn how to be more motivated, what new careers there are that might catch your eye, and what you should be earning from the career you’re doing at the minute. If you don’t do your research, you’re never going to find out anything, and what you do find out could lead you to make an informed decision about switching careers! Always use the web to your advantage, no matter what we’re talking about in life.

Outside Training

Outside training is something we definitely think that you should consider, but we know you probably won’t have up until now. Outside training is really important for growing your skills base, and your knowledge around a subject. But because your company that you’re working for might not offer any outside training courses, you’ve probably never considered one. But what’s stopping you from going to companies such as Training connection, and finding a course that’s going to help you in your career? Yes, you might have to pay, but knowledge definitely is power. The more you know, the more you have the potential of being able to make. There are so many courses out there that will relate to your career, so do a bit of research and find out whether you could do one!

Career Events

Something you might not have thought of, and might not have ever been to unless it was at school. But what is stopping you from going to something like this? It’s a great way of being able to get all the knowledge you need about different career paths, and using them to your advantage. You could spend the day listening to talks, talking to people, and gathering information on a range of different careers. All it takes is just one of those careers to catch your eye, and you could send yourself down a new path that you never thought you would be on. You usually don’t have to pay to go to these either which is always a bonus!

The People Around You

Finally, you should really rely on the people around you at your career. Life is too short to be suffering in silence on your own at your job, so if you ever find yourself struggling, talk to your colleagues. No doubt you probably already hear them moaning about the same things as well, so rally together and try and do something about it. The more people you have around you to rely on, the happier you’re going to be in your role!

Protecting Your Small Business Against Financial Disaster

November 5, 2018 by Contributed Post Leave a Comment

Business Insurance

When you have a small business, you will invest a whole lot of time, effort, and money into your venture. So, it’s not all too surprising that you want to prevent things from taking a turn for the worst and to keep things on track for the foreseeable future. Here are just a few different steps that you might like to take in order to protect your small business from potential financial disaster!

Take Out Business Insurance

When you want to protect yourself against financial disaster, it’s generally a good idea to take out some form of insurance. We take out home insurance to protect our properties, gadget insurance to protect our gadgets, and life insurance to provide dependents with a payout should the worst happen. So why not consider taking out business insurance? A business insurance policy will help to financially safeguard your company against potential disaster that may come upon it.

Install CCTV

While CCTV may not directly prevent disasters from occurring, it can prove extremely valuable when it comes to protecting your business from financial disaster along the line. Here are just a few ways it can help you.

Preventing Theft

Theft is a major cause of financial problems in many businesses. Members of the public may steal from your store. Employees are also often culprits of theft in the workplace. Installing CCTV can significantly reduce loss through stolen stock. The presence of cameras is generally enough to put people off stealing. However, if someone goes ahead, you will generally be able to identify the culprit and ban them from your store, which can prevent them from stealing from you again.

Evidence for Insurance Claims

As we have previously mentioned, there are various ways that your business can be damaged in unforeseen or unpreventable circumstances. But if you have business insurance, you can receive a payout that will help you to put wrongs back to rights. CCTV footage can serve as evidence that will help claims to be processed much more quickly, allowing you to get things back on track at a much faster pace.

Evidence Against Fraudulent Claims

Increasing numbers of people are filing personal injury claims. As a small business owner, you gain responsibility over the wellbeing of people working for you and members of the public who enter your commercial property. If someone is injured or becomes ill as a direct result of negligence or malpractice on your part, they are entitled to file a claim and receive compensation. However, as you can imagine, some people out there will attempt to file a claim when you haven’t actually done anything done. CCTV can help to prove your innocence should an unfair claim be raised against you.

By following the above steps, you should be able to keep your business on the straight and narrow and protect your company against financial disaster!

Superior Selling: 8 Tips for Excelling as a Retail Sales Associate

November 3, 2018 by Contributed Post 1 Comment

Selling Retail

If you want to excel at your job as a retail sales associate, you’ll need to take advice form the pros. Here are eight of the best tips to help you stand out.

Are you a new retail sale associate who’s wondering if you’ve got what it takes to make it? Do you need a few tips to help you close on sales and up-sell to your customers?

The United States retail marketplace is worth more than $3.5 trillion, and exceptional salespeople can earn big.

Whether you’re on commission or just starting out at your local mall, this article is for you.

We’ll cover the eight top skills for retail sales and give you some pro tips on how to make a great resume.

1. Friendliness

If you’re a naturally friendly person, you should have no problem excelling in retail. Every list of tips on how to be a good sales associate starts with friendliness.

You might see dozens of customers during the course of your shift. If you can approach every one of them with a welcoming, positive attitude, you’re on the right track.

Building rapport with your customers is good for your store, too. When you’re friendly, you’re creating long-term customers who will spend more money with you.

2. Patience

No matter what kind of retail sales you’re in, not every customer encounter will end in a sale. You have to have the patience of a saint some days to help people who have a hard time making up their minds.

Part of sales is having the patience to help your customers, even if they’re indecisive. You can make recommendations for clothing, for example, and offer to wait while they try them on.

Customers want to be helped by someone who’s giving them their full attention, so take a deep breath and dive back in.

3. Product Knowledge

You’re going to be able to make more sales if you know what you’re selling. If your store changes stock often, ask your manager to make a list of the items you should recommend.

If you’re selling food, try to sample some each week. When a customer comes in with allergies or a need for low-sugar products, you’ll be able to steer them in the right direction.

Even if you’re selling vacations or other luxury items, you should still learn as much as you can about your product. What would your customer have to pay online, or at another store?

4. Creating Value

You’ve attracted your customer with your patience and friendliness. Now it’s time to build value in their minds. They may come in asking for a cheap product. How are you going to help them buy something durable?

You can start a conversation about features to create value. Instead of saying, “this product is more expensive,” just talk about its durability and warranty, if it has one.

Other ways to create value are letting the customer hold the item and try it out, or doing a side-by-side comparison with another product. Don’t pressure your customer, but do talk with them about investing in a long-lasting product.

5. Honesty

Above all else, always be honest with your customers. Never lie about the price or functionality of a product or service. It’ll get you in hot water and it’s not worth it.

If you’re trying to move up to management or wondering how to be a good sales associate, the answer is always honesty. When you’re hired as a manager, you’re going to be looking for solutions for brands.

Specifically, how to merchandise your products and how to reach your customers more efficiently. You need to establish a track record of answering customer questions and pitching in around the shop.

The best advice we’ve heard? Don’t be on time, be early.

6. Up-Selling

While you’re making sales, you should always be thinking of products that you can recommend. If they’re buying a new bed, they’re probably going to need new sheets as well. And what about a new bedroom set to seal the deal?

Some customers may not want to go with your recommendations, but you’ll never know unless you try. New salespeople might feel reluctant to up-sell, but it’s an important part of good retail sales technique.

If you’re nervous about seeming pushy, just keep your tone light and casual. The worst they can do is say no.

7. Attention to Detail

Another essential part of how to sell retail is to maintain close attention to detail. You could gain leverage with a customer by pointing out sale prices or buy-one-get-one deals.

Develop good work habits as early as you can, most companies want to hire from within. If you can focus on the details, you can make more relevant recommendations and close more sales.

You need time and money to start a business, but conscientious and consistent employees are what keeps stores in business!

8. Closing the Sale

You may have heard of the ABCs approach to sales: Always Be Closing. It’s a good idea to ask for the sale, but you don’t want to seem desperate or pushy.

Talk to your customers like you would a friend. Don’t rush them, just ask them if they’re ready to check out. If they’re still looking, they’ll say no.

If a customer is in your store, it means they’re thinking about buying. Working on commission can be nerve-wracking, but a natural and friendly approach will win out over pressure tactics every time.

How to Make a Standout Sale Associate Resume

Even if you’re a beginner sale associate, you can still craft a stellar resume. If you’re an experienced seller who’s feeling stuck in your current position, read on for pro tips about how to sell yourself.

Try to keep track of the contributions you’ve made to your store. Have you increased customer satisfaction through excellent customer service? Are you driving repeat business with your attention to detail and professionalism?

Take the time to create a resume that highlights your talents and skills. You might be new at sales, but you learn quickly and take direction well. Those are both skills that look great on a resume.

We have a wealth of articles on our website that are designed to help you find your dream job. Check them out and drop me a line with any questions or success stories!