Mike McRitchie | Resume and LinkedIn Profile Writer | Telecom Marketing Content Writer

Writing Resumes that Communicate Your Unique Value | Writing Marketing Content for Telecom Business Growth

4 Common Reasons Why Restaurants Fail’

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If you are thinking about setting up your restaurant, then it’s important that you research this particular industry carefully. It’s worth noting that the majority of restaurants do not make it through their first year. Instead, they are forced to close their doors and this is disappointing or even heartbreaking for the owners. So, let’s explore why this happens and what you can do to ensure that your restaurant doors remain wide open. 

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Bad Reviews

First, it’s important to understand that a restaurant can live or die based on the reviews that it receives. It’s essential that you work to guarantee that your restaurant does get positive reviews. There are numerous factors that can impact where your restaurant gets a positive review. However, one of the most crucial elements is always going to be your team. You need to make sure that you are providing the right level of service to your customer base that makes them feel like they are being taken care of. 

Poor Supplies

Or, how about your supplies? As a restaurant owner, it’s crucial that you can access the supplies that are going to guarantee that your dishes taste delicious. You need to make sure that you find an ingredient supplier who can deliver on your promise of quality to your customers. Of course, it’s not just about quality. The supplier you choose also needs to be highly reliable. If you can not access the supplies that you need then this is always going to have an impact on your reviews. 

The Wrong Location 

Next, you should think about the location of your restaurant. It’s important to choose a place where you are going to have a high level of foot traffic. You can choose a quieter location that’s more affordable. But this is going to mean that you have to put more effort into ensuring that your marketing campaign stands up to scrutiny. If you do choose a place with high foot traffic, then curb appeal is going to be essential. Your restaurant needs to look fantastic to people passing by who might be interested in stopping in for a bite. 

No Hook Or USP

Finally, regardless of where you choose to set up, you are always going to have competition in the restaurant business. That’s just the reality of this industry. That’s why you need to make sure that your restaurant does stand out and provide something different that customers can latch onto and this can be anything. For instance, you might decide to focus on a unique flavor or style of cooking. Or, you could look at how you can personalize the dining experience itself. The possibilities are endless here. 

We hope this helps you understand some of the key reasons why restaurants can fail on the market and what you can do about it. If you take the right steps here, then you will be able to make sure that your restaurant does continue to grow in popularity, expanding your customer base and improving your level of longevity.

Reasons Your Business Is Not profitable

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The survival of your small business is directly related to your profitability rate. Whenever profitability decreases, your business will face several challenges. At this point, entrepreneurs will ask themselves why their business is not profitable and how they can reverse such a scenario.

As a startup, especially in a competitive market, anticipate negative profitability in the first year. However, losses do not happen at all at once; they start as hidden leaks. Over time, your business could go bankrupt due to insufficient profits to keep it afloat. 

Therefore, you must be very careful about your profit generation in the preliminary stages of business operations. 

There are several ways to optimize your margin. At the very least, you should reconsider some of the causes of low profits. These causes include the following:

Very Low Prices Despite High Costs

Your competitors may surpass you in income generation because of your poor pricing strategy; it is the most fundamental logic in entrepreneurship. You always have to keep your costs low and sell your products at a higher price than the cost.

For example, if you encounter $50 to make a sweater, selling it at &80 increases your chances of profitability in the long run. In this case, your profit margin is 60%. If you’re wondering what to do to increase your profit margin, try benchmarking your competitors. 

At the same time, build a strong relationship with your customers to increase the value of your product.

Setting Unachievable Margins

Although you should set goals for your profit margins, they ought to be within the reality of the market and that of your competitors. Pricing is not an exclusive strategy; it relies on the environment and the market niche.

Excessive Spending on Unnecessary Things

Remember, profitability extensively correlates with low production costs. As an entrepreneur, you have pressure to copy your competitors instead of focusing on the technology you already have or can improve.

For example, you may have a perfectly functioning laptop for your e-commerce business. Still, you decide to buy a Mac, and it would be a poor strategy for optimizing your profit margin in the long run. 

Sometimes, seeking new technology or employing more people does not equal quality production.

You Are Not innovative

Innovation is the backbone of any profitable enterprise. Therefore, it is your responsibility to develop ways to improve your product and beat your competitors as a result. Even if you are in a very competitive market, innovation is your only solution and strategy to increase your profit margin. 

Furthermore, innovation increases the market value of your product and justifies any price increase.

Poor Marketing Strategies

Your consumers will first make contact with you through your marketing platforms. Therefore ensure that whichever marketing strategy you choose guarantees a wide range as well as direct revenue generation. 

So, if any of your marketing strategies do not reach more people and increase sales, it is highly likely that you need to reevaluate. Getting stuck with a marketing strategy because it’s working for your competitors is not prudent for your business profitability rate.

Final Thoughts

As you’re aware, business is unpredictable and a risk. However, if you experience massive losses, all at once or over a long period, it is only fair that you go back to the drawing book.

The Huge Cost of Bad Hires — And How to Stop It

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There’s one word that makes C-level executives, human resources departments, operations personnel, sales teams and financial staffs shake with fear:

Turnover. 

When a new hire doesn’t work out, stress ripples throughout the organization. When it happens more than once or repeatedly, the effects quickly become a tidal wave of profit loss, decreased employee engagement and revenue growth. Turnover affects almost every aspect of a business. And yet these tangible costs, substantial as they may be, really only represent the tip of the iceberg. Hiring mishaps can hurt morale, productivity, brand image and customer relationships. If your company acquires the reputation of having heavy turnover, it will be challenging to attract good applicants, hurting your future.

The infographic below, What Are Bad Hires Really Costing Your Business?, provides a high-level overview of the costs of bad hires, why it happens and how to fix it. The infographic serves as an excellent reminder and useful in-house training tool. Read on to learn more.

3 Tips for Modernising Your Office

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When was the last time that you decorated your office? Are things looking a bit tired and dated? Here are some top tips that you should be thinking about if you want to modernise your office and bring it up to date.

Start with Furniture

Ideally, you want to choose classic pieces of furniture that are going to last you beyond this refurbishment. These are going to be some of the most important parts of the new office design, so you want to get them right. Not only do they have to fit your planned aesthetics for the space, but they also have to be functional for your staff.

Why not have a search for “2nd hand office furniture near me”? This could be a fantastic way for you to get a feel for some of the options out there, and it can help you to start to create a room. The beauty of searching for “2nd hand office furniture near me” means that you also might be able to pick up pieces from buy and swap groups and plenty of other sources. As long as it is good quality, who cares where it comes from?

Ditch the Beige

If you last decorated your office in the mid-2000s, there is a chance that everything still might be a little beige and uninteresting. The 2020s are going to be filled with colour, and this is the perfect opportunity for you to get a head start!

The 2010s were dominated by shades of grey. If this is a colour scheme that you are still interested in, you should definitely include it in your design. However, a little bit of colour can help things to get a bit more interesting and exciting. Take a look at some of the best interior design colours of the moment, and consider basing your office around them. 

Don’t Forget the Computers! 

When trying to modernise your office, you might end up sticking to just the furniture by mistake. Instead, you need to make sure that you also consider your computer systems. When did you last update them?

They might be considered to be incredibly outdated by modern standards. It could therefore be a much better idea to scrap what you currently have and bring something new onboard. It might be a long and time-consuming process to transfer your data and files, but it can definitely be worth it if you get a faster computer out of the mix.

If you are thinking about changing up your office, now is the perfect time to do so. Make sure you bring in plenty of fresh and clean concepts so that you are able to create a space that is going to last you for several years to come. Modernising your office can help to make it into a fun and collaborative space that your employees are happy to work in. Tackle the three areas listed above, and turn this into a great office.

Go green

The interior of your office gets a lot of love during a makeover, but don’t neglect the exterior. There’s one particular area that can receive a big upgrade to make your office more modern – as well as more eco-efficient. Take a look at your roof and see if it’s possible to install some solar panels on top of it. You may need a brief consultation with a commercial roofing company to see if solar panels are viable and if they are they are worth the investment. Not only will your office look modern from the outside, but you get green energy fuelling your electronics and lowering the carbon footprint of your business. 

Realistically, there’s nothing more modern than an eco-friendly business. Adapting your company and making it greener is a growing trend, so now is the perfect time to jump on it by upgrading your roof and harnessing the free power of the sun. 

How to Design and Sell T-shirts Online As Your Secondary Income

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  1. Know Your Brand

It is very important that you know your brand before you embark upon the endeavor of starting a t-shirt company. Your brand should be well established in terms of color scheme, logo, motto, and aesthetic. You should understand the value of your brand as it pertains to the consumer.

The value of a fast-food brand is that it’s convenient and delicious. The value of a jewelry brand should be its timelessness and elegance. You must understand the value of your brand in terms of the T-shirt industry. Get to know your target market and establish what it is that makes your t-shirts truly valuable for the consumer.

  1. Going Into Business

Once you have done the work of designing your logo and getting to know exactly what it is that your t-shirt brand has to offer the consumer, you are ready to begin manufacturing your shirts.

The first step in doing this is purchasing wholesale t-shirts. Ideally, you should establish a good working relationship with the wholesale supplier who will want to offer you discounts on a regular basis for purchasing in large, wholesale bulk. You will need to decide which type of tee shirt to purchase. AS Colour staple tees are an excellent option for basic, easy-to-brand tee shirts. You may want to do some research ahead of time in order to establish who the most reputable wholesale supplier is for the t-shirt type that you are looking to purchase.

You may establish this information by doing research online, referencing Google reviews and also referencing reviews on whichever website you find their contact information. You may also ask your wholesale supplier for professional references from satisfied customers. There is no shame in doing this and you are sure to see better results in your long-term wholesale purchasing relationship in doing so. Any reputable wholesale supplier will be happy to offer you references of satisfied customers.

  1. Making the Tee-Shirts Unique to Your Brand

It is safe to assume that you will want to add graphics to your custom tee shirts in order to make them unique to your brand. You will need to decide if you are to do this on your own or if you will contract out a screen printing company to do this for you. Should you decide to do this on your own, you will need to purchase expensive screen printing equipment and employ staff who can assist.

Should you contract out to a screen printing company, be sure to do sufficient research about the company ahead of time in order to establish which company is the most reputable to do business with. You should always make sure that the companies you are doing business with are going to be worth working on within the long term, prior to actually making a purchase with them. Back all transactions with thorough research ahead of time.

  1. Establishing Your Means of Sale

You will need to establish how you are going to offer your product to the consumers. Will you have an e-commerce store or a brick-and-mortar location? Will you opt to have both?

For an e-commerce store, you will need to decide whether you will build the store yourself online or whether you will contract out a specialist to do so. There are numerous different websites you can use to create your own e-commerce store that are responsible for much successful business. Companies like square, Shopify, and Weebly all offer eCommerce platform building Services for small businesses.

Design T-shirt products can be displayed in their full glory on an eCommerce website just as well as in a shop window. You will want to choose the right venue to best showcase your t-shirts. At that point, it’s all up to the customers to become avid fans of your product and purchase plenty.

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