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

Reasons Why You Might Be Selling Your Business

March 26, 2022 by Contributed Post Leave a Comment

If the time has come to sell your business then you may have a lot of questions to ask. Is it the right time, who will buy my business, and will they keep it going? There can be lots of reasons as to why you are selling your business from retirement to ill health. Let’s take a look at some reasons why you might be wanting to sell.

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Retirement

This is one of the most common reasons to be selling your business. If the time has come to hang up your business boots then you need to look into selling your business. If you don’t fancy selling your business then you might have a son or daughter who will happily take over the reins. If you are retiring then now is the chance to sell up and enjoy your retirement without worrying about your business.

Ill Health

Unfortunately, if your health has taken a downward spiral then the time may have come to sell your business. There is no point making your health worse by coming to work every day when you can hand it over to someone else. If there is nobody else to manage your business in your absence then the only option you have is to sell up. The last thing you want to happen is you feel fine and then try to work again and make things worse. Selling might be the best option for you here.

Change Of Direction

A simple reason for selling your business is that you fancy a change in direction or even pace. The business lifestyle might be too much for you so you want to find something easier and less stressful. You could be selling to take over a more successful, easier-to-manage business. You might have also done everything with that business and taken it as far as it can go. You could have reached all your business and life goals and you don’t see anywhere else to take the business. The great benefit of doing this is that you already have the experience in business and owning a business to open something new in a new direction.

No Longer Profitable

If your business is no longer making a profit and you are seeing more losses than wins it may be time to sell up. This is simply because you will end up pumping more money into a failing business. You could take that extra money and open something new that people want to see. Always make sure when selling your business and opening a new one that you tie up any loose ends that may be holding you back.

Industry Changes

Finally, another reason for selling your business may be due to industry changes. Unfortunately, things move along and if your business isn’t keeping up with the times then you will be left behind. Your business may also have been hit by the changes that happened due to the covid pandemic. A lot of businesses struggled to come back from the switch to online shopping.

We hope you found this article helpful and it reassures you that you are not alone in your reasons for selling your business.

8 Customer Retention Strategies You Should Consider

March 23, 2022 by Guest Post Leave a Comment

Many upcoming business people use creative strategies to convince clients to buy their products. For example, they use clever adverts that demonstrate their products can solve problems better. As a result, many customers jump ship to the new company. Convincing a client to buy your product or request services from your company is one of the most challenging tasks. After that, you only need to use creative techniques to persuade them to continue being your clients. Keeping that in mind, here are some strategies you can use to retain your clients for years:

1. Reduce Product Prices or Offer Gifts

Clients may continue buying your product if you offer them better prices or gift them for being regular customers. Start by identifying the products most clients buy to know which ones to sell at discounted prices. Then, create a sweet message to make clients feel special and understand that you’ve given them the discount because they are loyal to your company.

You may also consider introducing a special discount for clients who make the most purchases per month. That includes sending them cards and gift vouchers on their birthdays and special occasions. Doing so will encourage them to buy again.

2. Ensure That Your Clients Are Satisfied

Offering quality services will also enable you to retain clients, especially if you’re always available when they need your assistance. You may consider introducing multiple contact channels to enable your clients to use the one they prefer. Then, hire experienced agents to offer the assistance customers need. You can also consider introducing special delivery services to enable your clients to receive their preferred goods in time.

A professional company that offers reliable last-mile delivery solutions can help you reduce the shipping time and cost significantly, enabling you to convince your clients to continue getting services from your firm. A good delivery logistics platform can connect you to the best shippers and couriers. In addition, it will prevent delivery delays that might damage your company’s reputation.

3. Always Seek their Opinion

Always seek your clients’ opinions to know what they think about your products and services. Your poll should contain as many questions as possible to help you have a more detailed report on the areas you need to improve to make most of your customers happy. Then, make the changes your clients recommend. That will make them feel that you’re ready to solve their problems, increasing their trust in your company.

4. Be Active in Your Community

Participating in different community activities will put your company in the limelight. However, you don’t have to always donate to charity. Instead, you can visit different institutions to offer advice on different issues. You can also share informative content on the internet, guiding people on how to succeed in a certain field. Doing so will make clients want to associate with your brand because they will feel that you want them to succeed.

5. Keep Your Clients Updated

Keep your clients updated on every new product and service you introduce at different times. You can also share any information about your firm’s achievements and partnerships to improve your business. You can share the information on your online platforms, newsletters, or emails.

6. Educate Your Clients of the Benefits of Using your Products

Clients need sufficient information to help them know the difference between similar products and the benefits they will realize after using them. For this reason, it might be advisable to educate clients on the benefit your products offer. You can share the information through the internet or any other platform.

7. Reward Clients Who Recommend Your Products to Their Friends

You can also start a reward program where you will be rewarding clients who recommend your products to their friends. Your rewards may include free products or reduced prices on certain commodities.

8. Use the Data You Collect to Offer Better Services

You should conserve the data you collect when communicating with your clients. Then, use it when offering services in the future. Doing so will save you time because you don’t have to ask for their details again. Besides, your clients’ history will let you know how to treat them, improving your relationship with them.

Summary

You can use many strategies to retain customers in your business. However, the eight above are more effective, and they will ensure that your clients continue buying your products and getting services from your company.

Actionable Construction Tips Straight From The Pros

March 23, 2022 by Contributed Post Leave a Comment

When construction goes well, it is one of the most satisfying feelings in the world. Once things come together, all the hard work and long weeks are worthwhile.

But, of course, things don’t always go to plan. All sorts of issues can crop up, from delays to poor communication and even wholesale failure to meet the client’s brief.

Therefore, in this post, we take a look at some of the methods that you can use to avoid many of the issues that plague projects and ensure that yours is a success.

Use BIM

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If you’re not using BIM solutions yet, you’re missing out. These allow you to:

Reduce construction cost overruns
Schedule workers, contractors and other stakeholders
Define the constructability of your projects
Map out your rework strategy
Model each phase of the construction process
See how each part of the construction fits together with all the others

What’s great about BIM is that it lets you identify issues and problems before they happen. In other words, you can quickly see whether there is going to be a clash or not before it happens.

Ensure That You Engineer Properly For Your Project

Failing to engineer at scale is another common issue that builders run into, particularly those working on large projects. Lack of water or land control can lead to significant headaches down the road.

If you have a lot of surface water run-off or want to maintain the integrity of steep banks, make sure that you put concrete erosion control mats in place. Always invest in the sewer system and ensure that it is large enough to handle the waste that goes through it. Ensure that landscaping can resist the effects of the wind and rain, and that roofing is suitable for the span that you are covering.

Put Disaster Mitigation Strategies Into Action

Whenever you work on a construction project, it is always best to hope for the best but plan for the worst. Whatever building you construct, you want to make sure that it is able to withstand disasters that might befall it.

The two most common are high winds and fire. Make sure that all the building elements are capable of dealing with storm winds and that you install relevant fire mitigation technology where it’s needed.

Protect Floor Slabs With A Moisture-Proof Membrane

Builders can sometimes lull themselves into a false sense of security, believing that water won’t rise up through the floor once they lay the concrete. However, that’s often wishful thinking.

Whenever you lay concrete, always put down a water-resistant membrane first, particularly if you are working in a high water table area. Make sure that you use class A vapor retarders and that the material has sufficient tensile strength to cope with the weight of the concrete above.

Assess Your Carbon Impact

Lastly, you’ll want to assess the carbon impact of your building. This way, you can check whether it meets current sustainability targets and whether you might have to adapt the design to adhere to local regulations.

Can Used Equipment Really Spell New Horizons For Your Business?

March 23, 2022 by Contributed Post Leave a Comment

With new companies across industries increasingly entering high-stakes markets, there’s more pressure than ever to ensure sizable business growth as soon as possible. Unfortunately for companies operating on limited initial budgets, this goal can be much easier said than done and

relies on making the best decisions for your business while also keeping spending to a minimum.

As you might already know, this is no easy task, which is why new business owners are increasingly turning to cost-cutting options like secondhand equipment. The question is, with equipment closely linked to workplace safety, do these used options ultimately mean cutting corners?

We don’t think so. In fact, company closures seen throughout the pandemic mean that used equipment can be high quality in every industry. That said, with used equipment at a significantly increased risk of malfunction or employee danger, success here is also dependent on taking the following steps before investment.

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Check the reputability of your seller

Whether you’re purchasing warehouse machinery from a company closure or vehicle parts from tractor salvage yards, the reputability of your seller will be your main telling point. If a seller has bad reviews or a complete lack of reviews when you research, then it’s certainly a sign they’re perhaps not the best for reliable purchases. By comparison, sellers famed for their high-quality equipment, parts, or expertise are far more likely to provide you with the finished product that you need. Reputable sellers will also generally offer things like money-back schemes, as well as advising you during your purchase to make it far less likely that you’ll need to claim on that offer.

Know what you’re looking at

It’s all too easy to jump into a seeming bargain without noticing things like dangerously worn parts, misshaping, or even severe damage that means purchase would be both a false economy, and that you put everybody at risk by making this investment. Instead, always do your research, taking time to understand everything from the shape of the equipment to things like stamp marks and other quality indicators. Again, finding a reputable seller here can help as they’ll advise you, but make sure that you fully understand how this equipment should look when new, and thus when used damage takes it beyond its best or even safest.

Get help in-house

Your employees will be the ones most often using this equipment, meaning that they’re likely to have a far better idea of what ‘good’ looks like. Seeking in-house help and advice from your warehouse manager, IT team, or even on-field experts depending on what you’re buying will certainly provide you with a much-needed professional eye. As well as importantly getting your employees on board, this is guaranteed to result in far more informed and wise used purchases than you might make from going in blind otherwise.

Used equipment could be a genius way to save money in your business, or a foolish attempt to cut corners. Make sure you stay on the right side of that divide by always implementing these pointers before signing on the dotted line.

4 Tips For Finding a Distribution Services for Your Business

March 22, 2022 by Contributed Post Leave a Comment

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When you have a business, it is important to find a good distributor for your product. A distributor is someone who sells your product in the market. They buy products from the manufacturer and then sell them at their own price. It can be a wholesaler or retailer similar to the Supermarket Distributors of America.

There are many benefits of finding a good distributor for your business. One of them is that they can give you advice on how to improve your product and make it more appealing to customers. Another benefit is that they can help you grow your business by bringing in new customers and making sure that there are always enough products in stock.

Consider the Costs of Using a Distribution Center

The cost of using a distribution center for business is important to now because it can be expensive. The cost of using a distribution company will vary depending on the size of the order, and the type of service. Using a distribution company also varies depending on the type of product you are shipping, the distance between your business and the customer, and how often you ship.

There are many benefits to using a distribution company for your business including:

Faster delivery times
Improved customer service
Reduced risk of damage or loss

Consider Whether You Need an Exclusive or Non-Exclusive Agreement with Distributors

Exclusive agreements are beneficial for both parties because they provide greater assurance of exclusivity and control over the distribution process. However, if one party is not protected under the agreement, it may be better to have a non-exclusive agreement with distributors.

Non-exclusive agreements allow for greater flexibility and freedom to work with other distributors and suppliers.

Review the Terms of Use Agreement

When you are looking for a distribution service, it is important to understand the terms of use agreement. You want to make sure that you are not giving up your intellectual property rights or violating any copyright laws by uploading your content.

You also want to make sure that you are not giving away any personal data that might be in your content. If the company is using AI and machine learning, they will have access to all of the content uploaded onto their platform. This means that they will have access to your personal information as well.

Review the Contract & Make Sure You Understand It Before Signing Anything

It is important to read over the contract and make sure you understand it before you sign anything. It is a lot of work to get out of a contract, so make sure you are signing up for what you want.

There are many reasons why it is important to review your contract before signing it. The first reason is that your business might not be able to get out of the contract if they don’t like what they read in the terms and conditions. Another reason is that there may be parts of the contract that don’t benefit your business at all, so it would be best not to agree to these terms.