• Surprising Areas Where Businesses Waste Money

    Surprising Areas Where Businesses Waste Money

    Running a business is always a financial challenge, especially during those turbulent times. When you are working on a tight budget, you need to be very careful about costs and expenses. It isn’t wise to eliminate essential purchases in an effort to save money. Yet, you also need to avoid excessive money waste. 

    The most common areas where businesses start reducing costs tend to include: 

    • Energy consumption monitoring
    • Going paperless and moving everything into the cloud
    • Selling used furniture rather than throwing it away
    • Profitable recycling for some industry sectors, where you can get paid to recycle used oils or electronics, for example
    • Moving to a cost-effective area to reduce premises costs

    However, you may be forgetting about these areas that can dramatically curb the budget. 

    Replacement parts

    Small manufacturing businesses are the first in line to worry about machinery costs. The purchase of manufacturing equipment is a long-term investment. With dedicated maintenance and care, many can use the equipment for several decades without any issues. However, when elements break, those can be expensive to fix and replace. As the tools and components are highly specialised, it can be tricky to find what you need at a competitive price. Yet, nowadays, manufacturers can cut down replacement costs with professional 3D printing from an expert such as 3D printing allows companies to create on-demand parts in a variety of materials that can reduce repair and replacement costs. 

    Maximising advertising over social media presence

    A small business can’t get noticed without a strategic marketing campaign. PPC advertising on search engines and dedicated platforms is a favourite. But, it can be an expensive approach to generate leads. Your marketing budget doesn’t need to support high advertising costs. On the contrary, you can reduce your ad budget and focus on free engaging activities that can drive profits and brand reputation, such as social media. Indeed, social media platforms are a unique channel where businesses and audience groups can interact as equal. It’s an active platform where people expect to see your brand. Building a follower base can boost your brand and sales more significantly than advertising. 

    Non-flexible working arrangements

    Do your employees work from home? It’s a trick question in 2020. Most businesses have been forced to move their activities into the virtual office during the pandemic. But the surge to work from home is rapidly shrinking as businesses are trying to reopen their premises safely. However, flexible working arrangements can benefit companies in the long term. Indeed, businesses that encourage their employees to work from home permanently can save a lot of money on rental costs and premises maintenance. 

    Kitchen foods and drinks

    The office kitchen is a favorite that brings comfort and convenience to employees. However, kitchen foods and drinks can rapidly cause waste and unnecessary costs. Bulk orders for fresh produce such as fruit are likely to go bad in the office kitchen. Additionally, dietary requirements can vary hugely, which means that you’d have to spend a lot to satisfy everyone. More often than not, companies opt for sugary or savory snacks, which can drive productivity down. 

    You’d be surprised by how much difference targeting these areas can make. It is unlikely you can recover pandemic losses through these smart changes. However, they are crucial to building financial stability in the future. 

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  • 4 Essential Tips To Nurture Your Business

    4 Essential Tips To Nurture Your Business

    As a business owner, it’s natural to focus mainly on revenue and profit margins. However, you should be mindful of paying too much attention to only these two areas and not enough attention to your customers’ needs. Being too blatantly ‘money-hungry’ can put your company in a bad light and customers can sniff this out from afar. To date, there are about 31 million small and micro businesses in the United States and the majority of small businesses fail within five years. To prevent your business from becoming part of that statistic, let’s look at four ways to nurture your business for growth and sustainability. (more…)

  • Old Business In Modern Times: What Does It Take To Open A Supermarket?

    Old Business In Modern Times: What Does It Take To Open A Supermarket?

    Coming up with the idea for the perfect business to match your personality isn’t always easy. A lot of people assume that it is only worth starting something like this if you’re able to find a field that you really like, though it can be possible to find success in business with far simpler aims. Opening a supermarket, for example, will appeal to a few people’s interests, but could prove to be an incredibly secure and stable business to run. To give you an idea of what would go into this, this post will be exploring what it takes to open a supermarket. (more…)

  • Your Business Should Prepare For The Future & Plan For The Present

    Your Business Should Prepare For The Future & Plan For The Present

    It’s important to note that businesses are always dynamic entities, no matter how fixed and static they can seem. Even the strongest business can be rocked by a terrible month of downsizing or a lack of sales. This means that businesses, like life in general, are always beholden to the now, and to the future, we are all moving towards.

    For this reason, businesses need to plan not only for the world they occupy right now, but the trends that lead to the world of the future. Blackberries were once the smartphone-to-have among professionals and those in the business world, now they are considered an antiquated alternative.

    But what market forces and responsibilities should businesses plan for now and prepare for the future? What forces are the most affected by time and the trends that follow its movements? In the following few tidbits of advice, we hope to illustrate the most essential areas of investment to help you plan your approach. If you can do that, you’ll no doubt develop yourself and your firm going forward: (more…)

  • 4 Tips To Keep Your Business Going In Hard Times

    For the majority worldwide, the state of business in 2020 is no better than it was back in December 2019. The COVID-19 pandemic has forced many businesses to shut down while others are barely getting by. Statistics indicate that 62% of UK companies continued to trade despite the economic downturn and lower turnovers. Out of the number of businesses that halted or closed temporarily, 16% have indicated expectations of resuming in the coming weeks. Another 12% expect their workforce to return from remote working. 

    Under these conditions, what is the fate of your business? Each business is unique with its threats and rewards; therefore, directly copying another’s strategies may be unrealistic, therefore, it’s always advisable to find out what works best for your own business. Here are some general strategies to consider adopting to help you come out of the deep water.  (more…)

  • 5 Ways To Organise Your Finances As A Business

    5 Ways To Organise Your Finances As A Business

    If you’re looking for ways to organize your finances as a business but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re struggling to keep up or you have no experience in the area, you need to be sure you’re doing all that you can to protect your business financially. Luckily, there are lots of ways in which you can do exactly that. From creating a budget to working with a professional, the more you’re doing for your business the better. With that in mind, here are 5 ways to organize your finances as a business: 

  • The Basics About Business Acquisition

    The Basics About Business Acquisition

    The term to refer to two businesses combining is mergers and acquisitions. You’ll see this noted as M&A in most cases. It is a great, and often coveted way to achieve growth and long-term strategic goals. Waiting for organic growth, or facilitating it is usually much slower than business acquisition.

    Although not every M&A attempt will be successful in general for a buyer, there is a lot of value. It can accelerate market arrival for channels and new products, using horizontal integration, a buyer can absorb competitors and using vertical integration, a buyer can improve the supply chain. 

    While all that is happening, there are a lot of opportunities to retain jobs and reduce costs. 

    When mergers and acquisition aren’t successful, it can destroy the value of the buying company, or they may see the potential savings aren’t as anticipated and take a considerable cash flow hit.  (more…)

  • Considerations To Make Before Starting A Shipping Business

    Considerations To Make Before Starting A Shipping Business

    The shipping industry is one of the fastest-growing of today’s time because it helps generate good revenue, many businesses need it for importing and exporting, and the need for a shipping business is always there. As businesses across the globe grow so does the need for a good shipping service. 

    There are many shipping companies that have become successful and made a good profit and are still growing. However, a shipping business is a lot more than just buying a truck and delivering goods, there is a lot that you need to consider in order to make it thrive. 

    Letting have a look at some of the areas you need to consider if you are thinking of starting a shipping business:  (more…)

  • Starting Up In Manufacturing? Beginners Guide

    Beginners Guide to Starting Up In Manufacturing

    Getting into the manufacturing industry as a business owner and start-up isn’t easy. It’s a tough market to crack as it is dominated by certain businesses that have a wider pull than startups. Especially in today’s environment where coronavirus has made a huge impact on the industry. People can’t manufacture things if they’re too close together or not in a safe environment, so a lot of people have been sent off home or furloughed. This has had a drastic impact on global economies, which may help lead to a global recession. Launching a startup and going into business at the moment maybe even harder than usual. Yet, most people who go into manufacturing have already got contacts and the industry. This means they may have a certain kind of leverage to use to ensure their business is a success. These steps can help you go.5 (more…)

  • 4 Ways To Benefit From Your Competition

    4 Ways To Benefit From Your Competition

    Competition is often the sign of a healthy and buoyant sector. The more businesses that can simultaneously and successfully exist within the same industry, the better the sector as a whole is doing. But how can you turn your competitor from your competition, into your most significant resource? Here are four ways that your business can benefit from the competition. (more…)

  • 5 Ways To Protect Your Business Online

    If you’re looking for ways to protect your business online but you don’t know where to begin then don’t worry, you have definitely come to the right place. Whether you’re a new business just getting started or you have been in operation for years, you need to be sure you’re doing all that you can to stay safe. Luckily, there are lots of ways for you to do exactly that. From password protecting files to training your staff members, the more you’re doing the better. With that in mind, here are 5 ways to protect your business online: