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How you can improve your company’s shipping department

Effective shipping is essential in a world where online shopping is so popular. Businesses can suffer if their orders are not being shipped on time or if they are not regularly updating their customers. The following are some ways you can improve shipping.

Posted on 21 January '21, under business. No Comments.

Responding to negative feedback

The internet and social media have made it all too easy for customers to relay their feedback to businesses. This can be a great thing because it shows other customers or potential customers why they should choose your business. 

However, this also means that if a customer has a negative experience, then their public feedback has the scope of preventing future customers. Hearing what these reviews have to say to implement change can benefit your business and responding sensitively to the reviews will help with damage control. 

Follow these steps to construct an appropriate response:

Make sure you do not ignore negative reviews and feedback. Either the review is specific to the customer or they are making a valuable contribution towards how the business can be improved. In order to identify which it is, you should listen to what the customer has to say.

Posted on 14 January '21, under business. No Comments.

Collaboration to grow business

Businesses can gain a lot from collaboration, regardless of the industry they are in. The following are some reasons why businesses should care about collaboration.

Get inspired

As a business, it is important to build a routine and figure out day-to-day operations. However, this might mean that you stop trying different techniques which could be more efficient. Collaboration could give you a fresh perspective and encourage new ideas and methods you could apply at the workplace. 

Grow your network

Initiating collaboration will help you meet people who share common interests and goals. Building connections will benefit your business and could result in partnerships down the line. 

Educate yourself

Collaboration opens up opportunities to learn from those outside your immediate circle. This can provide you with valuable information that may be helpful for your business which is not otherwise accessible to you. 

Solve problems

Two heads are better than one. Therefore, with collaboration, you may be able to solve problems that were otherwise difficult to solve. This is because collaboration allows people with different expertise and backgrounds to contribute ideas. 

Posted on 7 January '21, under business. No Comments.

The skills necessary to be a business owner

As a business owner, you need to continually update various different skills. Improving these skills will enable you to improve all aspects of business operations. 

Financial skills

Being an owner means being able to manage finances. You should be able to effectively forecast your cash flow, monitor profit and loss, create budgets and make financial decisions which reflect all of these factors. 

Marketing and Sales

You should understand how the promotion of your products and services will take place. Marketing strategies are always changing and updating with technology, so make sure you keep up with these changes to ensure you are increasing your chances of sales.

Communication and negotiation

Building relationships with your suppliers, potential investors, customers and employees is essential. Effective communication and negotiation skills are the cornerstones of success in this area – so make sure you cultivate these skills. 

Leadership, project management and planning

Having an understanding of each aspect of your business will allow you to plan your projects and lead your team members. Keep yourself updated with different management styles, develop policies and procedures that will help your team members and manage resources to achieve your business goals. 

While you may be able to hire advisors, marketing directors, and managers, this does not absolve you from the responsibility of overseeing your business. This is why it is integral to continually update your skills and knowledge so you can understand the decisions being made about your business. 

Posted on 17 December '20, under business. No Comments.

Sustainable practices for your business

Adopting sustainable practices for your business is a great way to contribute positively to the environment. These changes won’t significantly impact business operations, but will effectively reduce the carbon footprint of your business.

Making these changes isn’t particularly difficult for businesses but will significantly impact the carbon footprint businesses leave.

Posted on 10 December '20, under business. No Comments.

Conducting due diligence when buying an existing business

You’ve found the perfect business for you to buy. It fits all your requirements and you’re in a position where you can comfortably buy the business. What’s next?

Before you sign the contract to finalise the buy, it is important to conduct due diligence. For this, you should review the financial records, business operations and legal documents. These will prepare you to manage the business and identify any risks or problems in process that you might need to tackle head on. You will also be able to better understand what will be expected of you as owner of the business and which responsibilities have been allocated to that position. 

You should review items such as: 

Additionally, you need to conduct financial due diligence. Examine the past 3 to 5 years of the following financial documents:

You should examine these to make sure that record-keeping has been conducted and maintained appropriately. This will also inform you of any changes that need to be made once you start running the business yourself. 

Posted on 3 December '20, under business. No Comments.

Why company culture is important

Company culture has become an important part of how businesses are perceived. Businesses with a positive culture are more likely to attract clients and customers. Statistics also show that over 50% of executives believe that having a good culture can influence productivity, creativity, profitability, firm value and growth rates. 

However, while it can be easier to describe and quantify a company’s products and services, defining culture is a lot more difficult. It requires capturing the company environment, values and relationships. 

Identifying what your company culture is, or what you want it to be, will determine your work processes, hire new people into your team, and how you and your employees interact with clients. 

The first thing to do is to identify key traits that describe your culture. Bring together a diverse group of people from across your company and brainstorm words and qualities which describe the culture. Collate the words which you hear the most so that you end up with a list which is representative of the culture that employees most relate to. 

The next thing you need to do is distil this list down to the core values you can see in it. You can conduct surveys (if you have a large company) or talk to your employees (if the company is small) and ask them whether the values you have chosen resonate with them, and if not, which ones do. At this point, you should aim to have around 5 values, but this is a flexible number. 

Last of all, once the core values have been established, share them throughout the company. Employees should relate to these values and they should also feel motivated to embody them. Communicate with your employees about why these values may or may not be working/suitable. 

Remember that this is a process. You may not get it right the first time, which is why it is important to be receptive to feedback from all members of the company. 

Posted on 25 November '20, under business. No Comments.

What to know before you apply for a business loan

A business loan can give you the support you need to fund growth or temporarily relieve cash flow pressures. These are some things to know before applying for the loan:

Posted on 19 November '20, under business. No Comments.

Why you should have a written partnership agreement

Having a strong relationship with your partners is extremely important, but sometimes it isn’t enough. Having a document which covers all aspects of running the business, both those which are liable to disputes and those which are not is essential. 

If you haven’t done so already, the following are some reasons why you should create a written agreement now:

A written partnership will help streamline the nitpicky processes so that you can focus on the growth of the business. 

Posted on 12 November '20, under business. No Comments.

How innovation can help business

Innovation doesn’t have to be a revolutionary and world-changing breakthrough. It can also be small changes you make to continually improve your business. Innovation can help in multiple aspects of business.

Posted on 5 November '20, under business. No Comments.

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