Business Archives - Page 13 of 14

The Infor On Premise v SaaS Revenue Tipping Point for 2016 Is Now Set

August 27, 2016

According to Charles Phillips Infor CEO and wife Karen Phillips, who may not be an Infor employee but always pays attention to her husband, there is going to be a tipping point between SaaS and on premise revenue in 2016. After the release of very strong second quarter numbers, the revenue of the company stood at $708.4 million. This is the highest it has been since Phillips took over the company.

There has been revenue growth across every element of the Infor company, including consultancy, maintenance, and software. They have also attracted 628 new clients. This includes a 10 year SaaS deal for the City of Gold Coast, a Queensland, Australia company. That contract alone is worth $30 million. Here, Infor will replace 42 systems, some of which more than 25 years old, while also providing revenue functions, property management, and customer service.

For Phillips, clients like this one demonstrate that Infor is doing something that Oracle and SAP, its only real remaining competitors, aren’t doing: pushing for SaaS. There has been double digit growth in SaaS for Oracle, and he believes that the split between SaaS and on premise software will be larger than 50% by 2017, much sooner than expected by both Infor and the competition.

Naturally, making these types of predictions is always a bit of a gamble. You simply don’t know what people will want or need. That said, Infor doesn’t want to sell infrastructure, which means their entire focus is on SaaS.

So what does this all mean? It means that Infor is doing things with a difference. And these differences are often very daring. For instance:

Instead of developing its own cloud, Infor uses Amazon Web Services. According to Phillips, there is no point reinventing something that is already out there and that works perfectly.
They offer almost all their services on the cloud, which means customers don’t have to pay expensive licenses, have lengthy downtime, and more.
They don’t focus on huge industries. Where companies like Oracle and SAP develop products for the automotive industry as a whole, Infor develops it specifically for Ferrari. And where the competition focuses on the hospitality and catering industry as a whole, Infor goes for Heineken and bakers. The list is endless and demonstrates that their goal is micro-verticals.
Where most tech companies move to Silicon Valley in California, Infor moved to Silicon Alley in New York. Why? Because that is where the customers are, where staff want to live, and where designers and other tech talents can be found. Designers including fashion designers, by the way (another Infor micro vertical).

Seeing all the things that the company does differently, and how well those strategies are working, it seems logical to assume that Phillips’ prediction of SaaS tipping over on premise customers will also be true. Infor is certainly pushing for it, wanting to offer their clients something convenient and affordable, yet of the highest possible quality.

Four Tips that Will Help You to Settle Into Your New Office

Business

August 12, 2016

Settle Into Your New Office in London with these tips — *Photo by CC user cgpgrey on Flickr and http://www.cgpgrey.com/*

So, after all the legal and contractual hoops and hurdles, you’ve finally got your new lease and you’ve finally, actually, for real, moved into your new City of London office space. You’re really pleased with the deal you got, as well as the facilities, the amazing transport links and the quality of the coffee machine!

However, moving your business into a new office isn’t so far removed (geddit?) from moving house. Let’s face it, you spend upwards of eight hours a day there, five or six days a week, so it’s kind of like a home. You miss the creaky third stair, the friendly people in the newsagent next door… It’s a big deal to up sticks and start somewhere new and you can feel a bit disorientated for a while.

To help you with this feeling, here are four tips that will help you settle into your new office in no time.

Take some of your personal items with you to the new place

Moving office doesn’t mean a complete change of identity – you’re not going into a witness protection scheme! If there were some personal effects that you used a lot in the old place – a kettle, a set of mugs, a print or even some old furniture – take them with you if possible. You might find that the landlord of your old office is willing to sell or give you your old desk or chair. Don’t try to recreate your old place, though – you moved for a reason, even if it wasn’t your choice – you have to move on a bit. It’s a balancing act.

Buy some spanking new equipment and furniture

Chances are your new office might look a bit bare, despite your old mugs and prints. If you’re walking into a blank-looking, empty-feeling space every day, this isn’t going to help you feel settled. If you’ve got a bit of spare cash, buy some special “new office” items, like a new framed print, or a bright set of filing cabinets. A splash of colour will be welcoming and it’ll symbolise your bright new start.

Get to know the people who are sharing your new office building

One of the first things you should do once you’ve unpacked all your gubbins and plugged everything in is to go and knock on a few doors. Take some muffins or cakes and introduce yourself to your immediate neighbours. Some of them might be missing the old occupants of your office, so saying a friendly “Hi!” is a good way to build bridges. Not only that, but you could be making some important business contacts.

Get out and explore

You might have moved location as well as office space, so who knows what hidden treasures your new area has for you to uncover. There might be some brilliant delis, junk shops or a gym; who knows? Get out and do a recce or two and also explore the potential of your office space. It’s all good fun.

Give Yourself Credit for Being a Smart Business Owner

Business

August 4, 2016

What does it take to be a smart business owner in 2016? More importantly, are you one of those smart business owners?

Running a company these days takes myriad of skills and traits.

For starters, you have to be a people person. If you’re not, you stand a good chance of not being in business for the long run.

Secondly, you have to be an intelligent person.

No, a Harvard law degree is not exactly necessary, but you have to have an eye for managing finances, overseeing people (your employees of course), knowing when to go full-steam into an advertising or marketing campaign and when to cut back or pass altogether.

That said one of your other important tasks in successfully running a business is making the right deals with vendors.

From those who protect your computer system to those selling you merchant service accounts and more, make sure you align yourself with companies that not only have proven successful in their own right, but have your best interests in mind.

So, can you give yourself credit for being a smart business owner?

Increase Customer Base with Sound Decisions

So that you can increase your customer base (and hopefully your revenue stream), remember a couple of pointers moving forward:

Payment options – You will find the going rough if you do not do what is best for your customer base as far as payment options. Yes, some business owners stand by cash-only payments, but they are growing less and less by the year. Many business owners realize that not only is the credit card option necessary, but so too is the mobile option. Allowing customers to pay via their mobile apps is becoming more and more popular by the year. One of the big decisions you have already faced or will in the near future is finding a reputable merchant services company. That is a key piece of the puzzle, especially given how millions of consumers still rely on the plastic buy and rent goods and services. If you have been slow to accepting credit card payments with your business, give that a serious reconsideration moving forward. With the right merchant services company working with you, the sky is oftentimes the limit as to how much revenue you can bring in, especially if you have been a cash-only business up to this point and time;
Service matters – Without a solid customer service effort day after day, your business probably won’t stand a chance against competitors. Yes, offering customers the right payment options and allowing them to buy and rent on-the-go is crucial, but your customer service initiatives can never be taken for granted. Make sure you remind your employees time and time again that the customer should always be given the benefit of the doubt that is without treating any of your workers with disrespect. Also look for ways to make the customer experience even better for them on a regular basis. For example, customers who have been with you for a while now should stand out from the crowd, so treat them with a little extra care. From rewards programs to pre-sales that are not open to the public until your top buyers have had first crack, there are multiple ways for you to reward those loyal customers. If you have been a business owner for years now, you’ve likely made a career out of giving consumers what they want. Always ask yourself, what can I do more of to make my customers keep coming back over and over again? When you have the right answers, the rest will typically fall into place.

Smart business owners are those men and women who lose a little bit of sleep at night. Why is that?

They are the individuals always looking for ways to move their businesses forward, ways that not all others running companies are quick to think of.

Put the time and effort into determining how you can be one of those smart business owners if you are not one already.

Over time, you will to find that many of the traits needed to be a smart business owner all boil down to good old-fashioned commonsense.

Is a Long-term Lease or a Serviced Office Best for You?

Business

July 26, 2016

A Serviced Office might be a solution that makes sense for your business at this point in its evolution — *Photo by CC user jnyemb on Flickr*

The time has come to leave the garage and find office space for you and your business. However, it’s not as simple as just finding a convenient location and signing on the dotted line. There are some considerations you need to make before you make your choice.

Are you a start-up?

There’s been a huge rise in the numbers of start-up businesses since the crash of 2008 and all these enterprises need a home! It might seem best to find somewhere secure and long term, but short-term offices may be best.

For a start, office space is expensive and hard to find and so can cost a lot. This, combined with the fact that start-ups may fail, makes a serviced office a better option. It’s much easier to pick up and leave that short-term office space in Brentford with a month’s notice than to get out of a five-year lease.

Additionally, serviced offices have all the utilities a small business will need included in the monthly fee – internet, phones, cleaner, business rates and insurance. It’s cheaper and easier for a young business to pay for these as a package, without even having to look for them!

Do you plan to expand?

If you hope to employ new people in the next 12 months or so, then you need a space in which you can expand and serviced offices can offer this. On the other hand, if you need to downsize, you can do that too, probably with just a month’s notice.

How many people do you have currently?

If you employ fewer than 10-15 people, it can be hard to find long-term premises that small, especially in London. A shared office is the ideal solution here, especially when you consider the utility packages.

How long do you want the office for?

If you’re confident that you can meet the five-year commitment, then you may be better off in a long-term lease. The business world is unpredictable right now, so flexibility is essential – you may need to move back to your garage or garden room and you certainly don’t want to have to buy your way out of a fiddly lease.

How quickly do you need it?

Setting up a conventional lease can take up to three months, whereas finding a suite or a room in a serviced office space can take anything from a few days to a week.

What’s your budget?

This is a big deal, and like most things, it’s not as simple as it seems.

Conventional office space is cheaper by the square foot, but there are many, many costs on top. There’s telecoms, furniture, buildings insurance, business rates, cleaners – all the things that are taken care of by a serviced office fee. There’s also the not inconsiderable cost of drawing up a lease agreement and the crippling costs of early vacation.

So a serviced office space will look more on paper, but this is because you’re looking at the price per desk.

More Businesses Checking Their Climate Footprint

Business

July 21, 2016

With carbon taxes looming, knowing one's climate footprint is important these days — *Photo by CC user wheatfields on Flickr*

In a world today where so much attention is focused on protecting the climate, more and more businesses are stepping up to do their part.

Whether it is doing more recycling around the office, purchasing and using office supplies that can then be recycled, getting involved in community cleanup activities, the list can go on and on.

That said what is your company doing to leave a positive footprint or two on the planet?

In the event you have been stymied as to how you can go about doing your part as a business owner or even an employee for that matter, don’t feel defeated.

As you will discover with just a little research, there are myriad of ways to contribute to helping the environment.

With that being the case, will your business be checking its climate footprint anytime soon?

Be Proactive and Creative

So that your business can be like Las Vegas Sands Corporation and others out there helping preserve the environment, remember these pointers:

Research – First and foremost, work together with your employees to come up with ways your brand can contribute. While some ideas might pop into your head in a moment’s notice, others may take a little more doing. Hold occasional office meetings on this very topic, giving the entire staff a chance to knock heads together and come up with smart ideas. Given that many workplace meetings can be downright dull and unproductive, make these “climate” meetings fun. You can come up with ways (see more below) to encourage participation out of even the most reserved of employees;

Contests – What employee doesn’t like a little contest every now and then? To help contribute to saving the environment, your brand can have the occasional contest, having various departments compete against one another in a friendly meeting of the minds. Most importantly, remind employees that these efforts are all for a good cause. You could have such contests as which department can manage to total the most cans, bottles, or even papers recycled. For something different during the week, give employees the option of working a half day on the weekends for a workplace recycling or community cleanup project. In return for participating, employees can have a half day off during a workday. Another option is to have your employees (those who reside not too far from the office and within a safe riding distance) bike to work one day a week, thereby giving their vehicles a rest. In doing so, they keep emissions lowered (at least one day a week). Getting away from driving also reduces the chances for an accident, though it is important that any employees cycling to and from the office do so in a safe manner. The employee who ends up cycling the most miles to work would win a prize, perhaps a gift certificate or even a day off. As you can see, there are many different options to consider, so get your thinking caps on;

Promotions – It is also a good idea to promote any and all activities your business is doing to lessen its climatic footprint on the globe. Start an online newsletter going around the office, one that highlights all the various activities employees are doing to help the environment. Not only does this make the employees feel good about their efforts, but it encourages those who may not be participating just yet to give it a second thought. While you should never pressure or even force any worker into such a project, he or she may be more inclined to do it once they see the results and quite frankly fun others are having.

Businesses willing to check their climate footprints certainly do score some points with consumers in general.

As a result, they not only get their brands out in front of consumers, but they give them more reason to want to become a customer sooner rather than later.

If your business has been a little slow to helping the environment out up to now, change that moving forward.

As a company, your employees will feel better about their overall workplace efforts, while your brand will certainly receive some positive public relations in the process.

Picture a Better World of Marketing with Video

Business

May 19, 2016

Photo by CC user Pattymooney via wikimedia commons

Is your brand getting the best marketing possible?

For many companies, the answer to that question unfortunately is no.

Whether businesses opt for email marketing, digital marketing, mobile marketing, social media usage, the list goes on and on.

One thing too many companies drop the ball with is opting for video promotion.

When you stop to think about it, video promotions can open up doors you probably never even thought about.

With that being the case, picture a better world of marketing with video.

Let the Professionals Give Your Brand Positive Light

If you’re thinking video promotions can help your business, the next question is then do you shoot the videos yourself or call the professionals?

Yes, you may be a bit of a whiz behind the camera, but there is much more to shooting a sound brand promotion than just the camera itself.

Keep in mind that you need to decide who will be in front of the camera, what the brand’s message will be, what the setting should be, how long the shoot should be and much more. When all is said and done, that is a lot of planning and detail to think about.

So that your video promotion catches the eyes and ears of consumers, your effort to find a Tampa Video production company or one closer to home should include the following:

History – Your search should begin with how long each video production company has been in the business. Do they have the long-term knowledge of the community that your business resides in? If no, can they quickly learn about the demographics you are trying to reach out to with your video aspirations? While there is nothing wrong going with a younger company in terms of experience in the business, finding one that has the video and local history behind it certainly does help;

Customer service – As great as their video productions may be, your company of choice also needs to provide unparalleled customer service. In today’s fast-paced world, customer service sometimes seems almost like a lost art. You want a video production company that has not forgotten the fact that the customer always comes first. While many companies earn stellar customer service marks through word-of-mouth, you can also turn to the Internet to get to know something about a company. Along with going to the company’s website, look on social media to see if there is a buzz about the business. Are customers (current or former) talking about the video production company you might be thinking of using? If so, are the comments positive or negative? Remember that some consumers use social media to lash out at bad experiences they’ve had with products and/or companies, so take that into consideration with any questionable comments. Then again, positive comments could definitely lead you to the right company sooner rather than later.

Once you have narrowed down your choices, ultimately deciding on the one company that best suits your needs, the actual video promotion comes next.

Here is another area where it is important to remember just how fast-paced today’s world truly is.

Many of today’s consumers can barely take time to eat breakfast in the morning, let alone sit down and watch a 30-second or longer video. As a result, your video has to deliver a message that makes your brand stand out in their minds.

Once again, this is why letting the professionals shoot your video is so key.

With the knowledge not only behind the camera, but also with how best to present your brand in front of the camera, video professionals can mean the difference between a product or service that gets so-so attention and one people can’t stop talking about.

Since you want your brand to be the latter of those two choices, having professionals on your side is typically the best way to go.

Yes, you could try and muster up the equipment and know-how to shoot your own productions, but there are many question marks involved as to how well it will come out.

By turning to professionals with experience and dedication to the video production industry, you can all but be assured of picturing more business.

Are You Growing Your Small Business Too Quickly?

Business

May 19, 2016

Photo by CC user Виталий Смолыгин on http://www.publicdomainpictures.net/

If your small business is taking in lots of new customers (along with retaining many of your older ones), you are likely feeling pretty good about things.

So, is there anything to truly worry about as you look out over the financial landscape?

Unfortunately, there can be storm clouds out there, specifically in growing your small business too quickly.

As great as growth is for a business, it must be managed properly. Otherwise, one can find themselves with too much work and not enough time and/or resources to complete that work. They can also discover that they do not have all of the financial resources they need to handle the demands.

Take Baby Steps Early on

So that you can grow your small business at the proper rate, remember these tips:

Big picture – What is your brand’s big picture? Are you planning to stay local or would you like to take things nationally at some point and time? Can you manage your small business all on your own or will you have to seek help in the form of full-time or part-time workers? Lastly, do you have the means to get fast cash for your business if needed? There may very well come a time when you need a fast capital infusion to keep your business moving forward, perhaps even to save it from going under. Recognizing the signs of when one or both could be occurring is important;

Never forget your customers – One of the most (if not the most) important tips in successfully running a small business; never forgetting who got you to the business world in the first place. Yes, those people you call customers, they can never be forgotten and/or taken for granted. Just as people look to maintain healthy relationships in their personal lives, relationships in the business world are equally if not more critical. One of the dangers of growing too quickly is losing touch with what got you to where you are in the first place. Yes, growth is certainly good, but do it at a managed pace;

Where to turn for financial assistance – If more financial capital is required to let your small business truly take off, where are you going to get it from? Some business owners may have just enough extra capital on hand to do it all on their own. Others, meantime, may turn to family or friends, perhaps with the idea of encouraging one or more of them to invest in the small business. Still others will seek to do business with financial loan companies, banks etc. No matter who you turn to for the financial push you need to move your brand forward, make sure you understand each and every word of the contract drawn up between parties. It is especially important that if you so choose to seek financial assistance inward (family, friends etc.), a contract is put together. Some may think that dealing with people close to them doesn’t require an official contract, but not having one can be the death of a relationship should things go sour;

Need help or don’t need help? – Your last big decision in determining if it is time to grow your small business is seeking employees. Some small business owners are perfectly comfortable being in charge of all aspects of their companies, meaning no help apply. Others, however, know that moving the business forward will require additional hands on deck. One of the dangers in moving too quickly with your business is bringing on employees, which translates into paying them. Some business owners will look to cut down on expenses (salaries, health insurance etc.) by hiring people for less than 30 hours a week, including using independent contractors. Once again, this is where your business smarts come into play. If you grow too quickly, you may end up finding worker salaries and other benefits will eat into your profits. By the same token, not acquiring the assistance you might very well need could end up in too much work at once for you, potentially leading to burnout.

Growing your small business at just the right pace can oftentimes be a tricky call.

When you need some financial help along the way to grow as the business climate dictates, knowing where to go for it might be the biggest call you ever make.

Does Your Business Truly Know Its Customers?

Business

May 12, 2016

Photo by CC user geralt on pixabay

In order for your business to achieve customer satisfaction and solid revenue stream year after year, you truly have to know what your customers want.

While there are different ways to go about discovering such details, too many brands don’t make for the needed time and effort to learn the necessary data. As a result, they can end up missing out on growing their brands, leaving the competition to pick up the pieces.

That said your business can and should regularly review its data capturing methods, seeing what has been effective and what needs retooling.

With that being the case, does your business truly know its customers?

Gathering the Vital Data

So that your brand can truly decipher the mix of data vs. information vs. insight, remember these tips:

Demographics – First and foremost, knowing who you are trying to market to (and ultimately sell to) means having as much data as possible on people. When you understand factors such as gender, age, income, you have a much better feel as how best to undertake marketing campaigns, campaigns you hope lead to sales. You can use a number of tactics to better gather the demographics, notably through surveys, polls etc. If some customers are hesitant to respond and/or give you their time, provide them with an incentive or two to fill out an online survey or answer a few questions in-person or over the phone;
Priorities – In marketing to customers, you sometimes have to set priorities, especially if you’re a smaller business on a budget. While the larger brands typically have more money and manpower for marketing and advertising needs, the smaller guys are oftentimes limited. That said set priorities in which products/services you offer get the top marketing. Some companies pull out all the stops especially during the holiday season, others will look to ring-up big-time sales during the summer months;
Mobility – If you’ve been asleep at the wheel when it comes to mobile marketing, change that moving forward as soon as possible. With more and more consumers all but demanding mobile marketing, your brand can’t just pass on these opportunities to connect with consumers on their various mobile devices. If you’re a startup business, mobile marketing should be one of the first tasks you undertake. If you’ve been around for a number of years, you’ve hopefully been able to see in recent years how mobile marketing has blossomed;
Competition – Even though you should never duplicate your competitor’s efforts, watching (even analyzing) what they are doing is important. Seeing how they communicate with consumers, what they offer consumers, and their success or failure results, should all be of interest to you and your brand. One of the ways to monitor the competition is via social media (see more below). You can look at their actions on sites like Facebook, Twitter, Instagram and more. The feedback they receive from consumers can actually benefit you, especially as to how you do your marketing campaigns moving forward;
Socializing – When it comes to your social media efforts, they should be one of your company’s top priorities. As mentioned earlier, engaging with customers (the ones you have now and the ones you hope to have soon) is an important part of analyzing your success and failure ratios, especially as they pertain to your marketing and advertising campaigns. No matter which of the popular social networking sites you are active on, regularly monitor and analyze them, looking for the latest trends. You can truly learn a great amount of details about consumers by listening to what they say on social media. Remember, consumers in the past (before the Internet’s arrival) would typically comment to business owners via in-person visits, phone, regular mail etc. With millions of consumers on social media, they can post comments in seconds or minutes, giving business owners lots to think about. Lastly, any engagement you have with consumers on social networking venues always needs to be positive. Even if a consumer or more than one rips your brand, avoid firing back a nasty response. It makes both you and your brand look silly. Finally, as a great tool as social media can be, never let it replace the one-on-one contact you have with consumers in person.

So, can you say that your business truly knows its customers?

Is your company taking credit for a smooth business operation?

Business

April 21, 2016

Photo by CC user rahulrodriguez on Flickr

In order to run your business down the path of success and not failure, you need to make sure you are giving customers everything they want and then some.

With that being the case, what exactly are you doing to make sure consumers have all the options needed to make their browsing and buying from you as smooth as possible?

If you’re not sure, take the time now to put a winning game-plan in place to ensure smooth business operation.

Technology is a necessity for smooth business operation

Start the process by looking at what level of technology you are provider customers with.

If it is great, then you don’t need to make any major changes. On the other hand, brands with average to poor technology offerings for their customers are the companies looking for trouble.

In order to best determine what level of technology service you are providing customers, look at the following and see where you’re at:

Website – Face it; your website is your company’s greatest selling point. Without a formidable website, your brand will have trouble reaching countless consumers, many of whom could be your next customers. Review your site regularly to make sure it is firing on all cylinders. If your site offers an Ecommerce store, it is imperative that it is running properly 24/7/365. With more and more shoppers doing their browsing and buying online these days, it is imperative that your Ecommerce store (if you have one) works flawlessly. This is especially true when shoppers go to the “checkout” phase of a purchase. Nothing frustrates customers more than taking the time to fill out all the needed information for a purchase, only to have the credit card processor fail. That’s why it’s important to use a reliable credit card processor. Even without an online store, always review your website, looking for any potential shortfalls that could have a negative impact on business;
Customer service – Put yourself in the shoes of customers for a moment. Don’t you get frustrated when you phone or email a business over an issue, only to essentially be ignored? It happens more times than not, leaving many customers disappointed, a disappointment that can lead to them changing businesses. Make stellar customer service a priority when it comes to your brand. Whenever a customer has an issue with your brand (online shopping, in-person matter etc.), always make their problem your problem. If you stop and think about it, bad customer service will become your problem sooner rather than later if you start losing business over it. Your website once again oftentimes plays a key role in this department. If customers are emailing you and/or reaching out on social media, make sure you do not keep them waiting when it comes to response time;
Consistency – Whether you have been in business for many years or just recently started up your company, consistency is something you should never overlook. How you treat your customers, how you promote your brand, even how you go about ordering supplies, all should show a degree of consistency. While there is nothing wrong with trying out some new initiatives (in fact, encourage this), most customers want to know that they can count on your business for efficiency and dependability. Unveiling some new tech initiatives, especially things such as mobile marketing (see more below), are great ways to increase the odds of landing new business;
Mobility – Speaking a moment ago about mobile marketing, how much of a role does it play in your present business affairs? If the answer is little or not at all, change that moving forward. As more customers turn to their mobile devices to browse and ultimately buy goods and services, you need to have a presence there whether you want to or not.

In today’s world, taking credit for running a smooth business operation is something you should be doing on a regular basis.

No, you’re not tooting your horn too much to say you’re on top of your game as a business owner.

What you are doing is reassuring consumers that you are a brand they can trust.

When you do that, your business stands to reap the public relations and financial benefits for all to see.

How to Avoid Startup Failure

Business

April 6, 2016

Despite the growing popularity of startups, small companies and independent businesses fail each and every year. While some companies fail due to product errors, a dip in the market, or, unfortunately, a particularly bad idea, many companies actually have the skills, product (or service), and passion to build a financially stable company.

However, there are key mistakes many startup owners make, unknowingly sealing their business’s fate. Before quitting your current job and opening the doors to your new business, make sure you have researched the venture adequately, and know to avoid these specific mistakes:

Hiring In-House for All Positions

Small businesses should avoid hiring in-house employees for all positions. When building a business, the beginning financial stages tend to fluctuate dramatically, and hiring too many employees on can lead to an unstable financial structure. Moreover, in today’s economic business age, many businesses are downsizing marginally, using third party companies to outsource certain business tasks to, such as accounting, payroll, and other human resource positions.

Companies like National PEO work to provide small and large companies alike the ability to delegate tasks and work more efficiently by outsourcing. This is a smart business practice, as you are not only confident in the ability of the company, rather than relying on an employee, it also saves you a great deal of money.

Being Unprepared

Starting your own business will turn your life upside-down temporarily. First-time business owners are often not prepared for the upset running a company brings to their accustomed lifestyle, as they find themselves working more hours for less pay. This unexpected change can leave business owners feeling drained and overwhelmed, thus it is important to ensure that if you are going to start a business, you are prepared for the changes.

Thinking Your Product Is Your Business

Many people have a brilliant idea for a product or service, but they have absolutely no idea how to run a business. More often than not, they attempt to build their business around the product, but, unfortunately, that often leads to quick success but longterm failure.

While a product does solve a problem, providing customers with an answer to a need, it is not a stable foundation for a business, as it does not bring customers back to a business. There needs to be something deeper within the business than a product.

Ignoring the Market Research

Many people who believe they have a great idea often ignore the market research, especially if the research is telling them they need to change their business plan. Most first-time entrepreneurs are guilty of holding onto their idea and being resistant to change, as they are adamant that their idea will work.

There is nothing wrong with hanging onto an idea that you believe in, as it is critical to be passionate about your business if you want to be successful; however, when the market and experts are educating you on tweaking your idea, it is a wise idea to heed their advice. The results are usually astounding, as their expertise can provide you with the link you were missing before.

Expecting Overnight Success

Unfortunately, all businesses take a great deal of time to pick up momentum. Many new owners underestimate the amount of time it will actually take to sell a product, find clients, or, generally speaking, turn a profit. It can be easy to attribute the competition you are facing to getting lucky or having overnight success, but building a solid business takes time and dedication. Most overnight success stories are filled with financial woes, sleepless nights, and plenty of almost-failures, but they managed to overcome the problems and build a stable business. Thus, when starting a company, do not be surprised at the amount of time it takes for you to grow. Keep your head down, work hard, and visualize the future success.

Believing Money Solves All Problems

Many business owners are guilty of thinking that if they could just turn a profit, find financing, or make another sale, all their problems would be solved. While all of those thoughts might be helpful to the business, it will not solve all of the businesses problems. Throwing money at problems will never solve them, thus you need to fix the holes in your business model first.

These tips can help you avoid devastating mistakes that could lead to ultimate failure.

« Previous 1 … 11 12 13 14 Next »

Category: Business

Technology is a necessity for smooth business operation