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5 Hacks For Kickstarting Business Production

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Kickstarting Business Production

It’s been a nervous economic time and you may be struggling to find ways to increase your customer base and grow your existing business. You may also be considering starting a business but in need of niche workers or funding.

When pitching your business to investors, many business owners overlook the importance of pitching their recruitment process. Especially in specialized fields such as tech, pharmaceuticals, and agriculture, investors are curious to know how you plan to fill your job vacancies with top-level employees. Even if your business has been operating for quite some time, it’s never too late to start looking for more qualified individuals to help kick-start your business production. All it takes is one team member at the top to bring about some serious change to your productivity and company culture.

There are also lots of ways to secure funding for your business. Many businesses that are first starting out, become money pits. Profits aren’t guaranteed for the first couple of years, and you may find yourself looking for more funding just to keep it going until you can overcome a time hurdle. Here are ways that you can staff your business with the best personnel and secure the funding to keep your business production going as you go through your growth phases.

Apply for Available Grants

Free money is about as good as it gets. There are many agencies and private charities that focus on a particular product base or client population. Carefully scrutinize what’s available for your

  • industry
  • employee population
  • location

If you offer employment in an underserved area, you may be eligible for a grant. You may also be eligible to sell to specific government entities, both federal and state. If your location is in an economically challenged location, check in with county and city government agencies about tax breaks, low-cost funding for improvements, and help with utility upgrades and infrastructure.

Consider offering internship opportunities in your business. You can use these opportunities to train and vet candidates for crucial roles within your business. The payroll cost is super low for interns performing tasks within your company, and you may be able to secure additional grants and tax breaks as a result of starting an established internship program.

To find willing and qualified interns for your company, consider attending your local college’s job fairs. Advertise on social media. Ask for referrals from employees and clients. There are plenty of young people looking for work experience for their resumes and credit hours for their education.

Boost Your Specialized Staffing

No matter what you’re trying to create, you’re going to need people who know more than you do about some aspects of the business. Skilled personnel can actually become a part-time contractor or regular temp hire for your business on a weekly or as-needed basis.

Many companies are creating a hybrid model of temporary and permanent staffing for their business. Mundane, labor-intensive, and low-skilled positions in your company can be outsourced to temporary workers. This can actually save your business money. Especially if your production needs to be scaled up quickly for a busy month or season, you can pay minimum wages for certain jobs like packaging, cleaning, and maintenance when you need them, and avoid costly layoffs when demand starts to wane.

Make sure you focus on the top-level employees and executives in your business. You shouldn’t accept mediocrity in these crucial roles for your company. Top-level executives in your business won’t only boost your entire labor force, but they’ll also contribute to the overall success of your business by providing creative solutions, important business deals, and setting precedents for your company culture.

When it comes to hiring quality top-level talent as well as boosting a roster of temporary workers, many business owners and HR departments become overwhelmed. Hunting for the perfect candidates takes time and resources. You need to learn where to look and how to assess the skill sets of individuals quickly. It’s no wonder some of the most successful businesses on the planet choose to outsource their recruitment process.

Job agencies have a unique role in the business world. Their full-time occupation is about finding individuals, assessing their strengths, and getting them in touch with businesses like yours. Since they do this work every day, job agencies generally have access to a pool of candidates that other businesses can’t gain access to. Working with a nationally recognized company can generate amazing results for your business.

They may be able to get you in touch with top-level executives with amazing work history. By expanding your search through a job agency’s nationwide network, you may be able to find qualified candidates who are ready to relocate for an opportunity to work for you. This can land you a candidate with strong work experience who can bring you new ideas and fresh perspectives to help you grow your business.

Job agencies can also help fill low-level positions for your company by providing you with extra hands when you need them. Whether most of your business productivity happens during the summer months or during the holiday seasons, a job agency can help you hire skilled workers quickly, without the need for onboarding and hiring. And you don’t have to go through a layoff when productivity starts to slow down again.

Working with a job agency in Manhattan or other cities you operate from, for niche professionals, can greatly reduce your payroll costs. For example, if your business is full of creatives and you really need an Excel specialist at times but not every day, a staffing agency can provide you the help you need without pushing your payroll past the comfort zone. For positions that require specific skills which can be difficult to find locally, you can partner up with an employer of record, to legally hire professionals across the globe.

Reduce Your Market

It may seem counterintuitive, but a rapid expansion can leave you scrambling to fulfill orders. Get it right on the small stuff. Keep your production runs small until you know the niche inside and out before you start a new product run or increase your batch production. For example, you may have a product that sells well around the winter holidays but languishes in the summer.

By allowing your business to be flexible and accepting the natural shifts in demand that take place, you can specialize in a certain niche. Target the money-making products before scaling or pivoting your business.

Recent world events have left many small business owners scrambling. People are nervous about how much to spend and what the essential cost of living will grow to be. Even if you only produce 5 products, do them extremely well and stick with them in order to move toward owning that niche.

Seek Out Private Investors

If you have a strong track record and want to expand your production facilities so you can boost your output, reach out to angel investors and private money holders. Those with private dollars will expect a payout, but you may have more flexibility on when the total needs to be paid off.

For example, you may have a great manufacturing facility but need to buy the building next door so you can fit it out as a warehouse.

A private investor can lend you the cash to buy the building and make the improvements. At the end of the process, if you’ve chosen the right location, you can refinance the new building at a commercial rate and pay off your private investor. Many private investors like to get a quarterly interest payment; even if they don’t ask, offer it so you can boost their confidence in you. The next time you need money, they won’t be hard to convince.

You as a business owner should become a mastermind at moving money. To grow wealth, you need to learn how to be a responsible custodian of money. By moving money from one account to another. Use new funding to pay off older debts. If you do this smart, you can keep interest rates low and your credit score high.

Check With Your Family

One of the best things about borrowing from personal connections such as family and friends is that it won’t show up on your credit report, especially if you’re boot-strapping off your own savings and personal credit. If you have friends and family excited about your venture and have the means, a personal loan can be beneficial. This can be the best way to secure immediate funding without paying back outrageous interest fees.

Do get the paperwork right. This is an obligation like any other. If it’s a gift, get it in writing. If not, get a payment plan in writing with interest rates and information about resources your lender will be able to collect if you don’t make the payments. While borrowing from family and friends can be a great start to your business, if things don’t work out you may damage the relationship over time.

Whether you’re starting a new business or growing your existing product line, everyone can benefit from a solid boost in employee hours and cash. Do your best to keep an eye on expansion in manageable ways for the best results.

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AFFF Exposure Leads to Chronic Ailments: How to Alleviate Health Risks?

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AFFF exposure

The job of a firefighter is not just stressful but also dangerous. The risks associated with their health and lives are real. This danger is not over once a firefighter walks out of a site that had previously caught fire. The flames might have been extinguished for good, but the firefighter foam, or AFFF, results in major harm.

Firefighters get exposed to AFFF daily as a part of their occupation and training. This toxic foam leads to several life-threatening ailments that hurt a person’s quality of life and even decrease their lifespan. 

In December 2023, dotnews.com reported that most of the Legislature in Worcester had signed a letter to Andrea Campbell, an attorney general. The letter was a plea urging the state to join the firefighters detected with cancer in the lawsuits they have filed against manufacturers of firefighting gear. It’s because these gears have harmful ‘PFAS’ (per- and polyfluoroalkyl substances) or ‘forever chemicals’ that are detrimental to health.

This news emphasizes that AFFF exposure is fatal for firefighters, and they need to be secured from it. In this article, we will discuss the dangers of AFFF to human health and how firefighters can mitigate the health risks.

Understanding AFFF and its Health Hazards

AFFF (Aqueous Film Forming Foam) is a firefighter foam that has fluorine and is used in training Class B materials like jet fuel, oil, and gasoline, for the shore or shipboard facility fire suppression systems. The foam develops a barrier that diminishes the fire by taking off the oxygen supply and allowing the fuel to cool down. 

TorHoerman Law states that AFFF is very effective against some critical fires. 

However, many states are planning to ban the use of AFFF because of its toxic chemicals, which affect both humans and the environment. The U.S. military, in October 2024, intends to stop all the uses of AFFF. The Federal Aviation Administration will follow this initiative soon after. 

The latest studies highlight that PFAS persists in nature. It can also enter the human body through water, air, and soil contamination. Leading organizations such as the IARC (International Agency for Research and Cancer) and the EPA (Environmental Protection Agency) consider PFAS to be carcinogenic. Therefore, other than restricted use, there is also a need for secure practices for handling and disposal. 

The researchers with the EPA and Department of Defense state that AFFF exposure can result in: 

  • Asthma
  • Fertility problems
  • Immune system changes
  • Issues in fetal and child development
  • Problems related to cholesterol
  • Liver damage
  • Higher chances of kidney, testicular, and various other cancers
  • Thyroid disease
  • Preeclampsia induced by pregnancy
  • Ulcerative colitis
     

Firefighters who have witnessed such health hazards should file a firefighter foam lawsuit to seek legal compensation. The money that they get can be used to cover all the economic and non-economic damages that they have endured because of this toxic foam exposure.

Safe Handling Is Crucial for Alleviating Health Risks

Once you are affected by AFFF exposure, you have the choice of making a legal claim under the guidance of a lawyer. However, it is also necessary for firefighters and other safety professionals to practice security measures to reduce the health hazards linked to this foam as much as possible.

The following guidelines are useful:

Using PPE (personal protective equipment)

The workers who have to deal with AFFF should wear the correct PPE, which comprises face shields, goggles, and gloves, to avert splash hazards. They also need P2 respirators to ensure that any harmful particles are filtered out. Also, if the safety gear has PFAS, companies must look for safer alternatives.

Implementing Correct Awareness and Training

Executing in-depth, regular training sessions that focus on the risks of AFFF and secure ways to manage the same is necessary. It will help firefighters learn about emergency response measures that will help to bring down the harm caused by the foam. Training should also focus on spill response, correct use of PPE, and correct disposal methods to make sure the staff is safe.

Following Correct Disposal Methods

It is necessary to dispose of AFFF correctly, or else it can cause much harm to nature. Companies should adhere to environmental regulations to avert any hazards. It is necessary to get in touch with a toxic waste disposal service provider because they have the necessary know-how and tools to dispose of AFFF without causing additional harm.

Storing AFFF the Right Away

It is also necessary to store AFFF correctly. The Department of Ecology has shared a few regulations that can help. 

1. Refrain from giving away or selling AFFF to any other fire departments.

2. Secure the AFFF tanks and containers from the elements.

3. Store the containers strictly inside a shed or building.

4. Make use of secondary containment to avert AFFF release to the environment when there is an accident or a spill in the storage area.

5. Make sure to label the tanks and containers with the manufacture date, contents, and any hazards that the contents might pose.

6. Keep the tanks and containers clean to check whether there are any signs of leakage or any other issues when you check them.

In conclusion, firefighter foam, though effective in extinguishing dangerous flames, poses much harm to human health. Once affected, firefighters and others have the option to file a lawsuit and seek the fair compensation they deserve by following the guidance of a lawyer. However, it is also essential to adhere to a few safety practices that will go a long way in alleviating health risks at work.

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New Snowflake Report Unveils Average of 90 AI-Apps Built Per Day in 2023

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Snowflake report unearths Python as the programming language of choice for AI development, while the processing of unstructured data has increased by 123 percent in the past year

Large language models (LLMs) are increasingly being used to create chatbots, according to Data Cloud company Snowflake. As generative AI continues to revolutionize the industry, chatbots have grown from being approximately 18 percent of the total LLM apps available, to now encompassing 46 percent as of May 2023 — and that metric is only climbing. In addition, after surveying Streamlit’s developer community, it was found that nearly 65 percent of respondents noted that their LLM projects were for work purposes, signaling a shift in the importance of harnessing generative AI to improve workforce productivity, efficiency, and insights. 

These results are based on usage data from more than 9,000 Snowflake customers, and summarized in Snowflake’s new “Data Trends 2024” report. The report focuses on how global enterprise business and technology leaders are leveraging resources such as AI to build their data foundation and transform future business operations. The new data shows a shift from LLM applications with text-based input (2023: 82%, 2024: 54%) to chatbots with iterative text input, offering the ability to have a natural conversation.

“Conversational apps are on the rise, because that’s the way humans are programmed to interact. And now it is even easier to interact conversationally with an application,” explains Jennifer Belissent, Principal Data Strategist at Snowflake. “‘We expect to see this trend continue as it becomes easier to build and deploy conversational LLM applications, particularly knowing that the underlying data remains well governed and protected. With that peace of mind, these new interactive and highly versatile chatbots will meet both business needs and user expectations.”

Over 33,000 LLM Applications in Nine Months

The report also shows that 20,076 developers from Snowflake’s Streamlit community of developers have built over 33,143 LLM apps in the past nine months. When it comes to developing AI projects, Python is the programming language of choice due to its ease of use, active community of developers, and vast ecosystem of libraries and frameworks. In Snowpark, which enables developers to build apps quickly and cost-effectively, the use of Python grew significantly faster than that of Java and Scala (in the past year)— Python grew by 571 percent, Scala by 387 percent, and Java by 131 percent. With Python, developers can work faster, accelerating prototyping and experimentation—and therefore overall learnings as developer teams make early forays into cutting-edge AI projects.

In terms of where application development is taking place, the trend is towards programming LLM applications directly on the platform on which the data is also managed. This is indicated by a 311 percent increase in Snowflake Native Appswhich enables the development of apps directly on Snowflake’s platform –  between July 2023 and January 2024. Developing applications on a single data platform eliminates the need to export data copies to third-party technologies, helping develop and deploy applications faster, while reducing operational maintenance costs.

Data Governance in Companies is Growing in Importance

With the adoption of AI, companies are increasing analysis and processing of their unstructured data. This is enabling companies to discover untapped data sources, making a modern approach to data governance more crucial than ever to protect sensitive and private data. The report found that enterprises have increased the processing of unstructured data by 123 percent in the past year. IDC estimates that up to 90 percent of the world’s data is unstructured video, images, and documents. Clean data gives language models a head start, so unlocking this untapped 90 percent opens up a number of business benefits.

“Data governance is not about locking down data, but ultimately about unlocking the value of data,” said Belissent. “We break governance into three pillars: knowing data, securing data and using data to deliver that value. Our customers are using new features to tag and classify data so that the appropriate access and usage policies can be applied. The use of all data governance functions has increased by 70 to 100 percent. As a result, the number of queries of protected objects has increased by 142 percent. When the data is protected, it can be used securely. That delivers peace of mind.”

“Taken individually, each of these trends is a single data point that shows how organizations across the globe are dealing with different challenges. When considered together, they tell a larger story about how CIOs, CTOs, and CDOs are modernizing their organizations, tackling AI experiments, and solving data problems — all necessary steps to take advantage of the opportunities presented by advanced AI,” says Belissent. “The important thing to understand is that the era of generative AI does not require a fundamental change in data strategy. It does, however, require accelerated execution of that strategy. It requires breaking down data silos even faster and opening up access to data sources, wherever they may be in the company or across a broader data ecosystem.”

The full report “Data Trends 2024 ” can be found here.

*** 

Report Methodology

The Snowflake Data Trends Report 2024 is generated from fully aggregated, anonymized data detailing usage of the Snowflake Data Cloud and its integrated features and tools. In this report, we examine patterns and trends in data and AI adoption across more than 9,000 global Snowflake accounts. The Snowflake Data Cloud provides insight into the state of data and AI, including which technologies are the fastest growing. Note that usage attributable to internal consumption, if any, has been removed and is not reflected in any of the metrics contained herein. The accounts and usage reflected in this report represent every major industry and include both longtime Snowflake users and others who only recently joined the Data Cloud.

About Snowflake

Snowflake enables every organization to mobilize their data with Snowflake’s Data Cloud. Customers use the Data Cloud to unite siloed data, discover and securely share data, power data applications, and execute diverse AI/ML and analytic workloads. Wherever data or users live, Snowflake delivers a single data experience that spans multiple clouds and geographies. Thousands of customers across many industries, including 691 of the 2023 Forbes Global 2000 (G2K) as of January 31, 2024, use Snowflake Data Cloud to power their businesses. Learn more at snowflake.com.

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Optimo Loan secures USD 10 million seed funding from Blume and Omnivore

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Optimo Loan, a pioneering MSME lending-tech business for rural India, announced today that it has raised USD 10 million in seed funding. The round was led by Blume and Omnivore, with additional contribution from Optimo’s Founder, Prashant Pitti.

Optimo aims to bridge the USD 530 billion credit gap in MSME lending, by facilitating access to quick, hassle-free, and flexible financing options for MSMEs. With this investment, Optimo aims to revolutionize MSME lending in rural India by leveraging cutting-edge technology and a phygital distribution model. The startup is building a co-lending platform for MSMEs with a unique underwriting method. The novel approach allows Optimo to gain deeper insights into the financial health of MSMEs, enabling informed lending decisions and catalyzing entrepreneurship and economic growth in rural communities.

Optimo was founded by Prashant Pitti, an alumnus of IIT-Madras and an experienced entrepreneur. He is most well-known for co-founding EaseMyTrip, India’s only bootstrapped startup to achieve unicorn status and go public. Prior to his entrepreneurial ventures, he worked with prominent financial institutions in the United States such as Capital One and HSBC. The startup aims to use the acquired funds to expand its operations, enhance its technology, recruit new talent, and broaden its presence to twenty locations in rural India by the end of this year.

Speaking about the funding round, Prashant Pitti, Founder of Optimo stated“I am excited to embark on this lending-tech venture, which I am running alongside EaseMyTrip. Optimo lending operations commenced in November 2023, and we are scaling swiftly yet prudently. Our top management team comprises individuals with extensive experience of 10-15 years in MSME lending. We aim to establish an asset-light company by primarily leveraging co-lending agreements with banks and larger NBFCs.”

Ashish Fafadia, Partner at Blume Ventures, said, “We believe in Optimo’s mission to democratize access to finance for MSMEs in rural India, especially considering their significant contribution of 29% to GDP. To achieve the ambitious goal of elevating this contribution from 4 to 15 trillion over the next 15-20 years, it’s imperative to explore more effective collaboration avenues. Prashant’s rich expertise and network will be invaluable in navigating towards this mission”.

Reihem Roy, Partner at Omnivore, observed, Optimo’s innovative lending technology model holds the potential to make a substantial impact and foster enduring change in underserved communities. India faces a significant credit deficit, with only 25% of all MSMEs having accessed formal loans to date, leaving 53 million businesses untapped and holding immense opportunity”.

.  .  . 

About OPTIMO

Headquartered in Bangalore, at Optimo Loans, the team is dedicated to creating a positive social impact and fostering financial inclusion in the small business community. The company’s financing solutions are meticulously designed to empower businesses, irrespective of their size or background, to achieve their growth ambitions and drive economic progress. Through its finance solutions, Optimo Loans supports businesses in investing in new technologies, increasing liquidity, and ensuring business continuity. By empowering businesses to expand and flourish, the company actively contributes to local job creation, economic growth, and community development.

The commitment to financial inclusion remains at the core of Optimo Loans’ mission. The team understands the crucial importance of accessing finance for businesses’ success. Therefore, they adopt a customer-centric approach, providing flexible solutions to meet diverse needs and empower underserved entrepreneurs.

OPTIMO Loans is dedicated to revolutionizing MSME lending in rural India and assisting businesses like yours in thriving.

About Blume Ventures

Blume Ventures is an early-stage India-focused venture fund that backs startups with both funding as well as active mentoring. Blume typically invests in Seed and pre-Series A rounds in tech-led startups led by founders obsessed with solving hard problems for the Indian market and from India for the world.

Blume presently invests out of Fund IV, a $300M vehicle supported by leading institutional LPs and family offices. With the close of Fund IV, Blume now has an AUM (Assets Under Management) of over $600m, managed by an investment team based across Bengaluru, Mumbai, Delhi, and San Francisco. To know more, visit: https://blume.vc/  

About Omnivore

Omnivore is a venture capital firm, based in India, which funds entrepreneurs building the future of agriculture, food systems, and rural economy. Omnivore is currently investing from its third fund, the Omnivore Agritech & Climate Sustainability Fund, that announced its first close at $150 million last year. Including this fund Omnivore now has an AUM of over $350 million.

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