Connect with us

More

Future-Proof Your Startup With Digital Transformation

Published

on

Future-Proof Your Startup With Digital Transformation

Making a digital transformation in your business would be incredibly easy if all you had to do was implement digital processes and tools. However, digitally transforming your business requires a fundamental shift in operations, company culture, and mindset to be effective.

It may take a significant effort on everyone’s part, but future-proofing your startup with digital transformation is worth the long-term benefits that allow you to thrive in an increasingly digital world.

The following four tips can help you digitally transform your business to prepare for future success and gain a competitive advantage.

Focus on Big Picture Goals

The success of your digital transformation is hugely reliant on getting everyone on board with the change. Typically, some of your team will be 100% for the transformation, another group will resist it outright, and another pool of employees will be stuck in between.

You can reach a positive consensus among your entire team if you help them focus on big-picture goals. Of course, you should note the short-term advantages of making a digital transformation, but consistently feeding your team the long-term positives that will happen is more important.

Sit down with your team to visualize what your business will look like in the future, thanks to this digital transformation. Answer as many questions as possible and be transparent about the timeline for success.

When you focus on big-picture goals, you are less likely to be stopped by minor hiccups and challenges presented in a digital transformation.

Do Adequate Research

The last thing you want to do is choose tech tools and digital processes simply because they worked for another business or are prevalent in your industry. Instead, adequate research is the only way to be sure your choices support your digital transformation goals.

The first step is defining your digital transformation plan. Then, you can research tools and processes that allow you to achieve your plan. Take as much time as you need. Chat with company reps, do demos, and take advantage of free trials.

Adequate research on digital tools and processes to implement will ensure you’re choosing the best options for your unique business and team.

Improve Your Team’s Cybersecurity Knowledge

As mentioned above, changing your company’s overarching mindset and culture is essential for a successful digital transformation. In other words, you must change how you and your team think about and interact with technology for this to work.

Start this process by improving your team’s cybersecurity knowledge. More technology means more opportunities for cyber thieves to steal confidential customer and company information. Your team must understand this and actively grow their cybersecurity knowledge.

Teach them about common cybersecurity threats like phishing. Share best practices for avoiding phishing and other online scams, like setting unique passwords, only using secure web browsers, and never clicking on suspicious links.

Improving your team’s cybersecurity knowledge will help them and your business avoid cybersecurity threats and enjoy a safe digital experience as your transformation unfolds.

Encourage Feedback and Collaboration

Your digital transformation won’t be as effective as it can be without collaboration and communication across departments. Everybody needs to be on board, openly communicating, and working together to ensure the challenges digital transformation brings don’t disrupt your operation. 

Open the lines of communication with your IT department, particularly, as it is an integral department to a small business’s success. They specialize in providing the technological resources, knowledge, and support necessary to thrive now and in the future.

Welcome feedback from every department in your business so that you get a holistic view of how the digital transformation affects your company. Learning what’s working and what isn’t will be incredibly helpful for adjusting your strategy and goals.

When you encourage feedback and collaboration, it’s easier to ensure your digital transformation genuinely supports your team’s needs and a flourishing future.

Conclusion

Future-proofing your startup with digital transformation is a brilliant business move. However, ensuring a successful transition will take time and a collective effort. Use the tips above to aid your digital transformation for a thriving future.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

More

How Restaurants Manage Inventory For Profitable Business

Published

on

How Restaurants Manage Inventory

Every restaurant owner wants to make a profit. But what does it take to succeed? One way is by managing inventory for a profitable business. This means ensuring that you have inventory available for the customers who are ready to buy and also getting rid of surplus stock promptly when demand for an item falls so that you don’t tie up too much cash in your inventory. Many ways can help you manage your inventory to get the most out of your marketing efforts. So here are ways to help restaurants manage inventory for a profitable business.

Use An Inventory Control System

One of the best ways to manage inventory for a profitable business is to use an inventory-control system that helps you keep track of what items are available and where they can be found, both in your restaurant and storage. For example, you can use a PAR level system, a popular inventory management system. This system indicates the presently available usage of an item and a stock-out level. It also gives you an indication of when there will be no more inventory on hand. Additionally, some inventory control systems help you forecast inventory demand and only order when stocks are running low. This enables you to avoid tying up too much cash in your inventory if demand for an item slows down.

According to Synergy Suite, proper inventory management can assist your business by providing benefits such as:

  • Better food waste control. Helping your business throw away less is healthier for your business as well as the environment.
  • Creating a healthy inventory turnover rate. This helps keep your inventory fresh and ensures you don’t have an abundance of supplies you don’t need.
  • More streamlined and accurate inventory management. Know exactly how much of any given item you have at all times so you’re not spending unnecessarily.
  • Saving money on proper procurement. Getting to know how much of your resources are going toward any given item can greatly reduce the likelihood of overstocking.
  • Improved cash flow
  • Increased profitability

As you can see, proper inventory management can have a domino effect on several areas of your business. You could be wasting less, using more, and ensuring that your business is remaining profitable so you can focus more on your employees and customers.

Keep Track Of Stock-In And Stock-Out Levels

Another way to help restaurants manage inventory for a profitable business is to keep track of stock-in and stock-out levels, which indicate the amount of product available at any given time. You need to keep track of this because it helps you determine how much product is available for sale in your restaurant and how much is already on hand. Also, you can use this information to determine when you need to order new stock and when unwanted products will be removed from the store.

Prioritize Your Inventory Management

Another way to help restaurants manage inventory for a profitable business is by prioritizing inventory management. By focusing on new and more profitable products, you can boost sales. You can save considerable money by managing your inventory to keep it stocked in the best location possible. This is because you can minimize your sales markdown, cash-out, and waste by keeping your inventory in the most effective locations. Furthermore, you can use this information to determine which products are being sold out of stock the fastest. This will help you order more stock for these items and ensure that there is enough on hand at all times.

When your stock levels are mismanaged, it can be more difficult to explore alternatives to the products you have. Sometimes, restaurant owners find themselves stuck ordering the same set of products out of sheer convenience. The fear of running out of supplies while transitioning to replacement products can sometimes force businesses to keep ordering what they know is reliable. With a proper inventory management system in place, you can prepare for such transitions better. You can prepare your business by overstocking supplies during times of transition. This allows you to test new products in a constructive manner while ensuring the needs of the overall business is being met.

Sustain A Consistent Schedule

Any business that makes a profit has a consistent schedule that allows employees to work together and manage the restaurant inventory. This means that the employees have to work with each other. Employees in a restaurant usually have different schedules, so you need to cross-train them so that they can help each other deal with a busy restaurant.

You may also need to hire additional staff during busy times, or you may want to cut back on your staffing during the slow times of the year. Additionally, you can train your employees to take inventory, check on open orders, and check their accounts promptly to make sure that you don’t have too much or too little product on hand.

Some businesses find it helpful to enlist 3rd party services such as temporary workers for mundane tasks during busy times. You could quickly find more hands for your business this way without adding new employees to your payroll permanently. Areas you can enlist temporary workers include, busing tables, cleaning, secretarial scheduling, and offloading new products. Basically, use temporary workers for mundane tasks that don’t require much training. This gives you the chance to use your permanent employees for important areas of your business such as cooking and waiting on customers.

Appoint Someone To Track Inventory

Another helpful way to manage inventory for a profitable business is to appoint someone to track inventory. It’s important to have a centralized location so that it can go on the list at once when stock runs low. Using a point system will allow you to keep track of your inventory so that there isn’t too much or too little at any given time. This will help you keep from tying up too much cash in your inventory and keep your business running smoothly. Also, you can use this information to perform stock analyses to understand better the types of products that are doing well.

It’s important for businesses to track their inventory carefully to ensure there is always a sufficient amount on hand and they don’t tie up too much cash in their inventory. A point system, an inventory-control system, stock-out levels, and a consistent schedule can help you manage your inventory for a profitable restaurant business. Therefore, using these tips may have a better chance of having a profitable restaurant business.

Continue Reading

More

Learn How Businesses Ship Cars Internationally

Published

on

Learn How Businesses Ship Cars Internationally

When moving to a new country, it’s a good idea to travel as lightly as possible. If you’ve had your vehicle for a while and really want to bring it, you certainly can ship your car. Just make sure you follow all the rules on moving your registration and insurance.

Pair It With Your Possessions

If you are moving to a country that will allow you access to a mechanic, a parts source, and a matching steering wheel placement, moving your vehicle with your other possessions can save you some cash. Do make sure you follow the requirements for safe international car shipping. For example, a vehicle with a leak may not be allowed to be transported without certain measures in place.

Shipping your personal possessions with your vehicle can be quite cost-effective. However, make sure you check in with the rules of your home country; there are fees and requirements of many nations that will force you to change your registration before you put your car on the boat.

Consider Conditions

If you’re shipping a sports car, be aware that you may still have to buy an all-wheel drive vehicle if you’re moving to snow country. If you’re shipping a large SUV, be aware that you may have to deal with extremely high fuel prices in your new country.

Carefully review the condition of the vehicle to be shipped. You may be required to fulfill some mechanical repairs and you will certainly need to burn gas from the tank to load and ship the vehicle safely.

Make sure to discuss your options with your shipping agent. You may be able to save money when shipping in bulk. Also, make sure to schedule your shipment in advance. Doing so can save you money later on by avoiding expedited shipping fees.

Choose Open Transport

Your best option for an affordable vehicle move is to move your vehicle on an open ship deck. If your vehicle is a classic or is any other way collectible and funds are tight, you may be better off storing your vehicle for a year and saving cash until you can move your vehicle overseas under cover.

This covered transport will cost up to 40% more than you would pay for open deck shipping. Of course, if your vehicle is a luxury item or a vintage vehicle, the extra fees may be entirely worth it.

Keep in mind that environmental factors can cause damage to vehicles in an open transport setting. Salt in the air when shipping over seas, hail, dust, and sun damage can all be avoided by opting to ship your vehicles in an enclosed container.

Expedited Shipping

In the event that you need to move a car quickly to your new business location, there are expediting services that will get your vehicle delivered quickly. In addition to being a priority pickup client, you will get updates on your phone and via email with your pickup time.

When hiring an expedited car shipper, check if you can stash one suitcase inside the trunk. Some shippers allow this for an expedited vehicle. Of course, the shipper will need a key so they can inspect any vehicles that seem overweight.

Other Options

If you’re moving to another city, the decision to move a car needs to be carefully considered. It may be much cheaper for you to either sell your new car and either use public transport or buy another vehicle when you get there.

For those on very tight budgets, it’s a good idea to also take a hard look at your other possessions. If you must have your vehicle but can rent a furnished property, selling or storing your current furniture can lower your moving costs and worry.

Check The Requirements

Any government entity that requires you to register or pay tax on your vehicle will likely require you to let them know when you’re leaving. Depending on when you registered your vehicle last, you may qualify for a discount or a refund when you move out of state.

Carefully check the rules in your new home as well. If you just bought a brand new car, be aware that some countries require you to have owned the vehicle for a minimum of 12 months to ship the car in. Carefully check the import permits to make sure you are not breaking any rules that could make it hard to get your car loaded and shipped.

Why?

When looking to ship your business vehicles internationally, keep in mind why your business is looking to pursue these endeavors. Perhaps your business is expanding to another country. Expansion is a great way to grow your business branding. Although many businesses may find it convenient to simply rent or purchase new vehicles at their target destination, there are many pros to bringing your current inventory with you.

If you have vehicles with company branding and advertising already adhered to your vehicles, you can save money by bringing these vehicles. The cost of designing, printing, and wrapping your vehicles may be greater outside of the country.

Take into consideration the condition of your vehicles. Maintenance costs from use of the vehicles may be cheaper in the states. Make sure to take advantage of your insurance benefits while you are in the US to get major repairs done by trusted mechanics rather than relying on mechanics outside of the country.

Many businesses tend to travel outside of the country for promotional purposes on a seasonal basis. If this is the case for you, sending your vehicles in bulk can save you lots of money, and ensure that your employees have reliable transportation for business purposes. When pitching to investors outside of the country, your company can make a solid presence by having a fleet of flashy, quality vehicles ready for business operation. There are many creative ways to promote your branding and make a statement of excellence with a uniformed fleet of vehicles.

Depending on your business and your intentions, shipping your car can be a great deal. If you’ve got an international logo and your fleet features a custom color setup, changing out your vehicles could be a waste of money. Do carefully review the rules of your new country regarding the age of your car.

Continue Reading

More

5 Hacks For Kickstarting Business Production

Published

on

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.

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.

Continue Reading

Trending

Subscribe to our Free Newsletter

Get Business and Marketing Insights from Experts, only onTimes of Startups!

Your Information will never be shared with any third party