Businesses are often guilty of wasting a lot of money throughout the year. In many instances, the money is spent without even realizing that there is a better alternative. Understanding the ways that businesses waste money will allow you to see what opportunities exist within your own operations.
New technology is available to provide higher productivity, more analysis of financials, and other tasks. Much of the new fintech is causing disruption, which leads to companies not able to adapt failing. Big data, for example, is where many businesses fail to adapt. You can save a lot of time while obtaining more valuable information about trends by learning how to work with big data. Further, CRM and ERP systems can be implemented as a way of improving customer service, eliminating data redundancy, and providing access to information from any mobile device.
Poor Marketing Strategies
Marketing tends to be a black hole when it comes to spending. Businesses know that they need to market but aren’t doing so effectively. Many fail to establish a target audience, so their campaigns aren’t capturing the interest of the audience that is most likely to do business with them. Further, every campaign needs to be analyzed to see whether the desired return on investment is being achieved. By understanding marketing ROI, you can tweak campaigns so that they are more successful.
Businesses of all sizes tend to get sloppy with their finances. This is particularly true of small businesses because they take on the mindset that they can do it all. As a result, they struggle with knowing what they’re spending against their budget. They may also be unsuccessful at collecting all income that is owed because of not having the time to send out invoices and follow-up statements. Many businesses may not even realize they can get many tax breaks and credits and miss out on thousands of dollars. DIY accounting strategies simply aren’t effective for the long-term. Implementing a bookkeeper to help with all of the bookkeeping can make it easier to tighten spending and see where money is being spent on a more regular basis.
In the end, there are a lot of ways to avoid spending money where it doesn’t need to be spent. You don’t want to waste money when there are ways for you to improve your operations, explore new technology, market effectively, and tighten your spending with the help of a bookkeeper.
Looking for more financial advice? Dive into The Money Idea here!
Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business. This action plan can help you get you on your way to launching a successful start-up.
Be Your Own Boss
7 tips to help you launch a successful business
(Family Features) Entrepreneurship is alive and well, even if the face of small business is evolving with the times. Autonomy in management and making dreams a reality are the reasons most cited by entrepreneurs looking to open a small business.
However, how Americans are choosing to open small businesses is where there may be a shift.
“Consumer habits are changing,” Pittaway said. “That’s forcing Americans to consider how they open small businesses, whether it’s focusing more on e-commerce than actual store fronts or focusing on selling to a local community or region instead of a broader national audience.”
Starting Your Own Start-Up
“We understand the challenges of small business owners and offer products and services designed specifically to help and support small businesses,” said Tim Davis, president of The UPS Store, Inc. “Small business owners are unparalleled in their passion for their businesses, and understanding that aspiration is critical to running a successful small business.”
This action plan from the experts at The UPS Store can help you get you on your way to launching a successful start-up:
1. Analyze your target audience.
2. Determine a legal structure.
3. Establish your premises.
4. Determine your budget and expenses.
5. Develop a business plan.
6. Set up a marketing plan.
7. Be competitive.
With a carefully structured action plan, you can turn your start-up idea into a successful business. Find more tips for your small business at TheUPSStore.com.
Pitch your small business like a Pro
When you’re launching a small business, there could be any number of reasons you may need to pitch your idea. You may be courting an investor, recruiting talent or even starting to market your product or service. Brevity is often essential, so learn how to concisely pitch your business like a pro with these tips:
Draw out the essentials. Reduce your pitch to a few digestible bites. Make sure you have an intro that is brief enough to get someone’s undivided attention then elaborate on your points, such as your top competitive advantages, and provide more detail about your business as a whole.
Come to entertain. Add an entertainment factor to make your pitch engaging and memorable. Of course, you need substance to go along with style, but keeping your audience focused and doing something to stand out is essential.
Anticipate questions. Prepare yourself to reassure concerned investors and flesh out subjects you may have kept brief for your presentation. Make sure to practice your answers so you sound confident. Grabbing attention is important, but you need to be able to back up your spiel.
Know your audience. This is the cardinal rule of communication. Make sure you do your homework and know who you are addressing. This shows you value your listener’s time and feedback. Furthermore, insight about his or her philosophy in doing business can be extremely valuable during a pitch.
Practice until it hurts. Take the time to practice your entire pitch, including answers to likely questions, until you know it inside and out. The more comfortable you are, the more likely you are to win someone over in a meeting.
Have the materials to back it up. A written document is your chance to leave a lasting impression and elaborate on your major selling points. It’s also a chance to show your professionalism, so be sure to proofread carefully and package the information for a polished presentation.
Find more resources to help get your small business off the ground at theupsstore.com/smallbiz.
Photos courtesy of Getty ImagesSOURCE:
The UPS Store
Creating a business from the ground up is no small endeavor. From planning to financing to putting standard business services in place, there’s a lot to tackle. To overcome these obstacles, franchising is an ideal solution for many aspiring business owners. While it provides the advantages of business ownership, franchising also offers numerous benefits, such as these.
Build a Business Your Way
(Family Features) Creating a business from the ground up is no small endeavor. From planning to financing to putting standard business services in place, there’s a lot to tackle. All of that is in addition to operating the day-to-day business.
To overcome these obstacles, franchising is an ideal solution for many aspiring business owners. It provides the advantages of business ownership, but with the added support of a recognized brand and an established method of doing business. Partnering with a franchise like The UPS Store offers numerous benefits.
Flexibility. Opening a franchise allows you to enjoy the freedom and flexibility of making your own business decisions and being your own boss, while working toward your goals of personal and financial independence at your own pace.
Start-up resources. Getting a new business off the ground requires a wide range of activity, from site selection and lease negotiation to hiring and training staff. A franchise can help you navigate these early decisions and needs with a deep pool of experience and knowledge to help overcome the hurdles you may encounter.
Training. Even a well-educated business owner has room to learn. With a franchise, you have the opportunity to receive in-depth training in areas such as business operations, technical systems, human resources, marketing and financial management.
Networking opportunities. Connecting with other franchisees at area meetings, regional conferences and national conventions helps you stay informed of industry trends, discover new tools and resources, and develop lasting relationships with fellow franchisees. The result is a peer group that has intimate knowledge of your business model that can serve as a valuable resource as your business grows.
Product development. Part of developing your business is understanding your customers’ needs and introducing new products and solutions. As a franchise owner, you can contribute insight to the process but focus on running your business while development experts dedicate themselves to researching and innovating new products and services that can help you better serve your customers.
Marketing support. Many franchises conduct national advertising campaigns to build brand awareness, while regional efforts and local store marketing can build excitement in your market. A layered marketing plan extends the reach of your marketing budget and lends credibility to your business.
Financing assistance. Funding your franchise according to your unique goals and background can help eliminate many of the financial pitfalls that those without experience or industry expertise may encounter.
Learn more about franchising and the options available to aspiring small business owners at TheUPSStoreFranchise.com.
A Milestone Accomplishment
A focus on small business is driving big results for one national retailer. The nation’s largest franchise system of retail shipping, print and business service centers, The UPS Store, Inc., is now 5,000 locations strong.
“The UPS Store network is made up of dedicated individuals and families who are committed to serving small business owners, customers and their communities,” said Chris Adkins, vice president of franchise development for The UPS Store. “We look forward to welcoming more franchisees into our network as we continue to challenge ourselves to find new ways we can bring convenience and value to our customers.”
Over the years, the retail concept has expanded to include a range of solutions for small business owners, creating a one-stop shop for small-business support. Small business owners can find resources such as notary services, shredding, mailbox and locker rental, and, in some cases, even inventory management solutions, as well as the packing and shipping services that business and non-business customers alike can utilize.
5 Tips for Creating a Business Plan
Once you’ve settled on a business model that meets your needs, developing a business plan is an essential next step. These five tips can help you get started:
Photos courtesy of Getty Images (women with clipboard, man with open sign)SOURCE:
The UPS Store
(BPT) - Over the past decade, technology has reshaped the retail industry in profound ways. Ninety-six percent of Americans are now shopping online, according to a recent study from CPC Strategy. Which means today’s business leaders face increasing pressure to keep retail spaces relevant and engaging for customers.
One solution to captivating today’s consumer is a simple one: Build meaningful connections with local communities, says Etienne Veber, president of Field Trip Factory, a firm that helps design, schedule and promote interactive learning experiences within retail environments.
“Technology provides greater convenience and lower prices,” Veber says, "but it is not a replacement for human interactions."
The increasing lack of human connections in our daily lives represents a unique opportunity for retailers to thrive in today's environment, he says, by identifying their core values and concerns, and then expressing them through meaningful learning experiences and a deeper sense of community.
"We learn by doing, and retail environments can be incredibly powerful as teaching platforms,” Veber says.
The value of purpose
When companies express a sense of purpose to their customers, it has a profound effect on the confidence in the brand. Eighty-five percent of companies with a strong sense of purpose say they are backed by their communities, because they are seen as “good and helpful corporate citizens,” according to a survey by Deloitte.
Furthermore, 89 percent of firms with a purpose say clients and customers trust the quality of their products and services — versus the 66 percent of firms that do not have this sense of purpose.
As a way to demonstrate its commitment to its local communities, multi-format food retailer Giant Eagle, Inc. developed an interactive program that connects with local school children. “Be A Smart Shopper” helps young students and their families learn about making healthy food choices.
Over the years, it has been a very effective way for Giant Eagle’s retail Team Members to uphold the company’s common purpose to improve people’s everyday lives and well-being in a community-centered way, and so far more than 600,000 families have been reached across Pennsylvania and Ohio. Educators love the program because it supplements the classroom curriculum and gets their students really engaged. Ninety-five percent of them are planning to come back with their students next year!
“Our Be A Smart Shopper program is an important part of how we fulfill our commitments to education and health and wellness,” says Giant Eagle CEO Laura Karet. “Through the program, our retail Team Members are able to meaningfully impact how the children in our communities think about the foods they eat, and encourage involvement from the children in family meal planning.”
Expressing purpose in the retail space
A retailer can build trust and loyalty by expressing their values in innovative ways. Their stores are more than places to shop. They can build opportunities right in the towns and cities in which they serve.
Host in-store classes and events: Business leaders, store managers and longtime employees, with their industry knowledge, are community gurus. With that mindset, what better way to connect with the community than to open the doors for an on-site event? Things like hands-on demonstrations, seminars, consultations and even heading up an ongoing club are all engaging ways to share knowledge and help people solve their most common pain points.
Champion local causes: Transform company values and industry knowledge into a community asset, and direct resources to solve problems in the community. Reaching out to local nonprofits, being a major sponsor to make a local event even bigger and better, or paying employees for their time to volunteer are all ways a brand can build a meaningful community presence.
Find a partner: Most businesses do not have the in-house expertise to organize, plan and publicize in-house events and initiatives, which is why some turn to a trusted partner for expertise in that field. For example, as Giant Eagle planned its Be A Smart Shopper Program, Field Trip Factory took the lead with the curriculum (with input from educators), and created the online tool that makes it easy for teachers to discover the program and sign up their class for an event. Each participating store can easily set its availability on the Field Trip Factory platform and these educational events take place without disrupting their day-to-day business activities.
Today’s retail climate is a uniquely challenging one, due to the rise in technology. To learn more about finding opportunities to engage with customers and communities, visit fieldtripfactory.com.
(BPT) - A hundred years ago, few thought that the clunky automobile that broke down so often would ever replace a horse. In the 1970s, people wondered if the personal computer that a few eccentrics were using would have any use beyond storing recipes. It’s safe to say that these innovations, along with many of the technologies we now use daily, were once considered impossible dreams.
Right now, the most-talked-about piece of technological innovation that is poised to transform our lives is the autonomous or self-driving car. As self-driving cars gain widespread adoption, analysts are predicting the rise of what is known as the passenger economy — a term coined by Intel — that is expected to be worth $7 trillion by 2050 as validated in a new report by analyst firm Strategy Analytics.
Seven trillion dollars is a lot of money! A decade ago, people couldn’t fully imagine the way smartphones would give rise to the app economy. Today we are at the threshold of something equally momentous — that’s why entrepreneurs and investors are now beginning to imagine the economic possibilities tied in with autonomous cars.
The following are five big areas of opportunity that will unfold in the passenger economy era.
The advent of the passenger economy will contribute to a safer and more efficient world. Those who can imagine and anticipate the coming changes will be in the best position to get the most out of it.
Marketing is essential to the success of any business. It’s the way to tell people what products and services you offer, but more importantly, it’s an opportunity to tell your business’s story and convey why someone should choose to buy from you rather than a competitor. Try these strategies that can help you build a plan and tell your small business brand story.
Make Marketing Work for You
Strategies to grow your small business
(Family Features) Many small business owners see their grand opening as the culmination of a lifelong dream of owning their own business. Indeed, it’s an important milestone, but it’s really just the beginning of a journey to build a brand that can attract and keep customers coming in the door.
Marketing is essential to the success of any business. It’s the way to tell people what products and services you offer, but more importantly, it’s an opportunity to tell your business’s story and convey why someone should choose to buy from you rather than a competitor.
Start with a plan
With this information, you can begin devising the strategies and tactics that will best answer the challenges and opportunities your business is likely to encounter. The scale of your plan will depend on the scope of your business and the resources you have available, but you should include a wide range of activities, from advertising and printed materials to events and social media. It’s also a good idea to build metrics into your plan, so you can assess how your ideas perform and make adjustments over time. Also remember to include a timeline to hold yourself accountable for executing the plan.
Make materials meaningful
Having professional, well-designed print items sends an important message about your business and your commitment to quality. Regardless of the format, all marketing materials should reflect your brand story. That is, the visual and linguistic ways you convey your brand.
Nearly all small business owners (90 percent) use printed materials in some aspect of their business, according to a survey conducted by The UPS Store. While marketing is the most common purpose, overall, small business owners use printed materials for a variety of other reasons such as internal documents, client documents and billing. Even those more functional pieces should consistently reflect your brand, the same as your external marketing materials.
Small business owners are often short on time and resources, but relying on a partner for print services can make things easier. For example, The UPS Store offers online ordering for print products and launched a “Print on Demand” program that enables customers to receive on-demand delivery service for everything printed from business cards and presentations to flyers and brochures. The print delivery service is the first of its kind and is available at more than 900 locations across the country. Learn more at upsstoreprint.com.
Marketing Solutions that Work
Try exploring these six print strategies that can help tell your small business brand story:
Photo courtesy of Getty ImagesSOURCE:
The UPS Store
(BPT) - The year 2017 is still in its infancy, but research shows small business owners feel this year could be one of the best in recent memory.
A new survey, commissioned by Staples and conducted by Wakefield Research, found that 85 percent of small business owners surveyed reported feeling "optimistic" about the small business climate in 2017. That's good news for the owners as well as for their communities, because for many, this optimism is motivating owners to put earned revenue directly back into their businesses and employees.
According to the research, 97 percent of respondents said they plan to increase investment in their companies this year, while 67 percent plan to hire new employees. Those fresh hires also appear to be in line for better benefits, as 72 percent of small business owners report they plan to increase staff compensation in 2017.
"We conducted this survey to better understand the pulse of small business owners and to further identify those priority product and service areas in which we can help our customers achieve success in 2017," says Frank P. Bifulco Jr., chief marketing officer, Staples.
The survey included 502 small business owners across the country. For purposes of the research, small businesses were defined as companies that had 10 or fewer full-time employees.
While the research found that small business owners are optimistic about 2017, it also provides a favorable outlook for the years ahead. In fact, many small business owners report they hope to make small business ownership a family tradition. Ninety-one percent of those surveyed said they would encourage their children to start their own business, and 93 percent said they felt running their own business was the best kind of job satisfaction there was.
Finding the tools to support small businesses
For small business owners across the country, optimism can often be directly tied to market success and having the proper tools to support future growth. Staples Print and Marketing Services offers a comprehensive suite of services, providing everything from business cards and logo design to marketing materials and signage.
Small business owners can find additional support materials online by visiting Staples.com and the Staples Small Businesses Hub. The Hub is a resource that offers expert tips, information and industry advice - everything a small business owner needs to grow their business in 2017 and feel even more optimistic in the years to come.
To learn more about how Staples can support the initiatives in your small business, visit Staples.com.
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