Most large businesses have an IT team that is responsible for protecting data and networking the computers used by employees. In many cases, the IT department can be ignored or isn't given enough attention from upper management. If you manage or own a business, there are a few things that you need to know to get the most out of your IT team.
How Much to Budget
Depending on the industry, good IT can cost a bit of money because the technology likely affects your customers. Technology is a key driving force in every business market, which makes IT teams more in demand. IT teams can also cost more because they're responsible for accommodating the re-occurring wave of change while embracing technology as a partner rather than a commodity. Companies that sell technology as a product will likely have lower costs than those that sell products like tacos or buildings. Investing more money in IT may be a sacrifice but can have a positive impact on each department and aspect of the business.
If you make the mistake of getting hooked on buzzwords as a business, then you will quickly find yourself bloated with useless hardware and incompatible software, which can make your IT team confused and ineffective. Do you know the difference between ITIL and ITSM? Using confusing acronyms can only lead to issues and complications that occur down the road.
Many businesses fail to have an IT plan or strategy, which is critical to the operation of their business with the type of software that is used. Many businesses often assume that technology can compensate for mistakes that are often made, but it is actually a force multiplier for the business. It can save money, attract more business, and boost the productivity of your team. You'll need to work closely with your IT team to develop a strategy and research the top software that can be utilized. Work with a professional that can help you to identify that IT structure that is needed to support the business and also plan for the future.
Businesses that understand the importance of their IT team often succeed because they utilize what the department has to offer. With the right software used and a plan created, you'll likely obtain more success in the industry.
If your marketing strategy is older than three years, it could be time for an update. Moreover, if you find your messaging is not getting the results you want, maybe it's time to go back to basics. If you work on the fundamentals of a good marketing strategy, then the results should fall in place.
Revisit Your Audience Personas
It's vital for your company to understand the likes and dislikes, backgrounds, age groups, political affiliations, dreams, and aspirations of your ideal audience persona. Consider the type of audience that would be the best match for your product and/or service. If you haven't evaluated your audience personas in years, now is the time for an overhaul — especially if your products and services have changed over time. If something isn't "clicking" with your marketing, this may be the step you need to get back on track. You can then use your updated audience personas to get back in sync with their needs and wants. Sundance explains that all this information is vital to understanding how to interact meaningfully with your target market.
Understand Your Product and Service
For this step, perhaps you should take another look at analyzing your product and service. What market need does it meet? How is it unique from similar products and services? What sets it apart from your competitors? No one can market your product and service better than your company can. While you do need customer advocates, the basics of product marketing starts with your understanding. If sales have stalled and you feel like you don't know where to take your marketing campaign, then it may be time for a refresh. Digital Marketing Training Group recommends participating in ongoing training to stay up to date on the latest trends and standards in the digital marketing industry. You can then apply your knowledge in furthering your marketing goals.
Get to Know Your Competition
When getting back to marketing basics, your company might be so focused on your product line and customers that you forget any other obstacles that might be lurking around. MarketResearch.com warns that one such hurdle in your quest for market domination would be your competitors. It is critical to get to know your competition. You can learn from their mistakes and avoid similar pitfalls.
You can also gain a better understanding of why your target audience might purchase from them instead of your company. In addition, you might learn from their successes and apply some of their winning strategies. Not to mention, you can study their segment of the marketplace to find any opportunities to sell more of your products and services.
Embrace Strategic Partnerships
In order to grow, some companies need to find allies. For instance, if you look at the history of McDonald's, Ray Kroc partnered with local bakeries throughout the nation to ensure a consistent baked product for every McDonald's franchise. As far as your company stands, think of a partnership that can work in a mutually beneficial way. If your company sells lipstick, you might partner with an eye shadow brand to sell kits instead of individual pieces. In terms of marketing, you and your partner benefit from exposure to new consumers.
There you have it, the basics of marketing. At times, going back to basics is all it takes to get your company moving in a forward direction once more.
Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
(BPT) - Women are starting businesses at a record pace — motivated to pursue passions, financial independence and the flexibility that eludes most traditional jobs.
In the U.S. alone, women entrepreneurs generate $1.1 million in revenue on average across retail, professional and personal service businesses that have operated for 11 years. This stat comes from Visa’s new ‘State of Female Entrepreneurship’ report, which informed their recently announced program, She’s Next, Empowered by Visa, a global initiative to support and champion women in their efforts to grow their small businesses.
That’s powerful stuff, highlighting the important role women entrepreneurs play in the prosperity and economic development of local communities. The typical entrepreneur is 42 years old and earns nearly $110,000 in household income a year, making a profound difference in building and supporting families in the community.
Clearly, female founders are coming into their own. In fact, the Visa study found that 79 percent of American women entrepreneurs feel more empowered now than they did five years ago.
Still, key challenges exist: 73 percent say funding does not come easily, and nearly 2/3 use their own funds to get started. Assembling a good team, finding the right tools and dealing with competitors are among the biggest challenges keeping women entrepreneurs up at night.
For any entrepreneur, it can feel like there’s never enough time or resources to grow a business. To help other entrepreneurs and based on insights from the ’State of Female Entrepreneurship’ report, Visa polled four areas women entrepreneurs focus on to turbocharge success:
Find mentors: More than two-thirds said they wanted advice from fellow entrepreneurs. Relatable role models and mentors are invaluable when you’re making the leap to starting or building your own business.
Find your feet: Strategy development is critical for women starting up their own company. Assembling a good team was a challenge encountered by 37 percent of women founders. Other challenges include: finding the tools to grow and manage their business (36 percent), competition (36 percent) and growing as quickly as they need to (33 percent). Have a plan and pursue your vision.
Gather capital to invest in your business: Cash flow is the lifeblood of any business. Respondents cited profits and revenue growth as the top two priorities for improvement. Thirty-two percent of women would direct additional funding toward newer technology.
Put in overtime: When building a business, time is precious. Given the investment and high stakes that come with the territory, it comes as little surprise that a majority of women entrepreneurs (56 percent) are putting in more work hours than before they started their business.
If you’ve joined the ranks of female entrepreneurs, find support and resources by signing up for the Female Founder Collective, and visit She’s Next, Empowered by Visa where you can download and print a toolkit with tips and advice to help build and sustain your company.
How businesses access working capital has shifted, as traditional methods haven’t kept pace with the speed of business. Where can entrepreneurs turn for funding? These three alternative options may be worth considering.
(BPT) - How businesses access working capital has shifted, as traditional methods haven’t kept pace with the speed of business.
Growth is one of the biggest indicators of small business success. According to the Small Business Administration (SBA), more than 500,000 businesses have between 20 and 99 employees as of 2014. These established businesses are in the upper end of growth but have not yet met the threshold of being a medium business. In fact, 39 percent of growing companies — between three to five years old and seeking more than $100,000 — consider accessibility to capital their greatest concern. It’s during this stage businesses typically are faced with growth challenges.
Where can they turn for funding? These three alternative options may be worth considering.
1. Lines of credit
Lines of credit, provided by online lending platforms like Kabbage, offer established businesses in all industries the flexibility and convenience of accessible capital.
With Kabbage there are no fees to apply for a line of credit or annual costs to access funding. Small businesses don’t pay a thing to see for how much their business can qualify. Kabbage offers access to lines of credit up to $250,000, helping small to mid-market businesses access funding for operational costs and strategic investments like cash flow needs, purchasing specialized equipment, business expansions and launching high-growth marketing projects. There are also no obligations in how much a business is required to take. Businesses can take the amount they need from the line of credit when they need it, with no hidden fees or pre-payment penalties.
Lines of credit are faster and more flexible than traditional loans. In fact, Kabbage offers a loan application that can be finished in minutes — even through a mobile app — eliminating the time usually spent waiting in lines or filling out numerous forms.
2. Merchant cash advances
Some established businesses turn to a merchant cash advance (MCA) due to lower credit ratings, not having enough assets to provide as collateral, short-term financing needs or the flexible repayment terms.
Essentially, an MCA is an advance on future credit card payments. The cash advance is decided upon by the funding company, with the specific amount being paid back in full plus fees and interest.
With merchant cash advances, borrowers pay a set percentage of their credit card sales and make payments every time they receive credit card payments from clients.
3. Invoice factoring
Invoice factoring is another funding option established businesses use in lieu of bank loans. Factoring is the process of selling accounts receivables to a financing company for immediate cash.
Factoring helps businesses receive cash much faster than waiting for clients to pay their invoices. The financing company, known as the “factor,” pays the business the majority of the invoice upfront. Once the business receives payment from the client, they send those funds to the factor. The factor then pays the remaining percentage to the business.
Factors are more concerned with the financial health of the business’s clients rather than the business itself. These companies collect directly from a company’s clients and customers, sometimes requiring payment history validation from the business. A benefit of factoring is not assuming debt for money received; however, if clients are not creditworthy, you may not receive funding.
To maximize this growth, consider looking online at www.kabbage.com/yes to learn about and find new options that fit your business. Merchant cash advances, invoice factoring, and lines of credit are three alternative solutions that help growing businesses go beyond traditional financing methods.
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
Interested in Publishing on The Business IDEA?
Send your query to the Publisher today!
Interested in Publishing on The Business Idea?
Send your query to the Publisher today!
Get this business content for your website with our RSS Feed below!