Right now, increasing numbers of people are deciding to set up their own small businesses. This is understandable. The coronavirus pandemic has seen hundreds of thousands lose their day to day jobs and the job market isn’t exactly bustling with new options for us to apply to. Many of us are looking for ways to make money in order to pay our bills and keep our lives on track. Nowadays, setting up a small business is easier than ever. All you have to have is something to sell and a website to sell it from. So, people are getting innovative. From selling face masks, hand sanitiser and other products that are in high demand right now to make some money until things get back to normal, to starting a small business with intentions for things to be longer term, setting up a company of your own could be the best thing you can do right now. Of course, if you’re going to set up a company, you’re going to have to really focus on security now. People are more desperate than ever, or simply recognise that new companies are cropping up and they’re more vulnerable, and this has led to an increase in crime, theft and more recently. So, here are a few ways to protect your new startup!
First things first, let’s focus on physical security. Chances are you’re operating your business from home right now. But this doesn’t necessarily mean you’re completely free from risk of theft or attack. If you have stock in your home, you’re going to have to protect it. There are a couple of ways you can protect yourself from theft of stock. First, you may want to invest in security solutions from Securafit. There are multiple options you might want to consider. First, you should consider having some sort of CCTV system installed. Not only will this deter criminals from attempting to steal any of your stock with the threat of evidence of what they’re doing, but it will capture evidence of any crime that anyone does attempt to commit. Nowadays, you can get high quality systems at a really reasonable price. It’s definitely more than worth the investment. Plus, it protects your home from other domestic issues, such as burglary too! Next, you mighty want to invest in intruder alarms. This way, if someone does enter your property, an alarm will be triggered, alerting you to the issue and encouraging criminals to scarper before they’re caught.
Digital security is at the forefront of most business’ minds right now. Cyber criminals are aware that more and more businesses are operating from home and that new start ups are emerging on a remote basis. They are also aware that this means many businesses are vulnerable, as people are often working on insecure networks and may be prone to falling for phishing and other scams. Make sure to work with a competent IT solutions team to keep all of your data, documents and files secure!
Keeping your remote business secure really is important, whether you’re planning on operating for the short term or the long term. Hopefully, some of this information will help you to achieve this and protect your profits!
Good, or mediocre or great, all of these terms can be so hard to quantify when it comes to measuring a business’ success. Of course, we may consider that a business making wild profits to be great, but what if those profits come at the behest of an unhappy and unmotivated workforce? The video game industry is a good example to use here, as the largest entertainment industry in the world, vastly bigger than Hollywood itself. Video game companies known for huge, acclaimed video games, such as Rockstar and their Red Dead Redemption western series, make upwards of billions of dollars from monetizing their games and drawing large crowds again and again.
However - they are also met with continual complaints about working conditions and crunch culture. Their reputation is regularly damaged by testers going public about the difficulties they endured and the lack of respect they were given. This isn’t just a set of allegations against one company, but much of the industry. Is it right to grade these hugely profitable businesses ‘great’ if this is the cost?
It’s worth thinking about. With our following metrics, we believe even a small business can become ‘great’. Here’s what that might look like:
Excellent branding is a worthwhile use of your time. It helps you stand out among your competition, presents your business clearly and effectively to members of your audience, and also helps you celebrate your presence. Video production services are becoming more and more popular when it comes to great branding, as being able to promote your products using excellent short films or instruct your consumers through the same measure can be a phenomenal tool. Not a bad place to start, we’d say:
Workplace satisfaction means something. It’s not something you curate for an award. It’s not something you develop to hire more desirable staff (although this can be a natural consequence). Instead, workplace satisfaction is a tool you can use to more easily celebrate your culture, enhance productivity, enjoy running your firm, and live through the ethical guidelines you promote. It’s really not hard to see how following this kind of approach will help you become more and more interesting to conscious consumers, as well as helping your workplace culture thrive.
Golden Customer Support
Customer support is more than simply something you have to ensure in order to make your customer engagement relatively simple and smooth. It can help you learn more about your clients, their needs, and also will help you generate goodwill. If you find it important enough to care for your clients in the best manner, word will spread. You can win awards for your excellent treatment. And, moreover, customers will be more interested in coming back and interfacing with your systems. That in itself is an extra utility you can use to benefit your brand, and you’ll achieve this by being helpful. Not a bad improvement to make, we’d say.
With this advice, we hope you can more easily understand that which makes a good business great.
The value of effective marketing has always played an integral role in modern business. However, the combo of social distancing limits and the fact that consumers have less money put you under even more pressure. Still, it is possible to keep achieving great things.
Understanding the challenges and building a strategy that keeps them in mind is vital. Here are five key steps to success.
1) Gain Online Visibility In An Offline World
Making people aware of your company is the first step to success. The trend towards researching companies with local online searches starting long before Covid-19. Nonetheless, the pandemic has seen even more people use the digital channels like Google maps. Therefore, it's vital that local SEO and your Google My Business resources are used. When your company ranks at the top of the local listings, consumers will assume that your business is trustworthy and capable.
2) Remember That Content Is King
Awareness is one thing, but engagement is another. If consumers are going to check out your business ahead of visiting the store or making an online purchase, you must set the right tone. Improving your digital content will strengthen the bond, boost your brand image, and edge clients towards a sale. The fact that this is more cost-effective than many other tactics is a bonus. You can leverage more success by using affiliate marketers and social influencers to reach new audiences.
3) Make Store Exteriors Stand Out
The days of people casually walking in and out 50 stores on the high street or shopping mall are gone. If you want to attract passing traffic, you'll need the shop front to do the hard work for you. Using 3d production services for window displays is a particularly wise move. When coupled with better shop signage, your store will stand out from the crowd. Quite frankly, getting people through the door is the toughest challenge of all right now. Make the entrance more appealing, and traffic will soar.
4) Know Your Audience
Some of your marketing endeavors will always fall on deaf ears. Sadly, if you persist with the current methods of appealing to the masses, big problems can follow. Identifying your niche can direct everything from target marketing PPCs to the choice of wording on ad materials. Essentially, you need to know that your brand will be shown to the right people, in the right places, and in the right way. When all of the boxes are ticked, the effectiveness will be far greater while it'll be easier to see what works.
5) Focus On Upselling
Whatever you do in business right now, the chances are that your active customer base will fall. Therefore, it's essential that you maximize the potential earnings from each client. Investing in staff training modules that encourage sales teams to upsell bundles or extra products can work wonders. If trying to secure bigger transaction values, it may be worth adding the option of repayment plans. This does require credit checks, but the possibilities to grow your client base are incredible.
As machinery deteriorates, or new employees join the business who have little knowledge about the safety needs of your business. Coupled with other elements that are out of your control, such as damage to the company from bad weather or criminal activity, keeping the workplace safe is an ongoing battle.
According to RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) 69,208, injuries occurred in the workplace. With the HSE (Health and Safety Executive) declaring that, from 2019 to 2020, 111 workers were killed at work.
Do not think because an accident hasn't happened to you that it can't happen. – Safety saying, early 1900's
With these sobering facts about the potential risks of workplaces causing injuries and deaths to transpire, it's ever so important to mindful of how we operate our businesses, and below features ideas of how you can do it.
Depending on the size of your business, and the number of employees you have, shall determine whether an assessment conducted by you shall suffice. Or whether your business would benefit from a professional workplace assessment, from an external company, to identify what areas of the business need improving.
Mandatory Staff Training
Staff training is a necessary element for creating a safer workspace. To ensure staff use best practices, prevent accidents occurring and know what to do if an urgent situation unravels.
Training should be relevant to your company. For instance, in businesses operating heavy machinery, PUWER regs must be followed, and part of the training program should revolve around how to use this machinery safely.
Personal Protective Equipment (PPE)
PPE is essential in the workplace where staff are exposed to harmful or dangerous gases, chemicals, materials, bacteria, animals or heavy lifting.
Examples of PPE include steel toe capped boots to prevent workers from hurting their feet if they drop something heavy on them. Steel capped boots are appropriate in businesses such as delivery companies transporting bulky goods and construction sites.
By identifying what PPE is necessary at your workplace, you can provide staff with equipment to keep them safe and protected.
It's essential to be open to workers suggestions about health and safety hazards around the business. Because employees have insight into processes within the company which you might not have experienced.
Opinions and ideas from staff can also support you with instilling actionable strategies, to ensure your business takes steps to become a safer environment for all.
Safety in the workplace across the world has been and always will be an ongoing issue, and no business premises are 100% safe. Several internal and external influences could compromise the safety of a company at a moments notice. Which is one of the reasons why safety in the workplace should be something that's worked on continuously. Only then can your business limit the risks of potential dangers harming the workforce.
By continuously looking for ways to protect workers rights and develop a safer working environment for all, you can prevent the likelihood of;
Working from home is quickly becoming the new normal, and that makes it more important than ever to create a working space that’ll help you do your best work. Whether you’re working from home for your employer or even running your own business, a good work space can make all the difference when it comes to finding success. Here’s how to create the best possible space and ensure it serves you well for years to come. Read on to find out more.
Find the Right Desk and Consider a Standing Desk
First of all, you’re going to need a great desk. This is what you’ll be doing your best work on so it needs to be up to the standards you set for yourself. The right desk will depend on your personal needs and preferences. But if you want a desk that’s going to aid your health while you work, you should definitely consider a standing desk. They’re becoming more and more popular.
Set Up a Two Monitor System
If you want to be efficient and productive in your office, you should consider setting up a two monitor system. Doing so allows you to use screens for different purposes and reduces the need to be switching in and out of windows and tabs all the time. If you think that’s something you might benefit from, be sure to set your computer up this way.
Have High Speed Internet Installed
The last thing you want in your home office when you’re trying to conduct business is for your internet connection to let you down. That’s why you should push the boat out and have a high speed internet setup installed. Even if you have to pay a little extra for that high speed internet connection, it’ll be worth it because we all rely on the internet when working each day.
Deck it Out with the Right Office Furniture
It’s obviously very important that your office has all the necessary furniture. First and foremost, you’ll need a very comfortable chair; you’ll be spending a lot of time sitting there so invest in a great one. Places like Civic Australia supply all the furniture you need, so find what you’re looking for and make your setup as comfortable as it can be.
Add Some Plants
Finally, you should think about adding some plants to your home office. That will bring some life and vitality to your office. And simply having some greenery around you can make a big difference to your environment. It’ll also act as a nice form of decoration in your home office which is never a bad thing.
A good home office will provide you with the foundations you need to find success in your career or with your business. If you follow the guidelines set out above, you’ll be able to provide yourself with a home working space that works for you and delivers everything you need it to.
You have to take steps as a business to help you improve things moving forward, and this means thinking about the important elements of the business. There are a lot of things you can do that will make a big difference here, whether it’s enhancing productivity or marketing better, and it is essential that you make the most of this right now. As a modern company, there are a lot of factors you need to account for when running a business.
It is important to ensure that your company is perfectly equipped to handle changes and that you can make the right decisions to stay successful. So, this means you are going to need to think about the right ways of being able to do this right now. Make sure you focus on doing what you can to make the most of this, and try to make sure these are the steps you take.
Keeping up with the Times
It is really important that your business does as much as possible to keep up with the times, and there are some amazing ways you can go about achieving this. Try to think about what your competitors are doing well, and look at whether you can improve this moving forward. You have to make sure you factor this in right now, as well as doing what you can to keep up with the times. You are going to need to work on making your business as modern and relevant as possible.
Listening to Your Staff
You also need to make sure you do your best to pay attention to your staff and make sure you listen to the feedback they give you. Employee engagement is absolutely essential for helping your business grow, and this is something you need to make sure you get right as much as you can. Try to do as much as possible to listen to what your staff have to say, and use their feedback to make the business better.
If you are serious about achieving success as a business, then it is important to ensure you stay on-brand. You are going to need to do as much as possible to focus on the best ways of doing this, and it is important to ensure your business is always looking to stay focused. You develop a brand over a long time, and it ties into your business reputation, so this is something you are going to need to get right as much as possible.
An ethical business is a successful business in 2020 because people are constantly looking for things your company is doing well. Your reputation is everything, and this is something you are going to need to focus on as much as possible. Try to think about what it takes to get this right, and there are so many steps you can take to be a more ethical business and build a brighter future.
There is a lot involved in being a successful business owner, and you are going to need to think about the best ways of achieving this moving forward. There are a lot of elements that are going to play a part in helping you to make the most of this, and it is so important to do as much as you can for the future. Do what it takes to put your company in the driving seat, and work on this as much as possible.
Launching a product is a milestone event in the life of your firm. Even if you’re a relatively mature firm with a product library, each new addition to that family counts. For this reason, knowing how to launch with style, and get noticed, is important. It can serve as a refreshing point for your brand, while also giving you the chance to grow further and with confidence.
But simply hoping to do this well is one thing, and achieving those results is another. For the most part, there are many variables that contribute to your success here. Cultural trends, price fluctuations, competitor activity, all of this can influence your end result, and it’s almost impossible to predict this with complete accuracy.
However, launching with style, and launching effectively need not be opposed. There’s every chance of hitting this out of the park, if only you took the time to understand what you have to offer and how you could best promote it. So, how can we get started? With the following, worthwhile advice:
Excellent video production can help you design a snappy advertisement, or a promotion for your social media fields, or an unveiling that works for you. Visual mediums like this can help you express your product in its full glory, with all the bells and whistles. Furthermore, this can help generate hype, as the use of flashy imagery and music can bring a larger-than-life quality to just about anything. When you take the time to collaborate with a studio offering this kind of utility, you’ve taken the strongest, most exciting first step.
Influencers are all the rage and show almost no signs of slowing down in modern times, which means that they serve as a great brand opportunity. For instance, energy drink companies are partnering with high-profile video game streamers to give a sense of energy and enthusiasm to their brands. Social media sites such as Twitter, Instagram and others have their own form of advertisements through which you can promote, and you may even simply take out ads with these platforms to raise your profile inteh first place. Launching a product through this avenue could help you generate more hype and buzz than you had ever imagined possible.
Celebrate your product! If you can’t stand behind it, no one can. It’s important to really show what people can appreciate about your product, how it can work, and why people should get excited alongside you. This can be seen in your promotional material and copywriting, your branding, or just when and where you decide to release. For instance, throwing an event can be a means in which to bring people together and show them why they should support you, or it can generate hype that may ultimately end up being covered elsewhere. Real celebrations work, because everyone loves to celebrate.
With this advice, launching a product with style will be a great use of your time.
As a modern business, you need to understand what brings you success, as well as how important it is to run the company more effectively. In 2020 and beyond, there are so many ideas for things you can do to help your business get better. And this means you are going to need to think about the things you have to change to help make your business better.
The key to think about when it comes to improving the way you run your business is to make connectivity a priority. There are a lot of things that you need to keep in mind if you want to achieve this, and making the right business decisions moving forward is crucial. Here are some of the best things you can do that are going to allow you to boost connectivity and make the best business decisions.
Embrace Social Media
Social media is the best tool your business has these days when it comes to marketing and connecting as a business, and this is something you need to make sure you get right. Try to make sure you utilise social media as much as you can, and use this opportunity to try to expand your business overseas where possible too. Social media allows anyone, anywhere to connect and communicate with your business, and this is something you need to make sure you get right. Make sure you think about what it takes to get this right, and there are so many advantages to achieving this as much as possible.
As a business, you need to look at some of the best ways in which you can go mobile and try to make the best decisions as a business. There are so many great things you can do to make the business more mobile-oriented and achieve better connectivity as a brand. One of the key things you need to make sure you get right here is to use a QR code maker for faster and quicker connectivity to the business and your website.
As a modern business, it is important to make sure you do as much as possible to improve how reachable your business is. This is something that all companies need to get right, and it is vital that you enhance your customer service skills, and allow plenty of ways for customers to communicate and connect with your brand. The more you can do to achieve this, the better your connectivity will be, and there are so many things that play a massive part in the process, and you need to do as much as you can to make the most of this right now.
The more you can do to make the right business changes and achieve greater connectivity, the better it will be for the company. You need to think about the best ways of running a business effectively, and the different ways in which you are able to take your business to the next level. This is something that can make a huge difference to the process moving forward, and you could well get the best result out of your company as a result of this.
Wouldn’t it be great if you knew exactly what questions a hiring manager would be asking you in your next job interview? We can’t read minds, unfortunately, but The Muse has the next best thing: a list of more than 40 of the most commonly asked interview questions, along with advice for answering them all.
It’s no secret that many freelancers run their businesses from home. After all: it’s cheap to do, convenient, and makes perfect sense. You’re likely reading this today because your business has grown and needs to operate out of an office. Congratulations!
If you’ve found a suitable office to lease, you might be wondering how to get it all set up. Here’s what you need to do for a smooth and successful move from your home to your first office premises:
Get your utilities activated before moving
It makes sense to have your electricity, gas, and water supplies activated and operational before you move into your new office space. And if your business relies on the Internet, having a live Internet connection activated is also a good idea.
The last thing you want to happen is losing out on potential new customers and sales because of lengthy downtime. When you get everything set up before moving, you can get to work once you’ve organised your office.
WeFlip can help you set up your utilities and find you the best deals. Setting up your utility suppliers is much easier these days, even for commercial consumers.
Make sure someone’s got your back
Today’s digitally switched-on world means that your customers will expect you to respond to their queries as soon as you get them. But, what happens if you have a major IT malfunction in your new office and can’t do anything online?
With that in mind, it’s worth considering working with an IT solutions provider. If you’re not an IT expert, for example, you don’t want to waste time and money trying to fix any technical problems yourself.
Many firms that can give your business the support it needs and manage any IT crisis if they ever happen. 1st IT work with a range of companies, including those that have just transitioned from home-office to commercial premises.
Sort out your insurance
When you run a business from commercial premises, you must have the right insurance in place. For example, if you employ one or more people, the law says you’ll need to have employers’ liability insurance with at least £5 million coverage.
You should also organise other insurance products, such as public liability insurance. It’s another essential insurance product to have, especially when you have visitors at your office premises.
Hiscox is one of the UK’s leading business insurance providers and can offer you the right cover for your needs. Don’t get caught out with no valid insurance cover for your business or you could face steep financial penalties.
Move into your new office during the weekend
Last but not least, you want to make sure you cause little disruption to your business during your office move. That’s why it’s a good idea to move your possessions into your new office during the weekend.
Doing so enables you to complete your move without any interruptions. Plus, you can move equipment, furniture, and paperwork at your leisure.
COVID-19 has undoubtedly made it challenging to go about your typical life and routine. It’s more imperative now than ever to take measures into your own hands to stay healthy and well during these uncertain times.
It’s better to be proactive than it is to make poor choices and put yourself at risk for becoming ill. Take the following tips into consideration as you begin to explore how you can maintain your health and happiness even though there’s a lot of chaos happening in the external world. Care for yourself and stay connected so that you can remain healthy and well and avoid any unfortunate turn of events.
Follow the Guidelines
The WHO guidance recommends FFP2 face masks during outbreaks of infections such as the Coronavirus. Invest in the right PPE equipment to stay healthy and well while traveling to and from work or while you’re out in public running errands. It’ll keep you and others protected and help to ensure that you aren’t contributing to the spread. Also, practise social distancing and be sure to wash your hands often. The guidelines are in place to keep you safe and well, so it’s important to take them seriously.
Focus on Your Mental Health
Another tip for staying healthy and well in times of uncertainty is to focus on your mental health. Self-isolating and lockdown can be tough on your mind and social life. You may be feeling sad or low because of all the disruptions and bad news that’s going around. Therefore, commit to participating in activities that will boost your mental health and ensure you stay well. It’s all about keeping your thoughts as positive and possible and decreasing the amount of stress you’re feeling. Meditation and deep breathing exercises are usually very useful in helping you to slow racing thoughts so you can feel better fast.
Connect with Others Virtually
If you’re a social person, then distancing yourself from others may be a real challenge for you. However, it’s what’s going to keep you from contracting COVID-19. While you may not be able to see everyone you want to in-person, there are other ways to stay connected. For example, use virtual methods such as phone, email, and videoconference to help you maintain and nurture your relationships with others during these uncertain times. Take advantage of all the ways technology can keep you interacting with those you love and care about virtually.
Invest in Self-Care
It’s vital that you also invest in your self-care during uncertain times to stay healthy and well. It includes getting daily exercise, eating well, and going to bed at a decent hour and not getting caught up in negative thought patterns. The better you take care of yourself, the more energy you’re going to have and the better mood you’ll be in most days. Use this extra downtime to invest in yourself and relaxing and resting as much as possible. There may be activities and projects you can take on around the house that you usually wouldn’t have time for before the virus outbreak.
To succeed as a business, improving the quality of your product is one of the most vital steps to facilitate long-term growth. Ensuring product quality should be an ongoing part of your business operations, no matter if you’re a startup or a long-running company. If you’re looking to make product quality your priority try following these four simple steps.
1 . Perfect your product strategy
First things first, you’ve got to create the perfect product strategy. It’s not easy to create a brand new product, and there’s no way to rush through the process. The most important thing is that your product is innovative and highly unique. With so much competition, it’s essential to set yourself apart.
Ask yourself what are the goals of your service or product, and allow these goals to become your KPIs. From features to functionality, needs, and target audience, your strategy should outline the very finest details. What matters the most during this stage should be your value proposition and your USPs. When you are completing your initial product development cycle, remember to pay close attention to who your competitors are.
2. Implement a Quality Management System
A quality management system is essentially a series of guidelines that allows you to decide how you will design and deliver your service or product. With a powerful quality management system, you’ll be able to audit your product procedures using the correct certification body. These systems are based on seven quality principles. These seven principles are customer focus, engagement of people, process approach, leadership, improvement, relationship management and evidence-based decision making.
3. Detailed market research
Your market research will help you to improve the quality of your product. As a rule of thumb, the more detailed that your research is, the better. You’ll need to gather as much info as you can about your target audience, create buyer personas, and check out the demand. Your research will help you to establish who your audience are, where they are based, and which similar products and services that they use.
4. Conduct product testing
Product testing can help you to improve product quality in many different ways. Firstly, you can conduct longevity testing to ensure that your products are durable. A testing process also allows you to determine any product flaws. It’s not always easy to foresee flaws until a product is tested out in ‘real-life.’ Allowing customers to try out your product will give you a clear idea of if it’s ready for the world or needs a little more work!
Most importantly, it’s important to test your product for safety. For instance, car manufacturers always need to test their products with reputable Advanced driving assistance systems. No matter which industry you operate in, guaranteeing the safety of your product should be your number one priority.
Once you’ve completed these four steps, it doesn’t mean you can sit back and relax! To keep standards high, it’s important to review quality consistently, to make ongoing improvements.
Running a business from home certainly has its advantages but without the credibility that larger businesses possess, it can sometimes be difficult to get taken seriously.
Still, this doesn't mean a home business owner can't find success, and this doesn't mean the business won't have the capacity to grow. Just look at Steve Jobs and Jeff Bezos, for example, two entrepreneurial luminaries who eventually grew out of their homes and into (for want of better words) the big leagues!
So, if you're working from home, in whatever capacity, here are some tips to help you get taken seriously. You might then experience the growth that those now running multi-million companies have attained or, at the very least, make yourself a tidy income from whatever type of business you are running.
#1: Benefit from a virtual office address
If you are using your home address on your mailouts, your clients and customers might fail to take you seriously. Especially if you are trying to convey a professional image, it will be a direct giveaway that you are probably working from home in your pj's. This is where a virtual address comes in handy as it can give the impression that your business is bigger than it actually is. You can also benefit from a telephone answering service with the services of a virtual office provider, and again, this will do much to convey a more professional image. Follow the previous link for one example, and consider the benefits for you.
#2: Be careful with your video calls
If you're speaking to clients through Skype or any other type of video communication tech, be sure to dress well before making a call. While working from home can give you the opportunity to wear your pj's or slacks, your dress sense will reflect poorly on your image. Dress smartly then, and consider wearing a suit for those you are really trying to impress.
Be sure to make your calls in your home office too. This is far more professional than chatting with your clients in your living room, and it can also convey the image that you're not working from your home. We have some tips on designing a successful home office, so have a read of our article.
And finally, take note of this BBC news interview that was conducted with one esteemed professional. If you want your clients to take you seriously, be sure not to let your children interrupt you when you're having a serious business conversation!
#3: Brush up your brand image
Enlist the help of the professionals if you need help with this regard. A web designer will give you a professional-looking website, a photographer will give you the quality photos you need for your website and other promotional materials, and a copywriter will provide with you the written content you need to give that excellent first impression.
Be sure to ask your customers and clients for testimonials for your website, and ask them to leave reviews on business review sites as well. And have a separate social media account for your home business because your personal account just won't do if you want to be taken seriously, especially if some of the content is for friends eyes only!
By taking these steps, you will improve your brand image and improve your credibility.
We wish you every success with your home business!
One of the exciting aspects of running a business in this day and age is that the sky’s the limit. If you’re motivated enough, then there’s no limit to the amount of success that you can achieve. After all, the climate is right. It’s a global economy, and that means that you can expand your business into new territories, both in your country and in others. Expanding overseas is, of course, more difficult than expanding domestically. Many large companies have failed when they’ve tried! There are things you can to improve your chances of success. We take a look at a few essential tips below.
Time It Right
Timing is everything in business. Doing something too early or too late can lead to failure. So what constitutes picking the ‘right time’? It’s about looking at the global economy and looking at your own company. If things are economically fragile, then it’s best to wait; you should, after all, aim to reduce the level of risk that you’re taking. For your own business? That, you’ll need to decide. If you’re working well, have healthy cash-flow, and just feel like it’s the right time to step up, then it probably is.
You will have done extensive market research when you were first getting your business underway. This was the research that told you how to market your products or services, how much they should cost, where you fit into the broader market, and so on. When you’re expanding overseas, you’ll have to carry out the same intensity of research. It’s dangerous to assume that you know any answers to the important questions just because you have experience domestically. Foreign countries will operate on a different wavelength. Try to understand as much as you can about the country you’re expanding into before launching.
Hiring Local Talent
While you’ll want to have an all-important hand in the development of your overseas branch, it’s vital that you’re working with talent local to the area. This will help on multiple levels, including building a connection with customers in the area you’re expanding into. Of course, it can be challenging to employ people overseas, but there are things you can do to push things in the right direction. The first is to work with a local recruitment agency; they’ll help you to find the best staff. You’ll also need to look at your payroll. You can get Cloudpay's payroll software in the EU, which will make paying your overseas employees all the more straightforward. Also, don’t be a hands-off boss -- your new employees will appreciate feeling part of a bigger team.
Review and Adapt
It’ll take some time to figure out how you’re going to operate overseas, and you won’t get everything right straightaway. The key thing is to stay open and flexible. After some time, you might find that one way of doing things isn’t bringing the types of results that you’d expect. If you’re flexible, then you’ll be able to switch to a different approach relatively easily.
Author - Chris
Author, Editor, Creator of this website.