My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. While your primary concern for your business should be growth and profits, you also want to make sure your premises are safe health-wise. The following contributed post is entitled, How to Keep Your Business Offices Clean and Hygienic.
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Hygiene has always been an important part of good general health. But in the wake of Covid-19 a few years ago, we’ve seen even more of an emphasis being placed on protecting the health of employees.
Increased hygiene isn’t just good for your employees, but it’s also good for business. If people get sick due to catching something at the office, productivity decreases. Employees will either work while they’re sick, potentially making more people ill and working at a reduced level, or they will stay at home which has its own downsides.
While it might seem odd to have to remind adults to wash their hands regularly, it’s an important and simple step that employers can take to improve general hygiene at work.
This is especially important in certain industries that involve food preparation or healthcare, but it’s a good practice to have in every workplace. Our hands carry a lot of germs and washing them properly is the best way to prevent disease from spreading.
Put posters in bathrooms and communal kitchens to remind people to wash their hands often, and use hand sanitizer stations to encourage people to sanitize their hands throughout the day.
Provide Plenty of Supplies
If people can’t find anything to clean with, they won’t be able to effectively keep their workplace tidy.
It’s the responsibility of the employer to make sure that there are plenty of cleaning and hygiene supplies throughout the office for people to use when they need them. This includes things like box wipes so people can easily access them.
As well as having supplies in storage, keep some supplies near the areas where they’re needed. So, if you have a kitchen, have some washing up liquid and other cleaning supplies nearby so people can tidy up after themselves.
This, combined with protocols to encourage people to keep their workplace tidy, will make things easier for everyone.
Hire a Cleaning Service
While it’s great if your workers can keep their workplace clean and tidy up after themselves, you will have to put more effort into keeping the place properly clean. It’s not your employee’s jobs to empty bins, vacuum, or do the bulk of the cleaning, so after a while, these tasks will also need to be completed.
The best answer here is to hire a commercial cleaning service. A lot of cleaning companies will work each day or throughout the week for a couple of hours at a time to make sure the office is always presentable and clean.
A clean workplace is important for a number of reasons, including increased hygiene and the productivity it leads to. You also want to make sure that your workplace is a pleasant place to work for your employees and an impressive place to visit for any clients or shareholders.
A cleaning service will make sure that your office is always clean and ready to go as they will keep on top of any potential issues.
My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. Every business sector has its own unique set of keys to success and the hospitality sector is no different. The following contributed post is entitled, 5 Essential Tips for Running a Successful Hospitality Business.
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Success in any business demands an in-depth knowledge of the industry and the needs of the particular customers that you’re likely to find in that industry. Few industries have customers that have needs quite as specific as the hospitality industry. People staying at hotels, B&Bs, hostels, and the like have many needs, so which do you prioritize? Here are some of the essentials of running a successful hospitality business.
Hotels and other hospitality businesses require a steady influx of people discovering them, learning about them, and recommendations from past visitors. Most of the tips here will help you win recommendations from your guests, but you should ensure that you make the effort to get noticed even without their help, through investing in practices like SEO for your website or paid advertisements.
The Customer Is King
Effectively, excellent customer service is something that needs to be prioritized almost at the cost of everything else. Make sure that your team is given the tools and means to attend to customer’s needs, where reasonable. Nothing can ruin a customer’s stay more than bundles of red tape making it difficult for your team to resolve issues on their own. Of course, you should have your limits as to what you will do to win the customer’s favor, but you should practice flexibility where it’s realistic.
Ensure Rigorous Cleanliness
Comfort is what you’re providing to your customers, so if you’re not able to maintain high levels of cleanliness and hygiene standards, then you should consider another line of business. Aside from ensuring that you train your employees often and perform audits to ensure standards, you should rely on outsourced experts such as hospitality laundry services to take care of things that aren’t within the job descriptions of your regular staff. Dirty is the worst thing a hotel can be, as far as most guests are concerned.
Help Guests Have A Better Stay In The Area
Most hospitality businesses are not themselves the end purpose of the user. People don’t stay in hotels because the hotel itself is what they want to see. They use them as a base to visit the area, whether for personal or business needs. Having the information at hand to help people make the most of the area is vital for any good hospitality business. Put yourself in the business of helping your guests have a better stay even beyond your front doors.
Don’t Forget The Amenities
Many of the points above should be considered the essentials, the must-have for success. While no individual amenity might be considered a must-have, perhaps outside of Wi-Fi access, having access to fitness centers, coffee and tea stations, and other bonuses elevate the guest’s stay to a degree that shouldn’t be underestimated. No single amenity is a must-have, but having at least some amenities should be considered a must-have in itself.
Hospitality customers are certainly demanding. However, that’s a reality you have to accept and even welcome to make it in the industry. Pride yourself on the level of service and attention to detail you provide and success can be yours.
My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. Starting any kind of business can be both exciting and rewarding. There is also the potential for mistakes, and the key is to avoid critical ones. The following contributed post is entitled, 5 Common Legal Mistakes Startups Make (And How to Avoid Them).
Launching a business can be an exciting and certainly rewarding journey. However, as you lay the foundations of your startup, it is important not to overlook the importance of building a solid legal base. This planning phase can help you secure your business against legal liabilities, ensuring that you can continue trading securely and without disruptions as your startup evolves. Let’s look at some key mistakes to avoid below!
Failing to Comply with Property Laws
Whether you are looking to launch a digital-first business or expand a brick-and-mortar organization into the online space, it is important not to overlook the legal aspects that relate to the physical premises of your business.
If you are unsure how to secure your business’s location–be it an office, studio, or family-owned kitchen–it is important to work with specialists like those at the Taylor Law Group. A team of experts can help you better understand your legal liabilities and protect your business premises efficiently.
Neglecting to Properly Register the Business
One of the first steps to take when launching a startup is to register your business. Registering your business name and model is critical to establish the legal identity of your business. This step isn’t to be overlooked!
Here are a few key aspects to focus on:
● Choose a unique business name that is available and consider trademarking it. ● Determine your business structure such as LLC, corporation, or partnership. ● Register your business by filing necessary documents with state authorities. ● Apply for an Employer Identification Number for tax purposes. ● Register for all applicable state and local taxes like sales and income tax. ● Ensure you have all necessary licenses and permits for your business type. ● Open a business bank account to keep personal and business finances separate. ● Draft organizational documents such as an Operating Agreement.
Ignoring Intellectual Property Protections
Protecting your intellectual property is vital if you are looking to establish a successful business! This can help you safeguard your products, services, and creations from counterfeit and fraud.
However, it is important to keep in mind that intellectual property is an extremely complex area of law. Because of this, the best step to take is to work with a specialized attorney who can help you understand what you need to protect and how.
Overlooking The Importance Contracts and Agreements
Did you know that one of the key legal considerations businesses must make is what and how to contract? This aspect is critical. Contracts are your legal shield, and they play an essential role in helping you carry out your operations uninterrupted and safeguard your profits. At the same time, crafting a contract for each transaction or operation can become cumbersome.
To get started, be sure to partner with a specialist who can advise you on the activities in your business that will benefit the most from a contract. Then, work with a specialist to create contracts that are truly bulletproof!
Not Securing Adequate Funding and Financial Planning
If you are just getting started with a small startup, you may think that you don’t need a business plan. However, this mistake can cost you your business–and your ability to secure the funding needed for growth! A business plan can work as a guide for you as your business expands–and it also plays a major role in making you appear trustworthy in the eyes of lenders and investors!
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Once you start a business, you have to figure out how to continue and boost your sales. The following contributed post is entitled, 5 Actionable Things To Do Today To Boost Your Business’ Sales.
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As a business owner, there are a lot of things that are important to you. However, your number one priority is selling. Whether you’re fairly new to the industry or you’ve been in business for years, increasing sales is always something you’ve got your eye on. But how can you make it better? If numbers have lowered recently or you’re simply looking for new and improved ways of making more money for your business, take a look at these actionable things you can do today to help increase your overall sales.
Before we dive into anything, it’s important to remember that there are a lot of factors that have changed the business world in recent years. The main reason was when the pandemic hit. COVID saw a large percentage of people switch to online sales not just because they had to to begin with, but now because they want to. If your business was running when the pandemic was announced, there’s a good chance you’ve already altered your business model to fit the changing world. And, there’s no telling whether you might have to navigate something like that again – so keep an open mind with these suggestions!
You might think you know what your target audience wants from you, but have you ever actually put in the time to look it up? People’s needs and wants have shifted over the years, and it’s important to keep up with them. For example, 30 years ago, if you were selling a pink doll’s house with accompanying figurines, your target audience would be children (mainly girls) and you’d be able to market your packaging and adverts exactly to that. However, in this day and age, there might be collectors that would want that item, or young boys wanting to play as well as girls. This will now affect your packaging, marketing, and product placement in store.
Remember these three things when researching your target audience:
1. Demographics like age, gender, location and income level.
2. Lifestyle, interest and values
3. Buyer behaviors. Do they buy impulsively or do they spend time researching?
Now, there might be more than one set of people you’re targeting – and that’s absolutely fine! As long as you have the information above, you can then separate them into groups and market your product(s) in the best way possible.
Increase your online presence
You already know how important it is to be online in today’s business world, but how present are you? You might have a website with contact information and directions, but is that enough for your business?
Even if you’re primarily a brick and mortar store, what’s stopping you from expanding to the online world? Customers could then shop remotely and you could increase your sales massively.
If you’re already doing this, you might be wondering what you can do to help drive more traffic to your site and ultimately, to a shopping cart. The answer to that involves some serious SEO work, a great looking (and performing) website, and a lot of consistent time and effort. It is totally possible to achieve this by yourself, but if you don’t have the time or wouldn’t know where to start, you’re way better off using a company like Dynamic Intelligence to manage this side of things for you.
Ultimately, increasing your online presence can and will help you boost your business sales.
Don’t ignore the power of social media
Speaking of an online presence, don’t ignore social media either! While it is true that some businesses can benefit more from social media, it doesn’t mean that you shouldn’t! Even if you’re a small, locally run business, you’ll be surprised at what the power of social media can do, and it doesn’t take much from you either!
Once you’ve created profiles on the platforms you’d like to use, all you have to do is post updates about the business and what it’s got to offer. So, if you’re running a local vet clinic, you could send updates of renovations happening in your lobby or even (and with owner’s permission) images of the animals that you’re treating. Most owners will be more than happy to have their pets posted online!
In turn, local people (and customers) will follow you and interact with your content. And, you’ll be surprised how much that can benefit your business! A simple share with a few great words about your work could mean five new customers! Not only that, interaction with current and past customers is always nice!
While there’s nothing wrong with a rustic looking store, there’s a big difference between rustic and just plain outdated. Could the reason you’ve lost some foot traffic be because there’s a similar store that’s modern and updated not too far away? If the answer is yes, then it’s probably time to make some changes.
It doesn’t have to be budget breaking changes either! Sometimes a good lick of paint, refreshed uniforms and a layout shuffle is all you need! And, if you “reopen” your store with a bit of flair like balloons and a new sign outside, you’re bound to draw more people into your store. Having a following on social media is also really useful for situations like this too!
Reconsider your opening times – or extend them!
Finally, while most people still operate on a 9-5 basis, do the people that want what you’re offering do the same? Think about cafes, for example. It makes sense that they’re open pretty early to late in the evening because many people, from truck drivers to nurses to friends meeting for lunch will always want a nice cup of something.
Think about your demographic and whether your opening times work for them. If they don’t, consider opening later so you can close later, or make any other adjustments that will help increase your sales!
Increasing sales for your business doesn’t have to be a mammoth task. Each idea described today is actionable right now, so why not get started and enjoy higher sales sooner rather than later?
My blog focuses on Financial Literacy/Money, Business/Entrepreneurship, and Technology. As the world becomes increasingly technologically advanced, every aspect of our lives will become more digital. The business world is no different. The following contributed post is entitled, How Tech is Transforming Business Expenses.
If managing your business expenses is giving you headache after headache, and you often feel like you are drowning in a sea of crumpled receipts and indecipherable spreadsheets, it might be time to step into the future and start using technology to simplify the process or tracking expenses and keeping your accounts in good order.
With that in mind, below, we are going to take a look at some of the best technology that is transforming the world of business expenses right now:
1. Goodbye, Paper Receipts (We Won’t Miss You)
If you are still using paper receipts, what are you thinking of? They fade, they tear, they always seem to disappear just when you need them the most, and…well, they basically just make life harder than it needs to be. Your business needs to enter the digital age ASAP!
Receipt scanning apps like Expensify and Shoeboxed are really brilliant tools that enable you and your employees to simply snap a photo of any receipts, and upload them, and organize them, in an instant, so they never get lost and you never end up with a headache come tax return time, again.
2. Automated Expense Tracking: Your New Best Friend
Manually entering expenses is about as fun as watching paint dry, which is why automated expense trackers are a game-changer. Apps like QuickBooks and FreshBooks sync with your bank accounts, credit cards, and other financial systems to track expenses in real-time.
They categorize spending, generate reports, and even remind you when bills are due. It’s like having a financial assistant who doesn’t need coffee breaks (or complain about spreadsheets).
3. The Electronic Pilot Logbook: Flying High on Efficiency
If your business involves aviation—whether you’re managing a fleet or just one jet-setting pilot—an electronic pilot logbook is a must-have. Not only does it streamline the tracking of flight hours and certifications, but it also simplifies expense reporting for fuel, maintenance, and other aviation costs.
Pilots can log their flights digitally, upload expenses directly, and avoid the dreaded paperwork pileup. It’s a win-win for both the skies and the spreadsheets.
Corporate credit cards are convenient, but keeping track of who’s spending what can get tricky. Virtual payment cards are here to fix that. These digital cards allow you to set limits, track purchases, and even issue single-use numbers for specific expenses.
Not only does this keep your spending in check, but it also boosts security. Because nothing ruins a day like unauthorized charges on your account.
5. Expense Analytics: Follow the Data
Today’s expense management tools don’t just track what you spend—they help you understand it. Advanced analytics can reveal trends in your spending, highlight inefficiencies, and show you where to cut back. It’s like a crystal ball for your finances, but without the mystical mumbo jumbo.
As you can see, tech is significantly transforming the world of business expenses, turning what was once a painful and arduous process into something so simple that anyone can do it. So, say goodbye to expense headaches and hello to the future—your bottom line will thank you!
My blog focuses Financial Literacy/Money and Business/Entrepreneurship. Running a business is not easy and can be quite difficult at times. Regardless of your business type, there are often common issues. The following contributed post is entitled, Common Difficulties Your Business Can Run Into.
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If you are in the process of starting your own business then you may already know that a high percentage can fail in the first year, others will struggle to make it to their fifth. If you don’t want this to be you then it is essential you get everything right from the start. Knowing how to run a successful business takes time, so you don’t run into trouble. There are plenty of things that can go wrong in your business, check out the article below to find out how to avoid this happening to you.
One of the most common reasons that businesses fail is due to running out of money. When you are first starting your own company you really need to work out how much you need to get everything started. Working out your budget means writing down everything you need and the prices that these will be. Give yourself some wiggle room when you have the final figure, just in case of emergencies. If you don’t have this money to hand then you will need to successfully apply for a business loan with the bank.
High Employee Churn Rate
As a business owner you might find that you need to hire some employees at some point. The risk you have here is that they can leave soon after starting, this could be due to a number of issues such as them not being fulfilled in their role or they feel there is no form of progression in the job. A high employee churn rate can be detrimental for your business as it means you need to take time away to hire new people. Time equals money in the business world so the more time you take off, the less money you make.
Marketing Issues
If your business is struggling to gain attention from customers and clients then you might need to work on your marketing techniques. There are so many marketing strategies that you could use within your company, it is all about finding the one that works for you. The most popular ones these days are using social media and video marketing to promote not only yourself but your company and what you do. If you want a better idea of how your business is going then you could benefit from custom data analysis, this can be done through a company such as mas test. This will be able to tell you areas you need to improve and where you are doing well.
Outdated Tech
You might be trying to save money within your business, if this is the case then it can be tempting to buy older tech. Older tech won’t run on the same system and software as recent tech, meaning it won’t necessarily be able to handle your workload. If you have ever rung a company to be told ‘sorry, our systems are running slowly’ then this is why. They are saving money in the short term by investing in cheaper, older tech. This doesn’t save you any money in the long run as you will always need to buy newer tech to keep up.
We hope you found this article helpful and that it gave you a greater understanding of the difficulties you can face within your business. Once you know how to manage these and overcome them, your business will be stronger than ever.
My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. There are many important aspects to running a business. A key aspect is cost cutting and cost management. The following contributed post is entitled, 6 Cost Cutting Measures To Help Your Business Today.
Businesses worldwide are feeling the squeeze when it comes to finances and budget management. With so many costs rising, such as wages, materials, business rates, etc., finding the extra cash without resorting to excessive price hikes is somewhat of a struggle.
However, it can be a relief to get back to basics when it comes to getting your business budget in check and steering your enterprise away from being one of the many failed businesses that close their doors each year. Discovering effective cost-saving measures can bring a sense of hope and optimism for the future of your business.
You need to be connected, and as such, it’s probable you have accepted your telecom bills as a necessary evil in your expenses budget. However, how do you know that you need to be paying that much and that you aren’t paying over the odds for things you don’t need?
This is where Telecom Expense Management comes into play. It’s a service that involves experts working with you to analyze your telecom expenses and find the best solutions that can enable you to still get the connectivity you need without the hefty bills associated with them. If you need help addressing your telecom expenses, it’s worth looking into how this service can help you find the right deal.
Renegotiate Contracts
The last thing you want to do is jeopardize relationships with vendors by aggressively haggling on costs and prices; however, it’s always a good idea to revisit your contracts and agreements and negotiate to make sure that the service and price are suitable for your business without undercutting our supplier texting her ability to turn a profit. This process of renegotiation can empower you, as a business owner, to take control of your expenses and feel more confident in your financial decisions.
Paid Returns
If you sell products, it’s highly likely that the returns are eating into your profit margin, especially if you’re offering free returns. More and more companies are switching to paid-for returns where the customer has to pay to return their purchases if they’re not suitable. Not only is this reducing people overordering with the intention of sending it back, but it’s also reducing postage costs. You can opt for sending out free returns labels and taking the cost of the return from any refund they are eligible for or having them pay upfront, but looking at charging a fee for returns is becoming commonplace and is helping to keep shopping costs lower across the board.
Sell, Sell, Sell
But that’s what you’re trying to do, right? Actually, this isn’t about what you sell to your customers; it’s about those old or unwanted items and equipment you don’t need behind the scenes anymore. Selling any old furniture or tech you don’t need, selling off cuts or seconds instead of throwing them away, can give you a sense of accomplishment and productivity. It’s about looking at what you’re wasting or not using within your business, and seeing if there is any way you can sell them to generate additional income for your business.
Rethink Your Meetings
Meetings take time, they cost money and they are often not essential to what you are doing, especially if you’re holding frequent meetings.
Great options to consider are holding virtual meetings, sending the email (because, yes, many times that meeting could actually have been an email), using collaboration tools to keep everyone informed, or reducing the frequency of your meetings. By reducing the number of meetings, you not only save time and money but also allow your team to focus on their tasks, potentially increasing productivity.
In addition, you need to rethink how you host any meetings you do hold. You need to get to the point faster to reduce time wasted sitting in a boardroom, set a goal, only invite those who explicitly need to be there, stream the meeting or record it for others to watch at a later date, and improve your meeting hosting skills to make them a more effective use of your time and to reduce waste.
Before you plunge headfirst into cost-cutting measures to save a few bucks each month, take the time to assess your finances and consider where you need to save and what you absolutely need to retain. This can help you on your journey to cutting costs without cutting standards.
My blog focuses on Financial Literacy/Money, Business/Entrepreneurship, and Creating Ecosystems of Success. Whether you are running a business or leading an organization, leadership is a critical attribute to the success of everyone involved. The following contributed post is entitled, How To Become A Better Leader In Your Roll.
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Anyone who is in a leadership role hopes to improve upon their skills and experience for the purpose of better leadership in the future. Whether you’re responsible for leading half a dozen staff or hundreds of staff, there are always ways in which to improve your leadership skills.
If you’re looking to become a better leader in your role, then here are a few ways in which you can help improve those leadership qualities in the new year.
Communication is something that’s crucial when you’re operating a business of any kind. It’s important to look at how you can improve your own communication skills when leading in business.
A lack of communication isn’t uncommon, especially within businesses nowadays where working from home and hybrid working is the norm. Conversations can get lost, which is why it’s important to look at how you could improve your conversation skills for the sake of your entire workforce.
Consider what communication skills are missing within your leadership and your company as a whole.
Become a role model for those who you’re leading
Role models are an important part of leadership because what you model around the workplace is something that should be respectful and positive.
As a leader, you are the person that many will look up to and therefore it’s good practice to do what you’d like everyone within your team to be doing. Whether that’s being respectful to others or working hard. Modeling good behavior is a great trait to pass on to your colleagues.
Make informed decisions
Informed decisions are something that you can improve upon when it comes to being a leader. Think about how you could use the data and analytics available to make better decisions for the sake of your team and the wider network of the company.
You may want to gather feedback from employees so that your decisions are grounded more on real information than assumptions.
Find ways to train further
There’s always room for improvement, even when you’re at the top of the company ranks. Strategic leadership training might be a worthwhile consideration when it comes to additional training.
After all, not everyone is born a natural leader and some may need a few training opportunities along the way to further develop their success as a leader.
It’s always worthwhile to be on the lookout for training opportunities and who knows how it might benefit you in the future.
Encourage others to thrive in their roles
Encouraging others to thrive in their roles is an important one and one that can certainly help grow your business in the future. You want to be able to provide equal opportunities for everyone and that includes providing them with career progression and training.
These tips will help you become a better leader not only for your benefit but for the benefit of all those who work under your leadership.
My blog focuses on Financial Literacy/Money and Business/Entrepreneurship. If you’re running a business where you’ll be hiring employees, one thing you will have to do is make your job openings attractive for prospects. The following contributed post is entitled, How Small Business Owners Can Make Their Job Openings More Attractive.
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As a small business, you can often feel up against it when you’re hiring. You want to attract the best talent from the job pool, but with a small name, budget, and current career expectations, such talent is usually not forthcoming.
However, it is possible to make your job openings more attractive to this side of the market, and a lot of it is in the details. Set up your job adverts right and over time, you’ll be able to put together a team of employees who have all the right skills, who also want to advance your business just as much as you do.
With that in mind, make sure you’re covering these three elements in your job openings from now on.
If your job posting doesn’t have a clear salary number on it, people are going to just scroll on by. They don’t want to know they’ll need to negotiate the number in the interview itself – as that’s often a given – and they certainly don’t want to see no information on the subject of payment at all.
Even just giving a salary range makes a difference here, but nailing down exact numbers tends to get the most responses. If an expert looking for a new position comes across your ad and everything seems tailor made for them apart from what they’ll be paid, you’ll just miss out on scoring an interview with them.
Design a Robust Benefits Package
Traditional employment means receiving more than just a salary from your employer. It also means getting a full benefits package, and as the employer in this scenario, you’re going to need to design a robust and reliable one.
Firstly, make sure you have health insurance available. Sounds simple, but when it comes to health insurance, you’ll need to ensure you’ve fully considered your options through factors like cost per employee, medical vs pharmacy benefit for medication access, and how comprehensive the coverage is overall.
You’ll also want to consider pay rise guarantees, a share in profits, PTO, and supplementary things like gym memberships.
Respond Quickly
Many job boards now make it clear whether or not an employer is responsive to candidates. LinkedIn especially makes note of how quickly a job poster gets back to someone who’s submitted an application.
As a result, these postings get a lot more traffic from the job market – people don’t like having their time wasted! And that’s why our last tip is all to do with how quickly you get around to assessing a candidate and reaching out.
Someone who wants to work in a place that makes a difference needs to know the same kind of respect is on the table for them from the get go. If you can’t be responsive enough from the minute you receive their application, it’s going to be difficult to convince them to come on board.
Want some top talent in your small business? Approach hiring with these perspectives.
Two focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. Outsourcing is a key component of successful businesses and it’s something important to consider going into the next year. The following contributed post is entitled, Outsourcing for 2025: What You Need To Think About.
Outsourcing is an age-old hack many businesses and enterprises of all sizes and shapes have accommodated in the past and will continue to do so in the future. Over 90% of companies have outsourced at least one aspect of their business, and the benefits can far outweigh the concerns over giving a third party access to parts of the company you have invested a considerable part of your life in building.
But is outsourcing still viable in 2024 and beyond? According to insiders and industry experts, the overwhelming answer is yes. Outsourcing can significantly relieve business owners of duties outside their wheelhouse, facilitating improvements, growth, accessibility, and efficiency moving into 2025.
The current global market value of the outsourcing sector is projected to reach a staggering $178.70 billion by 2029, with a promising CAGR of 4.08% from 2024 to 2029 (source: Statistica). These figures underscore the enduring relevance and immense value of outsourcing to entrepreneurs worldwide, dispelling any notion of it being an outdated partnership.
Now, we know more about the market and the viability and effectiveness of outsourcing. What exactly should you be outsourcing? With the world changing at an alarmingly fast rate and the business world evolving seemingly overnight, outsourcing in 2025 will look vastly different from outsourcing even five years ago, and this is thanks to technological advancements. To identify your business needs, consider conducting a thorough audit of your operations, identifying areas where you lack expertise or resources, and evaluating the potential benefits of outsourcing those tasks.
Outsourcing is not a one-size-fits-all operation. It’s a strategic decision that requires clarity and conciseness about the functions you need to be handled by other parties and the expected benefits from the partnership. However, it’s important to note that outsourcing also comes with potential risks, such as losing control over certain aspects of your business and the need to manage the relationship with the third-party provider. Don’t outsource just because others do it; do it to add value to your company and benefits to what you do.
This post, however, will examine some ideas that can help you identify where to look and where you might get the most benefit as your business enters a new calendar year.
IT Services
With increased demand and reliance on technology and IT as integral aspects of running a business, so too does the need for expert IT assistance in maintaining operations.
It can be costly to hire an internal IT team, invest in the right equipment, perform upgrades and maintenance as required, offer support, enforce cybersecurity, etc. This is why many businesses choose to outsource their IT requirements to local managed services. This way, you can benefit from expertise and skills that can be difficult to source and/or train in-house and rely on an enterprise-level infrastructure to support your operations.
Add to this the ongoing support and assistance required per your package, and the many benefits of outsourcing IT over in-house teams suddenly become increasingly apparent.
As the world of technology evolves, cybercriminals become more sophisticated. (Did you know that small businesses account for 43% of all cyber-attacks globally and that the average cost of an SMB is $25,000?) Likewise, the importance of expert IT and cybersecurity increases.
Logistics/Supply Chain
Managing your supply chain processes and streamlining your logistics can be challenging, especially if you do not have the space or technology to make the necessary improvements in-house. From procuring stock to taking in deliveries, managing storage, picking, packing, and shipping, there is a lot involved in the logistics of supplying goods, and all it takes is for one part of the process to be ineffective before the whole chain collapses via the weakest link.
Working with 3PL (third-party logistics) companies means you can rely on their infrastructure, expertise, and technology to improve your shipping and logistics and even improve supply chain issues. They can handle, store, and monitor all of your inventory, making life easier for you.
Companies like J&J global fulfillment are designed for efficiency. Their sole focus is ensuring your products get to where they need to be when they need to be there. The right logistics partner can revolutionize your supply chain, make you confident that all orders are being shipped when required, and ensure you remain in control of operations without being swamped by navigating shipping and managing stock levels.
Recruiting
Excluding salary and benefits, the average cost of recruiting a new employee can range from $4,000 to $20,000. From taking the time to create the ad, read through applications, interview, check credentials, onboarding, training, uniform, and supplies to time lost for working due to devoting time to recruiting, there can be an immense cost to a business, meaning the onus in on you it gets it right and provide the new employee with everything they need to be successful and make the most of this investment before you even pay them their salary!
A third-party recruiter will, of course, come with fees; however, they can free up your time and resources to do what they do best. They can dip into their talent pool or whittle down suitable applicants, ensuring that only the most appropriate candidates are put forward.
Using a recruitment agency to source your new employees frees up your time and enables you to focus on getting them settled in without wasting too much money on unsuitable candidates.
Accounting and Bookkeeping
Poor cash flow is the number one reason small businesses fail, and even for those who think they are great at handling their finances, getting expert financial advice is advisable or helps. Chances are there are things you might overlook or not be aware of, and an expert accountant or bookkeeper can help you keep your finances clear and understandable so you know where you are and what you’re dealing with.
Plus, they can be on hand to assist you with tax filing queries, stay on top of changing regulations and requirements, pay bills on time, manage payroll, and more, ensuring you’re always compliant; they can also prove your financial health, help you avoid losing money, and address any issues before they become too big to overcome.
Even if you just use an accountant pre-tax season to ensure you’re on the right track, outsourcing your financial needs can provide a sense of security and peace of mind that is invaluable to business owners.
Marketing
Marketing can be a full-time job in and of itself, which means that your full attention might not be available to devote to intense marketing methods. On top of this, building an in-house marketing team can be costly. The expense of building and training a team, equipment, and a budget for marketing activities might spiral, meaning you’re not getting a great ROI on your investment from an in-house team.
Marketing agencies or consultants are expertly trained, own their own businesses, and have their fingers on the pulse of industry trends and requirements. They will typically have a proven track record of success, enabling you to rely on their knowledge and skills to create a marketing campaign that delivers what you need it to.
In many cases, marketing is multifaceted. Your marketing team will relieve the load from you and work on your behalf to bring your vision to life, enabling you to reap the rewards of your marketing now and in the future.
Customer Service
Struggling to answer calls or respond to inquiries from customers? You’re not alone, and as a small business, your time is valuable, and your resources are stretched. You can’t realistically do everything yourself. However, prioritizing customer service is something you cannot fail to implement. If you can’t guarantee that you will do this yourself, you need to look at outsourcing your customer service requirements to expert teams who can deliver the service on your behalf.
Services of this nature can assist you by promptly answering customer calls or responding to emails and direct messages on your behalf. They can also assist with managing customer relations and even providing technical support for customers.
If you find juggling the responsibilities of running a business overshadows your ability to devote time to customers, then looking into working with third parties to manage these aspects of the company for you can help you elevate your standards and work with you to scale and expand what you do when the time is right by ensuring the building blocks of success are in place.
There are so many aspects of a business you can choose to outsource. However, the key to effective outsourcing for 2025 and beyond is finding what you need as a business and investing in those areas. It might not be the most glamorous part of the business, but covering fundamental operations and maintaining standards is vital to helping you succeed. So look at what you need and where your investment will be best made, and then look at providers who can offer you this in a way that benefits what you do.
