Business Partner Magazine - Issue 44 by Business Partner Magazine

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TABLE OF CONTENTS How Managers Can Make Employees’ Mental Health a Priority?

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Sandra Hinshelwood EDITOR

Business Partner Magazine is issued bi-monthly by Sandra Hinshelwood of Effective Website Marketing

How To Properly Train Your Interns

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The Acceleration of Digital Adoption & The Connection to Consumer Insights

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How COVID-19 May Have Impacted Freelance Work

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Times are Changing: Why It Is Time to Reassess Your Business

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Entrepreneurship On A Budget: 6 Simple Methods To Cut Business Costs

Aljon Sampaga LAYOUT/DESIGN

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6 Business Strategies to Achieve Thriving Profits

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MESSAGE FROM THE EDITOR Welcome to the first issue of 2021. Many of us will be glad to see the back of 2020 as we look forward to the year ahead with renewed hope as the new vaccines’ rollout begins. The vaccines will offer us the chance to return to “normal” and live our lives without restrictions. In the year ahead, we will need to focus on the economy, health, and wellbeing. We will need to adapt to whatever is thrown at us in the months ahead as we continue to deal with the fall out of Covid-19 and Brexit. What is not in doubt is that there will be many changes required by all businesses owners for us survive the challenging economic climate in which we are operating. To do this, we need to be mentally healthy and must support our employees. Don’t be afraid to get professional help where required. The article - How Managers Can Make Employees’ Mental Health a Priority? – offers some great tips. Times are changing, and it is essential to keep on evolving and moving forward. A recent McKinsey survey reveals that Covid-19 increased the pace of digital technology adoption by several years and that many of the changes adopted are here for the long term. In this issue, we have a selection of articles that look at the changing landscape in which we are operating and the need to focus on training and technology to ensure our businesses survive. I hope you enjoy reading them. I would like to wish you all a happy and prosperous New Year. Stay positive and stay safe, Sandra

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How Managers Can Make Employees’ Mental Health a Priority?

he pandemic doesn’t seem to be slowing down. The global economy is plummeting more and more each day. We don’t know what is waiting for us around the corner. All this bad news put a strain on everyone’s nerves, employees included. Before the pandemic struck, some companies have started emphasizing the importance of the mental health of their employees. Now more than ever, it is crucial to give employees all the support they need. Psychologists suggest managers can expect an increase in the number of

employees struggling with depression, stress, anxiety, and burnout. To avoid such a scenario, managers can take precautions and help employees overcome future challenges and stressors.

Lead by Example Managers shouldn’t just say they support mental health. That isn’t enough. Like other great leaders, they should lead by example. This means, make mental health one of their priorities and set rules. Most

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managers get so immersed in their work, team management, and deadlines that they forget to take care of themselves. Employees see them as role models, so they too can get consumed by their work and neglect their mental health and general well-being. For this reason, managers should share their mental health routines, such as talking to BetterHelp therapists or unplugging after work hours. Following such routines protect them from burning out while sharing them with others sets a good example.

Reach Out Now more than ever before, it is crucial to regularly check in with your employees, especially if they are working remotely. When they work from home, it is hard to notice any signs that may indicate a team member is struggling. Most managers know how much their staff feels alienated from other coworkers under such circumstances. Yet, they rarely do anything to bring them closer, particularly during the pandemic. A simple “How are you doing?” might be enough, but managers should ask additional questions. More importantly, they should listen carefully to their answers and address their concerns. When an employee admits they are having problems, managers usually don’t know how to react and what to say in that situation. It is completely normal. What matters is that employees can confide in coworkers and managers, ask for help,

and get the support and understanding they need to overcome their struggles.

Overcommunicate Studies show employees are more likely to experience mental health problems during a crisis when they feel their managers lack communicative skills. That is why managers should make communication and information flow their priorities. For example, they should inform employees about modified work schedules and regulations. Setting clear expectations regarding workloads and priorities helps remove any stress and anxiety employees might feel. Moreover, managers should openly discuss mental health with employees and encourage them to take advantage of all resources available. Sharing mental health resources once in the communication channel isn’t enough. They should reshare them or keep them pinned so everyone has easy access. What most managers should be aware of is the fact that mental health is still, unfortunately, a taboo. For this reason, employees might not feel comfortable sharing their struggles with others or seeking treatment and make use of their rightful employee benefits. Therefore, the use of these services should be normalized and strongly encouraged.

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Show Vulnerability Throughout the pandemic, every one of us has experienced some uneasiness or discomfort. Since mental health is still widely stigmatized, having leaders and role models share their experiences could significantly reduce the stigma. When employees see how open their team leaders are about their struggles, they will become more comfortable sharing theirs. Employees usually think of their CEOs and other members of management as untouchable ones. They always keep it cool no matter what happens at work or at home. Every time they talk about their problems or have a kid or pet crash their video conference, they appear courageous and relatable. In other words, human. By showing vulnerability, managers also increase trust between them and employees, which subsequently positively affects their efficiency and engagement.

something bigger. If they communicate regularly, managers know what is going on in the company at all times. They can also use this opportunity to tailor benefits to fit employees’ needs. For example, some employees might feel stressed out trying to juggle family and work, especially now with homeschooling, quarantine, and remote work. What managers can do is show flexibility and let working parents or other employees work shorter hours or remotely. Being able to set their own schedule takes pressure off employees and helps them balance their work and family responsibilities. In return, employees will become more efficient and engaged. Unfortunately, going back to the way things used to be is impossible. Nonetheless, managers can take this opportunity and build a mentally healthy work environment and take employee care to a higher level.

Be Flexible Great leaders should always predict the current pandemic, their own, and employees’ needs will change. Whenever there is a transition phase involved, they should check in on their staff. This way, they can effectively resolve any problems that might arise before they grow into

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HOW TO PROPERLY TRAIN YOUR

INTERNS

nternship can be a very crucial stepping stone for all grads as they look to get into the world of financial independence. Even for those planning to start their own businesses in the future can benefit from this phase of learning because they get to understand how to deal with different types of customers and workers. Inasmuch as this program is expected to bring out skilled future employees, sometimes, it’s not the case. One of the factors that might hinder the internship process from meeting the desired objectives is the Almost every successful employee or employer started as an intern. It’s the most efficient way of gaining skills in your area of expertise. company’s policies. So, how can you adjust your rules to accommodate the new incomers and make sure that they come out well-oiled at the end of the program? Here are some tips to keep in mind:

1. Make Sure They’re Prepared Perhaps, one of the most frustrating factors in many organizations is lack of prior planning to accommodate the new grads. As such, the interns come in and waste a lot of time during the initial stages as the company tries to find the right fit for them. Those enrolled in the internship program come in as temporary employees, and you must treat them as such. Therefore, some of the basic requirements, such as emails, work accounts, identification cards, and gate passes, should be prepared before the program kicks off.

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exercise. Ones they’ve gotten the hang of it, you can promote them to more sophisticated tasks, such as editing files and recording data. It might not seem like anything significant, but it actually helps in exercising the patience of the interns. This training also gives them an idea of what to expect in a typical work environment, as well as on how to deal with various issues. In addition, one gets to understand that nothing comes easy, and they have to work their way through the basics for them to get to top positions.

3. Know Their Previous Experiences Such preparedness doesn’t only help the organization to efficiently welcome the grads, but also acts as part of the interns’ learning curve in terms of time management.

2. Let Them Rise Through The Ranks Doing some seemingly unimportant tasks, such as arranging the tables, answering phones, and filing papers is not how most interns would like to spend their summer. However, these are actually the basics that everyone should learn, especially for an accounting intern looking to work in a similar environment in the future. This type of work can serve as a great training

Despite the fact that these people are fresh graduates, some of them might have a little experience in the industry. Remember, all learning institutions demand that the students attend at least one attachment program before graduating. Therefore, consider this as you begin the training so that you don’t sound redundant and force some of them to lose interest in the program. It also gives you an idea of how to handle each of the interns and what initial projects to assign to them.

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4. Give Each Of Them A Helper Internship is not all about passing exams, like in most schooling systems. On the contrary, the program is aimed at improving individual skills rather than developing all the attendants as a group. One mistake that some companies make is giving one employee the responsibility of handling ten or so interns. Inasmuch as it will help save your business resources, the fresh graduates will not learn as much as they’d like. For one, those students with certain weaknesses may not have enough space to improve on such areas because the manager is focused on group performance rather than individual improvements. Therefore, as a company, it’s important that you take note of the number of interns you can handle at a time based on the available employees. Once this is sorted, make sure each of them is assigned a helper. If you can’t afford to get a manager for each of them, then, ensure that no employee is given more than two interns to handle. This setup gives one the opportunity to improve on their weakness and even gain more knowledge by asking questions. At the end of the program, each intern should write a report, which will not only help assess their experience there, but also the skills and performance of the manager to whom they’re assigned.

5. Weekly Projects As earlier stated, you need to make plans early enough before allowing the interns to join the institution. In your plans, it would be prudent to include weekly projects that each of them is expected to complete. For instance, you could challenge them to fill a certain number of spreadsheets with correct data. On Friday, you can, then, check their progress and grade them accordingly. What this does is that it gives them the motivation to do more and learn to meet deadlines.

6. Dedicated Projects Giving the interns weekly projects is one thing, but you also need to have something to use for their overall grading. It’s recommended that you set aside dedicated projects for each of these temporary employees. Keep in mind that they’re still learning, which is why you shouldn’t give them complicated tasks. That’s not to say that they should engage in simple jobs throughout their internship program. Assigning them dedicated projects to handle throughout the six or so months provides your interns with some ownership of specific tasks. They’ll be forced to give their best because, in their mind, they know that the company depends on them to complete these particular projects. It also makes it easier for you as the manager to grade the students at the end

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of the internship period. In addition, the graduates will be in a better position when they start hunting for jobs.

Conclusion Internship is meant to provide one with a learning environment so they can develop their professional aptitude. Inasmuch as it depends with the interns’ determination, the company also has a role to play. As the manager, one of the things you should do is ensure that each intern has a weekly or dedicated project through which you’ll use to assess their potential. Throughout their period at your company, they also need to have a helper who’ll guide them through all operations. But, before you commence the internship program, make sure you have a plan in place so as to avoid time-wasting and confusions along the way.

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The Acceleration of Digital Adoption & The Connection to Consumer Insights

here has been a rapid increase in the use of technology in recent times. Moreover, there is a massive acceleration of digital adoption, with Covid-19 hitting the globe. The pandemic implications have made people form new digital habits, be it in the area of work, education, shopping, or play. As a result, it becomes crucial for businesses to cope up with the current digital transformation. To survive and be successful, businesses need to meet the digital expectations of their consumers. However, to fulfill their consumers’ digital needs, companies must first be clear about their changing digital behavior. How can brands learn about the digital needs of their customers? It is where consumer insights play an important role.

What are Consumer Insights? Consumer insights are a way of understanding consumers’ behavior, needs, and feedback. With the help of consumer insights, businesses can connect with their consumers on a much deeper and personal level. Most importantly, analyzing consumer behavior helps in the growth and development of companies. How? Businesses can improve their products/ services or offer their customers what they want once they better understand their consumers’ needs. As a result, effective communication with consumers ultimately results in increased sales. To better understand consumer insights, let us take the example of Netflix. Suppose you love watching horror shows, and you

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them for your benefit. For example, using a smartphone to book cabs, use Google maps, do video calling, access emails, and more rather than using it just to make phone calls is digital adoption.

use Netflix to stream them. What do you observe the next time you open Netflix? You will see recommendations of similar shows the next time you tune in to Netflix. Why? This is because Netflix uses consumer insights to interpret its viewers’ behavior in order to recommend the right kind of content to them. As seen in the above example, consumer insights favor your brand by helping you follow the right marketing strategies that resonate most powerfully with the targeted audience.

In businesses, digital adoption means embracing digital transformation by investing in new technology and leveraging digital resources and tools to make a profit. Today, the acceleration of digital adoption can be seen in every possible sphere: fitness, work, or education. The major reasons behind it are the social distancing measures and the shutting down of schools, colleges, shops, companies, gyms, and other realms of human life. As a result, there is a growing need for businesses to operate digitally. While some can function digitally without much hassle, others are yet to cope with the current digital acceleration. However, it is evident that businesses have to take recourse to digital adoption if they want to survive in the changing times. Moreover, there is an urgent need to understand consumer insights more than ever before.

What Is Digital Adoption? In simple terms, digital adoption implies using technology to its fullest. Digital adoption allows you to understand the potential of digital resources and to use

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The accelerated digital adoption has significantly impacted consumers’ behavior. Earlier, the expectations of consumers from a brand were different. However, their needs and expectations have considerably changed because of accelerated digital adoption. For example, earlier people used to go to gyms to maintain a healthy lifestyle. However, the pandemic has made them more used to a home workout routine. As a result, gyms need to know their consumers’ behavior and come up with a solution by which they can meet with changing expectations of their consumers. For this, some gyms have launched their apps, home workout plans, diet plans, virtual training sessions, and more to maintain their customer base. Hence, consumer insights are needed more than ever before, not just to expand and grow one’s brand but to survive in the times of rapid digital transformation.

Conclusion The acceleration of digital adoption has brought a change in consumers’ behavior, needs, and expectations. Businesses and brands need to stay up to date about their customers’ digital requirements in such a scenario. As a result, consumer insights become necessary than ever before for businesses to remain in the picture. Consumer insights are a way of interpreting and analyzing

consumer behavior, needs, and feedback and incorporating them to improve your brand. There are many consumer insight platforms that businesses can use to gain consumer insights. In the current situation, your business can fail if you don’t adopt a digital business model. At the same time, your company can excel in its digitally sound and understand its new digital needs. Hence, consumer insights are crucial, given the acceleration of digital adoption.

About the Author

Efrat Vulfsons is the Co-Founder of PR Soprano and a data-driven marketing enthusiast, parallel to her soprano opera singing career. Efrat holds a B.F.A from the Jerusalem Music Academy in Opera Performance Connect with me:

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How COVID-19 May Have Impacted

FREELANCE WORK

reelancing has been around for ages, and a lot of people have benefitted from switching to it from their original 9-5 office jobs. The freelancing sector has flourished throughout the years, but just like other working sectors, freelancing is not bulletproof, and the recent pandemic has proven just that. Many people have been affected by the sudden rise of positive COVID-19 cases.

working from home to keep everyone safe. However, since freelancers have already been enjoying work at the comfort of their own homes even before the pandemic, how has this global issue affected them? Read on to find out!

Companies holding physical offices have had to adjust to a new arrangement of

Some freelancers believe that the demand for freelancing jobs decreased after the boom of COVID-19. One of the reasons for

Demand For Freelancing Jobs

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this could be that most companies with physical offices have transitioned to work from home arrangements. Thus, their employees are now much more relaxed and able to do more online research to fulfill their jobs. In physical offices, most companies place restrictions on their employees’ computers. Sometimes, they block employees from accessing different sites that they think employees don’t need. However, while they believe that there are sites that don’t need to be accessed, some blocked websites actually contain the information they need. With employees now working from home, they can do more research and provide more data for their employers with their ability to access a vast body of knowledge known as the Internet. Now, employers have barely thought of outsourcing because their current in-house employees are doing better at their jobs.

Cutting Of Some Processes Business owners are always busy, and they are always running around to meetings and meeting new people to expand their ventures. Because of this, they rely mostly on virtual assistants to help them organize their daily schedules. Virtual assistants are online freelancers offering offshore services. They can usually be hired in famous online platforms, like gigworker.com.

With the COVID-19 situation, however, some business owners have been forced to let people from their companies go in order to save some costs and maintain their presence in the competitive market. Likewise, a lot of freelancers have been let go as well, especially those handling business processes that are not very essential to companies, or those that can be processed later when there are extra funds available. However, it’s not the same case for some companies.

Demand For Hourly Wage Increased Significantly Online freelancers have felt the brunt of the pandemic, and they, like others, are worried that they might lose their jobs. However, while most knee jerk reactions should be to lower their prices to attract more employers to hire them, freelancers learned not to sell themselves cheap. To become a successful freelancer in the online world, you need to put hundreds of hours of training to enhance your skills and add more so that you can also offer more to your future employers. Aside from investing time, freelancers also invest a lot of money to learn. And, once they master a particular field, say SEO, they can then demand a lot of money when someone hires them. This is the beauty of freelancing, and in online communities, freelancers have been

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taught to always know their worth and their value. Thus, even with the pandemic, freelancers did not resort to selling themselves short of what they deserve and learned to demand high hourly rates based on how much they can offer and how valuable they can be to their clients.

While the younger generation is not very well-acquainted on how to deal with clients and demanding their rates, their drive and passion to learn and earn are is what’s keeping them afloat in freelancing. Some young freelancers even earn as much as six figures in a year because of their hard work and dedication to grow.

Younger Groups Have Started To Dominate The Field

Increased Competition

The younger generation has taken over the online world, not only social media, but the freelancing space as well. This is because this generation grew up with the development of technology. They are more tech-savvy, and they understand more Internet terms than the older generation. With this knowledge, the younger generation can easily train and learn new skills.

Because of the pandemic, more and more people have decided to explore the world of online freelancing. Some of these people are those who got laid off their jobs because their employers had to cut back on staff. Since they also have families to feed, those who were laid off had to find other means to earn money. Their options are limited because most people are not allowed to go out, except when they need to buy essential goods. Thus, they resorted to applying for online jobs using their existing skills as an edge to land another job to help them get through the pandemic.

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Final Thoughts

Just like regular office jobs, finding sources of income online is difficult as well. A lot of people have flocked and depended on the Internet ever since the pandemic began. Some are very lucky to find clients, but some, until now, are still looking for someone to give them a chance. In competing with tenured online workers, it’s important to have an edge. And, your edge is to be able to offer something other people can’t. Upskilling is important, as this will allow you to be better in the field you choose. Always remember that in the online community, education doesn’t stop, and you always need to have a constant thirst and drive for more knowledge. If you remain stagnant, chances are you will continue to work for people who only pay you USD$3 an hour despite being overloaded with a lot of tasks. Get to know your target market. Research about them and their needs, and offer whatever you can to provide more value to their company. Likewise, don’t lie to your future employer because this will not end well for you. A lot of employers have been careful in outsourcing online. Word travels fast online, and it’s better to keep your profile clean and desirable, instead of it being tainted with a bad review you’ll never be able to outrun.

Get started now.

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Times are Changing: Why It Is Time to Reassess Your Business 2020 has forced businesses to function differently, make difficult decisions and fully realise how volatile running your own business can be. The UK based Arcadia Group headed by billionaire Sir Philip Green has officially entered administration - a move that potentially put over 13,000 jobs at risk.

Businesses like this publication understood the power of online representation and the need to do business more efficiently. Navigating this new normal requires personal, professional and social adjustments to remain competitive, bounce back and, in many instances, avoid bankruptcy.

In December 2020, the retail conglomerate – which owns Outfit, Topshop, Burton, Evans, Dorothy Perkins, Wallis, Topman and Miss Selfridge – appointed administrators following the negative impact on sales resulting from the Covid-19 pandemic. There was no announcement concerning redundancy packages at the time of the announcement.

Personal.

You and your team are the essence of your company and brand. As a small to medium sized business owner; everything emanates from your vision. You set the tone, culture and rhythm of your business through the example of what you do or fail to do. The skills, behaviour and competencies that define your team are

The US fashion behemoth J. Crew filed for bankruptcy protection making it among the first group of companies to do so during the shutdown. The Chapter 11 filing appears to have been a strategic move to buy itself time before passing control over to its lenders in exchange for the cancellation of $1.65bn of its debts. It would appear that this sort of restructuring of their finances was also aimed at giving the company another lease of life in troubling times. J. Crew had in excess of 500 outlets, but the reality was that consumers were embracing online shopping.

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under closer scrutiny in this hour. Work / Life synergy is of greater importance than the outdated notion of work / life balance because any successful businessperson understands that you (and your team / core values / products & services) are the business.

Professional. Reappraise your internal

systems, scrutinize your profit forecasts and create time for personal development programmes. The strength of your brand and value of your product or service are paramount.

this pandemic has seen a synchronised and, in some instances, devastating impact on business growth as seen in the hospitality, retail, restaurant sectors. Equally, it’s not all doom and gloom. Bouncing back after the occurrences of recent months will be as easy as you and your team allow it to be. Things will never be as they were, therefore, this is a unique opportunity to create something new by building on your past business experience. This is an exciting and innovative time if perceived correctly.

Social.

Social media is clearly a costeffective way to advertise, promote or sell your products and services. Zoom and Google hangouts have their uses. Your product or service must have a clear presence online and on the relevant social media. Why? Because more people interact digitally. The global response to

About the Author

Malik Muhammad was raised and educated in Jamaica and read law in London. He created The Empowerment Mastery System to influence, help and inspire businesses to cultivate their visions. Malik enjoys vegan cooking and quad biking. He is an after-dinner speaker, event host and convenes empowerment seminars internationally. His latest book COFFEE & CONTEMPLATION: a taste of empowerment is available on Amazon.

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ENTREPRENEURSHIP ON A BUDGET: 6 Simple Methods To Cut Business Costs

n an uncertain economy, every single dollar counts, especially when you are running a business. For entrepreneurs, the smallest decrease or increase in revenue can greatly impact their company’s profitability. If you are anything like us, this year left you with an array of questions waiting to be answered, particularly when it comes to effectively navigating through a period of financial crisis.

Am I employing the best possible business practices? Is there anything I can do to generate more revenue? Where can I save some money for my business?

These questions don’t have a universal answer, but their purpose is the same: to cut down business expenses. While you can always lay employees off, move to a smaller office, or resort to significant pay cuts, there are some less invasive methods you can utilize to boost cash flow. Here are some useful ways to reduce expenses and increase your revenue.

Optimize your resources A good entrepreneur is always looking for ways to cut down on material costs, optimize their resources, and increase operational efficiency. It takes some time to

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tackle these aspects but doing so ensures you make the most out of what you got. One way to generate more revenue is by selling leftover materials that you don’t need anymore. This includes cardboard, metal, plastic, or any other things left around in your warehouse. If selling is not an option, then consider using these leftover materials to create new products. Consider your office space as well and ensure every room you use has a clear purpose. If there is unused space, consider leasing it to another business or person, depending on the size and needs it satisfies. Last but not least, set efficiency goals and parameters that reflect these goals, then track your results and adjust what needs to be adjusted.

Make some sustainable changes Most entrepreneurs get scared when they hear about sustainability, as they often believe making sustainable business changes is going to cost them a small fortune. While there are some initial costs that you need to consider, making some small changes towards an eco-friendlier business model does not have to drain your financial resources. What’s more, these changes will have a great positive impact on your revenue in the long term.

The easiest change you can make is to switch to LED lights, if you haven’t done it already. LED lights consume much less energy than traditional bulbs and last ten times more. These, plus a smart thermostat that can better handle climate needs in your office, are enough to significantly reduce your energy bills. Better waste management is yet another method to reduce waste. Consider using balers and compactors to store and manage waste and contact a recycling company to see if they can purchase recyclable waste from you. Check to see the locations they service, and you will surely be able to find a company that suits your needs.

Take a look at your financial expenditures While we don’t recommend going on without an insurance or financial account, reevaluating your needs and options from time to time can be a good way to save some money. Start by taking a look at your insurance policy and compare it to other providers. If they offer a more competitive rate, discuss with your current insurance provider, and ask if they can match the price. If they cannot do so, consider switching to a different provider. If you are considering taking out another business loan, evaluate the benefits and risks very well. Avoid taking on unnecessary

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debt, especially if you are looking to cut costs, as it can affect your company’s rating and ability to borrow in the future when you would actually need it for better reasons.

Employ better time management strategies One of the best methods to save money without having to cut down on anything is better time management. In business, time always means money, and you can’t afford to lose any. Help employees maintain focus by using time management software and minimizing distractions in the office. If you want a clearer idea of how time is spent in your company, consider using software that tracks employee time usage. Tasks can be separated into categories, such as projects, documentation, or meetings, so that you get a better perspective of the situation. Make sure meetings are kept short and that everyone comes on time and wraps up at the time it was agreed upon.

Reevaluate your marketing efforts One of the biggest mistakes less experienced entrepreneurs make when they need to reduce costs is cutting the entire marketing budget. Marketing is not something your business can do well without, so instead of setting it aside altogether, consider making some less expensive marketing alternatives.

E-mail marketing, for example, can be very beneficial for businesses and costs close to nothing to implement. Simply build a customer e-mail list and use it to implement a newsletter campaign. If you want to, you can also put together a referral program and offer discounts for customers that recommend you to someone else. Instead of focusing your marketing efforts on advertising, redirect them towards networking. This method is more likely to bring new customers and can help build authority.

Use technology to your advantage One way to reduce costs is to allow employees to work remotely for a few days a week. You can discuss a schedule that everyone can agree upon, such as working three days at home and two in the office or only coming into the office for group tasks and meetings. Thankful technology works now to our advantage, and it does not cost a fortune to implement it. Platforms such as Google Drive and Dropbox are great for collaborative work, and communication channels are now more varied than ever. Eliminating the need for that much physical space can help you cut costs significantly, as you no longer need to spend that much on rent or utility bills. It can be a great way for your employees to cut down on some expenses as well, as they won’t have to commute to work every day.

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6 BUSINESS STRATEGIES TO ACHIEVE THRIVING PROFITS

lanning, flexibility, and organization skills are crucial strategies for a business to thrive. These are some of the many ways to guarantee your business succeeds. Growing your venture is vital for the survival of the venture. If you begin a business and it survives, you may be eager to know what strategies you can use to grow your business beyond the current status. Starting any venture requires determination, detailed keeping of records, and analytical thinking. To thrive, you will need proper planning, be flexible, and have excellent organization skills. Choosing the right approach will depend on the type of business your running and the available resources. It also depends on how much sweat, time, and money you are willing to put into your investment.

THE IMPORTANCE OF FRAMING AND REFRAMING BUSINESS STRATEGIES After you know your competitors, you will be in the best position to offer products and services. You will have to develop an aggressive marketing approach. Use a method that will please your exciting customers and also get new customers. Your strategy should aim for acquiring new customers and maintaining the old ones. Additionally, you can keep the results of every process you use. Regular framing and reframing business strategies are vital. It helps in the removal of strategies that don’t provide excellent results. You can also use blogs, pages on social media, and other content to attract customers.

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The use of technology will assist you in the long run. When you plan everything well, you will achieve your targets fast. The use of new technologies and strategies will save you money and time. It will also improve your work efficiency. If you receive feedback in real-time, you will be able to stay ahead of the competition.

HERE ARE SOME OF THE STRATEGIES TO MAKE YOUR BUSINESS TO THRIVE • Training your Staff Providing training opportunities for your staff will improve their productivity and loyalty. This will also lead to an increase in profits. Training is essential for your team and your business. This will help in improving the skills needed for your venture.

• Get extra Funding For you to grow your business, you’ll need to make more investment. Some of the ways to get extra Funding is through taking loan and sale of shares to investors. But, before taking any loan, ensure that your business will be able to pay the debt. When selling shares, determine how much the input of investors will improve your sales.

• Allocate and Plan Resources Efficiently To achieve the established goals, you can use a business plan to allot your entire business resources. Analyze your advancement and identify your technique for development. Resource allocation may mean spending more money on buying equipment. It may also mean spending money on marketing or employing more staff. To thrive in a business, you’ll need organization and a good plan.

• Be Consistent and Trustworthy Clients like to associate with businesses that are trustworthy and reliable. Thus, to make your customers trust you, you will need to be authentic and transparent at all times. Been consistent and precise depends on the message and standards of your brand. To achieve profits, you will have to invest in new technologies in your business, such as scheduling software. You can also follow the trends of your customers and keeping up with progress in your sector. Make sure your message is valid and according to your customer’s expectations.

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• Knowledge of your Competitors

• Provide outstanding Customer Service

For a business to succeed, it is vital to be aware of your competitors. You’ll need to find out what are the services and products of your competitors and their benefits. It’s also vital to know their most important customers and where they find them. You should also know the rival service or the product offered to be distinct. Even you can use the weaknesses of the competitor to your benefit. It is essential to understand your competition and improve upon their profitable strategies.

The service models you use should pay attention to the customers. Without customers, there will be no businesses. Thus, customers should be your number one priority. Your customers have the power to determine the survival of your business. So ensure that you attend to their needs and give them the most attention. If you provide quality customer service, you will receive positive feedback. Your customers will also prefer you over your competitors. You’ll also receive more customer referrals.

The ability to stay ahead of the completion has led to the success of many businesses. Enhancing your marketing strategies will lead to the growth of your business.

If you keep improving your marketing strategies, your business will survive. The kind of technologies and techniques you use will determine if you will get profits or losses. With the listed tips on strategies to maximize profit, you can now improve your business.

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