Business Partner Magazine - Issue 55

Welcome to Issue 55.

In his article, Malik Muhammad asks, “Is Your Business Keeping Up With The Changing Landscape?” It is a good question indeed. However, I would agree with you if you said that keeping up with the changing business landscape has been challenging. At present, it may well seem that there are more threats than opportunities as we face economic turbulence in the markets, the effects of the war in Ukraine and escalating costs of goods and services.

However, as I mention to my clients regularly, many things are out of our control. However, the key to moving forward and making progress is to focus on what we can control.

We must keep up with our continuing professional development. It is essential to monitor changing legislation, policies and regulations. In addition, we must know at least some aspects of employment law. Part of being informed about employment law also means ensuring that we have a reliable employment lawyer on hand should anything ever happen and we are required to show up in court.

As leaders, we must take the initiative in implementing sustainable strategies. We must do all we can to minimise our impact on the environment. Not only is this something that benefits our planet, but it can also positively impact the bottom line. For example, one study revealed that four out of five people were likely to choose a brand with a positive environmental approach.

Keep abreast of spending. Know where your money is being spent and have a clear budget with a plan for seasonal expenses.

The above points are discussed in greater detail in the articles found in this issue. Do not wait until the new year to start implementing changes. Minor adjustments now can have far-reaching benefits later down the line.

All the best, Sandra

SMALL BUSINESS BUDGETING: How to Manage Seasonal Expenses

a huge

examples of

And a whole lot more depending on the kind of business your run. These expenses may only happen occasionally, but you

must account for them when your budget is sorted out.

Unfortunately, you don’t have the luxury of forgetting about them when planning your monthly budget. Saving for these seasonal business expenses consistently is the best way to ensure you’re as well-prepared as possible if you need to fork out fees for unforeseen costs.

What Is A “Sinking Funds” Account

What is a sinking fund exactly? Well, it is money that you will be setting aside

aside for either a planned or unplanned event. Unlike the rest of the capital, you’re setting aside for savings or fixed business expenses, this money will be set aside expressly for spending.

This is different from the emergency fund you’re setting up, too, since an emergency may or may not happen. With a sinking fund, you know one or more of your seasonal expenses are coming, and these are the funds set in place to cover those costs. Like Christmas, for example. You may want to spend for a company gathering or a company holiday when Christmas comes. We know when it is going to happen, so what you can do is have a plan set aside so you can save money and have some funds available to you during that month.

Let’s go with a basic example and say that you want to have $1000 set aside by the time Christmas comes. You should start figuring out as early as possible how much you should be saving each month so you can achieve that $1,000 target by December. If you plan to keep little by little each month and budget for this, you will not be scrambling when the time comes to try and organize the funds for your Christmas expenses.

A Plan for All Seasons

Regular expenses are much easier to budget since they happen monthly. It’s the irregular ones that often get overlooked or forgotten. Without proper planning,

it is easy for these seasonal expenses to put a big dent in your company budget. If you happen to charge one of your irregular expenses to your credit card with no immediate plan to pay it back, remember the interest will accumulate with each month that it is carried forward.

The first and easiest solution to handle your seasonal expenses is to plan. Chances are, you already have some idea of what your seasonal costs are. Luckily, this seemingly big problem has a simple solution:

• Keep tabs on receipts

A critical element in all kinds of financial management is keeping your paper trailthe amount you’ve spent, the amount you’re paid, what bills and receipts, what you bought, etc. Why is this important for tax filing? As an entrepreneur, you can take advantage of different kinds of special deductions, but all will be futile if you do not have your receipts. Some of these deductions include Automobile bonus depreciation deductions, a 100 percent deduction for oil and gas wells, and S-corp advantages.

• Make Immediate Deposits

As soon as you get your monthly business revenue, the designated amount should be deposited into a different bank account without hesitation. A bank account to stash away extra funds for seasonal expenditure helps in cases of emergency. Never skip a payment, no matter how much you may

be tempted because that seasonal expense still feels so far away. Oh no, you need to start putting money aside now and let it accumulate in time for the payment when it occurs.

expenses (gas, insurance, and servicing). Decide which helps you save more or, instead, which makes more financial sense before filling out your form.

A

Tracking the transactions in your bank account. This helps you stay on top of your spending in case you overestimated or underestimated a specific category.

Take advantage of any extra cash, commission, or bonuses and use that as an opportunity to add to your funds. Maybe you got an extra-large tax refund. Since this income was unexpected and probably not already included in your budget, you can take that money and set it aside for your irregular expenses.

Once you have a strategy in place, like a monthly budget, you can safeguard the rest of your savings that you worked so hard to set aside. Keep the emergency fund only for emergencies and your savings only for a rainy day. If you know at some point that you’ll have to handle a seasonal expense, then the intelligent thing is to have a strategy to prepare for it. That strategy could be as simple as being disciplined enough to stick to a budget or having a few tricks up your sleeve to see which areas of your life you can afford to cut back and save money.

If you use your card to travel to meet a client, go to a client’s site, consult on a client’s project, network, off-site meetings, etc., these are all the times you’ve used your car for work. The IRS has determined two types of deduction, which are i) the standard mileage rate and ii) the car’s actual

If you have to use your funds from this seasonal bank account, don’t feel bad about it. That is what those funds are there for- it helps keep your business in good financial health. You don’t need to feel bad about reaching into that sinking fund because you set it up, and it can be replenished in preparation for the next time they come up.

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Is Your BUSINESS Keeping Up With The Changing Landscape?

In my professional interactions, I collaborate with companies with shared values and a clear understanding of what they intend to achieve at a particular time. The ‘what’ is established but the ‘how’ is where my skillset adds clarity in pursuit of their ‘what’. It is still a consensus ad idem because this meeting of the minds produces results that could only be attained by working together.

There is a new progressive attitude within companies responding to the changing landscape: the exchange of labour/ expertise for money/compensation. How one works is being prioritised similarly to the amount one is paid. Flexible working hours, working from home, job sharing and remote working are no longer utopian concepts. A recent job specification for a leading accounting firm asked potential

candidates how they prefer to work. Menopause awareness training in the work environment is, equally, a long overdue addition to the work/life balance conversation.

These gradual paradigm shifts in how people work indicate a changing culture towards work. The coronavirus pandemic enabled the world to stand still, slow down and reflect as individuals spent more time with their loved ones and adjusted to the new normal.

The lack of social contact brought on by recreational business closures, sporting event cancellations and even limitations

on attendees at funerals, etc., had clearly impacted the global majority’s lifestyles because humans are naturally social beings. Now that things are returning to the way before the pandemic, there is another shift in work culture as people clearly understand that there is another way of approaching work. There is a new attitude, and small to medium-sized business owners must adjust or drift into the midst of oblivion.

There are enough pressures on small businesses due to the dominance of certain commercial behemoths both online and with physical stores. There is also an advantage in being niche, organised and strategic because small businesses can

easily adapt, have less bureaucracy and still have their soul in what they do. This emotional intelligence, strategic planning, and the right team will resonate with potential clients as people still buy from people. The personal touch of excellent customer service, answering emails, resolving queries and providing a high-quality product or service still matters. World events such as the war in Ukraine affect oil pipelines which impact the distribution of goods in a similar way that the recent fall of the UK pound affects trading costs. How you work as a business must be under constant appraisal to capitalise on your strengths and lessen the potential negative impact of global events. It comes right back to the culture in your business, your team, the progressive attitude to providing your goods/services and the way you work together. There is still money to be made, and you deserve your share of this global pie. Enjoy.

About the Author

Malik Muhammad was raised and educated in Jamaica, read law in London and is the author of Coffee & Contemplation. He created The Empowerment Mastery System to influence, help and inspire businesses to cultivate their visions in a specified time. Malik enjoys vegan cooking and quad biking. He is a voiceover artist, ghost writer and convenes empowerment masterclasses globally.

What Out-of-Home Advertising Trends Have Taken Hold in 2022?

Out-of-home advertising can be all about the massive, but it can also be all about highly targeted precision forms of promotion. The exciting thing about OOH is that it offers something for most ambitions and most budgets. Let’s see what’s lighting people up in 2022.

Bouncing back

After two years of on-and-off lockdown, people have been released into the outdoors once more, and are now able to experience it without restriction.

Advertisers haven’t been slow to hit on this trend and have been eager to roll out OOH content to make the return to the outside an engaging (not forgetting commercially successful) experience. Companies that have needed guidance on how to do this have been using a number of sources of help, including Clear Start.

There’s likely to be a big growth in experiential marketing. This involves physical interaction with a real person or artefact in order to heighten brand awareness. It might be a display that’s actually a machine dishing out free coffees, or it

might be an actual coffee van. Either way, the further away OOH can make people feel they are from the dark days of lockdown, the better.

Digital out-of-home

Of course, digital OOH (DOOH) is not brand new, but it’s growing, and is set to continue. It now accounts for $16.1 billion of expenditure worldwide.

Starting as just a means by which the same ad space could be used to accommodate more than one ad on a roll, smart ad boffins linked it to the internet and a whole new world of interactivity was born. Unforgettable innovative instances were launched on the public like the famous Pepsi Max bus stop ad.

screens that somebody passes as they walk to work.

The way OOH manages to hit otherwise unengaged prospects makes storytelling the ideal way of getting a message across. Those people waiting at the train station aren’t doing much else. Give them something to divert them for a while.

Looking local

Some analysts predict that OOH will be much more about local factors. Smaller local businesses and enterprises will use it (as costs come down) but it will also employ local features in order for greater interactivity and embedding to occur. References can be made to neighbouring buildings, for instance.

As technology progresses, it’s expected that DOOH will fall within the budget of many more businesses, and the more widely it’s used, the more interesting will be the ideas that are generated. The potential for interactive DOOH is stupendously exciting.

Multi-storey story

Narratives are being explored more and more by advertisers, and OOH is no exception. The impact that OOH delivers can bring a story-based ad to life. Consider the potential of a sequence of scenes, delivered on a huge screen, or via a series of

Using geo-targeting, OOH can deliver the most bang for its buck, by, for instance, directing people to the store branch that the ad is nearest to, as well as maybe highlighting some of the store’s current offers.

No end of trends

This has only scratched the surface of what’s coming our way in 2022. Some of the most creative minds on the planet are currently engaged in bringing the next big OOH experience into being. So, keep your eyes peeled, and look up!

The Ultimate Guide To Selecting A Logistics Partner

People have grown accustomed to the convenience of e-commerce. The Internet of Things (IoT) allows anybody to create an online business and promote their products online. Nowadays, all one has to do is go online, place an order, and the product will be delivered to their doorstep.

Now, because e-commerce has grown significantly, it’s easy to see how logistics has become vital in global supply chains. It is because logistics facilitates order fulfilment. Therefore, finding a credible logistics partner is critical for an e-commerce business.

factors. As a result, before choosing a partner, you’ll need to conduct some research. Also, when searching for a logistics company, it’s crucial to keep your company’s needs in mind. Below are some more factors to consider in your selection.

1. Expertise

Transportation, warehousing, and distribution are all examples of services you can expect to receive from a logistics partner. Almost every logistics company specializes in one or more of these areas. But logistics service providers usually don’t provide the same range of services. As a result, you must select a logistics partner based on your needs as an individual or business. The goal is to match the service provider’s expertise with your or your company’s needs. These needs can be immediate, long-term, or both.

For example, if you require efficient warehousing for storing and order processing, look for a logistics service

The ideal logistics partner will have the resources and expertise to help you optimize your operations and to capitalize on their economies of scale. By providing efficient transport, warehousing, distribution, and shipping solutions, a qualified logistics partner could help to reduce risk and expenditure.

However, selecting a logistics partner may be challenging, given the abundance of options. You’ll have to consider many

provider specializing in that. If you need a trucking logistics service provider that offers full truckload (FTL) shipping, look for logistics companies specializing in those types of loads.

Furthermore, once you’ve chosen the area of expertise you need, conduct additional research on the companies you’ve shortlisted to determine the best one for you. It would be best to inquire about their service offerings directly to determine if they can meet your short- and long-term needs. After doing so, you can move on to assess the other factors listed below.

2. Credibility

If you intend to establish a long-term and mutually beneficial partnership with a company, consider its credibility before choosing them. You want to deal with a company you can count on to deliver excellent service consistently. It must be a credible organization that follows through on its promises. Therefore, before

committing to anything, you should consider the company’s reputation.

Now, building credibility takes time. So, it may be easier to gauge the reputation of an established company as opposed to a fresh one. Nevertheless, it’s always best to stick with companies with good reputations. You can start your market research by checking online testimonials. While online testimonials tend to be a relatively reliable source of information, conducting a deeper analysis may be necessary to find the right one for you.

Reviews may not always convey the whole picture. Therefore, you may have to call the company to clarify aspects you may not understand. For example, if you observe that their prices are unusually low, inquire why it is so. Then compare their response to some of the reviews they’ve received. While lower prices may reflect lower quality, making assumptions before gathering all the facts would be a mistake. As a result, you may miss a genuine cost-efficient company. Nevertheless, conducting additional research may help you accurately determine a company’s credibility.

3. Technology

The logistics sector has seen a massive transformation because of technological advancements. Technological innovations will continue to emerge because industries are in pursuit of efficiency,

and companies invest in them because they provide a competitive advantage. Companies that invest in advanced systems are more likely to stay ahead of their competitors in this fast-paced, digitallydriven society.

Warehouse automation, cloud computing, machine learning , and tracking systems are among the technologies used by logistics companies. These technologies enable logistics companies to be more efficient while making fewer errors. Moreover, these technologies allow them to handle multiple requests simultaneously.

doesn’t like their product or service, another company will snatch that customer away from them. So, they should prioritize customer service.

However, determining customer service quality may be difficult. Invariably, nearly every company you contact will likely claim to be the solution to your every problem. Therefore, you may only be able to confirm this over time.

Therefore, you need to look for a logistics partner with advanced technology. You can make orders anytime, and because of enterprise resource planning or ERP, they’ll be able to address order discrepancies timeously. Also, you can track your orders to see when the order is processed, packed, and delivered to your customers in real time.

4. Customer Service

If you’re going to engage with a company, they should be proactive, communicative, and able to address your concerns promptly. A logistics service provider should understand that they operate in a competitive environment. If a customer

Even so, you can look for feedback from previous or current clients in the industry that work with your prospective logistics service provider. Or, you could even check online reviews and assess whether the company is receiving positive reviews. It’s generally wise to stay away from businesses with poor reviews.

5. Network of Locations

Businesses have varying distribution needs. But your logistics partner must be able to meet your specific distribution needs. So, for example, if you want to deliver your products locally, you need to look for a logistics company with extensive local coverage. Similarly, if you ship products internationally, your logistics partner should have access to the necessary transportation and shipping networks.

Safety Considerations

It would be best to look for logistics companies that take safety seriously. Safety is paramount whether you’re employing the company for warehousing , transportation, or something else. They must take safety precautions to ensure packages reach the customer’s doorstep intact. As a result, you should assess every prospective logistics service provider’s safety awareness.

If possible, check whether the logistics company has trained their personnel about the necessity of safety. This is especially crucial in warehouses or storage facilities where fragile or flammable products are kept. They should also adhere to industry safety guidelines. To verify this, you may ask for their certifications or approvals.

7. Price and Cost Structure

Before partnering with any logistics company, you need to evaluate their cost structures because these costs may affect your bottom line. You need to estimate the cost per delivery and assess whether the rates are feasible.

service delivery. If you can find a service provider with affordable rates and pricing structures, it can help your bottom line significantly. Some logistics companies use their economies of scale to provide competitive service prices. But you’ll have to conduct research to find which service providers offer the best value for money.

8. Adaptability

As a business grows, its needs may change. So ideally, you need to look for logistics service providers with the necessary resources, expertise, and capabilities to adapt to your unique requirements as they change over time.

An adaptable logistics company understands that your needs may require a tailored solution based on your business model. When you start scaling your business, such service providers will be able to keep up with the changes and maintain the same level of productivity.

Ideally, you should minimize costs as much as possible without compromising quality

9. Efficiency Conclusion

As previously noted, most consumers worldwide now anticipate receiving their orders at their doorstep promptly. Thus, timely and efficient delivery is necessary to keep customers happy. Typically, the shorter the delivery time, the more efficient the order fulfilment system. It’s also critical that the packages arrive undamaged in the hands of the customer. Therefore, when choosing a logistics partner, consider how long it takes them to pick, pack, and ship to your customers.

Efficient logistics companies can transport products using multiple modes of transportation, such as trucks, planes, ships, and vans. They’ll also be able to optimize routes and determine the quickest one. Thankfully, most modern logistics companies have logistics management software to assist them in optimizing all their processes.

Choosing the right logistics partner for your business is crucial. There are many options on the market nowadays, and not all can offer the same range or level of service. Different logistics companies are likely to be competent in specific areas. You can establish the areas of specialization for each company through online research and assessing customer reviews. Then select which logistics service provider matches your needs, meets your criteria, and is within your budget.

Moreover, it would help if you go for a reliable logistics partner with streamlined processes. Remember, efficiency and reliability are essential features that your logistics partner must have. Orders need to be delivered as quickly and safely as possible to maintain high customer satisfaction. Therefore, you need a company that is efficient at executing order fulfilment. Plus, if you work with an efficient logistics company, chances are you’ll be able to reduce logistics costs throughout your supply chain.

Four Things to Know About EMPLOYMENT LAW for Business Owners

If you own a business, it is important that you know at least some aspect of employment law. For instance, if you ever get sued by a former employee, it will be helpful to know your rights and theirs. Part of being informed about employment law also means ensuring that you have a reliable employment lawyer on hand should anything ever happen and you are required to show up in court. Even if you just need to sign some paperwork and want to better understand it, a lawyer can be a great resource. If you are a business owner who wants to know more about employment law, keep reading.

1. Safety Rules

It is the responsibility of the business owner to ensure that working conditions are safe for employees. In order to ensure

that business owners are doing this, there are certain rules and regulations that are set in place to keep employees safe. For instance, you are required to provide specific safety data sheets to your employees if there is a harmful chemical on your worksite that could potentially cause them harm.

2. Child Labour Laws

If you happen to employ students or young people in general, ensure you are well-versed in child labour laws. Although students are allowed

to work outside of school hours, those that are under the age of 16 have more restrictions, such as the amount of hours that they are allowed to work, and the time of day they can work. In some instances, the employer may even require the explicit permission of the parent in order to have the child work for them. Again, these regulations and restrictions vary by age.

3. Hiring Employment Lawyers

If you are facing any sort of lega problems,

you are going to want an expert by your side. The last thing you want is to go into a legal situation without any proper representation on your side. Be sure to hire not just an attorney but an attorney that is specifically trained in employment law. An employment lawyer will know all the laws regarding employment from front to back, so you can rest assured that you will be in good hands. Not only that, but they will know what action to take and can counsel you in the right direction.

4. Termination of Employment

When it comes to terminating an employee, in most instances, you are legally required to give notice. Otherwise, you would have to provide compelling evidence that justifies the termination without notice or give monetary compensation in lieu of notice. If you are unsure whether or not the potential termination of an employee is within their rights, you can always speak to an employment lawyer who may have all the answers that you need. Do not hesitate to reach out and ask any questions you may have. After all, it is better to be safe than sorry—or sued.

SUSTAINABLE LEADERSHIP: 3 Eco Strategies For Business Owners

We’reall aware of the importance of sustainability these days, and this is no more apparent than in the world of business. Not only do corporations have a huge impact on the environment, meaning implementing eco strategies can help to save the planet, but doing this can be beneficial for the business itself.

For example, one study revealed that four out of five people were likely to choose a brand that had a positive approach towards the environment. Several others have found that eco-friendly companies are more profitable for reasons like people being willing to pay more for sustainable products, and lower operating costs.

When it comes to implementing sustainable strategies, it’s down to business leaders to take the initiative, just like with any wholesale business changes. This will ensure that stakeholders are on board and that the necessary policies are implemented across the organization. To help business leaders drive this sustainable change, we’ve outlined three eco-friendly strategies they can put into effect quickly to get the ball rolling on a more climatefriendly future.

1. Work with a leadership advisory firm that knows sustainability

One of the main issues business owners face when crafting a plan for sustainability is a lack of relevant expertise, which is understandable if they’ve never implemented such changes before. According to a survey of company executives by global leadership advisory firm Egon Zehnder, 66% of businesses say the CEO owns the sustainability agenda, rather than a dedicated sustainability executive or leader. Overall, only 9% of those surveyed have a Chief Sustainability Officer.

The most logical solution in this scenario is to rely on those who do have this insight, which is why the first tip here for businesses is to hire a leadership advisory firm specializing in sustainability to guide them. A leadership advisory firm assists executives like CEOs, boards and Chief Sustainability Officers with their organization’s sustainability agendas, helping them assess its specific green risks and opportunities.

operate entirely. Some examples include:

Big data analytics

Utilizing data for sustainability efforts can be incredibly beneficial, specifically big data, which refers to large, hard-to-manage volumes of information. As noted by Deloitte: “By collecting and analyzing data on a wide range of sustainability-related factors — including energy and resource use, greenhouse gas emissions, and supply chain performance — companies can generate the deep insights they need to guide their sustainability-related initiatives and improve their overall resource efficiency.”

Internet of Things

For example, they can work with them to identify insufficient sustainable procurement levels, a lack of compliance with sustainability laws, or an opportunity to develop greener products.

2. Harness technology

One of the best ways to improve a business’s sustainability is to harness technology, as this can help them transform the way they

The Internet of Things (IoT) refers to internet-connected devices, with everyday examples including smartphones, smart security systems, fitness trackers and medical sensors. Using IoT devices can be transformative for sustainability endeavors — for example, you can use them to optimize waste, energy and fleet management efforts, among other things.

energy

Renewable energy is energy from a source that is not depleted when used, and there are so many ways businesses can generate their own and do their bit for the planet. Examples include everything from solar panels and biomass systems to geothermal pumps and even wind turbines if the company has sufficient land.

3. Work towards a B Corp certification

A B Corp is essentially to businesses what Fair Trade is to coffee and securing one can be huge for a business’s sustainability credentials. The certification is given to for-profit organizations that achieve a minimum score for certain social and environmental standards. Assessed by the not-for-profit B Lab,

a business’s impact on the air, climate, water, land, and biodiversity is measured. Companies that have environmentally innovative production processes and those that sell products or services that have a positive environmental impact are also likely to score higher as a result.

As well as giving a business extra motivation to be as sustainable as possible, some of the main benefits of a B Corp certification include:

• Building credibility and trust

• Attracting the best talent

• Driving opportunities for new business and partnerships

From working with specialized consultants to gaining a B Corp certification, there are so many ways businesses can bolster their sustainability credentials. By doing so, they can play their part in creating a greener future for everyone.

Top 8 Benefits of Hiring a Storage Management Company for Your Online Retail Business

If you are an online retailer, you know that shipping orders to customers are a big part of your business. You also know that it can be a costly and time-consuming process. If you don’t have the resources or expertise in-house to manage those logistics, it might be time to consider outsourcing them to a third party. A storage management company is ideal for managing your online retail business. Here are some reasons why:

Inventory Management

Inventory management is an important part of any retail business. However, it can be tough to keep track of, so hiring a storage management company is essential. The company will ensure that your inventory is safe and secure and track it so you don’t overstock or understock items. This way, you have less risk of theft or damage to your inventory. A storage management company will also organize all your products in one place. All you need to do is find the right size for each customer without mixing them in boxes around the store.

Market Research, the warehouse management system market reached a value of around $ 2.6 billion across the globe in 2020. Furthermore, the market is expected to grow at a CAGR of 15.5% from 2022-2027. As a result, it is expected to reach $6.2 billion by 2026.

Improved Efficiency

According to the latest report by Expert

As a start-up business owner, you have many things on your plate that can take up a lot of time. And in the case of an online retail business, one of these tasks is managing your inventory. However, instead of worrying about this all day, you can focus on other areas that are just as important, like customer service and logistics. Hiring a storage management company for your online retail business allows you to offload some work to focus on what matters most, making money.

The addition of AI technology by storage management companies has proved to increase supply chain efficiency.

Value-Added Services

You can also benefit from a storage management company’s ability to offer value-added services such as:

● Customer service: The company will be able to provide customer service for your organization, helping you deal with customers who have complaints or questions about their orders. They may also be able to provide information about shipment and return management. It means they can handle any issues that arise from those processes.

● Shipping: Since many businesses cannot meet their customers’ needs when it comes to shipping products, a storage management company can help with this aspect of business operations. It can also provide shipping services for you and your company’s products. It will take some pressure off your staff, giving them more time and energy for other things like customer service or marketing.

The Global AI technology market was $93.5 billion in 2021 and is expected to grow at a CAGR of 38% from 2022-2030. Storage management will not be left alone to get the benefits of this. Many storage management solutions have already integrated AI technology to smoothen their services.

Save Time and Money

You can focus all your time and energy on the things that make you money.

By hiring a storage management company, you will be able to keep up with the growing demand for your products. As a result, you will save time and money by outsourcing these functions instead of trying to do everything yourself.

Improve Customer Experience

According to Zendesk, around 81% of customers would return and buy from your business if they have a positive customer support experience. On the other hand, you can lose 61% of customers after a single bad customer experience. In comparison, it could increase to 76% of customers switching to other businesses if they face two unpleasant customer experiences. These stats highlight the emphasis on customer experience in any business today.

A storage management company can help with this by providing 24/7 access to inventory and shipping information. The customers can check on their orders whenever they want, even when it isn’t convenient for your staff members who work 9-5 hours during regular business days.

If a customer has a question about their order status, the storage management companies use advanced reporting software to solve their query. This software allows the employees at HQ to see which items need more inventory before sending them off to distribution centers around the country. With all this information at hand via one handy dashboard screen and multiple options available, you can minimize the chances of errors. Even after that, if something goes wrong due to human error on someone else’s part, you’ll be able to handle it carefully. It will improve customer satisfaction and cut costs related solely to handling returns or making exchanges.

Provide Expertise to Grow Your Online Retail Business

As an online retail business, your number one priority is your customers buying from you. No matter how great the products and brands are, they won’t come again if you don’t provide them with an excellent experience. That’s why you should ensure that your website is easy to navigate and that there are no snags in the ordering process.

A storage management company can provide expertise in the industry that you may not have. For example, they might be able to help you grow your business by providing access to new markets and new customers and also managing your inventory. They also might help with freight costs by allowing deliveries direct from the

manufacturer or warehouse directly to an individual location.

Deploy Advanced Shipping Options

One of the best benefits of hiring a storage management company is that they have the knowledge and experience to provide you with advanced shipping options. In addition, it can be beneficial for your business if you can offer a variety of shipping options that are the best fit for your customers, products, and your business.

Manage Freight Costs

The freight costs for your e-commerce business can be a large percentage of your total cost of goods sold, so it’s important to ensure you’re getting the best deal possible. A storage management company can help you manage freight costs in several ways. First, they have access to shipping software that can optimize your routes and reduce them by consolidating shipments and using less expensive carriers. It means more profit for you.

Conclusion

We hope this blog post has helped you understand how a storage management company can help your online retail business. If you’re looking for an expert who can help with inventory management and shipping, give us a call today.