Category: Operations

Any professional that works with electronics, high voltage installations, gas, plumbing, the rail services or anything similar all have something in common in their line of work, and this is that a lot of their work relies on accurate readings. All of these readings will be different types and obtained in different ways, but the similarity is that they require readings to get their job done both properly and safely, which means that they need testing equipment of the highest quality. Having high quality testing equipment improves accuracy, and it should also last a lifetime too, so it is always worth the investment.

A good example of the importance of this accuracy is when you use a traditional tape measure. These are extremely helpful, but have you ever used one and then found yourself a few millimetres out? This is something that occurs all the time, and it is because these tape measures are a bit fiddly, they often require two people, and it is not easy to get a totally accurate reading. The best solution to this is to invest in a high quality laser distance meter, as these will give you completely accurate readings and are extremely easy to use. This is just one example of high quality equipment, and a lot of the testing equipment that electricians and plumbers use is a lot more important than this example because of the risks involved in their line of work. Advances in technology have really benefited any worker that needs accurate readings, and it makes their jobs much easier but also safer too.

Finding the Best Quality Testing Equipment

This is why they will need the best voltage detectors, cable locators, fuse finders, leak detectors, earth and insulation test equipment, carbon monoxide detectors, flow meters and lots, lots more. All of these help to get the job done properly and safely, and it is always worth investing in the best kit as otherwise you run the risk of error, and your equipment may deteriorate over time as well. This means that you need to find a supplier, like PASS, that carries all the leading industry names. It ensures your own safety as well as the safety of those around you, so it is up to you to make sure that you are up to the task at hand and have all the right tools for the job.

Running a business can be exceptionally difficult in today’s economy. It’s hard enough to get a loan, but even more of a pain to keep excessive costs down. Bearing this in mind, you shouldn’t allow your budget to get in the way of your ability to reach your goals, especially if you have the knowledge and drive it takes to push a business in a forward direction no matter what the scenario.

There are several low-budget business strategies that can help your company turn a profit each year or at least stay out of the red. Learning how to integrate them into your business plan is an essential part of seeing growth in the coming months and years, and it doesn’t have to be difficult to do so.

Carve Out a Niche

Companies that offer products and services similar to others being offered in the same area often have a hard time breaking through in the marketplace. Usually, doing so requires one to spend a great deal of money on marketing in order to simply get noticed, which is certainly not an option for companies operating off of a shoestring budget.

One of the best ways to avoid this conundrum is to carve out a unique niche in your industry. Take Allegiant Airlines, for example, a company that seeks out routes ignored by other airlines, thus creating their own unique selling point. “Its almost akin to having a monopoly,” says luxury air merchandise Entrepreneur Benny Klepach, and he makes a very good point.

Always Focus on ROI

ROI (or “Return On Investment”) is everything for start-up businesses, as turning a profit is the only way to push forward. Delegating the spending of your company’s money can certainly be tricky, but one thing you should always focus on is ensuring that the money you put into your business is at least somewhat likely to offer you a higher return.

Commonly thought of as spending a nickel to make a dime, ROI is essential to pay attention to not only during the early stages of a business’s life cycle, but consistently throughout the years. Don’t forget that this concept applies to staffing as well. If you’re not getting what you feel you should be out of an employee, you may need to find someone else to take on the job.

Operate as Lean as Possible

The costs associated with simply keeping a business afloat can be staggering at times. After all, you’ve got utilities to pay for, as well as upfront costs for whatever materials you may need and a wide range of other expenses that can amount to an overwhelming sum of money on a monthly basis.

Keeping your operations as lean as possible is the only way to run a business on a shoestring budget. If you don’t, you run the risk of going into debt at an alarmingly-fast pace. Look for low-rent office space, staff a bare minimum of employees and don’t waste money on superfluous items like fancy furniture and expensive signage. The leaner you can run, the more likely it is you’ll turn a profit.

There are certainly a fair amount of constraints that come along with running a business on a tight budget, but if you’re careful with your spending it shouldn’t cause nearly as many headaches as it might otherwise.

Article contributed by Jenna Smith

Franchising can be traced back to 18^th century England, where Lords are said to have given peasants rights on their land in exchange for compensation. That tradition of one entity managing assets for another and paying commission on those assets continues today. There are over 929 franchise brands operating in the UK, with the number of profitable franchise business listed in the 90^th percentile by the British Franchise Association.

You will also need to worry about new investments, like personnel and cost of travelling from one location to another. Learning to work remotely will help, but there is definitely a “secret sauce” to managing your own franchise.

Establishing Funding

Funding will be just as much of a factor, except that you’ll have some of your own money to invest that comes out of the original business. You may have an easier time qualifying for a loan because you can show a successful track record of franchise management. You can cover improvement costs with your own cash and focus investor money on building the nuts and bolts of the business.

Hiring

The main skills you need in franchising involve time management and customer service. Consult your franchisor for hiring tips. Questions to ask during an interview, or skills to look at from a resume could mean the difference between a bad investment and a good one.

Remember that each hire is critical and a bad cog in the machine costs you money and time. That’s why investors like Jake Wand stress the importance of surrounding yourself with enterprising individuals.

Consulting the Franchisor

The franchisor can help take care of much of the stress involved with opening a second or third location. They may have ideas on locations where you can start, or provide some reduced royalties for the first year or two of operation. Be prepared to make a commitment to the franchisor if you want to take full advantage of some of these benefits, but they are often designed with your success in mind.  If the franchisor holds events in your area, attend them and work on building a strong relationship with them.

Good support is your most valuable asset.

Put Customers First

Just like your original location, your focus on customers will ultimately drive your business. Make sure your employees are well-versed in customer service interactions and know how to handle situations. Check with the franchisor to see what, if any, training exists for your employees.

One great way to get feedback on your business is setting up a mechanism online to do so. If your franchisor doesn’t have anything to offer to you, simple software like Survey Monkey can record results when customers visit a URL you give to them. Program your POS machines to print the URL on the customer’s receipt, then make improvements to your staff and procedure based on their opinions.

Don’t Compete

Before you try to corner the coffee market with three different café franchises, be sure that you’re allowed to do so. Some franchises may refuse you if they know that you own a competing location. You should also make it clear that you are committed to developing the new location and will devote resources to do so. Getting approved for the franchise is not a done deal, and should not be perceived as one. Make sure you approach the deal carefully, with the franchisor’s goals in mind with your own.

Partner Up

Partnering frees up time to devote to the new location. Having a spouse or a trusted colleague step in to manage a location can make a huge difference in your productivity. Don’t stretch yourself thin, recruit some help.

Article contributed by Jenna Smith

There are few things more frustrating than having to pay a bunch of money for something that you don’t really need and will probably never use. Unfortunately, for most small business owners or sole proprietors, that is what a lot of business software tends to be.

For instance: you know that you shouldn’t be doing your company’s books on a simple Excel spreadsheet you made yourself; your company is too big for that now. At the same time you don’t need all of the bells and whistles that the major financial software companies insist on packaging with their programs (all of which help elevate the price).

Typically, most entrepreneurs breathe a heavy sigh and go ahead and buy that software anyway. Maybe they’ll wind up needing all of those bells and whistles in the future. Maybe they won’t mind having to pay for expensive upgrades that fix a single bug at a time (ensuring massive profit for the company while potentially causing money problems for yours). This is because, until recently, that was the only option.

Today, though, you can buy subscription based software. What’s that? Subscription based software is software that you don’t actually own but that you pay to use on an as-needed basis. It’s often abbreviated SaaS for “software as a service”.

This got a lot of press earlier this year when Adobe announced that it was stepping away from the standard “here pay for this big thing” model and switching over to a monthly subscription fee. The hope was to pick up business from people using open source alternatives like Pixlr because customers couldn’t afford the hefty one-time payment for the primary software package.

Now, other types of software companies are getting in on the act. Next Process, which now offers SaaS for business process management, had the same basic idea that Adobe had—create a subscription based software service. But they took it a step further. The company also offers assistance with the processes themselves. For instance, a business owner who opts for their Accounts Payable solution can outsource the bulk of their invoicing and collections duties to Next Process and pay only for exactly how much work the system does (after the setup/installation fee).

Imagine being able to outsource the chasing down of client payments (to a certain extent)!

Subscription based software isn’t just for tech companies either. It’s a big hit in the entertainment industry as well. Just look at streaming media companies like Netflix and Hulu Plus. A better example, are gaming companies. The MMPORPG (Massively Multi-Player Online Role Playing Game) industry is doing better than it ever has before. These are large complex games that charge a monthly fee for players to continue playing.

So, should you switch?

Before you make the leap and switch over all of your software to pay-as-you-go and subscription based services, ask yourself the following questions:

1. Is there a subscription based service for what I need?

2. Is that service truly secure or could a twelve year old with too much free time hack in?

3. Can I afford the subscription fee/payment plan?

The answers to those questions will help illustrate what path you should take.

Article contributed by Jenna Smith

Article Contributed by Drew Davies

One of the defining features of the modern entrepreneur is a nimble and questioning mind. Without an innovative sense of time and place it’s hard to imagine, let alone put into practise, all the separate strands that go into building a successful business.

Before you can fly, you need to get your feet grounded in the basics, and for most entrepreneurs that means finding office space and storage for stock or business necessities.

Setting Up the Home Office

Easy internet and email communications, inbound marketing via social media or blog networks, and the professional capabilities of home office equipment, all streamline daily operations. But to get the best from all that technology, an exclusive business area in the home is of prime importance.

If it means putting some domestic furniture into self storage, do so. You could put the dining table into storage to make way for a good-sized desk or, if that’s a step too far, consider the possibility of clearing space by storing individual items. Packing up favourite novels or coffee table books, for instance, frees up book shelves for document files or reference books.

Choose your spot in the house and adapt it to accommodate everything you need for business purposes. Nothing wastes time or scatters concentration more than wandering from room to room to complete basic tasks.

Organise Stock Storage

Without careful control, stock storage can quickly turn into a nightmare. If you have a range of items for sale, you soon realise the need to store logically and systematically.

For many small business owners, offsite self storage presents an ideal solution to an overcrowded house or garage. There is only so much spare space in any domestic household, and for the entrepreneur with one eye on expansion possibilities, the likelihood is that home storage space gets rapidly outgrown.

Self storage, being both secure and convenient, has further advantages, one of which answers the expansion conundrum: many storage companies offer flexible terms, allowing renters to move into larger or smaller spaces without fuss or long notice periods.

Multitask to Maximise Space

Wherever you choose to store items, either for sale or for daily business needs, make sure you’ve also got space to work. That area under the stairs might get everything out of sight, but if you’re forever fetching and carrying to pack items for postage, it’s not an efficient storage solution.

Ideally, retailers will store, pack and dispatch all from the same area, and service providers or information product creators will have printing, computing or telephony equipment and peripherals conveniently located where they work.

Keep Stock or Tools Visible

Small stock items or tools of the trade need to be visible for easy, on the fly stock takes or the quick location and retrieval of work-related equipment.

Choose transparent plastic boxes over standard cardboard ones, open shelving over closed-in cupboards, and favour flat, sturdy lids if you’re stacking boxes on top of each other.

Share a Space

If you can, team up with other entrepreneurs in your area to share storage or office space. If you’re worried about stock getting muddled, having a large enough space to clearly demarcate your respective areas could still work out cheaper than renting separate storage rooms.

Rented office space is often underused, and could be let out instead of wasted. Make use of cloud storage to electronically take care of paper records then sell or store space-hogging filing cabinets. Installing and renting out a desk in the freed-up space will do a freelancer a favour as well as cutting your rental charges – but do check the terms of your lease before going ahead.

Getting to grips with storage issues and office space from the outset, and choosing options that offer flexibility, clears the way for future business growth. You can then spend more time working creatively instead of putting out the helmet fires that are caused by confusion.

About The Author

Drew writes for Big Yellow Self Storage, which has 76 purpose-built self-storage sites across the UK. For more information see their business storage section or blog.