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Entrepreneurship is a journey that involves a myriad of things that should be done right for a better outcome. Before starting a business, you must be well versed with many different things and strategies to sail through successfully. After all, you’re not the only one in the business. You’ll find many existing businesses similar to yours which have a little bit of reputation. This means there are higher chances of getting it tough when you start. However, with patience and hard work, you’ll still begin to make money slowly by slowly. The recent technological trends have shifted the market to the digital space. Statistics show that at least 80% of people search for products and services online before purchasing them. They also make comparisons to get the best products and services. This means that the need for having a business website can’t be underestimated. There are many web design companies that can help you create a great webpage that’ll attract many people. All you have to do is to search over google and use the keyword “website design companies near me“, and you’ll surely find professionals who can assist you with your needs. 

Additionally, you need proper planning and making sound decisions so that you can get running. 

Below are 4 things to consider before starting your own business:

1. Budget

Typically, the kind of business you start will largely depend on how much you have to spend. You can’t spend what you don’t have. Depending on the nature of the business, you might need small or huge amounts of money. However, business startup experts recommend that people start by investing low amounts of money and continue growing slowly depending on how the business turns out to be. This is usually meant to minimize the chances of business failure. To budget properly, you need a well-defined plan for funding these expenses. You can use your savings or borrow a loan from a lending institution or your friends and family members.

2. Target audience

Customers are the lifeline of every business. Without them, no transactions will be made. They form an essential part of the market chain. Therefore, before you start a business, it’s essential to determine your target market. Consider the demographics of your audience so that you can start a business offering the right solutions. You need a clear picture of what solutions you’ll offer to your customers concerning their needs. Business operations are two-way traffic. If you offer the right products that match your customers’ needs, be sure that your business will continue growing and vice versa. If you understand your audience, you’ll also know when they’re satisfied and when they’re not. This will help you improve your products or services and continue with your operations successfully.

3. Competition

Before starting a business, you must consider the level of competition in the industry. Competition is usually the number one factor that kills many startup businesses. If you dive into a business without proper knowledge of the competition in the field, there are high chances of closing shop in the near future. Business experts recommend that entrepreneurs should avoid highly competitive fields. This is because of the established brands with a huge market share. These brands also have a competitive advantage over new businesses meaning that they can even price their products and services more cheaply and still remain competitive.

4. Risk

Every business has its own risks. It’s, therefore, essential for entrepreneurs to consider the level of risk before engaging in any business. You need to calculate, understand and plan for the risks you’re likely to experience when you start your business. 

Since you’re just starting, it’s not worth taking high risks since they may become more costly in case of eventualities. There are opportunities that do not require as much investment, such as the print on demand etsy integration.

Even if you insure your business against the risk, you might also fail to recover the liabilities, especially where there’s no clear explanation of what led to business failure.

These are the top things to consider before starting your own business. Intensive research on the field you’re investing in is very crucial. You also need a detailed business plan and a mentor to help you make the right decisions.

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As supply chains grow longer and more complex, the risk of waste is greater than ever. A 2021 study conducted by the commercial recycling and waste management company RTS revealed that approximately 30-40% of food produced by farmers is never consumed.

One of the biggest reasons for this is the prevalence of waste throughout the supply chain, where even the most advanced and vigilant tracking systems still suffer from significant blind spots. Enhancing visibility is the best way to combat the loss of product, since stakeholders gain a full view of potential bottlenecks.

Here are five ways logistics managers can improve the visibility of their supply chains.

Identify Weak Links

When conducting supply chain reviews, most companies automatically identify inventory management as a weak link. However, this might not apply to all companies. You need to involve every stakeholder in internal reviews if you’re going to identify what’s truly holding visibility back.

For instance, inventory management might be a problem, but the real issue might be a lack of technology that allows you to monitor and react to storage condition violations. Identifying weak links should be followed by an evaluation of the best solutions to fix the issue.

For instance, adopting reliable warehouse management software is a good idea to detect the gray areas of supply chain and logistics in warehouses. Managers can use WMS software to manage, scale, and monitor warehouse activities in real-time. With cloud fulfillment platforms, business-to-business (B2B) and business-to-customer (B2C) companies can drive supply chain modernization. Therefore, it’s high time for logistics managers to shift from legacy systems to cloud supply chain management solutions.

Often, the problem doesn’t lie with technology but with internal workflows. Unnecessary paperwork or process steps might be jeopardizing shipment quality. Identify the goals you’d like to achieve before creating a process workflow.

Involve all process stakeholders, including input solicited from third-party vendors and customers, before defining a new workflow. Set a deadline to implement the new process.

Track Everything

As the need for visibility in supply chain logistics grows, companies need to review the technology they rely on. Tracking systems are the building blocks of a transparent supply chain. While analytics packages help you identify patterns and design smart delivery routes, they’re built on data provided by data loggers attached to shipments.

The more you track every step of your supply chain operations, the more you can refine and create more efficient processes. For instance, monitoring the condition-related data of your on-site inventory will help you identify any blind spots in inventory management.

Tracking is extremely useful when determining the cause of damage. Was a product transported in a compromised state, or was it the shipper who caused the damage due to faulty storage? The answer to these questions have significant insurance impacts, and tracking is the only thing that will help you avoid issues.

Data tracking also helps you gain a full picture of the performance of your suppliers and shipping vendors. Some vendors might perform better during certain times of the year, while others might have infrastructure suited for specific products. Create a product map of your vendors and rate their performance. 

This way, you’ll always know who’s best to turn to when a new order hits, based on the specifics of that order.

Increase Vendor Collaboration

Many logistics providers keep their vendors at arm’s length and consider them as fully replaceable. There’s no doubt that the shipping landscape is competitive, and there are many service providers offering bargain rates. 

However, choosing a provider based on pricing alone isn’t always wise. Bringing your vendors on board with regards to processes will help you identify the pain points they face. For instance, the route you’re choosing to transport goods might not lend itself to maintaining product integrity, irrespective of the infrastructure the shipper has. 

Alternatively, your data might not be up to speed, and the shipper will have better insight into local conditions, having navigated them regularly. Taking these considerations on board and communicating your new process goals will help you create a cohesive supply chain network. 

Your vendors will help you achieve your visibility goals when you collaborate to create processes with them instead of forcing new work models onto them.

Open your communications lines to vendors. For example, include a dedicated service line or staff to handle all vendor matters. Keep in mind that regular communication and collaboration can streamline processes to avoid delays and impede operations. 

Any communication gaps, such as contract misunderstandings, must have immediate resolution. Logistics managers must reach out to vendors and work on mutually agreed concrete solutions to nurture good vendor relationships. In that way, logistics managers can boost supply chain visibility with full vendor support.

Invest in Analytical Talent

Data collection happens all the time throughout the supply chain. However, making sense of data is easier said than done. Most companies have been slow to invest in analytical talent that can help them clean, prepare, and analyze the vast amounts of data they collect.

Some logistics providers have turned to AI to help them create better processes. However, AI isn’t at a stage yet where it can completely take over the process. These algorithms need training, and this is where a data analyst or scientist comes in handy. 

These people will help you avoid biases in your analysis methods and will help you create robust models that automate processes for you. The result is less clerical work and more value creation. 

Employing data science-oriented talent in your company will require you to change your culture. However, the investment will be well worth it.

Refine and Improve

Increasing visibility in the supply chain is an interactive and iterative process. You have to constantly track your data and improve your thresholds. 

Storage and external conditions change all the time. Constant refinement will help you stay on top of these trends.

Create regular reviews of your data and automate reporting. Identify new KPIs that can measure your efficiency more accurately. 

With technology, logistic managers can monitor key performance indicators (KPI) in real-time. The supply chain management KPIs include the cash-to-cash cycle time, customer order cycle time, fill rate, perfect order rate, inventory supply days, inventory turnover, on-time delivery, reasons for return, on-time shipment, and supply chain cost. Monitoring these KPIs can have a significant impact in the strategic decision-making for successful supply chain operations.

Throughout all of this, keep up your collaborative efforts with your vendors.

A Perspective, not Just a Process

Bringing increased visibility and transparency to your supply chain requires you to adopt a different perspective from the past. 

Think of your supply chain as a network instead of a collection of different parts. This attitude will help you design better processes that will delight your customers and increase your bottom line.

Infographic created by Track Your Truck, a vehicle tracking system provider

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Public speaking is a classic fear held by a large proportion of people, and for many this may only get worse when sat in front of a live TV camera. 

If a representative from your company is set to speak to the media, they will of course need to come across as poised and professional (and to give a good impression in general). 

To make sure they can do this, it’s an extremely good idea to prepare your spokesperson with a media training course. This will set them up to feel comfortable with the situation, to know what they can expect, and to have a sense of how to best conduct themselves in a television or radio interview scenario. 

So what are some things you can do to prepare for a media appearance? In this article, we’re going to look at several techniques you can use to prime your spokesperson and get them ready for their big moment in the spotlight – and ensure they know just what to do to represent you in the best manner.

What Is Media Training?

A media training course is a kind of communications training that is designed to help individuals prepare for interviews or other appearances with television, radio or print outlets.

It primes them with knowledge and techniques to cover lots of potential problem areas, such as:

• What should they talk about and how should they stay on topic?
• How should they answer if they receive any difficult questions?
• What are some techniques for appearing professional and likeable on television?

Often, a media training program will incorporate ‘mock interviews’ to get the interviewee comfortable with the format and help them to relax around cameras and microphones. 

This is all done to ensure that the spokesperson can relax on the day and can give a great impression. By the time they appear on the viewer’s TV screen, they will have already practiced numerous interview scenarios and will be comfortable enough to deal with whatever happens.

How To Prepare Your Spokesperson For A Media Appearance

When preparing for a media appearance, the first thing to get right is to really know your talking points and stick to them. 

In order to have an impactful media appearance, you need to clarify your key messages and make sure they come across loud and clear. Your spokesperson shouldn’t go too far off topic and should try to make their points with precision. This is one area where a training course can help.

A television interview is a chance for the public to put a face to the brand, and with this in mind, it’s also vital that your spokesperson comes across as honest, credible, and likeable. 

This means that they should always try to stick to the facts and not embellish the truth – and it also means that they shouldn’t make up a reply if the host asks them a question they don’t know how to answer.

Doing your homework

Before the interview, it’s a very good idea to research and plan for some of the likely questions your spokesperson will face (a good media training course will cover this). 

This might include standard queries about the spokesperson, their role in the company, and their credentials for speaking on the given topic (as well as the salient points concerning the business itself).

It’s also advisable to think about the specific show they will be appearing on and the presenter they will be talking to. What kinds of things tend to get brought up on this programmed, and what does the host tend to respond well to?

It also helps if your representative will be able to back up their points with data and research, so it’s prudent to equip them with all the necessary facts and figures beforehand and to make sure they know them inside and out. 

Steering The Conversation

Depending on the nature of the interview, the host may attempt to change the subject away from what your spokesperson wants to discuss. Sometimes, this may even be an attempt to bring up a controversial topic you would prefer not to address.

It may be tempting to want to shut this down and say “no comment”, but this is a really bad tactic. To the general public, this response sounds evasive and implies that a full answer would represent ‘bad PR’ for the company. 

Instead, it’s much more effective to learn some strategies for steering the conversation naturally back towards a more desirable topic. 

One classic technique taught on media training courses for doing this is known as ‘bridging’ (as it allows the speaker to bridge the gap between one topic and another). This might include the use of phrases such as:

• “That’s a good question, but the really important issue here is…”
• “I don’t have that information to hand, but what I can tell you is…”
• “I understand the concerns, but our research shows that…”
• “I’d need to look that up, but what I do know is…”

These bridging elements (and others) can allow your spokesperson to segue smoothly from a potential problem area back to more familiar territory – all the while giving the impression that they have fully acknowledged the interviewer’s question. 

Showing Some Personality

Of course, your spokesperson can’t just get through a media appearance by repeating pre-prepared lines like a robot. 

Part of the point of putting a spokesperson on TV is to allow the public to put a face to the brand name and create some human connection. More than ever before, people would much prefer to deal with a real person than a faceless corporate monolith – and you want them to see that your company is run by real people who care. If your spokesperson comes across as warm and likeable, so does your business. 

So while it can be a good idea for your speaker to rehearse some lines and soundbites ahead of time, they won’t want to sound too stiff. They shouldn’t say things that don’t sound like them, and shouldn’t be afraid to be themselves (within the bounds of broadcast propriety, of course!). 

Final Words

A successful media appearance can make an enormous difference for the profile and credibility of your business. 

And with the right training course for your spokesperson, you can make sure they are fully primed and ready for whatever the interviewer might throw at them.

If you need help with your spokesperson media training needs, consider using a broadcast PR agency for professional support.

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Are you looking to start a business as a sole trader? Do you want to make sure you start your journey as a sole trader on the right foot and as prepared as possible? Well then, keep reading! In this blog, we’ll teach you how to prepare for your sole trader journey so that you can increase your chances of success in your new profession.

Consider the Pros and Cons

As with everything in life, you first need to consider the pros and cons of working as a sole trader before making a decision on how you want to work as one. Understanding the pros and cons of working as a sole trader will allow you to take advantage of the potential benefits, and minimise the costs of the disadvantages.

The main pros of working as a sole trader include:

• Being able to use your own name as the business name without having to register separately with the Australian Securities and Investments Commission
• Being simple to set up and operate
• Retaining complete control over your business assets and related decisions
• Being able to use your individual tax file number (TFN) to lodge your sole trading tax returns.
• Not having to pay costs such as payroll tax, superannuation for employees and workers’ compensation (as you are not considered an employee of your own business)
• Being a relatively simple business structure to transition out of if you wish to grow your business or experience a change of pace

In contrast, the main cons of working as a sole trader include:

• Being personally liable – meaning all your personal assets are at risk in the unfortunate case that things go wrong with your sole trading business
• Having little leeway for tax planning (you are personally liable to pay tax on all the income earned from your sole trading business)

Be Mindful of Your Business Name and Trade Marking

Although you can use your own name to avoid having to register for a business name, sometimes a separate unique business name may be more preferable. In such a case, you will need to get an Australian Business Number (ABN) to apply for a business name.

It is also important to consider trade marking your business name, or any other names you use for your business to protect it from misuse by others. You can work with a trade mark attorney to ensure you take the correct and necessary steps to trade mark your business name and other intellectual property.

Purchase Insurance

As a sole trader, you will be responsible for all the liabilities of your business. This means that your personal assets are at risk. As a result, it is important to purchase insurance for yourself, as well as your business assets (e.g. work-related equipment) to provide yourself with a safety net in case things go wrong.

If you are considering becoming a sole trader, be sure to take the following steps to prepare yourself for the challenging but rewarding journey thoroughly.

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You simply can’t skip ads when you have a business. You have to make people be aware of your company and let them know that you have the solution to their problem.

Building brand awareness is a process, and you can achieve it using several marketing strategies, including those that don’t overwhelm the audience. Yes, you can be promotional in ways that feel natural and foster genuine interactions with the community.

Ads That Don’t Annoy

Your online ads can be effective and unobtrusive for a better user experience. They can blend into search results that Google deems to be relevant for the user. (There’s still the word Ad next to the result for transparency.) Or they can appear on related websites based on your targeted keywords. You need to work on such advertisements so that they show and perform as expected. Learn how to grow your ads for better results.

Contests That Generate Buzz

Running a social media contest can generate natural buzz for your business. It’s the participants who will spread the word through their posts on Twitter, Facebook, or Instagram using the official hashtag and by mentioning their friends. You can make the contest timely, like picking the most heartfelt Mother’s Day message or challenging netizens to make the most creative product presentation. 

Giveaways 

They are less complicated than contests but can still boost your social media presence. You can offer a freebie for having 100 or 1,000 followers or reward 10 people who liked and commented on the promotional post.  

Here are some helpful reminders to avoid flopping or incurring the wrath of the internet community: 

• Set clear mechanics, including mentioning the contest period and location restriction.
• Offer prizes that are too good to be passed up. They can be limited-edition merchandise, vouchers, and anything related to the brand.
• Promote the event to attract more participants.
• Post engaging content to maintain the momentum. 

Gifts That Wow Clients, Employees

Express your appreciation for the people or businesses you work with. You can opt for the tried and tested items, such as pens, shirts, mugs, bags, and golf umbrellas with the company logo and name. Or make way for modern gifts, such as spa essentials, socks, succulents, and s’mores. Whether it’s a thank-you gift or a performance incentive, show your employees that you care. 

Guest Posts That Provide Information

Writing for other websites or blogs raises brand awareness and website traffic. There may be billions of web pages, but quality content still rules, and here lies an opportunity. After all, you are guest posting to inform or educate readers. Any link to your website or pages can go to your author bio or where it fits naturally in the post. 

Pro tip: Don’t neglect your own backyard. Keep your blog updated with free insightful resources.

Collaborations That Match Your Brand

Like the essential workplace dynamic, collaboration as a modern marketing strategy involves working with a vlogger, blogger, or someone who wields influence. As some people say, you are basically tapping their reach to promote your business sneakily. To gain value out of the partnership, choose an influencer who have these qualities:

• Matches your brand values
• Collaborates with you to create the content
• Speaks to your intended audience and gets them engaged
• Agrees to work based on your budget 

Product Placements That Look Natural 

This kind of advertising is common in TV shows, music videos, and movies, where the appearance of cereals or laptops seems random but their brand names are clearly visible. It can cost you a lot to do one product placement in traditional mass media. In the alternative, you can work with an influencer, as noted above, to do the product placement on their social media accounts.  

Packaging That Presents the Brand

Treat packaging as separate from the product, with packaging design a distinct art and science. The packaging sets a great first impression and enables customers to associate it with warm experiences like unwrapping presents. So draw attention to the pouches, mailer boxes, and custom product packages that are branded with your aesthetic. The contents, from cookies to cosmetics, should be equally good. 

Products That Deliver on Their Promise

One customer’s positive experience can encourage others to do the same. And a friend’s recommendation sometimes resonates more than a celebrity’s endorsement. This all means that you have to ensure the quality of your products and that they fulfill their intended purpose. Create an environment where customers can easily share their feedback, including points that can still be improved on. Lastly, let them know that you are listening.    

Are you all set to make a good, lasting name for your business? 

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