One of the greatest advantages of small businesses is their agility.
The ability to make quick decisions is what makes us so competitive. We’re nimble. Whether it’s launching a new product, responding to customer requests or changing a business’s focus altogether.
David Koch is best known as ‘Kochie from Sunrise’, co-host of an Australian television breakfast program. But he also runs a small business, a boutique media production agency called Pinstripe Media. It’s a family business that’s been up and running for well over a decade. In fact, David and his family started the business around the same time he was hired to work on Sunrise.
You’re still likely to know someone who will tell you how much better things used to be before “technology”. This term covered anything from mobile phones to computers to fax machines to maybe even television sets. Whatever “it” was, it was to blame for making the modern world far too busy and far less human.
Whether you’re on vacation, attending a conference, or simply working from home, being out of the office can feel stressful.
In the world of inventory management all mistakes are costly. Errors throughout a business’ supply chain almost always filter down to place unnecessary burden on the bottom line.
For any operations manager, it is extremely important to be aware of the common mistakes to look out for when overseeing inventory as well as to know how to prevent them from occurring in the first place.
Have you been told that you should use business networking as a tool to grow your business? You should; it’s an awesome way to expand your brand’s reach and find new clients through referrals, particularly if you’re just getting your business off the ground. But, there is SO much more to be gained from business networking - both professionally and personally - if you put the effort in.
When asked what inventory management is, business owners often say it’s about keeping control over stock levels: optimising how much inventory your business holds, to minimise costs associated with inventory handling, obsolete stock, and logistics. While inventory management assists with all of these things, its benefits to a business extend far beyond this. With the software available today, a good stock management system can help with making better sales, customer retention, business data analytics, security, and cash flow.
Many successful inventors sometimes talk about “BBB time” – time spent in Bed, in the Bath or on the Bus (or other form of public transport). This is when most new ideas come to them, because they’re relaxed and unfocused. Their minds are running on automatic, free to roam far and wide without the constraint of work or other distractions.
If you employ people to provide services to customers, it’s vital to manage the hours invoiced to customers compared to those you pay to staff. Reason being, the differential is potential lost income to your business and precious profit.
Flexibility and the ability to work from anywhere are increasingly becoming the driving forces behind many career goals. FlexJobs (a leading job search site) has reported a 26% increase in remote jobs advertised from 2013-14. Workers are looking for companies that allow them to set their own schedules, work from home or while travelling, and not stay tied to one company.
According to Greek mythology, the temple of Apollo at Delphi was inscribed with the words “Gnothi Seauton.” This translates to “Know thyself” – and it’s a useful maxim for business owners today.
I was driving to work the other day - it was still dark, it was cold, it was pouring with rain, and traffic was at a standstill. Looking around, I could tell people were grumpy, fed-up, and exhausted before their work day had even started. I was feeling pretty sorry for myself, too; man, if I could be anywhere else but here right now… damn you, work, for getting in the way of a nice relaxing life…!
I’ve always appreciated the freedom and flexibility mobile tech allows me to have. From staying in touch with my kids overseas to running the family business on the move. In fact, right now I’m writing this on a plane.
And I think it’s the same for most people. With instant notifications and endless apps across phones, tablets and computers, we’ve never been more connected. In one afternoon, I can Skype family, send off a string of emails and tweet a photo from the footy. It’s all so normal now.
A cash flow forecast is a key management tool for businesses. This video will show you how you can use the Cash Summary report in Xero to quickly create a cash flow forecast in Excel for your business.
Opening additional retail stores is always an exciting endeavor. When implemented correctly, expanding to new locations enables you to tap into new communities, create more jobs, increase revenues, and more.
In other words, opening additional stores can catapult your business to higher levels of retail success. But in order to achieve that success, you need to plan your expansion thoroughly. Rapidly sprouting up new stores can do more harm than good if you don’t think things through.
Running an agency is hard.
It’s the ultimate service-based business where time quite literally equals money. Waste a single second, and you're eating into your margins.
Or even worse, a project that you thought would take 4 weeks takes you 6 weeks. The delay in your deliverable means a delay in a paycheck from your client, and you risk becoming a cashflow negative business.
“We have this big myth in the technology industry that we like to impose on everybody — disruption is going to happen and it’s going to destroy you. But this pattern of change actually takes time.”
Getting your inventory management strategies working in harmony can be a daunting – but far from impossible – task. The key is recognizing what strategies best suit your business needs and having the tools to implement them effectively and efficiently. If you’re a small business looking to take the leap, or a start-up wanting to get the basics right, there are some critical strategies to consider.
Thinking like a freak means looking at common, everyday problems through an out-of-the-box lens. This process lets you question every step involved in your current systems and processes. It also means re-examining whatever conclusions you arrive at. How can you be sure you’re actually performing at the highest level if you’re not willing to deconstruct the way you’re currently working?
“Um… I dropped it really, really hard…” I said as I dropped a baggy full of pager pieces on the desk.
The stunned look on our technology specialist’s face was priceless. She poured the beeper’s remains onto her desk. Sifting through shards of plastic, bits of metal and a crushed battery, she smirked and asked, “Stressful day?”
As a founding member of the Fast Company magazine team, Polly LaBarre has seen her share of successes—and failures—in the business world. Now the cofounder and director of Management Lab, she helps businesses and entrepreneurs succeed. She starts by asking them a single question: Are you capable of changing as fast as the world is changing?
Secretly, my ultimate goal is an empty inbox. I create folders and subfolders and diligently file emails away as soon as possible, or delete anything I no longer need. The thought of my inbox growing massive in number kind of scares me - an irrational fear that if it grows beyond a certain amount, it’s too late to be saved, and I’d just have to give up and let it run wild. Some might call it OCD, I just like to call it ‘organised’.
Raw data describes the facts and figures that a business processes every day. Over time, every business hoards a certain amount of data and it only becomes information to a business after it has been processed to add context, relevance and purpose.
In more than 20 years of writing for and about a wide variety of companies, I’ve noticed something important. The businesses that flourish are the ones that truly understand their customers – who they are and what they want.
As a merchant or a person acquainted with ecommerce, you might have heard such terms as “cross selling” and “upselling”. But if you think these are some sort of sophisticated novelties – they are not. These techniques have been used by many generations of traditional retailers and are still considered to be the keys to profit generation.
Are you a retailer (or retail sales associate) who’s struggling with how to approach shoppers? Worried that you lack the magic touch, or that you’ll come off as an annoying salesperson? Would you rather be awkwardly staring at your store’s point of sale software screen than actually talking to the customer in front of you?
The beginning of a relationship is always the best. You laugh at each other’s jokes, you look forward to every phone call, and you truly enjoy getting to know one another.
This guest blog is by Tim Campbell, the first winner of BBC TV’s The Apprentice and co-founder of the Bright Ideas Trust, a charity that helps people start their own businesses.
In the past, having honest scales were key to doing good business. Today, for many service-based businesses, our scales are our timesheets. Keeping our timesheets honest is not only good for our customers, but necessary to grow your business.
Making your office a little greener is not just a great way to do your bit towards a healthier and more sustainable planet, it can also give your business a point of differentiation, while also helping your bottom line.
Job Management Software is a new market. Anyone using it is ahead of the game. Those that have adopted it name three key reasons for abandoning their old ways. ‘ Needless extra admin’, ‘Scheduling the workforce was painful’ and ‘We have had poor visibility of job progress’ are the top three.
A cloud inventory solution is one of the most important tools for an ecommerce business. Cloud inventory is the core of your operations, providing the infrastructure and technology needed to manage goods. There are many great cloud solutions which integrate with multiple marketplaces, shopping carts, and accounting platforms.
One of the many things I love about working at Xero is how we can spot a gap in the market and work at #xerospeed to create a solution. It’s not only a buzz to see it happen, it’s also great for our customers – and rewarding for the people who work on the project, too.
It’s no question that data is a godsend for many retailers. Analytics can help you get to know your business better and can enable you spot trends, identify problems, and plan for the future. Data also empowers you to make more reliable decisions in just about every area of your business, including sales, inventory, staffing, and more.
If there was an option to make things easier for yourselves…would you take it?
Inventory management can be hard for any business to do well. Whether you're in manufacturing or retail, your business can suffer if you have too little stock – or too much. Here's how to get it right.
Busy offices can generate a lot of paperwork. But too much paper can reduce the efficiency of your business – and cost you money. So what steps can you take to cut the amount of paper your business uses?
Agency-life can be a whirlwind. With client requests, impromptu projects, and ever-looming deadlines, simply retaining your sanity can be tough. But all hope is not lost.
Getting organized is the second most popular New Year’s resolution, according to a study conducted by the University of Scranton. Are you still sticking to yours?
Receipt Bank allows you to add in details of your bank accounts and payment methods in order to help us categorise your receipts and invoices even more efficiently!