By Nigel Hilton
Are you in the process of launching a manufacturing business? What it’s important to understand is that like with any business, setting up a manufacturing business is no easy task – it comes with a lot of stress, hard work, and costs that need covering. However, the rewards and satisfaction that come with success will make every second of hard work worth it. It may take time for your business to get to where you want it to, but if you are willing to work hard and put in the effort, it is possible to make a success of your venture. To make the process a little easier, here are some hacks to take note of.
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A good support system is a must
When you first launch a business – any business – you are so full of excitement, you feel as if you could single-handedly take over the world. However, the fact is that you can’t do everything, no matter how much you might want to. Don’t wait until you are struggling to put a support system in place, get a system in place now so that you know it’s there and that you have it to fall back on, should you need it. It could also be worth looking for a business coach or mentor so that when you need help and advice with running your business, you have someone on hand to help.
The right factory is vital
For any business, the right premises is key. You can’t open a business and expect it to do well if you don’t have a premise that is well suited to your venture and the products or services that you plan on offering. If you opt to buy a factory that’s already been built, you will need to be willing to revamp the space, customizing it to make it your own. You need to think about the size and space that a venue offers, what machinery will need to be fitted, and how much power will be required. You also need to think about warehouse space as well, to ensure that you will have plenty of storage space.
You need a supply network that you can rely on
The manufacturing industry is all about being able to meet tight deadlines. So with that in mind, it’s vital that you have a supply network that you can rely on. What you want to do is choose a reputable company like www.varnerpipe.com, discuss your needs with them, and then trial them for a few months to see whether they are able to meet your requirements. As a manufacturing company, your supply network is vital, as if you are not able to get the materials that you need, like steel piping, for instance, you will be unable to meet your customers needs and will lose business because of it. So take your time thinking about which company to choose for your supply needs.
A skilled and experienced team will help
One of the most important considerations of all when it comes to running a successful manufacturing business (or any business for that matter) is the team that you have on hand to work with. Ideally, you want to make your team up of skilled and experienced individuals, who are hard working, motivated, and team players. Don’t rush the process of hiring team members, take it slowly and ensure that you make good choices. Otherwise, you may live to regret it.
To ensure that your manufacturing venture is a soaring success, take note of the advice above and implement it.
By Nigel Hilton
In a Utopian world, getting a bank loan would entail nothing more than walking into the local branch of your bank, high-fiving the manager, asking how his kids are, filling out a short form and then walking out with more cash than you went in there to ask for. Unfortunately, we don’t live in a Utopian world, not by any standard of imagination. No, we live in a world where getting a business loan is more challenging than learning how to walk a high wire tightrope in Danish clogs.
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We know this sucks somewhat, but it is what it is. Luckily for you, we have spoken to a few friendly bank managers and got their top tips on how you can give yourself the best chance possible of landing that business loan. From there, well, your idea can become the reality you always dreamed of.
But it all starts here, with these tips.
Get The Ball Rolling
It doesn’t matter that you are not fully prepared, or not ready to launch your business just yet. By the time your application has been through the approval process you could have a beard like Gandalf, so it is better to start right now. If you don’t – if you wait until you need the money – then you could find yourself in the most uncomfortable and uncompromising situation you’ve been in since that time you went to Berlin on a Stag Do.
Sort Your Credit Rating
Lenders are going to want to know about your personal credit rating whether you like it or not. That is just how they deem whether you are a risk or not. We know that isn’t the easiest pill to swallow dry, but swallow you must. The good news is, there are ways in which you can improve your credit score, it is just knowing what is going to have the most weight with your lender. To help you out a little, seventy-five percent of the score is made up of payment history, credit utilization and the age of your credit. That’s where you want to start.
It’s All In The Detail
A lender is going to want to know exactly how you are going to spend the money. That is a fact as cemented in truth as the one about Trump being a terrible President. It is not good enough to say you are going to maybe do something with metal. You need to tell them you are going to specialize in custom sheet metal fabrication primarily using stainless steel, aluminium, and copper. Vague and general responses are not going to tick any boxes. Instead, make sure you are giving specific details so that they can determine just how feasible your application is and how seriously you are taking your business.
Take Control Of The Situation
Organization is going to be your best friend in this process and play a key role in whether you get the money or have to resort to a Plan B. That is why you need to over-prepare for any meetings you have with your potential lender. Read every piece of information you can, speak to financial advisors and get their take on the figures, and bring any supporting evidence you can with you. That way you wow whoever is sitting on the other side of the table, and that is exactly what you need to do.
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By Lina Martinez
When you run your own business, there are always going to be areas that you’re not keen on taking care of yourself. It’s always the way. You often started your business because you’re good at the product or service that you sell. So, when it comes to certain areas like finance, you can find it hard to keep things on track. Especially when you’re running your business online, it’s often hard to come away from everything you’re doing to make things work in the physical world. But, what it you didn’t have to? There are a lot of online solutions that you can use to make the finance department run smoothly, here are some below.
First of all, if you do look after the financial side of the business yourself and you’re struggling to keep track of things, you may want to think about using a clever piece of software. Doing things on paper, or keeping track using a spreadsheet just can’t cut it sometimes. So, you need to consider some of the best pieces of accounting software like these http://www.businessnewsdaily.com/7543-best-accounting-software.html that you can download or operate online. Then, you may find it easier to keep up with the numbers.
Outsource Admin To A VA
Then, you may want to think about outsourcing some of the work that you have. If you find yourself bogged down with too much financial administration each month, hire a virtual assistant to help you do it. From taxes to payroll to monthly accounts, you may find that choosing the right virtual assistant with financial experience can save you a lot of time and stress.
Accept Automated Payments
Another idea will involve your payments. You may find that you’re getting payments each month in so many different ways – some of which just feel like they take ages to arrive. So why not help your customers and clients out by making sure that your payment systems are automated. If you’re selling products online, an online payment system or PayPal could really speed up the process of getting paid, meaning that your cash flow feels a lot smoother.
Get Guaranteed Payments
However, if you don’t sell products online, then you may find that you don’t have an option to add in an instant or automated payment feature. This can mean if often takes you ages to receive money that you’re due for completing a job – especially if you provide a service. So, you may want to work with a guaranteed payment system like this https://www.interstatecapital.com/purchase-order-financing/ that will allow you to receive money on time. Again, this should mean that your cash flow is smoother too.
Hire An Accountant
Finally, another option would be to outsource all of your financial work to a skilled freelance contractor that can take care of it for you. Because these days, you don’t actually have to go to a physical office to hire an accountant. You can deal with them entirely online and still get a great level of service and make sure that you finances are in experienced hands.
Cars are dangerous. When you’re behind the wheel, you’re responsible for lives. We all know that, and we drive carefully because of it. But, with yearly car fatalities nearing 1.3 million in the U.S., it looks as though we’re not careful enough. In fact, the majority of drivers will experience a crash at some point in their driving lives.
Of course, we’ll never get to a point where there are no crashes. Driving is dangerous, and accidents are sure to happen. But, the sheer amount of accidents is staggering enough to make us wonder whether something could be done to improve the situation.
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One thing the nation does seem to have under control is protection for those who have been in an accident. Firms like Gray and White Law are the first port of call for many who fall foul to the roads. Having these protections in place does, at least, offer some relief for drivers. But, should accidents be happening at all? Prevention is, after all, better than cure. So, we’re going to look at a few things which need changing to ensure safety.
More focus on safety during lessons
Driving lessons are a nerve wracking process, and there’s a lot to take in. Understandably, then, most lessons concentrate on the driving, rather than safety risks. Presumably, this is due to an assumption that teaching you to drive well will keep you safe. But, the high-fatality figures mentioned above would suggest that isn’t the case. So, is it time for lessons to become more safety oriented? Many would argue yes.
But, how could instructor’s incorporate safety into their teaching? Something as simple as showing beginner drivers the risks would make a difference. That’s not to say that instructors should spend their time frightening students. But, one lesson out of the course which looks at previous car accidents is sure to teach a valuable lesson. Driver’s definitely wouldn’t forget it in a hurry.
Better safety features in cars
Some would argue that more responsibility should be on cars themselves. Every new release has to undergo rigorous testing, which includes a crash test. But, fatality figures suggest these tests aren’t doing enough to protect us. For the most part, there’s not much a car designer can do about full-on collisions. No car will be able to keep you safe if you crash full-speed. But, they could potentially stop that incident from arising.
The good news is, some cars are leading the way here. Inclusions such as emergency brake features and collision warnings look to be the way forward. The problem is, only a select few new releases are making the most of these technologies. Though they may, one day, become required in all cars, that day can’t come fast enough.
Stricter speed limits?
Speed limits should also come under scrutiny when considering driver safety. In built areas and cities, limits are usually modest and sensible. On main roads and countryside routes, though, those limits rise considerably. In the USA, the standard speed limit averages at 75mph for rural interstates. That’s some speed. Crashing when you’re driving that fast is sure to do considerable damage.
But, is there any need for such fast speed brackets? Definitely not. Giving the green light for high-speed driving like this is a sure way to trouble. So, you could argue that speed limits are somewhat to blame for the risks. Dropping these would surely see fewer accidents on the road.
Better road surfaces
There’s nothing worse than driving on bad roads. For one thing, it’s uncomfortable. But, on a more serious note, uneven or potholed road surfaces can pose significant risks. Driving over a pothole at top speeds could cause your car to spin, or make you lose control. Both of which could lead to a nasty accident. Even if you manage to keep control, a nasty pothole could pop a tire and still wreak havoc. So, better road surfaces would also work wonders for driver safety.
What can you do?
So, that’s what needs changing. But, what can you do about it? In a lot of instances, we mere mortals have to sit back and hope those in charge come to their senses. But, you can be proactive about some of these issues. If you think safety should be more important in driving lessons, why not become an instructor? If you’re passionate about improving your roads, you could start petitions. Small steps like these will go a long way towards solving the problem for everyone.
By Brian McKay
All business owners should plan to grow and expand their operations at some point. However, many new entrepreneurs won’t know when the time is right. That is because they don’t have enough experience, and there isn’t a whole lot of information online. With that in mind, this article should help to point readers in the right direction. Use this information to ensure you never expand too soon or too late. If you make moves before your company is ready, you could suffer financial issues. If you leave it too long, you might have missed your opportunity. Read this post carefully, and you should come away with a better perspective.
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When you’re saturated the market
Most company bosses trade in their home country first. That makes sense because you know the culture, and it’s easy to sell to people you understand. However, there will come a time when you have saturated your home market. When that happens, you will need to expand if you want to increase profits and move to the next level. So, you would probably choose to sell the same products or services overseas. It’s just vital that you always seek legal advice during an expansion. Many different issues could affect your potential profits. Import and export fees being some of them.
When your company reaches the desired turnover
When you first launched your brand, you will have created a business plan. You did that to get funding from investors. However, most business plans contain a growth strategy. In that document, you will have determined how much your company has to make before you can afford to expand. If you perform a business valuation and work out your turnover, it might be time to take the step. As all wise entrepreneurs will know, you should never deviate from your original plan unless new information surfaces. If you’ve reached the desired turnover, you should expand right now.
When you’re willing to take a risk
Lots of people hesitate when it comes to growing their companies. They worry about taking excess risks when their business is currently making a healthy profit. However, capitalism only works if your firm continues to expand. So, you need to work hard to ensure you’re willing to take the risk when the time is right. Sure, you might have to check some figures and go over everything a few times. Still, at some point, you will have to take the bull by the horns. Just don’t spend too much time thinking about things because you might miss your opportunity.
To summarize, the time to expand your business is determined by market availability, turnover, and your gut instinct. Things can always go wrong, but they can also go right. So, sometimes you just have to take a leap of faith and trust your judgment. If you allow any company to stagnate, it will cease to make a profit pretty quickly. So, you need to expand if you want to succeed well into the future. That is how you will become wealthy and build something impressive.
By Nigel Hilton
If you are a brand new business, you have probably heard all the rules that every new business needs, you have probably done your homework. However, if you want to survive, make it through your first year, there are some things you need to do which are so important you simply can’t do without them! Make sure your business does better than you ever planned it to do by following these simple things that every business needs to do to do well:
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The best thing you can do for your business is to have a niche. This may go without saying, but if you don’t have a niche, all your potential clients will go to your competitors who are already established and have made more of a name for themselves. Once you have a niche, it will be easier to figure out who your customers are going to be. It will also be a great chance to become very specialized in the topic you have chosen. Also, you will have less competition, or sometimes even no competition! Making it all the easier to do the marketing as well as gain potential customers. Once customers figure out that they need that service or product again, they will only have one place to return. So having a niche market is one of the most important things you can do in those terms. This can also help you understand the value of your company. Using this business valuation calculator can also provide insight.
After having a great niche figured out, the next best thing you can do for your business is to have a fantastic team. You’re going to want the kind of team that is always hard working and understands your business perfectly. This may take a while to find, and that is ok. You’re going to have to sit with a lot of people, but don’t pick just anyone because you want a position filled quickly. Just think how good it will be when you have someone you trust one hundred percent! As well as someone you can rely on one hundred percent to have the best ideas. Recruitment is, and always will be, so important. With people who don’t fit the role correctly, you will always have to be watching them or covering things they have missed, and that is not how a great team works! If you’ve ever worked in retail or something like that, it is straightforward to see how one person can let the team down, not intentionally, they just maybe aren’t perfect for the role.
People need to be able to find what they are looking for, in this case, your company! The first place everyone goes to is of course, online. You will need to have a very easy to find the website. You should get a domain name that is simple, just the name of the company. Try something like wizzhosting.co.uk/domain-names as they have loads of different extensions which you will need depending on the country your business is registered to. If you don’t have a website, people will just give up looking for you as the internet is pretty much the only place we go to to find services.
Other than a website, but along the same line, your company will need to get a www.instagram.com account. Social media is the second place people will go to look for you. This is something that your customers would do after they know who you are and what you do, they come to social media to get more from the brands they love. If you don’t do this, you’ll be missing out a lot of interaction that you could get from your customers. They use this platform to ask questions and to see what is new with the company!
Something else that you will need is a section on your website that people can sign up to be part of a mailing list. This will show you your customers that are not only loving your brand but want notifications (emails) every time you do something! With your mailing list, you will want to be sure that you have a good balance of emails you send. It is easy to send too many, and that does get annoying to people, you will no doubt get a lot of people unsubscribe. However, if you send too few, this may cause people to lose interest. The right balance is about once a week, try to do it on a set day so people can expect a bit of an update from you on that day at that time.
Another part of the website that is absolutely essential to the success of your business has a blog section. It is so easy if you go onto a site like http://www.wix.com/start/blog because they have loads of templates that you can easily customize. A lot of brands overlook the importance of having a blog section of the website as it is quite a casual thing. However, it does help people to feel like they can connect to the brand and understand some of the morals and attributes of the people running it, it’s perfect for getting to know as much as possible from the creators. You will want to update the blog quite often, so people have a lot to come back for, you will also want to enable the comments section so that your customers can chat there as well as ask you questions!
An excellent way to get your business heard of, and something that you should do if you are planning on doing well is to have a promotional film made for the internet! Tv adverts are not really for a start up businesses and films made for the web are great because you can make them very interactive and get some unique editing. If you don’t have much budget, this is something you should make room for because these films have proven to be very effective! You can put them somewhere like www.youtube.com as the adverts that play before videos as well as just hosting it there and linking it in as many places as you can!