Everyone dreams that their business can become big and evolve to the next level. Unfortunately, however, not everyone possesses the smarts or business savvy to make those dreams a reality. If you are unable to scale your business, it will eventually fail or not produce the revenues you want from it. Helping it to grow is not such a simple thing either as it requires calculated decisions to be made.
Here are some ways on how you can be strategic in scaling your business.…
Continue readingBusiness is risky. Being a property owner or investor is even riskier, especially when it comes to renting out your investment property to strangers for any amount of time. Sure, you could ask a friend or a family member to move into your rental property, but you still need to screen each applicant so you don’t make a huge, costly mistake.
So, what are the risks of NOT running background checks on the applicants?…
Continue readingAn enterprise quality management system is necessary for the manufacturing industry because it ensures the consistency of the products delivered to the end-consumers. It also guarantees that the products manufactured comply with the standards specified in the industry. In the automotive sector, this is of utmost importance because substandard vehicle parts may lead not only to damage the property but in loss of lives as well.
For this reason, enterprises all over the globe engaged in the production of vehicle parts to train their employees regarding manufacturing quality standards. The quality management system, or QMS, in the automobile industry, is encompassed in IATF16949.…
Continue readingWith the surge of e-commerce in the last few years, models like drop shipping and fulfillment programs are seen as lucrative e-commerce strategies that net a lot of profit. Amazon reigns on top of the e-commerce industry, setting the standard for e-commerce businesses.
The sellers on Amazon can choose from one of two ways to sell their product; Fulfillment by Amazon (FBA), where the products are shipped to warehouses owned by Amazon and then shipped by them; Merchant-Fulfillment programs do the opposite where the merchant handles the storage and shipment of Amazon products. We’ll be focusing on FBA because it’s viability for small businesses and new merchants.…
Continue readingAlthough some states are beginning to officially open back up in stages, many communities across the U.S. are remaining under fairly strict lockdown regulations in order to continue to halt the spread of COVID-19. And as a small business owner, you have the option to continue running your company however you see fit. This might very well mean continuing operations on a remote basis, allowing your employees to telecommute, and generally being a bit more flexible than usual.
However, with most of us reaching the two-month mark when it comes to working from home, we’re moving out of emergency-measure mode and trying to figure out if this way of commuting is sustainable.…
Continue readingBusiness partners need to collaborate, resolve professional conflicts without coming to blows, and have to take business decisions considering the interests of all parties involved. However, what happens when a married couple starts a business?
Marriage can add another dimension to the business equation, and couples must draw a line between their professional and personal relationships. Failing to do that can result not just in a serious conflict within the marriage, but also cause serious disruptions in the business.
So, here are some tips that you have to keep in mind when your spouse is your business partner.
If a couple’s married life isn’t a happy one, the chances of their business succeeding are very low.…
Continue readingFamily businesses typically achieve more success than non-family businesses. However, that doesn’t mean that it’s all smooth sailing for every family business. Apart from business-related challenges, families also have to keep their interpersonal relationships healthy. After all, a family whose members are in discord can very rarely succeed as a collective that runs a business.
In this blog, we will take a look at five of the biggest challenges that family businesses may encounter. We will also discuss the steps that families can take to overcome these challenges and keep their respective businesses heading in the right direction. So, without further ado, let’s get started.…
Continue readingOwning a business with someone else comes with its own set of advantages as well as challenges. When the business partner in question is your spouse, the list of pros and cons does indeed shift and change a little.
While some believe mixing business with pleasure isn’t the best idea, others feel they wouldn’t trust anyone more than their life partner. If you’re planning to start a business with your spouse, you should definitely look into the positives and negatives of it all before making a decision.
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Continue readingEvery small business owner is interested in growth, yet few ever scale up in significant ways. Why is this? And what can you do to make sure your business scales with greater efficiency?
You can always point to a few specific factors that set high growth small businesses apart from the average ones. One of them is mindset.
Successful small business owners aren’t content with holding the proverbial rope and bringing in solid yet predictable revenue year after year. They want more. And they realize that the only way to experience true growth and scalability is to go out and chase it down.…
Continue readingIt would be beneficial to have performance bonds from contractors. But, first things first; performance bonds are legally binding contracts that involve three parties. They are issued to ensure that one of the parties complies with the terms mentioned in the contract. The three parties involved are the Obligee, who benefits from the performance bond, the Obligor who is generally the contractor obligated to perform according to the contract, and the Surety Agency which produces the bond and makes it official.
There are several different reasons why you should ask contractors for a performance bond and the reasons are solely based on guaranteeing performance in all its aspects (hence, the name performance bond).…
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