Do You Really Understand Your Customers?

Understanding your customers is vital if you want your business to flourish and grow. It’s simply not good enough to believe that you have a great product or service to offer. You need to know that you are providing something that your customers are actually looking for.

This is why it’s so important to know all that you can about your customers. One way you can do this is to get help with your business analytics. Doing so helps you to see what actions your customers are taking. Take a look at Global Resources LLC Reviews and you can see what sort of help you can get. However, this is only part of the story. You need to work hard to develop a better understanding of your customers. Here are three ways in which you can do this, including the use of analysis.

Imagine that you are the customer

One of the best ways to understand someone is to put yourself in their place. This applies when you are trying to find out about your customers.

Think about the touchpoints that your customers have with your business. This can include telephone calls, visits to your business premises, correspondence and receiving goods from you.

Now you need to examine what the experience is like with each of these touchpoints. You may want to carry out research, such as making a phone call to your own business. If the phone is not answered quickly, you can see that this has a detrimental effect on customer experience.

You need to put all of the observations you make to use. This means that you should use them to determine what your business does well and where improvements need to be made.

Use data that is available to you

The importance of analytics was briefly mentioned earlier in this article. It’s one of the best ways to get to know more about your customers and their habits. You should have a lot of valuable data in your customer database, or customer relationship management system (CRM), that can provide you with the insight that you need.

For instance, you can examine this data to see when customers are more likely to make purchases from you and what items they tend to purchase at the same time. You can also see how your business dispatches these orders to the customer.

You can see how information like this can be of use to your business. For instance, it enables you to target certain customers for discounts and new product information. It also allows you to see if there are any issues with your dispatch system which could have an adverse effect on customer experience. It’s an efficient way of getting a better understanding of your customers.

Designing and issuing a customer survey

You may not realize it, but not everyone who is dissatisfied with your business will tell you about the issues that they have; they may just discuss it with other people. This is why it’s so important to design and issue customer surveys so that you can directly ask your customers about their experiences.

When you are designing your surveys, think carefully about the questions that you want to ask. You also need to make sure that you are prepared to act on any less than positive feedback that you receive. This is important if you do not want to provide a negative impression of your business.

It’s also vital that you do not treat a customer survey as a one-off experience. You also need to provide customers with the opportunity to contact you and give you feedback on a regular basis. Doing so means that you provide better customer service and that you keep on top of any issues that you may not otherwise be aware of.

You can see that there are many actions that you can take in order to ensure that you understand your customers as well as you think you do.

What on Earth is Management Consulting?

If your business is starting to grow, and you want to make sure that you optimize its potential, partnering with a management consultant might be a good idea. If you are wondering what a management consultant actually does, you may be surprised at just how useful they can be.

There are many different areas of your business that professionals like the team at GR-US.com can help with. Let’s examine this in more detail.

Business expertise

One of the major benefits that can be had from working with a management consultant is that they have a high level of business expertise. This is because they have been exposed to a number of different organizations and businesses over the years. This exposure has enabled them to digest all of the best business practices that they have seen.

This expertise also enables management consultants to help by providing services such as the analysis of processes, the implementation of technology and helping with the improvement of operations.

An objective eye

It’s never easy to be completely objective about your own business. You may believe that everything is going well, but this may not be the view of a completely objective person.

This is where hiring a management consultant can be useful. They have no preconceived ideas about your business and no personal interest in it. This means that they can give a completely unbiased view of your business and the way it’s operating.

They can use this objectivity, together with the available data and their past experiences, to create well-informed solutions for your business.

A dedicated resource

When you are running a business it can be difficult to allocate resources to certain projects or initiatives as well as keeping up with the daily routine. The role of management consultants is to help businesses improve their operations and run more efficiently. This means they can dedicate all of their time to this.

This is why working with a management consultant enables you to secure a dedicated resource without any detrimental effect on regular business activity.

Savings for the business

It may seem as though using the services of a management consultant would be costly. However, while there is certainly cost involved, there are also substantial savings to be made. For instance, you can acquire the help that you need for a specified period of time, without having to incur the expense of recruiting a full-time member of your team.

You also get the benefit of cost savings which results from initiatives inspired by a management consultant who works with you. You should also not forget that professional management consultants have the experience and expertise that they need in order to complete the job to a high standard. It can be difficult to get this high standard of work elsewhere.

You should now have a better understanding of the work that a management consultant does. You should also be able to see the benefits that this work can provide for your business.

Why You Need a Good Exit Strategy for Retiring as a Business Owner

If you are running a successful small business, it may seem strange to think about retirement. However, it’s important that you do think about what you are going to do about the business when you retire. This is because leaving this decision until the last minute can cause you problems.

For instance, you need to decide whether you want to sell the business when you retire. If this is the case, you may want to take a look at Global Resources Reviews, to see what sort of help you can get with valuing your business. Of course, you do not have to sell; you may want to hand the business over to a relative instead. However, if selling is your preferred option, you should start to think about an exit strategy as soon as possible. This is because it could have an effect on your overall retirement planning.

How retirement planning is affected by your Exit Strategy

When you are planning for your retirement, you need to make sure that you have enough cash available to pay for your lifestyle when you are no longer working.

The problem with this is that you cannot be certain of the value of your business at the time you are planning to retire. This may mean that you need some flexibility when it comes to the timing of your retirement. This, in turn, means that your retirement planning also needs to have some flexibility built-in.

How selling a business can affect the date of your retirement

If you are not intending to sell your business when you retire, then you need to make arrangements for someone to take over running the business for you. However, if you are intending to sell you need to make the best use of the liquidity.

This means that you need to sell at the right time. This may mean that you need to arrange the time and date of your retirement around the sale of your business. In order to make the date of your retirement as predictable as possible, it’s a good idea to prepare for selling well in advance. This enables you to sell at the best time, as far as the market is concerned.

This is important as the last thing you want is to be forced into a distress sale. There are several reasons why a distress sale is not ideal for a seller:

  • Having to sell by a certain date means that the seller may have to accept a reduced amount from the buyer.
  • There is less opportunity for the owner of a business to benefit from buoyancy in the market if they are desperate to sell.
  • Potential buyers are likely to take advantage of if they sense the desperation of the seller.

You can see why having a good exit strategy, planned well in advance, is so important. It helps you to optimize the financial benefit you can get from selling your business.

Balancing a Business and a Home – Getting it Right

Any entrepreneur knows that building a business requires the dedication of a lot of time. The problem is that this can lead to the neglecting of other aspects of life. In order to make sure that growing a business does not result in ignoring other areas, entrepreneurs need to be proactive.

This starts with getting the assistance they need from professionals such as GR-US.com. This help includes analyzing business processes and identifying opportunities for improvements. It can also include managing the implementation of improvements, thereby removing some of the pressures from the shoulders of business owners and managers. This can be a big help when balancing work and home life. There are other actions that a business owner can take in order to assist with this balance.

Getting priorities right

Prioritizing life is not always easy, especially when trying to grow a business. For this reason, it’s important to plan. Anyone who is running a business needs to identify and list their priorities. For instance, there could be a meeting to attend with a potential investor or a child’s birthday party to go to.

It’s vital to recognize that not every priority will be business-related. Important occasions outside work should be given just as much priority whenever possible. Planning ahead makes scheduling a lot easier. This makes it simpler to balance work activities with home life.

The art of delegation

Delegation is a skill that any entrepreneur needs to earn. It allows them to remove some of the workloads from their shoulders. In order to be able to delegate, a business owner needs to build a valuable team around them.

This involves hiring professionals with the right background and ethos to benefit the business. It also involves putting the right training and development opportunities in place. Doing so means that an entrepreneur can delegate with confidence and dedicate some of the time that has been released to live outside of work.

Downsizing

Downsizing a business can be a way of reducing business-related time pressures. This can give an entrepreneur the opportunity to spend more time outside of work.

Downsizing can also provide other benefits for a business.

  • Financial savings.

Reducing the size of a business usually means reducing the size of the workforce. It can also result in moving to smaller premises. Changes like these can result in financial savings.

  • Improved efficiency.

Many businesses have processes that involve unnecessary repetition. Downsizing means that a business has to look carefully at all of its processes, to see where savings can be made. This often leads to a reduction in repetition and an improvement in inefficiency.

  • Increased creativity.

It’s easy for a business to become complacent when their enterprise achieves a certain level of success. This can lead to a reduction in creativity and less innovation. Downsizing a business means that improved working practices are more likely to be created, in order for the business to thrive.

These actions can be useful in helping an entrepreneur to balance a business and home while still maintaining a level of success. They can also help to improve the efficiency of the business itself.

How Industrial-Organizational Psychology can Work for Your Business

Business owners and managers benefit from understanding how Industrial-Organizational psychology (I-O psychology) works. This is due to the fact that it can play an important role in enhancing the success of a business. It does this by suggesting potential changes that can improve the mental and physical well-being of employees and the productivity of the business.

Experts like the team at Global Resources LLC reviews understand the concept of I-O psychology and how it can be used to benefit organizations. This means that they can help businesses understand what I-O psychology means for them. So, what can these businesses learn?

How does Industrial-Organizational Psychology work?

In order to understand how I-O psychology benefits a business, it’s essential to know how it works. There are actually two major parts to this type of psychology; industrial and organizational.

The industrial aspect is also often referred to as personnel psychology. This involves examining how individuals can be matched to job roles. This area of I-O psychology involves looking at characteristics that different employees have and matching them to the roles that exist within the business.

The other side of I-O psychology is organizational. This means looking at the organization and how it affects the behavior of individuals. This is important because organizational behavior can have a significant effect on the success of any business.

Areas of Industrial and Organizational Psychology

There are several different areas that fall within the umbrella of I-O psychology. Most professionals who work in this field are involved in one of six areas.

  • Training and development.

This area involves the determination of what type of skills are needed for certain jobs within an organization. Training can then be developed, taking this information into account.

  • Selection of employees.

Every business needs to get its recruitment process right in order to make sure it has a skilled and dedicated workforce that it needs. There is an area of I-O psychology that helps with this. It is used to create selection questions and tests so that the right person is hired to fill a vacant position.

  • Ergonomic development.

People working in this area are dedicated to helping a business to optimize performance and reduce the risk of injury, by designing and/or using safe and efficient procedures and equipment.

  • Performance management.

Performance management plays an important role in ensuring the success of a business. There is an area of I-O psychology that is beneficial in helping to create methods of determining how effectively an employee is performing.

  • Work-life

Maintaining a work-life balance has been increasingly recognized for its importance over recent years. I-O psychology helps to improve life in the workplace by assisting with the design of features such as recognition and reward programs.

  • Organizational development.

I-O psychologists work with businesses and organizations to re-design structures and processes in order to optimize employee satisfaction and productivity, and increase profits.

It’s clear to see that I-O psychology is a vital benefit for any business that wants to optimize its growth and potential.

Optimizing Your Valuable Time as an Entrepreneur

As an entrepreneur, time is one thing that you cannot afford to waste. Often, it seems like there are simply not enough hours in a day. So, it’s vital for you to ensure that every second is used in the right way.

You can get expert help with this from professionals such as Global Resources LLC. Your business can be analyzed and you can receive advice about efficiency improvements. In addition to getting this sort of help, you can also improve your personal use of the time that you have available.

Start your day at the first alarm

It’s important that you start the day as you mean to go on. Being productive starts as soon as you open your eyes when the alarm sounds. Instead of ‘snoozing’, so that you can get an extra few minutes in bed, you need to get up straight away. It’s time to jump in the shower and begin your day in a positive manner.

Make the most of your best thinking time

Everyone has a time of the day when their brain works at an optimum level. You need to recognize when this time is for you and make the best use of it. For instance, major business decisions should be made at this time.

You should also get into the habit of listing some new ideas each day. These ideas do not have to be thought through fully at this point. It’s just about getting them down on paper while you are at your most productive from a thinking point of view.

Personalize your planning

Planning is an essential part of optimizing your time as an entrepreneur. It’s important to remember that every entrepreneur is different, so you need to personalize your planning.

In order to do this, you need to factor in every aspect of your day that requires the dedication of time. These aspects can include things such as commuting, sleeping, exercise and work-related tasks.

Organize meetings effectively

Meetings can take up a lot of time in your business day. So, it’s essential that you plan them effectively. Many people find that it’s easier to allocate certain days of the week to meetings. This means that the remaining days can be kept free to concentrate on other business-related tasks.

You should also try to organize all meetings in a certain location on the same day. Doing this means that you can reduce the amount of travel time required to attend the meetings.

Think of breaks as an opportunity

It can be tempting to skip breaks when there is a lot of work to be done. However, this is usually not the best thing to do. Entrepreneurs need breaks just like everyone else. These breaks should be seen as an opportunity. They give you a chance to relax and recharge your batteries. This means that you are more productive and efficient overall.

Taking these actions helps you to ensure that you optimize the use of your time. This helps you to achieve your goals and get the success you want as an entrepreneur.

Succeeding and Growing – How To Make It as a Business Owner

Succeeding in business is not just a dream. Yes, it’s a competitive world but building a thriving business is definitely possible. However, you have to be prepared to work long hours. You also need to have high levels of motivation and be passionate about your business.

In addition, you need to make the right choices. This applies when you are starting out and as your business is growing. Let’s take a closer look at five essential factors that you should consider.

Do not think too big too soon

If you are just starting out in business, it’s important not to try to do too much too soon. For instance, there is nothing wrong with starting out on a market stall with your craft items, rather than paying property rent that you cannot afford.

Monitor your processes as you go

Setting up a business is just the first step. You need to monitor your processes and continuously improve, if you want your business to thrive. Take a look at Global Resources Reviews and see how you can use professional help to assist with analyzing and improving your business processes and procedures.

Build your network

As an entrepreneur, you need to create valuable connections throughout your business career. These connections can be built into a network that can help you to turn your business dreams into a reality.

Networking is a skill that you need to develop. You can do so without ever leaving the office, by making use of the Internet. However, sometimes attending face-to-face networking events is a good option. It’s a good idea to use a variety of networking opportunities whenever possible.

Consider passive income sources

Methods of passive income can be a good way of bolstering the money you receive from your business. You should consider looking at these methods such as:

  • Creating an eBook on a subject that is related to your business.
  • Setting up a Google Adsense account.
  • Becoming involved with affiliate marketing.

Making the most of passive income opportunities like these can be a big help if cash flow is ever a little tight.

Create and Innovate

Many business owners become complacent once they achieve a certain level of success. They stick with the tried and tested processes that have helped them to get as far as they have. This is a dangerous thing to do as it results in a lack of innovation and change.

It’s this innovation that helps a business to maintain its level of success and to continue to grow. Any business needs to keep up to date with changes and developments in the industry and ensure that this knowledge is used to keep ahead of the game.

These factors all play an important role in the creation and development of a successful business. Using them can help you to thrive as an entrepreneur if you are prepared to work hard, willing to learn and committed to your dreams and ambitions.

Abracadabra – The Magic of Business Analytics

Do you believe in magic? If you have ever seen the results of expert business analytics then maybe you do. This is because the effects of implementing business analytics processes in business can seem magical. However, these impressive results are due to the processes, techniques, and software that is used and not to the waving of a wand.

Although it has to be said that the insight and advice provided by business analytics experts, such as the team at Global Resources LLC, are equally as impressive as any magic spell. They are produced using the winning ingredients of experience, expertise and state-of-the-art tools. So how does the seemingly magical art of business analytics actually work and how does it help the wishes of business come true?

What is business analytics?

Let’s start by looking at what business analytics actually is, and why it’s less about magic than it is about skill and expertise. The basis of business analytics lies in investigating and exploring business performance and practices. This exploration helps to inform business planning and strategy going forward.

The investigative process involves the use of data and statistics. Consistent methods are used to measure past performance and assist in planning for the future of a business. During the analysis process, tools such as querying, reporting and Online Analytical Processing (OLAP) is used in order to answer questions about what is currently happening, what problems there are and what actions need to be taken.

How does the business analytics magic work?

While business analytics is technically not magical, it certainly feels that way. So, how does this happen?

Businesses use data analytics in order to make decisions that are based on data. This means that these businesses regard the data that they have as a valuable asset. In order for this asset to be used effectively, the business needs to be dedicated to making data-based decisions, the data needs to be high quality and the analyst needs to be an expert who is knowledgeable about the business. Generally, the analysis process follows a similar pattern.

  • The methodology for the analysis is decided upon.
  • Relevant data is collated, to be analyzed. This normally involves the analysis of a small sample set of data initially.
  • Patterns and relationships are identified and questions are asked and answered until the needs of the business are met.

Different types of business analytics

There are different types of business analytics which can be used in various situations. These different types include:

  • Descriptive analytics which helps with the tracking of performance against KPIs in order to understand the current situation within a business.
  • Predictive analytics involves looking at data about trends in order to identify what is likely to happen.
  • Prescriptive analytics uses data concerning past performance in order to help plan for future similar situations.

You can see that although business analytics are based on hard data, the results that can be achieved can seem like magic. Of course, this only happens when the data is of high quality, the business is committed to making data-driven changes and the data analyst is knowledgeable and experienced.

How Valuable is Your Business?

If you are thinking of selling your business, or you need to know its value for other reasons, you may be wondering how to go about determining its worth. The truth is that the process can be complicated.

This is why it’s usually a good idea to work with an experienced business valuation expert. If you take a look at Global Resources LLC Reviews, you can see how important this service can be. However, it does help to have some awareness of the valuation process. There are usually three steps to take which can provide a close estimate of the value of your business.

Determine the Seller’s Discretionary Earnings

If you use the tax returns for your business to calculate revenue, the resulting figures are unlikely to be an accurate reflection. This is because most smaller businesses report expenses on their tax returns in order to reduce the burden of the tax.

This is why the SDE needs to be calculated, in order to determine the actual revenue of the business. To do this, expenses that are not essential to the running of the business need to be added back in. Some examples of expenses that may be claimed on tax returns, but should be added back in order to calculate the SDE, include:

  • Salary of the owner or owners.
  • Perks of the business such as personal travel.
  • Expenses such as depreciation and amortization.
  • Donations to charity.
  • One-time expenses are not likely to be repeated.

Calculating the SDE is the first stage of the process.

Working out the right SDE multiplier for your business

This is where the process becomes a little more complicated. This is because working out an SDE multiplier is not an exact science. There are several factors to be taken into account such as the location of the business, the current situation within the industry, the size of the business and what tangible and intangible assets are available.

If your business is within a growth industry then the SDE multiplier is likely to be higher. You can take a look at suggested industry multipliers online. However, you also need to factor in considerations such as how dependent the success of the business is on the current owners. This could obviously have an adverse effect on the multiplier and the eventual valuation.

At this point in the process, it’s often necessary to get help from a business valuation expert. Once the SDE multiplier is known it’s time to move on to the third stage of the valuation process.

Add the assets of the business and subtract the liabilities.

In most cases, when a smaller business is sold, the buyer usually gets the tangible and intangible assets of the business. The seller usually retains the liabilities. This is why the assets and liabilities of the business need to be calculated.

Assets can be tangible or intangible. They are items or factors that have not been included in the SDE calculation. Tangible assets are physical things that are owned by the business, such as business premises. Intangible assets have no physical presence but still, have value. This can include items such as trademarks or patents.

Liabilities are financial obligations, including debt, which the business is responsible for paying. Normally, the seller maintains responsibility for the liabilities and pays them off with the proceeds of the sale.

Once the number of liabilities has been subtracted from the total financial value of assets, you can move on to the fourth stage of the process.

Business valuation formula

The final stage of the process involves using the business valuation formula to calculate the value of the business. The formula works as follows:

SDE x SDE multiplier + assets – liabilities

It’s important to say that this is a simplified version of the valuation process. In order to get a more accurate picture of the value of your business, you should work with a business valuation expert.

The Power of Motivation in Growing a Business

“Motivation is the art of getting people to do what you want them to do because they want to do it.”

This quote from Dwight D Eisenhower encapsulates just how powerful motivation can be in helping to grow your business. In fact, employee motivation is a critical factor in business success. The problem is that many businesses and organizations do not recognize this importance. When this happens, employees become disengaged and productivity levels are not optimized.

If you look at Global Resources Reviews you will find experts who can analyze your business performance and results, and advise you on how important factors like motivation are. You can also learn more about the power of motivation yourself, starting with why it’s so important.

Why is employee motivation so important

As Eisenhower said, motivating people to help you to get them to do what you want them to do. This happens because they want to take the required action. So, motivating your employees encourages them to perform at their best, which in turn improves the overall performance of the business.

On the flip side, if you fail to motivate your workforce they are unlikely to be engaged with the aims of the business. This means that they are more likely to spend time looking for other employment or texting friends than they are concentrating on their work. Knowing all of this helps you to see how important motivation is to your business.

What are the business benefits of a motivated workforce?

Let’s examine the benefits of employee motivation in more detail. These benefits include:

  • Improved employee commitment. The people who work for your business are more likely to put more effort into their work if they are motivated to be committed.
  • Employees that are more satisfied. Employees who are satisfied in their work are less likely to seek employment elsewhere. This helps to reduce staff turnover and creates a stable and knowledgeable workforce.
  • A workforce that is dedicated to personal and business growth. As the people who work for you to meet their personal and work goals, so their high levels of motivation are responsible for them continuing to learn and improve their knowledge and skills. This personal improvement helps the overall business to improve and grow.

How to improve employee motivation levels

If the employee motivation levels in your business are not as high as they should be, there are steps that you can take in order to improve them.

Pay attention to communication

Good communication is vital in any workplace. One of the main reasons for this is that communicating openly and consistently with employees helps to keep them motivated. Aside from regular open and honest communications by email and newsletter, business owners and managers should also communicate with employees in person.

For instance, you may want to take part in team meetings on a regular basis. You may also want to take your breaks and lunch with everyone else so that you do not seem removed and distant.

You also need to make sure that you listen as well as talk. This means that you should be open to hearing about employee ideas and concerns. This is a valuable way of improving employee motivation and potentially improving business practices.

Make sure that people feel valued 

If the people who work for your business do not feel valued they are unlikely to be motivated. This is why you should always remember to say thank you for a job well done. This does not have to be a formal arrangement, although staff recognition schemes can be a good idea. Often a simple “well done” is enough to tell someone that their effort has not been wasted. 

Create a positive place to work 

Sometimes, a lack of employee motivation can be due to a less than positive work environment. This is why it’s so important to make sure that you create a positive workplace for your employees. There are several things that you can do to make this happen including:

  • Concentrating on employee health and wellbeing.
  • Encouraging employees to have social interaction.
  • Providing light and airy workspace.
  • Creating positive and achievable goals.
  • Ensuring that mistakes are learned from and not just taken as an opportunity for blame.

You can see how powerful employee motivation can be in helping your business to succeed and grow. If motivation levels are not currently optimized, you should take action to improve them.