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Startup entrepreneur

So here’s the dream; start up a business for a budget or next to no money, be as frugal as possible, and still make a profit down the line. At least, that’s the idea.

Starting up a business takes money—we should all know that. Like the old saying goes, we have to spend money in order to make money. However, there are people that want to defy this rule and make more money than they should by spending as little money as they can. While this can work up to a certain degree, you have to take into consideration what you are sacrificing in order to maintain profits with low running fees. Unfortunately, the majority of the time that means reducing the quality of life your employees have, and you have to ask yourself why you’re doing it.

You are not a sweatshop

Sadly, many business owners still want to cut costs, but instead of doing it the correct way and cutting back on unnecessary expenses such as expensive computers, they cut back on essentials. For instance, buying budget office chairs that make work extremely difficult for members of staff, or buying out old office buildings that could be structurally weak or still contain traces of asbestos.

Unless you want to be hammered by attorneys specializing in mesothelioma representation because you neglected to do a proper check of your old office building or because you didn’t want to pay an extra bit of cash per month in rent, you need to stop cutting costs. Mesothelioma is a horrible disease that is caused by corporate wrongdoers and neglectful employers; don’t be that boss and pay attention to the health and safety of your staff if you want to be a responsible business owner.

The wrong way to save money

It’s possible to cut costs on certain things when running a business, but many of those points are taken to new extremes that just don’t make sense. For instance, why would you force your employees to work in terrible conditions with low-quality protective gear, having no spare masks or safety equipment to use, or even giving them broken-down second-hand spares to do their job?

They can’t work as efficiently, their health is at risk and the amount of time they spend complaining will eventually wear you down. Sooner or later, your workers will complain or leave, and your business reputation will be tarnished—all because you didn’t want to provide your employees with proper equipment.

Profits shouldn’t go into your own pocket

If your business makes a profit, then that money should be reinvested back into your business in order to see it grow. If you’re distributing that additional wealth to your employees or worse, keeping it for your own personal “needs”, then you’re essentially giving up any chance of growth that your business has. Let’s face it, to grow a business we need to spend money.

It doesn’t take much money to buy your employees a new office chair, do an asbestos check of a new office location or even to buy them proper safety equipment for dangerous jobs. Cheap business don’t work and will never work. You want to create a company, not a sweatshop.

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Student @ Advanced Digital Sciences Center, Singapore. Travelled to 30+ countries, passion for basketball.

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You Can’t Afford An Employee Scandal In Your Business Model

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Employee Scandal

There are countless issues that business owners encounter when they are trying to aim for greater levels of success on the market. Some of the problems can knock you out of the running completely and leave your business dead in the water. That’s certainly true for an employee scandal. If you’re not worried about an employee scandal in your business, then you’re not seeing the bigger picture. A problem with your employees can cause a drop in sales, leaves you struggling to hire talent for your company and hurt the reputation of your business all at the same time. To understand the ramifications of this issue, you need to be aware of the scandals that can hit your company.

Criminal Activity 

It is possible that a member of your team is involved in criminal activity while working for your company. If this does happen then they could target your business as a whole or your clients. Unfortunately, clients won’t blame the individual employee for this issue. Instead, they’ll blame your company as a whole for not taking the right steps to vet the people that you hire. That’s why you should think about using a professional service to ensure your hiring standards are at the right level. A construction labour hire agency can help you here and guarantee that you don’t end up with any shady people on your team. 

Injuries

You also need to make sure that you are avoiding issues with injuries in your business model. Injuries can and often will occur if the right steps are not taken to avoid them. Indeed, if you want to dodge injury claims in your business, then you will need to hire a health and safety officer. They will check for hazards and ensure that you don’t have to worry about your business environment being unsafe. Businesses will bounce back for the occasional personal injury claim if they have the right insurance in place. However, if injuries are a constant occurrence in your business, then your company will struggle to get new hires. No one wants to work for a business where employee well being isn’t a top priority. 

Harassment 

Finally, you need to make sure that you don’t have an issue with harassment in your business model. Harassment can occur in a variety of forms. For instance, you could find that individuals are being harassed due to their gender or they might be being bullied. If you are worried about this problem in your business, the first step will be to set up HR support. This will provide a structure that employees can use when they have an issue that they need to deal with in your company. You should also consider adopting a zero tolerance policy for this type of problem. 

We hope this helps you understand the potential employee scandals in your business model and what they could mean. In doing so, you will be able to make sure that you avoid them and keep your company on the right track for the future. 

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How To Reduce Your Shipping Costs As An Online Seller

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Reduce shipping costs

Shipping costs are something that you are stuck with as an online seller. This makes finding innovative ways to reduce your expenditure on shipping a necessity. This keeps your profit margins high and your stream of revenue flowing steadily. Thinking strategically to reduce shipping costs for yourself and your clients is a major requirement if you want to be successful as an online seller. This is because your customers and clients expect to spend less on shipping and want free shipping in most cases. Here are five smart ways to reduce shipping costs.

Choose lighter packing materials

Protecting items in transit is important, and this means you must get the best packing materials to secure them. However, not all packing materials are the same. To lower shipping expenses, consider lightweight, protective materials that offer the same level of protection as the heavier ones. In this regard, use air pillows and bubble wrap to secure the boxes’ empty spaces—the lighter the package, the lesser the cost.

Use flat-rate shipping

Make the most out of flat-rate shipping. Most major logistics businesses offer some sort of flat-rate shipping, and you can take advantage of this to save some money. If you happen to ship heavy items frequently, this could present a great opportunity to save a lot. Be sure to research your options and make the best choice that makes it economical for your business. You can get significant savings on UPS prices here.

Improve your negotiation skills

Great negotiation skills are key to saving money anywhere, and in the shipping business, your ability to negotiate will save you some expenses. You can negotiate the terms and rates of your parcel volume even if it is on the low side with your shipper to slash your shipping costs. With competition high amongst shipping vendors, being a good negotiator could secure you a good deal. However, note that not all shippers can provide certain services or guarantees. So, be sure you settle on one that can fulfill all your shipping obligations and satisfy your customers’ demands.

Buy in bulk

Buy packaging products, from cartons to air cushions, to bubble wraps, and even pallets in bulk. Buying in bulk usually comes with volume discounts that can save you some money. One more thing to consider is your product packaging. Your packaging is part of your brand, so find suitable branding methods that do not alter your products’ weight by much.

Recycle and reuse shipping supplies

It is more likely than not that you also have items shipped to you before you resell. It is best to recycle and reuse such shipping supplies, to save money on shipping costs and packaging materials. You can repurpose the cartons and packaging material for your own packages. Simply replace the shipping labels with your branded ones. This also ensures you run a green business as you reduce the effects of possible environmental pollution.

If you decide to offer free shipping to your clients, that is fine but remember that it will eat into your profits. In this regard, you must find smart ways to save money on shipping expenses as well as packaging. If not, then as much as possible, find ways to reduce the shipping costs for your customers so that they can continue purchasing your products.

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Ensuring The Best Quality For Your Customers

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Best Quality for Customers

For all businesses big and small, customer satisfaction should be the number one goal, as they’re the ones who make everything possible. Without customer satisfaction, you’re going to see sales decrease, and it’s going to be hard to operate with efficiency! There’s a lot you can do to ensure that your customers are satisfied, and it doesn’t hurt to put in that extra effort to make sure of it!

Data security

Data security is very important for many reasons, but most importantly you want to make sure customer information is not at risk! It’s a legal requirement to protect the sensitive information of customers and employees, and you’re likely going to lose sales if you have a data breach. Make sure that all of your data is secured and away from people with ill intent, else you’ll be risking your reputation and the trust of your audience!

In-house guarantees

If you work in retail, the only way you can ensure customer satisfaction is from product testing, and making sure everything is the quality you want it to be! Whether it’s by tasting products as a food retailer or making sure customers are getting what they pay for. If you sell by weight, consider investing in some scales to make sure you’re selling what you advertise – ones like these: https://www.arlynscales.com/scale-knowledge/industrial-weighing-scales/. You don’t want any mixups with customer satisfaction, and many brands have faced criticism for inaccurate advertising.

Promotions and loyalty cards

Loyalty cards and promotions are a great way to reward your customers for buying from you, they allow you to give back to the customer for their repeating patronage! Make sure to set it up so that you don’t lose out, while also giving back to your customers – you’re trying to please the customer, not sink the business!

A lot of businesses offer credit instead of a loyalty card, finance that can only be used in their stores, encouraging them to come back and buy from you again! These deals are great for building lasting relationships between you and your audience, and should be used by every retailer if they can afford it!

Customer feedback

Allowing customers to give feedback is very important if you’re trying to please them, as they can tell you exactly what you did wrong and how you can do better! A lot of businesses do this through their website with a review feature, allowing them to collect data on their customers and find a general consensus on what the audience wants. It’s never bad to hear what your customers have to say, and you might end up pushing yourself a little closer to success with each change based on customer complaints! You can read more at https://survicate.com/customer-satisfaction/tips/.

You can’t please every customer, but trying to please the majority of them is what’s going to help you climb closer to success. Trying to keep an honest relationship with your customers, and not driving your prices up too high is important if you want to keep loyalty between you; people can tell when they’ve been overcharged – and that’s not something you want!

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