What to do if your business is failing

failure-215563_960_720Running your own business is not easy. In fact, it can be rather challenging, especially when you’re in the beginning stages. But the challenges can continue for a number of years before you’re truly comfortable. And at any given time you can fail. No matter how well you think you’re doing, no matter how wide and deep your profit pool runs, a bad decision or taking too big a risk can knock you. Sometimes that knock can be difficult to recover from and fixing what’s broken can take time, energy and a ton of money.

 

A failing business is not simply one that no longer operates smoothly or is no longer making sufficient profits. The problems don’t stop there. But rather, the real issues arise when you (as the business owner) realise that you’re not able to pay your suppliers, vendors, rent and so on. When you can’t pay out the money you owe, you’re in deep waters. It’s time to make a real commitment to fixing what’s broken or at the very least, making good on your debts and contracts. This can be difficult. For instance, you cannot under deliver to the clients who’ve paid for your services upfront because your business is sinking. If you do, you could find yourself facing some serious accusations and possible legal action if you don’t return their monies to them. You could be liable for penalties depending on your contract or retainer stipulations or even the Service Level Agreement. Of course, all of these factors differ depending on your company policy and what you’ve promised.

 

Unpacking the reasons for, and ways in which a business is likely to fail is something you should consider doing right at the start of your new venture. However, there are general mistakes that young business owners and entrepreneurs make often without realising they’re placing their company in jeopardy.

 

Here’s what might have happened if you find yourself trying to save a sinking ship.

 

Your marketing strategy is wrong or non-existent

 

Not everyone knows how to put together an excellent marketing strategy. After all, that’s why there are people out there who have studied marketing and who earn pretty good money putting together strategies for companies. But this is not something that business owners simply know. In fact, most business owners go so far as traditional advertising but by not embracing strong marketing techniques, they’re missing out on targeting the right audience at the right time with the right product. The marketplace (in all different sectors) is a fiercely competitive playground. If you don’t have a strong marketing strategy you will inevitably fail, maybe not right away but soon. To prevent this from happening, you as the business owner or entrepreneur should invest in gaining some practical knowledge by signing up for marketing courses. And the emphasis is on the plural here because you need to consider the various avenues that marketing activities travel. A basic marketing course will develop your understanding of segmenting target markets and performing a competitor analysis. Whereas a digital marketing course will offer you key insights into the digital realms of remarketing and paid media campaigns. And then of course, there’s social media marketing which honestly is one of the most powerful ways to make sure your company is known by the masses.

 

You can’t handle the growth you’re trying to attain

 

You want it all and you want it now. But do you have the correct measures in place to actually manage this type of growth and success? You see, when your business suddenly scales and you have a lot of customers demanding your products and services, you have to be ready to deliver. Having the ability to deliver on your customers’ expectations is crucial to your business remaining a success. Many companies fall apart when their marketing efforts pay off. So you have to have a backup plan. If you are asking the masses to sit up and pay attention to your online sale then best you upgrade your servers, hire some call centre people and have enough space in which to house them. If you don’t do this, you’ll end up missing the boat and under delivering entirely. This means that all your marketing that’s finally put the spotlight on you is about to show you up as a dismal failure rather than an incredible success.  

 

Your pricing structure is out of whack

 

Realistically, if you are running a business that is high functioning and you’re delivering to your clients’ expectations but each month you continue to run at a loss, there are two things to consider. Firstly, you are going to run out of funds to cover you and you’ll end up being unable to afford your overheads. Secondly, something is wrong with your pricing. You need to reassess your pricing structure. The best way to ascertain how to manipulate your prices is to consider what your direct competition is charging, and also the stalwarts in your game (although they’re likely to be expensive based on their reputation of quality), and then look at where you sit. You can begin raising your prices on certain services and products and, if possible, with only a few new clients. By observing their reaction to the pricing structure you’ll be able to tell if you can push up prices even more or whether you’ve gone too far already. Don’t introduce an entirely new pricing structure overnight, you want to handle this carefully but you must handle it.

 

Don’t beat yourself up about landing in hot water with your new business. To be honest, it happens to the best of us. But you do need to have some plans and skills in place to fix it if and when necessary. Don’t worry about trying to save a sinking ship, rather use the working parts to put together something even better and make sure you have the knowledge to do so.

 

7 Tips for starting your own business

If you have an idea that you can’t stop thinking about and can feel it in your bones that it’ll be a success.Then it may be time to leave the fear behind and take the plunge. Of course, the road ahead won’t be easy but it’ll be worth it.

Starting a business can be scary but exciting at the same time. It won’t be easy and it’ll take a lot of sacrifices. There are key ingredients that you’ll need to build a thriving business.

Passion and determination are what will drive you as an entrepreneur. And willpower will be your secret weapon in the months when you feel like giving up.

The success will be worth all the hard work and sleepless nights. Here are seven tips for starting your own business.

Write a business plan

You need to write out a business plan. That’ll highlight your vision, mission and the values of your business. It can also entail a SWOT analysis where you highlight your strengths, weaknesses, opportunities and threats that your business might face.

Personality

In order to start your own business, you have to ensure that you have the right characteristics to start one. Are you disciplined? Are you a leader? Do you give up easily? Starting a business is not child’s play. It requires hard work and for you to have a thick skin. You’ll face obstacles that make you want to give up on your goals. You’ll also suffer a lot of rejections from people who don’t believe in your business idea. If you’re a persistent and determined person then your business will succeed.

 Idea

You have to do market research on the product or service you want to offer. You’ll have to do primary and secondary research.

Primary research involves studying customers directly, by giving them samples or asking your potential customers to fill out questionnaires. The questions should be directly related to your product, to find out if there is a need for your service in the market. And to find out what your potential customers struggle with, will give you an indication about how you can improve on your product. The feedback you get shouldn’t be taken lightly because the customers will be buying your product. And their needs should be taken into account. Other people should be passionate about your product too. If no one is enthusiastic about your product it may be a good idea to think of something else.

Secondary research involves getting information that’s already been researched for you about your product. You could get it from the internet, articles, trade associations and government agencies.

Researching your product idea and potential customers is vital. There’s no point investing in a product that won’t sell. You’ll waste your time, money and energy.

Location

Where you choose to establish your business is very important. The location you choose could make or break you. You have to make sure that the place you choose is highly visible for your customers to see.

The location must be accessible for your customers. There is no point in placing your business in an isolated place that your customers can’t reach. And you need to ensure that there’s enough parking around for your customers. Make sure that there isn’t a lot of competition in the area you choose. If you locate your coffee shop in an upscale neighbourhood that already has seven other coffee shops, you might lose out on customers.

Name

The name of your company should be catchy and memorable. The name you choose must be unique and must stand out from the rest. It should not blend in or be too hard to pronounce.

Hire the right people

Who you hire can build or tear down your company. Find people that’ll add value you to your business. If the people you hire have a bad attitude or are lazy they can be a liability to your company. Invest in people that’ll help build your business and will contribute their talents and skills. Find employees that’ll fit into the company culture.

Educate yourself

You can never have too much knowledge and you need to constantly empower yourself. The world is changing at light speed and you need to make sure that you stay on top of trends. A key way to do this is by making sure that you take a business course that’ll help you run your company.

And if your idea will make life easier for people, then you may be onto something. If your idea separates you from the rest and you know people will love it then it might be a good idea to take the leap of faith.

 

Key ways to run your business

Running a business can be stressful. But if you do it right, you’ll be rewarded with success. It’s important to pay special attention to the customer and to know what they want. Remember that old adage, about the customer always being right? Well it should be applied in every business that wants to be successful. Providing excellent service will keep your customer coming back for more.

And it’s also essential to take care of your employees. The happier they are the more productive your office will be. There are many tools that could be used to make your business thrive.

Knowing your product

When you have a business you need to make sure that your team has an understanding of how your product works. A customer might not be interested in a product at first but the more you sell the product to them the more they may be persuaded. If you promote features of the product that a customer may be interested in, you can end up persuading them to buy it. In order to achieve this, you need to know the ins and outs of your product. You need to have a lot of knowledge about how your product works and its benefits.

For example, if you have a tech company and your team doesn’t know how to use the very technology they are trying to convince the consumer to buy. It might lead to a loss of a sale. To improve on their knowledge, you can create tests that’ll assess their knowledge of the product. You can also help them take courses and make them go to trade conventions where they can learn more about the product.

Take care of your employees

Make sure that the people who work for you are looked after and in turn they’ll look after the company for you.They’ll be the ones dealing with customers and helping bring in business. The more satisfied your employees are, the more productive they’ll be. If an employee feels validated by their manager they’ll be more diligent. And they’ll also probably be more loyal to the company as a whole. Offer incentives and rewards that’ll acknowledge your employee’s hard work. The more they feel appreciated and that their work is recognised, the more they’ll give back to the company. Happy employees build a happy company.

Feedback

Pay attention to customer feedback, this could give you a clear indication of how you should steer as a business. Feedback can give insight into customers’ needs and what they fully require in a product. A business can lose a loyal customer over one flaw. It’s important to retain customer loyalty in your business, so it’s vital to ensure you take their feedback seriously.

Speaking of feedback, you need to also embrace staff feedback. Especially if they have direct contact with customers.

You need to train your staff on how to deal with clients. And that includes everyone from the security guard who lets people into building to management. Everyone working in the company needs to be trained on how to engage with consumers.

 

You can lose a valuable customer because of an employee’s bad attitude. The employees need to make sure that the customers feel that they are validated and listened to.

If your employees chat amongst themselves or pay attention to their cell phone the entire time that they’re supposed to be attending a client, the customer could end his loyalty to your business. Customers need to be feel validated and as if their needs are met. Satisfied customers will boost your sales.

Find a way to lower your costs

There are many ways to cut down on business costs. And you should try assess your business to find ways that you can minimise some expenditures in your business.

Instead of buying a car you can lease it. There are many advantages to leasing the business car. If you lease your car, it’s cheaper because the monthly payments are lower. And you get to drive a better model for a cheaper price. The maintenance of the car will also be taken care of by your dealerships so you don’t have to worry about service.

You can cut down on marketing costs. Technology has made life so much easier for businesses. A business can just use social media and blogging to advertise instead of traditional marketing. And in this way the budget for marketing is cut down.

You can also co-share your office space with another company and this’ll reduce your overhead costs.

A business is filled with daily challenges. It’s fairly normal for a business to experience ups and downs. But many pitfalls can be avoided by applying basic business principles to your business.

5 security mistakes businesses should avoid

When it comes to keeping your business safe, there’s more to being secure than bolting the front door when you leave for the day. Considering the adaptability and sophistication of modern criminals, it’s easy to understand why your business needs to be on alert to avoid becoming an easy target.

Intruders and thieves are perpetual threats to most businesses. So maintaining security should be a top priority in your business. Threats to your company’s security are multifaceted.

Despite all the technology at our disposal, there’s still the physical threat of burglars jamming a crowbar into your business’ window frame to plunder the valuables inside. But never underestimate the crippling effects of a cyber breach or assume that your company is too small, too big or too protected to become a target.

Here are a few common security mistakes businesses should avoid.

Get the right security company

There are hundreds of security companies available at one’s fingertips but who do you hire? It can sometimes be difficult to find a qualified security company. You should do proper research before contracting one. Take time to look at their references and perform background checks. Look at what other businesses have to say about them. You can avoid this mistake by hiring the right and most qualified security company. If they are as good as they say, then they should have many clients. Check how long the company has been in the business and what their experience is. If you’re a big company then you don’t want to hire a security company who has just started out. Take all these points into consideration.

Make use of CCTV on your premises

Whether you run a company with hundreds of employees or a small restaurant, it’s important to have the best security system. Installing CCTV cameras will monitor IT personnel or any other staff who are managing the large data facilities. It’ll also help discourage unscrupulous characters from setting foot on your property. Those that ignore the cameras are likely to become unwitting reality TV stars thanks to CCTV. Check out how the video wall controller from Oculus works and consider installing one if you don’t already have one. Video wall systems are versatile and can provide benefits for any application and environment.

ID and badge requirements

Many might think it’s old-fashion to wear a badge to work but this is one way to secure your business. You have to enforce ID and badge requirements. When it comes to controlling access points, then these two are effective. It may sometimes be tempting to let higher management get into the building without their badge, resist the temptation to do so since it undermines the integrity of the programme in place. And what counts for the one, counts for everyone. Always ensure that you follow the badge and ID programme to keep your business safe and secure.

Make sure all access points are secured

If your business has more than one entrance and exit, then you should make sure all access points are secured. If you fail to secure all these entrances, including emergency exits, it’ll poses a huge security risk. The risk will allow unauthorised individuals to gain access to your company’s premises. To avoid this, you should ensure that all access points are secured, controlled and fitted with the best security systems with fewer active entrances. If you have more than one main gate, then it might be wise to place security guards at these entrances. But the fewer active access points you have, the more secure your business will be.

Consider a screening policy

It might be better to put in place a hiring screening policy. Business owners often always think about criminals outside the workplace but what about those on the inside? Hiring less than upstanding employees poses a security risk as your business isn’t protected from these potential insider crime. If an employee steals from your business or worse, it will have a negative impact on your business. To avoid this mistake, you should put in place a screening policy that includes criminal records and reference checks. Also ask for copies of any relevant certifications or credentials to verify their achievements as listed on their CV and application.

Is your business guilty of these common business security mistakes? Well, then it’s time to pay attention to security. Identifying these security mistakes and taking the necessary steps in fixing them will help you avoid a large number of problems from occurring in your business. As your business changes and grows, so should your security strategy as well. If you don’t make security a priority, it’ll cost you a lot of money in the end.

Security risks don’t feel real until you experience a loss. When you don’t take the security issues of your business seriously, it could create a larger burden for your business. Make an informed choice so you can protect your business from possible threats.

Startups, improve your time management

workIf that headline caught your attention, it’s very likely you’re a busy entrepreneur.

Because, let’s face it, when you’re trying to get a business up and running, there isn’t time for much.

You’re probably spending your days trying to cram as much work as possible into the shortest amount of time.

And it’s very likely you’re still working your 9am to 5pm so that you can keep paying your bills.

But are you really making the most of all the time you have? Many of us spend much of our time flitting between tasks. We switch between social networks, checking Facebook, Twitter, Instagram and Snapchat, before starting at the beginning again. This is not a productive use of your time. And that’s why you need some help to convince you out of your cycle of wasting time. After all, it can incredibly difficult to focus on your priorities, like applying for machinery asset finance or hiring the right staff members, if you’re spending your time answering phone calls and reading emails.

One of the earliest examples of time management is of US founding father Benjamin Franklin. At a young age, he decided to set himself tasks to improve the quality of his life. He decided to focus on 13 character traits, one per week. He repeated this cycle four times over the course of a year. Franklin noted where he’d failed and succeeded. He eventually realised that perfection was never possible but was pleased to see he’d made improvements. Throughout this experiment, Franklin woke early, worked consistently throughout the day, thought about his work and the progress he’d made, and ensured he had a good night’s rest. His many inventions include the Franklin stove, bifocals and the lightning rod. So, this is a clearly a man who knew a thing or two about time management and the value of hard work. Here are some of the ways you can use his methods to improve time management in your daily life.

Meeting free days

It has become increasingly popular recently for workers to arrange their schedules to include meeting free days. In this way, you can be sure you can focus on your work without being distracted by a never ending stream of meetings. Let’s face it, meetings can often be an incredible waste of time and always are a massive distraction from focusing on work. Popular days to plan to avoid meetings are Monday and Friday. In this way, you can plan the upcoming week and reflect on the week that was.

Schedule meetings for specific times of the day

A good idea is to schedule all of your meetings at specific times of your day so that you know there are other times when you can focus on your work. Plan to hold all your meetings first thing in the morning or last thing in the afternoon. In this way, you’ll know you have the other portion of the day to get to work.

Limit distractions

We are constantly surrounded by the blinking, buzzing distractions of technology. Your phone wants a piece of you, your email is desperate to get your attention and your Skype is always flashing you away from your work. Close all of these distractions. Hide your cellphone in your desk drawer. It’s not likely that something will go terribly wrong within an hour or two if you don’t respond immediately. We have all become far too used to always being available. Remember the days of landline phones? If you weren’t at home, you’d miss the call. The person on the other end would leave a message and you’d return it when you could. Start acting like all of your communication devices work in the same way and you won’t be distracted nearly as much. You’ll be able to get so much more work done if you aren’t being distracted every few minutes.

Work from home on certain days or at certain times

A top tip from many successful entrepreneurs and business owners is to spend the first few hours of your work day at home. The chances of interruption are so much less. When you’re at the office, it’s likely someone will want a piece of your attention every few minutes. By starting the day with an hour or two of uninterrupted work, you’ll likely have the majority of your to-do-list checked off before your colleagues have had their morning coffee.

By just making a few, small changes to your daily schedule, you’ll find your time opens up. Soon, you’ll be able to get so much more work done and feel far less stressed.

You should throw a stellar quarterly staff party

work (2)Every company needs to pay dues to its staff. After all, the success of a business lies in the productivity, determination and loyalty of its staff.

And most business owners know that when the company performs, it’s the staff that must be rewarded in order to keep the successes coming thick and fast.

Now there are many massive corporates who have great reward systems for their star employees. Those who really perform can expect big bonuses, expensive vacations, gift vouchers and so on. These are the incentives created which motivate the staff to continue performing. Similarly, big companies often offer remunerative packages that include benefits which are unheard of elsewhere or in smaller companies.

For instance, a large corporation might offer fully paid for comprehensive medical cover for the staff members and their family. Or they might have a creche and gym situated in their offices to assist their employees. Some might even include healthy lunches served every day and regular visits from a nutritionist and dietician. By including these types of benefits into the package offered to potential employees, these companies are able to attract and retain highly talented individuals and they never struggle to find people.

But your regular, “normal” sized companies can’t always afford to offer these types of benefits. Even those with access to corporate finance, corporate loans and major credit cards. However, every business needs to offer its employees something special without landing in a deluge of debt. Some kind of spoil or break. Something that keeps them motivated and always trying to do better and achieve more. And even for the smallest of companies, making sure that some time and effort is put into a quarterly function can be enough to keep the staff motivated and excited.

So, big or small, make sure you have something lined up for the end of each quarter

But providing your staff with drinks at the office or the local pub simply won’t cut it. It is better to be creative and best to keep it a big surprise. Everyone enjoys the anticipation of a surprise treat, and your staff members are likely to respond positively with lots of excitement when they know they can expect something.

There are themes aplenty

Of course, you can align these staff parties with calendar events. The likes of St Patrick’s Day, Halloween or Easter are easy to use as themes for your staff party. But if you’re stuck for an idea, then simply Google “fun and festive days on the calendar” and you’ll be served up fun ideas like Popcorn Day (19 January), Awkward Moment’s Day (18 March) or even Take Your Dog to Work Day (23 June). With enough creativity and enthusiasm, you can use these suggestions and turn your function into something quite unique and fun.

Learn how to read the room

Creating a stellar quarterly function that gets everyone excited means that you have to pick venues, themes and activities that everyone will enjoy. But this can feel like an impossible task. Time must be spent accounting for the different departments and what the personality types are in those specific areas of the business. So when you decide on something you need to make sure all the different personalities can be accommodated. For instance, you can’t take the whole company river rafting if you are uncertain that the whole company will want to partake in such an activity. But you can take the whole company to the dam for a camping experience that includes river rafting. If your company is small enough, it might be an idea to have a couple of meetings about a variety of ideas and read the response. Alternatively, if the company is rather big, send out an email presenting the different options and ask them to vote for what they’d like to do. Keep the theme a secret until it’s time to send out the invites.

 

Make it inclusive

 

Whatever you choose to do, make sure it’s always an inclusive experience. Even if you decide to do something “regular”. For instance, if you go out for drinks, dinner and dancing, then just as you would ensure that everyone’s dietary requirements are catered for, make sure that those who don’t drink can enjoy non-alcoholic bubbles. And those who don’t dance can head to a cigar bar or lounge area to relax. If you have an employee who is disabled, then you cannot insist the company goes line dancing. But you could take everyone for a picnic and those active people could try out the ziplining or rock climbing.
Sometimes the most ingenious ideas are the simplest. Consider taking your staff to a Rugby match (but in the bleachers and not in a box so that they feel the “gees”), then out for beers and a real pub dinner afterwards. And, of course, have a shuttle get them all home safely. Or head out to the likes of the Arabella Sheraton where the ladies can all enjoy a treatment at the spa and the guys enjoy some competitive golfing. Everyone can meet up for lunch after.

What every security should know

Some security guards work in high-risk environments,, and they need to be always prepared and alert. Security companies need to make sure that they have fully trained and equipped their security guards with the best resources, in order for them to be at their best. Security guards need to be provided with tools that will equip them with the ability to perform efficiently and effectively. They also need to make sure that they empower themselves so that they can be able to perform the best they can at work.

What they are allowed to do

A security is prohibited by law to arrest anyone. But they are allowed to make citizen’s arrest. They are allowed to ensure that if any person has broken the law, they keep the person guilty under supervision until the police officers arrive. They have to have concrete evidence that the person did commit the act before they can restrain them.

Equipment

Some security are given permission to use guns, but only in emergency situations, such as premeditated murder.

Security guards also usually carry batons and pepper spray, and flashlights in order to perform their duties.

Roles of security officers

Security officers are meant to investigate and patrol an area, checking for signs of misdemeanour or anyone breaking the law.

They are meant to make sure they take note of anyone entering or leaving a premises. They are supposed to be the eyes and ears of a building. They need to make sure that nothing out of the ordinary occurs. Security guards need to be vigilant at all times. If any strange sounds occurs a security guard should be on high alert. They need to be trained to pay attention to particular sounds. They also need to have good eyesight. Particularly during the night shift when criminals are most active.

Security guards need to ensure that everyone coming in and out of the vicinity can clearly see them. Criminals are not likely to commit an act of crime if a security is nearby. Usually, criminals are just opportunists and if they see that there is no guard they will take their chances. Security guards must be visible.

Banks  and critical research labs are just few of the places that have man traps. And a security guard usually has to monitor who enters and exits.

Security guard need to be good communicators. They are at the front line of a company. They are the first form of contact that clients will communicate with. Therefore they need to be able to engage with people entering the company, and the staff that work at the vicinity. They need to be friendly and approachable.

If an emergency occurs and the security can’t handle it himself, he must call the police immediately.

Security needs to be able to think on the spot if any incident occurs. Therefore they need to be critical thinkers, and be able to think fast. They need to be rational thinkers. They must make sound judgements at all times, because a person’s life could be on the line.

The security guard should equip himself with knowledge on how to deal with certain situations he may come across. He should get the help of an already experienced security guard, who could give him pointers on what to do in certain situations.

Security guards need to ensure that they are physically fit. They must eat nutritious food and exercise regularly. They must make sure that they are in tip top shape because they may find themselves in a position where they have to defend themselves. If they are unfit they may not be able to do their work to the best of their capacity. They may also have to break up fights or chase after criminals their body needs to be in the best shape in order to keep with them

A security guard might find himself put in a place of danger. They need to know how to defend themselves and others nearby. They need to partake in self-defence classes. Security guards have little access to weapons and the defence courses could come in handy when their lives are in danger.

A security guard needs to study thoroughly the policies and procedures of the company that he works for.

The security needs to ensure that he is always in protective gear so that when a situation arises and he needs to chase after an intruder he is prepared. He needs to be comfortable in his clothes and the boots that he is wearing. The boots need to help them adapt in any hard environment that they might find themselves in. Because they are also walking and standing throughout the day happy with their gear.

In order for security guards to provide their optimum performance, they need to have the characteristics that will enable them to work in a high-risk space. It is not only their lives that are stake the people around them.

 

5 clever ways to update your office security

When it comes to keeping your business safe, there’s more to being secure than simply bolting the front door shut when you leave for the day. The threats to your company’s security are multifaceted. Despite all the technology at our disposal, there’s still the physical threat of burglars jamming a crowbar into your business’ window frame to plunder the valuables inside.

And, in this technology-driven environment, there’s the additional risk of cyber criminals hell-bent on hacking your company’s most sensitive information to steal your most valuable identities. In everyday life, security is one thing you have to pay close attention to.  Pay equal attention to personal security as well as the security of office property.

Offices can contain a wide range of valuable items – from computers to legal documents and cash. Many businesses are at risk from employee theft, criminal break-ins and intellectual property theft. As a business owner or professional office manager, what can you do to make sure your office workplace is as secure as it can be?

Here are a few clever ways how you can update your office security.

Employee identity badges

As a business owner, you have to enforce ID and badge requirements. These two items are effective when it comes to controlling access points. It’s best that employees in large companies wear identification cards or badges. This tells other employees that each person is supposed to be there. ID badges maintain professionalism and allow for better security. It sometimes may be tempting to let higher management get into the building without their badge, resist the temptation to do so since it undermines the integrity of the programme in place. If you want to keep your business safe and secure, then you should follow the badge and ID system. Make sure to have the full name and a picture of the employee on the badge.

Invest in an alarm system

Any business can be a target for the theft of stock and trade secrets, not to mention vandalism. For that reason alone, an alarm system should be a priority. The only way to avoid this risk and secure your business is to use a verified monitoring system. This is to ensure when an actual break-in is taking place an alarm is sent to the integrated monitoring system, which then immediately contacts the police.

Install CCTV

Although CCTV images are more often associated with solving crimes rather than preventing them, they remain a significant deterrent. Installing security cameras at your business will help discourage the unscrupulous from setting foot on your property. Those that ignore the cameras are likely to become unwitting reality TV stars thanks to CCTV. If the worst does happen and your premises is broken into, this will help identify the prowlers. CCTV, however, should only be seen as one aspect of the overall security system for your premises; thieves can always cover their faces or keep out of camera shot. It’s important to know exactly where to place the cameras and check that lighting is sufficient. There are video wall controllers available from Oculus that you can install that will help with security checks. Check out how it works and invest in one.

Get the right security company

There are many security companies to choose from, therefore it’s important to use careful consideration when selecting a security provider. By choosing the right security firm you can be certain that your employees and property are secured. It can also help your business in the case of litigation. Contracting the wrong security company without putting in time to check references and perform background checks can have a negative impact on your business. So how do you avoid this mistake? Start by hiring the right security company. Check for references from other users who make use of the same security personnel. Ask how their experiences have been with their security provider

Use effective lighting

With burglaries usually taking place at night, security lighting on the outside of your premises can be an effective deterrent. It’s likely to make burglars feel observed, and therefore vulnerable. It also allows occupants to see anyone who is approaching the building and the spotlights flood high-risk areas.

Considering the complexity of cyber crime, it’s crucial to update the security at your office. But it’s also worthwhile to keep on top of the latest threats to your business and your employees, lest you end up paying the price that comes with a lack of preparedness. As organisations change and grow, so should their security as well. Businesses that don’t prioritise their security are making a big mistake that will cost them a lot of money.  

The advantages of leasing or equipment and land

A business makes decisions daily that will impact the financial course of the company. Whether you’re considering leasing or buying the equipment or land for your business, you need to consider these options in order to make the best decision:

Benefits of leasing:

  • Some office equipment needs to be updated after a certain period. For example, computers, cellphones and machinery. Leasing would be beneficial and crucial in such cases, because when the products become outdated they can be easily replaced.
  • The landlord is usually responsible for the maintenance of land. This means that the cost it will take to keep the land maintained will be eliminated. The business will not have to be concerned about expenses such as cleaning windows, repairing the roof and mowing the lawn.
  • Certain equipment requires an immediate down payment in order to purchase it. The company may need the equipment immediately and may not have the down payment readily available. In this case a lease could be the solution to this problem, as leasing rarely requires a down payment. This is the most cost-effective option if the company is on a tight budget and needs cash flow.
  • Most vehicle leases can reach up to four years. During those four years the vehicle will usually be covered by a warranty so if the vehicle endures a breakdown it will be covered. The vehicle will also have a service plan. If the vehicle is in need of servicing and certain parts need to be replaced, such as oil filters, air filters, brake fluid and spark plugs, it will be taken care of. Therefore the business owner can focus on other aspects of the business instead of worrying about the expenditure of the maintenance of the vehicle. Leasing a car for business is helpful in such cases.
  • When the business is in its early stages or you have a bad credit score, you may not qualify for a mortgage loan. Leasing land may be the option to opt for.
  • The monthly payments that an individual pays will be substantially lower for car leases than when you purchase a vehicle. The business benefits from leasing because it does not pay for the vehicle as a whole, it pays for the depreciation.
  • The business may have a specific place they envisioned for their business. If the business has not found a place that meets specific requirements, then leasing land may be the best preference.

If you are a small business you may face tough competition from larger companies who have the latest innovations. It is best to lease equipment to keep up with the latest trends if the business is small with a low budget.

Benefits of buying:

  • If your business employs drivers to drive the vehicles. It may be more feasible to buy the vehicle instead of leasing it. The owner will not have direct control of the vehicles and how they will be maneuvered on the road. It is therefore advisable to rather purchase the vehicle.
  • A business should rather purchase land if it will appreciate over time. It makes good financial sense to purchase the property because if you decide to sell the land in future the business may stand to gain a good investment.
  • The amount of kilometres that will be driven each year should be taken into account when deciding to lease or purchase vehicles. Lease contracts will usually state the amount of kilometres that can be driven for a specific payment. If more kilometres are driven then the company will have to pay more than they originally planned on. Purchasing the vehicle would make more financial sense because there is no limit to the amount of kilometres that can be driven by a company-owned vehicle.
  • If the business plans on renovating a place or adding on to the building they want, the best option would be to purchase the land. Leasing the land will limit the alterations that can be made to a building.
  • Another benefit of purchasing land or equipment is that you will have full ownership. This is extremely beneficial if the asset you have bought is not likely to become obsolete in the short term.
  • The longer the business is expected to be around for, the more financial sense it makes to purchase the equipment. If the equipment will be used extensively over long periods, then the company will benefit from owning the equipment.

A business will endure ups and downs over the course of its life. In certain circumstances it will make financial sense to lease equipment such as in the case of technology where it could become obsolete. The aim is for the business to make decisions that will be most cost effective in order to improve its cash flow.

Businesses that benefit from the mining sector

The mining industry is a very expensive and dangerous sector that needs to be provided with equipment and services. Mining companies have deadlines they need to meet in order to finish projects on time. They rely on outside forces to provide them with the tools to finish their day-to-day activities. Indirect Businesses profit substantially from providing services and products to businesses in the mining industry.

Here are a few ways to make money indirectly in the Industry.

Mining equipment finance

There are some businesses in the mining Industry that cannot afford to buy mining equipment. To own a business in the mining industry there needs to be a big budget that will cover the high cost of machinery. The company may be in its early development stages and cannot afford to make such an expensive purchase. Another reason is that the business may be experiencing cash-flow problems and may not be able to come up with large amounts of cash to purchase equipment. Leasing out equipment is a good idea. The monthly payments to lease equipment will be significantly lower and this will allow the business to budget more effectively.

Protective equipment suppliers

Workers in the mining industry are surrounded by danger and they need gear that will protect them from any injury. The workers in the mining industry need to be provided with adequate clothes, boots and protective gear. The gear should be highly visible as it’s dark underground. The fabrics should also contain padding, and be water resistant. There are other items that business could sell for example earplugs, boots and helmets.

Blogging and online magazines

There are many people who are curious and are interested in the mining industry. They could need information on how to run their businesses in the mining Industry. The magazine and blog could provide inside information on how the global mining industry works. Tips could be provided on the best way businesses can navigate themselves in the mining industry.

Chemical suppliers

The mining industry needs high performance chemicals in order to achieve their tasks. The businesses need different chemicals during various stages of the process. Chemicals can include diluents during the extraction process and depressants during the flotation process and others.

Safety services

There are services that a business could provide to help the mining businesses with tools to safeguard against any chemical releases and fires. The mining Industry is surrounded by a lot of risk and the workers need protection from any imminent danger. The services could include detection of any problem areas that are at risk for explosions.

Machinery

Businesses that sell machinery in the industry are vital. There is a variety of machinery needed in the mining industry, for example, bulldozers, drills, huge trucks and rock bolting machines, just to name a few.

Logistics

Companies are needed to transport goods. After the minerals have been excavated they need to be processed. Transportation will be needed to move the goods around the site. Therefore there is a need for businesses that will provide that transportation to the industry.

Power supply

Mining businesses need to save on energy and may need to be provided with tools that save them on costs. Mining businesses need generators and solar energy. Businesses are needed that can provide them with these goods in order to provide the most efficient and effective services while cutting down on costs.

Risk assessment services

There are companies that provide assessment services that will gradually help businesses and equip them with information to move forward with the their tasks. There are several risks that could take place during the mining process, such as, landslides, oil spills and other catastrophes that could be detrimental to the environment. Risk assessment services can be beneficial in that they determine the risks associated with cost, performance and the safety of the project and the environment.

Data mining

Data mining companies help the mining industry by aiding companies with information they will need to run their business. Businesses need to be aware of the internal and external factors that affect their business. Internal factors include positioning, staff skills and price. External factors include competition and customers.

Heavy equipment repair

Businesses can be established that provide the mining sector with repair services. They help with rebuilding and reconstructing broken equipment that is used during mining. They can repair and provide maintenance services. The business can provide on-site and off-site services. The maintenance and servicing of machinery in the mining industry is vital. The machinery and equipment needs to be in top condition in order to provide the best production and service for the mine workers.

There are many businesses that are successful in the mining Industry. They provide services that bring a solution to the people that need it.