Business Tips

Business equipment can be expensive and it may be tempting for your business to not purchase the best equipment available, but to instead purchase equipment that is less expensive. Your business may be able to get away with this in some circumstances. However, there are many ways to ensure that you get the best equipment for your business .  1. Consider Leasing  The best way to obtain the best equipment is through leasing. This allows you to purchase the best equipment at a lower cost. Leasing allows your firm to begin using equipment immediately and also allows you eventually own the equipment that you lease.  2. Only Purchase Essential Equipment Make sure that you only purchase equipment that you need. This will free up capital to spend on the best equipment. If there is an inexpensive way to complete a task that does not require a particular form of equipment, use that method. This is Bootstrap Business after all so make sure to think like a frugal entrepreneur and a ...

The best company has the best tangible resources from the main building to the equipment. After you have chosen the right location for your business, whether it is a warehouse or office building , the next step is to fill this space with equipment. Here are several ways to find the best equipment for your startup company.  Decide the Type of Equipment You Need  Think of all the rooms or warehouses where you find different types of commercial equipment. For most businesses, it is every room from the lobby to the break room. Also, more owners are investing in streamlined, automated machines to make life easier for customers and employees. In the main lobby, there are kiosks to help them perform simple tasks without the help of customer service agents . In the copy room, there are recent models of digital or laser printers, copiers and scanners. Even in the break room, there are the latest tools from contemporary furniture to energy efficient appliances. Finding the right digita...

When you work in a warehouse, you're often responsible for ensuring that items are made and packaged in a certain amount of time. A production line can be difficult to maintain if there are several items that need to get shipped by the end of the day or the end of the week. However, there are some tips that you can try to keep up with efficient production and to help other workers stay on task as well. After all, time is money, so you need to keep on schedule to reduce overhead . The Picking Path  While this isn't a formal line in warehouses, the picking path is created so that everyone knows where the production line begins and where it ends. The line often ends with the wrapping process. It's a path that can help to dictate the flow of production in the warehouse to make it easy for work to be completed in a timely manner.  Equipment  In order to ensure that all of the components are working together, you need to make sure the equipment that is used is in the correct w...

If you own a small business, you probably already know a thing or two about Key Performance Indicators (also known as KPIs). KPIs are the benchmarks your business sets in place to make sure it’s moving toward its long-term goals. The key to effective KPIs is not just having them in place, but having the right ones in place. Of course, that’s a lot easier said than done. To help you out, I’ve put together this guide on how to determine which KPIs will best drive your business forward.  1. Begin With Efficiency KPIs In a discussion of KPIs, there’s a good chance efficiency KPIs are likely the first kind that come to mind. These are your basic markers of ROI.  According to the smart folks at PNMsoft , an Intelligent Business Process Management Suite provider, efficiency KPIs include measurements such as: cycle time from request to delivery, volume of tasks per staff and number of staff involved.  These are the basic markers that make sure your business is running the way it...

These days, the kind of theft that many businesses are worried about isn’t armed robbery, shoplifting or even employees stealing office supplies. Instead, it’s the theft of a company’s intellectual property. Perhaps there is no intellectual property more valuable than trade secrets. These are what give a business an edge in a competitive market. Below are five strategies that can be used to keep your trade secrets safe.  1. Accurately Identify Your Trade Secrets  Before you can take action to protect your trade secrets, you must first identify them. For example, if you run an Italian restaurant, your pizza sauce recipe could be a trade secret. However, trade secrets don’t have to be secret formulas. They could also be information you have amassed such as customer lists, supplier information, product profit margins and more.  2. Hire An Intellectual Property Lawyer  S econd, you should learn about the laws that were put in place to protect trade secrets. On the feder...

Businesses often need to do some office remodeling or property upgrades. While you could ideally relocate your employees during construction, it isn’t always a practical or cost effective solution. How can you keep your employees safe and productive?  Covered Entry  In order to grow your business , sometimes you need to demolish it first. Construction often requires that things will be demolished will have to be removed from the building. Limit the route by which construction debris is removed. Do not allow contractors to use employee elevators or egress stairs. A better option might be to use an enclosed chute from a window to empty debris into a contained dumpster. While this is in practice, provide a covered walkway for your employees to safely move in and out of the building without worrying about falling debris.  Designated Traffic Lanes  Trucks and dumpsters will place stress on your pavement. A good practice is to designate one lane for heavy vehicles and on...

Employees are undoubtedly the most valuable asset in every company or organization. Training them is the ideal tactic for ensuring constant growth of your business or company. The goal of every training program is to increase productivity of the employees and the organization. Unfortunately, not all training processes are budget friendly. Dedicating a bigger chunk of resources to training workers can hurt the bottom line of your business. Therefore, you need to choose an ideal training delivery tactic that meets your training requirements, suits your budget, and addresses the needs of your workers.  1. Evaluate Current Training Materials Carry out an intensive assessment of the modules and courses you are currently using to identify those that are necessary and those that you can exclude from your training program. Alternatively, you can conduct thorough employee surveys and establish whether your current training strategy is reliable and effective.  2. Minimize Business Trav...

While the workplace isn't a place for slack or a much needed rest and relaxation, it's an environment that should convey fun and positive vibes. As an employer, you have the power to foster this ideal environment. Doing so can boost workforce productivity and turnover rate, both of which are key drivers for consistent business growth and future success. Unfortunately, many employers pass on this opportunity in exchange for temporary capital savings. Here are five easy and affordable ways to spark some fun in the startup workplace .  1. Greet Failure With a Positive Attitude  In no way should you aim to fail . This particular tip only entails allowing people to fail and encourage them to test their ideas. Fear of failure is often one of the prime reasons why there is so much negativity and stress in the workplace. Eliminate this fear by greeting failures with constructive criticism and encouraging comments.  2. Build Teams That Have Chemistry  People who dislike each...

There are estimates that around 75% of organizations have an employee recognition program in effect. If this is something that your organisation does not have, then it is something that you may wish to consider starting. The Virgin Group boss Richard Branson says “if you take care of your employees, they will take care of your business”, and many businesses whether they are small or large, feel the same.  Increasing Productivity  Research shows that a reward program does not have to be expensive and that any outlay needed to start the program can soon be more than covered by an increase in employee productivity and efficiency. When workers are happy, they work harder; and if they are incentivized, they will work even harder! Figures also show that if an employee feels unrecognized in the hard work and effort they have given then a company will run the risk of losing that employee as they will seek employment with a company that rewards their efforts.  What Makes Them Tic...

One of the best ways to make money is to avoid spending it in the first place. It can be hard to find ways to cut costs without passing up opportunities, but there are a few methods that consistently work. They all take a little bit of effort, but that effort can pay big dividends in the long run.  1. Use HR Software  Labor is always expensive, so it's a good place to start when the time comes to cut costs. The best way to do that is to automate processes to reduce the amount of work needed to do a job. The Human Resources department is a great candidate for this, since there are a variety of modern software programs that can automate large parts of the process.  The average HR worker spends most of his or her day on administrative tasks, like tracking payroll and attendance. Doing it by hand can take a long time, but using human resources software means the computer can handle most of the bookkeeping—with minimal human oversight. That cuts down on labor time and allows...