The IMT Center for Digital Business decided explored the success of the businesses that embraced the decision making based on the big data. The research covered the top third companies in their own industries. The study showed that the businesses in that third that embraced the decision making based on the big data were 5% more productive and 6% more profitable than those that did not (Harvard Business Review, October 2012). Here are the three reasons why small businesses should use the big data and three ways how to do it.
Better Decision Making
In order to succeed and to stay competitive with the other businesses, you need to be able to predict the market movements in time. If you are only starting, you need to be able to choose your product and find a way to place it on the market. With the big data on your side, you are able to check the situation on the market and act accordingly. You have to understand that the big data will show you the numbers and trends, but you will be the one who interprets them and makes business decisions.
Everybody Else is Doing It
Analyzing the big data is here to stay. The big companies have professionals crunching the numbers for them and they are leaving the small businesses in the dust. That is why you need to start doing the same. Everybody else will be using the big data soon enough, which means that you will not be competitive enough if you are left in the dark.
Efficient Business Processes
The big data can tell you when, where and how people want their product delivered. It can also tell you how fast and through which channels you can give your products to them. This makes the processes more efficient and far faster. Once again, it helps you stay competitive on the market.
The reasons for starting to use the big data are more than obvious after these explanations. However, a small business owner may start wondering how to get the hold of this data and analytics. Here are the two best ways.
Using the Tailored Software
There are many software solutions for small businesses that can meet the needs for such a company. While you need to make sure that the software gives you the data that you need and analyzes it in a way that is needed for your processes, you also need to think about the price. Today, with the big data expansion, there is a plethora of apps designed for this use. Therefore, look around and find some excellent software reviews to learn all about the best solution for yourself. Once you master it, the money and the time invested will pay out double fold.
Outsourcing Your Analytics
If you feel the whole idea about the data analysis is too much for you, you can always hire somebody to do it. You can employ somebody to do the analytics for you using the software of your choice, or you can just find a company that does big data analysis. They usually have their own software solutions that you don’t have to worry about and they crunch the numbers in a way that is understandable to you.
Whatever you choose as your next move when it comes to using the big data, you need to start using it. Soon enough, it will not just be a matter of implementing new technologies and methods, but a matter of a business survival. Therefore, make the first step, as soon as possible.
The Rocky Road towards Successful Food Entrepreneurship
Running a food business can be awesome and fun, especially owing to the fact that these ventures are rarely a result of anything but passion and dedication. That being said, the vast majority of these tend to fail within the first year – the restaurant business market is hard to predict, even with a ton of research, planning and capital. With this in mind, it’s the perseverance that pays off here, along with business acumen and, perhaps most importantly, vision and ambition. While vision and ambition are factors beyond your control, if you have those covered, here are some tips that will hopefully help you start your successful food business.
Research, research, research
Research plays a key role, regardless of the business type. So, what’s so different about starting a food business? Well, the emphasis on research is even bigger here. People tend to eat their meals at their trusted places, meaning that it’s going to take a whole lot to draw their attention to a brand new food joint. As a rule of thumb, the areas that are abundant with various restaurants are far from ideal for your startup – even if you have the recipe for the best food business venture in the world, people are always going to crowd in front of their favorite, trusted places, which means you might as well not bother.
Research is your way out of this – attend business networking events, don’t be afraid to bore people to death with your questions (though you probably won’t as there’s nothing a successful entrepreneur likes more than networking and bragging about their success) and go out twice, even thrice, a week, browsing the local food places – you can learn a whole lot in this way!
Innovation or upgrade?
Going around the existing (and successful) food joints in your target area can give you a ton useful information. You can learn a lot about doing business in this way, but let’s focus on the product here. First of all, people have to like it, and your friends and family are your best bet here – without being able to serve your future customers a tasty meal, well, what are you doing in the food business to begin with? Unfortunately, a tasty meal and quality customer service won’t necessarily get you very far on the food market – something needs to be special.
Of course, trying to reinvent the wheel is rarely a fruitful process – you either have an awesome idea, or you don’t. The sad truth of things is that you probably won’t have a completely original product to pitch to the market, but relax – most successful businesspersons rarely do either.
The key, of course, is upgrading an existing product – offer something other restaurants lack in. This part of food entrepreneurship is entirely on you and your time spent on research.
Food laws and regulations
This is yet another aspect the food business differ from other entrepreneurial efforts. Depending on the state, food laws and regulations differ – from food safety to labor laws, and you have to deal with them professionally and meticulously. Think about things such as cleanliness – even stuff like finding quality heat exchangers or industrial agitator should be on your list. They provide maintenance-free and hygienic operation, removing the need for the chemical-laden coatings or spray paints, typically found in traditional mild steel frames.
You don’t want to know how many restaurants have ended up closed and barred from performing business on account of a minor regulatory fluke.
Do not aim big…
…unless you want to risk instantaneous failure. Sure, every once in a while, a food business idea pops up that goes all-in and starts bringing in a ton of cash to their owner(s) from the get-go, but in truth, for every food business that enjoys instant success, there are hundreds (maybe even thousands) of instant failures. Start slowly by testing your idea – think of creative food truck ideas, or try the local market to get the feel of things. Not only is this a safe way to see how your product pans out, but it will give you a ton of room for upgrades and improvement.
As results of passion and perseverance, successful food businesses will always be a competitive market. The only thing you can do is make sure that you cover everything properly; from research, to laws and regulations. Either innovate or upgrade, and always remember not to aim big from the start.
5 Tips for Relocating Your Company
Until recently, businesses preferred sticking to their roots and developing their customer base in the part of the country where the company is located. Today, however, the rapid rise of digital technologies has allowed micro, small and medium-sized enterprises to become mobile and start considering their relocation options. Businesses move for a number of reasons: some relocate in search of a new market, others want to take advantage of better tax breaks and some simply want to take advantage of low office space prices. Here are some things you should take into consideration before fully committing to relocating your company.
Finding a solid reason to move
Almost all reasons for relocating a small business can be grouped into following five categories:
- Issues with labor and/or the workforce
- Reaching new and potentially lucrative markets
- Much needed upgrade of equipment and facilities
- Decreasing operational costs and increasing cash flow
- Improved quality of living
For different companies at different stages of their business lifecycle, some concerns might be more significant than others, but ultimately, every business relocation is caused by some of the above-mentioned issues or a combination of issues.
Why location is so important
Finding the ideal location for your business allows you to resolve some, if not all of the issues your company might be facing. A new location means a new, profitable market, better labor conditions and abundant workforce, lower rent and maintenance costs, better tax breaks and overall, a better life. However, one of the most common mistakes business owners make is closing their old location as soon as they move to a new one. While that might be a cost-effective option, the information about your relocation might not reach all your suppliers, partners and customers at the same time. Choose carefully, but leave the old location open until your company has fully settled.
Benefiting the company or the employees
The single largest concern of any major business decision is the cost. Relocating your company to a new location has the potential to solve the old and create new cost-related issues. Businesses are often forced to make a compromise between choosing a low-cost facility and staying near their target markets, a decision that has in recent years resulted in a large number of employees moving away from central cities and into the nearby suburbs to cut down their living expenses, something you as a business owner will have to consider.
Another thing you need to think about is the actual price of physically moving your equipment, merchandise, furnishings, paying rent for the new office space, utility costs and operational costs. In case you’re tearing down your old office space or constructing and expanding the new one, you will also have to consider the construction related-fees, obtaining the necessary licenses and finding the best out of many professional services for rubbish removal Sydney has to offer. Prepare your budget carefully and set aside additional funds for any unexpected costs.
Let the world know about your move
As obvious as it sounds, spreading the information about the move is one of the largest logistical issues for businesses. The main cause of the issue is the fact that people tend to overlook the types of announcements or simply mistake them for a newsletter. Always have more than one option of letting people know and utilize your company website, social media profiles, e-mail lists or any other method you can think of and always send more than one copy.
Business partners, investors, suppliers, employees, customers and even the utility companies all need to be informed in a timely fashion, which is why you might want to let them know beforehand, but also keep them updated during and after the move. As difficult as it sounds, moving to a new location is just another step in your company’s evolution. Whether it will be a step forward or backward is just one of many risks you will have to take in order to grow your business.
Skyrocketing Businesses with Unequalled Micro-Influencer Marketing Services
Ravelijn, Netherlands — (ReleaseWire) — 11/27/2017 — BuddyMarketing.net is pleased to offer a range of social media marketing services for small businesses, entrepreneurs, start-ups, enterprises and any firm, looking to improve their online presence and skyrocket their revenue with never seen before return on investments. Buddy Marketing is a complete package not just for small businesses, entrepreneurs and enterprises but regular people too as their slogan reveals; “creating jobs and providing sublime online marketing services”.
Buddy Marketing for Companies – The team here provides full scale options for online marketing which are basically designed to connect to the varied marketing needs of different companies or businesses. The advantages of using Buddy Marketing services are: businesses will be able to reach new as well as targeted audiences; they will gain access to unlimited targeted traffic; online businesses will also be able to create permanent traffic sources; they can maximize their brand or product awareness amongst the targeted audiences; and last but not the least businesses can see high page ranking in some of the leading search engines. Business owners who wish to start their marketing campaigns here will be equipped with an army of buddy marketers to help them accomplish their online marketing goals.
Buddy Marketing for people – Today it is all about self-employment. Many individuals, retired professionals, students looking for jobs, stay at home moms and dads are looking for opportunities that can provide them good income but without having to go out of their homes. Buddy Marketing offers excellent opportunities for such individuals. The company calls them buddy marketers. These marketers can make that extra income or full time income by completing various easy tasks. They have the flexibility of working from their homes and set their own working hours. They can work as much as they like or as little as they can. Some of the tasks include sharing, liking and commenting on posts on social media. They can also earn through article writing/ blogs/ reviews. The best thing is that the marketers don’t need to possess technical knowledge or programming skills. It is a very simple process.
Buddy Marketing is available for every person in the world.
To know more about the online marketing services offered or to become a buddy marketer visit: http://buddymarketing.net/
Buddy Marketing, http://buddymarketing.net/ based at Netherlands is a company that offers social media services which include social media marketing, viral marketing, micro-influencer, forum marketing, store reviews & ratings, website engagement services, mobile marketing, market research and blog marketing.
Follow me on Twitter
- A ‘Pay It Forward’ Startup Triggers a Wave of Kindness in the US
- Property Search Website Launch Gives Easy Access to What’s Long Since Been an Effort to Unearth
- RumbleOn Announces Strategic Partnership with Sonic Automotive
- REMOVU Launches First Camera — the REMOVU K1 Self-Stabilizing 4K Hand-Held Camera
- Ukiah Police Working Smarter with SceneDoc Software