Connect with us

Business

Tips for Relocating a Small Business

Published

on

Tips for Relocating a Small Business

Back in the day, small businesses would almost always stick to their roots and end up with a customer base that covers only a part of the state. Today, however, various technological innovations have allowed small businesses to become rather mobile, making relocation an actual and very real consideration. But what most small business owners fail to realize is that relocating an entire business isn’t as easy as it sounds and often results in various issues that could have been avoided with some careful planning ahead.

Different businesses have different reasons for relocation, but these can be boiled down to five main ones:

  • Issues with workforce and labor
  • Need for a new market
  • Desire to upgrade equipment and/or facilities
  • Lower business costs and/or increase in revenue
  • Desire for a better, quality life

Now, most moves can be attributed to a combination of said reasons, but the two most commonly cited ones are finding the appropriate workforce due to a lack of qualified workers for specific occupations and becoming too large for current, often small facilities.

Replacing employeesReplacing employees

One the most pressing matters arising from the act of relocating a business is that workers will rarely follow their company’s move and simply find another job. Companies rarely have enough resources to support both the move and a relocation bonus for their trusty employees. This can be an issue, especially when you’ve already have qualified, and more importantly, valued employees. Have in mind that you would probably have to hire and train new employees, which can result in company downtime and additional spending of company resources.

Don’t change the address until you’ve finished moving

Relocating a small, but growing business can prove itself to be a logistical nightmare. Let’s say you’ve moved and you’d like to forward your mail and packets to a new address. Most delivery companies simply do not offer forwarding services which can result in customers having to request expedited exchange orders. A good idea is to keep both locations running simultaneously, at least for the first 30 days. This way, you can receive packages even if they end up sent to your old address.

Relocation costs are often higher than you thinkRelocation costs are often higher than you think

Relocating an entire company, including the equipment, furnishings, and merchandise can burn a hole in your pocket if you’re not careful. This is especially true for business owners who, together with their companies, also have to move their homes and personal stuff. Plan ahead and find a relocating company which offers quick deliveries or consider investing in a truck hire service. Additional costs arise from the simple fact that your company is offline during the move, so plan your budget accordingly.

Office Space Options

Leasing office space can be rather expensive, considering that most lease owners insist on two-to-five year contracts. Those who don’t want to burden themselves with a long-term mortgage should consider leasing with the option to one day own the property. This kind of arrangement allows business owners to purchase the property once their lease has ended and save any future expenses of having to relocate again. Small and growing businesses also have the option of using co-working spaces as an affordable workspace option.

Office Space Options

Consider your budget and always set aside additional funds for any unexpected expenses, which will most certainly arise at one point or the other. Get all your information regarding the location, new office spaces and state-specific laws and tax options well in advance and have in mind that the chances of everything going exactly the way you planned are virtually non-existent. This will inevitably happen and you have to prepare by making the appropriate arrangements and setting aside not only additional resources but additional time in order to avoid missing customer’s orders and important deadlines.

Continue Reading
Advertisement
1 Comment

1 Comment

  1. Bradford Snelson

    September 13, 2017 at 1:13 am

    Thanks for pointing out that most delivery companies don’t offer forwarding services on business packages. I can imagine that having the packages arriving at the location where you were actually working right up until you made the move would be very helpful. It would probably be a good idea to work with professional movers who were experienced in moving businesses as well to make the whole process faster.

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

7 SEO Improvements that Your E-commerce Website Needs

Published

on

Increasing the visibility of your e-commerce website also means boosting its appeal to your audience. You see, it’s not just about how many people see you in the search engine results, it’s about how many people click and how they form their first opinion of your brand. All of these factors are affected by your SEO. According to numerous surveys, about 33 percent of all search engine searches end with people just clicking on the first result. Why? Well, because it’s the easiest thing to do and because people believe that rank represents credibility. There is some truth to this, of course. So, here are seven tips to improve the SEO of your e-commerce website.

1.      Optimization of category products

The key thing to improving navigation on your e-commerce website lies in optimizing your category pages properly. Why? Well, because it enables people to effortlessly find what they’re looking for. If they know exactly where they need to go, chances are that they’ll avoid aimlessly roaming across your domain. While this roam may not seem like that bad of a thing, remember that it increases the bounce rate and decreases the average duration on your pages. Both of these things affect your SEO rank in a negative way.

2.      Organize site structure

Another goal you should set is making your website easy to navigate. The simplest way to achieve this is through a well-organized site structure. First of all, your home page needs to link to all the top categories. Non-top categories should also be reachable from here. When it comes to backtracking your steps, your audience should have the option to jump as many steps back as they want with a single click. This way, they can avoid having to spam the back button (which increases the bounce rate) or returning to the home page and retracing their search from there. In other words, you need to make the structure and navigation more intuitive and pragmatic.

3.      User reviews and testimonials

One of the simplest ways to increase the CTR on your e-commerce website, thus increasing the engagement rate, as well, is to include user recommendations and reviews. Despite what some may think, an average user has an easy job of telling between a genuine user review and one left by a marketer. Corporate jargon is not that easy to conceal, which is why you should always go for the real deal. Other than this, user recommendations are probably the single best way to get people to spend more time on your website.

4.      Improve speed

When it comes to making a good first impression, speed is paramount. A non-responsive website looks amateurish, which is a much larger problem in e-commerce than it usually is. Think about it, it is one of the industries with the lowest average conversion rates. Why? Well, because the competition is so numerous that they can just look up an item that they’re interested in someplace else. A greater speed gives them more confidence to buy from you and even helps them make that impulse purchase, that definitely goes in your favor. Other than boosting speed, you should probably explore other tools to help boost your conversion rate, as well.

5.      Create a blog

Amongst the most effective and organic ways to imbue your online store, there’s definitely the idea of making a blog to support it. How does this help you? Well, first of all, by making a blog that’s relevant to your industry, you will organically attract your target audience. Then, if you link towards relevant items in your store, you will increase the number of qualified leads arriving at your website. Remember, these people are already potential customers seeing as how they’re already A) interested in the product and topic discussed and B) invested in your brand as blog visitors.

6.      Authoritative link building

While link-building for your online store and blog, you need to understand the importance of quality over quantity. When submitting posts to various blogs, you need to insist on high domain authority (DA) instead of just looking for easy submission. This will help you establish your own authority both in the eyes of your audience and search engines, which will result in a stronger SEO position and higher SEO rank. All in all, taking your time to establish a solid online presence is definitely worth your while.

7.      Focus on the product

Finally, when building your e-store, you need to put an emphasis on the product itself. First of all, you need to write a unique and descriptive product description and upload a flattering product image. Product photography is an art of its own, and there are many techniques that you might want to try out in order to get better results. As for the description, try being brief and to the point. Most important of all is that you use the language of your audience and that you look at the product from the perspective of a potential customer.

Conclusion

In the end, there are also some honorable mentions like performing regular keyword audits, increasing your SEO investments and managing your online reviews. The key thing to remember, however, is that this is not a one-time project but a continuous process. You need to treat it as such.

Continue Reading

Business

NCDMB: The agency providing funding, incubation and mentorship opportunities for technology startups and innovators

Segun Balogun

Published

on

Win up to $10,000 Seed Funding in the NCDMB Oil & Gas Technology Hackathon 

The Nigerian Oil and Gas Technology (NOGTECH) programme is the first ever Oil and Gas hackathon with the primary aim of fostering innovations in the oil and gas industry as well as creating a platform for the proliferation of local content. The programme is headlined by the Nigerian Content Development and Monitoring Board (NCDMB) with partnership from Learners Support Consultancy and BrentHub.

NOGTECH aims to address the challenges faced by the nation’s oil and gas industry and its linkage sectors by ideating, developing and prototyping digital technology solutions that solve these pertinent problems. The programme is promoting innovation by offering seed funding, business mentorship and incubation to the winning ideas.

Call for Submissions

The Executive Secretary of NCDMB, Engr. Simbi Kesiye Wabote, disclosed that “five teams will get $10,000 equity-free grants each”.

 

 

In a webinar session titled “Innovating for the future of Nigeria’s Oil & Gas Industry and its Linkage Sectors.”, Engr. Wabote revealed that submissions into the programme will be scrutinised based on several factors.

”Participants must be a team/company of at least two or more members with at least 75 percent of the founding team as Nigerians. The team/company must be a registered, or intending to register as a profit/business entity. The solution described in response to the challenge must be driven by digital technology – Software, Hardware or both.”

He also disclosed that “the solution must either be at the ideation stage, prototype level or a launched solution that hasn’t gained commercial traction. The team must be available to participate in a three-day hackathon as well as a three-month incubation programme, if selected.”

Solving the Industry’s Toughest Challenges

NCDMB is determined to unearth scalable solutions to the industry’s biggest challenges. Some of the identified problem areas include the rising problem of pipeline vandalism, increase in cyber-physical risk, widening skill gap, supply chain and logistics inefficiency, rising carbon footprint and issues surrounding transparency, accountability and civic engagement.

Innovators are encouraged to proffer sustainable and scalable solutions to these biggest challenges faced by industry stakeholders.

Pitching to Investors

Ultimately, the winning teams will have an opportunity to pitch their prototypes to investors. But before then, the NOGTECH programme is taking place over several weeks with the selected ideas advancing on a stage by stage basis.

The first stage is the call for submissions where teams and startups are encouraged to submit their ideas. Shortlisted teams in each of the challenge areas will first be invited to present online to a team of experienced entrepreneurs and industry professionals. The most promising teams will then be selected to participate in an all-expense paid 3-day hackathon. Submit your ideas here

During this time, shortlisted participants will have a couple of days to collaborate and build their prototypes or fine-tune existing prototypes with guidance from industry stakeholders, experts and mentors. At the end of the bootcamp, teams will revalidate their solutions and have the opportunity to pitch to a panel of judges.

Prizes for Winning Teams

The winning five teams will undergo a 3-month incubation program where each team will get a $10,000 equity-free grant, a work-space, expert mentors, global partners and unprecedented market access over three-months, ensuring they become commercial and investor-ready.

At the end of the incubation, the teams will participate in a showcase day to demonstrate their progress. This showcase will aim to connect them with investors and industry stakeholders where they can further amplify their market access.

So if you are an innovator seeking opportunities, identifying them and seizing the ones that then match, then you have to apply to NOGTECH.

In order to participate in the hackathon, innovators, teams and startups can get started here.

Continue Reading

Business

Blue Ridge Enhances Machine Learning Capabilities for Price Optimization

Segun Balogun

Published

on

 Blue Ridge announced today enhancements to its suite of next-gen cloud-based Price Optimization solutions, which leverage machine learning to quickly identify opportunities and simulate pricing strategies for peak margin, profits, revenues and sales. The pricing suite supports end-to-end pricing transformations, a strategy proven to minimize disruption and drive significant earnings expansion for distributors and retailers.

Blue Ridge’s Price Optimization solution quickly identifies both overpriced and underpriced products while providing accurate recommendations for aligning prices across products, channels and price points including wholesale, list and customer segment. The solution provides daily alerts on competitive price changes to react quickly in price-transparent ecommerce channels, as well as make recommendations on reducing excess inventory to create significant value and profit margin improvement.

“Today’s enterprises and brands have seen the impact when supply chains and demand signals disrupt markets,” said Ray Wang, Principal Analyst & CEO, Constellation Research, Inc. “Those leaders who had the right price optimization tools were able to respond with agility, resiliency, and speed to account for new signal intelligence and ensure that customers were satisfied, margins were met, and supply chains were not disrupted.”

A report by McKinsey & Company illustrated the latent benefits of intelligent pricing, estimating that “A one-percent price increase would yield 22 percent increase in EBITDA margins, and a 25 percent uplift in stock price. Moreover, pricing has a disproportionate impact on a distributor’s enterprise value, with an increase of 20 percent for a one-percent increase in price.”

“The highly competitive and increasingly digital landscape of consumer buying today requires that distributors and retailers analyze things like minimum advertised price, psychological price points, willingness-to-pay measurement, and even list and net pricing, as well as macroeconomic influences before setting prices,” said Cliff Isaacson, Blue Ridge Executive Vice President of Product Strategy. “Machine learning-based pricing tools allow our customers to make those decisions swiftly and confidently, so they can always operate at max-profit point.”

Blue Ridge Price Optimization uses machine learning capabilities to continually optimize pricing across all products (not just top-tier items), segment and perfect pricing for each customer, and give distributors the upper-hand in supplier negotiations:

  • Comprehensive Pricing Strategy: Simulate different pricing scenarios and predict the impact of a price change before implementing it.
  • Competitive Positioning: Respond immediately to price changes from competitors, as well as supplier rules, segmentation, positioning and price change frequency.
  • Intelligent Analytics: Purpose-built for the distribution and retail industries, Price Optimization’s intelligent science learns from price changes and results over time to steadily improve price recommendations.
  • Customer Segmentation: Identifies customer performance, discounting and pricing opportunities based on willingness-to-pay and past performance.
  • Rapid Results: In under 90 days, businesses can have intelligent Price Optimization recommendations for achieving both short-term and long-term S&OP goals, continually refined year after year.

Price Optimization joins Blue Ridge’s suite of Supply Chain Planning solutions, which help customers increase forecast accuracy, improve customer satisfaction, and assure product availability to customers without creating a costly inventory surplus.

“Price Optimization combined with Supply Chain Planning solutions creates a huge financial game-changer for retailers, distributors and manufacturers in today’s volatile market,” said Jim Byrnes, Blue Ridge Chief Executive Officer. “It uniquely blends science and synchronization to solve our customers’ biggest problem – what they don’t know. With Price Optimization, our customers have the insight to pivot quickly and grab significant near-term savings; shape and align longer-range S&OP processes; and consistently deliver pricing that’s both competitive and profitable.”

Continue Reading

Trending

    %d bloggers like this: