IT is one of the most dynamic industries of our modern times. The most advanced equipment has great chances to become obsolete in three or four years from now. Businesses have a hard time at keeping pace with this progress, hence the need for highly specialised IT experts. The biggest question is whether to outsource your businesses IT management (to someone like https://www.itma.com.au/services/consulting)or to hire in-house staff to fulfill these tasks that enable your business to operate smoothly and your other employees to be productive and efficient.
The right answer depends on the type of business you run. If you are the head of a very large organisation, it may make sense to have a dedicated IT management team. These people would probably have a high workload, since all other employees are going to seek for their help and support. Not all people are good with computers, so you can always expect even your best performers to need assistance in using your technology to the full.
This is why you may find it more convenient to hire your own IT specialists, despite the high costs implied by the increase of your workforce headcount. In addition, a very large network requires matching infrastructure. The more complex your IT systems, the bigger the chances for various things to go wrong. In such situations, outsourcing may become extremely costly, as your business partners would probably charge you for each and every intervention they would have to do to sort out your issues.
Finding an IT management services provider to agree to work on a monthly retainer basis may be extremely difficult. Such cases call for careful estimations and projections, in order to determine the best option for your business. There’s no one-fits-all approach to this type of dilemma. You can find the best answer only by doing the math and drawing the right conclusions.
On the other hand, if you run a very small business, you should seek to keep your headcount as low as possible, especially when it comes to people that aren’t directly involved in generating revenue for the company. In such situations, outsourcing your businesses IT management is a much better solution than maintaining an in-house team of specialists.
As your ultimate goal as business owner or manager is to maximise the profit of the company, while securing its healthy growth, the decision to outsource an array of services and activities should be taken with this purpose in mind. If your business scenarios show there’s an opportunity to lower your overhead costs without impacting your workflow in a negative manner, you should definitely choose to outsource your IT management operations.
If, on the contrary, your analysis shows that you don’t gain a great deal by externalising these activities, you may be better off hiring your own experts. Business decisions should always correlate with the marketing and profitability goals of the company. This is why providing a straight answer to this question proves to be an impossible task.
Appreciation at work is something that employees respond very well to particularly if it expresses recognition of their efforts. While a simple thank you for work done can go a long way, you might want to look at something a bit more permanent. There are a number of benefits that come from the awarding of physical trophies and awards to your employees that you need to know about.
It is a well-known fact that employees who are engaged with are more productive and will work more effectively and proactively (see this article). If your employees know that their efforts are likely to be praised or rewarded they will work harder. Employee recognition is a great way to ensure that you have a productive office that works effectively.
The benefits of workplace trophies and awards are not limited to the business as employees also benefit from this. When an employee gains recognition through a trophy they understand that they are seen as valuable to the business. This will increase their job satisfaction because they know that they are more than just another face in the office or an employment number. The recognition of their work will also make the employee feel that they can make a difference in the company through the work that they do.
Employees that do not feel valued by the company they work for are more likely to look for work elsewhere. While some managers might believe that this is a good thing, others understand that high staff turnover will have a negative impact on morale. It will also make it harder for your departments to function correctly as training of new employees will be constant.
Physical awards and trophies can actually help with your staff retention. These awards will make your employee feel valued and know that if they have a problem it is more likely to be listened to. This increases the happiness of your staff and will make it more likely for them to stay with your company.
Physical awards and trophies can help to cultivate a team culture in your workplace. This is generally done through peer-to-peer recommendations which are great for building team spirit. This will also encourage your staff to be more open with each other and interact in more positive ways. It will be hard for an employee to have a problem with someone if they know that they nominated them for an award.
You should also look at awards for teams as well as individuals. This will ensure that teams within your business also get the recognition that they deserve. Giving an award only to certain people in a team could cause problems that you want to avoid which is why team awards are recommended.
There are many benefits to having physical awards and trophies in your workplace. The way that people are nominated should also be considered because peer nominations can better working relationships.
Deciding on the best shipping method to move products from one state/continent to another can be a little daunting for many people. While both shipping methods (air and sea) may be reliable, several factors have to come into play before picking either of the two. Some of the factors that come in mind when choosing a shipping method include cost, time, and reliability. While each shipping method has its benefits, you certainly have to put some of these factors into consideration especially if looking for a way to save money or time in the long run. Discussed below are some of the considerations to make when choosing between the two.
1. Shipping Costs
Many people believe that shipping by sea is much cheaper than by air but this isn’t necessarily the case. While shipping items by sea may be more affordable, it all depends on how fast you need the products delivered, and their size. Shipping companies charge according to the total chargeable weight of the product. That said, shipping heavier items by sea is considerably much cheaper as compared to shipping the same by air. Sizeable and smaller products are however much cheaper to ship by air.
2. Warehouse Fees
The shipment will probably have/need to be stored in a warehouse at the port before it can be cleared or collected. Storage costs may be calculated by the weight/size, as well as the number of days it stays in until collected. One notable thing about such fees is that warehouse fees at airports are considerably much lower as compared to those at seaports. Depending on the item you will be shipping, consider getting estimates of how much you could spend in warehouse fees to determine the most affordable one.
If you need your product delivered in record time, air freight is the way to go. Ships are also getting faster thanks to new technological advancements, canals, and new routes. Sea shipments may at times take at least a month to arrive while air shipments take as little as 2 days to be delivered to the desired destination. This is because sea freight companies may take up to a week before they can set off. Unless the product is urgent, you can always choose sea freight if moving a household. The extra time helps you prepare for the move much better.
If looking for a reliable means to ship your products, you could then choose air freight. This is because airlines follow a strict schedule that enables them to deliver on time. The only factor that can make an airline delay (by a day at most) is bad weather or a regional problem. Ocean carriers, on the other hand, are known to work off schedules, with most companies docking a week or even two late. Such delays can have a huge impact on your business especially if you cannot afford a delay.
If looking for a fast and reliable way to have your products shipped in record time, then air freight is the best way to go. This however means you have to dig deeper into your pockets to get the shipment delivered. If you however are moving tons upon tons of products in shipment, you will be more comfortable with ocean freight.
Purchasing transport equipment for your business can be an expensive task and something that many businesses will not have the capital to do. If you need to have transport equipment, but do not feel financially secure enough to make the purchase, you should consider leasing. There are a number of benefits businesses find when they lease their equipment instead of purchasing it outright.
The primary benefit of leasing transport equipment is the cost. While you will have a monthly amount that needs to be paid to the leasing company, you will not have to produce a lump sum for the purchase. The monthly payment of the lease is generally easier for small and new businesses to cope with as they do not have to borrow additional capital.
Better Quality Equipment
When you look at buying transport equipment, you will notice that there is a range of prices. The high-quality equipment will generally be very expensive and out of the budget range for most businesses. However, when you lease equipment you will be able to get this high-quality equipment for a price that you can handle. Of course, it is important to note that the monthly payment for the higher quality equipment will be more than for poorer quality.
Easy To Budget
When you lease equipment, it is easy to budget for the costs. The monthly costs and the interest rates will be laid out in the contract that you sign with the leasing company. The interest rates for these rentals are generally fixed which makes it easy to budget for them.
The rental period will also be detailed in the contract that you sign. This makes it easier to budget long-term because you know what the equipment will cost you over a set period of time. If you buy the equipment outright you may have to replace it unexpectedly and this is something that you cannot easily budget for.
Maintenance And Breakage
Depending on the rental contract that you have, you may not be liable for any maintenance, repairs or breakage costs for the equipment. When you own the equipment you have to pay for any maintenance work, repairs or replacements when something breaks. All of these costs could be included in the monthly premium that you pay when you lease. It is important to note that not all leasing companies will cover everything and you have to check your contract to verify what you are liable for.
Upgrading Your Equipment Is Easy
If you need to upgrade your equipment, it is much easier when you lease compared to when you own the equipment. Upgrading your leased equipment will generally consist of contacting your leasing company and increasing the monthly premium. The increase to the premium will generally not be very great if you are making a small upgrade.
Leasing your business transport equipment is an ideal solution for any business with limited funds or limited credit lines. There are a number of benefits to leasing which all businesses should consider before they purchase equipment.
Once your business starts reaching success, you will need to take the important steps from financial self-management with expert help.
While many owners tend to do their own financial management on their own, poorly managed accounts will lead to unexpected surprises. A professional accountant will help you sort out your finances and give you all the help you need. But how will you know when you need expert help?
Check out these three signs your small business needs to hire an accountant.
Your Finances Are Taking Too Much of Your Time
Do you find yourself spending more time on filling out your taxes and financial documents than you should? Handling your finances is a constant process that requires time and effort. The problem many owners have is the time it takes to record all your transactions. This leads to time away from other important matters that involve your business. Hiring an accountant will help manage your finances that free up your time.
You Have No Idea What You Are Doing
From credit to bookkeeping, audits and more – there are so many tasks to complete in terms of handling your account. With so much to do, this means you may not have the time to learn about each task and mind lead you to confusion. If you are struggling to comprehend your finances, it is important to hire help from an expert. This will help you prevent and correct your financial mistakes.
Your Business is Growing Faster than Ever
As your business continues to expand, you will be forced to deal with new tasks and responsibilities. While more business is good, it can become hard to manage your finances. This can result in losing track of your bookkeeping, transactions and more. Hiring an accountant will help you relieve the pressure and shorten your workload while you gain confidence in your new responsibilities.
Are you currently feeling overwhelmed with your finances and managing your business? What measures have you taken to complete the tasks? Comment below and let us know!
Looking for better ways to help your small business grow? For every successful method comes with twenty unsuccessful strategies. That is why we’ve listed down these fundamental growth strategies that will benefit businesses of all sizes, industries, and location.
Here are the top 5 strategies that will improve your business growth.
Improve Your Products
The best way to grow your business is to improve and enhance your products and services. Consider the product and what you can do to enhance them. What new features can you add? Are there any marketing techniques that will help you draw attention to new consumers? Work within the consumer’s demands to help you increase sales better than before.
Reach Past Your Target Audience
Another strategy is to reach further than your target audience. Consider what ways you can improve your marketing tactics and appeal to a new audience. Determine where you can advertise your services and products and how they would benefit from it.
Expand Your Business
The internet has helped improve businesses from all over the world to grow strong in numbers. Small businesses can also turn into an international business by offering products and services across the nation and beyond your local region. Just remember that this growth strategy takes time and research to plan the most effective results.
Build a Diverse Market
What audience do you do sell your business to? Will your brand benefit other target markets? Consider what markets will make sense to sell to without confusing your consumers. Use the appropriate resources that will help you compete against established brands already in the market.
Develop New Products
Once you have established your initial products and services, now’s the time to develop new products and services that will appeal to your current customers and bring in new customers. Consider what your business might be lacking and work to create new products that will fill in space.
What strategies have you used that have been successful? Comment below and share your tips with us!
You’re finally taking the initiative to get your business started. You’ve done all the research, used the right tools, and prepared for every step of the way. But did you know that a few simple habits can help improve your success, expand your network, improve performance and boost credibility?
Check out these four habits that will help you turn your dream business into reality.
Make New Connections Every Day
Create an effort to make at least one new connection every day. Whether it is through email, meetings, social groups or LinkedIn – using all platforms will help you build a strong network. Don’t just send a random generic invite; make your invitations personalized to open the conversation. However, it is important to be careful about how you come across. This can be a major turnoff and will drive potential friendships and customers away.
Follow Quality Blogs and Websites
Choose useful blogs and websites that will keep you up to date with the latest trends, mishaps, and develops happening in the industry. The more you are in tune with your industry, the better credibility you will have. This will also help you develop trust and leadership within your network.
Be Helpful to Others in Your Industry
Make an effort to share articles and information within your community that will be proven interesting or useful. Introduce each other to create an opportunity to do business and build connections. There are many ways to be helpful to fellow business owners and entrepreneurs.
This is a great way to help you stay inclined to what they are looking for in the services and products you provide. Representing each other will also create a strong network that will surely improve all parties.
Commit to Giving Nothing Less than the Best
Put your best effort into your business and how you provide service your customers. You will stand a better chance of building loyal customers rather than single-service customers. Just remember to treat every client as if they are your first and last client.
Do you follow these habits? Comment below and share your opinions with us!