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Business Management Tips For The 21st Century Entrepreneur

It may seem like the 21st century is still in its infancy, but the first 20 years have seen technological progressions unlike any other time.  This means a whole lot of changes for business and a dire need to keep up with new developments.  

If you’re currently in a position to manage a business operation, you could probably use a few good tips.  Here are some business management tips for the 21st century entrepreneur.  

Understand the need for a virtual office

The culture of the 21st century means that your business needs to be an accessible entity from anywhere.  Even if you already have a brick and mortar office, you’ll need a digital office for collaboration and connection at all times.  

Sharing, delegating, and virtual collaboration efforts have changed the face of business today.  Find the best mobile apps for staff scheduling, financial endeavours, and video conferencing, and stay connected.  

You can do more to lower your overhead

The tech advancements of the 21st century have allowed for business owners and managers to consider nixing the physical “office” altogether.  Remote operations are common, and remote professionals are extremely accessible.  

Today’s entrepreneurs have the ability to run their business entirely from the comfort of home.  Successful entrepreneurs know how to use the tech advances of today to their advantage.  

Digital marketing is an absolute necessity

Marketing had radically changed in the past two decades.  Today’s business owners should focus the majority of their marketing efforts towards digital outlets.  Utilize social media for visibility, and dive into the purpose of SEO efforts in your digital design.  

Email is another great outlet for business marketing.  Collect email addresses using your business website, and send out regular newsletters, deals, and promotions.  Maintaining a steady connection with consumers is crucial to the progression of your business.  

Keep in constant communication 

There’s no reason to ever have trouble communicating with the professionals who help keep your business moving forward.  Technology offers a long list of digital communication apps. Use apps like Skype, Messenger, and GSuite to keep everyone in the proverbial loop.  

As long as there is an internet connection, you should have no trouble working fluently throughout the night and day.  No matter where you are physically, you can be at work.  

Remember your people skills 

Throughout all of the electric excitement stirred from today’s technology, always keep in mind that you’re still dealing with people.  Remember the human side of business, and tread lightly with others.  

It can be difficult to infer tone and inflection through digital communication, so be sure you are clearly non-confrontational.  Great digital communication skills come in handy when dealing with a disgruntled employee or customer.

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Get into your first Finance job – a bigger career opportunity is waiting for you

Finance is a vast sector in any company and is the most essential part of the body too. There are endless areas to be touched, while you are a financial manager, which starts from the basic banking level and ends at the taxation policies in its very initial phase. While you move upwards with the phases, you will find many more things in your life. Financial assistant of a company even derives the plan of the company and it is based on their futuristic analysis that the companies go for the strategy developments. So, job exposure as a financial expert is huge, both at the corporate level and even in your personalized professional level. Continue reading »

Expanding your business through outsourcing

Outsourcing can be a way of focusing on your business’s core attributes while employing the best possible level of expertise that you can afford to implement your approach. There are many good reasons for outsourcing, ranging from the purely financial to the tactical and strategic. Many companies outsource any activity that is peripheral to what they actually do – that is, their essential function as a business. In the marketing sector, this might mean farming out technical tasks such as data management, website design or search engine optimisation, while focusing your company’s energies on the overall vision for the campaign, as well as the key attributes that will help sell the product. Companies such as Atlantic Umbrella (atlantic-umbrella.com) provide PAYE services for freelancers, contractors and temporary staff with a wide range of skill sets and valuable experience.

 

Technical expertise

Businessmen shaking hands

Businessmen shaking hands

 

Most B2B companies, for instance, don’t have a full complement of specialist staff capable of effective marketing, while many marketing organisations lack high-end technical expertise, and even may not possess the tech or the software in the first place. It can be more viable to outsource these tasks than to have staff trained and experienced in these areas on the payroll full-time. Hiring in experts as and when needed also means that your staff can work with the specialists to develop their own skills and to familiarise themselves with the latest technology.

 

Bringing in specialists from outside means you can be sure they’ll be up to date with changing demands, priorities and technology. After all, that is their job, and it’s where their experience and reputation resides.

 

Financial flexibility

 

Outsourcing gives you more flexibility in your budgeting. It may seem more expensive to outsource than to do everything in-house, but there are advantages to one-off payments for services where all unforeseen costs, as well as unexpected problems, are absorbed by the contractor. Another model is to have a long-term retainer or subscription that allows you to call in a specialist contractor at short notice if necessary. There can still be flexibility in the level of service provided, depending on what you can afford and what you require.

 

Free to focus

Businessman Conducting Meeting --- Image by © Royalty-Free/Corbis

Businessman Conducting Meeting — Image by © Royalty-Free/Corbis

 

Outsourcing processes that are not at the core of your business leaves your team to focus on those core functions, which means insight rather than operation. The bottom line is that in marketing the ideas people are the essence of the business, while those who implement those ideas are replaceable, and their roles can be outsourced if it makes strategic, tactical or financial sense. This may sound harsh, but acknowledging this truth is the way to facilitate company growth or to negotiate the steep learning curve of getting to grips with a new product or distribution channel. Outsourcing can also be the means to see your company through the inevitable lean periods as you streamline the firm back to its core applications.

 

Ultimately, outsourcing frees you up to do your job while bringing in skilled freelancers to do their job. Expanding your business is always going to be about learning how to delegate responsibilities and to manage effectively, and selective outsourcing is a crucial part of that process.

 

 

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One OEM and the Rest are Just Resellers

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