Business Incorporation

Data management is the development and execution of architectures, policies and procedures that properly manage the data lifecycle of any enterprise small or large.

It is a widely un-appreciated and under rated method of keeping your business in track. Basically, it is the development and supervision of everything that is going in and out of the company by using a large data base tracking system. 

For any company that is striving to organise itself or to try and grow in the proper way I would highly recommend implementing a data management system of some sort. Other similar programs that a company can implement to help the management of their company are direct mail services and other print services that can ultimately cut back on company spending.

Although these kind of business tactics are harder to implement into a new company that has just been set up I can definetly say that it is worth it implementing them. For example if you had an accountancy firm that had just started up it would be imperative to implement some sort of data management system as it would be necessary to keep an eye on everything going in and out of the business.

It has been reported that Data Management is falling out of favour within many logistical companies and now many companies prefer to have all of their data management running within the company itself and not outsourcing. Since this sudden break in trend many logistics companies have stopped offering this service as they are more than aware it could not reap any sort of income.

However, since companies have been avoiding data management there has been a massive increase in the amount of companies that have been developing in house data management software to cater for the people who want to run it out of their own premises. This has proven to be fair more beneficial from a financial sense and is definitely where the industry is heading.

Small Business Advice business management, data management, direct mail services, print services

Coping with rising insurance premiums has become an increasingly serious issue for business both in the US and worldwide. The economic downturn of the past year or so in particular has brought this situation into sharp relief. Yet often overlooked is the fact that according to recent findings, as much as 70% of businesses are overinsuring their fixed assets!

The problem arises from a systemic lack of accurate and up to date information in the asset register, the database which keeps all the information on tangible assets. What ends up happening in this scenario is paying for insurance on fixed assets they don’t even own any longer. Another scenario is where the value of insured assets has depreciated to the extent where the insurance premiums could be lowered simply by calculating this asset depreciation.

This issue is compounded at the time of the insurance claim itself, when a lack of detailed information causes insurance companies to challenge or underpay on claims. This information includes detailed descriptions, serial numbers and proof of locations.Think of a similar parallel at home - if your house was burgled and you claimed on house insurance, imagine what the outcome would be if you failed to provide a reciept for your TV, computer and other items.

A lot of the time when an asset is replaced or thrown out, it is no longer seen as a problem by the financial people since its value on the company books has degraded to zero.What this means is that updating the asset database is not high on the to do list for many. The cost is merely put off, however, until such time as yo do need to make an insurance claim, at which point the lack of an up to date asset inventory will really cause you problems with your claim.

It probably wouldn’t come as much of a surprise to a lot of businesses to hear they dont have the best grasp of the state of their fixed assets. But I don’t feel many organizations know just how bad this is. Even less known is the extent of the savings that could be made from proper asset managment on insurance costs, and the gains in improving the success and outcomes of claims. A leading expert in fixed asset management software estimates that on average organizations are over-insuring by more than 20%. Surely that justifies some serious time and investment on making sure you have a decent asset tracking system in place.

Small Business Advice asset management, asset register, asset tracking, business insurance, business management, corporate insurance, fixed assets

Are you in the process of looking at a new computer system? Regardless of whether you are looking at a system for your office or restaurant, there are a couple of things you should keep in mind when installing systems that will help run your operations and store all of your critical data.

1. Network cabling. Most systems are computer-based, designed to run on Microsoft Windows technology. This means that the workstations and peripherals most likely will communicate over standard Ethernet networking. Although wireless communications have been the talk of the town these days, the preferred method is to “hardwire” as many of the stations as possible. Some vendors include this service in their bid; while others specify that cabling must be arranged with a third-party vendor.

Inspite of who does the cabling, it will need to be completed and tested before installation of the equipment. Each piece of equipment will require a cable drop. A drop is considered the cable connecting from your remote printer or PC back to the networking source such as a patch panel in the mechanical room or office.

For POS systems, the restaurant should be wired with CAT 5 or 6 network cabling that connects every conceivable POS workstation, remote printer or KDS, office computer, hostess station, delivery order desks, cashier stations and network server to a “home run” area such as a central patch panel, preferably located in your telephone or electrical room or closet. Cabling routes need to ensure that cables are at least 24 inches from fluorescent fixtures, neon transformers and electrical motors, as these devices can sometimes interfere with communication.

2. Electrical. Install dedicated and isolated circuits that all of your POS, computers, network devices such as hubs and routers, and phone systems can share. No other electrical equipment should be on this circuitry. I would prefer getting your network, phone, and electrical service to be near to each other. An isolated circuit means that the circuit has a ground separate from that of the main electrical service. This helps to prevent spikes and surges that may destroy motherboards and hard drives. Note, however, you may still want to use surge protectors at each workstation.

3. Properly designed workspace. When it comes to designing workstation areas, be sure to leave enough space to comfortably fit all needed equipments there. Tabletop space for server stations should be large enough to place a computer monitor, guest check printer, and possibly a credit card terminal if you plan to use separate credit card equipment. There should be enough space directly underneath the tabletop to hold the computer, surge protector, power strip and a battery backup (UPS).

If you plan to place your workstations on mill-manufactured surfaces such as granite or woodwork, you may want to have your contractor pre-drill holes if needed to run cables or power cords beneath the surface. A 2-inch hole would be enough space for cords and cables on most POS systems.

For the cashier and bartender stations, the tabletop space should also be large enough to perfectly fit a cash drawer and an order confirmation customer display. Most cash drawers have a footprint (space requirement) of 15- to 17-inch depth; 16- to 20-inch width; and 3.5- to 4-inch height. So better make sure you get the drawer specifications from your supplier in advance if you are building a custom countertop for your drawer to be recessed perfectly in.

4. Service Plans. Your supplier will offer some type of service plan as part of your original purchase. The fact is, business grade systems are composed of hardware that will not last forever especially in restaurants. POS printers will eventually break, fans will fail, and hard drives will crash. How often is dependent upon the conditions under which they operate. Dirt, dust, heat and moisture are not friendly allies to office and restaruant POS equipment.

I’ve seen some systems that rarely experience problems while others deal with them constantly. The best thing a restaurant owner can do is to invest in good equipment and then protect that investment by maintaining it. Many restaurant POS solutions provider will offer ongoing service plans that are basically extended warranties. The annual cost for these services usually ranges anywhere from 10 percent to 20 percent of the original purchase price.

Computer systems represent a sizable investment. But if you set a time to make sure that the above steps are included in your checklist, then you are more apt to be rewarded a return on your investment by getting the most from your system in cost reduction, labor savings, and ensuring that you can account for all cash.

The Author Michael Tash is the Vice President of Customer Relations at POS-for-Restaurants.com. With over 20 years of restaurant experience, POS-for-Restaurants.com helps you use your technology to be more efficient and more profitable.

Small Business Advice business, business management, point of sale, pos, restaurant point of sale, restaurant pos, restaurant pos system

Heather is a fifty-three-year-old woman who is the top administrator in the human resources department at a large electropolishing company. In order to lower the costs associated with excessive sick days, poor employee work performance, work related injuries, employee alcoholism and alcohol abuse, and increasing absenteeism, Heather and the other VIPs initiated some programs that made the work environment considerably more productive, safe, and healthy.

As an example, thirteen years ago Heather and the other company administrators initiated an Employee’s Assistance Program so that all the employees had access to professional psychological counseling for their personal problems that could harm their health, personal well-being, and their work performance.

Top Management Builds a Technologically Advanced Workout and Exercise Room Complete With Mirrors, Scales, Exercise Charts, Weights, Exercise Equipment, and a Personal Trainer During Business Hours

As another example, around eight years ago Heather and the other company administrators built a forward-looking exercise and workout room complete with exercise charts, scales, many different types of exercise equipment, weights, a personal trainer during business hours, and mirrors.

Moreover, just about four years ago Heather and the other company leaders invested in a distillation system that filters all the drinking water that is obtainable throughout the main building. Likewise, two years ago, Heather and the other company executives started a “walking club” that is basically intended for employees who want to improve upon their cardiovascular system.

Top Management Puts Into Operation a Weight-Watchers Class and Hires a Weight-Loss Healthcare Professional to Oversee the Program

As another illustration, approximately two-and-a-half years ago, Heather and the other VIPs put into operation a “Weight-Watchers” class that at present meets every weekday at 4:30 PM until 5:50 PM. Furthermore, top management hired a weight-loss healthcare professional to oversee the program.

In a similar manner, a year ago Heather and the other company administrators initiated a “Stop Smoking Club” for workers who want to learn how to stop smoking.

In the last nine months, in conjunction with the Employee’s Assistance Program, Heather and the other company administrators implemented an “Anger Management” class for employees who want to control their anger issues.

The VIPs Initiate a Drug and Alcohol Testing Program

In the last three-and-a-half months, Heather and the other company leaders implemented a drug and alcohol testing program that is related to their drug and alcohol abuse prevention program. In point of fact, Heather is the primary individual in the company responsible for getting the message out to all the employees about the drug and alcohol testing program as well as the drug and alcohol abuse prevention program.

One of the essential elements of the drug and alcohol abuse prevention program is a class entitled “Alcoholism and Depression” that meets every Wednesday after work. The primary idea with this class is informing workers that abusive drinking and depression frequently occur in the same person. It is hoped that understanding this information will be able to help an individual address both medical problems and get the alcohol counseling and mental health therapy he or she requires.

Upper Management Launches an Alcohol Statistics and Facts Class

Another relatively recent addition to the drug and alcohol abuse prevention program is a class entitled “Alcohol Statistics and Facts.” The rationale behind this alcohol statistics and facts class is the reality that several people fail to recognize the total impact of the results of alcohol addiction and alcohol abuse without first reading about some of the alcohol abuse and alcohol addiction statistics and facts that are available. As a consequence, one of the objectives of this class is to provide a range of alcohol addiction and alcohol abuse statistics and facts to help employees gain a better comprehension of the many of problems that are related to hazardous and irresponsible drinking and how they can stop these difficulties from transpiring.

Most recently, Heather and the other VIPs, through feedback from employees, started a class that centers directly on severe drinking entitled “What is Alcoholism”? This what is alcoholism class meets every Thursday morning a half hour before work and focuses for the most part on the differences between alcohol abuse and alcohol dependency and the different forms of treatment that are available for individuals who drink in a hazardous manner.

Even though every one of these health and preventative maintenance programs was quite costly, the VIPs believe that they are many thousands of dollars ahead by providing all of their workers with healthy, safe, and more productive working conditions.

Small Business Advice alcohol abuse, alcohol addiction, alcohol dependency, alcohol statistics, alcoholism, alcoholism and depression, business management, drug and alcohol testing, mental health, what is alcoholism

If you seeing in your company one or more of the following signs, you will probably be in need of a business advisor:

1.    Lack of clear direction in the company – The company will experience symptoms such as individual role execution where it does not contribute to the success of the company, conflicting objectives over departments and divisions, and wastage of resources. Business advice will relate implementing an adequate vision, tactical strategy and operational execution disciplines.

2.Lack of formalised business plan – The business advisor will ensure that an adequate business plan is formulated for the company formalising the direction, resources required, abilities of the company and the future financial position of the company.

3.    Steady escalating costs – The business advisor will analyse the current and future operational and capital  epxenditure and present business advice as to the applicability of the costs and the benefits derived by the company incurring these costs.

4.    Service delays or late deliveries of products – The business advisor will assess the current defined accountabilities and the processes used for the delivery of services and products. Futhermore, the business advisor will investigate customer complaints and trace them to breakdown points. Business advice presented will include enhanced processes, accountabilities, service delivery standards.

5.    Lack of information about competition or market – Inadequate information can lead to incorrect or lagging market responses and outdated services and products. Companies are also constantly threatened by new entrants and current competitors changing services and products thus dramatically shifting the market segmentation.

6.    Frequent cash shortages – Profits do not always translate into cash. Cash shortages will severe disrupt the ability to increase the using of resources or sustaining current commitments. Business advice will include an analysis of working capital cycles, debt structures and price/volume sensitivity.

For business advice please contact Christo van Huyssteen on christo@bizrite.co.nz or 0800200500

Small Business Advice business, business advice, business management, business plan

Many people have turned the threat of redundancy on its head into a real opportunity to go it alone. There’s been a marked increase lately in startups and people going self employed. If it’s done right it can be extremely fulfilling. Imagine earning all the fruits of your own labour. But a huge number of startups fail within the first few years. So if you’re thinking about going down this road, it’s crucial to do things right. 

The tips below are not a complete list, of course. But from my experience here are some of the key things you need to consider if you are to succeed:

• Ask yourself: Is this your passion. The path before you is going to throw you a lot of tough challenges. The people who make it a success on their own are the ones who live, breathe and sleep their work.
• Hire an accountant. My advice is don’t go it alone when it comes to taxes unless you have experience with it - letting an accountant deal with it can really save a lot of hassle. I’d say do this for at least your first year or two - then you can take it over.
• Think about your online presence. The internet is the small businesses’ best friend. Whatever your industry, it’s pretty much guaranteed that many of your customers will be looking online. There has never been a more effective way of getting leads and customers. Make sure you invest in a well made website. I would especially recommend delving into Google Adwords and SEO to gain traffic from search engines.
• Get your branding & image right. This is frequently something that is done poorly at the start and then left untouched for many years. A good quality logo design can take you a long way. It’s similar to meeting a client wearing shabby clothes or dressing smartly - first impressions can really make the difference. Have a look online for some examples of custom logo designs and go from there. Getting a professional graphic designer is not so expensive any more. Also get things like business cards and stationery design sorted out from the outset.
• Learn from your competitiors. Then Do it Better. Dont try and reinvent the wheel - learn from the wisdom your competition has gained of how to be successful. They have years of experience on you and you shouldn’t discount that. But go one further and see what they could be doing better. Identify a Unique Selling Proposition, however small. Without this no business can succeed.
• Test and learn with marketing. There are always going to be a number of channels you can use for advertising. But small businesses are notorious for throwing good money after bad on ineffective advertising techniques purely because they have no idea of how well they’re performing. It is invaluable to find out the advertising source of your custom.  This is easier with online marketing, but can be as simple as asking your customers where they heard about you. Review every few months and act accordingly.

Hopefully this advice has been useful. Your comments are most welcome below!

Small Business Advice advice, business, business management, Small Business, startups

Business planning feels sometimes like visiting the dentist – you know you must do it, but you keep putting it off

Historically business plans were prepared to obtain finance and subsequently filed away. Larger corporations prepared business plans internally to justify operational and project budgets. These business plans were seldom revisit and the accuracy and completeness were always questionable.

Regardless of the size of your business, it is imperative to be incredibly focused within your business. In depth focus can only be achieved through proper planning. This can be achieved through the use of structured business plan, sound business advice and ongoing evaluation against the plans.

The structure of the business plan should include:

•    Current market situation – Understand your current market environment, including its size and the share you can realistically achieve. The size of the market will depend on market trends, target customers and competition.

•    Current target customers - Evaluate the characteristics of the target groups of customers that could buy from your business.

•    Competitor analysis – The level of competition and the strength of the competition will provide an indication of how difficult it will be for you to attract customers.

•    Marketing strategy – Detail the objectives and targets for the volume and share of the market you hope to achieve and when you want to achieve it by.

•    Marketing plan – Explain in detail how you going to achieve your marketing targets and objectives.

• Sales Goal and objectives – Details your sale forecasts in terms of different product types by volume and value.

• Operational requirements – Draft an outline for your business plans for premises, equipment, staff, suppliers, compliance and estimated costs.

•    Current financial requirements and financial forecasts – Includes a breakdown of your financial requirements, the sources of finance available and any shortfall that will require funding.

•    Management processes – Consider key skills, responsibilities, and management processes needed.

• Business risks – Lists the risks your business is exposed to and how you plan to mitigate it.
Closing remarks

No-one knows the pitfalls of planning and running a business better than persons who have done it. Rather than wait too late, contract business advice in if you do not have the necessary expertise. Experts can not only provide business advice for your business planning procedure but will become advocates for your business, cheering it on!

Small Business Advice business, business advice, business management, business plan

Locating, qualifying, and being nominated for credible awards can be a great benefit to any business, no matter the size. Businesses of all sizes, from multi-national corporations to small local businesses, should be aware of the value of attaining awards for business excellence.  As described at the awards list site, the benefits of business awards are many and include media coverage, greater employee satisfaction, and access to better commercial partners.

One of the best indicators for prospective customers of a business is to find out if the company has received any recent awards for excellence in customer service. It is quality treatment, good products, and service support that the customers look for and appreciate at the time of purchase and beyond. A company’s reputation in their market can be greatly increased by winning a business award for excellent customer service.

The company’s management team and employees must all be committed to providing the best customer service in order to be nominated for such an award. But creating a customer service motivated environment is only a step in the right direction. Results count, and in order to ensure the company achieves the results, quality needs to be measured.

In order to receive an excellent standard for customer service, one of the first things you must do is identify your customers expectations. Once you know what a customer wants, it is important to continuously monitor and track their opinions, to ensure that their expectations are being met or exceeded.

Metrics for customer service satisfaction measure the company’s performance against the expectations of its customers. On-site or follow-up surveys are one means of gathering data in this vital area. When satisfied customers start talking it can generate great publicity for the company so customer satisfaction is very beneficial.

Once top quality is achieved, the visibility of exceptional customer service is greatly enhanced by achieving a business award. The purpose of gaining such an award is to attract more potential clients while retaining and strengthening relationships with existing ones.

Small Business Advice business, business awards, business management, corporate awards, marketing