Michael Levitt's Blog, page 29

The 5 Core Principles Of A Durable Business

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Building a business that lasts is inherently challenging. You have to weigh your resource requirements today against likely outlays in the future, and that requires a lot of forecasting and guesswork. 

With that said, some businesses are more durable than others. While most are a flash in the pan, many last for decades, often longer. 

In this post, we take a look at the secrets of durable businesses and what they do differently from the rest of the competition. Check out our principles below: 

Hire People Who Believe In What You Are Doing

Most businesses assume that loyalty is a thing of the past. Millennials and Gen Z, they tell themselves, won’t stick around if a better offer comes their way. 

However, that’s not necessarily true. Even today, it is possible to find loyal people, so long as you can align them with your mission. Once they see what you are trying to achieve and agree with what you are doing, they will bear almost any hardship. 

Own Property

Most companies lease property, equipment and plant to improve their cash flow. However, that’s not always the best approach, particularly if you want your balance sheet to offer some flexibility. 

In light of this, many firms are now becoming property owners and moving assets into their balance sheets. They’re investing in buildings that use prefabricated structural components, similar to steel house frames, that will stand the test of time and reduce construction costs. Many are building workplaces that are completely bespoke, underscoring their intention to continue providing services long-term. 

Offer Impeccable Customer Service

Long-lasting companies have another trick up their sleeve: impeccable customer service. They know that even if technology disrupts their business model, a core of clients will continue to use them because of the high-quality personal service they offer. 

How you provide great customer service depends on your business model. However, it all comes down to the same thing: treating your customers well. If you can find ways to do this better than your competitors, then you will go a long way. 

Adapt To New Technology

Brands that ignore new technology do so at their peril. Those who don’t keep up run the risk of being disrupted by their rivals, and booted out of the market entirely. 

If you can develop your own technology, that’s great. However, even if you can’t, keep a close eye on developments in the market. Follow your rival’s strategies and look for threats coming at you from outside your industry. Don’t be afraid to make significant organizational changes to take advantage of new technologies if the opportunity arises. 

Establish Your Brand

Lastly, if you want a durable company, you need to establish a brand. Doing this makes clients and customers think twice before swapping to a competitor offering a cheaper price. If you can convince them that you offer the best quality in the market, they will flock to you. 

So, which of these principles will you use to build a durable, sustainable business?

Staying Calm When Your Company Has a Crisis

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Being a business owner can be tough. Not only are you responsible for the success of your company, but you are also responsible for the financial lives of all your employees and your own family to boot.

So, it’s fair to say that life as a business owner can be pretty stressful even when things are going well. When a crisis happens, it can be all too easy for business owners to fall apart. Of course, this is the worst thing you can possibly do; you need to stay calm to get your business through.

With that in mind, here are some top tips for staying calm when your company has a crisis:

Take a minute

When your company is plunged into a crisis, it can be tempting to throw yourself right in and start firefighting. It is often better to take a step back, take a minute to breathe deeply or maybe even meditate, and get yourself ready to deal with whatever the issue is. Just taking that moment of calm is often enough to stop you from panicking and overreacting.

Accept it

So your data has been hacked or your office has been flooded. There isn’t anything you can do to change that and the sooner you start accepting it, the sooner you can make plans to put it right. If you go into denial, the problem is only likely to escalate and that will make you panic, even more, when you finally come around, so try to practice acceptance as soon as you can.

Focus on what you can do

If you want to avoid falling into a pit of panic and despair, it is wide to start thinking about what you can practically do. Can you call in flood restoration services to salvage the workplace after a storm? Can you notify your customers that they should change their passwords following a data breach? Focus on what you can do to get back on track and you will soon see that it isn’t as big a disaster as you thought it was.

Seek help

Just because you own the business doesn’t mean you have to do it all alone. In a crisis, people and together, so tell as many of your trusted employees as you can what is going on and work out how you can all help to resolve the situation together. A problem shrewd really is a problem halved and it’s much easier to stay calm when you know that capable people have your back.

Do some disaster planning

Of course, it’s easier to remain calm if you know in advance what you will do in a crisis which is why you should consider doing some disaster planning today before you experience any crises.

If you can keep your head in a crisis, you can steer your company through even the biggest disasters and come out the other side stronger than ever, So, when a crisis happens, remember the above and above all, do your best to remain calm. You got this.

How To Lose Customers In Seconds When They Visit Your Office

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You’ve been tailing a lead for some time, and you’ve finally managed to convince them to come in for a consultation. The date is set, you’re waiting in your office, and your new customer walks through the door. It’s an exciting time as you’re ready to close the deal! 

Unfortunately, unbeknownst to you, you’ve already lost this customer. 

Before you’ve even uttered a word, they’re not interested in you anymore. They’ll stay for the consultation to avoid any awkwardness, but their mind has already been made up. 

How? 

How can you lose a customer in seconds, without even speaking to them? It all comes down to the first impression they get when they reach your office. If certain things are present, they can instantly decide that this isn’t the business for them. 

Keeping that in mind, it’s good to know how to lose a customer, so you can do the complete opposite! So, here’s what will land you in deep water:

A poorly maintained office

You lose loads of possible clients if they walk up to your office and see that it looks awful. The windows are dirty, the outside is unkempt, and things get even worse when they enter. 

There’s dust everywhere, overflowing bins, it smells weird - there’s just generally nothing clean about it at all. Would you trust a business that presents itself like this and makes absolutely zero effort when it knows a possible customer is coming for a consultation? I wouldn’t!

This is all avoidable with some simple office cleaning. If you can’t do it yourself, hire a company to do it for you. Keep your office spotless and shiny, and you immediately make a better first impression. 

No greeting at the door

Your lead shows up at your office and stands there looking confused like that one Jon Travolta meme. There’s nobody to greet them or tell them where to go. Right away, they think less of your business and how you treat potential customers. 

Now, not every business will have a receptionist or a lobby for people to wait in. However, the very least you can do is have an access system where they buzz you to let you know they arrive. Now, you can go down and meet them, welcoming them inside. 

If your leads just walk in and have nobody there greeting them, it puts a sour taste in their mouth. 

A weird office atmosphere

You may have a well-maintained office, you may even have someone greeting the lead as they enter. But, you can still lose their interest before you’ve said a word. 

As they walk through your office, they notice a weird atmosphere in the room. It’s either too loud or too quiet. A loud office seems way too rowdy and unprofessional, while a quiet one just seems eerie and strange. They start to develop thoughts about you and how you run your company if the atmosphere in the office isn’t a good one. 

As such, focus on creating a good work environment for everyone. Make your office seem like a place people enjoy working in. This reflects well on your company and can make the lead more likely to convert. 

There you go: how to lose customers in seconds when they visit your office. Ensure you’re NOT doing the things above to stand a better chance of converting leads and making sales.

These 3 Things Will Improve The Profitability Of Your Warehouse

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If you have a business that operates out of a warehouse, you’re probably wondering how you can make it as profitable as possible. Primarily, your business model revolves around the idea of storing goods and shipping them out to customers. You may have an online store where people can place orders, then your warehouse team gets the right stuff and it’s sent out. 

So, how can you improve the profitability of a warehouse? There are a few interesting ideas and concepts, and here are three of the best to try: 

Rent out some warehouse space

Are you making the most out of your warehouse space? If you’re leaving shelves unoccupied because you don’t have anywhere near as much stock to fill them, then you’re basically losing money. 

Many small businesses start off like this as they rent a warehouse for the long term. In the future, you may increase your stock and be able to fill up more of the warehouse. For now, you can boost profitability by renting this space out to other small businesses. Let them pay you to keep their goods in your warehouse. 

Smaller companies have an affordable place to store and sort their goods, and you get some extra money on the side for doing pretty much nothing. 

Improve the warehouse layout

You need to have a productive warehouse layout to make it as profitable as can be. This includes using clever things like a warehouse racking system and a one-way movement system throughout the place. 

Why is this beneficial? Well, it means that you can find goods far quicker than ever before. Time isn’t wasted, so you’re able to process and ship orders at a faster rate. It allows you to reduce delivery times, which can encourage more people to purchase things from you. After all, consumers are greedy and they don’t like waiting!

Theoretically, if you have local customers, you might be able to process orders so quickly that you can deliver them on the same day. It’s only possible when your warehouse layout is perfect!

Implement warehouse technology

You can easily find a good WMS (Warehouse Management System) that helps you make your warehouse more productive. 

The idea of these systems is to use technology to help you figure out the best routes for picking things up, and so on. Some tech can even send out order notices to people on the warehouse floor as soon as they come in, meaning they know exactly where to go and what to pick up. 

Warehouse technology can also reduce the chances of shipping the wrong orders by scanning codes to double-check that you’ve picked up the right thing. Wrong orders are draining for your profits as they mean you waste money having to deal with a return. 

Evidently, these three ideas will definitely help you improve the way your warehouse operates. As a result, this could set you up to make more money. Focus on using all the technologies available, improve your warehouse layout, and rent out any free space that you’re not currently using.

Creating Memorable Customer Experiences in Your Restaurant

Providing customers with a unique and unforgettable experience is paramount to a restaurant’s continued success. That said, if you don’t know how to make your establishment feel memorable, getting off to a strong start can feel daunting. Fortunately, you can use a few simple strategies to create an experience your customers won’t soon forget! 

Make Things Feel Personal

If you’re looking to set your establishment apart, one of the best things you can do is make each experience feel personal to the customer. We’re certainly not suggesting that you hand-tailor your service to the tastes of each person who walks through the door.

But there is something to be said about making room for small yet significant gestures that show how much you care. For instance, sending a friendly birthday email to your loyal customers can positively impact how they think about your restaurant.

You could also occasionally gift promotional coupons or discounts to your regulars. Even something as simple as visiting a few tables and striking up a conversation can create a memorable experience that makes your guests feel comfortable and at home in your restaurant.

Don’t Be Afraid To Entertain

Trying to be more personable is, without a doubt, an essential stepping stone for creating memorable customer experiences in your restaurant. But if you genuinely want to leave an impression, there’s no better way to do so than finding a way to entertain your guests. Perhaps your eatery typically serves families with children of all ages.

If so, it might be worth getting a few arcade games or even tablets with group trivia activities uploaded onto them. If there’s a bit of extra space in your bar, adding a stage for karaoke or open mic nights might be your ticket to a unique vibe. In any case, customers across the board will appreciate a restaurant that entertains them as they await their meal.

Create a Unique Atmosphere

Good restaurants understand the importance of creating an atmosphere for their customers to enjoy. But the greatest restauranters know that on-brand decorations and music aren’t enough. If you want to start creating memorable customer experiences in your restaurant, you have to make the place feel special. Customers should feel that they can’t go anywhere else to get the same experience.

Places like Rainforest Café and Casa Bonita are excellent examples of this strategy. If you’ve never been to one, you should know that these restaurants are chock-full of atmospheric experiences such as:

Ambient sounds

Live performances

Over-the-top decorations

Together, these things make for an otherworldly restaurant experience that customers can’t get anywhere else. That’s why it’s such an effective technique if you’re in the position to do something akin to what these establishments have accomplished.

Provide Impeccable Food and Service

When you get down to brass tacks, nothing makes a guest’s experience more memorable than excellent food and service every time. So before you start getting fancy with your décor or entertainment options, ensure that you have a dynamite menu that’s consistently flavorful.

Moreover, ensure that your kitchen and serving staff are as efficient as possible. You’ll be surprised at how much speedy, accommodating service and delicious food will entice customers to return to your business.

Stopping the Slouches! 4 Ways To Effectively Minimize Office Downtime

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Downtime is one of the biggest killers of productivity across the board. Every company will have its busy times and slower times, and employees usually think about downtime as an opportunity to relax. But this can be very frustrating for managers who want to maximize productivity, so if you are looking to improve employee engagement by maximizing productivity during slow periods, here are a few things for you to consider. 

Starting at the Very Beginning

One of the best ways to minimize downtime or lapses in productivity is to hire the right people at the outset. This is not always a good option but if you're trying to make big changes to the organization, you've got to make sure you are finding the right caliber of employees. There are things you can do at the inception stage such as a pre employment medical check to ensure they are the right type of employee for you, but also ensuring that employees are headstrong enough to spearhead changes on a cultural level. Many employees want to slot into the company, but if you are trying to make big changes hiring people that have the bravery to withstand office politics is vital. 

Offering Training

Cross-training is something that can be very beneficial to employees, especially when we're looking at minimizing downtime during a working day. Giving your employees additional training in another aspect of the business means that they can “hop” onto another station, which helps you to build a stronger workforce but also helps employees to feel more valued. 

Communicate a Downtime Policy

When employees are going through a quiet period, you can benefit from reinforcing the downtime protocol. In many organizations, downtime is just not an option but is where you can incorporate a to-do list of things that need to be completed. When you're creating a downtime to-do list, it should be made up of things that are not urgently needed, but to make sure that these things are done properly, you need to communicate the importance of these tasks during the onboarding process. Hiring new employees means that you have the opportunity to set the tone and build an awareness of these downtime tasks.

Adding Incentives

Incentives are always an excellent way to engage employees. When we encourage employees to focus on those downtime tasks, this will ensure that the tasks are completed but the sense of fulfillment is greater because of the incentives and rewards on offer. For example, a simple reward could be for your employee to leave early. This is something that we could do if the entire day is slow or if there are issues with the equipment. But this may only work if you have salaried employees; if you are paying employees by the hour, the time off may be worth more than the paycheck itself. 

If you are trying to keep your staff motivated during periods of downtime, there are plenty of little things you can do that will make a big difference.

5 Tips to Keep Your Business Premises in Tip-Top Shape

Maintaining a commercial property is a big job. First, you have to keep the grounds looking nice, but you also have to make sure that all equipment is in working order. If you don't have time to do it yourself or are unsure where to start, here are five tips to help get you started!

Perform Regular Maintenance Checks

One of the best ways to keep your business premises in good condition is to perform regular maintenance checks. This means checking for any potential problems and addressing them before they can cause any damage. Some things you should check regularly include:

- water pump repair

- electrical wiring and outlets

- plumbing and drainage

- roof and gutters

- windows and doors

- air conditioning and heating unit

- signage and exterior lighting

If you can, try to schedule regular maintenance checks for the same time each month or year. This will help you stay on top of any potential problems.

Be Proactive About Damages and Maintenance

Business owners should be proactive in addressing any damages on their premises. By being vigilant, business owners can prevent minor issues from becoming more significant problems down the road. Ensure that all aspects of the property are functioning correctly.

Creating a cleaning and upkeep routine is one of the best ways to ensure that your business premises always look their best. By dedicating specific days or times each week to doing general cleaning and maintenance tasks, you can ensure nothing slips through the cracks. This also makes it easier to stay on top of any potential problems since you'll be able to spot them early on before they have a chance to become more significant issues.

Stay On Top Of Tenants

When it comes to your business premises, it's essential to stay on top of your tenants. Have a schedule for when they are expected to maintain the property and what they are responsible for. This will help keep things running smoothly and keep your building looking its best.

It's also essential to conduct regular property inspections, both internally and externally. This will help you catch any damage or problems early on to be fixed before they become more significant issues.

Be Prepared For Emergencies

In case of an emergency, it's essential to have a plan. Ensure you have access to all necessary emergency supplies, such as a fire extinguisher, first aid kit, and smoke detectors. In addition, if you have any special needs or requirements, make sure your emergency plan takes that into account.

Hire A Cleaning Company If Needed

Keeping your business premises clean is essential for several reasons. It will make your space more pleasant to be in, but it can also help to maintain a professional image and protect your health. If you're finding that you don't have enough time to keep things tidy on your own, or if the level of cleaning required is beyond your capabilities, then consider hiring a professional cleaning company. They'll be able to take care of everything from sweeping and mopping to dusting and sanitizing, leaving your space looking and feeling great. Just be sure to do some research beforehand to find a reputable company with a good track record.

Maintaining clean and tidy business premises is essential for creating an excellent first impression with clients and ensuring that your employees feel comfortable working in an organized and pleasant environment.

Advice For Creatives Working From Home

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As the pandemic normalized remote working necessities, many people in many industries have established a working formula for themselves, using their personal devices and personal internet connections to become more flexible in their creativity.

As such, a range of industries, especially those aided and abetted by computer work, have managed to open up somewhat and become more open in their working requirements. This demands a new skillset, especially when it comes to digital fluency and care. As a creative looking to take their work into the digital space while working from home, it can be worthwhile to consider exactly what your necessities are, so that you’re never caught in a shorthanded fashion.

Working from home is a great boon for many people, but it does take time, effort and enthusiasm to get right. It also requires the ability to invest in the tools and the practices you need to keep on top of your organization and practical work, be that purchasing an industry-standard drawing tablet for illustrators and graphic designers, or using correct spelling software for freelance writers.

With that in mind, please consider the following advice:

Keep Your Computer Hard Drives Well Managed

Your hard drives and cloud storage drives are where all of your creative materials will no doubt be kept, from audio files to written projects to extensive graphic design materials. For this reason, it’s important to makes sure you have backups, and that your cloud storage syncs with your hard drive space, so that as soon as a file is updated or added it can be immediately mirrored in another place.

You’ll also find that knowing how to clear the purgeable space of your device can ensure temporary and other files from adding up, improving the storage of your hard drives and helping them run more quickly. Of course, it’s also worthwhile for creatives to learn how to organize their files, from using a worthwhile labelling system to making sure folders are properly applied and subfolders divided. This can help you more readily find items you need, using your operating system search tools when needed.

Lay Out Your Desk Accordingly

It’s a good idea to lay out your desk in the best possible manner - that is in a way that helps you work comfortably and with clarity. For creatives, this may mean better placing a MIDI keyboard in front of their actual keyboard or playing a graphics tablet where the arm can naturally rest on the desk. An L shaped desk is often considered the most useful for this, but U shaped desks can also work wonders. You will also find that standing desks can be a great investment, allowing you to stand up throughout the course of the day in order to remain active - this keeps your mind more alert and your creativity stoked like warm kindling.

Invest In Production-Accurate Equipment

Investing in production-accurate equipment can help you deliver more readily on your output, allowing you to compete in terms of the industry standard. For instance, this might mean investing in a personal license of creative products such as software offered by Adobe. In many cases, an IPS (in-plane switching) computer monitor will provide more accurate color representation compared to other models, which can help graphic designers, video editors and colorists, and illustrators deliver more readily.

For those involved in music production, a closed headphone with studio-recording quality like the famous Beyerdynamic DT 770’s can be a great place to start, while a pre-amp and dynamic microphone can help achieve better vocals. For some people, adding anti-echo foam to the walls can help avoid that sense of sound echo within a space, too. No matter if you need a green screen, or more advanced equipment, be sure to lay out everything you need when designing your home office and structure your space around it. This will help you become more productive and deliver better results.

Set Your Essential Hours

Creative professionals are much more likely to freelance, work remotely, or try to build their own business or brand. While working hard is essential to making sure success is found, it’s also worthwhile to make sure you set your essential hours from day to day. If you can do this, then you’re so much more likely to properly divide your personal and professional life in the best way, and this can help you avoid burnout or beginning to dislike the role where your talents lie.

With this advice, we hope creatives working from home can succeed in the best possible manner.

Tips To Make Your Clothing Boutique More Profitable

If it seems like customers pass your boutique by without a glance, you need a new strategy to catch their attention. Find out how to get more customers through your door and turn these new faces into returning customers. Here are some tips to make your clothing boutique more profitable.

Attracting More Customers

Bringing more customers through your business’s door is easier said than done. However, there are some tips and tricks you can employ to catch customers’ attention and get them through your door. Use eye-catching signage inside and outside your store that will pique customers’ curiosity.

For example, if your boutique is currently running a sale or promotion, announce this in your signage; many customers are always on the hunt for a good sale. You might also consider featuring new products and store announcements in your displays. Also, choose signage that will get customers to stop and look, like sidewalk signs and large displays you can read from long distances.

Embrace Current Trends

Many boutiques sell clothing, accessories, and more, which come and go with the seasons and fashion trends. If you aren’t already, do your market research and keep up with trends in the fashion industry.

Seasonality is also a big player in fashion, so keep your boutique up-to-date with the seasons. You can also feature these fresh, new seasonal items and trends in your store displays as another way to attract customers’ attention.

Try a New Marketing Strategy

If your previous marketing strategies haven’t shown much growth in your business, consider trying a new approach. Whether you use digital marketing, traditional marketing, or both, consider trying a new strategy.

Some may think that traditional and digital marketing will always be separate entities, but these two forms work exceedingly well together. If you don’t already have an online resource for your boutique, such as social media or a website, consider creating a digital space where you can experiment with new marketing strategies.

If your boutique isn’t getting the attention from customers that it deserves, try these tips to make your clothing boutique more profitable. With these strategies, you can attract new customers to your boutique and turn these fresh faces into returning customers.

Why SMART Goals Are Important for Your Small Business

As a business leader, you probably rose through the ranks in prior positions due to outstanding performance evaluations. If you’ve been on the receiving end of a performance evaluation anytime since the 90s, you’re probably familiar with SMART goals. This acronym stands for specific, measurable, achievable, relevant, and time-bound.

In many cases, establishing goals for a business is a standard operating procedure for success. Learn more about why SMART goals are important for your small business.

SMART Goals Align Teams

When everyone on a project team or specific department knows what they’re working toward, they’ll be able to recognize when they’ve succeeded. Likewise, they’ll be able to monitor a realistic timeline that allows them to meet the goal without feeling pressured or overwhelmed.

SMART goals can work for departments in any kind of business, from marketing craft alcohol to product development for a tech start-up. Retail businesses can benefit from SMART goals, as can professional service providers such as accountants and cleaning companies.

Factor in Each Element of SMART Goals

Understanding the factors in each element of SMART goals helps business leaders establish goals that are understandable and easy to communicate to their teams.

Specific: Spell out the who, what, where, when, why, and how of your goals.

Measurable: What metric will you use to measure success? MBAs are often taught that if something can’t be measured, it can’t be managed. Perhaps more famously, Microsoft established the data-obsessed notion “if it can’t be measured, it doesn’t exist.” Quantifying a goal sets a tangible target that lets teams know when they’re getting close to completion or how much farther they need to go.

Achievable: While there’s nothing wrong with a challenge, there’s no point in setting an impossible goal and causing discouragement. Choose goals that your team can meet by the deadline.

Relevant: How will accomplishing the goal forward your overall business objectives?

Time-bound: Choose a deliverable date, then work backward to parse out when you need to hit certain benchmarks in order to complete your goal by the target date. Break down big projects into manageable segments that will serve as cumulative steps toward completion.

Be Open to Revisions

Goals evolve, and market conditions change. Meet with project teams regularly to evaluate progress and make necessary adjustments in anticipation of changing external and internal factors. For instance, consider what happens if a key employee leaves the business, or a supplier can’t meet your needs. Goals are the destination at the end of what could be a winding road with several detours. Be ready with alternate plans to address changing conditions.

Although these types of goals may not be comfortable for all employees, it’s still important to understand why SMART goals are important for your small business. Setting goals provides a roadmap for growing your small business and scaling operations to accommodate that growth.