Michael Levitt's Blog, page 68

Keep It Cool, Protect Your Workspace From Fire

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Fire is one of those risks that exist near universally across all kinds of workplaces and, yet, many business owners don’t pay as much heed to this particular risk as they should. Fires are not just a major danger to your business, belongings, and people, but they are often environmental catastrophes as well. As such, here are a few tips on how to keep your workplace safe from fire.

Understand your fire risks

The first thing that you should do is get a good understanding of which fire risks actually do affect the office, as well as the probability of them becoming an issue. One of the best ways to do this is with a fire safety audit. This means working with professionals who will highlight every instance of hidden safety hazards, what kind of damage they can cause, as well as solutions you can use to mitigate those risks or shut them down should they actually start a fire.

Ensure the office is equipped

Whatever the workplace, make sure that it has the installations that you need to help your team combat fire risks and stop them from spreading. Installing fire extinguishers throughout the workplace is vital, but it’s important to install those that are best suited to combat specific causes of fire most likely in the area. After all, water is not always an effective solution. Otherwise, look at fire protection systems like sprinklers that can help you deal with the most common causes of fire. You might not always be able to prevent a fire but often you can make sure that it doesn’t cost you too much in terms of damage.

Know the materials that you work with

In industrial settings or any workplaces in which you work with chemicals and substances not usually found in the office, then you should make sure you understand the properties of those substances and treat them as safely as those properties demand. Combustible dust testing is one way that you can see how flammable or explosive materials may be, which may lead you to change how you store and use them. You should also be sure that you know how to safely dispose of any materials that have these properties so that you don’t unduly affect your environment. 

Have a plan

If a fire does break out, then it is essential that you do your best to keep your team acting in a safe and organized manner. Running fire drills should be a semi-frequent occurrence in the office to make sure that everyone understands the plan to follow should a fire break out. Having some practice and prior knowledge of the plan is the best way to make sure that they’re able to follow it in the event of a real crisis.

It’s your responsibility to protect the health and safety of your team from all risks, including fire. With the tips above, you can start learning about where the biggest risks lie and what you can do about them.

What Market Leaders Do For Customer Retention

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Customer retention is one of the most profitable strategies for growth. However, only 18 % of companies focus on retaining customers, compared to 44% that focus on acquisition. This can be surprising as the probability to sell to existing customers is 60% to 70%. On the other hand, businesses have less than a 20% chance to sell to a new prospect. Additionally, existing customers also tend to spend 31% more than new customers. 

In other words, market leaders need to make customer retention a core aspect of their growth strategy. Without developing effective best practices to prolong customers’ lifetime value, businesses can be at risk of incurring high churn rates (leave rate). Nine out of ten companies agree that customer experience will be an essential prerequisite for customer retention. Therefore, the only question market leaders should focus in priority on answering is: How do I create the best experience for my customers?

They prepare for the worst-case scenario

We don’t want to think about it. But, the truth is that sometimes sh*t happens. Even the best plans can go unexpectedly wrong. Your customers are going to be affected by mishaps and incidents along the customer journey. For instance, online shoppers could experience parcel loss, which can be stressful if the business doesn’t have an established action plan. Planning for the worst-case scenario means that you can react rapidly, effectively, and in the interest of your customers. For instance, online retailers may be interested in insurance covers for parcel loss or damage; this package insurance covers products sold online, for example. Why is it important to be prepared? Because your customers are impatient and mishaps can make them irritated and stressed out. Being able to sort out the issue rapidly and provide hassle-free refunds or replacements will be perceived positively. It’s not the problem that affects the customer experience; it’s your reaction to the problem. 

They streamline their operations

As mentioned, customers are impatient. With brands such as Amazon that offer same-day deliveries, businesses need to be creative to meet customers’ expectations. Thankfully, customers are happy to accept that small brands may not be able to provide the same level of services as monopoly organizations. Yet, while you might not be in a position to use AI robots inside your warehouse like Amazon, you should still consider strategies to streamline operations. Delays in deliveries rarely occur during the delivery route. More often than not, businesses tend to waste time between the moment an order is received and the moment it is shipped. Therefore, using technology as part of your shelving, picking up, and preparing processes can save a lot of time. Additionally, adequate space use will be crucial to keeping up with your delivery deadlines. Crammed warehouses can waste time in searching, stocking, and locating items. Ineffective warehouse layouts will also be a source of problems. 

They speak their language

Are you selling abroad or selling to a diverse audience group? Then you need to make sure you can speak the same language as your customers. Using localizing tools for your digital presence can ensure customers always read the more relevant content for their locations. This can be both in terms of language and information if your business has location-specific offers. Ideally, you want your customer service team to be able to speak to international customers. Hiring an international team can be helpful. However, for simple queries, translated FAQs and email workflows can work wonders. It can be a good idea to outsource international customer service when you approach a global market. 

They mix Ai and human assistance

Chatbots are highly effective, especially as 64% of internet users expect 24-hour service from businesses with an online presence. As a result, chatbots can tackle emergency queries and help find a quick answer. Over 60% of Millennials use chatbots frequently to find the goods they need. In other words, artificial intelligence is an essential requirement for customer interactions. However, Ai bots can also offer so much support. For specific queries and more complex issues, customers prefer to interact with a real person. Providing a smooth customer experience carefully includes a healthy balance of Ai and personal interactions, ensuring customers can receive the best support at all times. 

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They make them feel valued

What makes customers want to stay with a brand? Customers want to feel valued and recognized by their favorite brands. From offering special discounts to existing customers to provide early access to new collections, businesses have a variety of options to care for their audience groups. 

Does a satisfied customer stay with a business after a purchase? As surprising as it sounds, the answer is no. Satisfied customers are not loyal shoppers. Brands have to create a positive experience for their customers from the moment they get in touch to the delivery of the goods or services. Customer experience creates loyalty, advocacy, and encourages customer retention. 

Preparing For life After Graduation

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Finishing from university can be a nerve-wracking experience.   After many years of controlled education, set deadlines, and definite, visible goals, you are released into the world with virtually infinite options. It is thrilling, but also frightening.

Fortunately, there are things that can be done to ease the transition – both while you are still at university and in the months following graduation.

Spend some time thinking about your options

Many people believe that the only real path after graduation is to get a graduate job, but this is not always the case. There are numerous career paths available to you, and not all of them may be obvious. You could start a business, work as a freelancer, or even return to university to further your education.

Assessing these options can relieve some of the stress and ensure you are making the right decision in these critical first post-graduation steps.

Apply for graduate schemes

Once you have determined which industry or career path you want to pursue, it is time to look for a graduate scheme. Grad schemes, which are available in many different sectors, allow employers to recruit top talent every year, and each employer will have a fixed application system in place. You could, for example, look at the Teach for America program.

For more information, contact your university's careers team or conduct your own research into the best ways to enter a graduate scheme in your desired career.

If you do not know what kind of job you want following your graduation, do not worry. This phase is really only for people who know what they want to do with their lives.

Act professionally and work hard

The rewards for those who work hard, act professionally, and consistently put in their best effort at university are immense. It will, first and foremost, reflect in your grades, but it will also better prepare you for the world of work.

A professional attitude is an extremely employable quality, and seeing proof of it on a resume will give employers a favorable impression of you. This self-control will also be useful when looking for work, starting your own business, freelancing, or applying for postgraduate degrees.

Look for work experience

University, especially during the time in between semesters, is an excellent time to gain work experience in your respective fields. Whether it is assisting in an office or completing a brief internship, it will always make your resume stand out among other, inexperienced graduates.

If you haven't had the opportunity to gain relevant work experience in the field you want to work in, there are still ways to beef up your resume. If you worked a part-time job to pay your way through university, that demonstrates valuable employable skills, even if they aren't in your preferred career field.

Furthermore, if you were involved in extra-curricular activities at university, these will provide you with characteristics and experiences that you can use to improve your chances of landing a job.

5 Motivations For Launching A New Company

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When it comes to running a business, you always have to be in it for the right reasons. If ever you feel like you should be doing something or you’re looking to copy something or someone, it may not work out. Instead, you have to launch a company because you feel called to. There has to be a set motivation there that spurs you on and keeps you going. Because business can be hard. And if you’re not in it for the right reasons or you’re just not that passionate about it, you’re going to find it pretty hard.

 

But what are the reasons for starting a company and how do you know if your thoughts about going into business are legitimate? Let’s take a look at some great reasons why you should just go for it!

1. You Have Passion

 

For starters, if you are really passionate about something, it’s safe to say that this is always going to be a good idea. Not all of us are ever able to find our passion – so if you do and you feel really strongly about something (and you have a great business idea) just go for it. Your love and drive will see you through even when it feels like times are tough.

2. You Have Knowledge To Share

Sometimes, it can be as simple as having the knowledge and skills to make this work. If you know that you can add value to something, then go for it. Wanting to share your knowledge is always going to be a great reason to launch a business.

3. You Want To Make A Difference

 

It might even be that you really want to be able to make a difference in your community or the world in general. Make you have a business or non-profit idea that could help others. You only have to look at Teach for America to see how well that can work out. If you’re motivated by helping people, changing lives, and just doing a lot of good in general, this is a great reason to go ahead and start that company.

4. You Have An Idea

If you know that you have a set idea about something, then this is generally a clear indicator that you should go for it. Maybe you’ve never really thought about starting a business, but you just ended up with the idea and you just know that it’s going to work. Then go for it!

5. You Have Value To Add

 

But then also, if you know that you can add value to a set niche and help people or companies, then do it. Because when you know that you’re onto something and you know that you can help others, it’s always going to be a great idea to go with. You’re not motivated by anything else that doing good, so your business idea is always going to work out.

How HR Can Inspire Strong Leadership Throughout the Company

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It takes robust management to move a business forward and sustain its growth. Great leaders know how to engage individuals and make them feel valued and driven to reach their potentials.  An engaged workforce is more productive, performs better, and works harder to achieve company goals.  

The Human Resource staff is in a core position to influence how a business works.  Indeed, HR does more than handle employee relations, process payroll, and hire or fire workers.  One of its most complex and crucial roles is to create excellent leaders who will steer the whole business to the path of success. With that said, here are three simple ways HR can foster effective and reliable leadership within the company.

Create Strong Company Values

Company values are principles that serve as your cultural foundation and guide your organization’s actions.  They establish your identity, act as a uniting force for employees, and set your business apart from the competition. Your company’s ideals impact how you work with your clients, partners, customers, and shareholders.  

Value setting is essential for every company but formulating one that truly reflects and aligns with your workplace culture could be challenging. Advice from HR job specialists in Manchester, JGA Recruitment is that ambiguous or hallow value statements can cause confusion among employees and diminish the credibility of the management team and it’s best to onboard HR talent that already have clear core beliefs that match company values to drive the values to the rest of the employees.  Worst case scenario, muddy values can lead to poor company culture, effecting employee behavior and ultimately, it can put off customers.  

When you create your value statement, ensure that it is specific, attainable, and well-defined so that the workforce will understand what they are working on to achieve. The process requires a careful examination of your company’s mission, vision, and goals.  What behaviors do you want the employees to display when they come to work?  Reliability? Accountability? Teamwork? Remember to keep your statement short and straightforward so that it is easy to remember and understand.  More importantly, make it uniquely yours to make you stand out from other companies.

Take the Initiative and Grow the Business

Business growth takes a long time and plenty of hard work.  And with the stiff competition, breaking into the market is tremendously hard.  However, do not delay taking the lead in driving the company forward.  How?  By planning well and wisely. Successful companies often set out with a long-term strategy that focuses on sustainable growth.  Your first step is to build and strengthen the company’s culture and create a way to bring in only the top talent.  

Invest in your employees.  Aside from training them, you can cultivate a passion for work through an incentive system, including cash bonuses, vacation perks, and acknowledgment. Engagement helps eliminate employee turnover, allowing you to focus on cultivating leaders and developing the business.

Take advantage of technology to promote your brand and reach a broader audience.  You will attract more customers and top candidates to fill vital job positions as your company expands.  You can work with the marketing department to determine how to best use the internet, especially social media, to achieve your goal.  

Inspire Learning 

A lucrative compensation package is one factor that draws in employees.  But most will only stay if the company has a concrete learning and development plan in place.  Support your employees' interest in professional and career advancement by providing them with training, skill enhancement courses, and other development activities.

As your company grows, you may encounter hard-to-hire positions.  Instead of recruiting new talent, check first if any of your existing employees have the potential to perform the job.  Then invest in upskilling your workers to ensure they are well-equipped to take on new roles and adjust to changes.  Upskilling also plugs in any skills gaps, making the workforce more efficient and productive.

Although not everyone wants a management position in the future, consider providing the employees with leadership or management skills courses and inspire them to become autonomous. The purpose of this training is to instill in them the characteristics of a good leader. In the long run, this will enable them to initiate their own projects.

Managing Your Small Business Debt

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Business debt can be nothing to worry about or very harmful, depending on how you use it. When you use it properly, debt can be a tool to help your business to grow. If you let your business debt get out of control, it can stop that growth, make it much harder to secure financing, and make any financing that you are able to get a lot more expensive.

But how do you know when your business debt has reached an excessive level and might start causing you a problem? 

Warning Signs 

Badly controlled cash flow is usually the first sign that you have a problem. If you don’t have sufficient cash flow, it can be very difficult to get supplies and materials. If your vendors put you on a credit hold, you will find it almost impossible to deliver your products or services in a timely manner. 

A business with poor cash flow will struggle to pay its expenses. This means that you won’t be in business for much longer. 

Don’t let it get to this point. Before you start struggling to make payments, you will start to see your accounts payable (A/P) increasing and your bank balance decreasing. Measure these two numbers every week to get enough warning to find a solution before your cash flow begins to cause you a serious problem. 

If your money troubles are caused by someone else owing you money, you can use a payment agreement template to try to solve the issue.

Simple Financial Ratios To Keep Debt In Check

There are a couple of financial ratios that you can work out to help you keep an eye on your business debt. 

The Debt Service Coverage (DSC) ratio is used by banks to decide whether or not they will lend you money. Your DSC is your operating profit per month, divided by your total monthly debt payment obligations. Most banks ask for a minimum value of 1.25, so you should try to keep yours above this point. 

You can also make use of a metric called the Acid Test. For this, take the current assets on your balance sheet and divide them by your current liabilities. If this number is less than 1.0, then your finances are moving in the wrong direction. You should aim to keep this number closer to 2.0. 

Pay attention to any short-term debt you have. Short-term debt is debt that needs to be repaid within 12 months. Closely watch your credit card debt or vendor credit that you have too. Long-term debt, which is usually secured by assets like property, should still be kept an eye on, but it is usually not as urgent. 

If you have too much debt, it will put you out of business in the end. Too much borrowing can lead you to this result too. Too much debt is usually a sign of much deeper problems in your business that need to be addressed. 

Effective Ways To Increase The Productivity Of Your Business

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The secret to business growth is productivity. Lacking productivity will hinder your business output, reduce its potential, and not attain its expected success. Maintaining productivity can be challenging. However, it is possible. With these tips, your business will be able to sustain its productivity levels and achieve greater success.

Automate your process

Automating your business processes will help increase the productivity of your business instantly. Automation involves allowing processes, such as payments and content posts, to manage themselves behind the scenes. No longer will you need to manually manage them. Instead, they will be automatic and much more efficient. 

Using rpa advisors will help you transform your business into a productivity machine. You can focus on the manual areas of your business, such as production, while the areas that can be managed automatically can do their thing. You can achieve two things at once and keep your business running smoothly and efficiently.

Create lists

Creating lists will help you stay on track with what needs to be achieved. You might be forgetful and leave tasks until the last minute. A lack of organization and memory skills will hinder the output of your business, which can hinder its success. 

Lists should involve all tasks that need to be achieved in a timely order. Starting the list will priority tasks will mean that you will achieve them first and get them out of the way. Setting times for the tasks will also ensure that you do not waste too much time on one task. Staying on track and being time-effective will increase the productivity of your business. 

Furthermore, lists help people stay organized. They can improve workflow as you know what task is next. Keeping on top of your tasks and doing them in priority order will help your business stay on top of its game. 

Maintain positivity

Many workplaces can lack productivity as it’s where most people spend their energy. At the end of each day, employees can feel deflated and uninspired. To prevent this, you need to maintain positivity. Positivity can help encourage productivity, encourage employees to stay on track, and maintain the efficiency of your business. 

Simple ways to maintain positivity in the workplace is to encourage social interaction by allowing employees to have a social area. There, they can talk about their concerns, have a laugh, and seek advice. Furthermore, positivity can be maintained by praising and rewarding staff for their efforts. Showing staff your respect will help them appreciated, which can lift their moods and encourage them to keep going and stay productive.

Reduce meetings

Meetings can take up a lot of time and energy. Sometimes, the conversations that go on in meetings could be achieved in a five-minute chat. 

If you can reduce meetings, you will free up more time for your staff to be productive and get on with other (more essential) tasks. Instead of interrupting your employees’ time with several meetings a day, you could host one and then let them get on with their day. 

Reducing meetings will help your staff maximize their time at work and be more productive. 

What New Semi-Truck Drivers Need To Know

Getting behind an 18-wheeler truck can be intimidating, even when you have extensive training and experience. But driving professionally can feel different at first, so understanding what new semi-truck drivers need to know will help make the transition process easier and safer. Go into the job not only knowing you have the right skills to drive safely but that you know how to take care of yourself and your equipment.

Organizational Skills

When driving for long periods, it’s easy to forget that your truck’s cabin is essentially an office and workspace combined into one. This means that you need to keep it clean and orderly to keep track of important documents and paperwork.

Initially, you may clean it out regularly, but the longer you drive, the more likely you are to grow lax with your organizing routine. Show your employers and inspectors that you’re taking the job seriously by taking care of your workspace.

Vehicle Maintenance

Every vehicle deteriorates over time, and you need to know what signs to look out for when driving. Having basic truck maintenance knowledge is also helpful so that you don’t need to stop and see a mechanic for every little thing. But for more serious issues, always defer to the knowledge of an automotive specialist. Don’t continue to drive if there’s something noticeably wrong with your ride.

Truck Vibrations

One of the most common problems truck drivers face is vibrations in the cabins of their trucks. There can be several different types of vibrations you feel, each one originating from a different problem. Know how to differentiate between the various types of shaking and what they can mean.

Personal Health

Not only do you have to look out for your truck, but you also need to take care of yourself. Neglecting personal health is all too common among truckers and finding a way to stay healthy on the road is a priority. This can mean anything from preparing pre-cooked meals to cutting back on unhealthy fast food to keeping up with an exercise routine.

Take Care of Your Mental Health

In addition to physical needs, your body has emotional needs. After hours of driving, the monotony can negatively affect anyone. Be sure to take occasional breaks and keep yourself entertained, whether that means taking up hobbies, watching movies, or reading books.

Know What You’re Getting Into

Odds are you’ve given this occupational choice a lot of thought but be aware of what new semi-truck drivers need to know before starting the job. Don’t get caught by surprise—know how to deal with the ongoing mechanical and lifestyle complications the profession brings.

What To Consider When Purchasing Warehouse Equipment

Thinking about rigging out your warehouse with brand-new equipment? New equipment can be a breath of fresh air for your company. It can take a while for you and your workers to become accustomed to it, but before long, it’ll become such an integral part of your warehouse that you’ll wonder how you ever made do without it.

But to get the most out of your warehouse equipment, you need to first choose the right kind for your business and warehouse’s needs. Here's what to consider when purchasing warehouse equipment so you make the decision that best facilitates your business's growth.

The Size

The first thing you need to decide is what kind of equipment you need. Once you know that, the next step is to determine how much floor space you can spare for the equipment in question. Warehouses often face massive amounts of congestion. Machines, shelves, and employees take up a lot of space, and the more that you pack inside, the more cramped your warehouse will be. Too much stuff can make your warehouse challenging and unsafe to navigate.

If you're short on space, look for machines that are compact or modular (meaning they serve multiple purposes or you can arrange them in different ways). You might also want to look into increasing the size of your warehouse by reworking the layout or installing mezzanines.

QOL Features

Some people prefer simple machines. They do one thing (and one thing only), and all you need to do to control them is press a button or two. But nowadays, most business owners are looking for versatile, high-tech equipment.

A piece of equipment with many QOL features may seem overcomplicated at first, but even though this means there's more to learn about and remember, it also means improved production, accuracy, ease of use, safety, and more.

You can get stretch wrapping machines with incredible technology that allows for remote monitoring and control or ones that speed up production by using techniques such as concurrent stretch wrapping. You can also get robotic machines that basically control themselves—there are robotic stretch wrappers, packers, automated guided vehicles (AGVs), and more.

Used vs. New

The next thing to consider when purchasing warehouse equipment is whether you want to buy new or used. If you're working with a tight budget, purchasing used equipment instead of new equipment can be tempting. It's cheaper and more eco-friendly, after all, and you might find a great deal on newer models.

But oftentimes, the downsides of used equipment outweigh the benefits. Used equipment is more likely to break down and won’t be as productive as new equipment due to outdated technology. This means heftier maintenance costs along with lower production rates, accuracy, and quality compared to new equipment. Old equipment is better in the short term, but new equipment will be cheaper and more profitable for your business in the long run. Sometimes, splurging is worth it.

Tips on Planning a Successful Workcation

The world is back in business—for the most part—and we’ve learned that many of us can do our jobs from anywhere. That’s an opportunity that you shouldn’t ignore. After all, if not now, when? A change of scenery can spark new ideas and rejuvenate your career. Extinguish any burnout before it starts with these tips on planning a successful workcation.

Pick a Dream Destination

Day trip? No way. Dream big and head to any spot on the globe that intrigues you. You can learn about a foreign culture with full immersion, or pick a city across the country for a new outlook. Honolulu is offering round-trip airfare if you get involved with local nonprofits. A variety of governments and hotels are savvy to the trend and make it easy for you to stay a while. The Spanish government has implemented a remote work visa. It’s hard to resist someplace tropical, though. If you take advantage of Barbados’s Welcome Stamp program, you can find a rental for a year’s lease and then apply for an extension.

Structure Your Work Hours

Maybe you linger after hours at the office to return some emails. Maybe you take your time with tasks that you could bang out more quickly. Not on workcation! If you want to get out and dent your bucket list, you’ll have to be efficient with your time. Keep a tight schedule, and make sure you’re accounting for any time changes for Zoom calls. When it’s time to clock out, clock out. And make it a habit you bring home with you.

Network From New Places

Will you make new contacts in a different city that can help advance your career? Maybe. Are there industry organizations holding events near your workcation? Probably. Make an effort to mingle and introduce yourself, even if it’s just to a few neighbors around the pool. Life is serendipitous, and you never know what will give your career path a sharp turn for the better.

Schedule Some Down Time

You won’t be at home, distracted by all the little repairs you want to do and all the closets that need cleaning. Your travel office is a blank slate, and it’s the perfect place to clear your mind. Schedule some “you” time. If you make it a habit to zone out every night, you’ll waste the trip. But you’ll need to alternate your sightseeing pace with genuine relaxation. That might include taking in a sunset, meditating, hitting the beach, or napping in a hammock. The best tip on planning a successful workcation is to make it a trip you don’t have to “recover” from.