Michael Levitt's Blog, page 9

How To Decide Whether To Buy or Rent Construction Equipment

Many factors are involved when deciding whether to buy or rent construction equipment for your business. While each decision has different advantages and disadvantages, your choice could depend on your business size, needs, and financial situation. Consider the following circumstances before you make the decision to rent or buy.

Cost & Expenses

If you were to use rental construction machinery, this cost could be billed to you immediately or deducted from an annual business expense—purchasing the equipment is a capital expense that must go on your business taxes. The decision is easy if renting the same excavator for multiple projects surpasses the cost of buying the machine.

However, you must have the current capital to uphold the need to own the equipment. If you were to rent, maintenance and insurance costs would not be a factor for you. If you only plan on using the specific machine for one project, renting is viable because it will cost you less money in the long run.

Equipment Needs

How often do you plan on working with this equipment? Will you use it for a majority of your projects? You may use one machine daily, while another is only used a handful of times out of the year. Be mindful of this when deciding whether to rent or buy construction equipment because it won’t make sense to purchase a machine and lose money if you don’t use it frequently.

Another consideration is how flexible the machine is. Purchasing the equipment might be a good idea if it can perform more than one job function and is highly versatile in multiple settings. Determine if this machine will benefit your needs in the future. If it won’t, then rent it.

Project Length & Frequency

As mentioned above, if you only plan on using the equipment for a short-term job, you should consider renting to save money. However, owning the equipment will benefit you if you have several jobs requiring the same machine. In addition to owning the machine, you may be in the market for a new one and could receive a return on investment by reselling your old equipment.

Other factors that could affect your decision are the amount of space you have in your inventory, interest rates, and accessibility. Decide to rent or buy on a case-by-case basis, depending on the type of machine. You must make smart decisions for your business to further expand on projects and improve customer service.

Creative Charity Event Ideas To Fundraise These Days

Whichever charity event you decide to plan, make sure it’s people-friendly and something everyone can enjoy spending their time doing. Also, make sure everyone knows the cause it’s going for, and you’ll be sure to draw more people in because they will want to donate to the cause openly, no questions asked.

People genuinely want to support those who need it most, and fundraising is an excellent way of helping those individuals. Here are several creative charity event ideas to fundraise to help you spark some plans.

Yard Sale

Nothing feels better than starting a yard sale. You kill two birds with one stone, as you’re cleaning out your home and doing it for a good cause.

You might even put out fliers explaining to the public why you’re trying to raise the money. If you can make that happen, you can even include a tip jar so that visitors know their efforts are making a difference too.

This tactic will increase the likelihood that the people visiting your yard sale will buy something. They may feel inspired to tip you, knowing that you are giving back to the community and people that need it most.

Host a Dance Party

What better way to relieve your stress and relax on the weekends than heading to a dance party? Make sure to let everyone who bought a ticket know their contributions will go toward children who need supplies for school so they can afford a good education.

Comedy Hour

You could also have a more formal night with some local comedians and a tablecloth dinner. This combination will make attendees feel great about their donation.

They might even be inspired to give more if the event succeeds. Do a little digging and ensure you get the right comedians and meal so it can be a night to remember.

We have listed several charity event ideas to help fundraise these days so you can know where to start. You can let your creativity fly free and do something unique that your community can enjoy while you help to support the local children in need.

How To Make Your Construction Business More Eco-Friendly

Prioritizing sustainability gives your construction business a competitive advantage, reduces waste, and can help you comply with regulations. Consider these tips for how to make your construction business more eco-friendly.

1. Work With Efficient Contractors

Working with efficient contractors helps you stay within budget and meet deadlines. Whether you find a contractor through word-of-mouth, a trade organization, or advertising, do your research before you hire them. Ask questions about their history and their processes to learn about their expertise.

An efficient contractor can help you reduce waste and minimize mistakes. Hire contractors and subcontractors that align with your business’s goals, including sustainability initiatives.

2. Build With Eco-Friendly Materials

You can take a multi-prong approach to building with more eco-friendly materials. Use sustainable construction materials, such as non-toxic insulation, non-toxic paints and solvents, and green materials made from natural and renewable resources.

In many cases, using a versatile material can help with sustainability. For example, one of the top benefits of using sheet metal fabrication is that the fabricator can use multiple forming processes to achieve precise bends. This precision means less wasted material and an easier building process.

3. Use Tech To Reduce Waste

The next tip to help you make your construction business more eco-friendly is to use tech to reduce waste. Software can help you minimize paper waste by making your workflows and data management completely digital.

By transitioning from paper to digital tools, you’ll have an easier time managing team members, tracking work, and keeping different parties informed. This means that in addition to saving paper in the office, you can improve the overall efficiency of your construction projects.

4. Recycle and Reuse Materials

Waste management is a key consideration for sustainable construction. Reduce the amount of building-related waste you dispose of in landfills by recycling and reusing materials when possible. This can also help you save money on new materials and the cost of disposal fees at landfills.

Even if you can’t recycle or reuse materials for your projects, consider donating or selling materials that are still in good condition. You can sometimes earn a sizeable tax deduction with your donation.

How To Engage With Your Restaurant Customers

Engaging with your customers and making them feel seen and appreciated is an important part of the restaurant business. Customer engagement is the key to getting patrons excited about your restaurant and spreading good word of mouth. If you’re not sure if you’re connecting with your customers enough or in the right ways, we can help. Keep reading to learn how to engage with your restaurant customers.

Give Them Conversation Channels

If you want good customer engagement, you have to give your patrons somewhere to share their experiences. While some customers will feel comfortable telling a server or manager about their experience, many will prefer another communication channel where they can talk to you and other patrons. Social media is the most popular conversation channel for businesses and people, and you can encourage your customers to post about their experiences there to help generate good conversations. One way to incentivize customers to use your social media channels is to offer rewards for people who post pictures or reviews, such as a gift card for your restaurant. Make sure to engage with pictures, posts, and reviews in other ways as well, such as posting your thanks for their opinion or inviting them back in the future.

Train a Diverse Staff

The hospitality of your restaurant needs to be top quality if you want customers to enjoy themselves, tell others about you, and come back. One way to improve hospitality is to hire a diverse staff and train them well. Customers will feel more comfortable engaging with people like them. So having an ethnically diverse staff that can greet them and take orders in various languages, understand religious or ethnic food restrictions, and treat guests like extended family will help you create loyal patrons out of first-time visitors. If possible, keep your staff on similar schedules so that customers can create rapport and relationships with their favorite serves and bartenders. These relationships will allow for further engagement in the restaurant and any additional channels like the ones we mentioned above.

Offer a Loyalty Program

You can only properly engage with your customers if you know them and their spending habits. Offering a loyalty program allows you to do just that. You can track when and how your customers spend and give them an extra reason to visit you frequently. Your loyalty program can be as simple as a punch card that eventually gets return customers a free coffee or a membership card they can swipe when they check out. A membership card will provide more detailed information because it can track spending trends, as we mentioned above. However, a punch card is still a great way to reward customers and help their spending habits feel seen and appreciated.

There are many ways to engage with your restaurant customers. But creating conversation channels, training a diverse staff, and offering a loyalty program are the best way to make customers feel appreciated. As you listen to your customers, interact with them, and reward them, you’ll see your restaurant grow and thrive.

3 Mistakes To Avoid As You Launch Your Business

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There are many mistakes that can be made in business, but luckily some can be prevented through right and proper action ahead of time. For instance, we can avoid realizing that our digital branding imagery has incorrect social media sizes by working with an outsourced graphic designer before we open and launch our profiles.

On top of that, curating a clear and consistent vision for the business, including what it sets out to achieve, how it differs from the competition, where it may fit in the market and what kind of revenue streams it aims to generate will keep you on the right track.

But even international corporations with large, intelligent boards of directors can misstep from time to time, where a little foresight could have made all the difference. In this case, then, we hope to show you three bookkeeping mistakes to avoid as you launch your business, just so you can make sure everything is accounted for.

Poor, Inconsistent Bookkeeping

Poor, inconsistent bookkeeping has been known to sink massive companies, but the truth is that huge accounting problems often start with poor decisions, missed deadlines, and undeclared revenue or money movement that becomes hard to track. This is why starting in the best way is essential, right from the moment you get your Missouri tax ID number here. From there you can hire a tax specialist and accountant, outsourced so that you have room for consulting and can get into good habits like receipt tracking for expenses.

Ignoring The Hiring Protocol

It’s essential to hire worthwhile people, especially when your firm is still in its beginning stages. Their talents can make or break your firm. But it’s essential to make sure you’re hiring the right people too. Don’t ignore hiring protocol, as this can prove difficult and may even cause tiresome issues to grow. Vet your candidates. Ask them reliable questions about their intentions for their position and their thoughts on the potential role they might fill and the industry it serves. This will curate a positive forward focus.

Investing In More Of A Premises Than Your Business Needs

With real estate prices at an all-time high, it’s important to really focus on what it is your business needs. Startup businesses can get away with temporary or co-working office spaces that may enable you access to desk areas, all the power terminals you need, and perhaps even booking spaces in meeting rooms. There’s no shame in running a business from home to begin with provided you don’t need to hire, or have some working from home. Be careful about signing long-term leases in buildings that may need to be refurbished, and carefully think about the location you actually need. If you’re an office selling solely digital services, it might be that humble premises can work for you.

With this advice, you’re sure to avoid some difficult errors as you launch your business going forward.

4 Factors To Consider When Setting Up Your Small Business

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Setting up a small business is not as simple as it may seem. It takes a lot of patience, creativity, substantial knowledge, passion, and commitment to get it off the ground. In fact, several complex elements go into your small business setup to guarantee long-term business success. It may be difficult to start your operations until you get all or most of these elements right. Australian data indicate that small businesses make up 97% of startups in the country. This means others have been successful with the setup process, and so can you. Here are some factors to consider.

Finding the right work equipment

The equipment you need largely depends on the business you operate or are about to set up. However, some work equipment is required, regardless of the business operations. Office chairs and other business-related furniture cannot be overlooked at this stage. You will also need computers, printers, scanners and other electronic devices that enhance work on a day-to-day basis. Again, certain software and apps will be vital to the operations, but that will depend on the type of business. Furthermore, you will require relevant software to ease complex processes like accounting. 

Undoubtedly, you will be responsible for the cash inflow and outflow as a business establishment. That cannot be sidestepped if you want your business to progress and stay relevant for years. Having access to the right equipment increases the opportunity to boost productivity. This happens because of the positive influence on efficiency. Ultimately, that can also play a significant role in client satisfaction. Usually, it is advisable to list all relevant work equipment that can enhance your operations. However, the issue of the cost involved in buying them all at the same time may be problematic. In that case, successful entrepreneurs recommend starting with only the most essential equipment. Subsequently, the rest can be purchased over time without affecting the business.

Seek help and know where to find it

Others have gone before you and, by sheer experience, may have the upper hand in specific areas that you may be in urgent need of. As a budding entrepreneur, starting a business can be rough until you get the hang of things. Even when you finally get there, a lot of help is needed to keep you relevant in your line of business. This is why you need help from the setup stage. The question now is, what goes into the help stage? You will need an advisor who can offer crucial ideas on how to manoeuvre the challenges you are likely to encounter in your entrepreneurial journey.

Where can you find such help? Professional networks, mentors, and community business groups are examples of people and places where you can find help. They can provide advice, recommendations and guidance on how to seek funding, among other things relevant to the business. Their experiences provide a wealth of information that can help budding entrepreneurs like yourself to navigate the stresses of operating a new business. Fortunately, in many cases, it is not a formal process to seek help from experienced help. When you belong to community groups and professional networks, much of this help is informal. More so, they are easy to access.

Location

Location is paramount to any business establishment. One crucial consideration when choosing where to set up is easy access to the targeted customer. When that is resolved, the rest can be easy. Can your clients easily find you, and can they access it by private or public transport? How far is your business from the closest highway or stops? These are relevant questions to ask yourself.

It is worth noting that the customer is drawn to businesses that consider the convenience of the target market. That helps to put you at the forefront of the customer's mind. More importantly, when your location is favorable, you increase the chances of retaining the best employees for your business.

Separate your business bank account from your personal

Fortunately, Australian SMEs continue to do a good job of keeping their business accounts separate from personal ones. According to data, 60% have already subscribed to internet banking, making transactions even easier. Although this comes at an extra monthly fee, reports indicate that many SME owners do not mind. This is largely because they realize that the benefits of traditional and digital banking outweigh the monthly fees.

A lot of detail is required in your small business setup, making it crucial to give it all the attention it deserves.

Key Marketing Strategies for Online Cosmetic Companies

There is no one set standard for beauty, so there should not be one set standard for promoting your cosmetic line. There are a number of key marketing strategies your online cosmetic company should adopt.

Build a Community

Get to know your clients and customers. Building a community and a reliable following is the best way to promote your products. People trust word of mouth more than they do the seller. It’s important to cultivate strong relationships with your clientele so they can help your business grow.

Genuinely get to know them too. Ask questions about their previous experience dealing with cosmetics, and ask them what looks they hope to achieve. Try to figure out their style and taste so you can base your next promotional products around their likes and, more importantly, their dislikes.

Safeguard Packages

When you care about your products, you care about clients. Promoting your brand on the products is important, but making sure they get to your clients safely is even more important. No one wants to open a damaged package because it’s such a letdown.

Safely package all your products—big and small. Size does not matter. Product protection will increase your sales and have a lasting impact on your customers. Safe packaging means you take pride in your business, and that sets you apart from your competitors who only invest in boxes and nothing else.

Include Firsthand Experience

Testimonies from your clients are a great way to make you stand out. They add a personal touch to your business, and novelty draws people in. It makes them feel like valued customers and closer to your business.

Cosmetic companies can come across as corporations simply trying to make a quick buck. Add some heart to your business by including actual testimonies from clients who have used other products and switched to yours. Include these videos on your site and your social media accounts.

Less Is More

The beauty industry promotes less as more. The same rules apply to your promotional tactics. Your branding for your products doesn’t need to be overdone or lavish. A simple logo and splash of color are enough. Don’t deliver your packages to your clients with too much fluff either.

Things like glitter and confetti should never go inside your packages because they never go away. Your customers will be frustrated when they open your products and decide to no longer shop with you.

Any one of these key marketing strategies for your online cosmetic company will set you apart from the competition with a little effort.

How to Ensure the Continuity of Your Business and Keep Sales at an All-Time High

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When it comes to the continuity of your company, there are a lot of things that go into making sure it stays afloat. From sales and marketing to HR and management, if one area falls apart, the whole company can be in trouble. This blog post will discuss some tips on how to keep your sales at an all-time high and ensure the continuity of your business.

1) Make sure you have a solid sales plan in place

This means having defined goals and targets that you are working towards. Without a plan, it can be challenging to measure success and identify areas that need improvement. Your sales plan should be reviewed and updated on a regular basis to ensure it is still relevant and achievable. If your company is going through changes, such as a new product launch, then your sales plan will need to be adapted to reflect this.

A good sales plan will not only help you to achieve your targets, but it will also give you a roadmap to follow if things start to go wrong. By having a plan in place, you can quickly identify where the problem lies and put corrective measures in place.

Once you have your sales plan in place, make sure you communicate it to your team and ensure they understand what is expected of them. It is no use having a great plan if nobody knows about it or doesn’t understand it. Hold regular sales meetings so that everybody is on the same page and knows what needs to be done.

2) Train your team

If you want your team to be successful, you need to invest in their training. Give them the tools and knowledge they need to be able to sell your products or services effectively. This might include product training, industry-specific training, or even sales techniques. The more knowledgeable and skilled your team is, the easier it will be for them to close deals and achieve their targets.

It is also important to ensure that your team is motivated and incentivized to sell. If they don’t feel like they are being rewarded for their efforts, they are likely to become demotivated quite quickly. Sales commission is a great way to keep people motivated, as it gives them a financial incentive to close deals. You could also consider offering other rewards, such as trips or days off, for meeting targets. Investing in your team’s training and motivation will pay off in the long run as they will be more likely to achieve their targets and help to drive sales. Also, don't forget to celebrate successes together as a team. This will help to create a positive and motivated sales environment.

3) Use technology

Technology can be a great asset in sales if used correctly. There are a number of sales tools available that can automate repetitive tasks and help you to manage your sales pipeline more effectively. By using a CRM system, you can keep track of your customers and their interactions with your company. This information can be precious when it comes to closing deals and understanding what works and what doesn’t.

To get started, have a look at some of the most popular sales tools on the market and see which ones would be most beneficial for your team. There is no point in investing in a tool that your team won’t use, or that doesn’t fit with your company’s sales process. Once you have found a few sales tools that you think would work well for your business, start using them and see how they impact your sales figures.

Technology can also be used to connect with potential customers who might not otherwise be reachable. For example, social media is a great way to connect with people all over the world and build relationships with potential customers. If used correctly, social media can be a powerful sales tool. There are also a number of lead generation tools available that can help you to identify potential customers and target them with specific campaigns. These tools can save you a lot of time and effort, as well as help you to focus your resources on the most promising leads.

AI, like chatbots, is also increasingly being used in sales. They can be used to automate repetitive tasks, such as sending follow-up emails or making appointments. Chatbots can also be used to engage with potential customers and qualify leads. By using a chatbot, you can free up your team’s time so that they can focus on more important tasks, such as closing deals.

4) Focus on your existing customers

While it is important to focus on acquiring new customers, it is also essential to nurture your existing relationships. Your existing customers are more likely to buy from you again, and they can also provide valuable referrals. Spend some time thinking about how you can improve the experience for your existing customers and make it easier for them to do business with you. This might include streamlining your ordering process or offering loyalty rewards.

It is also important to keep in touch with your customers after they have made a purchase. Send them follow-up emails or give them a call to check that they are happy with their purchase. This will help to build a strong relationship with them and make them more likely to buy from you again in the future.

In addition, make sure that you are collecting feedback from your customers on a regular basis. This will help you to identify any areas where you can improve your service. Customers appreciate being listened to, and they will be more likely to do business with you if they feel that their opinion is valued.

5) Have a legal support system in place

There are a number of legal issues that can arise in sales, such as contracts, warranties, and refunds. It is important to have a solid legal support system in place so that you can deal with these issues quickly and efficiently and have reliable corporate legal advice anytime you need it. Having a lawyer on retainer is a good idea, as they will be able to advise you on any legal matters that arise.

It is also important to make sure that all of your sales contracts are watertight. This will protect you from any potential problems that might arise further down the line. In addition, have a lawyer check over your contracts before you sign them to make sure that they are fair and legally binding. Finally, it is worth considering taking out insurance to cover yourself against any potential legal problems. This will give you peace of mind and ensure that you are protected in the event of any disputes.

6) Keep an eye on your finances

Sales can be a risky business, so it is important to keep a close eye on your finances. Make sure that you have enough cash flow to cover any unexpected expenses that might arise. It is also a good idea to set aside some money each month to cover the costs of marketing and advertising. This will ensure that you have the resources available to grow your business and acquire new customers.

Also, make sure you are invoicing your customers promptly and collecting payment in a timely manner. This will help to ensure that you have the funds available to meet your financial obligations. Finally, it is important to have a plan for what to do if sales start to decline. Having a contingency plan in place will help you weather any tough times and keep your business afloat. To get your finances back on track, you might need to consider getting a business loan.

Business loans can be difficult to obtain, but there are a few options available to small businesses. There are also a number of private lenders who specialize in providing financing to small businesses. If you are having difficulty obtaining financing from traditional sources, you may want to consider alternative financing options such as crowdfunding or peer-to-peer lending. These options can provide you with the funds you need to grow your business and keep sales at an all-time high.

7) Stay up to date with industry trends

As the sales industry is constantly changing, it is crucial to stay up to date with the latest trends. This will help you to identify new opportunities and stay ahead of your competition. There are a number of ways to stay up to date with industry trends, such as reading trade publications, attending industry events, or following thought leaders on social media.

It is also important to keep an eye on your competitors. See what they are doing and try to identify any areas where you can improve your own service. Keeping up with the latest sales trends will help you to grow your business and acquire new customers.

By following these tips, you can help to ensure the continuity of your company and keep sales at an all-time high. Technology can play a vital role in sales, so make sure that you are using it to your advantage. In addition, focus on your existing customers and make sure that you have a solid legal support system in place. By taking these steps, you can protect yourself against any potential problems and ensure that your business is able to thrive.

Tips for Creating a Quality Control Checklist

Successful businesses take pride in their products and services. Having an efficient quality control department ensures that everything is up to par. This is true regardless of the job, whether you’re selling handmade goods or working in the power industry.

You’ll need to create a quality control checklist that covers every inch of your business. This list will help you perform at your very best with everything from standards to testing.

Establish Product and Service Requirements

First, you need to establish your requirements. In order for your products and services to meet certain standards, you need to define them clearly. Get specific about materials, colors, and weight limits for your goods.

Services may be a little trickier to define. Instead, create a list of actions someone must take to meet your company standards. Starting a secret shopper program can help you identify lapses in service actions.

Determine Which Types of Inspections You Need

You’ll need to perform tests to ensure that everything is working efficiently. This is especially useful for industrial sites that depend on complex equipment to function. Determine which types of on-site inspections you need to keep everything in good condition.

For example, there are several advantages of non-destructive evaluation that help power generation professionals provide energy to their clients. Before making claims about a service you offer, make sure to test it out first.

Create a Classifying System

Businesses need a way to categorize their products. Creating a classifying system will help streamline the quality control process. Also, it’ll improve safety conditions and make for a more efficient workflow.

Most businesses categorize things that fail quality control based on whether they have “minor,” “major,” or “critical” problems. Things with minor damage are easily fixable. However, products with major or critical issues could cause a safety hazard for buyers and employees.

Keep Detailed Documentation

As you can see, creating a quality control checklist takes lots of work. If you don’t keep track of your results, all of this effort goes to waste. Taking detailed reports and keeping them organized will help you make wise business decisions in the future.

This data will identify areas that need improvement. Products and services that frequently fail quality control need reassessment. Whether you need to retrain a team of service providers or rework a manufacturing method, your documentation will guide the way.

Putting your company logo on something mediocre is the quickest way to kill your business. Set yourself up for success by holding your goods and services to the highest standard.

Ways Your Company Can Celebrate Its Employees

The difference between a decent company and a great one is how it values and celebrates its workforce. Employees can often feel like they’re a cog in the machine and replaceable assets. Such a sentiment can result in worker unhappiness, heightened overturn, and reduced work output quality and quantity. We want to avoid these aspects from occurring, which is why it’s so important that organizations make their employees feel valued. Here are some fun ways your company can celebrate its employees.

Extra Paid Holiday

If you have a member on your team who has gone above and beyond, you might consider compensating them with an extra day of paid holiday. You can also give them a monetary bonus as a thank you. Often, employees can feel undervalued for their work efforts if their company gifts them with the same old go-to’s. Consider switching things up and providing a useful gift, like an extra paid holiday, as it’s something you can be certain they appreciate. Moreover, this type of reward is also a great way to incentivize your workforce, which will encourage and improve employee engagement.

Handwritten Card

Handwritten notes are nearly a forgotten art in today’s world, but they bring a deep sense of authenticity from the giver. When you receive a handwritten letter from someone, it’s likely that you’ll cherish and covet it. The reason is that much thought, attention, and care goes into writing one. That’s why you should consider a handwritten letter as a personalized way to thank and celebrate employees at your company. Sometimes, the little things can mean the most to us.

Company-Wide Kudos

Every employee at your organization is different, meaning they will have varying personalities and needs. That’s why you should have a couple of options to thank your workforce. Some appreciate handwritten cards, while more extroverted employees might prefer a company-wide shoutout. As such, take time at the end of weekly meetings or emails to celebrate exemplary employees for outstanding jobs. Company-wide kudos also allows their coworkers to reach out and celebrate them, which is a great way to improve intercommunication.