Mohit Tater's Blog, page 687

Cultivating a Robust Organization: 5 Stages of the Innovation Process

Most business leaders recognize the value of innovation. In a study from consulting firm Accenture, 93 percent of executives surveyed said that their organization’s long-term success depends on developing new ideas. However, only 18 percent of leaders believed their company’s innovation efforts delivered a competitive advantage, despite an increase in business investments for innovation.

Why are businesses unsuccessful with innovation? Accenture notes that only 46 percent of companies had an effective and holistic process for new products and services. And according to an exploratory study of more than 30 companies in the United States and Europe, researchers found that companies generally lack a process to guide innovation.

In too many organizations, innovation occurs by serendipity rather than by deliberate management. Without a process to understand, stimulate, and analyze innovation and an organization’s strengths and weaknesses around innovation, most companies rely upon serendipity.

Innovation: Management, Policy & Practice

Backed by an effective innovation process, managers can advocate for and help create what researchers in the Innovation: Management, Policy & Practice study call robust organizations. These companies “have found a recipe for sustainable innovation programs rather than mere spurts of innovation,” and the study defines specific stages that are most common to sustained, successful innovation.

1.     Idea Generation and Mobilization

New ideas are created during idea generation. Mobilization occurs when the idea is moved to a different physical or logical location, such as an outside firm or another department.

Inspiration for a new idea can originate from an improvement of an existing idea, or something from scratch. The Atlantic explains how Apple waited three years after MP3 players were introduced to create the iPod, which was attractive, intuitive and offered capacity for up to 1,000 songs. Conversely, the invention of Scotch tape was a brand new idea. Priceonomics tells the story of Richard Drew, a college dropout who joined 3M, saw a need for a type of tape that wouldn’t ruin paint on cars and overcame hurdles to complete his invention.

As a result of Drew’s work ethic, 3M provides employees with time (15 percent of their workday) to explore ideas outside of their work assignments. Other organizations have followed this model, and robust organizations in general provide employees with the time and resources to innovate. According to Innovation: Management, Policy & Practice, managers must emphasize innovation to the right extent — “overemphasizing need will cause some employees to leave for more stable jobs,” while “not emphasizing it enough will decrease urgency and idea generation across the board.”

2.     Advocacy and Screening

Not all ideas are worth implementing. Advocacy and screening help evaluate an idea and measure its potential benefits and problems. From there, a decision can be made about an idea’s future.

One of the biggest advantages for the joint processes of advocacy and screening is refinement. If the idea has potential, discussions and arguments help enhance it. The study in Innovation: Management, Policy & Practice mentions how this stage prepares an idea for upper management, which can call for a different approach. Because idea generators don’t always have the skills to advocate for their ideas, managers working with the idea generator can facilitate, encourage and support the person.

Companies looking to build a robust culture can establish a few best practices for this step. First, employees should have plenty of avenues to receive advocacy and feedback. Second, organizations must understand the difficulties involved with evaluating truly innovative ideas. Third, organizations need to build transparent evaluation and screening protocols.

3.     Experimentation

The experimentation stage tests an idea, such as with a prototype or pilot test. Researchers in Innovation: Management, Policy & Practice carefully note that “Experimentation does not test an idea’s objective merits, but the suitability for a particular organization at a particular time.” Some ideas “might be ahead of their time or beyond the present capacity of the company … [they] may be set aside into an idea bank or idea library for development at a later time.”

Experimentation can remain continuous or exist in spurts, as advocates and screeners reevaluate an idea. Sometimes, experimentation leads to new ideas due to information that is gathered on the results and the overall feasibility of the original idea. Time is crucial in this process; individuals must be given adequate time to run the experiments. As refinements and evaluations occur, they must be given enough time to reflect on the experiments.

Many businesses experiment with new products and services, such as grocery stores. One innovation came in 2007, when Amazon tested its grocery delivery service in certain Seattle suburbs. After this successful experiment, Amazon Fresh expanded to Los Angeles, San Diego and New York City; New Jersey and the United Kingdom are the latest locations Amazon has targeted.

4.     Commercialization

Commercialization aims to create market value for an idea by focusing on its potential impact. This step makes the idea appealing to the audience, such as by packaging an idea with other ideas, clarifying how and when the idea can be used, and using data or prototypes from experiments to demonstrate benefits.

An important part of commercialization is establishing the specifications of any given idea. “The promises and potentials of the earlier stages of innovation must be discarded so that the actual benefits of the new innovation can be perceived and communicated,” researchers wrote in Innovation: Management, Policy & Practice. Once an idea is refined, it can appropriately target and meet the needs of the audience.

Commercialization is the stage of the innovation process when the focus shifts from development to persuasion. After the idea is clarified and a business plan is created, it will be ready for diffusion and implementation.

5.     Diffusion and Implementation

“Diffusion and implementation are two sides of the same coin,” researchers wrote in Innovation: Management, Policy & Practice. Diffusion is the companywide acceptance of an innovative idea, and implementation sets up everything needed to develop and utilize or produce the innovation.

Diffusion happens at all levels of an organization. This process is often aided by knowledge brokers, who are effective at presenting an innovation by using their awareness of “the specific content and application into which an idea, product or service can be inserted.” As a result, knowledge brokers are able to assist with rapid implementation.

The use or application of the innovation should be demonstrated by the end of this stage, along with acceptance of the innovation. For the innovation to succeed, it will need the proper resources, a marketing plan for customers and an open culture with strong advocacy. Also important to diffusion and implementation is the opportunity for future ideas; this final stage allows the organization to determine the next set of needs for customers. Receiving feedback, in addition to indicators for success metrics and other benchmarks, enables the organization to stimulate the innovation process once again.

Innovation and Business

Innovation poses challenges. If one step of the process is weak or if a company lacks a systematic process for accepting and nurturing innovative ideas, the organization will rely on serendipity. But with the right approach, mindset and resources, a company can reap the strategic benefits of growth.

Managers play a vital role in an organization that meets the challenges of innovation. In Innovation: Management, Policy & Practice, the study outlines key areas where managers can assist with the process of innovation.

Managers need to pay constant attention to operational details of innovation projects. Managers should keep an eye on how their projects are doing, and, to ease the burden of this task, they can establish a learning-focused environment that encourages employees to explore and generate new ideas.
Managers need to be clear about how ideas are selected and evaluated. Clear-cut protocols are a feature of robust organizations, and these protocols help managers keep their focus on the processes of robust innovation.
Managers must quickly respond to external constituents and provide their opinions for experimentation. The right questions can help guide this process to make it effective and relevant.
Managers need to pay attention to customer desires and perceptions. Creative use of technology, such as data mining and pervasive computing infrastructure, is important.

Managers can help establish a culture of innovation. An open and supportive environment can lead to organizational success, as well as recognition and professional growth for employees who offer contributions. Aside from building an innovative culture, managers can help an organization and its employees in other areas. At Rivier University, the online MBA program allows students to expand their knowledge of core business concepts — such as project management, organizational dynamics, accounting and more — to develop a better understanding of the industry and how to be successful.

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3 Business Plan Writing Apps Reviewed

If you want any type of potential investor to take you seriously, then you must have a great business plan. It is also a well-known fact that creating a business plan can be a daunting task filled with lots of specific terminology and confusing numbers. However, the process can be broken down into several smaller steps that are much easier to handle. There are many different apps available that will help you do this. Three of these business plan writing apps will now be reviewed.

1. MyBizPlan

MyBizPlan is a free tablet app that provides you with the direction you need so that you will answer the correct questions when you are creating your plan. It provides you with steps that let you to identify your business objectives, so they may be properly defined. This app will also give you ways to more easily research your industry, its market, and your most relevant competitors. It also allows you to manage the finances of your business so that your fiscal projections are far more accurate.

MyBizPlan has many handy tools that can assist you greatly. It gives you the opportunity to see which parts of the plan need to be completed and also lets you select only the parts relevant to your business. In addition, you can easily store your plan in the cloud so that you may access it from anywhere.

2. Enloop

Enloop is a free web-based app for computers and does not yet have a mobile version. This handy tool provides you with the standard text used in most business plans and then lets you edit this text to your exact specifications. It also gives you cash flow, sales, profit and loss, and balance sheet projections, depending on the amounts you enter. Enloop also provides you with colorful graphs that explain this information in a visually exciting way.

The free version of this app gives you the ability to create one business plan. You can upgrade to more expensive versions and gain the ability to produce multiple plans. The paid plans also allow you produce more aesthetically pleasant content. The most expensive plan allows for you to have phone support.

There are some major drawbacks to Enloop. First of all, it does not allow you to create industry specific business plans. Its approach is a one-fits-all solution that may or may not be right for your needs. In addition, Enloop is not capable of producing plans for nonprofit organizations.

3. StratPad

This iPad-only app gives its users all of the tools needed to create the simple components of a business plan. This app gives you the detailed instruction necessary to formulate all of the essential elements of a successful business plan and then helps you with revenue projections. There is a free version of StratPad for students and paid versions that give you lots of upgrades, which provide you with many other tools for editing and making your presentation even more visually attractive.

StratPad works by asking you a simple set of questions. It takes your answers and creates the basic outlines of a working business model complete with financial projections, full-color graphs, and charts. This app has a tutorial and lets you create as many business plans as you like. StratPad also lets you see examples of other professionally written business plans, so you can get a better idea of what a great plan looks like.

When you are new at creating business plans, there are many things that you will probably overlook, so it is a good idea to get some assistance, so you will perform this vital process carefully and accurately. This assistance can come from either technological tools and apps or business experts like AdvancedWriters.com. By having a basic idea about all of the elements involved, you can be sure that all of your bases are covered when you present your pitch to investors.

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Top 10 Trends to Watch in Franchising

Today there are millions of franchise businesses in over 300 business categories, so there literally is a business to suit every interest and niche. According to the 2015 Franchise Business Economic Outlook report, franchising as a whole will continue to thrive. It’s no surprise as people are increasingly finding their own opportunities rather than going the route of a traditional employee income model. 2015 marks the fifth consecutive year that franchising’s growth will outpace the U.S. economy, adding over 12,000 new franchise businesses, generating nearly $900 billion in economic output, and 247,000 new jobs. But what’s really hot in franchising right now, and what’s going to continue to grow for the remainder of 2015 into 2016? Here are the top 10 trends in franchising today, many of which reflect changing consumer patterns.

The list below is a combination of actual business categories and general business trends that are taking the world of franchising by storm.

Kids/Child Enrichment

We’ve seen this category blossom, and it will continue to thrive. Any business model related to enriching or expanding the world of kids (infants to high schoolers) is hot right now. It’s about getting kids moving, thinking, reading and believing in themselves. It’s exposing them to new experiences, in many cases going mobile, to where they are. These businesses provide a sense of accomplishment and community in a supportive environment. There are also franchises that fill a need for busy parents. This trend includes businesses that focus on:

Fitness
Sports
Music
Art
STEM (science, technology, engineering and math)
Child care/day care
Tutoring (especially in the wake of the Common Core)

Baby Boomers/Seniors

Seniors make up another large category in franchising, with businesses expanding their services beyond home care to include:

Patient advocacy
Assisted living placement
Non-medical home care
Respite care
Errand services
Caregiver placement/recruitment
Companionship
Quality of life/wellness products

Pets

The pet industry is an estimated $60 billion industry in 2015, so you can guess that pet-related franchise businesses are thriving. There is an overall shift in thinking about our pets – they are seen as part of the family. With that comes pampering and care, presents at holidays, birthday celebrations, outfits, shampoos and care goods, and overall wellness products. The pet industry is a nearly recession-proof business because we’re seeing that people are spending money on their pets, no matter what. “Annual revenue growth in pet products and services is expected to climb by 4.4% through 2016. As the economic recovery kicks in, spending on our pets will continue to increase,” according to Franchise Help. The trend will follow the money, especially in big cities. Franchises in this category focus on:

Pet pampering
Specialized products and services
Daycare
Grooming (including mobile)
Dog training and behavioral control
Boarding
ID tags
Health insurance
Wellness products (energy, organic, weight management, all-natural pharmaceuticals)
Waste removal

Fitness

Fitness is becoming a huge category in franchising; fitness for all ages, interests and activity levels. While there are still the well-known fitness franchise brands like Gold’s Gym and Anytime Fitness, we’re now seeing smaller, more specialized fitness studios or businesses, often focusing on one specific activity. This includes franchises for:

Kickboxing
Yoga
Pilates
Boxing
Jazzercise
Rock climbing
Women-only facilities
Seniors
Mom and infants
Bootcamps
Mobile fitness

Eco-friendly

This category of franchise business is all about “going green,” conserving natural resources, and limiting waste and energy use. The shift reflects a general feeling of moving from “fad” to “need.” It’s concern for the environment and our efforts to protect it, things like using all-natural products and ingredients, efficient and environmentally friendly production methods, limiting synthetics and toxins, and recycling. There is even a Green Franchise Directory where you can find the perfect fit. This is one category where Millennials (ages 18-34) are having a very big impact, and eco-friendly franchises encompass a wide-range of businesses, including:

Organic food delivery
Energy-efficient lighting solutions
Environmentally friendly pest control, carpet cleaning, and landscaping solutions
Fresh food cafes
Healthy food vending machines
Ink cartridge recycling
Eco-friendly business products
Organic or recycled clothing and furniture (upcycled)
Event planning (reducing or eliminating waste and energy in events – venues, materials and accommodations)

Artisanal/Food

While food businesses seem to be the foundation of the franchising world (think, McDonald’s and Subway), we’re seeing a shift here, too. People are looking for an experience, not just something to eat. Now it’s about fresh, artisanal, healthier ingredients and options. So on top of the businesses you know all too well, this category includes:

Vending machines with healthy snacks
Locally sourced products
Frozen yogurt
Build your own concepts (assembly line formats, similar to Chipotle)
Specialty sandwiches
Upscale versions of the basics

Mobile marketing/technology

Mobile is rapidly taking over fixed Internet access (on home computers). Since there are now more mobile users than computer desktop users, mobile marketing is increasingly a key strategy for franchise owners. This means better, more effective ways to reach customers and influence their buying decisions through:

Mobile apps
Text messaging
Social media engagement
Ordering apps
Websites that are optimized for mobile viewing
Accepting payment from mobile devices
Booking appointments through mobile apps
Mobile check-in
Branded ringtones

Franchisees are getting louder

Franchisees are making themselves heard. While the parent company, in many ways, calls the shots, the franchisees as a whole are extremely powerful and can be a tremendous influence on the franchisor. We’re now seeing franchisees “taking to the streets” and demanding change, and in many cases, they are getting that change. One recent example happened at the headquarters of McDonald’s. Franchisees banded together to demand operating changes as their profits began to dwindle. The result was the demise of the Dollar Menu, among other changes.

Not only are existing franchisees speaking up, but former franchisees are taking to the Internet to tell their experiences: whether to warn others from making the same mistake, to damage the reputation of the franchisor or to vent frustration. Regardless, the stories are out there, and it’s your responsibility to do the research and find out what’s happening with the franchise you’re investigating.

Millennial franchisees

In so many sectors of life, we see the impact of Millennials (ages 18-34), and franchising is no exception. The latest Census data showed some amazing facts: 66% of Millennials are interested in entrepreneurship, nearly 30% of all entrepreneurs are between 20-24 years old, over 25% are self-employed, and they launch 160,000 start-ups each month, according to the International Franchise Association (IFA).Because of this, the IFA has launched the NextGen Franchise initiative, a global competition to recognize and support the enormous contributions that young entrepreneurs have, and the impact of their contributions (this year with 450 applicants from 46 countries).

The IFA is also reaching out to this generation while they are still in school to introduce them to the benefits and possibilities of franchising. They are introduced into the different career paths that franchising offers through education, scholarship and leadership.

We’re seeing Millennials making a big impact on the last trend in our list, microfranchising.

Microfranchising

This is a model designed to help people get out of poverty. Microfranchising is similar to a traditional franchise, but with scaled-down start up costs so that it is affordable to people with a low income. It is a ready-made business opportunity model that someone can step into. It’s often referred to as a business in a box/bag/backpack, because in many cases, everything the person will need to start their business literally is provided in a bag, box or backpack. Initial training is provided, along with ongoing support and mentoring. Microfranchising is especially impactful in developing countries, where people do not have the skills or resources to start their own businesses from the ground up, but once provided with a ready-made business – complete with the supply chain, systems, any legal issues, licensing or real estate – they can provide a living for themselves and their families, and eventually expand their business and provide jobs to others. One important characteristic of microfranchises is that they are very reactive, ready and able to adjust to failure and improvement.

Franchising remains a strong business option that offers those with an entrepreneurial spirit a chance to launch their own business based on a proven, established model. As the above list proves, it is a dynamic, living business model that readily reflects and supports a rapidly changing world.

Dan Monaghan is co-founder of WSI, the world’s largest digital marketing agency network (founded in 1995), and director of Franchise Capital Corporation, a private equity firm investing in early stage franchise and technology companies.

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Beating Procrastination With Its Own Device – A Remarkable Study

Did you know that 2 out of every 3 Americans believe that they are lagging in terms of retirement planning? That’s just one financial decision of immense gravity that the average human postpones. Well, here’s one psychological study whose results might just give your key to unlock a life without procrastination.

2 groups with similar demographics were faced with consecutive strenuous written tests, (which were deliberately made excruciatingly boring to test the groups’ urge to procrastinate on them). One of the groups was allowed a break in between tests, whereas the other was made to choose between continuing the test or taking the test booklet home for completing later. Well, the results indicate that a small break before a task that one’s likely to procrastinate upon, is all that’s needed to overcome the inertia of procrastination! Maybe that’s a reason for you to take a day off from thinking of your pending financial decisions, and then fixing your retirement plan rather than procrastinating indefinitely!

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Choosing the Right Cell Phone

The baby boomers were born in an age when the world was reeling from the shock that was the Second World War. They didn’t really have access to anything remotely resembling a mobile phone. Even now, these people are in their late 60s and still getting used to the dramatic advances in technology that the world has made. From black and white CRT TVs to the world of 3D and 4K displays, they have truly seen it all.

Buying a cell phone for someone born in this era can indeed be a hard task. Most of these people have a deep mistrust of any electronic device that can talk back to you. Considering that Terminator was released when they were in their 20s, this doesn’t come as a surprise at all. The infographic below will direct you on how to buy cell phone options for your favorite seniors without them finding it hard to use the cell phones.

If you don’t want them throwing their brand new iPhone 4S down the toilet, make sure you follow the instructions in the fun to read picture guide here:

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The Beginner’s Guide to Buying a New Phone

If you are new to the game of purchasing a new phone, you are going to be very easy to fool. There is a ton of different mobile phones out there, and companies advertise them in the most persuasive ways imaginable. It is very likely that you will be taken in by the great marketing gimmicks most of them have come up with. In most cases, without the proper guidance you are going to end up with a phone that you paid way too much for, which you won’t really use at all.

Keep a level-head, and play by the rules

There are certain steps that you need to follow if you can hope to stay ahead in the game, and get the phone that you need. These include 3 logical steps to choosing and buying your new phone, as well as tips and tricks for how to get the best deals on your phone. Follow these, and maybe, just maybe you will end up buying a phone that you are going to be happy with for the duration of its lifetime.

The steps to buying a mobile phone

Why do you need a mobile phone? – Different people have different answers when they ask themselves this question. Mobile phones are able to perform a huge range of tasks today, so you need to check with yourself why you are really looking for one.

If your answer is simply to make calls and send text messages (old school), then you don’t really need a pricey high-end phone that you won’t ever fully utilize. Instead, you could go for an older model; one that is cheap and efficient, and will be perfect for you.

On the other hand if you are more of a movie and video game person, you will need a smartphone with plenty of application options as well as great graphics and a bigger screen. These are more expensive, but worth your money.

Where do you plan on using it? – This is a very important question. Certain phones are far more delicate than others. For example, something like the Sony Xperia Z4 is a shockproof, waterproof phone that is perfect for the adventurous types. This is a high priced phone that can last through the worst falls.

However, you won’t need this sort of phone if you are a daily commuter or a businessman. You will just be spending too much for features you won’t even get a chance to see in action!

What is your budget? – The brand of phone and the model you pick will have their own prices. For example, Apple iPhones are usually more expensive than phones with better specifications from other manufacturers like Samsung. Later models are becoming pricier, as are those with more features and limited edition phones.

Make sure you check on the prices of the phone that you have your eyes on, apps like the Gumtree Phone Price Checker will give you average price comparisons to help you decide. These will help you select a phone that not only meets your requirements when it comes to features, but is also perfect for your budget.

Following these 3 simple rules is a surefire way to get on the path to the phone that you really do need, instead of falling for marketing gimmicks that will leave you drained of resources for nothing.

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Life Online – A Solid Business Investment

As we move towards a more technologically advanced world, our lives have become increasingly intertwined with the internet. Sometimes it seems as though we never really leave our computers because they are just so handy for everything ranging from our work, our education, and to our social lives.

Spending too much time online is often stigmatized as a negative. Humans by nature need outdoor activity and face to face interactions. But when it comes to saving money and time or running a successful business, can living life online really be a significant financial investment?

Online Education

The decision to complete an education online can be a major factor in allowing an entrepreneur to be successful. Benefits of an online education include the ability to complete classwork around a fluctuating schedule, not having to pay the expenses associated with living near campus, and the freedom to take classes from the best professors from anywhere in the world. For those looking to advance their careers to the next level, this can be monumental.

Arizona State University claims that over 56 percent of moms that are going back to school through their online portal do so for their careers. Entrepreneurs looking to improve their business skills should seriously consider taking a leaf out of their books. Through online education, these women have been able to balance a working life, school, and often time a family. Online education enables entrepreneurs to continue to work from anywhere in the world while still gaining knowledge from the best of the best.

Online Shopping

An online education is certainly not the only way to cut back on a number of expenses that crop up for entrepreneurs. The numerous small items that are necessary for business are also a major financial factor. Buying enough printer paper and office snacks can really add up. But purchasing many of these items in bulk can make a significant difference in your pocket book.

Bulk online orders save business owners a great deal on shipping costs, but also on having to drive to the local office supply store to find the necessary items. Simply cutting out these two things alone is a great deal of money and employee time saved. Bulk purchases can also be customized so the same objects are delivered automatically at a specific time during the month. You don’t have to worry about forgetting to order bathroom supplies for your small business ever again!

Online Work

Every day, almost 90 percent of people commute to work using a motor vehicle. The average trip is about 25 minutes or 11.8 miles in each direction. Much of this time could be better spent doing something other than sitting in a car. For most of the population, these trips only serve to build up stress and damage both physical and emotional health.

Choosing to work from home or to allow employees to work from home if possible, can ultimately be a major investment. By doing so, it is possible to save the time and money associated with a daily commute and office maintenance. If the communication barrier does not become too much, it can be a really phenomenal way to limit the financial obligations that bring down so many new small businesses.

***

Life online is certainly not for everyone. But for a number of ambitious entrepreneurs, it can be a profound way to streamline the workflow and boost finances through cost savings. Limiting the number of major interruptions caused by having to leave the workspace is a huge factor in becoming successful. Educating yourself, making business purchases, and simply working online are significant ways to do just that.

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The Importance of Labels and How to Use Them to Your Advantage

The launch of any new product is a difficult but exciting time for any company, particularly if they are newcomers in a particular industry. There are many aspects that go into the making of the product, and we know the importance of consumer demand for getting every single aspect right. The one thing that many companies neglect, however, is a quality product label. But it’s one of the most crucial things about launching any new product, as we shall explore.

The Impact of Labels on Product Perception

Perceptions of different products depend not only on marketing, but also on the product label included with the item. In short, it is your sales pitch to your potential consumer and it can make all the difference between a buy or a pass.

By containing all the essential information required for somebody to make an educated purchase, you are not only preventing future buyers from having an unfortunate future reaction to the product – such as allergy from an ingredient not mentioned on the bottle of cereals – but also prevent legal tangles later on. The FDA, in fact, requires labels to be put on products to ensure quality control and consumer protection.

Case Studies of Product Labeling

Labeling laws are quite stringent, especially when it comes to cosmetics. In the case of soap, for instance, the FDA has a whole set of rules. Complying with these is essential to stay on the right side of the law. In fact, a lawsuit was filed in Alameda County against a cosmetics company which claimed to have “a false list of ingredients” according to the plaintiffs.

On the other hand, labels can help brands as well by putting them across to the customer as a dependable, accountable brand. Missing contact information on the label, for instance, can discourage shoppers who think there’s no brand accountability. On the other hand, an inadequate list of ingredients can discourage those who have a specific dietary restriction. No wonder label designing continues to be an important part of pre-market process maps for apparel manufacturers.

A Solution for Manufacturers to Ensure Quality Control for All Their Labels

The reason why many new products fail is because of a communication error between the design team, type-setters, and printers. Printing errors can result in difficulties such as translation mistakes, inadequate information, and excessive printing costs: all of which can be easily avoided if the labels are printed in-house instead. The process is made extremely simple by the use of tools like the QuickLabel label printer, which manages a remarkable and extremely professional job of providing to these production needs.

The Terrific Practices of Product Labeling

There are 5 specific areas which need to be addressed in a product label. There are minor exceptions depending on the case, but these are the general guidelines of any concrete or suitable product label.

A)  It must provide adequate information regarding the manufacturer.
B)  It must contain the list of details for ingredients used in the end product.
C)  It must provide a guideline for directions of use.
D)  It must include warnings.
E)  The label must be easy to read and visible, with information like expiry date, manufacturing date made out in bold letters.

In addition, an astute product label must also ensure that it follows the conventions of a particular place – and of course, describes the product that is actually being sold. There are countless instances of product labeling mistakes, starting from wrongly identified products (Babycorn packaged as watermelon, for instance), to wrongly translated products (Coca Cola’s Chinese misadventure where they translated their label name to something that sounded like Coca Cola in Chinese, but actually meant something quite different).

When You’re Struggling Financially Turn to Reputable Online Lenders

There will be times in our lives that are more financially troubling than others; when despite our best efforts we come up short for the obligations we have. During these stressful times, it can be relieving to know that there are reputable online lenders that can provide you with the cash that you need to make ends meet.

Borrowing from any party is a huge responsibility, so you have to be sure you’re borrowing wisely. It is your finances that hang in the balance, after all. That’s why it’s essential that you do your due diligence when searching for online lenders. While there are some that if given the chance can and will gouge you out of your hard-earned money, there are others that want to help you on the road to financial success by offering reasonable terms for all of their loans.

One of the ways they do this is by limiting the amount of money they lend out to the customer. Typically, they don’t lend massive amounts of money at any given time, instead preferring to offer loans up to $1,000. It’s enough to help support you during your financial crisis while small enough that you aren’t stretched thin paying it back. After all, smaller loans mean a smaller debt.

Direct online lenders understand the importance of offering flexibility with their loans. Not everyone can pay back even a small loan in one lump sum, so they have customizable terms that can accommodate almost any financial situation. Flex-pay installment loans are the perfect option for those who need cash fast, but can only repay over a longer term. Instead of settling their loan on one date, those who opt for flex-pay installment loans can make several contributions against the principal of their loan over a longer period of time.

To find a plan that offers affordable monthly payments, you should look for an online lender that has a simple and convenient application process. MoneyKey keeps their application as clear and straightforward as possible because they realize that understanding is instrumental in finding an appropriate loan. When you understand the full terms of your loan, you won’t falsely agree to conditions that you can’t uphold. Their online process also ensures that you don’t miss any payments, as you can pay online and avoid overdue charges that can sometimes occur when you pay by snail mail. It also has the added benefit of being incredibly secure. The online lending solutions from MoneyKey are backed up with robust security measures.

In the end, there is no reason not to look to a reputable online lender if you’re struggling with unexpected bills. As a solution to what can be an incredibly stressful period in your life, online lenders offer you more than just fast cash. They give you the peace of mind to make it through the day.

These Bootstrapped Businesses Used Credit Cards for Startup Capital

Bootstrapping your way to success is a difficult route. But it is one paved with promise and great rewards for those who succeed. Bootstrapping generally consists of a three-stage process. It begins with an entrepreneur who starts a business using some form of personal savings.

Credit cards are one viable option to start a business, and these three companies offer proof that starting a company with nothing more than a business credit card is possible. Credit cards are a relatively easy way to secure funding. You don’t have to convince a bank of your company’s solvency, and you can use the money available to you as you see fit. It’s a good way to start your company on a shoestring, and it can provide substantial room for growth.

Google Did It

Sergey Brin and Larry Page, founders of Google, used credit cards to fund their enterprise back in the 90’s. However, they were careful on how they spent their money. They only used the cards to purchase computers and open-source software initially. Of course, as the company grew, they created their own proprietary search engine software that ended up contributing to their complete and utter global dominance. If Google can start their company with credit cards, this should offer hope to other cash-strapped entrepreneurs.



The Creator of Guitar Hero

Charles Huang maxed out his credit cards to finance the company responsible for the highest grossing game in U.S. history — “Guitar Hero III: Legends of the Rock.” His company, Harmonix, regrets nothing, and without the ability to use credit cards to finance his venture, he wouldn’t be where he is today. The company was originally financed by credit cards in 2007, and he was able to mass-produce and grow the business.

Filmmaker Kevin Smith

Director Kevin Smith used credit cards to fund his initial independent movie. The 1994 movie, “Clerks,” grossed more than three million dollars in theaters. He used 10 credit cards to finance the movie, and ended up spending close to 18,000 pounds for the entire movie. The earnings from the first movie allowed him to create sequels, and he was able to expand his career further with several other successful movies.

Starting a business with credit cards is only risky if you don’t have a product and clear plan of attack for growing your business. If you plan to use credit cards to finance your company, treat the venture in the same way as you would if you walked into a bank for a small business loan. Make sure you have clear goals, operate lean, and pay down the debts as you can. This will ensure you have a successful business and not get stuck with credit card debt that may prevent you from succeeding in other business ventures.