Mohit Tater's Blog, page 695

Loading Dock Equipment No Business Should Do Without

One of the most critical aspects of any business, regardless of its status as a manufacturer, distributor, or seller of goods, is the functioning of its shipping and receiving department. Within that department one of the most important parts of the business is the loading dock; it is there that employees check, double-check, and then load the correct shipments on to the correct trucks. Or if the products are inbound check them to make sure the right shipment has arrived on the truck.

It is important to ensure the loading dock equipment is always up to date and ready to run. Broken equipment that is outdated lowers productivity and hurts morale within shipping and receiving, and since these environments are often unionized, can lead to strikes – as we witnessed this week with the ports on the West Coast. Broken equipment needs to be replaced immediately from suppliers’ such as copperloy.com.

For this reason, we have produced a list of loading dock equipment that a business simply cannot do without.

Yard Ramps – Even if your company has a loading bay a yard ramp will be useful for unloading equipment in the yard. Many trucks arriving to deliver or pick up product from your establishment will not be the right height to connect directly to your loading bay. So rather than leave your employees to scramble when this situation occurs, ensure you have good functioning yard ramps.
Dock Ramps – Sometimes items are just too big to be unloaded through the dock. A dock ramp allows the cargo to be unloaded in the yard, and then easily brought up inside the facility. Since these ramps are highly durable they also allow your team to bring light trucks, forklifts, and other useful tools into the warehouse. Or take warehouse equipment back out of the facility easily for repair.
Edge of Docks – The edge of dock leveler is a tool used to bridge the gap between the loading dock and the truck. Unless you want to frustrate your loading bay crew to the point of striking, or worse quitting, it is best to make sure they do not have to “mind the gap” as they work to load or unload cargo from trucks.
Portable Platforms – These platforms allow your shipping and receiving team to load or unload trucks anywhere – including in the middle of the yard – or someone else’s yard. It is quite common for shipments to end up in the wrong place and needing to be collected. It then becomes useful to bring a portable platform with you.

Keeping Employees Safe in the Workplace

As a business owner, you’re responsible for ensuring your employees are aware of the day-to-day risks of the workplace. In additional to financial costs, accidents can have major effects of the attitude of employees in the workplace. And this is all ignoring the worst possible scenario: a potential loss of life that was caused by negligence. Many accidents can be avoided. Here are the basics on how to keep your employees safe in the workplace.

Preparing for Accidents

Making sure you are prepared for an accident in the workplace is the number one way to prevent it. The possibility of a fire is the number one risk facing your business and its employees. This is why assessments of the premises should be reviewed regularly, as well as ensuring all members of staff are aware of any of the risks identified. If your business has five or more people, it is your legal obligation to keep a written log of your fire risk assessments checks. Escape routes should also be both clearly marked and free from obstructions at all times. As your number of staff increases, remember to also increase the number of exits routes in your building, as you can’t rely on individuals to remain orderly in such high-pressure situations.

Because so many businesses are now a part of multi-storey office buildings, another risk to your employees is from falling from open windows. To ensure your staff’s safety, fitting the appropriate fixtures, available from suppliers such as Mighton Products, should be a number one priority when setting up your new office.

Protecting Your Business

While the proper education and training can greatly minimise accidents in the workplace, you can never guarantee the event will never occur. Because of this, it’s vital that you take out the appropriate insurance policies to protect your businesses during this time.

Business interruption cover can help to compensate you on the loss of income you’ll suffer as your premises are being renovated to a workable standard again. Employers and public liability cover will also provide you with the protection your business will need should your company have to pay compensation to a member of staff who was injured due to an accident.

The health and safety on your employees is bigger than any other aspect of your business. Safeguarding them from workplace accidents is not simply a legislative matter, it’s also about producing an environment that people feel comfortable working in.

Running a Great Cash for Gold Business in a Weak Gold Market

When the price of gold was skyrocketing, moving from $300/ounce in 2000 to $1900/ounce in 2011, cash for gold companies were popping up on every street corner. Everyone was trying to take advantage of high prices, from opportunistic business owners to individuals who had gold sitting around the house.

A lot of these cash for gold businesses got a terrible reputation. They underpaid consumers, had poor customer service, and as soon as the price of gold started to go down, those businesses closed their doors one by one. Now your street is probably littered with closed cash for gold stores, now relics of a boom come and gone.

August 2011, when gold topped $1900/ounce, is now over 3 ½ years in the past. Gold has dropped from $1900/ounce to $1150/ounce. But one group – the team at Express Gold Cash – was there long before the gold boom, and they say they intend to be there long after it’s gone. We caught up with them to find their secret of success in an industry as tough as theirs.

“It comes down to treating customers honestly and fairly,” discussed John Kolokouris. John has been in the gold business for over 15 years and loves working with all kinds of precious metals. “Our process has always been the same, and we pay the highest rates for gold out there.”

Instead of gouging customers during the boom like many competitors, they earned their great reputation by offering high payouts for gold based on the current price of gold. Offers like their 30-day guarantee, free FedEx shipping and insurance, and pages of client testimonials added to their reputation.

We talked to John about the keys to their success:

Q: Why would people use your online service rather than just take their items to a local jeweler?

A: Local jewelers and pawn shops can be very hit or miss. You don’t know if you can trust them, and even if they are reputable, they have a lot more expenses. From full-time staffing to a lease and security, they have to pay lower rates. Since we source from throughout the US, we’re much more efficient and can pay higher prices. Just dropping a package in the mail is pretty convenient too.

Q: A lot of online cash for gold companies have closed too. What makes you different?

A: I think it comes down to our knowledge and honesty with customers. We know what things are worth, provide fair offers, and work with customers to help them understand why things are worth what they are. No lowballing or negotiations – just a fair approach for everyone.

Q: Is gold going to go back up?

A: Ha, I hope so, but I can’t predict that. We’ll just keep giving people as much as it’s worth!

Q: What if someone has vintage or ornate jewelry?

A: If it’s something collectible or valuable beyond its weight, we’ll sometimes offer more, but usually we’ll just tell the customer. Our focus is buying gold and selling direct, so we typically price things based on the gold content. With gold still at about $1200/ounce, nearly everything we get is most valuable for its gold content.

Q: How long do you think you’ll run your business?

A: Forever! I love working with customers and genuinely enjoy the gold business.

Q: Do you sell gold too?

A: No, right now we just buy gold.

Q: Your industry gets a bad rap. Be honest. Should anyone actually use a cash for gold service?

A: Absolutely – gold is valuable and if you aren’t using it or it isn’t special then it might be a good idea to cash it in. People were writing it off saying “gold is just going to keep going up” – which just doesn’t make sense – all types of investments fluctuate. Gold is down almost 40% from its high, so those people that laughed it off have lost 40% of their value. The point is, the price can go up or down, so if it’s worth it to you and you don’t want the gold, go ahead and sell.

Q: Anything else you want to add?

A: Like us on Facebook! And if you have any questions about anything having to do with gold, silver, or diamonds, feel free to ask.

Best Google Drive Apps for Entrepreneurs

We have mentioned Google Drive several times on this blog, praising it as an amazing cloud storage and document management tool. We love it because it allows you to backup all of your digital data, as well as document creation and editing on the go. Everyone seems to agree with us on this, seeing as how entrepreneurs and companies of all sizes use it because of its great possibilities for collaboration. Google Drive can also be used with a large number of apps which adds to its usefulness.

We have chosen the best extensions for entrepreneurs that can help increase overall productivity at work.

1) Gantter for Google Drive

Link – https://chrome.google.com/webstore/detail/gantter-for-google-drive/himomacamcpodhkahelbnmaddladgjgo

This is a popular extension for project scheduling. It works with Microsoft Project file format and can help you organize work around your project right from Google Drive itself.

2) Cometdocs PDF converter

Link – https://chrome.google.com/webstore/detail/cometdocs-pdf-converter/olgfoomjdkeijllelookodfgiogbdoch

Entrepreneurs regularly deal with PDF files and often have to extract data from them into an editable format. The Cometdocs app will come in handy for this because it allows conversion of PDF documents into editable formats from within the Google Drive interface.

3) Smartsheet Project Management

Link – https://chrome.google.com/webstore/detail/smartsheet-project-manage/cindmhdfkimaeggbebfjkmkdfiohldbm

SmartSheet is a great task and project management app. Users can create and manage to do lists, calendars, plans and much more.

4) Google Drawings

Link – https://chrome.google.com/webstore/detail/google-drawings/mkaakpdehdafacodkgkpghoibnmamcme

This Google extension allows users to enhance their presentations and reports by using visuals. It is possible to create a variety of different diagrams to add to your documents.

5) Mohiomap

Link – https://chrome.google.com/webstore/detail/mohiomap/kikkonmkmijjlbenemmnoakjmniihppj

Mohiomap allows users to visualise their cloud storage accounts and investigate the relationship behind their data.

6) Lucidcharts

Link – https://chrome.google.com/webstore/detail/lucidchart-diagrams-onlin/apboafhkiegglekeafbckfjldecefkhn

Lucidcharts is a popular tool for creating professional mind maps, flow charts, UML sketches and more.

7) RealtimeBoard

Link – https://chrome.google.com/webstore/detail/realtimeboard-whiteboard/opfmbdmhambgleempeofcjjhjclimccg

RealtimeBoard is an excellent way to brainstorm ideas and concepts within a group and to discuss them by using images, videos, notes, documents, etc.

8) Mindmeister

Link – https://chrome.google.com/webstore/detail/mindmeister/bdehgigffdnkjpaindemkaniebfaepjm

Mindmeister is a tool specialized in creating mind maps, but can also be used for team brainstorming, and project planning.

[image error]

3 Reasons Why Your Business Should Look At Fleet Insurance

If the core operations of your business involve managing a fleet of vehicles, you will really do well with getting them all insured. Even as your business expands, it is highly likely that your requirement for more vehicles will increase, and thus more insurance coverage. Even though having an insurance policy for each vehicle may seem to be a simple solution at first, it is a very expensive proposition that can get a bit tricky over time. Yes, the cost of having each vehicle insured may turn out to be a costly decision before you can say knife.

In the past, several companies in the UK decided to take out single insurance policy with the thinking that it was the easiest route to go down. To their surprise, the results were poor- it turned out to be a damp squib- which is when they resorted to choose the fleet insurance. Talk about covering all vehicles of a business by taking out a single fleet insurance policy. If a business owns two or more vehicles, it could take advantage of the fleet insurance policies offered by several providers in the market.

Fleet insurance is no different than any other ilk of vehicle insurance coverage that is available in the market. Businesses generally opt for comprehensive coverage to make sure that the policy will cover the expenses in the event of vehicle theft or breakdown or accident. On the other hand, unlike individual auto insurance policy, fleet insurance is used to provide cover to all the vehicles of your business under a single policy. Most of the fleet insurance policies seem to be relatively modular, hence your business can work out a good combination of different plans to suit your discrete needs. And, the luxury to pay the premium just once every year regardless of the number of vehicles your business owns is an icing on the cake.

As was mentioned earlier, there is a distinct advantage to go for fleet insurance as against insuring all vehicles of your fleet under disparate policies. Moreover, fleet insurance providers have become so flexible that your business can set up the policy in such a way that any driver can drive any of the vehicles in your fleet.

Listed below are some of the obvious benefits of commercial fleet insurance.

More Convenience

This is what many businesses put down as the primary benefit to switching to fleet insurance. As the name suggests, insuring all the vehicles in your fleet involves a lot of time and paperwork. However, with fleet insurance, all of them can be insured under a single plan, which makes it all the more easier to plan, budget and spend for commercial insurance.

Lesser Cost

Insurance providers normally tend to offer competitive rates to companies that are looking for a comprehensive policy to cover the whole feet. In general, fleet insurance coverage works are known to be less expensive than getting an individual insurance policy for all your vehicles as well as drivers.

Greater Flexibility

Fleet insurance policies can be taken out to cover a number of different kinds of vehicles such as cars, trucks, vans, commercial vehicles or HGVs. And, there are companies that go over the top to provide more flexibility with their any driver policy plans.

So, your business has decided to take the plunge and take out a fleet insurance policy. Before proceeding, it might be useful to check Panda Insurance and see what they have on offer for businesses like yours.

[image error]

Entrepreneur Profile: DUI Law Firm of Seattle, WA

Becoming an attorney requires a lot of education and hard work, and can’t be achieved with the same kind of speed as many start-up business models. However, upon graduating from law school and passing the bar exam, practicing lawyers have a very interesting dilemma to face: Join an existing law firm and get the benefit of stability, or take the entrepreneurial approach, and start a private law practice. Today we’re speaking with M. Varn Chandola of the DUI Law Firm ( www.duilawfirmwa.com ) of Seattle, Washington about his story and thoughts on the pros and cons of launching an independent law firm.

When you first came out of law school, did you immediately want to start your own law firm or did you work for an existing practice first?

When I first came out of law school in Arizona, I really did not know what to until my mother suggested that I just begin my own law office. Soon after opening my own law office, I had the opportunity to work at other legal institutions, but since I had begun to get clients through government contracts to represent individuals in criminal cases, I decided to keep my office going. Approximately ten years later, when I later closed down my practice and moved to Washington State after my former spouse accepted a job in the Seattle area, I once again was not sure about what work to do. I briefly tried some new things and also worked as a lawyer for an organization, but soon began to yearn to once again begin my own practice. Based on my criminal law background which involved representing clients in DUI cases, I decided to open DUI Law Firm to serve clients in the Seattle, Bellevue and Tacoma, WA area.

What lessons did you learn there that helped you to start and successfully manage your own firm?

My experience in briefly working for someone else reinforced my belief that working for yourself was unbeatable. When you work for someone else as a lawyer, you must not only be successful in representing clients, but also exert time and energy in maintaining relations with your boss, colleagues and staff. Upon returning to private practice, I could once again center my attention solely on my clients.

What motivated you to start your own law firm?

When I launched DUI Law Firm in Seattle and Bellevue, my primary goal which is common to many solo practitioners was to be able to represent clients where you are only accountable to them and no one else. By having my own law firm, I am not obligated to impress a boss or staff, but only my clients. I can therefore operate during hours where I can work when needed. For example, I could be researching a client’s case at 8PM at night rather than worry about getting to the office at 8AM simply to impress my boss that I am working during the standard accepted business hours. I view my work in terms of 24 hours a day which is both client centric and offers me the flexibility to structure my time as I see fit.

Were there specific market forces that drove you to choose DUI law? Did you notice a higher demand for lawyers specializing in DUI law?

Practicing as a criminal defense attorney can be emotionally taxing. You often communicate with individuals who are facing serious offenses and do not have the funds to hire an attorney. Those who are unable to afford the services of a private attorney are usually represented by a public defender who provides either free or low cost services. Unlike most other criminal offenses, individuals charged with DUI come from a wide variety of backgrounds including diverse income levels. Regardless of a person’s race, gender, ethnicity, income level, etc., anyone who drinks and drives risks the possibility of being charged with DUI. Based on the large frequency of arrests each year for DUI, the market for DUI attorneys is good.

What are some of the challenges associated with managing your own law firm as opposed to just working at an existing law firm?

The main challenge of working for yourself is that you are responsible for everything related to your practice. Because nothing is already set up for you, you must set everything up. Also, while the assumption is that solos have greater flexibility and control over when and how long they work, because they cannot just rely or hand over their work to someone else, solos’ schedule is very dependent on how much work exists at any given time.

What are some of the important “Start-Up Costs” associated with starting your own law firm that need to be considered?

While office space along with any costs associated with hiring staff will be a large and very challenging expense for any attorney starting a practice, with the advent of virtual law firms which are often served by virtual support staff, such overhead costs can be substantially minimized. However, expenses associated with obtaining and maintaining your professional state bar license and continuing legal education (CLE) are mandatory costs that every actively practicing attorney will face. Also, attorney malpractice coverage and business licenses are other basic expenses that attorneys will likely incur.

How did you generate clients early on in the business?

When I first started my solo criminal law practice in Arizona, I relied on government contracts to represent low-income individuals in felony cases. Considering that I was not only a new entrepreneur, but also a fresh law school graduate, it would have made more sense if the government had required me to first take on a contract to represent persons accused of misdemeanors (minor offenses) instead of felonies (serious offenses), but I worked in reverse order by first representing felons and then adding misdemeanor contracts to my practice. Now that I have well over fifteen years of experience in representing clients especially in DUI cases, my extensive law practice experience is a valuable asset. With DUI Law Firm, I am relying on strengthening my online presence to communicate with the widest possible audience and prospective clients.

How has technology changed the way that lawyers try and attract clients?

It is increasingly becoming vital to DUI attorneys to have not only a solid on-line presence, but to create a mobile friendly site so that prospective clients can easily find them during a smartphone search. Statistics indicate that an increasing number of DUI clients immediately look for an attorney on their smartphone upon being stopped or arrested. It is therefore not sufficient to simply have a website which looks good online, but to also possess a user friendly site which is specifically geared for smartphone searches. In addition to the business impact that smartphone usage has on DUI attorneys, technology generally helps attorneys like other professionals in getting work more efficiently done which then allows them to take on even more clients.

What are some important traits or qualities for aspiring lawyers that want to start their own firm?

Independence, confidence, and patience are probably the most important qualities for a solos. A solo is unlikely to hit the ground running in the beginning, so he or she needs to be prepared to build the practice for the long-haul.

Where do you see the DUI Law Firm in 5 years’ time?

An obvious goal is to be the leading DUI law firm in the Seattle, Bellevue and Tacoma region. However, as an entrepreneur, for me it has never been just about the bottom line, but also about achieving higher goals such as being a voice for legal reform, education and innovation within and related to DUI law. I, for instance, maintain the DUI Law Firm Blog and YouTube channel which are intended not just to attract clients, but to educate people on various aspects of DUI law. While my blog articles and videos cover the nuts and bolts, they also provide commentary on contested and controversial topics related to DUI law. I therefore see DUI Law Firm as not only being the top DUI law firm in my region, but also a leading state, national and even international legal voice.

Awesome Varn. Thanks for your time and insights!

[image error]

Why Using the Right Furniture in Your Office is Important

Using the right furniture in your office is important; not just because it looks good when customers walk in but for other reasons such as being comfortable and accessible for your employees and customers. Everyone likes walking into an office that is clean, neat, orderly and an office that has an attractive and comfortable appearance. There are other reasons why the right furniture is important such as increasing the morale and productivity of your employees. It is a fact that employees do better at their jobs when their furniture is comfortable, safe and attractive. Exclusive boardroom furniture can turn your office into something wonderful!

Another reason to have the right furniture in your office is for business partners and clients. It is essential and important that these people are welcomed in a professional manner and that they are seated in furniture that is comfortable, attractive and professional looking. In addition, office furniture should also reflect the nature of your business. A warm and inviting atmosphere is important but your furniture should also combine design with purpose and function for your business. Most importantly, the right furniture in your office should also use materials that are renewable and made of environmentally friendly products.

In addition, furniture should also have a comfortable room temperature, a place to hang coats, a refreshment area and a break room for employees, where they can sit and relax several times throughout the day. For larger businesses, a corporate room with a large table, comfortable chairs and lamps, is also necessary. Having a large room where you hold meetings can make meetings more enjoyable if the proper furniture and accessories are available.

Keep in mind; employees do a much better job and feel stimulated and happier in their work environment when furniture is attractive and comfortable. It makes them feel needed and important. In most cases, employees are more motivated when their work environment is modern, clean and organized. Offices that are dingy and dark can have a negative effect on an employee’s performance and mood. Of course, employees work better when their work environment is not so stressful.

There are some tips that help when buying furniture for your office such as defining your requirements. The furniture you buy should be based on what you and your employees need to work effectively and efficiently. Your furniture should be mobile and adaptable to the office environment. Then, make up a list of the minimum furniture you need, so that you don’t buy furniture that you don’t need. Most importantly, buy furniture that is functional. Furniture must be appropriate for your employees, as well as for your customers and associates. In addition, think about health and safety. The wrong chair or desk can cause your employees health concerns such as backaches, neck aches, fatigue and irritability.

To conclude, there are many factors to keep in mind when buying exclusive boardroom furniture such as comfort, accessibility and the health and well being of your employees, customers and associates. Review carefully the selections available, keep in mind what you need for office furniture and then compare those factors with your budget. The right furniture can make a huge difference for everyone concerned! Find out how the right furniture can transform your office into a comfortable and attractive environment! Comfortable and accessible furniture can make any room a room everyone will enjoy.

[image error]

Find Your Inspiration: Best Social Media Campaigns of 2014

As marketing campaigns have evolved from mildly to highly important during the 20th century, and as they are constantly adapting and changing every single day, it comes as no surprise that today, the most important media battles are waged on social media channels. With the rise of Myspace, Facebook, and especially Twitter and Linkedin, the face of marketing has changed, and the importance of a well-rounded and thoroughly thought-out social media campaign is more obvious than ever before. No serious company dare miss out on the possibilities, and as the impact of social media grows, so does the creativity of marketers, who come up with more and more thrilling and engaging ways to interact with their followers, thus turning them from fans into consumers.

Even though it may seem easy, creating a buzzworthy social media campaign is not easy. It requires a lot of planning and research.

Here are some of last year’s social media campaigns that kept the internet humming, and which in turn might spark your own creative genius.

A Joke Meets a Good Offer

Several years ago, Guinness Beer made an April Fool’s Day poster that advertized their famous dark beer – but the twist was that the beer was white and the foam dark, quite the opposite of the world-famous stout. Keeping the message light and funny, the campaign became memorable and inspired several subsequent ones, including last year’s Virgin and Samuel Adams adverts. With their TV commercials that reinterpret their offer of flights that allow you to create a personalized climate onboard Virgin’s planes and a beer that has helium in it, these two companies created the perfect match of humorous content uploaded on YouTube and shared on company social networks.

Fashion + Music = Individual Appeal

The most important thing about social media is that they allow personalization and individuality that are easier to obtain than in real life. A great example came from Urban Decay’s Coachella campaign – this cosmetics brand started a contest for their users to create the best look for the music festival and post their creations on Pinterest. It’s as simple as that, but the impact it had on their online followers was amazing and it brought attention to both brands – which only shows that cooperation between companies can sometimes be positive for all.

Shared Appetite

People love the food/sweets industry and can’t seem to get enough of how good the products look on pictures and videos. Therefore, this industry is famous for including their consumers into viral campaigns and trends, from Ben & Jerry’s ice cream to Coca Cola. Last year witnessed brands like Oreo and Domino’s getting popular on the Internet. While the former company used Vine and Instagram for short videos on how to create good snacks – so-called shack hacks campaign – the latter used Twitter’s hashtag popularity to start #letsdolunch campaign – the more people used it in their tweets, the cheaper the pizzas were. Ultimately, not all received lower prices, but all were part of a fun idea and were presumed to continue eating at Domino’s.

Celebrity Endorsement for Free

When you have hundreds of famous people at one place, it means that there are numerous options for promotions and brand recognition. However, what Ellen DeGeneres did at the 2014 Oscars was unheard of – she managed to fit a dozen celebrities into one photo, including Kevin Spacey’s grin and Julia Roberts’ floating head, thus creating an eponymous selfie that has been named “the most epic of all time.” And with “selfie” being recognized as the Oxford Dictionaries’ Word of the Year 2013, this became huge in a matter of minutes. What people generally do not, however, know is that this bit was a part of Samsung’s promotion campaign via Ellen’s phone, but it turned out to be very smart and quite cool at the same time.

The Impact

As the majority of modern customers use the Internet and social media, it’s only natural for famous brands to turn to viral campaigns and online marketing strategies. When you take a look at this infographic, detailing a week in the life of a brand on social media, it is clear that their impact is growing on a daily basis, and that you as a brand cannot afford to miss out on the buzz these kinds of campaigns generate. Additionally, there are several good sides and benefits – from better brand recognition and creating a fan base to establishing a positive image and acquiring more clients.

Artificially Intelligent? Race Tracks Face Strategic Business Decisions About Track Surfaces

What do you do when you must make a multi-million dollar business decision based on conflicting information and competing interests that could affect thousands of people? In the case of Keeneland, a Thoroughbred racetrack in Lexington, Kentucky, management considered a range of stakeholders, stayed objective in the face of bias, and considered the long-range strategic plan of the business.

Notable racetracks such as Keeneland, Santa Anita, Del Mar and Arlington installed synthetic surfaces in the hopes of creating a safer racing experience. But several tracks have since removed the artificial substance and replaced it with dirt. If synthetic surfaces are safer, why go back?

To solve the issue, one must consider the stakeholders. At a racetrack, this includes not just track owners, management, and employees, it also includes the horses, their owners, jockeys, trainers and staff as well as customers and bettors.

Tracks replaced dirt with synthetic material to appeal to horsemen. But many trainers were reluctant to race on the new surface. Some customers simply prefer not to bet synthetic tracks. Furthermore, management at some tracks found it challenging to stay relevant. For example, Keeneland’s Grade 1 Blue Grass Stakes, a prep race for the Kentucky Derby, became overlooked as trainers sought out preps that, like the Kentucky Derby, were held on traditional dirt. Stakeholders were not as well served with synthetics as tracks hoped.

Several biases have been at play surround this issue. Artificial surfaces were thought to be safer, so tracks reported data that confirmed this claim. Studies report fewer breakdowns, but often compare different tracks, use small sample sizes, and ignore issues such as long-term effects. Tracks have been subject to wishful thinking and the illusion of control, when in reality, track surface is just one component of horse safety. Additionally, the sunk cost of the synthetic installation has dissuaded some tracks from reversing their decision.

Though the sunk cost is considerable, Keeneland, like Santa Anita and Del Mar, has decided that the cost of replacing synthetics with dirt is crucial for long term success. Keeneland has reinstalled its dirt track and Del Mar will do so this year. The tracks have been awarded the Breeders’ Cup in 2015 and 2017, respectively, for the first time.

The Breeders’ Cup is a desirable event for a racetrack. It creates prestige and visibility and the spikes in attendance and handle result in increased revenue. Support for a Breeders’ Cup on a synthetic surface, however, is limited.

“For Keeneland and Del Mar, committing to switch back to a dirt surface was a strategic business decision” says Jen Perkins, a horse racing insider at BetAmerica. “The cost-benefit analysis is simple: the potential revenue from hosting the Breeders’ Cup should outweigh the cost of replacing the synthetic track.”

In 2014, Breeders’ Cup handle at Santa Anita was $127.8 million. Though the track itself realizes only a fraction of that figure, it justifies the cost of the dirt track that was reinstalled in 2010. Santa Anita has hosted the Breeders’ Cup several times since then, and will host again in 2016.

Other Sources Cited:

http://www.nytimes.com/2014/04/04/sports/in-a-tracks-decision-horses-are-the-losers.html
http://www.kentucky.com/2013/03/08/2548839_data-show-synthetic-surfaces-reducing.html

The Technology You Need to Start a Business

It’s important to make smart decisions when implementing new business technology into any organization. Start-ups have the opportunity to select the best products, services and tools to help the company succeed in a technology-centric world. These five fundamental factors can help any organization leverage the technology needed to successfully operate a business.

Data Security

According to Forbes Magazine, data security is one of the biggest concerns for 2015, emphasizing that “businesses need to know where their business critical information is at all times” (source: Forbes). Retail data breaches have been a hot topic in recent years and it shows that companies need to stay up-to-date with data security software and hardware to protect sensitive information. Businesses should proactively add layers of security walls to protect their financial documents with security printers, security check paper and other forms of data security (source: TROY Group).

Technology Consultant

A technology consultant is “one of the most important investments you can make [and] to ensure you have one or two local technology consultants who you trust (source: Entrepreneur.com). A knowledgeable technology consultant can help an organization identify their technological needs and configure their systems. Many IT contractors provide 24-hour support services to keep businesses operating efficiently.

Computers and Mobile Devices

While Windows desktop PCs still dominate the business computing world, mobile devices are steadily growing and will play a “critical role in business productivity in [less than] two years” (source: IMB.com)  Desktop computers should include at least 2 GB of RAM, substantial hard disk drive space and at least 2 GHz processing speeds. High-resolution monitors provide crisp image quality and help reduce eye strain. High-speed Internet access keeps businesses running smoothly and increases overall productivity.

Digital Presence

Websites should be one of the first things a business creates. Many businesses are creating website with regular blog posts and bring in new customers by leveraging search engine optimization (SEO) strategies. Businesses should also consider maintaining their profiles on third-party services, such as Yelp, Google Places and Facebook Places. Social media is also crucial to building strong brand loyalty and reaching new customers.

Email and Communication

Most Web hosts provide email services that are associated with the domain. Businesses can also subscribe to premium email and communication services, such as Google Apps for Business, Yahoo! Small Business and Microsoft Exchange. Voice Over IP, or VoIP, can save businesses money by routing phone calls through the Internet while providing advanced calling services.

Sources:

Forbes, “Cyber Security Professionals Predict Their Biggest Concerns For 2015,” http://www.forbes.com/sites/sungardas/2015/01/02/cyber-security-professionals-predict-their-biggest-concerns-for-2015/
TROY Group, “Paper Supplies,” http://www.troygroup.com/products/paper_supplies/index.aspx
com, “What Technology Does My New Business Need?,” http://www.entrepreneur.com/article/159704
com, “BYOD: Bring your own device,” http://www.ibm.com/mobilefirst/us/en/bring-your-own-device/byod.html

[image error]