Business

Technology often brings about thoughts of silicon, handheld devices, and fast-paced information. Industrial technology makes such qualities a goal, but there’s a more pertinent purpose behind its development.

Industrial technology is often aimed at environmental support and safety. Take some time to see the brighter side of industrial business, and check out a quick look at a few ways in which industrial technology actually works to preserve and help the environment.

Integrating renewable energy sources

Industrial operations are currently undergoing a sharp shift toward renewable energy sources. If your industrial business can produce a product without drawing on (or even to the detriment of) the environment, then your operation will fair better against competitors who do not make such adjustments.

It’s wise to make every effort possible to boost your business operations in this way. Look after your environment, and the industry will look more gently on your business.

New pipeline construction with care

The oil and gas industry is arguably one of the most scrutinized industrial businesses. However, pipeline construction is done with care. There is no room for haphazard actions in such an influential line of business. Oil and gas organizations take great measures to account for environmental safety.

The world has such a negative view of the industry at times, because any mishap in this line of work affects millions. Take the time to educate yourself on the many different precautionary actions taken by businesses operating within the oil and gas industry.

A shift towards organic growth

Industrial farming equipment is even on a sharp shift towards environmental preservation. The industry is demanding a cleaner product from seed to shelf, making progression in the farming industry a necessity.

Automated, unmanned, energy-efficient vehicles are now working the fields of thousands of large-scale farms around the world. The benefits of organic foods are no longer restricted to an individual’s health.

Energy-efficient machines doing the work

Passing by an industrial center in the 21st century no longer involves being choked out by the fumes in the air. Energy-efficient machines, low emission machines, and other industrial upgrades make it safer to perform common practices with less stress on the environment.

Strict regulations on industrial businesses have pressed companies to grow. It’s true that there are still plenty of industrial centers that don’t work to reduce their effect on the surrounding environment, but standards are becoming more strict every year.

Making materials a non-issue for Mother Earth

Industrial chemicals are still being used, but the level of dumping in our streams and rivers is being eradicated with time. People are finally beginning to see the damage done to the environment from such heinous practices, and businesses are beginning to make real changes.

Everyone wants their business to be successful, but if you don’t how to quantify and measure that success, you’re doing no more than creating a rod for your own back. If you don’t know what constitutes success in your specific circumstances, then you cannot know if you’ve achieved it. If you don’t know when you’ve fulfilled your goals you can relax, or even develop and set other goals!

Today we’re taking a look at some of the key metrics that you can use to track the success (or otherwise) of your business.

Brand Strength

Your brand is not some ethereal quality conjured up by advertising agencies, it’s one of the most important assets your business has. A strong brand communicates the specific identity of your business clearly and directly to lots of people, telling them that this is where they should spend their money: that they’ll be catered to, understood and have their values shared.

A brand can be weak for all sorts of reasons: if you don’t have a clear idea of what it is and aren’t leaning into its most important qualities in your decision-making, customers will receive a weakened impression of brand identity at best. At worst you might be making decisions that contradict with your brand values and confuse and undermine your brand; if your marketing isn’t created and targeted with your brand in mind it will not communicate it clearly; and finally and most simply, if you’re not communicating your brand to many people, it will not be as strong.

You can quantify and measure brand strength with the help of a market research agency, who can conduct brand tracker surveys and tell you how many will name your brand when asked about companies in your industry (unprompted recall) and how they would rank it for key qualities with your rivals. Crucially, they can tell how these qualities change over time, helping you track the progress of your business throughout the year.

Financial Metrics

Financial data is directly and immediately available to you: as you run the business, you know how much it’s making and spending. It’s tempting to make sheer profit the ultimate measure of your success, but this can paint a misleading picture.

A business that makes smaller profits because it’s been investing money in infrastructure, in retaining staff and customers, or in developing new products to launch in the next year is not less successful than one with fuller coffers that have not been investing its money so wisely. In fact, if you privilege revenue beyond revenue retention you could find that what looked like a successful business yesterday could be on the verge of closure today. This attitude leads you into a false economy: pairing down your costs unwisely to boost your profits in the final accounting, and this can set up major problems for the medium- and long-term future.

Work with a trusted mentor and financial experts to set targets and metrics that will demonstrate how well your business is performing as well as encouraging a sensible attitude toward the future that ensures that success will last.

 

Most people who start a business are audacious and determined by nature. More times than not, they have all the right qualities on paper that it takes to run a successful business. Yet despite seemingly having what it takes to run a successful business, about 10% of them fail within the first twelve months. You may even be one fo them!

So, what is it that’s causing your business to fail when all you want is it to be successful? If only ambition were enough. Take a look at five of the most common reasons why your business may be failing and what you can do about it.

Not Hiring The Right People

You can’t expect to hold the weight of an entire business all on your own. A cohesive team is a critical part of any business, regardless of the industry. Failing to hire people you can count on can make all of the difference.

When choosing people to join your team, make sure that you are extremely selective. Don’t choose just anyone to get the job done. Select people who you know are likely to be as committed to excellence as you are. After all, your employees aren’t just people who work for you, but also a representation of your business as a whole. Choose the right ones!

Lack Of Marketing Online

If you’re not marketing your business online, then you’re throwing away a huge opportunity. It’s critical that you are visible to the online community for your business to thrive. That doesn’t mean only creating a website either.

Your business should be present on all social media platforms, and you should be dipping your toes into the SEO world. The savvier you are with online marketing, the more that you’ll see your business grow.

If you’re not marketing online yet and your business isn’t doing well, you’ve probably got your answer right there.

Failing to Evolve As a Company

In many cases, businesses were doing great in the beginning, so they decided to stick to their old ways. However, you should constantly be studying the trends and evolutions of the market that you’re in. Growth is essential to keep up with the competition. Measuring the changes in your industry will ensure that you can deliver what they want.

Not Accepting Customer Feedback

Failing to listen to your customers can make them feel unappreciated. Even though it may be a nuisance to listen to a disgruntled customer, they can offer a considerable amount of insight.

Instead of rejecting complaints and criticism, welcome it as an opportunity for improvement.

If you notice that your e guilty of any of these common reasons why your business might be failing, it’s never too late to turn things around. The first step is realizing what needs to change, then implementing a strategy to turn things around.

Starting a new online business is exciting. You’ve finally made your mind up to take action, and are making way for your business dreams to come to fruition. Congratulations.

Now, let us focus on the nitty-gritty of making your dreams come true. Take some time to read through a few helpful tips for launching your new online business, and get moving up the ladder of success today.

Secure the best domain

As the internet becomes a more and more complex collection of websites, it is getting more and more difficult to obtain your first choice in terms of your domain name.

Don’t expect to find the opportunity to grab up the simplest, most fitting domain suggestion. You’ll have to get crafty. Try adding “get” in front of the name of your product or business.

For instance, say you sell a product called Purple Tea. Your domain name could be GetPurpleTea.com.

Spread the word about your new business

Before you ever begin building your business website, it’s a good idea to start marketing its launch. Use social media, email, and other digital platforms to reach as wide an audience as possible.

Stir up hype by announcing your new website long before you actually open the space to web users. Ideally, you want to draw in a flood of viewers. Then, you can count on a small percentage of the flood of viewers to turn into conversions.

Hire a writer for marketing

Unless you have the time and capacity to do it yourself, you’ll need to hire a writer to create content for your operation. Digital marketing is all about the creation of quality writing and content to draw the eyes of web users.

This portion of work in your operation will take some time and dedication. It’s best to hire a professional to generate content that will make a true impact on your target audience.

Get onboard with MailChimp

You’ll need a capable email service to effectively keep in contact with consumers. You can use MailChimp to create automated email responses, and you can easily send out mass emails with only a few clicks. The best part about the service is that it’s free.

Work up a pre-launch page

While your new business website is in the workings, you can create a pre-launch page to drum up a little more interest. Make a space where users can come and see the general idea of what your new business will have to offer, and plant a seed.

Setup social media accounts

Before your business is launched, you should already have several social media profiles up and running. Use your company’s business profiles to make connections with people before, during, and after your upcoming launch.

 

Building up a business empire takes a lot of hard work, drive, and knowledge of the business world. When you switch from being an employee at a company to being accountable for your own business, there are a lot more responsibilities you must take on. for example, there are legal responsibilities, as well as the everyday strategy planning necessities needed to smoothly run a company. With this in mind, here are five things you must remember to do.

1. Understand your legal requirements

For many business entrepreneurs, the most challenging part of starting up a business is learning about all of the important actions you need to take, like tax responsibilities, incorporating your business, and taking out the appropriate insurance policies. Whilst tax and incorporation requirements are generally the same across all industries, insurance requirements will differ depending on the industry you are working in. For example, someone providing online services like writing from their home will require less cover than someone working in a high-risk job. With roofing insurance, construction insurance, and similar high-risk industries for example, it is very important to check you have good, comprehensive cover against the possible eventualities.

2. Learn how to plan for success

The majority of successful businesses have one key thing in common; they started off with structured plans including short-term and long-term goals. By constantly reviewing goals and measuring progress against them, it is easier to see when something needs to change, or what is working well. Planning is a vital part of a successful business and if you are not very good at developing business plans, then you need to spend some time building these skills and using resources from experts to help you to do so. Business planning books and podcasts can quickly get you up to speed.

3. Work out the right marketing strategy

There are lots of different marketing strategies to choose from, with many companies using a mix of techniques like creating and utilizing a high-quality SEO friendly website, social media campaigns, paid ads, and email marketing. For example, for some businesses like takeaway restaurants, local leaflet drops (print media) are one of the most successful marketing strategies. It is important that you work out which marketing techniques you are going to invest in to get the greatest return on your investment into your business. It can help to scope out the competition, checking what marketing methods they employ.

4. Stay ahead of the curve

The business world is constantly changing and to stay sustainable, you must be able to adapt to changes quickly. Therefore, having as much information about changes such as technology advances or regulatory changes is key. The best way to stay informed is to do your homework – read the industry news and stay connected with people that are ‘in the know’.

5. Be prepared for some setbacks

Setting up a new business is going to involve some major challenges and it is inevitable that you will suffer a few setbacks along the way. When things don’t go to plan, the most important thing is to learn from any mistakes and not let them derail your business plan. You might need to make changes to your strategy as you learn more about the processes and the industry itself, but plenty of businesses go through rough periods before they become more established companies.

If you nail these five things and continue learning along the way, then you have a very good chance of making sure your business is a long-term success.