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Different Methods of Purchasing

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Production is an essential element of any business. You cannot achieve smooth production until you have the required equipment and raw material. Purchasing the material and equipment is quite simple; order, receive, and pay.

But, you can make it easier.

Organizations follow various purchasing methods to cut costs, ensure the availability of raw materials and make better relationships with other businesses. Understanding the different methods of purchasing allows you to devise a suitable procurement plan for your company. Here’s everything you need to know about purchasing methods.

Bulk Purchasing

Bulk purchasing is the most common method of purchasing goods in large production units. Bulk purchasing refers to buying a huge quantity of material at once to use over a period. It is the most economical method of purchasing. You can get the required material and objects at a lesser price when you buy large quantities. However, it needs more investment, occupies space for a long time, and you may face loss if the material is not used timely.

Purchase Per Need

The next common method of purchasing goods is purchase per need. It is also known as hand-to-mouth or zero stock purchasing. It refers to buying an item only when the need arises without keeping much extra stock at hand. Zero stocking is used mostly for emergency needs or materials of office use that you cannot quantify beforehand. It offers numerous benefits like having more money at disposal and avoiding the waste of materials. Yet, it also comes with a few risks and disadvantages. One of the most critical drawbacks of this method is the unavailability of the material in the market when needed. Thus, many companies prefer stock buying to avoid issues in production due to zero stocking problems.

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Blanket Purchasing

Blanket purchasing means buying something from a supplier for a long period. The vendor usually knows about the demand for the material beforehand and continues to supply per need. Usually, blanket purchasing orders account for items of a particular category. They help improve the procurement process by somehow automating the process.

Specific-Period Purchasing

Purchasing for a specific period is not required in all industries. Yet, it is important for some materials like chemicals that you cannot store for a long time. Companies prefer purchasing for a specific period when the overall cost of bulk and a small amount of the material is almost the same. It allows you to save costs by preventing the loss of the object. The quantity is calculated according to previous needs to buy the material good for a short period. It is one of the most appropriate inventory management methods for avoiding bulk purchasing short-life materials.

Scheduled Purchasing

As the name suggests, scheduled purchasing involves informing your vendor about the upcoming demand for material and pre-book it. Scheduling a purchase enables the vendors to arrange the supplies within the hour of need. It is an excellent measure of avoiding delayed production because of a supply shortage. Scheduled purchasing also saves you from the burden of managing purchase inventories of material for months. It may also sometimes give you a better cost compared to urgent buying. Other benefits of scheduled purchasing include an on-time supply of required materials and high-quality goods.

Market Purchasing

Market purchasing is a common practice, not only in industries but also in our daily life. Market purchasing means buying products when they hit a low price. The company might not require the material immediately, yet it can be used in the future. Market purchasing is favorable for items that can stay on the shelf for a long time without the fear of wastage. However, this method of purchasing requires a proper calculation to buy the right amount of material. Over-purchasing may lead to a loss. While it can sometimes help you save a considerable amount of money, you may also lose some in case of miscalculation of quantity.

Speculative Purchasing

Speculative purchasing is similar to market purchasing but from a different perspective. Speculative purchasing refers to taking advantage of low prices of a material in the market to sell it at a high price later. It comprises making bulk purchases and storing them to make a considerable profit from them. Speculative purchasing is different from market purchasing as it involves selling goods. On the other hand, market purchasing is done for the company’s own cost reduction. Besides the advantages of speculative purchasing, it may sometimes result in a long period of keeping inventory till the prices rise.

Group Purchasing

Group purchasing comprises buying multiple small items of different categories together to reduce cost. Often the quantity of these goods is even less than the cost of order placement. The vendor and the organization agree on a mutual price considering the supplier’s profit. It reduces the stress of visiting multiple places to buy products and lessens the workload. Instead, the supplier purchases and supplies the materials altogether.

Cooperative Purchasing

Cooperative purchasing is another group purchasing approach. However, it involves more than one company buying together. Companies looking for similar goods place bulk orders with the vendor instead of buying small quantities at a higher price. It also helps reduce transportation costs. It is common among companies producing the same kind of products.

Reciprocate Purchasing

You may understand reciprocate purchasing as barter. Reciprocate purchasing refers to an understanding between two or more companies to buy each other’s products and services. It is feasible to offer such services when both companies can benefit from each other and reduce overall costing. Reciprocate purchasing is not the most common practice, yet many businesses opt for it.

The Bottom Line

Procurement in an industry requires proper planning to purchase high-quality goods at the best prices. Some companies prefer bulk buying while others believe in zero stocking. You may also make blanket purchase orders or opt for market purchasing for efficient procurement. There is no particular right method of purchasing for all. It depends on your company’s needs and production approaches. Choose the one that best fits your organization to save costs without disturbing operations.

Asset Finance: What you Need to Know

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If you’re a business owner, then you know that asset finance is a key part of keeping your company running. You may also know that asset finance can be confusing and complicated. In this blog post, we will break it down for you and explain what you need to know in order to make the best decisions for your business.

What is Asset Finance and What are the Benefits of using it over other forms of Financing Available to Businesses today?

Asset finance is a type of financing that allows businesses to use their assets as collateral in order to get a loan. This type of financing can be used for a variety of reasons, including expanding a business, purchasing new equipment or inventory, or covering other business expenses.

The benefits of using asset finance over other forms of financing available to businesses today include:

  • Lower interest rates: Because the loan is secured by the assets being used as collateral, lenders are more likely to offer lower interest rates on these loans than they would on unsecured loans.
  • Faster approval times: Lenders will often approve asset finance loans within 72 hours, compared to the weeks or even months it can take to get approval for a traditional bank loan.
  • Flexible repayment terms: Asset finance loans can be structured with repayment terms that fit the borrower’s needs, which can make them more affordable than other types of loans.
  • Tax benefits: In some cases, asset finance payments may be eligible for tax deductions.

How does Asset Finance Work, and How do you know if it’s the Right Option for your Company’s Needs?

Asset finance is a way for businesses to fund the purchase of new or used assets. The finance company will provide you with a loan, which you then use to buy whatever asset it is that you need – such as machinery, vehicles, or office equipment.

Asset finance can be an extremely cost-effective way of acquiring new equipment for your business. It can also be a more flexible option than traditional bank loans, as it doesn’t require you to put up your own assets as collateral. So if your company is in need of some new equipment but doesn’t have the cash available to pay for it upfront, asset finance could be the perfect solution.

What are the Different Types of Asset Finance Available?

Asset finance is a type of lending that allows businesses to borrow money against the value of an asset. The asset can be anything from plant and machinery to vehicles and commercial property. There are a number of different types of asset finance available, depending on the type of asset you want to finance. The most common types are listed below:

  • Hire purchase: With hire purchase, you agree to pay back the loan in regular monthly installments, plus interest. At the end of the contract, you own the asset outright.
  • Lease agreement: With a lease agreement, you rent the asset from the lender for a fixed period of time. You don’t usually have to pay any interest, but you will have to pay a monthly rental fee.
  • Loan: With a loan, you borrow a lump sum of money to buy the asset outright. You then pay back the loan, plus interest, in regular monthly installments.

Are there any Drawbacks to Asset Finance and How you can Avoid them?

Asset finance can be a great way to get the equipment or vehicles you need for your business without breaking the bank. However, there are a few things you need to watch out for.

The first is that asset finance can be quite expensive, so you need to make sure you’re getting the best deal. You also need to be careful about the terms and conditions of the agreement and make sure you understand what’s expected of you. Finally, it’s important to remember that asset finance is a form of debt, so if you can’t afford to repay the loan, you could end up in financial trouble. Always make sure you can afford the repayments before signing up for an asset finance agreement.

What you Need to Know in Order to get the Most out of your Asset Finance Agreement?

In order to get the most out of your asset finance agreement, it is important to understand the basics of what an agreement is and how it works. An asset finance agreement allows you to borrow money against the value of an asset that you own. This can be a useful way to obtain financing for assets such as vehicles, equipment, or property. When entering into an asset finance agreement, it is important to understand the interest rate and repayment schedule. It is also important to be aware of any fees that may be associated with the agreement. By understanding these terms, you can ensure that you are getting the best deal possible on your agreement.

How to Raise Capital for your Business

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Knowing how to raise capital for your business is more important than ever in today’s economy. If you’re an entrepreneur, it helps to see the importance of starting on the right foot by raising the money you need to get started.

Here are five ways to raise capital for your business:

Small Business Loans

Small business loans are typically given to established businesses looking to expand or improve their operations. These loans may be used for anything from purchasing equipment or inventory to hiring new employees or upgrading office space.

There are many different types of small business loans available. Below are some of them:

  • Small Business Administration: The SBA is an agency that provides loans to small businesses. Many banks, credit unions, and other lenders also offer SBA loans, which the government backs.
  • Merchant Cash Advance Programs: A merchant cash advance is a short-term loan for businesses with an existing merchant account with an acquiring bank. This type of loan allows you to take a lump sum of money and pay it back based on your future credit card sales receipts. The amount you can borrow depends on the size of your business and how long it’ll take you to pay off the loan.
  • Equipment Leasing Programs: Leasing equipment can be a good option if you purchase expensive items like computers or medical equipment but want to avoid making a significant initial investment. You generally pay less money up front than if you were making a purchase with cash or credit. Also, you can make monthly payments for as long as the lease term lasts usually between three and five years depending on the type of equipment involved and its cost.

Regardless of these three types, you can still expand your business once you generate enough cash from these options. However, it would be best if you could ask their requirements, know all the details, and ensure they explained everything you need to know before deciding.

Self-Funding

Self-funding is one way to raise capital for your business. You use your own money to start or grow your business. You can use personal savings, take a loan from a bank, or ask friends and family members for help.

For instance, if you need USD$10,000 to purchase inventory for your new boutique store, you could use your savings or borrow USD$10,000 from a bank. The disadvantage of self-funding is that it can be challenging to get approved for loans if the business needs more collateral or credit history. Also, if the company fails, you could lose all of your money invested in it.

Line of Credit

A line of credit is a form of financing where you borrow money as needed, up to a pre-approved amount. The funds are usually provided by a bank or credit union and paid back over time with interest added to the principal amount owed each month. However, some institutions may require you to pay fees upfront when applying for a line of credit.

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For example, suppose you have USD$10,000 in cash savings and want to use it as collateral for a loan. In that case, your lender may be willing to give you USD$20,000 in credit by allowing you access to more than 80% of your savings account balance without having to reapply for a new loan. This is called a revolving line of credit.

With a line of credit, you can borrow more than once to pay off previous loans or make purchases on your terms without having to reapply for another loan.

Angel Investors and Venture Capitalists

If you want to look for private investors, then angel investors and venture capitalists are your best bet. These people have funds to invest in startups and small businesses. They often invest because they see potential in your company and want to see it grow into something extraordinary.

However, not all businesses will receive an investment from them because so many companies out there need funding. Meanwhile, you may find them at pitch fests where startups can show off their idea or product. You can also check local meetups for entrepreneurs or ask other business owners if they have any connections with these investors.

Equity Crowdfunding

Equity crowdfunding is a relatively new way for startups and small businesses to boost their finances through online lending platforms. This type of fundraising allows people to invest small amounts of money into a company’s future earnings if they see potential in its products or services.

For example, you can invest in a crowdfunding campaign and receive equity in exchange for your investment. You’ll get an ownership stake in the company and be able to receive dividends when the company makes money.

Key Takeaway

Before you begin raising capital for your business, it’s best to learn more about the different types of funding available. There are numerous scams out there that some people fall prey to. So, research before seeking financial assistance to ensure you know what you’re getting into.

The Pros and Cons of Hiring a Fractional CFO

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If you want your business to be successful, then you’ll need to manage its finances as well. Financial management is a task that needs to be handled carefully. One way to make this process easier is with the help of a fractional CFO.

A fractional CFO is an outsourced CFO, who works either part-time or temporarily for a business. They help business to manage their finances. A fractional CFO is an expert in both finances as well as accounting. But why hire fractional CFOs?

The Benefits of Hiring Fractional CFOs

You may be wondering what the benefits of hiring a fractional CFO are. They include:

Improved Ability to Make Decisions

A fractional CFO can provide you with all the information you need, in order to make informed financial decisions. Fractional CFOs can provide invaluable insights, that can help you in making critical decisions. You can find help with exploring various financial options, during the launch of new products or services, and more.

A fractional CFO will first analyze the financial position of your business, and then help you regarding what decisions you should make to improve your finances. They can provide how with detailed plans, which come with the actions you need to take. They’ll analyze where your business stands financially and can help you make investments.

Saving Time and Resources

When you hire a fractional CFO, you’ll be able to save time as well as resources, over hiring a full-time CFO. A fractional CFO will work remotely. A full-time CFO on the other hand needs to be provided with an office space.

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Your fractional CFO will only work when you need them to, so you don’t have to pay them more to hang around your office. This can help you reduce your overhead costs. The work that a fractional CFO does, is also more focused than what full-time financial managers do. A fractional CFO can work for your business using fewer resources, and in less time than it would take a financial manager to do the job.

They are Experts on Financial Information

Fractional CFOs have deep knowledge in the fields of accounting and finance. They understand how taxation works, how to make budgets, how to analyze financial statements, dealing with acquisitions and mergers, and more.

Your fractional CFO will be able to provide you with information on how profitable your business is. They can look at your cash flow, and let you know where you’re losing money. They can also provide you with suggestions on how to better streamline business operations. They can help you recognize areas where you can improve your business, and provide you with a better understanding of your business finances. This can in turn help you scale your business.

Boosting Productivity

When a fractional CFO is managing your business finances, you as well as your employees can focus on business tasks that add value. Instead of monitoring your business finances, your employees can turn their focus on marketing better to clients. You’ll also be able to allocate business resources toward the development of new products or services when they’re needed.

Since you’ll be assisted with financial management, this frees up your time, which you can then devote to growing your company. This helps your workers become more efficient and productive as well. You’ll be able to add value to your business, improve employee productivity, and focus on business growth, instead of focusing on financial management.

Conclusion

Fractional CFOs can assist big and small businesses alike. With the help of a fractional CFO, you’ll be able to tackle the financial challenges that your business might face. This guide helps you learn who a fractional CFO is, as well as why you should hire one.

A Quick Guide to Opening a Post-Pandemic Restaurant in the UK

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During the pandemic, families spent far more time cooking meals from scratch, finding a renewed appreciation for well-cooked food made with passion. When the pandemic started to wind down and restrictions lifted, there were hundreds of cooks that decided to turn their passions into a business and open their own independent restaurants.

Given the growing trend of diners turning away from big brands and towards more authentic independent restaurants, there has never been a better time to start a restaurant business. But opening a restaurant in the UK is far from easy. So, allow us to provide a few quick tips to get you started.

Choose the Right Cuisine

The first step, of course, is figuring out what sort of food you want to serve. There are three factors to consider here – the food you are best at cooking, the food that’s most popular in the local area and the local competition.

For example, Indian might be the most popular style of food in your area but if there are already dozens of Balti houses, maybe you could pivot and start a vegan alternative? Veganism is a major trend right now that is only going to grow in popularity in coming years. Authenticity is going to play a part here too. Few people will take a Thai restaurant seriously if it’s run by a Mexican or Greek owner, after all.


Sort the Finances

There are dozens of costs to consider when opening a restaurant. Not only do you need to pay rental costs for the premises but there will be pots, frying pans and skillets to buy, renovations to take care of and employees to hire. Then there are the energy bills and the marketing costs to think about.

There are several options to consider for financing, of course, including bank loans and asking friends and family members to invest. You could even try to court angel investors, though they will ask for a share in the company.

Concept and Location

Simply having a style of food and a city in mind is not enough. You need to think about where specifically you’re going to set up shop and the theming and story behind your restaurant. For location, think about how easy it is to access, how close it is to other similar restaurants and what the rental prices in the area look like.

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Every restaurant also has a story to tell that’s reflected in the décor, the menu and the atmosphere. Think about what inspires you and your food and work with designers to figure out how everything is going to fit together in the space.


Market Research

Finally, think about how you’re going to market the restaurant and build a buzz for it. Focus on what makes your restaurant stand out and what you’re offering the local community. A strong social media presence is ideal and host pre-launch events and listen to feedback from your first guests. A good restaurant should always be willing to evolve, after all!

How Creating a Productive Workplace can Impact your Earnings

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A productive workplace has employees who are motivated and engaged with their jobs. Aside from that, it also means that the company can achieve its goals and objectives in creating an engaging workforce.

When you establish this type of environment in your office, you can attract better talent. For instance, if your employees are happy at work, they’ll go out of their way to find new talent for you. This can lead to higher productivity levels and increased job satisfaction among your existing employees. In addition, here are five advantages of developing a productive staff in the earnings of your organization:

Increases Employee Morale

If your employees are happy and satisfied with their work environment, they’ll be more motivated and encouraged to perform better at work. A productive workplace will allow them to express themselves positively, leading to improved employee morale. This can also help you improve customer satisfaction and employee retention rate.

For example, say you invest in modern office cubicles and workstations from furniture manufacturers like Freedman’s Furniture. This new office design and added comfortability might encourage your team to be more eager to contribute ideas that can improve productivity. They may also be willing to learn new skills needed for their job performance. This will help boost productivity levels in your company and eventually leads to increased profit margins for your business.

Boosts Brand Performance

A productive workplace will increase the output of employees. The fewer employees are stressed, the more they enjoy their work, and the more they’ll work efficiently. This will result in increased productivity, enabling you to boost the overall performance of your brand in the industry.

For instance, if an employee has a great working environment with all the necessary tools to do their job quickly and comfortably, they’re likely to be more productive than if they were stressed out or not given enough space to work on. This leads to higher profits for your business. Similarly, if employees enjoy working there, they are likely to recommend others to join your company since they feel passionate about it. This can also lead to more profits for you and create a positive image for your brand among potential customers and clients since they know that their products come from a company that cares about its employees’ well-being and happiness.

Reduces Absenteeism

When employees have an enjoyable time at work, they are less likely to call in sick or take time off for other reasons, such as personal appointments or family obligations. As a result, your company suffers by having to hire temporary workers and pay over time.

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On the other hand, if you have a productive workplace, you may reduce absenteeism. For example, if you’re building a team of individuals who are passionate about their jobs and enjoy working together, they’ll be less likely to take sick days or take long periods of leave. They’ll also be more motivated to do their best work because it helps them feel good about themselves and their contributions to the company. This can ultimately lead to increased productivity and better results for your organization.

Enhances Customer Service

A happy employee is more likely to provide better customer service than unhappy ones who are unmotivated or disengaged at work. Employees who care about what they do at work will take pride in their job. This feeling makes them want to give customers the best possible service so they can be recognized as excellent workers by management or colleagues. This will lead to better feedback from customers who appreciate being treated well by people who care about what they do.

For instance, when an employee is given a sense of purpose and encouraged to do the best job, it makes them feel valued and appreciated by their employer. This motivates them to work harder for the company to continue receiving recognition from management for their hard work and efforts. This can lead to more productivity, higher sales, and overall growth for a business which helps increase profits for the company owners’ investments.

Minimizes Hiring Costs

You can save on hiring costs when you have fewer workers and more productivity. This is because it takes less time for each worker to complete tasks, so if one person becomes unavailable, there’ll be no need to pay for their replacement until their job is done. If they become sick or injured during their shift, you won’t need someone else from outside the company to fill in for them until they return from their absence.

Suppose an employee gets injured on the job and must take time off work to recover. This could strain your business as it’ll take longer for them to complete their work. However, if you have fewer professionals working for you but more efficiency in each person’s work, you won’t need someone else from outside the company to fill in for them while they are away. This means you won’t have to worry about hiring costs due to absenteeism or paying extra wages when someone needs time off work because they have injuries.

Key Takeaway

This article proves that the efficiency of employees at work can affect the increase in the company’s earnings. Therefore, you must consider establishing a productive team. Once you do so, you can increase your revenue and market share.

Tips for Buying a House During the Holiday Season

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The holidays are a busy time of year, but if you’re in the market for a new home, it’s a great time to buy. Prices are typically lower during the holidays, and there’s less competition from other buyers. But because of the extra hustle and bustle at this time of year, it’s important to remember some essential tips when shopping for a home during the holiday season. Follow these tips to help you score a great deal on your dream home.

Get Pre-Approved

Getting pre-approved for a mortgage before beginning your search will save you time and hassle. This step will also let you know exactly how much house you can afford, helping narrow your list of potential homes. Most importantly, a pre-approval letter can give you an edge over other buyers when making an offer.

During the holiday season, lenders may be busier than usual. People may find it harder to get mortgages approved quickly, so plan ahead and get pre-approved as soon as possible. Give yourself plenty of time by starting the process early. A good rule of thumb is to begin the process no later than eight weeks before you plan to buy a home. This will give you ample time to get everything in order before the holidays arrive.

Don’t Let the Decorations Distract you

When touring a home during the holidays, it’s easy to get distracted by all of the decorations and festive atmosphere. But don’t let this take away from the primary goal of your visit: to determine if the home is a good fit for you and your family.

Take time to look beyond the decorations and focus on the home’s essential features, such as its layout, condition, and any major repairs that may be needed. This will help you decide if the house is a good fit before making an offer. Some buyers even choose to make offers on holiday-decorated homes, as the sellers may be more willing to negotiate. You’ll need to remember to factor in the cost of any decorations or repairs before signing on the dotted line.

Get Knowledgeable about the Real Estate Market

You want to ensure you’re getting the best deal possible on your new home, so it’s essential to do some research before starting the house-hunting process. Brush up on local real estate market trends, average home prices in the area, and any taxes or fees that may apply to your purchase. This will help you determine a fair offer price when it comes time to make an offer.

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Work with a knowledgeable real estate agent who can answer any questions and provide expert advice on the various properties you’re considering. An experienced agent can also help you find the best deals and negotiate an excellent price for your home. But because the holidays are a busy time of year, start the process early, so you don’t miss out on any great opportunities.

Be Flexible with your Timing

If you’re willing to close before the end of the year, you may be able to get a better price from the seller. Many sellers want to close on a sale before the end of the year for tax purposes, so they may be willing to negotiate a lower price if you can meet their timeline. Ask your real estate agent to help you determine if the seller is open to this idea.

But if you’re not in a rush, you may still find great deals during the holidays. To get the best bang for your buck, look for homes slightly out of your price range or in an area you hadn’t considered initially. You may be able to find a great deal on a home that you hadn’t considered otherwise.

Get a Professional Home Inspection

Just because it’s the holidays doesn’t mean you should skip the home inspection. A professional inspector can look for any potential issues that may not immediately be apparent during the tour. This is especially important when buying a home that may have been neglected or hadn’t been updated in years.

Getting an inspection can also give you leverage to negotiate a lower price if any major issues are found. Be sure to factor in the cost of any repairs or renovations needed when making an offer. You may also consider getting a pest inspection if your area is prone to infestations.

Buying a house during the holiday season can be an excellent opportunity to get a great deal on your dream home. Make sure you give yourself plenty of time to research the market, tour potential homes, and obtain any necessary inspections. Working with an experienced real estate agent can also help you negotiate the best price, so be sure to start the process early. With a little planning and some patience, you can find your perfect home this holiday season. Happy house hunting!

Storage Saving Solutions for your E-commerce Business

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Running an e-Commerce business normally means having a large amount of stock that you need to keep ready in time for customer orders.

Having somewhere to keep all of this stock can be quite a challenge, especially when you’re dealing with large numbers of orders. As you grow it may come to the point where you’re no longer able to keep all of your stock in your office without it feeling messy and cluttered.

If you’re finding that you’re running out of space or struggling to keep all of your stock organised, here are some of our top storage-saving solutions for eCommerce businesses including self-storage in London.

Make your Office a Functional and Organized Space

The first step to keeping on top of all your stock is to make sure that you have optimised your office to make it as organised as possible.

If you have no choice but to keep all of your stock in the office, you should at least invest in some functional storage solutions where you can manage all of your items. Whether this involves extra storage space, shelves, or storage rooms, all of these things can make it much easier to keep on top of all your stock without cluttering up peoples’ workspaces.

Find Storage Space in London for your Products

As your company grows and the customer orders start to increase, you may quickly find that you’re not able to keep up with your storage needs in the office alone.

When it feels like you’ve got stock in every corner of the office, and it’s started to get in the way of peoples’ work, you may want to start looking at external locations to keep all of your belongings. Self-storage is a great option in this case as it gives you the chance to declutter your office and find a flexible solution to your storage needs. Whether you want to pay by the box or for a full storage unit, storage space in London is easy to find and easy to manage no matter how big or small your company is.

Utilize Inventory Management Solutions

Once you’ve got yourself some additional storage space or made some extra room in your office, if you want to save some space and find the optimal way to store all of your belongings, you can look into the various inventory management solutions out there.

Inventory management systems are there to make it easier to store, manage, track, and distribute all of your stock no matter how much or little you have of it.

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Not only will you be able to find the best way to organize your belongings and keep similar products close together, but you will also easily be able to see how many of each item you have of it, which you can then update on your website. These systems will help you to make better use of the space you have, so you won’t have to worry about your stock being a disorganized mess, or losing a specific item ever again.

Be Smart about the Amount of Physical Stock you Need

Just because you have lots of different items on your website, doesn’t mean you have to have hundreds of each item physically in stock.

If you keep an eye on your sales data, you should be able to get a good idea of how many orders for specific items you get every month. There’s not much of a need to carry more than what you expect to sell in a month any additional stock is just stock that you will either need to find space in your office for or pay to store elsewhere.

Be realistic about the amount of stock you’re selling every month and focus on having enough stock to keep satisfying your customers and meet their demand, but don’t have too much excess stock that you won’t know what to do with.

Be prepared for Busy/Slow Periods

Similar to the previous point, it’s a good idea to keep up with the latest sales data so you can ensure you always have enough stock to keep up with customer demand.

You should also keep your approach to stock levels dynamic and ready to be adjusted depending on the time of year or season. For example, you may find that your orders increase during the holiday season as people buy gifts. If you can anticipate this increase in orders, you should increase your stock to prepare for the demand in advance.

This may mean choosing storage solutions like self-storage that can be flexible with your needs. Whether you need to add a few more boxes or rent out a whole new storage unit, you should prepare for these fluctuations in stock requirements in advance so you never need to worry about selling out or not having enough stock in time for increasing customer demand.

What Makes a Business Vulnerable to a Data Breach?

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As a business owner in the capital, you’ll be on the lookout for IT support in London to help protect your business from cybercriminals. With cyberattacks and instances of data breaches on the rise, finding the correct level and type of protection for your IT systems and company networks is more important than ever before. To get to the point of optimal protection though, you need to understand a little bit more about how your business could potentially be vulnerable to attack. From this point, your specialist team of IT experts can offer the best advice and guidance to help protect from a data breach and have a robust system installed should a data breach occur.

There are a few things that make a business vulnerable to a potential data breach. These are:

Proven Points of Entry

Think about how you view security for your physical business premises. Are there particular areas that you know are vulnerable and need to be bolstered. A broken window, for instance, a faulty security camera, ease of entry to a building through shared access with other businesses. As in the physical world, cybercriminals will evaluate the potential vulnerable points of a business network and in many cases will enter weeks, or even months, before the crime is committed, testing out the waters and seeing if it is a genuine point of entry. Common points of entry include local wireless networks, cloud environments, mobile networks, and Internet of Things (IoT) devices. Ensure that your business is covered for all eventualities and that unauthorised access is blocked wherever necessary, adding extra layers of protection against cyberattack.

Phishing Emails

You might have considered that email attacks through phishing emails are not as successful as they might have once been, but you would be wrong. Hackers still use this method to gain access to business networks and personal data and information. This type of approach is aimed at duping a user into clicking a link or entering personal information in order to gain credentials that can be used to infiltrate a network. What this means is that you should have a strong focus on email security and employee knowledge and training in cybersecurity. This is essential to protect against malware and viruses.

Vulnerable Technology

If your business does not have a fully functioning IT department it might mean that you are vulnerable to attack, whether you are using the latest technologies or not. Malicious software and cybercriminals know how to take advantage of a business in these circumstances. Out of date antivirus software and spyware definitions can create vulnerability within your network, as can unpatched operating systems and unsecured networks. If software and servers are not kept up to date and firewalls are incorrectly configured, it can cause a chaos that makes it relatively easy for a cybercriminal to gain access to your network. If you use a lot of technology, but don’t have IT support in place, these vulnerable entry points multiply.

hacker using laptop

Keeping your Business Safe

Understanding these potential vulnerabilities will go some way to helping you secure the future of your business. In the modern world where we place a greater emphasis on the use of technology in absolutely every part of our lives, it is understandable that you would need some expert assistance within your business to make sure that side of the organisation was active in a safe and secure way.

Just as you hire specialists in every type of role within your business, from finance officers to marketing wizards, why take the chance with your cybersecurity? It is one of the most essential parts of your business and with the damage that cyberattacks and data breaches can cause to your business it is a vital step that must be taken. The last thing you want to experience is a data breach that causes mass disruption, loss of revenue, damaged reputation, and lack of trust with employees and customers.

This is a very sensible approach if you own a business in London and you are worried about the vulnerabilities your organisation faces in terms of suffering a data breach. Once you have figured out what makes your particular business and industry vulnerable to attack, you can work alongside your specialist IT support company to put the measures in place that boost security and help you to prevent a data breach from ever taking place on your watch. Of course, nothing is ever 100% though, and you should also implement a strong and dedicated back-up and recovery plan for the worst-case scenario too. Your choice of London IT support will go a long way to determining how successful you are with this approach.

How Consistent Training can Benefit your Salon?

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A salon makes its money by providing a range of beauty services. The standard of those services will, to a large extent, determine the success of the business. Customers who receive reliably good service will tend to come back for more; those who receive bad service will tend to stay away. Moreover, the latter group will tend to tell their friends about it.

According to research from Capital Hair and Beauty, which polled 2,000 consumers in the UK, the most important trait in any beauty salon is the value it offers. Just over six in ten respondents (62%) told the pollsters that they would leave a positive review if they felt that they had received good value.

Developing the skills of your salon workers will help you to deliver a better quality of service, and therefore retain more customers. This will allow you to more quickly build a reliable base of clientele.

Of course, you can learn and develop your skills as a beautician by gathering experience while you’re on the job. But this experience should be supplemented by regular training. The former will allow you to reinforce the habits you’ve learned; the latter will ensure that those habits are the right ones.

So, what kinds of skills are we talking about? You need a broad range of them to succeed in this business, and therefore it’s a good idea to assess your weaknesses and strengths, and train accordingly.

Professional and Business Development

Investing in training for your employees will confer a number of advantages, besides the direct benefits of a more skilled workforce. It’ll demonstrate to your staff that you care about their prosperity in the long term, as well as demonstrate your standards to future recruits. This will allow you to retain existing staff.

Technique

The better your technique, the better the service you offer can be, and the more quickly and efficiently you can deliver it. Such statements ring true from capital’s survey respondents, 57% of whom would be influenced to leave a rave review in response to being satisfied with treatment results and level of service. For example, if you’ve trained extensively in hair colouring, then you’ll be able to confidently provide permanent hair colour services to a high standard for your customers.

Health and Safety

It’s your duty as an employer to provide your staff with a safe working environment. This means ensuring that they’re following the right procedures and practices. Health and safety training doesn’t have to be all that extensive to make a big difference.

woman spray the woman hair

Customer service

We’ve already mentioned the extent to which customers value quality service. Being able to reassure and pamper your customers often requires a little bit of dedicated training. Such qualities can be the cherry on top that can make your clients value your services above all others with a substantial 41% of survey respondents valuing warming and friendly customer service during their experience, maybe even contributing to that 5-star review.

Consistent training and continuous business development are paramount for excelling in any industry, particularly within a market as saturated as the beauty sector. Orientating your training investments around the values of your clients could be the key to gaining those positive reviews that bring customers flocking to your salon.