The availability of shipping in your business could be the incentive that makes you stand out from most. Inclusivity of shipping gives you an extra dose of points for customer service and for the client that makes it a win situation. In the early 2000s, internet shopping became a pleasure for buyers whose errands end on a click of a button. On the other hand, small business owners are on the scramble balancing shipping costs that sometimes cost more than their profit and that could get in the way of success.
For instance, YouTubers (a growing group of digital businesspeople) encourage more subscribers to view their web video channels by giving away monthly online giveaways to keep their viewers from coming back. This would include free shipping.
Having your shipping handled is like having weight being lifted from your shoulders. And yet, when it’s time for you, the business owner, to ship, the reality of costs start to add up. In 2009, PayPal conducted a survey study on the most likely reasons of online shoppers to abandon their shopping carts. 46% cited high shipping costs as a cause of abandoning their purchase altogether. Amongst the 46 percent, 40% would have appreciated a disclaimer regarding shipping prices. (Evans, 2009) This shows that while people do not mind paying shipping fees, they also want a more economical way of getting the job done.
Managing shipping costs for your business would depend on your business’ subsequent goals. Do you want to cut your shipping entirely or reduce it so that you can maintain reliability with your clients? Consider these options if shipping costs are still an inclusion but less of an investment.
Be familiar with your shipping carrier. As with everything, a little research helps. Knowing what you can. Statistics should be available via inquiry, news or online. Your primary resource would be your shipping representative so communicating well with them is ideal. Representatives won’t risk losing a client, so chances are they will try to accommodate you.
Explore other shipping carriers and their offers. Another tip you can use is to compare prices amongst different carriers to see which one has the best offer. Inquire regarding flat rate shipping that will give you a standardized price indication. Small businesses often forget of their negotiating edge so use this advantage well. If you are a frequent shipper, you could suggest to lower rates since you use their services more.
Go Regional. You can get a good deal from your regional carrier. They bring packages to different areas throughout the US. Some of them have partnerships with major retailers (Amazon, Walgreens, etc.). A known advantage of regional carriers is that they can have 15 to 30% cheaper freight rates than their national counterparts. They also have reduced surcharges and accessorial rates. Regional carriers are also faster and capable of same-day deliveries. (Steiner, 2015)
Maximize packaging and supplies provided by your carrier. This is a general tip suggested by most business websites. Having a loyal carrier is the closest you can get to having a sponsor so while you are at it, use their provided equipment and follow carrier conditions to save on costs. Using your own computers, printers, and envelopes can be liable to extra charges. Having excess carrier weight/product volume may also lead to similar consequences. Also having a strong data destruction provider is important and we suggest also Googling “Springfield, MO paper shredding” or a paper shredding service in your area to find one that can help your business in this area.
Online Payment. Sometimes it pays to do what the client does. In this case, literally. Paying your rates via online of your carrier can save you 60% of express mail. Online carriers also provide you with free pickup services and shipping supplies.
You don’t have to look far to see that almost everything has been invaded by the internet. The traditional model of business is now being expanded to a wider demographic online—challenging the target market. To answer the question “How does the Internet change the way business is done?”, one can simply answer that it has made things more accessible and swifter. But is a business that is influenced by the internet actually more efficient? We shall discuss the ways of how the internet helps in the evolution of business. Three selective facets of business are to be expounded on— communication, research, and advertising and would be interconnected with the other complementary aspects of management.
Communication is the flow. Because the internet increases productivity, expect that most, if not all businesses, would use the internet in at least one aspect of their commerce. This is to differ internet-using businesses from online businesses. Not all internet-using businesses are online businesses, but you can guarantee that online businesses are internet-using (and internet-oriented) businesses. The nature of the internet revolves around communication and organization. It takes pieces of information and moves it around. Only in the 2000s did it slowly branch out to commoditizing this service. “The Internet’s function as a critical business infrastructure was thus matched or even surpassed by its importance as a site of commodification, that is, as a site of new industries capable of generating profit growth.” (Schiller, 2015). Connectivity is the word synonymous to communication. Through communication, the internet is the system that would bridge the company’s brand message to its products and services and through its clients. Through the internet, a business can have a limitless viewership. And even if you may not be able to sell a product or a service, a business’s digital visibility alone should create awareness.
A great example of a company executing this well is Essential Fitness, which is a company that sells bodybuilding and Crossfit wrist wraps and are also known for having the best knee wraps for squats on the market. They have utilized the internet is a great way by using it to reach their core audience and communicate with them in a way that wasn’t even possible just 5 years ago even.
Accessibility is the principal development of the internet in research. The ability to access the databases and documents of the best and esteemed institutions and organizations makes information the best resource for research. The advancement of having to engage with primary sources has increased. In the business context, you can have vast information sources with regards to your clients and competitors. Businesses are encouraged to have an online presence on social media sites, and through this, they can participate in the open internet where business dealings become a virtual exchange of services through e-mail, web chats, and conferences. This process saves businesses money. With the extra money, the investment could be designated elsewhere, to improve on product/service quality assurance or marketing.
This aspect of a business is the most influenced by its online environment. If communication dynamics and research gives you the same exposure as every other business, marketing will make people notice you. Marketing achieves a direct goal: that is to attract people to your business for profit. It can be a bit cold on its own. Public Relations, Advertising and Market Research, fall under Marketing. These sub-elements create relatability between the client and the business. (Canada Business Network) With the foundation of the internet being communication, abstract ideas materialize and is translated to codes, words, digital image/art, memes—a perceptible visual language that is acceptable and understood by most. This then becomes a representation of your business: a logo, word composition, vision mission, a brand theme that can be easily made or accessed using the internet.
In summary, the way the internet has changed business is that it makes a business go places. It can cross boundaries and cultures (Tourism). It makes people conscious of your product and services, and it gives them options. And options create opportunity. It gives people the opportunity to be exposed and to choose something which goes for or against traditional businesses.
Over the years, business trends have enabled many enterprises to reach a wide target market and establish their brand with stability. As a result, these brands have become one of the longest lasting ones that we see in the market today, as listed in the most innovative companies in 2017.
So by implementing this in 2017, business innovations can aid entrepreneurs like you to become a benchmark in the neighborhood of your competitors.
If you want to implement business innovations in 2017, then it is imperative you learn what makes a company innovative and how to bring innovation to a company to ensure you bring the needed energy to your company to inspire them to take on the challenge to turn their company from a small venture to a big one with multiple business summit awards.
What Makes a Company Innovative?
An innovative company is marked by several characteristics which contribute to its overall performance. It is imperative to learn what makes a company innovative for you to successfully follow the strategy the industry leaders implement. The characteristics of what makes a company innovative:
1. Implementing a program or some strategies which are unique, but relevant.
2. Placing value on ideas by funding research and attending a conference.
3. Launches a program despite the calculated risks involved.
4. Encourages a work environment conducive to innovation.
5. Trusting people from the highest down to the lowest positions.
Together with these characteristics, you can implement the year 2017’s business innovations which you have learned from the most innovative companies in 2017 to help you establish your innovation in the market.
What you Can Learn from the Most Innovative Companies in 2017
The most innovative companies in 2017 are marked by several characteristics which made them become a world leader in their respective industries. As a summary of the characteristics of the most innovative companies in 2017 mentioned earlier, the main characteristic of the most innovative companies in 2017 is resilience.
Many business innovations fail at first try, but innovative business owners always find a way to go around the problem and launch a new innovation such as those they managed to come up with in the year 2017’s business innovations.
Business Operation in 2017: Business Innovations You Should Know
Operating a business has been made easier in 2017 with business innovations developed by many entrepreneurs from all around the world. These innovations all aim to maximize efficiency and in turn, help in operating a business to boost market performance. Some of these innovations include:
1. Developing and using technology for business management and administration.
2. Enhancing cyber security and privacy by integrating both.
3. Using technology to bite back those who threaten security and privacy through scamming.
With these business innovations, you are sure to experience a boost in your company’s performance and provide quality services to your audiences.
How to Bring Innovation to a Company
Knowing how to bring innovation to a company is essential, as this can make your working environment conducive for ideas of innovations which can shape our future. Aspiring entrepreneurs can learn from the most innovative ones by looking at their characteristics and assessing how these have worked to their advantage.
A great example of innovation at work in a company is when they are doing things that are considered outside the box before they become the norm. A company called Capture The Magic has been doing this as they started one of the top rated Disney podcasts and actively discussed topics relevant to their community like top rated Disney moderate resorts and more, all in a way to get eyeballs and listeners to them and help sell their products they sell. This is a great method that I believe will become a pretty common tactic used in brands in the next 5 years.
Keeping yourself updated with the latest business trends can enhance your existing knowledge to help you optimize your brand’s performance.
Many aspiring business owners have started to operate their start-ups due to the current conditions of the economy which is suitable for business. The current economic condition is prompting many people to take advantage of it especially since it is slowly stabilizing after the recent economic bubble.
The meaning of venture in entrepreneurship has always been misunderstood, as people often think the investment capital and risks associated with business start-ups are minimal. Little do they know most successful businesses today have started with little to no money.
This has prompted them to learn, what is venture capital (VC) and what the tips for a successful VC are, to get them the additional funds they need. For any aspiring venture capitalist, it is highly encouraged to learn what the venture capital advantages and disadvantages are to help them assess if it is worth a try or not.
What is Venture Capital?
Before getting yourself into the world of startup entrepreneurs, it is helpful if you learn what is venture capital first. Knowing what venture capital is can help you achieve success in this industry as long as you integrate useful ideas which you and other people came up with in a meeting because as they all say, “two heads are better than one.”
To give you an idea what venture capital is, it is a form of a loan or financing which investors grant to a startup company as an additional investment capital. VC’s are there to aid in boosting the funding available to a startup venture to help them set up and start operating their business.
Since a venture capital business also employs the same business principles as other corporate entities, there are several venture capital advantages and disadvantages you should know before starting one.
Venture Capital Advantages and Disadvantages
Venture capitalists face many risks in their chosen industry, given that financing startups can lead to either a successful venture startup or a failed one. Venture capital advantages and disadvantages include:
- Frequent meetings or conferencing with approved innovation startups.
- Mentoring others with ideas you can share.
- Career or professional growth.
- Every decision must be made in the boardroom or through a meeting.
- Part ownership.
- Associated risks.
These pros and cons all highlight the meaning of venture in entrepreneurship. Several tips for a successful VC should be implemented to avoid drawbacks and make a start up venture a success.
Tips for a Successful VC
If you want your VC to be successful, several ways or techniques should be implemented to ensure success. Some of the tips for a successful VC include:
- Invest in talent and hard work.
- Collaborate with others.
- Value your corporate investors.
- Be dynamic.
- Look at patterns and develop an effective marketing strategy.
With these tips, you are surely going to become a good if not, great VC in the market. This can give an additional meaning of venture in entrepreneurship.
Meaning of Venture in Entrepreneurship
Entrepreneurship requires aspiring business owners to face risks and do their best to achieve success. Several tips can be implemented by aspiring venture capitalists to ensure they will have a successful VC in the market. Before starting out on this business, aspiring VC entrepreneurs must assess if they can minimize the disadvantages that this enterprise can give them and maximize advantages to ensure all their hard work and investment will be worth it.
The business industry is a constantly changing one, given that most businesses adjust to the ever changing needs of the market. In turn, keeping up with business trends you should know is imperative, especially since this can help make or break your business and keep it going.
Many emerging small business trends followed by then-aspiring entrepreneurs, helped them achieve certain degrees of success and made their companies one of the most stable ones today.
Reasons to Keep Up with Emerging Small Business Trends
Over the years, previously emerging small business trends have enabled many business owners to observe an increase in market visibility, sales, and overall market performance. This indicates that one should not underestimate the power of emerging small business trends, or ignore them altogether, because who knows, a trend you’ll follow might work to your advantage.
Emerging small business trends can help you tap the potential of your business to grow, which in turn, can lead you to establish your brand in the market. Keeping up with the latest emerging small business trends will surely aid you in making your brand huge and make it stronger in the future.
Business Trends You Should Know Today
There are many business trends you should know today which is essential to keep your brand dynamic. A dynamic business usually survives longer in the market because of how these business trends you should know, cater to the evolving market, thereby ensuring a continuity of consumers patronizing your brand. Some of these business trends include:
- Search Engine Marketing
- Using Various Media Marketing Ads
- Hiring a Subject Matter Expert for a B2B Company
- Training Millennials to Become Leaders
- Using Social Media as a Primary Communication Tool to Reach Audiences
- Serving a Diverse Market
With these business trends, you are sure to garner diverse results yet positive experiences, which can help you establish your brand both in the local and in the international markets.
Sustaining your Business Operation Using New Trends in Entrepreneurship
Many global leaders in the business industry suggest, that for any aspiring entrepreneur, he or she must keep up with the new trends in entrepreneurship each year to drive their business into becoming one of the most established ones in the world.
The process of keeping up with these new trends in entrepreneurship may be difficult, but it is necessary for you to sustain your business operations for a longer time. A brief analysis of the latest entrepreneurship trends can be summarized as Youth, Women, Diversity.
Operating your business in a way which is geared towards these markets can greatly showcase your company’s dynamism. By pairing new trends in entrepreneurship with emerging trends in business, you are sure to maximize the potential of your business.
Keep on Updating the Emerging Trends in Business
Emerging business trends have enabled many business owners to become aware of starting businesses geared towards the constantly changing market. Examples set by big companies have emphasized how these emerging trends in business have helped them establish their brand, and in turn, you should keep up with them too.
So, updating your knowledge with the new trends in entrepreneurship and the emerging trends in business is sure to help you uncover your venture’s potential.
A lot of market analysis and planning go into any successful internet store. If you understand how to generate more traffic and attract visitors, then your grooming information website’s future definitely looks promising. Here are some general rules for making sure that your website fits that description.
At the point when planning a site, you ought not ignore the white space. These white zones can be full of advertisement standards and special pictures. Make sure your promotions are effectively displayed to generate the most traffic. A clean design is important in being in a position to keep visitors on a grooming information website.
To ensure your grooming information website’s content is up-to-date and relevant, observe the content on leading websites in your industry and see what the hot topics are. If you use your own personal experiences and views when you write, people will begin to relate to you. Be sure to upload fresh content frequently since search engines love it. Utilizing the internet, you can easily find proficient wrtiers to enlist too.
The construction of the grooming information website has an enormous impact on the user’s overall experience. With regards to the substance of a site, it ought to be charming and available while the navigation should be appealing and uncomplicated. If your website is boring or hard to navigate, visitors won’t hesitate to go elsewhere. Visit other mens style sites relevant in your industry and find out about how they reach their customers and keep relevant substance and conversation happening on their pages. You’ll see many sites that also perhaps feature things like the top rated Invicta watches or the best beard trimmers will have a unique design that shows the products they are talking about as the centerpiece of the whole article.
A web company that doesn’t fail or falter on different browser types is much more likely to be successful. Site traffic will increase drastically if users are in a position to access it on any browser or on any device. On the flip side, a site that is only compatible with a limited number of web browsers will lose you a lot of traffic. The person best able to help you with problems of browser compatibility is your grooming information website designer; he or she’s your best friend in this area.
Boost overall sales by developing symbiotic marketing campaigns that complement each other; your virtual world promotions should dovetail with those at your brick and mortar location. A physical store is a strong marketing point for most customers; they like to understand that in addition to being online, the company hires real people to work in a real business in the real world. Every time you use your logo on correspondence, advertising or marketing materials, you cement your brand more firmly in the minds of your customers. Often, customers feel better about spending their dollars online with a company that has an established physical location.
How many strategic plans look a little bit different from the year before? 99.9% do.
When I say “a little bit different” I mean tighter strategies with incremental goals and objectives and more of the same activities as the year before. Yes, we’ve all seen this before. What’s ridiculous is that you may begin a strategy session thinking differently, but most everyone defaults to safe because “that’s not what the boss expects” when the time comes to decide on a course of action; a lot of good ideas are not considered because of this.
This situation presents itself in most businesses, but the ones who are able to leap ahead have one thing in common: they are ruled by ideas, not hierarchy.
It isn’t business-as-usual to be ruled by ideas
Over the last few months of 2014 I was involved in facilitating a strategic plan for a government created mechanism in charge of coordinating entrepreneurial activities in the city of Tijuana. They brought me in because they wanted to shake things up!
There were many challenges, but the main thing was to be more ambitious. Unfortunately, it’s one thing to say “let’s rethink our approach” and another to actually go forward with it. Well, that’s exactly what happened after the strategy sessions.
The ideas that were presented in the strategic plan were cookie-cutter versions of what happens in other entrepreneurial ecosystems around the world, in this case they are localized to Tijuana. The sad thing about it is that the people in charge of this government mechanism, the boss, vetted all of the ideas; even though they were the same as the year before.
Why did this happen?
Because the group of people that came up with the strategic plan wanted to shake things up, but only just a little bit. The result was almost the same set of activities as the year before, with incremental goals and objectives.
Not the recipe for shaking things up…
The best idea wins
In innovative organizations, there is a unique understanding that to shake things up one has to STOP doing what leads to more of the same and START doing what will lead to new and different. So, if the decision making process in your business is to go through a suit (business as usual) that values safe bets that lead to more of the same; now you know what will counter that: letting the best idea win.
How do you do that?
Easy, ask yourself some business shaking questions:
- If we make a list of all the projects we are working on, do any of those have the potential to change our business significantly over the next year?
- What’s the boldest idea we should work on?
Best and bold are subjective terms, so it is best to first develop a criteria for what you want. The criteria I use to describe innovativeness is: new, surprising and radically useful. Secondly, come up with some ideas that fit the criteria you defined. And finally, define a timeframe to see some prototypes and let people try stuff and don’t judge them if their idea fails.
Employee freedom and responsibility go together
The main point is people need freedom, support and challenge to make innovation happen; not to think twice about expressing themselves freely because they fear getting punished. Put simply, if you are afraid to say what you really think in a meeting, you are not free. You are a corporate slave.
True innovators do away with corporate slavery. True innovators trust people to do the right thing, and that starts with defining culture and then hiring for specific values and behaviors. Hiring is hard, it’s the most important job for any business, and there isn’t a cookie-cutter recipe to follow, but if you focus on hiring for brilliance you can be certain that the best ideas will win; not the loudest voice in the room.
There is a common misconception that all innovation is and should be disruptive; it isn’t. And while I dislike making distinctions between Big Innovation and Small Innovation, the truth is most of what is innovative is of the routine type that just optimizes the current business model. Disruption, on the other hand, is thrown around as if everyone is doing it but the truth is it’s rare.
In 1991, Linus Torvalds released the Linux kernel on the Internet and invited anyone who wanted to download, use and modify it. In an amazingly short amount of time, a community built up around Torvalds’ initial code and their contributions transformed it into an operating system that rivaled those of even corporate giants like Microsoft.
Even now, it seems somewhat of an unlikely story that such a fledgling effort could make such a transformational impact. Yet today, open communities have become so pervasive that the term “proprietary,” to a large extent, just means the stuff we build on top of open source software. And we’re just beginning to scratch the surface.
Today, we’re entering a new era, where open platforms are going beyond just software and starting to take hold in everything from scientific research to manufacturing. In fact, as our ability to connect to information continues to increase exponentially, the solution to many tough problems is becoming more social than technical.
Linux With A Bounty
When Alph Bingham first began his career as a research scientist in the late 70s, he immediately realized it would be much different than graduate school. As a student, he and 20 others were working on the same problems and coming up with varied approaches, but as a professional scientist he was mostly on his own.
By the late 90s, the Internet was becoming a transformative force and Bingham, now a senior executive at Eli Lilly, saw an opportunity to do something new. He envisioned a platform that would work like “Linux with a bounty” by putting problems that his company had been unable to solve on the web and offering rewards to anyone who came up with an answer.
The program, called InnoCentive ,was an immediate success and Eli Lilly spun it out as an independent company. To date, it has solved hundreds of problems so difficult that many considered them to be unsolvable. In fact, one study found that about a third of the problems posted — many of which had been around for years or even decades — are solved.
The key to InnoCentive’s success has to do with an observation Bingham and his team noticed early on. The solutions almost never came from the field in which they arose. So, for example, chemistry problems were rarely solved by chemists. Yet by opening up the problem to others in adjacent fields, such as biologists and physicists, they became more tractable.
Every once in a while someone says or writes something that is worth sharing.
His point is that everyone wants innovation without knowing what it means; which I agree with. Most of the stuff you read, listen and watch is mostly innovation theatre: just a bunch of fluffy activities that have no impact.
People busy just acting the part but not really doing “what it takes”.
For example, nowadays it seems that any company that starts practicing some methodology is automatically considered innovative. Not true. While just about everyone who follows the desing thinking and lean startup template to a T claims to be an innovation expert, to those people I ask the following: where are your battle scars? Tell me your stories?
Innovation is the opposite of what we’re pretending the word means
- Innovation really happens by people that give so much of a shit they get fired in many places.
- Change happens because ideas compel odd people to take risks because they believe in it.
- Innovation is people having massive arguments.
- It’s pissing off most people. It’s going against policies. It’s being a huge pain but with the most pure of intentions, that will be misunderstood.
- True innovation will be questioned. “Who are they to care so much?” The remarks will include, “Chill out, this is awkward, you’re irritating everyone.”