Small business owners or newbie entrepreneurs have many things on their plates with little time to accomplish everything. However, it would be best to remain well aware that sales alone won’t decide your business’s financial success in the future. Sure, significantly increasing your sales will lead to more profits in the future. But, you must never forget one thing – trying to increase your sales by applying every sales strategy you can find will only end up lowering your profit margins because if you’re spending more cash, you’re reducing your profits.  That said, generally, when talking about financial success and profitability, the best thing to do here is to improve the variables that affect your business’s ability to earn a profit. Typically, these variables range from accounting practices to marketing efforts to your employees and everything in between. Ultimately, you’ll have to change or optimize your business practices if you are to increase your profits tenfold. So, let us look at a few ways your small business can make big profits. Train your employees. It is a well-known fact that helping your employees improve their productivity levels will lead to more satisfied customers, more sales, and enhanced profitability. Not to mention, it will also reduce the chances of operational errors and mistakes when your workforce doesn’t have to perform the same tasks repeatedly.  That said, an easy way to improve your employee’s productivity and efficiency is by educating and training them. Doing so will allow you to enhance their knowledge base and skills necessary to conduct business operations more effectively while making them feel like a valued part of your business. So, whether you decide to enroll them into higher education programs like an online MBA no GMAT required degree or send them to employee training camps, it is all about showing commitment to their progression. Furthermore, taking this initiative will give your employees a sense of encouragement, motivating them to perform with excellent efficiency and dedication towards achieving your business’s unified goals.  Work on your website.  Potential customers will often visit your business website to look for information about your business and its products/services before purchasing. So, it is a no-brainer to improve your prospects’ online experience by enhancing your website’s quality. With that in mind, your website should allow you to accomplish a few things; Provide information about your business, products, and services Entice potential customers into buying something Offer them an excellent online shopping experience Provide 24/7 customers support services So, by ensuring that your business website has the best design language, is up-to-date, and is user-friendly, potential customers won’t think twice before clicking the purchase button. Plus, before your website is up and running, consider performing an SEO audit. Doing so will enable you to identify areas of your website that you can improve upon to reach the top of SERPs.  Communicate with your customers regularly.  These days, customers want to build solid relationships with the business they wish to affiliate with, especially in today’s all-digital world. However, have you ever thought of the advantages of doing such a thing? You probably haven’t. These days, large businesses treat their customers like cash cows. They want to milk them for every last penny they have. That said, by improving customer-business relationships through continuous interaction, you’ll be able to receive insights into what your customers like and what they dislike. That said, communication always is a two-way street. So, to get the most profits out of this interaction, consider offering them discounts, sales, offers, and free product/service trials, to name a few. Doing this will allow you to actively communicate with them while improving your profits in the process.  Automate your business processes. One of the easiest, most effective ways to improve your small business’s profitability is business process automation. Plus, this will also reduce operational costs and enhance efficiency in the process. After all, an excellent, cost-effective process automation software or service will allow you to automate business processes ranging from payroll management to product packaging to inventory management to everything in between.  In the end, automating your business processes will reduce the workload from your employee’s shoulders. As a result, they will perform more efficiently at work and focus more on other critical areas of your business. Just imagine this – would you rather have an employee working on customers service or sit around the warehouse packing orders? Through BPA(Business Process Automation), you can easily automate your order packaging to provide your employees with the time to work on more important business aspects.   Reduce the prices of best-selling items.  Your best-selling services and products are something that your consumer knows your business by. In fact, it is your company’s identity and shows every consumer that you are a market leader on a particular subject matter or solution. So, whether you provide a base-level product or a no-frills service to your customers, it would be wise to capitalize on the situation and cut down the prices of your best-selling products/services.  Doing so will allow you to attract customers into buying the products/services your business is known for. Although you will reduce your prices, you will sell larger quantities of such products/services and earn more profits in the long term. Then, after new customers become loyal to your brand, you can then utilize up-selling and cross-selling techniques to make even more profits. So, in the end, whatever strategy you go with, offering your best products/services for a fraction of the price, compared to what your competitors offer for the same products/services, will undoubtedly allow you to sell more and earn more! Partner up with other businesses.  Do you know of any non-competing business that targets the same customers as yours but caters to different customer requirements and problems? While you might not think of this as much when you run a small business. However, know this – collaborating with such non-competing companies is an excellent strategy to sell larger quantities of your products/services and increase profits in the process.  It

Enterprises with optimum supply chains have 15% lower supply chain costs compared to businesses that are not focused on optimization of their supply chains. That means these companies can meet customer expectations by delivering goods when and where they want them whilst at the same time, grow the business profitably and sustainably. For best results, companies that use updated technology and resources can improve their performance and efficiency in the supply network. Here are technologies that businesses should take advantage of to enhance the operations of the supply chain. Robotic Automation The design of the supply chain is critical in ensuring that products flow smoothly between  warehouse facilities, manufacturers, and customers. To this end, it is vital to reduce manual operations that could lead to human errors costing the company money. In addition, expensive labour costs can be eliminated and increase warehouse functionality. Designing smart systems that use robotic automation is one solution to optimise the supply chain network. Through autonomous robots and similar devices, the supply chain gets better, thereby, helping businesses reduce long-term costs. Reliance on manual labour is decreased because robots provide a stable source of labour. Hence, it is expected that productivity will look up whilst cutting error rates and frequency of inventory checks. Furthermore, picking, sorting, and storing activities are also expected to improve on top of better access to dangerous or difficult locations. Thus, robots also assist in shrinking rates of employee injuries and at the same time, raise efficiency as they work alongside with human personnel. Artificial Intelligence (AI) Machine learning and AI in the supply chain are extremely valuable because of the ability to access valuable data that are otherwise difficult to consolidate, filter, and extract. Machine learning algorithms, however, can do these tasks better and faster than humans. AI can determine patterns, identify gaps in the supply chain, and even provide very accurate forecasts for the business. AI software when used in supply chain and logistics enhance the overall performance because of the highly accurate predictive actions that must be taken to correct flaws in the supply chain network.  Moreover, AI can also help players make informed decisions given various scenarios taking into account time, revenue, and cost. Driverless Vehicles Autonomous vehicles have been making the news for some time now. Although they are not expected to become mainstream in the next 5 years due to constraints and bottlenecks, self-driving vehicles can become a game changer in the supply chain. Driverless vehicles can significantly improve logistics by reducing costs and delays. Distribution and production centers are going to benefit from a speedy and efficient logistics. To further enhance the performance of the supply chain, warehouse, production, and distribution centres can be set up in areas where motorways and human labour are readily accessible. Autonomous vehicles are also going to relieve the scarcity of drivers, improve sustainability, and reduce accidents and injuries. To illustrate, driver shortage is not only a phenomenon that affects the UK where there are 60,000 driver positions that need to be filled up. In other countries such as the United States, there is a shortage of lorry drivers since years. AVs can help ease the burden of labour shortage whilst ensuring that there is no interruption to the supply chain. Technology plays a focal role in enabling businesses to speed up processes and remove barriers in the supply chain network. An optimised supply chain offers many benefits such as reduced costs, higher productivity, and enhanced customer satisfaction. 

The high-pressure water mist fire suppression system designed and manufactured by Yorkshire-based iMist has been awarded LABSS Registered Details certification, making it the only water mist system for domestic and residential projects to hold this prestigious certification. The LABSS Registered Details certification covers all of the components in iMist’s STX12 proprietary high pressure water mist system which includes its STN12 nozzle type. This means that individual projects in Scotland that use the iMist system will not require a project specific in-depth review by Building Standards as the LABSS certificate attests that it has already been assessed and approved for suitability. The certification followed a near year-long comprehensive review of the iMist system with thorough examination of its system design, installation, operation and maintenance manual, including assessing safety in case of fire; safety in use and durability serviceability and identification. Going forward, an annual review process will be carried out before the LABSS certificate is renewed. “With the tightening of regulations post-Grenfell, every fire suppression system should, rightly, undergo a robust review. As water mist systems are a relatively new alternative to traditional sprinkler systems, the authorities in Scotland wanted to understand exactly how the iMist system works and undertook a detailed assessment covering all aspects of the system,” explains Timothy Andrews, iMist business development director. “We have been able to evidence the efficacy of our system which is designed to suppress a fire by automatically discharging very small droplets into the air at high pressure. This fine mist remains in the air, displaces oxygen from the seat of the fire, has a cooling effect and provides surface wetting to limit the fire spread. “LABSS Registered Detail certification means that anyone choosing an iMist system for domestic or most residential projects should be able to fast-track their scheme as the Scottish Government’s Building Standards Divisions (BSD) now has the confidence that the iMist system has passed a thorough assessment.” Use of the LABSS registration negates the need to consult with the Scottish Fire and Rescue Service (SFRS) under Section 11 of The Building (Procedure) (Scotland) Regulations 2004 (as amended). A verifier may still wish to consult with SFRS under Section 10 of the legislation.

You’ve probably heard about the shortage of homes that the younger generation is having to deal with. It’s not just about the lack of homes, but the price they now come with. If there is more demand than supply, you know the rest. The home prices will skyrocket and hence, fewer and fewer people will find it easy to afford a home. This is perhaps why mortgage brokers are back on the rise as this service is being seen as a way to go around the home prices to find better deals. Brokers have insider knowledge of the mortgage industry, are familiar with baffling mortgage acronyms, what kinds of rates are working, and what different institutions are offering. Let’s take a look at why you may find the mortgage brokerage service right for you. Their advice is second to none One of the reasons mortgage brokers are seen as great hopes for the younger generation of home buyers is, they offer unparalleled advice. They know the housing market and the mortgage markets like no other. Banks and estate agents can only give you partial advice, but the broker will be in the midst of the trends, patterns, data and future plans of the mortgage industry. Lending is always popular but as the well dries up of potential clients, banks and other institutions will be less and less likely to offer common packages and instead opt for per-customer approaches.  Able to find deals The Broker has knowledge of the mortgage industry. Some newer banks and institutions that lend may have better deals than those banks that have been around for a long time. For example, speak with a specialist company like Avail Mortgages where you can work with brokers that can find you the best deals for your income, age, interest rate, family size, home size and plans for the future. Brokers will seek to work with banks and lenders who can offer you deals that you are most likely to accept. Most importantly, they will find lenders will to be flexible and cater to your situation as it changes.  Fee and fee-free Some brokers don’t charge you anything. No seriously, they work with banks and lenders to find clients and therefore, when you agree to a mortgage they help find and set up, they get a fee from the lender. However, there are some who will charge you a fee if you do land a mortgage you like. Sometimes they may also charge you a fee for looking, despite not finding a mortgage you like. However, it saves you the time of having to look at yourself and needing to know the terminology, regulations and lender terms and conditions.  Mortgage brokers offer a unique window into the industry, and they can find you mortgages that can fit your specific needs and requirements. You just need to know what their fee is, if they can find you a lender at all and if their advice is sound. 

Like any other business, operating a small-scale contractor’s firm isn’t easy. Most of these businesses fail to take off from the ground due to many challenges, one of them being the lack of enough funds. Insufficient capital can hinder contractors’ firms from paying for their overhead, labor, or even expanding their operations. The good news is that small-scale contractor firms can keep their doors open by utilizing some of the available financial options to raise capital. So, if you also want to inject some capital into your firm but don’t know where to get it from, stick here for a few seconds. You’re going to learn some simple yet effective strategies you can implement to finance your contractor’s firm. Read on. How Can You Finance Your Small-Scale Contractors Firm? There are several business financial options at your disposal. Some of them include the following. 1. Getting A Loan Taking a loan is perhaps one of the simplest financial options you can consider when financing your contractor’s firm. It involves borrowing a fixed amount of money from banks or other financial institutions and later paying it plus interest for a specified period. The amount payable is paid back on equally monthly installments, which comprises the principal and the interest amount. Before giving you the money, the lending institutions require you to have a high credit score and produce certified documents to prove your business income level. This allows them to gauge your ability to repay the loaned amount. But if you haven’t kept proper documentation to prove your income level, you shouldn’t shy away. You can apply for low doc loans. For more information about doc loans, you can read from this source and other similar resources.  2. Aid From Relatives And Friends Getting financial help from your family members and friends is another effective strategy to finance your contractor’s firm. It involves approaching your parents, siblings, and other close people to plea for business financial support, especially during the initial stages. It’s one of the quickest funding processes with friendly terms. This is because some of your relatives will provide finance to your business at zero or low-interest rates.  3. Government Grants Grants are financial aids awarded by the government to applicants whose businesses have high chances of succeeding. Government aids are much competitive than all other financial options. This is because grants are free money given out to businesses rather than being borrowed.  However, to increase your chances of being awarded as government grant, take your time to learn more about the eligibility requirements before drafting your grant proposal.  4. Invoice Financing Also known as factoring, invoice financing is a practice where a third-party firm buys account receivables of another company at a discounted price. These third-party companies are known as factors. They provide cash for businesses by purchasing customers’ debts. So, by utilizing the invoice financing option, you can increase your cash inflow. This allows your small-scale contractors’ business to remain afloat, thus gaining a competitive advantage.  5. Convertible Debt Convertible debt is a financial option that allows you to borrow money from investors who agree to convert these debts to shares in the future. Though you might lose some ownership of your business, convertible debt can be the best financing option for your business. It’s an attractive option to convince potential investors to support your business financially.  6. Crowdfunding  Crowdfunding is one of the latest funding options adopted by modern businesses. It involves raising funds from the general public through online platforms. This means that you get contributions from several people who are willing to support your business. These contributions are later converted either to debts or shares. However, to benefit from the crowdfunding option, you must share your business goals and vision with potential donors through social media and other online channels.  7. Equity Financing Equity financing is the practice of raising funds by selling part of your business to potential shareholders. It’s where you surrender some of your ownership to other people in exchange for money. One of the major advantages of equity financing is that the purchases can bring in new ideas and skills which can help your business to thrive forward.  Takeaway Insufficient capital is one of the major constraints that can hinder the growth and expansion of your small-scale contractor’s firm. Without enough funds, your business might not be in a position to pay its expenses and other core operations. However, you can overcome financial challenges by adopting some business financing options. With that said, some of the common business financing options include getting a loan, aids from relatives and friends, government grants, invoice financing, convertible debts, and equity financing. 

The eCommerce sector is dominating the modern businesses landscape, especially in the wake of the COVID-19 pandemic. Bricks-and-mortar stores that performed exceptionally well before the pandemic have now closed, while online retailers are thriving. Things have changed and so have customers’ requirements. eCommerce was flourishing before the COVID pandemic, and the events of the past year and more have only added fuel to the fire. The question is how do you set up your eCommerce store or grow your existing digital business in this competitive market? It’s important to start with the basics, so read on to learn the 7 crucial things every eCommerce business needs to thrive. 1. The Best Products Just because someone else’s eCommerce concept worked wonders for that business doesn’t mean it is going to work for you. Your focus should be on the products you want your target audience to buy rather than something you are desperate to sell to the world. Let’s face facts – running an eCommerce store is hard, especially for beginners. With today’s hyper-competitive market, it can be extremely overwhelming for store owners to keep their business alive and running. If your product does not resonate with your target audiences’ needs, you will struggle to attract business. Similarly, if the products you offer are not as advertised, your customers will not return to your store. The right products that address your audiences’ concerns and offer great value for money are essential – this should be the foundation of your business. 2. An SEO-Optimized Website Sure, you can use an eCommerce platform to promote your products to a wider audience, but that won’t offer a personalized experience. If you want your brand to stand out, build an innovative and unique website. Keep the design simple, elegant, and professional and make it easy for your audience to navigate through your website, explore your catalogue, and make a purchase. SEO-optimization means optimizing your website for search rankings. This makes your site discoverable in search engines, and helps it to stand out among hundreds of thousands of websites in a similar niche. 3. A Clear Return Policy There are times when customers are not satisfied with the product they receive and they ask for a return. It is really important for you to have a solid and clear return policy in place so that your customers can always return the product to you if they are not satisfied. Always remember that your key competition is Amazon Prime which offers free and hassle-free returns. 4. Easy Checkout Your customers find the long registration forms and complex checkout processes unnecessary and frustrating. In fact, one of the main reasons that customers abandon their shopping cart is a lengthy checkout. If you want your prospects to complete the purchase and return to your store, keep the checkout process simple and easy. Ask for the necessary details, such as their email, name, and payment details – keep it to the essentials only! Also check your banking methods. Add multiple payment options to allow your customers to choose a convenient payment method. 5. Reliable Customer Service Your customers will need to contact your customer support team to get their queries answered and their issues resolved. If you are using your own website, make sure you clearly display contact icons to allow your customers to get in touch with your support team as quickly and easily as possible. If theyget in touch, be sure to answer them quickly. If you are offering support services by phone, it’s important to clearly display your hours of attention. Live chat is a great option if you want to offer 24/7 support to your customers. The key to successful customer support is consistency. It is incredibly important to be consistent with your responses and answer your customers in a timely manner. 6. Positive Reviews Positive customer reviews work as a marketing tool that encourages others to do business with you. Just like word-of-mouth marketing, customer reviews attract new clients to your business. It is one of the easiest and most effective ways to get your product in front of your target audience and give them the assurance they need to make a purchase. 7. Use Affiliate Marketing Programs Affiliates are influencers who promote your products to a large audience through their websites, social media accounts, or emails. It is a cost-effective and easy way to have your products promoted to a wider audience. You can market your brand to a large number of people through affiliates for a small commission. Remember that the more commission you offer, the more affiliates will want to work with you. Wrapping Up More and more customers embraced online shopping during the COVID-19 pandemic, boosting the eCommerce sector. The above tips will help you set up your eCommerce store and establish a successful business in no time.

Managing cash flow in construction can be complex. Good cash flow ensures that there is enough money available to cover all types of expenditure during a project, including the suppliers, materials, salaries, and other day-to-day activities. Efficient and sufficient cash flow is vital for any construction business to be successful. Some of the most common cash flow problems in construction businesses Some of the most common things that cause cash flow problems include poor management of orders, out of date systems, not setting up an initial payment before the start of a project and taking on too many projects at any one time.  Tips for improving cash flow  Cash Flow is not just about managing the budget, but managing all parts of the project that will affect the budget, including how the project is run, obstacles and risks, time and resource management and more.  Management The first step is sufficient management of the project. Ensure that you are clear on what projects are in the pipeline, their key milestones, budget and timeline. It is also important to manage the payments for the project, and ensure this is obtained before the start date or agreed for certain milestones.  Risk management  When planning the project, and throughout the project, it is crucial to track the risks that may cause constraints. There are problems that you can foresee, which should be taken into account when planning times, supplies and budget. There are also problems that you cannot predict. Make sure you monitor risks throughout the entire project, so if they do arise, they can be managed quickly.  Monitor  Throughout the entire project, you should not only track the risks, but also the actual vs. estimated schedule and budget. If this is monitored regularly, then any obstacles that arise can be managed accordingly, and all parties involved can be made aware. It is important that you can quickly see how each project is going and how it affects the overall budget. This allows sufficient time for steps to be taken and finances to be adjusted where necessary.  Resources  Sufficient resource tracking can ensure that you not only remain compliant but also stay within time and budget requirements. Track the incoming supplies, track contractors workload and make adjustments wherever is needed.  Improve systems and processes If everything in the project is running smoothly, it could be your systems and processes that are holding you back. Consider reviewing how your systems are currently working for you, and where changes can be made. For example, could you invoice quicker? Are you following up on unpaid invoices promptly? Are you processing change orders quick enough?  Make sure you conduct regular reviews on your systems and process, to see where improvements can be made. Alternatively, a guide to your annual filings will help you compare income statements with cash flow statements, so you can identify any red flags.  If you want to improve cash flow, it is important to consider all aspects of the project and how they impact the timeline and budget, the adequacy of the systems and processes you have in place and the visibility of project requirements and supply chains.

While the Covid-19 pandemic has caused challenges for many industries, it is also true that there has never been a higher demand for construction. New developments, properties, and commercial buildings are being scheduled for creation constantly, meaning that the construction industry needs an influx of skilled workers. The fact is that many roles in construction are in huge demand. Some of this is down to a lack of qualified professionals, while for others it may simply be that the workforce generally is unaware of the need for more staff taking on these roles. Here we take a look at six construction careers that are in high demand.  1. Plumbers All buildings need plumbing systems and getting this work carried out effectively is a hugely important aspect of a successful construction. The average wage for a plumber in the UK is over £35,000 – well above the national average. And those who get a reputation for skilled work during construction projects can command far more.  Of course it is important to note that you will need the right qualifications and experience. Indeed, many plumbers tend to prefer work in residential properties so this role might not be perfect for you, even if you are a fully qualified plumber.   2. Electricians Like plumbers, electricians are generally in high demand, so perhaps it is not a surprise that more are needed for construction projects too. Once again, becoming an electrician takes a great deal of training as well as working experience – understandably, there are also a large number of potential career paths for electricians.  So many systems across a building rely on electricity that this is an absolutely enormous job and one that it is necessary to get exactly right. Due to this responsibility, electricians on construction sites demand high salaries.  3. HGV drivers It is worth remembering that not all construction careers mean that you have to work at a construction site. A great deal of key work relating to construction projects actually happens well away from the sites, while others like HGV drivers only spend a short amount of time there. Effective and efficient logistics are essential, and there have been falling numbers of skilled and qualified drivers.  Recent years have seen a renewed focus on training HGV drivers taking into account the changing needs of the industry and the opportunities surrounding working with the construction sector. It is hoped that this will start to bring in those with the required skills and moving good to and from sites efficiently and effectively is a huge hurden on sites.   4. Construction managers Another great example of those who may not spend all of their time at a construction site, but play an absolutely vital role is that of construction project managers. Great project managers are needed for a huge range of responsibilities in the smooth running of a project, and experienced, skilled managers are in high demand.  The skills required of construction managers are actually transferable from a range of other industries, which could indicate the demand could potentially be filled by those looking for a change of scenery. The work typically involves everything from the hiring of workers and securing of permits to resolving site issues and tracking productivity.  5. Carpenters  Carpenters are essential workers on construction projects. Responsible for creating the frame work for much of the building they take a role in the construction of the most crucial elements of building infrastructure: floors, ceilings, windows, doors and more.  Carpenters on construction sites need to have the ability to work closely with other members of the team when bringing the project together. Experienced and skilled carpenters earn well too with a possible salary of around £40,000 at the top end of the profession.  6. Civil engineers Sometimes overlooked for their importance in a construction project, civil engineers are tasked with some of the most laborious and challenging jobs on the site. Civil engineers are qualified professionals who take on the projects relating to civil works around the site – this might involve alterations to roads, bridges and anything else used by the general public. Final thoughts A number of roles across the construction sector need more professionals to fill vacancies. With changes to the employment market due to the pandemic it may be the case that many workers who didn’t realise that they could be a part of the industry could find their dream job.