The holiday shopping season is here. For many businesses, especially those in retail, it is a great time to boost sales. According to the National Retail Federation, holiday sales in 2019 grew around 4% more than the previous year at $729 Billion.
This year, despite the pandemic, it is important that you prepare your business for the holiday shopping rush. Start with implementing a robust inventory stock management system. The last thing you want is to miscalculate the market demand for the holiday season. Here is a list of some common mistakes to avoid.
Budget management is critical for business success in the long run, especially for startups, where there is limited capital and resources. With 61% of small businesses not having a budget plan, startup survival is at risk.
Data driven analysis is based on using business information to take informed decisions about growth strategies. This measured approach relies on evidence rather than expertise or trends in the market. Being based on factual information, data driven practices have a higher chance of success. However, the key is to utilize the correct form of data to drive better business performance.
According to PwC’s crime and survey report 2020, companies reported 6 incidents of fraud on average with $42 Billion worth of losses. This amount was compensated from the company’s bottom line with low chances of recovery. Fraud losses are complex and can not always be broken down into financial terms. For this reason, it becomes extremely crucial to develop a fraud management policy to address loopholes in the existing security measures.
Have you secured your business against natural or man made disasters? Businesses cannot forecast disasters, but it is important to have a robust emergency plan in place so you can protect your employees, business assets, and information. This is also crucial for business continuity both during and after the crisis.
Construction businesses worldwide are implementing asset tracking to record the movement of tools and equipment across locations. When implemented correctly, asset tracking can drastically reduce costs, improve productivity and enable optimization.
Over the past few months, schools across the world have rapidly adopted remote teaching to ensure that student learning is not affected by the pandemic. A Gallup survey conducted earlier this year found that children learning remotely through a school-sponsored online distance learning program grew from 65% to 83%.
Running a successful small business in a rapidly changing market requires agility and optimized operations. One of the biggest challenges faced by small businesses is maintaining a balance between quality and growth, especially as they scale. As small firms grow, limited resources and an increasing inventory count can lead to mismanagement of assets which can snowball into much bigger problems.
The public works sector is one the largest industries worldwide – spanning roads, railways, airports to telecommunications and more. The latest research by Mckinsey shows that the world total for public works will expand to $3.3 trillion. With hundreds of new projects underway, one of the key challenges faced by the public works sector is managing equipment and budgets.
All businesses experience productivity fluctuations throughout the year. A little slump is normal, but a prolonged downtime can be cause for alarm. Even thriving businesses can go through seasonal bumps and sometimes take months to recover. In such circumstances, it is important to develop a robust backup strategy to minimize capital loss.