5 Ways To Reduce The Packaging Cost In Your Business

Published on: 06 December 2017 Last Updated on: 17 August 2019

Every business needs to look for ways to reduce the cost of overall production and distribution of their products. Most often they focus on product redesign in a way that the overall material cost will be lesser. But packaging cost can be another important contributor in the overall cost of a product. So, if you are looking to cut some cost of your product, here are 5 useful ways you should consider:

1. Prioritize Research And Development

Large business organizations need to have research and development division to determine or find the best packaging for their products. Yes, a box is a box but not all packaging made in the same process. Your research team should continuously come up with multiple product packaging designs and test each on a small scale to know exactly which one brings the desired result. Getting rid of unnecessary layering from the product packaging is one of the easiest ways to lessen the cost of packaging. Your research department can this continuously work on product redesign. This might not be a perfect option for small businesses though. So, small businesses can simply imitate market leaders.

2. Buy Packaging Materials In Bulk

Your goal should be to get the economies of scale when you buy various packaging materials. Most suppliers will offer you significant price discount when you buy in bulk. So, contact with various suppliers, check the quality of their products first and then ask for their best offers for bulk purchases. No matter how large or small your business is, you should look to have the advantage of economies of scale.

3. Cut Wastage In Every Way Possible

Wastage in packaging might be one of the reasons your company have high packaging cost. So, know the exact level of packaging waste in your business and look for ways to cut those wastages to have lesser packaging cost.

4. Adopt Flexible Packaging

Flexible packaging has brought about a revolutionary change in the packaging industry. If your product is a perfect fit for adopting flexible packaging and you are yet to adopt that, consider adopting it ASAP you can. Plastic porch packaging is the most popular flexible packaging option as it requires less packaging material per product, takes less space in storage and transportation and most importantly reduces the cost of packaging. Marketing and promotion to get much easier. If you are in a legal cannabis business, you can adopt flexible cannabis packaging.

5. Outsource Packaging

Small businesses should not invest in large packaging machinery. So, in order to reduce the cost of packaging, they can simply look for various packaging companies around and make a good deal of monthly and yearly packaging needs.

These are some common ways you can reduce the cost of packaging in your business. Apply the ones you feel perfect for your business and competitive advantage over your competitors.

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7 Ways to Plan a Smooth Business Succession

Business Succession planning is one of the important levels of strategic planning that gives you an opportunity to formulate a plan on how your business is expected to perform after your tenure in leadership. Business Succession can make things more effective and wise in all aspects. Effective succession planning is highly advantageous as it gives you an opportunity to set in place mechanisms that ensure operational efficiency and transfer of leadership where necessary. When undertaking succession planning, emphasis should be put on ensuring that every aspect of business leadership is handled as comprehensively as possible. Whereas business owners understand the importance of performing succession planning, few put in place the necessary measures. Here are 7 key tips to consider when planning for smooth business succession. Initiate the planning process early: To be thorough and comprehensive in your succession planning, you need to ensure that you start planning as early as possible. Whereas experts do not have a recommendation on the definite duration of time by when you should start succession planning before implementation, it is generally agreed upon that early planning gives you sufficient time to come up with a comprehensive plan. Starting as early as 10 years before effecting the plan gives you sufficient time to ensure that everyone who is involved is sufficiently prepared to take over. This also eliminates the rush that may set in in the event of a delayed succession planning process. Such delays may lead to unprecedented and unwanted hurried succession which puts the business’s future in jeopardy. Nurture the prospected leaders: When undertaking succession planning, especially in a family business, emphasis should be made on nurturing continuity in leadership. This ensures that once you leave as the top manager, your junior takes your place and steers the company forward. When performing succession planning, you should have that in mind and therefore focus on nurturing and developing the prospective leaders. Leader development and nurturing should focus on, among other things, bringing the best out of the qualities you desire to see in them. This may be done in a gradual process such as delegating responsibilities and evaluating the prospected leader's ability to perform with the integrity and precision demanded for in a top business manager. Have an open-minded approach: To be thorough and effective in succession planning, you need to avoid bias as much as possible. In a family business or a business where leadership succession is hierarchical, maintaining an open mind can be quite hard, especially since the second in command is the most likely person to inherit your leadership. To avoid such bias, you should have an open mind in regards to potential candidates who can take over from you after you leave office. When looking for an appropriate leader to take after you, you may want to give a thought of every potential candidate available within the business. This gives you an opportunity to extend your options as wide as possible. It also ensures that you don't miss potential employees whose skills, competencies, and experiences may come in handy in taking over from you. Exposed potential candidates to training: Training is quite crucial as it ensures that prospecting leaders within your business get an opportunity to advance their skills. In this regard, leaders that you think are capable of leading your organization in one way or another should be appropriately identified and marked for progressive training and development. Such training should be focused on anticipated areas within your business that are of importance for the employees to take over once you leave. Succession training is also crucial and should be exposed to all workers who show an outstanding level of managerial skills. The well-trained workers get to be prepared for advanced leadership positions that may be created after you leave office. In some cases, promoting your immediate deputy in the hierarchy leads to vacant positions down the business administration structure. The well-trained candidates, once promoted, would be able to fill those positions effectively. Dry-run your plan: When planning for a smooth succession in your business, it is highly advisable to ensure that you, on several occasions, do a dry run of your succession plan. Dry running a succession plan gives you an opportunity to evaluate how potent your plan is in terms of meeting certain expectations. The dry running process does not have to be official and should be preferably done without informing the employees involved. This can be done by momentarily leaving your office for official vacation or even other official duties for a considerable amount of time such as between a few weeks to a month. The duration of absence gives you an opportunity to test how suited your prospected leaders are in terms of filling the void created by your absence. Do your final plan in writing: After concluding and making adjustments on your succession plan for your business, you should endeavor to put the final plan in writing. To be effective and thorough, you should consider engaging qualified, experienced, and reputable succession planning legal professionals such as Boss Lawyers in Australia. The lawyers, in such a case, help you to prepare the necessary documents including succession policies, how the current generation of employees will hand over to future generations, as well as how to resolve any arising disputes thereof. The exit strategy created from a legal perspective ensures that everyone within the business is bound while also creating a viable atmosphere for business continuity and harmony among the workers. Make your wishes known: Lastly, after every element of business succession planning has been conducted, it is crucial to bring everyone on board the plan to ensure that they are well aware of the strategic direction that the business is taking. You should, preferably, convene a meeting with everyone in the business as well as your business’s key customers. In the business meeting, you should outline what your wish is and reveal any other pertinent information that was not captured within the succession legal framework. You may also use the platform to ensure that any questions or concerns that your workers may have are appropriately handled in a plenary session. Read Also: Six Pointers To Starting A Successful Business How Does Modern Technology Propel The Success Of Your Business? Information Technology And Business Success: The Things That Connect Them Joel Devidal, CEO Of SMEJapan.Com Weighs In On Building An Online Business: 7 Steps To Success

Business

5 Simple Steps to a Winning Brand Strategy

Perhaps people's greatest delusion is that a winning brand strategy is all about a stunning logo and a catchline. The truth is that creating a winning strategy is nothing less entailing than growing a child. Just as you would nurture, take care of, and enrich your child, similarly, you have to develop and build every step of your brand strategy. It requires utmost care, consideration, effort, and planning. Keep reading to learn five simple steps that can help you create a winning strategy. With these, you will soon get your brand on its feet and ready to conquer the world. A Brand- What it is One of the essential assets your company will ever own is your brand name. A brand is a name that becomes the identity of your organization. How you market your brand could stand for loyalty, quality, faith, and trust. Your brand is in short, your reputation! Developing Your Brand Strategy- Make it Simple but Impactful Branding is a very extensive process and demands careful planning and time. However, many often underestimate the power of a simple approach in building a strategy that is winning and effective. It all depends on strategic approaches and elements. Here is how: 1. Find Your Market Niche A winning brand strategy is one you develop with a clear idea of your market niche. But finding your niche is not an instantaneous process. You must take time to serve a specific class of audiences with your specialized services. Then you must shortlist where you have performed excellently. Similarly, with products too, you should first focus on those that best cater to your customers' needs. This way, you get the best idea of which products have performed optimally, and therein lay your expertise. The problem with niche-ing down is that many falsely believe that they are under-suing their potentials. But the truth is that when you downsize your niche, you make a strategic and beneficial move in several ways. Here’s how: You are able to stand apart from the competitors who appeal to the same or general audiences You get the golden chance of charging premiums upon offering specialized expertise You minimize wastage of essential resources, including finances You free up more time, energy, and capacity to create the finest experiences, services, and products for your loyal customers In the end, the biggest advantage in specifying your niche is that you do not have to scatter and stretch to be the best for everyone. Instead, you only have to use your resources where they’ll yield and achieve the most. 2. Research Extensively By now, you have surely realized our emphasis on spending time and taking time to build your brand strategy. It is not an instantaneous process: it is a research-based and time-consuming one. The more you spend time researching your brand, the more effective a strategy you will design. Rather than build your strategy in a bubble, take the time to study your competitors and the other ruling businesses. Take time to observe how your audiences are engaging with them and what professional services branding techniques they’re using. Next, DO NOT COPY them. Rather, take your learning of the industry and competitor brands to market position your brand. Design compelling ways to engage with your audiences and draw responses actively from them. Draw inspiration and strategic insights and then unleash your own creativity to set yourself a class apart from the crowd. Come up with products, services, and experiences that you know for sure no other business is offering. And this, you can only deduce and conclude after you have researched thoroughly! 3. Vision and Mission Remember how we said simplicity can be a vital component in helping you build a winning strategy? We stand by this truth. Despite your extensive research, there is no certainty that you will manage to come up with something truly one of its kind or unique. If that was possible, there would be endless unique brands around the world today. The fact is that while uniqueness may not come naturally, playing your cards right in the industry can and should. So even if you have nothing new to offer to the audiences, they're still several ways in which you can stand out and at the top. Do you know how? With your brand messaging! By playing this card right, you can make your brand strategy soar to heights of success. You can take the world’s most popular commercial coffee chains for example. Dunkin Donuts and Starbucks have an unbeatable global reputation, despite the fact that they both sell the same products. But why do they stand out so distinctly in the whole world? Brand messaging my friend, brand messaging. You can make your business stand out by customizing your brand strategy with a winning message. Here’s how to do that: Include personal vision and mission statements Reflect your core values in the message Give a crystal clear description of your unique approach to solving their problem Attract them by promising exquisite experiences 4. Blogging Make blogging a firm part of your brand strategy. In an all-digital age, there’s no understating the power and influence of blogs. It has done many established businesses immeasurable good, starting with increased sales and increased online visibility. Give your business easy identification by producing qualitative, highly informative, and communicative blogs. Let the blogs reflect your company’s unique personality, expertise, and intent in detail. Choose relevant topics and information and make them interesting with images and stats. 5. Be Cohesive Your social media accounts along with your website are the most accessible representatives of your company. To be a distinguished brand, it is important that you maintain a cohesive voice and visuals. Therefore, for a successful brand strategy, it is important that you unify all your existing media platforms into one. From Instagram, Facebook, to Twitter, unite all your social media handles into one voice and identity to ensure customers of your reliability and consistency. Final Thoughts The success of your company largely depends on the success of your brand strategy. A brand starts with an individual, but it ends with the perception that audiences have of that business. By shaping and putting considerable effort into every aspect of your brand strategy, you will positively impact the response and perception of your audience. Read Also: Role of Promotional items in branding 5 Critical Branding Tips to Attract New Clients to Your Auto Parts Shop

Alex Dee Discusses How to Scale Your Business Hack

This works for all businesses! If you're in Marketing, consulting, or coaching, this applies even more to your field! What Got you Off the Island is Not What this is Keeps You Growing Hack Ryan Holiday What shifts you have to make as an entrepreneur when you scale: The best way I can describe it is a baseball analogy. In the Dominican Republic, there is a saying in the baseball league that you can’t walk off the island, which means you have to hit your way off in the baseball league. The players that make it off the island are usually some of the best hitters. But once they get into the major league, it becomes different, because it’s about bat discipline and talent is very different. So, what got you there to get off the island is not going to be what allows you to maintain your success because you’re in a whole different league. That is what it’s like when you are scaling your company. What got you there is not going to be exactly what allows you to scale to another level! Be ready to shift and pivot and learn in order to grow! Not the How, But the Who Hack – Dan Sullivan: As you scale, there are going to be all areas in your company that is going to require your attention, from sales to marketing, to operations. So how do you take all of this on and still manage to scale? There’s a great hack for it! It’s called not the how but the who rules! Once you figure out what you need to scale (process, sales, marketing, etc.), don’t ask yourself WHAT do I need to learn? Ask WHO is the best at that and get them on board! This will allow you to scale quickly vs. having to go learn another skillset now vs. staying in the lane where your talents are best served! So, to scale, instead of just figuring out the what, you need to figure out The Who, so you can do it faster! Be Cautious and Bold Hack - Mindset for scaling: you Must exercise your caution in laying out your plans but be bold in carrying them out. A man who is all cautious will never dare to take hold and be successful, and a man who is all bold is merely reckless, and must eventually fail. You must have both the caution and the boldness, to ensure success. How to Keep from Falling When you’re Experiencing Success Hack David Metzer: I think the biggest thing that led to my downfall was losing my values. There are really only a few things I use now to play the top of my game and stay there. Number one gratitude; just being grateful for whatever you have, no matter how big or small. Number two is Empathy for others. As I got into this competitive world, I became an asshole. I was more worried about taking rather than giving that I really didn’t focus on anyone else and I went straight to blame and shame and justification, as I was Midas! Meaning I turned everything into Gold, right? So, it had to be everyone else’s fault. Number three is accountability. There are two parts to this one: what was as my part that the thing that went wrong, and what lesson did I learn so I don’t go thru this again. The fourth is effective communication. What I mean by that is not just being a team leader and effectively communicating with everyone on your team on what you want and how to run a company. Rather, what I mean is that I had lost my ability to effectively communicate what inspired me! When I was making money and I got done with spending it, it took me a while to learn that I need to give back and be of service. I wish I would’ve done it when I had the money instead of having to lose it and build it back up again. But that’s part of lesson learning that I have here, so I can inspire others so they can avoid the same mistakes. 7 Growth Hacking Ideas that will Boost your Startup 7 Expert Hacks for Downsizing to a Smaller Apartment

5 Ways To Reduce The Packaging Cost In Your Business

1. Prioritize Research And Development

2. Buy Packaging Materials In Bulk

3. Cut Wastage In Every Way Possible

4. Adopt Flexible Packaging

5. Outsource Packaging

5 Most Common Challenges Faced By eCommerce Businesses Today

How to start trading on the stock market and profit?

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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7 Ways to Plan a Smooth Business Succession

5 Simple Steps to a Winning Brand Strategy

Alex Dee Discusses How to Scale Your Business Hack

5 Ways To Reduce The Packaging Cost In Your Business

1. Prioritize Research And Development

2. Buy Packaging Materials In Bulk

3. Cut Wastage In Every Way Possible

4. Adopt Flexible Packaging

5. Outsource Packaging

Share this Article

5 Most Common Challenges Faced By eCommerce Businesses Today

How to start trading on the stock market and profit?

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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