Published on: 20 November 2018
Last Updated on: 01 April 2020
So, your business is thriving. All the hard work is paying off and you’re starting to reap the benefits – repeat customers, growing workload, increased revenue, so is it time to move out of your 3rd bedroom-turned-office, into a more professional environment? It can be tricky to take the leap as an SME owner – so here are key things to consider when buying or renting office space for your business.
Shared or Private Space?
There are many options for professional working environments, including the private vs shared space debate. There are pros and cons for each option, so it really is down to how your business operates.
If you are currently the only worker or you have 2 to 3 employees, you may benefit best from a co-working environment. This means you will be in a larger office space which other business people are using at the same time. You can take advantage of an office environment with internet allowance, desks, lockable storage units, and telephone systems without having to pay a hefty price tag for private space.
Alternatively, if you have a larger amount of staff, or the business you run is highly confidential or sensitive, you may be better off in a private space where you can discuss business freely and openly without worrying about being overheard.
There are many serviced offices across the country, with companies such as BE Offices and Prime Office Space offering both shared and private spaces so you are sure to find something to suit your business.
Renting or Buying?
When looking to set up your first office, you will no doubt deliberate over renting or buying. The rental market is extremely popular as it gives you the flexibility to move on at the end of the lease. So, if your business grows significantly and you need more staff, you can move to a larger space in line with business requirements. This flexibility may also be useful if you decide an alternative location may be better down the line for your business, due to localised demand for products or services. Renting also usually means fewer upfront costs than buying, but you do run the risk of rental values inflating, with a subsequent high impact on your finances.
Buying is obviously a huge commitment and requires a larger investment up front. This may be suitable for you if you have a good idea of your long-term business requirements and you know that the property will serve these. This may be the case for businesses requiring large factory spaces, for example. It also gives you the ability to make any changes to the property that you desire –you own it, so you can do what you like to it.
Is It Practical?
It is also important to consider whether the location is suitable for you and your staff. It is easy to get to via public transport? Does it have sufficient car parking?
Finally, always put your Health and Safety hat on and make sure the building abides by current health and safety standards. It may look pretty, but it needs to be a safe place to work with comfortable conditions for you and your staff. Undertake a risk assessment before you move in to highlight any potential issues and implement strategies to mitigate risks.
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The demand for salmon continues to soar as it drives the expansion of aquaculture. For many years, conscientious consumers have been advised by the environmentalists to keep away from farmed salmon, but things have begun to change due to the evolving industry. Salmon is rich in protein as well as omega-3 fatty acids which are ideal for your heart’s health. As a result, salmon has increasingly been marketed as a healthy product for consumption. The demand for salmon has increased more than 20% in the past years while consumption is much higher than it was in the eighties. Despite these promising numbers, many people still question the viability of salmon farming. To understand whether or not salmon farming is sustainable, here is what you need to know.
Aquaculture Then and Now:
Aquaculture, the practice of raising seafood within a controlled setting, has been around for many years. This practice was used by the Australian indigenous people and people from the Roman Empire. In China, aquaculture during the Tang Dynasty resulted in the mutation which created goldfish which is now used as a ubiquitous pet in homes.
Currently, the aquaculture industry is one of the fastest growing sectors in the entire world. The natural fisheries have placed limitations on the number of fish that can be caught during a particular period of the year. As an alternative, fish farming has offered consistent and large quantities of seafood and fish. The addition of aquaculture stock including oysters and salmon has been instrumental in meeting the current demands for seafood, making aquaculture a more sustainable practice.
Today, aquaculture and Salmon farming plays an instrumental role in the economy, offering numerous job opportunities in the operations as well as the ancillary services. The Environmental Defense Fund states that exports of global fisheries now earn more revenues as opposed to any other traded food component such as coffee, cocoa, and rice. This aspect illustrates the sustainable aspect of aquaculture and farmed salmon.
What are the Misconceptions?
The farmed salmon industry faces so much negative perception, most of which is brought about by the media hype. One of the greatest misconception people have about farmed salmon is that doesn’t offer the same nutrient quality as the wild salmon. Nevertheless, just like the wild salmon, it is imperative to not that farmed salmon has low saturated fat as opposed to other kinds of proteins. Moreover, the rich, pink hue of this kind of fish is created from natural compounds found in their feed. As mentioned earlier, one of the advantages of farmed salmon is its provision of the beneficial omega-3 fatty acids which can be seen in most wild salmon varieties. Through a number of independent studies undertaken by the National Cancer Institute, FDA, and other reputable companies or organizations, PCB levels evident in the wild and farmed salmon are safely under the tolerance levels that the FDA has set.
Apart from the nutritional misconceptions, there’s some sort of confusion among the public regarding the environmental impact of salmon farming and the feed conversion processes. According to recent studies, the feed conversion ratio of farmed salmon is quite lower compared to the wild salmon. Moreover, the extensive water testing evident in salmon farming has shown that the farming process doesn’t negatively affect the water’s overall quality.
Low Impact on the Environment:
According to studies conducted by the National Oceanic and Atmospheric Administration, aquaculture has less impact on the environment. If anything, this practice can benefit rather than destroy the environment. This is because practices such as salmon farming can be conducted using practices which don’t harm the environment. That way, it becomes possible to meet the ever-growing demand for seafood, thus supplementing the fish that has been harvested in the wild.
Although there are documented issues associated with fish farming such as the use of chemicals, water pollution, and threat to natural fish, farmed salmon among other kinds of fish farming is a sustainable solution to the depletion of wild fish.
Offshore Expansion:
One of the advantages of salmon farming is its flexible nature. To promote sustainability, salmon farming salmon can be moved from nearshore onto land. The ocean is large and there are massive opportunities for farmers to expand the practice in different locations. Farming can be done on land or taken further offshore where the impact on the environment is minimal because farming is done in an open water body where waste can be carried further beyond the sea.
However, this can be capital intensive because farmers need systems that are physically stronger to manage the challenges brought about by wave action and wind. As the industry continues to expand, chances are farmed salmon will be moved out into other environments. Given the current trends in technology and innovation, it will not be surprising to see farmed salmon taking the world by storm. Where the practice is today portrays some massive steps from where the practice was some years back, a clear indication that salmon farming is bound to take the world by storm in the coming years.
The Future of Farmed Salmon:
When visualizing the future of fish farming, it is imperative to establish different components in connection to the practice. Some of these include its environmental impact, its effect on health, and its sustainable aspect. With regard to sustainability, as the demand for protein continues to grow, their production will continue to increase. In such a case, nutritionists will be looking at practices as salmon farming to see how they will continue to provide the much-needed protein. And despite the various challenges associated with farmed salmon, it is imperative to note that aquaculture is an efficient way of producing protein. In that regard, salmon farming leads the way when it comes to innovation in the field of aquaculture, offering a solution to the global problem of protein production. To attain the goal of sustainability, it is important for salmon farmers to continue utilizing new innovation and eco-friendly techniques which have a lesser impact on the environment.
Final Word:
Aquaculture has been one of the most dependable practices for providing seafood and ensuring the provision of much-demanded protein. Generally, farmed salmon is a sustainable practice and an excellent alternative to wild fish.
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Venturing into the hemp market? Like other niches, there is no doubt that your goal is optimizing profit and growing your enterprise. However, the cannabis niche is a bit tricky because it is pretty new, resulting in an influx of poor-quality products.
Although the Farm Bill Amendments of 2018 opened the door for all, it is now apparent that you cannot simply trust the products because they are labeled the "best." To be sure of identifying the best cannabis products, you need to move one step ahead and use third party lab testing.
These are accredited independent labs that are allowed to help people test the content of their products. While testing the cannabis products is the primary goal for most traders in the cannabis niche, we will tell you how to use lab testing to enhance your competitive advantage.
Use the 3rd Party Lab Tests to Check the Cannabinoid Profile
One of the key issues that the FDA has noted with cannabis products is that some of them have false information on their labels. In one of the recent cases, the FDA reported that some cannabis products had CBD levels lower than manufacturers had indicated on labels.
Because the bulk of clients looking for cannabis products intend to get their therapeutic benefits, you do not want to sell them products with wrong info.
Third-party lab tests help you to check the cannabinoid profile, which shows the different cannabinoids and their quantities in a sample. When you notice a product with false information, it implies that a supplier or manufacturer cannot be trusted, so keep looking.
Check for the Presence of Harmful Components
According to the FDA, every product being released into the market should be carefully produced and proven to be harmless to the user.
However, some cannabis products contain products that can be dangerous to the human body. For example, if a cannabis product contains heavy metals, your clients are at risk of suffering from serious cell-structure damage. Other harmful components that can be found in a cannabis product include bio-contaminants, pesticides, and organic solvents.
When you subject your hemp product to third party lab testing, the results will show whether there are dangerous components that can harm users. If the harmful components are in qualities that are higher than what is legally allowed, the best idea is not stocking that product. Instead, keep checking until you identify the hemp products that are safe.
Tell Clients about the Tests in Your Profile
When you take your products for testing by independent laboratories, make sure to tell your targeted clients. This will help you to stand out because clients will be sure that they are buying high-quality cannabis products. They will also refer to others, meaning that your sales and profits are likely to grow.
The emerging cannabis market has proven to be challenging for traders because not all products available for sale can be trusted. However, you can use third-party laboratory testing to ensure you stock high-quality products and strengthen your brand.
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Be it personalized recommendations or easy omnichannel interactions, customers expect only the best of them.
Consequently, businesses are turning to data-driven insights to better understand their customers' preferences. Moreover, data-driven insights also help meet evolving expectations and drive the loyalty of the customer.
The role of transformational leadership is quite important here. However, in this article, you'll explore the role of transformative data-driven insights in enhancing customer experience and driving business success.
In addition, you'll learn about the role of flexible data integration, as well as other factors that can help you meet your customers' needs through data.
The Impact Of Data-Driven Insights
Data-driven insights provide organizations with valuable intelligence.
Moreover, it enables them to tailor products, services, and experiences to meet customers' needs and expectations. However, businesses can understand the patterns, trends, and correlations that reveal valuable insights into customer behavior and preferences with the help of data-driven insights.
Additionally, they empower organizations to deliver targeted marketing campaigns that resonate with their audience.
Data-driven insights also enable businesses to pinpoint the areas of improvement in the customer journey. Ultimately, this leads to enhanced customer satisfaction and loyalty.
Data-driven insights not only help organizations know their customers better but also enable them to understand the pain points of the customers.
Moreover, by leveraging data analytics, businesses can identify challenges that come to the organization in a cyclic redundant pattern.
Whether it's a complex checkout process, a lack of information on the product, or a slow time of response, data-driven insights can offer the best guidelines on the requirements for improvement.
With this knowledge, organizations can also implement targeted initiatives that help streamline processes.
On the other hand, it helps improve communication channels and fix issues quickly. As a result, customers experience increased satisfaction, smoother interactions, and stronger loyalty, ultimately driving the growth and success of the business organization.
Harnessing Data Integration For Holistic Insights
Flexible data integration plays a key role in optimizing and exploiting the full potential of data-driven insights to enrich the customer experience. However, businesses, through data integration from diverse sources, gather data for analysis.
This includes CRM systems, e-commerce platforms, social media channels, and customer feedback channels, organizations. Businesses can gain a comprehensive view of their customers' interactions and preferences.
Also, flexible data integration allows businesses to aggregate, cleanse, and harmonize data from disparate sources.
Ultimately, it helps provide an accurate view of customer data that can help make strategic business decisions and drive personalized customer experiences.
Personalization At Scale
One of the key benefits of data-driven insights is personalization at scale. By leveraging data and insights from the customers and predictive analytics, businesses can segment their customer base.
They tailor offerings and communications to individual preferences and behaviors. From personalized recommendations to targeted email campaigns, personalized experiences help develop deeper connections with customers and drive loyalty and engagement.
Moreover, by continuously analyzing customer data and iteratively filtering personalization strategies, businesses can cope with changing customer preferences. Market dynamics help ensure ongoing relevance and effectiveness.
Optimizing Customer Journey Mapping
Data-driven insights also play an important role in making the best use of the to-end customer journey.
This also helps analyze the interaction of the customers at each touchpoint. Furthermore, organizations can identify pain points and other issues that detract from the customer experience.
With the help of data analysis, businesses can implement targeted interventions. Also, they can enhance and streamline the customer journey, reduce friction points, and restore loyalty.
Moreover, data-driven insights enable organizations to keep track of the impact of these improvements over time. Ultimately, it helps ensure continuous optimization and customer experience refinement.
Driving Business Value Through Customer Insights
Beyond enhancing customer experience, data-driven insights can also help deliver tangible business value by driving revenue growth. Moreover, it helps increase customer lifetime value.
Organizations can identify cross-selling and upselling opportunities by understanding customer preferences and behaviors. Moreover, they can optimize and forecast demand and pricing strategies more accurately.
By proactively addressing customer issues and concerns, businesses can reduce churn rates and increase customer retention.
Ultimately, data-driven insights enable organizations to exploit customer data and drive business success in today's competitive market landscape.
Empowering Customer-Centric Strategies With Data-Driven Insights
Data-driven insights have become indispensable tools for businesses seeking to enhance customer experience and drive business success.
By leveraging flexible data integration and advanced analytics capabilities, organizations can gain deep insights into customer preferences, behaviors, and needs. It enables them to deliver personalized experiences, optimize the customer journey, and drive tangible business outcomes.
As businesses continue to prioritize customer-centric strategies, data-driven insights will play an increasingly pivotal role in shaping the future of customer experience and driving sustainable growth and success.
How To Create A Data-Driven Culture
By now, you may have an idea of the importance of data in understanding customers and making bold business decisions. However, it is easier said than done.
Creating a data-driven ecosystem is indeed the need of the hour. This section discusses some of the steps through which the organization can make the best use of data-driven insights.
1. Data Drivn Culture Must Initiate At The Very Top Of The Hierarchy
Organizations that have a strong data-driven culture have management who sets high expectations. They, too, need to be data-based and not impractical.
For example, through analyzing data from the last couple of years and the present market scenario, you can set a target of 20% growth in the coming financial year. You are now based on the set target you make decisions and policies. You can not set a target arbitrarily and without research, as it will fail for sure.
2. Select The Metrices With The Care
The leadership within an organization needs to pinpoint the right metrics to measure so that it facilitates ushering in the changes within the organization.
For example, the leaders of an organization wish to ensure its network works to provide the customer with the highest user satisfaction. However, it extracted quantitative data and statistics on network performance.
Hence, by creating metrics on customers' experience, the operators could make quantitative assessments of network upgrades that impact customers. To make it happen, the management has to look at consumption and provenance-related data.
3. Fix The Basic Data-Access Issue With The Ultimate Alacrity
By far, one of the most common complaints that we tend to hear is that the organization struggles to extract the most grassroots data. However, the situation sprouts, notwithstanding the democratized ambiance of data transfer. Yes, that is one of the problems.
The best business organizations use the simplest strategies to obliterate the logjam. Instead of restraining key data and insights, they engage actively in the democratization of data access.
4. Offering Specialized Training To The Workforce
The success of an organization depends quite a lot on using the best data and insights. Moreover, the employees writing the organizations must have adequate knowledge of the data so that they understand where the organization is heading.
Therefore, it is essential to train the organization in skill development. For example, coding must emerge as one of the most fundamental aspects of training and development.
5. Use The Analytics To Assist Both The Employees And Customers
It is quite easy to forget the potential role of data fluency in making employees happy. However, if you empower the employees to handle data themselves, it enables them to be more proactive within the business.
For example, you could automate redundant tasks with the help of Python. However, if the idea of learning new skills is presented before them, they will be proactive about learning the new skills.
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