History witnessed many great leaders and they left us with their experience stories so that we could learn from them and apply in our lives and businesses. Stories are available from both sides of the coin, i.e., good leaders and bad leaders. Both cases are good for implementation in our life. The only important aspect which determined their success or failure was their ability to make decisions and thereby accomplishing the set goals. This quality or skill also helps in getting your team’s attention and respect. This is also the thing which you can’t just learn by reading books and stories. It is a personality trait that comes by practice and real-life experiences. A good leader will keep the team motivated and cheerful and getting most of the productivity done by just his/her mere presence. Some people are just born leaders and leadership comes to them naturally, that they so easily work with the team that some of us couldn’t even think of. A leader like Charles Field Marsham and others takes care of his/her team, pays attention to the individual member, cares about their health, know their needs, etc. Charles Field Marsham is a Canadian entrepreneur with more than 20 years of experience in building businesses.
Five much essential qualities that tell you a lot about how leadership works are listed below:
1. Vision:
A great leader carries this awesome skill that comes with experience. They can look into the future of the business and plan and implement policies accordingly. They have a very clear idea of what this company is going to be in the next 10 years under their leadership. Some people also think of a leader as a manager, but it’s totally wrong. A manager couldn’t get that bonding with employees which a great leader easily can.
2. Courageous:
Courage is an important factor in every step of life. If you are not willing to be courageous, you will never succeed, let alone be a leader. Courage always doesn’t mean adopting out of the box methods and implementing them in your business but is actually means that you are up for availing the risks that come with the process of achieving your goal without any assurance of success.
3. Integrity:
The integral part of any business is to stay truthful and loyal to your business. If you are not truthful to your people and your organization, the respect and reputation of your business in the market will go down immediately. Being transparent to your employees and make them feel that they are an integral part of the system actually helps in increasing productivity.
4. Planning Strategically:
It is the most important strength of a good leader. This skill helps them plan with very much accuracy and can easily see where the trends are going. This data helps in getting the company right on track and if implemented greatly can even take you ahead of your competitors.
5. Cooperation:
If you are not willing to cooperate with your team, then there isn’t going to be any work done. Your team relies on you and follows your path on how and what task should be done in a certain way. When you will actively cooperate with them, they will also cooperate among themselves and it will dramatically increase your productivity.
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.
Sales growth in e-commerce is good. But as the business expands, it becomes increasingly difficult for warehouse managers to track large volumes of goods.
Products can get lost, deteriorate or, conversely, take up extra space. In order to restore order and have time to respond to customer requests on demand, warehouses turn to IoT devices.
Let's look at how the Internet of Things simplifies inventory control and revolutionizes warehouse management.
Inventory management means coordinating and controlling the movement of goods in a warehouse:
getting new products;
their movements around the warehouse;
storage of products;
return of units;
SKU extension;
checking the rack code and so on.
It is often impossible to fit such volumes of information into spreadsheets, besides it is not very convenient. Therefore, enterprises buy IoT solutions for warehouse management in order to work efficiently.
IoT solutions for enterprises
IoT devices automate warehouse processes and reduce labor costs.
This can be done by implementing the following technologies:
Drones
It is not easy to move around a large warehouse to describe the location of goods and climb the stairs to high shelves. In addition, it takes a lot of time to search.
Amazon has long had an army of 200,000 robots working in warehouses with humans for better drone management delivery systems. They saved people from having to walk 10-20 miles a day on a concrete floor and helped the company store 40% more inventory. They also increased the average productivity of the assembler to 100 units per day, and managers plan to increase these figures by 3-4 times.
Robots
Industry and warehouses are priority places where global robotization is unfolding. According to recent reports, the warehouse robotics market is steadily growing by 15.26% per year and will reach $9.5 million by 2026.
Amazon has long had an army of 200,000 robots working in warehouses with humans. They saved people from having to walk 10-20 miles a day on a concrete floor and helped the company store 40% more inventory. They also increased the average productivity of the assembler to 100 units per day, and managers plan to increase these figures by 3-4 times.
Radio frequency identification tags
Radio Frequency Identification (RFID) tags can be embedded in IoT devices. These tags store much more data than traditional barcodes. They can be used to scan up to 200 tags at a time.
The received inventory information is stored in the cloud platform, automatically processed, and analyzed. The expiration date, serial numbers, sizes, manufacturers, and other product information do not need to be entered manually on the panel.
Voice selection systems
Warehouse workers can use IoT devices to increase the efficiency of operations. For example, voice systems allow you to work without the help of hands, giving instructions and directing workers through their list of orders.
Sensors
Connected devices are able to track the productivity of warehouse workers using speed, motion, and GPS sensors. Managers also better control the goods in the warehouse by measuring humidity, temperature, and other characteristics that can spoil the products.
DHL has implemented similar innovations in its warehouses. The company uses smart glasses, robots, drones, a digital twin, and other technologies. The IoT increases warehouse security, tracks the location of goods, and predicts weather changes and possible equipment failures or breakdowns. Up to the point that the warehousing of goods begins 30 minutes after receipt, and outgoing goods are ready for shipment in 95 minutes.
Problems that IoT solves
The main problem of warehouse management is manual work. Working with their hands, employees perform operations more slowly, with a higher probability of errors and damage to inventory. IoT solutions for enterprises simplify the following management and work tasks:
Product search
Imagine that the manager has a warehouse of several floors at his/her disposal. How to track where a particular product is located? Or how to avoid a situation when an employee wants to pick up a product from the right place, but it is not there?
You will have to spend time correcting errors and searching for the goods, which will delay the shipment. To avoid such problems, it is worth using IoT and the best warehouse management system, which automates registration and data tracking.
Movement of goods
Any movement of the goods must be recorded by the manager. At the same time, he/she needs to know how many units are arriving and how many are leaving. It's hard to keep track of the exact numbers, but with IoT solutions for business, it becomes easier.
Thus, reporting will not be such a difficult task. In addition, connected device analytics will tell you which products will increase demand in the near future.
Use of storage areas
In the warehouse business, it is important not only to accept goods but also to place them efficiently. Then it will be convenient for employees to pick up goods from the shelves, and they will do their job without delay. If you configure the storage system manually, you can repeatedly make mistakes and redo the layout. With IoT, this is done quickly and with minimal effort.
Warehouse equipment maintenance
Any equipment breakdown can lead to downtime, which distributors do not like. IoT devices for enterprises are able to monitor the status of equipment and warn about possible failures. Thus, managers will be able to prepare spare equipment in advance, avoid downtime, save money, and preserve their reputation.
Storage of goods
It is extremely important that during the storage period in the warehouse and during its delivery to consumers, the goods do not deteriorate. According to the latest data, about 11% of products die during transportation due to the fact that managers did not provide proper conditions for their storage.
It is necessary to maintain the desired temperature and humidity so that the product can be brought to the endpoint and sold. IoT devices are able to control environmental parameters, saving goods from deterioration.
Advantages of using IoT
And now let's take a deeper look at the advantages of the Internet of Things, supporting them with figures.
Saving on salaries
An average warehouse with a hundred employees can allocate about $3.7 million a year for wages. This amount is approximately 65% of the operating budget.
With the help of the IoT, employees sort goods on shelves faster, in addition, they search for goods, check equipment and perform other tasks more efficiently. Automation brings great money savings.
Better use of the warehouse
The average warehouse area is 16,400 feet. This is a huge space where you need to conveniently and appropriately arrange products. However, overloading and improper distribution of goods can lead to traffic jams and delays on the roads.
You have to move inventory or take it out, which takes time and labor.
With the help of the IoT, you can place more goods in the same area, so that it is convenient to find empty seats and later fill them with new goods. Automated storage and search systems are able to increase the accuracy of orders by up to 99%.
Taking into account the fact that rents are growing and will not stop growing in the future, rational use of space is a matter of saving and making a profit.
Information support
The number of goods is growing, and slow goods are taking the place of strategically important products. Less relevant products stay in stock longer and require placement, which increases the rental cost.
Not all warehouses have an adequate information support system. In other words, managers have no idea what the supply and demand in the market are. IoT analytics provides information about the state of the market so that managers can rationally manage purchases and plan other operations based on inventory.
IoT devices for enterprises give managers the opportunity to cover large warehouse work, put it in order, automate, and speed up.
Andersen will help implement the warehouse management system software and automate important operations. If you are ready to save time and resources with the help of new digital technologies, contact our team for a private consultation.
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Financial planning is an essential aspect of any business, and for contractors, it's no different. In the construction industry, project viability relies heavily on careful financial management. This article will explore the principles of effective financial planning for contractors and how using a bid bond can demonstrate financial stability and attract clients.
The Importance Of Financial Planning For Construction Companies
The construction industry is highly competitive, and its dynamics and the economic scenario are changing continuously. Therefore, it is important to have a plan in place when it comes to navigating regulations, compliances, and even finances. This section mainly discusses the importance of financial planning for the construction companies.
1. Navigating The Landscape Of The Construction Industry
As mentioned above, the construction industry is rapidly changing. Every now and then, you have new rules, guidelines, compliances, and changes in technology. It is an important aspect of the entire industry. A personalized plan can help you pinpoint these changes and be prepared to face the challenges in the future.
2. Managing The Flow Of Cash
Cash flow management is another critical aspect of any business. The construction business is no exception. The irregular scheme of payments and also the out-of-plan expenditure can, indeed, disrupt the flow of cash. A personalized flow of finance in the construction industry can help you maintain quite a healthy cash flow. It helps manage the sudden need for finance and fix issues.
3. Long-Term Sustainability
A well-planned financial plan offers a roadmap for the long-term sustainability of the construction companies. They assist companies in setting attainable goals and targets. If you do not have a solid base of finances, you won’t be able to plan ahead in the future. One of the biggest challenges that business organizations face today is the long-term sustainability. As a business, you could only attain it if you have a steady supply of finances.
4. Managing The Risks
The construction industry is quite risky. There are financial liabilities, safety, legal and other issues. A personalized financial plan helps create the strategies. They help reduce the chances of financial setbacks and also the circumstances hitherto not experienced.
5. Reducing The Cost Of Borrowing
You all know that the construction industry is quite fund-intensive. You need to have a large sum of money. Under the circumstances, borrowing is the biggest way to handle it. But they have their interest associated with it, which is quite hefty at times. They may affect your budget and the prices of the products. Therefore, you must have the planning and a strong pedestal in place. But there is no alternative to a strong planning.
6. Increased Profitability
The be-all and end-all of business is earning profits. Managing the expenditure is quite a challenge; therefore, you must be highly prepared with a plan in mind. A well-crafted plan of finances considers the revenue streams of the company assets and the expenses. A business owner uses their plan to make the wisest of choices. They help boost the profits and then cut the costs.
7. Attracting The Investors
When you woo the investors for your projects, they look at some of the important things before investing. One of the core elements in good financial planning. If they understand that your finances are well managed and your organization is well in shape, it can drive them to invest in your vision. Therefore, you must invest in professionally prepared finance to ensure steady growth and stability in the long run.
The Core Aspects Of Financial Planning For The Contractors
In this section, we discuss some of the core aspects of financial planning that can help you stay ahead in this competitive landscape. As a stakeholder in the construction sector, you must have the planning in place.
Budgeting
The cornerstone of any financial plan is a well-structured budget. It’s essential to account for all expenses, including materials, labor, equipment, and overhead costs. By creating a detailed budget, you’ll be better equipped to estimate project costs accurately.
Cash Flow Management
Cash flow is the lifeblood of your contracting business. Timely invoicing and efficient collection of payments are critical. Moreover, having a cash reserve for unexpected expenses or delays is a wise strategy.
Using Bid Bonds To Show Financial Stability
One effective way to demonstrate financial stability to potential clients is by using bid bonds. A bid bond is a form of guarantee that you, as a contractor, provide to the project owner. It is a promise that if you're awarded the project, you will enter into a contract and provide performance and payment bonds as required. It assures project owners that you have the financial capacity to complete the project.
By including these bonds in your bids, you signal to clients that you are financially stable and capable of fulfilling the contract. This can set you apart from competitors and instill confidence in project owners.
Financial Planning For Contractors
Emergency Fund
As mentioned earlier, cash flow can be unpredictable. Having an emergency fund that covers at least three to six months' worth of expenses can provide a safety net during lean times or unexpected setbacks.
Diversify Your Client Base
Relying on a single client or type of project can be risky. Diversifying your client base and the types of projects you take on can help stabilize your income and reduce vulnerability to market fluctuations.
Regularly Review And Adjust Your Financial Plan
Financial planning is not a one-and-done task. It's essential to review and adjust your plan regularly, especially as your business grows and evolves.
Insurance Coverage
Consider various insurance options to protect your business against unforeseen events. Liability insurance, workers' compensation, and equipment insurance are just a few examples of coverage that can safeguard your financial stability.
Invest Wisely
Make informed investment choices for any surplus funds you may have. Consult with a financial advisor to develop an investment strategy that aligns with your long-term financial goals.
Conclusion
In conclusion, financial planning is a critical component of a contractor's success. It ensures project viability, stability, and, ultimately, the growth of your business. Remember to create a comprehensive budget, manage your cash flow efficiently, and explore various financial strategies to secure your financial future as a contractor. By following these principles, you can build a strong foundation for your contracting business and thrive in the competitive construction industry.
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The idea of expanding globally is enticing for any growth-hungry entrepreneur, but it’s also been said that good things come in small packages.
It's crucial to weigh the benefits of staying local vs. expanding globally so you can make an educated decision about what's best for your business.
Expanding your business globally
One big advantage that comes with taking on an international market is the ability to tap into a larger consumer base. There are many potential customers around the world who you can reach if your business has an international presence.
One of the easiest ways to establish your business presence in international markets is to use a virtual office service like iPostal1. It allows you to immediately create a professional presence in any market where you want to plant your flag. The virtual office can intercept mail on your behalf as well as give you a local phone and fax number, so you can manage your new expansion from the comforts of home.
Another benefit of expanding globally is the ability to gain access to a new pool of talent. You can hire employees from all over the world if your business reaches international customers. You'll also gain the ability to find suppliers worldwide that meet any requirements you may have around cost or availability.
The downsides for this type of expansion are that marketing can become a lot more complex, and employees may be scattered across time zones, making labor-management difficult.
Keeping your business local
The first benefit of keeping your business local is that you can provide better customer service. You're able to respond more quickly and efficiently than if you had customers around the world.
Another advantage is having all of your employees in one place. The team can schedule meetings and solve problems faster than if you had to navigate around time zones and remote work. Often, the result is that you can innovate more quickly than if your employees were working remotely.
The final benefit of keeping your business local is that marketing remains simple. You can use the home-field advantage to cater marketing efforts to your community.
The downfall here is that you will reach a limit to how much the company can grow, and your team may not be as diverse.
How to expand your business internationally
The first step is determining the resources you need for expanding globally. Make sure you have enough capital and employees qualified to take on international markets.
It's essential to determine how you're going to reach these new customers. You can do that by creating a marketing plan for both your home country and the international markets you want to expand into, including a new search-engine-optimized website.
You should also develop a plan for how you're going to handle any legal issues that may arise, such as taxes or regulations. Make sure you hire an accountant with experience pertaining to the local laws in each market.
Wrap up
Now that you have seen a comparison of remaining local vs. expanding internationally, it’s decision time. Take your time and make sure your final decision makes the most sense based on where your business sits currently.
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