Published on: 22 May 2018
Last Updated on: 10 September 2024
To achieve success in your business, you have to learn from others who have walked the road before. Many people in the business world are established, and their word to other upcoming investors is golden advice. A mentor is a blessing to your business, but only a few people can access mentors, so one of the options you have left is to learn from the words of good business people. Here are popular businessmen whose quotes you can learn from.
Those Who Keep Learning Will Keep Rising :
This is one of the most popular Charlie Munger quotes that he spoke while issuing his Commencement Speech to USC Law in May 2007. Munger says that he observed over the years and discovered that people who were not the smartest managed to rise in life by simply learning and continually supplementing their known reserves. Such people acquire something new each day. As an aspiring entrepreneur, you should take it upon yourself to learn something new each day as this is the best way to get yourself to achieve your dream.
If You are Unreliable and Lazy, Whatever You are Good at Does Not Matter :
Again from Charlie Munger, in his address to USC Law, he added that the most crucial thing is to avoid being unreliable and sloth. He argues that these are enemies of any person who aspires to achieve progress and it does not matter how much skill or talent you have. Doing what you have decided to pursue faithfully and with motivation and discipline will get you to achieve your goals faster. That is something every entrepreneur needs to understand. You should aggressively pursue your goals and avoid distractions that might want to slow you down.
Find Good People :
David Karp, Founder, and CEO of Tumblr argue that as a businessperson, the easiest path to success is networking with the right people. By this, he means that you should first change yourself and the only way you can do this is to hang around people who are on a path you want to get into. Choosing the right circle of friends and partners will get you to acquire the right habits, and you will learn important things about the business.
Learn from Complaints :
Bill Gates said that the things your customers are complaining about are opportunities that you could exploit to build your business. He notes that this is a perfect source of learning that could help you to shape your business to offer more satisfaction and also expand its features. Customers will always complain about what is lacking in your business, so get this information and utilize it for the benefit of the business.
Launching a business and running it successfully is the dream of many entrepreneurs, but this dream rarely materializes due to distractions and challenges they encounter. Sometimes lack of knowledge is a major setback that could cripple a business. If you are looking to enhance the performance of your business, you should learn from established entrepreneurs to acquire vital ideas. Most quotes from successful entrepreneurs carry a lot of business advice that you could apply in your case.
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.
Focus on material handling if you want to concentrate on one idea to maximize warehouse efficiency, raise staff morale, and protect jobs all at the same time.
There are a lot of moving parts in a factory. Quite literally. It's for this reason that sloppy material handling has far-reaching implications. It has an effect on production flow, employee safety, and employee morale, for better or worse. Understanding material handling systems and enforcing best practices, on the other hand, will dramatically increase the efficiency of your warehouse.
In warehouses, assembly facilities, and distribution centers, material processing has a significant effect on productivity. An unreliable facility leads to mistakes and delays, eroding consumer satisfaction and making it easier for the competitors to steal your customers. Here are some tips to keep your warehouse running smoothly and efficiently.
1. Have a Command Center:
Some warehouses can be a hodgepodge of conveyors, racking, and forklifts. To manage these moving parts, you will need to establish a command center.
Having a central location or factory office will make it easy for managers and overseers to direct operations and will give workers a place to go to ask questions. This office can be located directly on the floor and should be enclosed to help block out the noise of the factory or warehouse floor.
2. Buy Forklifts:
Any efficient warehouse dealing in a large volume of products, either big or small, will need at least one well-maintained forklift. Electric forklifts provide quiet, efficient, and exhaust-free service. You don't have to worry about the safety hazards of propane or gas when you have an electric forklift either.
If your warehouse is tight on space, consider utilizing a stand-on forklift. Whichever you choose, make sure all employees are thoroughly trained on that specific machine. Also, you will need to keep detailed service and pre-use check logs for safety.
3. Create Storage Areas:
You build storage units that are suitable for your warehouse in the same way that you choose storage units for various rooms in your home. The type, size, and position of your storage racks, bins, and shelves will be determined by the nature of your company. Let the warehouse room work for you rather than against you.
Everything in your warehouse should be labeled for quality, communication, and protection. This also includes workspaces, safety risks, aisles, shelves, and products all need to be numbered. Forklifts, clearance heights, and capacity warnings, in particular, must include safety signs.
4. Use Automated Tools:
Increasing the inventory of automated tools, such as those described in the engineering systems category improves material handling and performance.
For example, if your company deals with a large number of products and has limited space, an automated storage and retrieval system (AS/RS) could be beneficial. This computer-controlled device stores and retrieves merchandise from pre-determined warehouse locations automatically.
5. Use Scanners:
RFID scanners have a number of advantages over conventional barcode scanners. RFID scanners, unlike barcode scanners, do not require line-of-sight access, reducing the amount of material handling. Furthermore, RFID scanners can detect inventory from a distance of up to 40 feet for a fixed reader, 20 feet for a handheld reader, and over 100 feet for an active UHF RFID device.
RFID scanners allow warehouses to collect more data about their activities, paving the way for more material handling improvements.
6. Implement a Warehouse Management System:
A warehouse management system provides you with insight into your entire warehouse process. Although a WMS has numerous advantages, it is particularly useful in material handling because of the use of advance ship notices. When a warehouse receives an ASN, it is notified that shipments are on their way, allowing them to prepare ahead by scheduling workers and freeing up equipment.
A warehouse can be a complex place with many moving parts. Having the right tools and equipment for your business can help keep your warehouse running smoothly and efficiently.
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Many experts point out that running a successful B2B business is easy if you avoid making some important mistakes. Even if you are not running exceptionally sophisticated campaigns to woo newer clients, simply avoiding mistakes can give your company the much-needed boost.
This is more important in the new scheme of things, especially for a post-COVID-19 business world.
With 2021 just around the corner, it is essential that you pay heed to the contents of this article and ensure that you are able to avoid some if not all of these mistakes.
In this article, we speak to some of the leading minds from the B2B world of marketing, sales, and logistics. We ask them about the mistakes and the way forward.
List of Top 5 Mistakes B2B Businesses should stop making right away
1. Maintaining Data on External Disks-
We all know how data is important to the success of any business. In the case of B2B companies, data can be the deciding factor between success and failure. Most B2B companies are still averse to maintaining data on the Cloud and prefer to use hard disks.
Experts are of the opinion that in addition to the risks of data getting corrupted or being destroyed by human error, this strategy is flawed and outdated. Maintaining data on the Cloud does not only increase its security but also ensures cross-department usage of the same.
2. Using Outdated ERP and Inventory Management Tools-
The next set of mistakes concerns B2B businesses still relying on age-old strategies for inventory management. With AI, ML, and Automation being offered by the best vendors, it is high-time, B2B businesses should opt for the best inventory optimization software.
This will allow B2B businesses to accelerate the pace of their functions, boost the efficiency of the team, and improve customer experience. Looking after simple things like reducing the turnaround times can have a major impact on any B2B business in the world.
3. Manual Task Assignment and Follow-Ups-
If you are a B2B business owner, you will agree that following up with your team members or checking the progress of their work can be a pain. Using phone calls, emails, WhatsApp and other outdated mechanisms promotes inefficiency and prevents clarity.
This is why automated task assignment workflow software should be used to better employee performance. From Trello to Asana, there are many credible ones in the market, which are simple to use and will allow you to keep track of the work assignments of your employees.
4. Doubting Digital Platforms-
Most business consultants point to the fact that B2B businesses and their owners are still hesitant when it comes to pursuing digital transformations. They still feel that the internet will not be able to help them fulfill their sales and marketing objectives.
However, nothing can be further from the truth. Using search engines and social media in a strategic fashion can help you with a number of advantages. From reaching your target audiences to improving branding and lead generation, there is a lot to achieve from digital.
5. Taking help from External Specialised Vendors-
B2B businesses think they must set up internal teams to start digital transformation or automate their processes. They fear hiring specialists. However, it does not have to be that way.
By working with specialized digital marketing agencies, they can bring on an external partner firm, which can help them in multiple ways. This will ensure that they do not have to hire teams, give them systems, and spend on their office spaces.
Once you start avoiding these mistakes, you will see a qualitative and quantitative transformation in your B2B business. You need to understand that the world is increasingly moving towards a digital framework, and as a business, you need to make the most of it.
Common B2B Marketing Terms you Should Know
Still a beginner at your B2B marketing strategies. Here is your dictionary to understand the different B2B marketing lingo.
1. What is the 80/20 Rule in B2B?
The 80/20 rule simply states that 80% of a company’s revenue comes from 20% of its customers.
In a business-to-business model, this highlights the need to identify and cultivate your key accounts.
Therefore, concentrate on your sales resources on those customers who generate the most profit for you rather than trying to be all things to all people. You truly cannot impress anyone!
2. What is the 95/5 Rule for B2B?
The 95/5 rule suggests that at any point in time, 95% of your target market is not actively buying, and only 5% are.
As a result, B2B firms need to focus on consistently building brand and supplier awareness.
This also includes developing relationships with customers so that they will think of them when they do go into ‘buying mode.’ B2B customers are different than dealing with one customer. Therefore, it is important you are always in their mind.
3. What are the 4Cs of B2B Marketing?
The 4Cs are Client, Cost, Communication, and Convenience.
In B2B marketing, it’s all about understanding the client’s needs, keeping costs in check, opening channels for communication and making sure your product or service is convenient and of value to the customer – this is what customer relationships and loyalty are built upon in the world of B2B.
4. What are the 3 Most Important Qualities of a Successful B2B Salesperson and Why?
Knowledge, Persistence, and Empathy!
Successful B2B salespeople must be knowledgeable, persistent, and empathic. The more knowledge you have about your product but also about the development in your industry or the general economy – the more credible person you become for your client.
Because let’s face it, only real knowledge gives you power over the situation (matched with superb confidence). Every business out there looking for answers is desperately looking for someone who has all the answers.
However, as we talk of successful B2B salespersons, we need to consider that they often also deal with long sales cycles. In those cases, persistence is what will make you stand out from the competition.
If I shower my leads with attention every day, no other competitor can gain a share of attention.
While we’re in relationships, people buy from people they “take care of them." Therefore, a successful B2B salesperson must adopt empathy when dealing with their clients.
5. How to Gain B2B Sales Experience as a Beginner?
As a beginner, you can gain sales experience in B2B by shadowing your experienced sales reps, going to networking events, and taking internships or entry-level sales positions.
The most valuable lessons are learned through real-world interactions, so concentrate on developing exceptional communication and negotiation abilities.
Plus, never stop learning, self-reflecting, and staying on top of industry news if you want to become an expert.
6. What is the B2B Lifecycle Strategy?
The B2B lifecycle strategy refers to an end-to-end management of the customer journey.
This starts from leading to post-sales support by providing value at every stage, ensuring client satisfaction and loyalty through attracting, engaging, converting, and retaining clients with consistent, personalized experiences.
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Today's businesses work under a stiff, competitive business climate, as every organization likes to maintain its competitive edge in the market. In such a scenario, the assistance of a Franchise consultant can be a game changer for you.
A survey found that 78% of businesses have a presence in both online and offline modes of marketing. Therefore, a franchise consultant can help your business grow faster in such a scenario. As it follows the rule of competitive business intelligence.
If you go by the terminology of marketing strategy, then Franchise business models use push strategy. You must know the work process of a Franchise consultant before seeking their help.
Essential Role Of A Franchise Consultant
A franchise consultant like one from Infinity Business Growth Network is integral to business expansion through franchising.
The knowledge of the franchise consultant enables them to offer invaluable insights, ensuring businesses can maneuver through the franchising landscape with expertise.
They are pivotal in crafting bespoke franchise models aligned with a company's ethos and growth aspirations.
The franchise consultant's role extends to executing market analysis, identifying apt franchisee profiles, and fostering a conducive environment for franchising success.
The meticulous approach of franchise consultants empowers businesses to capitalize on franchising opportunities effectively. Thus mitigating risks and maximizing potential rewards.
Through their guidance, companies are well-versed in embarking on a structured path toward scaling their operations, harnessing the consultant's strategic insight to navigate the complex dynamics of franchising.
How A Franchise Consultant Can Tailor Your Expansion Strategy
Engaging a franchise consultant offers the distinct advantage of customizing your expansion plan to match your business's needs and ambitions. It also delivers the guidance necessary to increase your brand awareness.
1. Offers Strategic Franchise Marketing Opportunity
A quality franchise consultant can help your business develop and find the right target audience by creating compelling marketing materials. Furthermore, they can help you to implement the correct marketing campaigns.
This will help you to generate steady leads for your business. Additionally, this can make the franchise business model process work perfectly well for you.
2. Delivers Operational Support
Franchise consultants can help your business outline the standard operating procedures, training process, and quality control measures. Thus, it can help your organization increase employees' efficiency to deliver better results.
Moreover, a franchise consultant can deliver operational support for your business by offering training to them. It is the job of your franchise consultant to deliver quality business support.
3. Provides Expert Advice & Guidance
Most of the time, the franchise consultants help build expertise and industry knowledge for your employees. These consultants come with great skills and competence that guide your organization's employees in such a way that it helps them to increase their productivity level.
Sometimes, franchise consultants can offer your employees guidance and advice so they can perform well in the workplace.
What Are The Challenges A Franchise Consultant Have To Face?
Most business owners must be aware of several challenges a franchise consultant faces. After all, the journey of finding a qualified consultant is no child’s play. Here are a few challenges, commonly faced by a franchise consultant.
1. Maintaining Consistency & Quality
When your franchise business operates in numerous locations nationally, regionally, and internationally, it sometimes needs help to maintain brand consistency. On the flip side, some franchises need help to maintain brand promises.
This can lead to negative reviews from the customers. Ultimately, this can impact the brand's reputation as well. This is why franchise consultants, like other business professionals, need to keep their promises to their customers.
2. Handling Fierce Franchise Competition
If you want your franchise business model to stand ahead, you must do something extra and unique that your competitors need to do. This thing is possible when your franchise consultants start to track consumer behavior.
You can arrange for public feedback data to outsmart your competitors from the market. Find out which factors influence the buying behavior of your franchise consultants. This will also help the franchise consultants pitch the right offer to your clients.
3. Recruitment & Retention Of Franchise Staff
Hiring the right talent for a franchise consultant position is challenging. Skill shortages can affect industries and can impact employee turnover. In most cases, high turnover can add up to more problems if your business is short-staffed!
Thus, inefficient employees increase the operational cost and can damage the customer experience to a greater level.
4. Having High Operating Cost For Franchising
Setting up the franchise business can lead to high operating costs. It squeezes the customer purse and profit margins to a greater level. Meanwhile, the interest rates can make your company's borrowing more complex.
Without careful management of financial resources, financial turmoil can lead to the end of many organizations. This can boost the scope of your brand value to a greater level. Furthermore, if you have high operational costs in your franchise business, then it can lead to high debts in the long run.
5. Meeting Evolving Customer Expectations
Across all industries, customers expect more from businesses as their customer's spending power is reduced to a greater extent. Now, with the time, the customers' expectations can alter.
66% of the customers want the companies to understand their needs and expectations. Here, you should get through the complete process of understanding the customer's expectations to meet your brand requirements.
How To Choose The Right Franchise Consultant For Your Business
Another essential factor to consider when hiring a consultant is the research and due diligence required to choose the right franchise consultant for your business. This requires a thorough evaluation of their credentials and compatibility with your business ethos.
Start by checking the credentials of your franchise consultants.
Ask for the referrals.
Compare multiple options to determine which option suits you the best.
Evaluate the compatibility of your franchise consultant.
You need to be aware of the red flags.
Conclusion
Wrapping up, the engagement of a franchise consultant is instrumental in steering your business toward expansion and prosperity within the franchising realm. Here, selecting the correct franchise consultant can be a game-changer for you.
Their specialized knowledge and support offer a substantial advantage, helping to devise strategies that are both innovative and in alignment with your company's aspirations.
The journey to franchise success is laden with complexities and potential hurdles, but these challenges become navigable with a seasoned franchise consultant. And that marks the end of this comprehensive guide.
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