A significant number of small businesses close within a couple of years. Yet, while that can sound ominous to new small business owners, if you’re aware of why they close, you can decrease your chances of following the same fate.
A staggering 82% of small businesses close due to a single reason: poor cash flow. If you make this aspect of your operations more robust, then you’ll be greatly increasing your chances of making it through the first few difficult years.
Easier said than done? Yep. But there are things you can do to improve your cash flow, as we’ll see below.
It’s one thing to have to close your business because of money problems. It’s even more frustrating when you have to close even though you had money that would eventually come in. Offering a discount for clients who make prompt payments is a great way to give your cash flow a boost. Your clients will save money, and you’ll get the money owed in the bank — it’s a situation that benefits everyone. The discount doesn’t have to be massive; even 3 – 5% can be effective.
Avoid Big-Ticket Purchases Where Possible
All businesses need equipment in order to work efficiently. In some industries, that equipment can be extremely expensive, which can have a knock-on effect on the businesses’ cash flow. It’s not hard to see how investing in a piece of heavy machinery would make a small business more financially vulnerable.
Before buying equipment, it’s worth checking whether you really need to make the purchase in the first place. There will likely be an option to lease/rent the equipment, which will give you access to the tools you need in a much more budget-friendly way.
Get Professional Help
Businesses often run into cash flow difficulties for a very simple reason: they’re managing the financial aspect of their operations in-house. In many cases, it’s the business owner who’s in charge of managing the finances. That can be fine if they have experience and expertise in this area, but if they don’t, then things can quickly become complicated. Handing the responsibility over to an experienced accountant will ensure that your business has effective cash management procedures in place, which can go a long way toward keeping your cash flow in tip-top condition. Plus, this will also free up your time, ensuring you can spend more time on value-adding tasks that push your business forward.
Analyze Your Clients
You’d like to think that all of your clients will be fair and honest in their dealings with you. However, that’s not always the case. Some will be slow in paying, or, in some cases, avoid paying altogether. It’s just a reality of the business world. One way to avoid this problem is to perform a credit check on your clients, especially ones who are making a big order and who aren’t paying upfront. It can take a bit of work, but it might just save you a lot of problems further down the line.
As your business grows and develops, you may no longer be able to manage your inventory, shipping, and logistics alone. That’s where you may need to partner with a Third-Party Logistics (3PL) provider. However, outsourcing something so important as the last mile delivery to an external company comes with risks.
In this guide, we’ll look at a few strategies to ensure that your partnership works in your favor – from ensuring you're choosing the right outsourcing partner to maintaining high standards of communication. Let’s dive in.
Partner With A Logistics Company That Aligns With Your Values And Goals
The first aspect to focus on is the importance of choosing the right partner. You’ll need to find a company that can showcase its expertise and reputation, but you’ll also want a partner who meets your budget needs and future goals.
For example, if you are looking to expand internationally, you’ll need a provider that can comfortably handle large inventories and worldwide delivery. Also, be sure to review the set of values of the company you are going to partner with to ensure you both value customer service, product quality, sustainability, and business longevity.
Review Their Customer Service Standards
Next up, be sure to review the customer service standards of the company you are looking to entrust with the last-mile delivery of your products. Premium 3pl customer service is important because the delivery specialists and technicians who will deliver your products will be the ones in touch with the customer personally. A customer will associate them with your product or company, which can make or break your reputation.
Ask Your Customers For Direct Feedback
If you are struggling to gain an idea of the quality of a certain company or their services, ask your clients directly. You may follow up after a sale to verify that the delivery happened in a timely, quality manner. This can help you supervise the last-mile delivery aspect, which may not have direct control over.
Pro tip: Asking your customers for feedback after the delivery occurred can help you gain insights and prevent them from writing public reviews that may mistakenly associate the poor service quality of a delivery company to your brand name.
Ensure Clear Communication With The 3PL Provider
Outsourcing aspects like delivery, shipping, and logistics management is essential for any growing business. However, outsourcing such important aspects of your business can also have some challenges, such as decreased service quality and security concerns. To address these risks and prevent damage to your company, be sure to keep the lines of communication open with your 3PL provider. This can help you build a relationship of trust and respect, which is necessary to continue growing your brand.
Invest In The Right Tech Tools
Last but not least, be sure to take advantage of the right tech tools to boost your logistics strategy. These include inventory management software, route tracking tools, and real-time tracing. These tools are just some of the ones that can help you build trust in your chosen 3PL provider and ensure a high-quality last-mile delivery service.
In today’s rapidly evolving work environment, staying relevant and competitive requires continuous learning and adaptation. One way to ensure career longevity and growth is by actively pursuing upskilling opportunities. Whether you are just starting your career or are an experienced professional, developing new skills can unlock fresh opportunities, increase your value to employers, and enhance your personal growth. Here’s why upskilling is essential for career success.
1. Stay Competitive in a Changing Job Market
The job market is more dynamic than ever. With advances in technology and shifts in industry practices, many jobs today require a different set of skills than they did just a few years ago. If you don’t keep up with these changes, you risk falling behind, while colleagues and competitors with the latest skills move ahead.
Upskilling allows you to adapt to the ever-changing demands of your industry. For example, learning to work with emerging technologies or mastering new software programs can make you more efficient and valuable to your employer. For those in specialized fields, such as IT, marketing, or healthcare, staying on top of the latest trends is critical for maintaining a competitive edge. Even in traditional fields like logistics, upskilling by taking lessons from a commercial diving school can open doors to new roles or industries.
By continually expanding your skill set, you not only improve your job performance but also demonstrate to employers that you are proactive and adaptable—qualities that are highly sought after in today’s workplace.
2. Boost Career Advancement Opportunities
Upskilling can also play a major role in advancing your career. Employers often promote individuals who show initiative and a willingness to learn. By acquiring new skills, you position yourself as someone capable of taking on more responsibility, which can lead to promotions or salary increases.
In addition to helping you climb the career ladder, upskilling can also provide you with the flexibility to change roles or even switch careers. If you’re interested in pursuing a different field or industry, upskilling allows you to build the competencies required to make that transition smoothly. This flexibility can be especially important during economic downturns or times of industry disruption when certain skills become more valuable.
Furthermore, upskilling helps you stay engaged and motivated in your current role. Learning new things can reignite your passion for your work, making you more enthusiastic and productive.
3. Adapt to Technological Advancements
One of the biggest reasons upskilling is essential today is the rise of automation and artificial intelligence. As more tasks become automated, certain roles are becoming obsolete, while new ones are emerging. Upskilling helps you stay ahead of these technological changes, ensuring you remain relevant in your field.
For instance, industries such as finance, healthcare, and manufacturing are increasingly relying on data analysis and AI tools. Learning how to use these technologies can future-proof your career. Moreover, by acquiring technical skills, you can work more effectively alongside new technologies, improving both your individual performance and your team’s productivity.
In a fast-paced world where skills are constantly evolving, upskilling is no longer a luxury—it’s a necessity. Staying competitive in the job market, opening doors to career advancement, and adapting to technological changes are just a few reasons why investing in continuous learning is crucial for your career growth. By taking steps to enhance your skill set, you not only ensure job security but also position yourself for long-term success in any field.
The fastest way to make progress in health performance follows a curve that is known by the beginner, but often underestimated — that of the novice learning from a pro. For any health professional just starting or a seasoned veteran looking to step up their career, leading within the uncertainty that exists today demands a combination of knowledge, skills, and an ongoing pursuit for greater learning. The following guide provides the necessary strategies and insights to transition from a novice into an effective leader in health performance. This will ensure that you are set up for long-term greatness, with life-changing effects within your industry of choice through innovation!
#1 Understanding the Landscape
Understanding the field of health performance in top-light to become a world leader The performance health sector is wide and varied, from the fitness industry to sports nutrition through mental health and recovery.
With the accelerating pace at which advancements and developments are made in this field, it is important to stay abreast of these new trends, research, and technologies. Leaders in the health performance field are those that do not simply rest on what is currently present, but look ahead to what will be and change with it.
Foundational knowledge provides the basis for any successful career in health performance. More than just being knowledgeable about the human body and its systems, sports activities science consists of an extensive range of factors that contribute to fitness.
Whether it is biomechanics, exercise physiology nutrition, or psychology an all-rounded knowledge of the same helps in designing health performance strategies for maximum efficiency. Whether through formal courses, certifications, or self-directed learning they are always stretching their expertise in new and relevant directions
#3 Developing Practical Skills
But that is still not enough to establish leadership in health performance — you need hands-on skills too. Such capacities consist of the capability to evaluate an individual's fitness and overall performance and devise professional education programs in addition to putting into effect proof-based total interventions. Practical experience is important to help improve these skills, so try and work with different athletes/clients. This real-life experience also gives you great confidence to deal with any sort of patient which makes you a complete health performance professional.
#4 Cultivating a Growth Mindset
A simple definition says that it is the belief that your ability and intelligence can be grown through effort, learning from mistakes, and practice. It is especially critical in the health performance industry, as new research and techniques are constantly being developed.
They understand that to lead, is not just getting there first or holding the trophy with extended hands but it means having a meeting challenges head-on mindset; learning from mistakes, and seeing continuous improvement as part of life. A growth mindset not only keeps you motivated but also makes you resilient and open to new ideas as you grow in your career.
#5 Communicating Well
Communication is a key skill for any leader, particularly when it comes to health service performance. Effective communication skills are needed whether you're interacting with clients, team members, or stakeholders; the capacity to articulate a message and build relationships is important.
Effective communication skills help you to better educate clients, inspire them to reach their desired outcomes and enhance your ability to work as a team with other healthcare professionals. Be aware that all is your responsibility when you are moving further in your career — especially soft skills regarding communication both verbal/written advice and taking some courses/workshops.
#6 Leveraging Technology
Health performance is impacted by technology to a greater degree than ever before, and as such there are an increasing number of tools available for everything from achieving better client outcomes or streamlined business operations.
Key to this will be not just understanding how the digital health and fitness space is evolving but what stakeholders are doing to address those changes (and capitalize on them) with wearable trackers, apps, or diagnostics tools for virtual training platforms. Health performance leaders are not only early adopters but also pioneers in the innovation process, finding ways to use technology more effectively and efficiently while strengthening accuracy and enhancing patient experience.
#7 Creating a Network
As a method of trying to meet like-minded professionals, share ideas, and partner on projects with one another, networking serves as a powerful career advancement tool. Once you start making headway in health performance, having a strong professional network is crucial.
Get active in industry conferences, sign up for professional organizations, and become part of online forums and communities to meet other people who are interested in this space.
One of the best ways to ensure a comprehensive view of healthcare performance is to gain exposure across different geographies and patient populations. Working with top-level athletes or those suffering from chronic health conditions, and then the general population as well gives a different insight to every area. Experiencing the gamut of establishments familiar with health performance, you will understand overall how it all works and provide services to a broader client group. This flexibility is a trait of an authentic individual in command.
#9 Specializing in a Niche
Over time, consider diving deeper into a specific category of health performance as you continue to gain experience and knowledge. Specialization is concentrated knowledge in a single vertical — sports performance, injury rehab, or mental well-being (with few sub-specialties branching off).
A niche allows you to set yourself apart in the marketplace, draw clients who need what you are specifically good at and again become a leader in that area. An area of specialization can put you into the realm of obtaining more advanced certifications, research, and thought leadership — further enhancing your appeal as a leader.
#10 Embracing Lifelong Learning
The science behind health is ever-changing; one discovery or hopelessly misguided statement may be righted in as little time as it took to fabricate said misinformation! Lifelong Learning: Take advantage of continuing education to remain at the top you should be a lifelong learner. In other words, think laterally and always be learning new things.
Participating in workshops, staying current with literature, or pursuing higher levels of certifications – LEARN and do it consistently as part of your professional life. Leaders IN HEALTH PERFORMANCE NEVER STOP LEARNING AND GROWING.
#11 Implementing Client-Centered Care
The Client Health is in the center of Health Performance. To rise to the top in this field, you need a dedication and commitment to client-centered care — which means putting your client’s needs first. In this way, we are achieving higher quality outcomes while also growing our client's trust and confidence.
Health performance leaders go that route because they care, and not just to turn healthy margins. When you put the client first, only then will you make a difference in their health and performance.
#12 Organize and Stay Efficient
The more responsibilities and clients you take on, the crucial it is to stay organized, attentive. Three initial skills that every health performance leader should work on include time management, record keeping, and task prioritization.
Leverage scheduling tools and systems to help drive efficiency in your workflow by automating as much of client-centric activities or services delivery (e.g. medication adherence via pharmacy blister packs) either through the use of various software applications, automated refill requests, seeing clients on a regular ongoing basis at grabbed appropriate time slot. Not only that, being organized improves productivity which in turn will improve the quality of care you deliver to your clients.
#13 Contributing to the Industry
A strong leader in health performance not only has a successful practice within the industry but also contributes to pushing that specific field forward. You might publish, do research in the area, or present at conferences and teach so that your knowledge is transferred to those who are coming next.
You can also shape future health performance by contributing your knowledge and expertise as early in the development process as possible, reflecting on what would eventually deliver improvements to all people from vitality. It also helps to grow your name in the industry and position yourself as an expert individual.
It is important to have a good work-life balance nowadays, the further you get in your career; The opportunities for the health performance field can be relentless, so that it is significant to address oneself combined. Leaders in this area regularly take time for themselves whether they can travel, or not (as leaders understand how important self-care is and set those boundaries).
Leaders schedule rest, relaxations, or personal pursuits because even if you have the greatest career taking breaks from it will help make your heart soar! When you put yourself first, it gives you the strength to help others and set an example for them!
In conclusion, the path to being a leader in the health performance industry is tough, but with the right mindset, skills, and strategies it also leads you into uncharted realms of personal and professional greatness. If you learn the landscape, achieve some momentum in your foundational studies, stand on the shoulders of giants through continuous learning, and truly focus on client-centered care, you are likely to be among an elite group that can ascend to greatness within their field leaving a real legacy with those they serve. Just be the best you can at what we do and eventually not only will develop into a leader but EXTEND as one.
The idea of thriving together in a business partnership sounds nothing short of amazing, right? Unlike those that go at it alone, you’ll most likely stay ahead in your business, right? It’s not even just a chapter of your life or a short excerpt of your entrepreneurial journey. But instead, this is the main story.
This is where all of the adventure is! However, before you shake hands and sign on the dotted line, there are some critical aspects you need to consider to ensure a successful collaboration. While sure, movies and shows might make it seem so incredible, it’s not exactly like that. So, with all of that said, let’s dive into what you should know before joining a business partnership.
Know Your Potential Partner Inside Out
You’ll want to think of a business partnership as a marriage. You wouldn’t marry someone without truly knowing them, right? The same goes for business. Making a commitment like that takes a lot of time, so you’ll need to spend time getting to know your potential partner’s values, work ethic, and business philosophy.
Are they risk-takers or more conservative? Do they have a solid financial history, or are there skeletons in their closet? This foundational understanding can prevent future conflicts and misaligned goals.
Define Clear Roles and Responsibilities
So, just imagine playing a team sport where no one knows their position. Chaos, right? That’s what it’s like in a business partnership without defined roles and responsibilities. Just go ahead and sit down with your partner and clearly outline who’s handling what. This clarity not only helps in smooth operations but also ensures accountability. It’s easier to stay in your lane when you know exactly what your lane is.
Communicate Like Your Business Depends on It
Because it does! Yep! You read that right! Open, honest, and frequent communication is the lifeblood of any successful partnership (again, just like a marriage). Don’t let issues fester. Address them head-on with transparency. Regular meetings to discuss progress, setbacks, and future plans can keep everyone on the same page. Remember, silence can breed misunderstandings and resentment, which can be fatal for your business.
Discuss Money Matters Early
Money can be a tricky subject, but you can’t avoid it in a business partnership. Discuss financial contributions, profit sharing, and how you’ll handle losses. Will you both draw a salary or will profits be reinvested into the business? It might be uncomfortable talking about, but by all means, this definitely needs to be addressed though. Overall, just having these conversations upfront can prevent awkwardness and disputes down the line. It’s also wise to agree on financial reporting and auditing procedures to maintain transparency.
Legal and Tax Implications
As we all know, if you make money, you owe in taxes. So, with that all said, just understanding the legal and tax implications of your partnership is essential. Now, this is definitely a confusing minefield, but it’s something you need to understand. Ideally, you should look into consulting with a lawyer to ensure your partnership agreement complies with local laws and protects both parties’ interests.
But on top of that it’s best to explore the tax responsibilities each partner will shoulder. You might find it beneficial to seek EIN filing assistance service to navigate the complexities of EIN application, ensuring your partnership starts on the right foot with the IRS. Plus, even if you don’t plan on hiring employees, partnership businesses still need these.
Plan for the Worst-Case Scenario
Nobody likes to think about their business going south, but it’s absolutely so important to have a plan. What if one partner wants out? What if the business fails? Drafting a detailed partnership agreement can outline exit strategies, buyout terms, and dispute resolution mechanisms. It’s like having a business prenup; you hope never to use it, but you’ll be grateful it’s there if you need it.
Navigate the App-Scape: Transform Your Business with a Custom App
Creating an app for your business can be a game-changer. It can offer unparalleled engagement with your audience and streamline operations. A well-designed app enhances customer experience and sets you apart in a competitive market. This guide from Nick Throlson will help you develop an app that aligns with your business goals and delights your users.
Define Your Objectives and Audience with Precision
To build a successful app, define what you want to achieve. Whether increasing sales, enhancing customer service, or providing information, a focused objective will guide your app’s features and design. Equally important is identifying your target audience. Understanding their preferences, habits, and pain points ensures your app meets their needs effectively. For example, if your audience is tech-savvy millennials, incorporating cutting-edge technology and a sleek design will appeal to them.
Include shipping options
When you start a business and set up your very own app for that business you need to explore all avenues. That means if you are selling your products on the app then you will also need to include some form of shipping options. Many businesses already do this and it works for them, you just need to find which ones will work for you. If you are going to be allowing your customers to order in large quantities then you might want to order wooden shipping crates to help you with this.
Gain Insight Through Competitor and Market Research
Researching your competitors and the market is crucial. Analyze similar apps to see what features they offer, what works well, and where they fall short. This insight helps you identify gaps in the market and opportunities for innovation. By understanding the landscape, you can create an app that matches and exceeds what’s currently available, providing unique value to your users.
Prioritize User Experience and Aesthetics
An app’s success heavily relies on its user experience (UX). Aim to create an intuitive, easy-to-navigate, and aesthetically pleasing app. Simplify the user interface (UI) to avoid clutter, use colors that align with your brand, and ensure that buttons and menus are easily accessible. Remember, a user-friendly app encourages regular use and positive reviews, which are critical for growth.
Leverage a Computer Science Degree for Strong Foundations
Earning a computer science degree lays a solid groundwork for a career in app development. It arms you with a deep understanding of programming languages, data structures, algorithms, and software engineering principles. These essential skills are crucial for creating functional, scalable, and secure apps. Opting for an online degree can seamlessly blend learning with your current professional life, offering flexibility to study without pausing your career. If app development interests you, give this a view; it could be the stepping stone you need for your tech ambitions.
Utilize Analytics for Continuous Improvement
Once your app is launched, tracking user behavior and performance is essential. Use analytics tools to gather data on how users interact with your app, what features are most popular, and where they encounter issues. This information is vital for making informed decisions on updates and improvements, ensuring your app remains relevant and user-friendly over time.
Develop a Strategic Marketing Plan
Develop a comprehensive marketing plan to ensure your app reaches its intended audience. Promote your app using various channels, such as social media, email marketing, and partnerships. Create engaging content that highlights your app’s unique features and benefits. Consider offering incentives like discounts or exclusive content to encourage downloads and positive word-of-mouth.
Assess Your Budget and Resources
App development requires a clear understanding of your budget and available resources. Determine how much you’re willing to invest in development, marketing, and maintenance. Consider the costs of hiring developers, designers, and marketing professionals. Budgeting effectively ensures you can build and promote your app without financial strain, setting the stage for long-term success.
Ensure Thorough Testing Before Launch
Before launching, it’s imperative to thoroughly test your app for bugs, usability, and compatibility across different devices and operating systems. Conduct beta testing with a group of users who can provide feedback on any issues they encounter. Addressing these problems before the official launch ensures a smoother experience for your broader audience, minimizing negative reviews and user frustration.
Developing an app for your business is a multifaceted process that requires careful planning, execution, and continuous improvement. You can create an app that meets and exceeds your business goals by clearly defining your objectives and audience, researching the market, prioritizing user experience, leveraging a solid educational foundation, utilizing analytics, developing a strategic marketing plan, assessing your budget, and ensuring thorough testing. An app can transform your business by enhancing customer engagement, streamlining operations, and providing a competitive edge in today’s digital marketplace.
If you enjoyed this article, you can find more helpful content at NickThrolson.com!
