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How To Avoid Losing Your Business To the Pandemic
At times like these, I didn’t know whether to keep my head up and try to power through it as if everything would be fine, or lock myself in my home office and bang my head on the desk while, of course, letting out long sighs of stress and anxiety. I needed a way to calm down. Most of all, I needed a way to fix the mess that COVID put me in.
COVID has killed the revenue of a lot of businesses. Depending on what industry your business is in, you may have had to lay off employees, adjust to thousands of dollars in revenue loss, and possibly even adapt by having employees work from home.
If it’s the case that your business is taking a hit from COVID, this article is for you. Businesses fail for two reasons: they grow too fast or they grow too slow. The first thing we need to do to avoid losing your business to COVID is to make sure your business can continue growing so your revenue can cover your expenses.
To do that, analyze your business to find ways you can generate more revenue so your business can continue growing. There are only three ways to grow a business:
⦁ Get more customers/clients
⦁ Increase your average order value (AOV)
⦁ Increase your customers’ lifetime value (LTV)
The first, getting more customers, is pretty self-explanatory. However, it’s not the most efficient way of growing your business because most people focus so much on this that they miss out on the other opportunities the other two ways have to offer.
Increasing your AOV as a business simply means increasing your rates. Your business makes money based on its ability to provide value to the marketplace that solves a problem. When consumers see and want that value (for example, toilet paper has become a big form of value that people are buying these days), they exchange money for that value and your business grows. If your business is providing value that, due to the pandemic, people really want or need, you can justify raising your rates a bit if it will keep your business afloat.
Increasing your LTV is the process of increasing the average revenue that a customer will generate throughout their lifespan as a customer. As a business builder, you can do this by adding more products that your existing customers will want to buy. You can also do this by getting your existing customers to refer other people to your business.
Now, as you strategize and work toward figuring out ways to leverage these three ways to grow your business, you should also be analyzing your business for ways that you can adapt to how the world has changed. Are you beginning to follow the telecommuting trend where employees work from home? Does the type of business your run make it a good idea to look into COVID-19 liability protection? Start looking for ways to make your business run more smoothly in our new normal.
Last, you want to remember that when it comes to your business you’re only as strong as your team. Use your circle of influence to adapt and push forward. What is your circle of influence? It’s your Support, Peers, and Mentors.
Your Support is the people you hold day-to-day interactions with. Do these people leave you feeling like you can overcome the hiccups that your business is facing, or are they telling you to give up? The people you engage with every day, including friends and family, need to be people who believe that you will make it to the light at the end of the tunnel.
Your Peers are the people you work with. Are these people that you can brainstorm and exchange ideas with, or are these a bunch of “yes men” that wait for you to come up with a good idea and just say, “Yeah, let’s go with that.” You need Peers who help you strategize a way forward.
Your Mentors are people who can provide you with wisdom and guidance because you’re not going to have all of the answers all of the time. They may have creative, innovative ideas you hadn’t thought of on how to increase your LTV or get more customers. You need Mentors and they’re good for you as well as your business, especially in times like these.
Since you’re only as strong as your team, to get the most out of your team, you need to make sure you’re able to communicate and collaborate with them from a position of health and wellness, not a position of tiredness, stress, and anxiety. You should be monitoring your stress levels, exercising regularly to manage your stress (and boost immunity), and you should be leveraging technology to stay as healthy as possible. A good fitness tracking app can go a long way.
For the best results from your team, help them help you. Work to create a happy and productive work culture by being a mentor to others to help build their circle of influence. You can adopt wellness initiatives such as having a ten minute guided meditation session at the start of your hour-long meetings with them. You can find creative ways to reward your employees for doing good work and brainstorm ways to make them feel more included in the team as well as the goals of the business.
Most of all, you want to communicate with your employees. For example, some of your employees may be working from home with kids. If that’s the case, you can set up a call with them where you let them know that you’re supportive of them and understanding that because we’re all adjusting and adapting to this new normal, there will be times where their children may need them.
What I recommend is having a session where you help your team set a schedule for their family that they can stick to. Using the time-blocking system, you can have them block out sections of time throughout each day where they may need to make lunch for their kids, go run errands, or whatever other tasks they need to take care of. You can even have a free miscellaneous block of time that they can use in case something comes up. That way, they can be more productive and take control of their days instead of feeling like they’re being jerked around by pressing matters that seem to just “come up”. This stability in scheduling will help you, as a business owner, reduce the stress and duties of your employees since they’re likely to share that schedule with their significant other. That means a stronger team, better leadership, and a work culture that promotes healthy productivity.
Decide today that the only things standing between you and anything you want to accomplish are time and a skillset. Decide today that you’ll do whatever is necessary to develop the skill sets you need to keep your business alive until you reach the light at the end of this tunnel. Those skill sets may be communicating with your team or maybe developing a new pricing strategy. Whatever it is, decide that you’ll do whatever it takes.
I plan out my goals for my career and business each year. When the pandemic came this year, it wiped out all of my plans. By following this strategy of masterminding with others, getting my stress under control, and adapting to the new normal, I’ve been able to grow and create new, profitable opportunities in this pandemic while my competition continues to stress themselves out.
Be the leader. Be the driving force. Be the person that your employees and competition look at and say, “I don’t know how he does it.”
About the Author
Ali Scarlett is a certified networking expert and #1 nationally bestselling author of The Clever Connector. Sign up for his free relationship-building tips via his website, www.aliscarlett-author.com.
Technology & Inovation
Empowering Businesses with Tailored Solutions The Impact of Custom Software Development Services
In the dynamic landscape of today’s business world, staying ahead of the competition requires innovation and adaptability. One key aspect that empowers organizations to achieve this is custom software development services. These services play a pivotal role in providing tailored solutions that align with the unique needs and goals of businesses. This article explores the significance of custom software development services and how they contribute to the success and growth of enterprises.
The Evolution of Custom Software Development
Traditionally, businesses relied on off-the-shelf software solutions to meet their operational needs. However, as industries became more specialized and unique challenges emerged, the demand for personalized software solutions grew. Custom software development services evolved to bridge the gap between generic applications and the specific requirements of businesses.
Tailored Solutions for Business Growth
Custom software development services enable businesses to have applications and systems designed to address their specific challenges and goals. Unlike off-the-shelf software, custom solutions are built from the ground up, taking into consideration the intricacies of the business processes. This results in a more efficient and streamlined operation, leading to enhanced productivity and business growth.
Scalability and Flexibility
The scalability and flexibility of custom software are some of its main benefits. As businesses expand, their software needs to grow with them. Custom solutions can be easily scaled to accommodate an increasing workload or a growing user base. Moreover, they can be adapted to changes in the business environment, ensuring that the software remains relevant and effective in the long run.
Integration with Existing Systems
Many businesses already have established software systems in place. Custom software development services allow for seamless integration with existing applications, databases, and infrastructure. This integration ensures a smooth transition and minimizes disruptions to ongoing operations. It also helps in leveraging the investments made in previous software solutions, optimizing the overall IT ecosystem.
Enhanced Security
Security is a top priority for businesses, especially in the age of cyber threats and data breaches. Custom software development services enable organizations to implement robust security measures tailored to their specific needs. This proactive approach to security ensures that sensitive data is protected, and the risk of vulnerabilities is minimized.
Cost-Effectiveness in the Long Run
While the initial investment in custom software development might seem higher compared to off-the-shelf solutions, the long-term benefits often outweigh the costs. Custom software reduces the need for expensive upgrades, licensing fees, and the potential expenses associated with adapting generic software to meet specific requirements. Over time, businesses find that the tailored approach is more cost-effective and provides a higher return on investment.
Conclusion
Custom software development services have become a cornerstone for businesses aiming to thrive in a competitive and rapidly evolving market. The ability to tailor software solutions to meet specific needs, coupled with scalability, flexibility, and enhanced security, positions custom software as a strategic asset for organizational success. As businesses continue to prioritize efficiency and innovation, the role of custom software development services in shaping the future of enterprises is set to become even more prominent.
In recent years, the online slot industry has experienced exponential growth, fueled by technological advancements and changing consumer preferences. As this digital frontier expands, so does the need for a robust regulatory framework to ensure fair play, protect consumers, and maintain the integrity of the industry.
In this blog post, we will delve into the complex regulatory landscape governing online slot markets, exploring the challenges and opportunities that arise in this dynamic space.
Global Variability in Regulation
One of the key challenges in regulating online slot88 markets lies in the global variability of legislative frameworks. Different countries adopt diverse approaches to gambling regulation, ranging from strict prohibitions to open and liberalized markets. In some jurisdictions, online slots are embraced as a legitimate form of entertainment and a lucrative source of revenue, while others view them with skepticism and impose stringent restrictions.
For instance, the United Kingdom has established a comprehensive regulatory regime through the Gambling Commission, ensuring fair play, player protection, and responsible gambling. Contrastingly, certain U.S. states maintain a more conservative stance, with online gambling legislation varying widely from one region to another. Navigating this intricate web of regulations requires industry stakeholders to adapt and tailor their operations to comply with the specific legal requirements of each jurisdiction.
Player Protection and Responsible Gambling
One of the primary objectives of online slot regulations is to safeguard players and promote responsible gambling practices. Regulators worldwide are increasingly emphasizing the importance of protecting vulnerable individuals from the potential harms associated with excessive gambling. To address this concern, many jurisdictions require online slot operators to implement stringent age verification processes, self-exclusion programs, and responsible gaming features.
These measures aim to create a safer environment for players by preventing minors from accessing gambling platforms and assisting individuals struggling with compulsive gambling behaviors. Industry players must stay abreast of evolving regulatory standards in this regard, adopting best practices and technologies to uphold the highest standards of player protection.
Technological Challenges and Opportunities
The rapid evolution of technology presents both challenges and opportunities for regulatory bodies overseeing online slot markets. The emergence of blockchain and smart contract technology, for instance, has the potential to enhance transparency and fairness in online gambling. Blockchain’s decentralized nature can provide an immutable ledger of transactions, assuring players of the integrity of the gaming process and reducing the risk of fraud.
On the flip side, the integration of sophisticated technologies poses challenges for regulators aiming to stay ahead of potential risks. The use of artificial intelligence and machine learning algorithms in slot games can raise concerns about the potential for manipulation and exploitation. Regulators must proactively engage with technological advancements, working collaboratively with industry stakeholders to develop frameworks that harness the benefits while mitigating the risks.
Taxation and Economic Impact
The economic impact of online slot markets cannot be overstated, with governments eyeing the industry as a lucrative source of tax revenue. However, striking the right balance between taxation and maintaining a competitive market is a delicate task. Excessive taxes can stifle the growth of the online slot industry, driving operators away or forcing them to pass on the burden to consumers through reduced payouts.
Regulators must carefully consider the economic implications of their decisions, aiming to create a regulatory environment that fosters innovation and growth while ensuring a fair contribution to public funds. Striking this balance requires a nuanced understanding of the industry’s dynamics and collaboration between regulators, operators, and other stakeholders.
Conclusion
As the online slot industry continues to evolve, so too must the regulatory frameworks that govern it. The delicate balance between encouraging innovation, protecting players, and ensuring a fair contribution to public funds requires constant adaptation and collaboration. Industry stakeholders must actively engage with regulators, embracing technological advancements, and promoting responsible gambling practices to build a sustainable and thriving online slot market. In this dynamic landscape, the success of the industry hinges on a harmonious relationship between innovation and regulation, ensuring a fair and entertaining experience for players worldwide
In the dynamic landscape of startups, the ability to adapt and innovate is paramount. One tool that can significantly contribute to a startup’s success is custom software development. In this article, we’ll explore how custom software development can be a game-changer for startups, offering tailored solutions to address unique challenges and foster growth.
- Streamlining Operations: Custom software allows startups to streamline their operations by automating repetitive tasks and optimizing workflows. This efficiency not only saves time but also reduces the margin for error, enabling startups to focus on core business activities.
- Scalability and Flexibility: Startups often experience rapid growth, and off-the-shelf solutions may not always scale seamlessly. Custom software development provides the flexibility to adapt and scale according to the evolving needs of a startup, ensuring that the technology infrastructure grows in tandem with the business.
- Tailored Solutions for Unique Challenges: Every startup faces unique challenges. Custom software development allows for the creation of solutions specifically tailored to address these challenges. Whether it’s enhancing customer experiences, improving internal communication, or overcoming industry-specific hurdles, custom software can be designed to fit like a glove.
- Cost-Efficiency in the Long Run: While the initial investment in custom software development might seem higher than purchasing off-the-shelf solutions, the long-term cost benefits are significant. Custom software eliminates the need for unnecessary features, licensing fees, and the potential costs associated with adopting a generic solution to meet specific requirements.
- Competitive Advantage: In a competitive startup landscape, having a technological edge can be a key differentiator. Custom software allows startups to differentiate themselves by offering unique features or services that competitors using off-the-shelf solutions cannot replicate.
- Enhanced Security: Startups often handle sensitive data, and security is a top concern. Custom software development enables the implementation of robust security measures tailored to the specific needs of a startup, reducing the risk of data breaches and ensuring compliance with industry regulations.
- Adaptability to Market Changes: Markets are dynamic, and startups need to adapt quickly to changes in consumer behavior, industry trends, or regulatory requirements. Custom software is inherently more adaptable, allowing startups to implement changes swiftly and stay ahead of the curve.
Conclusion
Custom software development is a strategic investment that can propel startups to new heights. By providing tailored solutions, improving operational efficiency, and fostering adaptability, custom software becomes a powerful ally in the journey of a startup, helping it not only survive but thrive in the competitive business landscape. As startups continue to innovate and disrupt industries, custom software development emerges as a crucial tool for shaping the future of business
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