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Determining The Right Budget for Your Small Business IT Spend

  • November 29, 2021

 

Small businesses tend to spend a larger percentage of their annual budget on information technology spending. However, it is always a delicate balancing act between keeping up with technological and industrial progress and justifying the spend to maintain financial and operational stability. While you definitely do not want to be left behind by the competition, it can be hard to achieve the perfect balance between justified IT spend and justified spend in other areas of the business that can improve your bottom line. IT Outsourcing Services can be a great resource for IT consultation and guidance in helping you nail down the most optimized IT budget for your business.

IT technology expenditure is not something that you can blindly follow the trends for. Justified IT spending depends on your unique individual business needs. Certainly it helps to have a ballpark figure in mind by knowing the average spend in your industry and for your business size - you cannot simply follow what another company has done and expect it to yield similar or necessarily optimal results. You need to make the best decision for yourself based on the limited budget you have for the problems you are trying to solve. This means having an in-depth understanding of your business processes, market trends, your options, and your company goals. Only this can help you determine exactly where you need to direct your efforts the most in IT spending in order to get the best results. 

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How Does Outsourcing Make Your Business More Cost-efficient

  • November 29, 2021

Business operations are vast and complex. The core strength of your business team may not necessarily lie in managing the day-to-day activities of your entire operations. Unfortunately, every business needs essential maintenance and upkeep processes that are as integral to the function of the business as other core business functions. What outsourcing essentially does is to transfer or delegate these functions to a qualified third-party service provider. This allows businesses to focus on their core competencies, while essential business functions are maintained and secured on auto pilot - thanks to the competencies of the third-party service provider. IT Outsourcing Vermont is your best resource for local IT outsourcing support in Vermont.

For instance, let's just look at the cost advantages of outsourcing accounting tasks. By assigning these tasks to a reliable and qualified third-party service provider, businesses can benefit from the following: 

  • Save a huge chunk on payroll costs - With essential accounting tasks taken care of, there is no need to maintain an in-house task force. This means a significant amount of savings from not having to dispense salaries. Since most accounting agencies are contracted on a per-project basis, you make savings here as well. The total pay-out could often be only a fraction of the total payroll amount you were paying out before.
  • Reduced rental costs - With the number of in-house employees drastically reduced, you need significantly less space to run your business. This means significant savings on rental costs. 
  • Reduction in total compensation - Since the agency that you bring on board to do your accounting works on the basis of contracts and not hiring - this results in significant savings from not having to pay out employee benefits.  

How Can Outsourcing Build Your Business?

Allows for uninterrupted focus on core business functions

No business willingly wants to spend time just managing non-core functions such as Digital Marketing, Website Management, payroll administration, market research, phone handling, and customer support. With reliable third-party service providers, you will be able to outsource these tasks and consequently increase your productivity manifold by freeing up the time of core team members to focus on essential business functions and innovation. Outsourcing IT Support Vermont will also allow you to streamline costs.

 

Render Your Business Accessible 24/7


Outsourcing inbound customer support services will ensure that you never miss an opportunity. Unlike in house employees, these services are available 24*7*365 which means that you are covered even in after-office hours.

 

Live Problem Solutions


Your customers expect you to be available whenever they want you to be. Without outsourced services, you will be able to address customer concerns and questions through phone, chat support, or email - whenever required. For customers, your business will remain always available to attend to issues.

 

Direct your cost savings to more meaningful channels

Given the enormous cost savings that you can expect to gain from outsourcing, you will need to have a plan to repurpose these savings to fund projects or other necessary requirements that you have been holding onto for a while.

4 Ways Outsourcing Your IT Can Save Your Business Money

Unlock a new level of efficiency

Outsourcing IT service providers are experts in what they do. This means that you will have access to a broad range of in-depth technical expertise and industry know-how. Hiring IT personnel in-house forces, you to be dependent on the technical expertise of one person or, at the very best, a handful of people. Given the white breadth and range of technological evolution happening at an incredible pace, this is clearly not ideal. Having access to an IT outsourcing service provider enables your business to take advantage of a wide range of expertise from some of the most qualified and experienced technicians in the field. Even if the specific technicians assigned to your company or project need some additional expertise or guidance, this can be quickly addressed by assigning other experts from the wide roster available with the managed service provider. Reliable outsourcing service providers such as IT Consulting Vermont enable a much greater level of efficiency than having a limited number of in-house technicians. 

 

Scale on demand

Marketplaces change. Sometimes overnight. This means that your business needs to be prepared to scale up or down on demand. However, this is painful to do with legacy infrastructure and in-house employees. Through outsourcing solutions, you will be able to adjust your infrastructure rental cost and labor costs as per the demands of the market. This enables significant cost savings over running a traditional infrastructure set up. For instance, if your market demand or even cash flow varies from season to season, there is no need for you to maintain the same level of infrastructure throughout the year. An MSP allows you to quickly adjust the number of hours depending on your needs thereby preventing idle resources and wastage. 

 

Gain Remote Support

Hardware and software tend to break down or have issues - often without any prior notice. In order to function seamlessly, your organization needs on-demand support that's always available and able to solve queries or problems in the first call. Since most technical problems actually do not involve in-person assistance, this requirement can be excellently served with remote IT support. This enables you to get 24*7*365 support at a fraction of the cost compared to full-time, in-house teams. Unlike your regular employees, the remote support team is always available (including national holidays, emergencies and weekends) to address any technical issues or queries your employees may have. This kind of remote support can also act as a necessary supplement for your dedicated in-house/ main technical teams who can then focus on core business problem-solving and innovation. Remote IT support enables an extremely efficient and affordable option to get round-the-clock technology support that your organization deserves. 

 

Say goodbye to Hiring, on boarding, or Training Costs

Any organization will attest to the fact that full-time, in-house employees are expensive to both bring on board and maintain. Right from scouting out the right talent to hire, HR to training, on boarding and providing benefits - each in-house employee costs your business considerably. With outsourcing services, you can save on a majority of these and other associated costs. You also save on all the headache of managing individual employees. An MSP can take care of hiring, training, and managing all aspects of employment on your behalf.

About Steve Loyer:

Steve Loyer is the president and CEO of Tech Group, LLC. – Managed IT Services Vermont company. With over 25 years of sales and service experience in network and network security solutions, Steve has earned technical and sales certificates from Microsoft, Cisco, Hewlett Packard, Citrix, Sonicwall, Symantec, McAfee, Barracuda and American Power Conversion. Steve graduated from Vermont Technical College with a degree in Electrical and Electronics Engineering Technology. Recently he wrote a blog on Why You Should Outsource Cyber Security Services.

 

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Finance Moving to the Cloud: The Steps to Take and the Benefits You Can Expect

  • November 29, 2021

 

Recent research by Gartner predicts that the Cloud is likely to become the dominant deployment model for financial management applications by 2025. The research report titled “Finance Moving to the Cloud: The Steps to Take and the Benefits You Can Expect” also said that spending on cloud or SaaS-based applications will reach 47% of the total market spend by 2020. Put together by Gartner analysts Nigel Rayner, Chris Iervolino, and John Van Decker, the report stated that, “After years of lagging behind other domains in cloud adoption, cloud is hot in all areas of financial applications. CFOs and IT leaders need to understand how to capitalize on the opportunities of transitioning finance systems and processes to the cloud without being caught out by the challenges.” If you are interested in how this can play out in the case of your financial institution, Cloud Computing Los Angeles can help with a free consultation.

The report does admit that financial management applications have been conspicuously slower than other industries in moving to the cloud. But it concludes that the market is definitely at a turning point with cloud adoptions progressively picking up speed. Going by the report or not, it is clear that finance applications are increasingly adopting the cloud-based approach. 

The findings of the Gartner report are also in line with market surveys and customer feedback from a number of other sources. For instance, the Radius Global Research survey found growing interest in cloud-based EPM with adoption continuing to grow at healthy rates as 41% of people who took the survey reported to currently have a cloud-based EPM solution, 29% in the process of evaluating business fit, and 23% planning to migrate to the cloud in the immediate future. Of all the surveyed respondents, just a minor 2% reported to have no interest in cloud migration for their applications. 

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Optimize Your Organization’s Technology Investment

  • November 29, 2021

 

The recent pandemic has left an indelible impact on the country’s economy. Recent data indicates that 87% of companies are rethinking IT investments for 2022 and going forward, thanks to the significant shifts in consumer spending and market uncertainty. Moreover, 93% of respondents said that in rethinking their IT investments, they are likely to focus on modernizing cloud architecture, improving data management and analytics to spur their digital transformation efforts.

As a decision-maker, how often do you come across the words “next generation, cutting edge” capabilities? You are always promised an enticing end result of “improving your company’s bottom line” or “disrupting the business landscape” and more. And yet, only a handful of technology investment opportunities actually bear out any significant desired result. The problem is that technology is often applied indiscriminately, without any regard for the company’s strategic direction, core values, opportunities, or challenges. This is why finding the best fit for a particular technical logical solution to the business it's being applied to is so critical. Since decision makers are forced to choose from a seemingly countless variety of different vendors, technologies and add-ons, they need to be extra careful in evaluating the value proposition of the technology and deciding on the best fit for their operations. While many technologies promise to enhance convenience in the short term and may elevate base productivity levels by a few points - it is also imperative to evaluate its long-term business capabilities and value addition. The technology should ultimately feed into your overall business strategy and not the other way round. For more on this, you can refer to IT Support New Jersey for additional resources.

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How Your Business Can Benefit from an Enterprise Resource Planning Software

  • November 22, 2021

Enterprise Resource Planning, also known as ERP, refers to the software organizations use to manage day-to-day business activities. These can include supply chain operations, accounting, compliance, risk or project management, and procurement. ERP systems allow for a quick and efficient flow of various data between all the business processes that they also tie together.

With the wide variety of choices available to entrepreneurs, deciding on what you should invest in might prove to be a difficult task. You want your company to grow, but at the same time, you wouldn’t want to pull the trigger too fast and put your money into a failed project. That’s why you should first weigh the benefits and possible disadvantages of ERP. The initial purchase cost, along with the further cost of implementation and maintenance, might be a significant drawback. 

On the other hand, ERP allows for precise planning, better accuracy and availability of information, and higher management performance, among many other benefits. With that said, keep reading if you’d like to learn more about how your business can benefit from enterprise resource planning software.

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How Small Businesses Can Repeatedly & Incrementally Cut Costs

  • November 2, 2021

‘Cutting costs’ is often a dirty term when managing a business, because sometimes it can suggest that your strategy isn’t as effective as it might have been, or it can lead to the ultimate cost-cutting necessity that no one enjoys - downsizing a firm. Additionally, you may find that cutting costs can lead certain departments to suffer from a lack of funding, which can prevent you from putting out the great work you’re known for, leading to staff exoduses and worse.

But there’s no reason as to why hacking away at your costs with a proverbial machete is necessary every day, as sometimes, cutting dead wood away with a scalpel is more important, and reasonable. This isn’t to say you should streamline your business too much, but there are practical efforts you can engage with that will help you save plenty of money over time.

In this post, we hope to discuss what those are just a little, as well as give your firm time and space to consider how this relates to your brand. Without further ado, then, please consider:

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5 Crucial Tax Tips for Businesses in Australia

  • October 25, 2021

The Australian Tax Office (ATO) defines a small business entity as an individual, company, partnership, or trust with less than $10 million in turnover threshold and can gain various tax concessions. If you run a small business in Australia, familiarize yourself with income, fringe benefits, and capital gains taxes. Don't forget to find out about land taxes, payroll, customs, and stamp duties. Below are crucial tax tips for businesses in Australia.

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Must-Know Tips for Running a Successful Café

  • October 20, 2021

Must-Know Tips for Running a Successful Café

As coffee drinkers, we love finding subtle ways to flex our love for our favorite brews. We have coffee mugs that threaten loved ones with bodily harm if they talk to us before our first cup, we brag about how many cups we have to drink every day, and we laugh in the face of those complaining about the Western world’s caffeine addiction (all while knowing it’s true).

Even so, those whose love of coffee extends to making a living selling it are a completely different class, and you need more than a caffeine addiction to enroll in it. If you want to become a coffee centurion over your legion of baristas, follow these must-know tips for running a successful café.

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How To Succeed in Construction Project Management

  • October 6, 2021

How To Succeed in Construction Project Management

Construction project management is a prominent role filled with responsibilities. To ensure the project is completed, managers take steps to effectively oversee each role within the project’s duration. If you’re a construction project manager or interested in becoming one, read this article on how to succeed in construction project management for tips and suggestions.

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5 Helpful Tips for Marketing a Rebranded Business

  • October 5, 2021

Rebranding is not an easy undertaking. Companies big and small will tell you that it’s arduous, time-consuming, not to mention risky. Regardless of all these perceived obstacles, the companies that have gone through it are convinced that it’s worth the money, time, and effort.

The reasons for rebranding are as varied as the ways you can go about it. The following paragraphs will elaborate on what these reasons and methods are. It will also provide helpful insights on creating a marketing strategy that will work for a rebranded business.

Why Companies Are Rebranding

Companies always aim to make a profit, and sometimes doing so requires a do-over for that one brand (or maybe even a few at the same time). Arguably, the most common reason for rebranding is relevance. Brands that have been around for decades might feel the need to do so to keep up with competition and the evolving needs of their customers.

A case in point is Dunkin’, which went through rebranding in the latter part of the 2010s to reflect its growing beverage priorities. The move proved beneficial for the 71-year-old company, which saw a 50 percent increase in espresso sales.

If staying relevant is one reason for rebranding, what are others?

Changes in Business Ownership

An acquisition or demerger typically results in an immediate rebrand. The objective here is not only to make the change visible but also to comply with legal requirements. 

In the case of a demerger, the party that has split off is now obligated to develop its own brand and send a clear signal it no longer forms part of the organization. With an acquisition, the new company may create an entirely new brand or use the name of one of the parties involved. 

Bad Reputation

An environmental scandal or exposed data breach are just two ways companies can earn a bad rap. And if a company is being talked about negatively within the industry, it can be detrimental to business stability and growth. A rebrand project can, given time, remove any negative associations with the brand.

Going Global

There are scenarios where rebranding is necessary so that a brand can go international. For example, if a brand name is specific to a country, it needs to be changed for use in a different country. There’s also the case of companies selling the same product under other brand names opting to use just one international brand, like Raider to Twix or Smith’s to Lay’s

New Leadership

The arrival of a new CEO, CMO, or COO will often result in significant organizational changes. The rebranding of the Dunkin’ brands was brought about by the new marketing chief Tony Weisman. Steve Jobs changed the company’s rainbow-colored logo to a metallic-looking apple with a single bite upon his return to Apple in 1997. This logo is now synonymous with the company and is known all over the world. 

Marketing a Rebranded Business

Say your own company is currently engaged in a rebranding project. You now have a shiny new logo, fun colors, and a catchy slogan. Your team knows the next steps to take, and the new brand has already been embedded in your business. You have already invested in new brand-aligned custom packaging, so your product truly stands out from the competition.

It’s time to show off your rebooted brand to the world, but you’re unsure of the best way to go about it. Here are a few tips to help your public rebrand marketing go as smoothly as possible.

Use Teasers to Build Excitement

Get your loyal customers in on the excitement with mentions that an enormous change is coming up. In the run-up to launch day, tease the big changeover by sending targeted emails and social media posts that use video and imagery. The key here is not to give away too much, just enough to pique your viewers’ interest. Also, offer behind-the-scenes hints of the preparation work while it’s underway.

Share Your Rebrand Story

Storytelling has and will always be a powerful marketing tool. So tell your followers what made you want to rebrand and your hopes for the future now that it’s done. Offer a behind-the-scenes look into the rebranding process. 

Adding that human element gets people engaged with your brand on an emotional level. Think about what stories you can tell about the design of the logo or how you choose the new brand color scheme. These are the stories that will add a punch to your social media and even above-the-line advertising.

Show Love for Your Brand Ambassadors

Who are your brand ambassadors? They are the customers who are most passionate and excited about your brand. They are the people who talk positively about your products to their friends, family, and followers. 

Brand ambassadors can be great allies in spreading the word about your rebrand. Encourage them to do just that by reaching out and giving them an early update on the news. You can also offer incentives for them to spread the word.

Prepare to Answer Lots of Customer Queries 

A big company change like a rebrand will be sure to spark lots of customer questions. Make sure to prepare an FAQ document and brief your customer service team on it, so they’re ready to field the onslaught of inquiries. In addition, you can have the marketing team create an FAQ article or video for your website. Share links to it in your promotional posts, emails, and ads.

Engage the Media

A company’s rebrand project makes for an exciting news story, so include PR in your rebrand marketing strategy. Be proactive with your outreach. Help journalists and commentators by issuing press releases announcing the rebrand. It’s also a good idea to have a designated representative who will do interviews if requested. They can be the brand founder, head of marketing, or someone on your creative team. If you work with a rebranding agency, loop them in, add their quotes, and share the PR benefits.

Conclusion

Businesses choose to rebrand for lots of different reasons. While some pursue it as a strategic move to remain relevant, others need to do it to clean up their reputations or comply with corporate laws.

Regardless of the purpose, a rebrand is undoubtedly a massive and risky undertaking. That said, careful thought and planning by all concerned departments are necessary before it is implemented. Getting the buy-in from higher management and other stakeholders is also crucial before such a project can be properly and extensively promoted. 

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