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4 IDEAS FOR YOUR NEW BUSINESS START-UP

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Today, there are countless business start-ups all across the world, and the desire to create your own can come way before settling on an actual business idea. Of course, while it’s important to have that drive to run your own business as a starting point, it’s important not to get ahead of yourself. First, you’ll want to identify exactly what your business will be and whether it’s got the potential to be a success. To help you decide on this, we’ve listed 4 of our best ideas for new businesses and how you can get started.

 

Blog Writer

This might not sound like a business idea at first but writing a blog can now be extremely profitable. With a large enough audience, your blog could be an ideal space for other businesses to use for advertising, but this requires some dedicated work. You’ll need to write articles that link to these businesses products and services to direct audiences towards them. This partnership means that these businesses increase their audience significantly, and then pay you for your help. This is more specifically known as affiliate marketing, and you can even outsource these articles if you begin to get too many clients to advertise.

 

Franchise Owner

If you’re looking to create something with more weight behind it and to hire some employees but you aren’t all that knowledgeable when it comes to marketing and creating a new business from the ground up, you could look at buying into a franchise. Becoming a franchisee is where you basically run a business using the name of a larger organisation and following their business plan and rules and regulations. You can learn more via Franchise Local about the potential franchises available to you. You’re essentially paying for the privilege of being a part of that franchise, and while you will pay a fee and a percentage of your sales to the franchisor, you’ll benefit from an already established brand and business model, meaning you can get started on making profits much faster than if you had to establish everything yourself.

 

Dropshipping

Dropshipping is the perfect choice for someone that wants to start selling products but doesn’t have the space or facilities necessary to stock and ship those items. Instead, they will list the stock of a manufacturer on their own site and place the orders with the manufacturer once they receive them, who will then deal with the logistics of the operation. While the profits will be lower than stocking a physical store via a wholesaler, using the dropshipping method means that you don’t have to worry about paying rent for storage space or even hiring employees, which cuts costs dramatically.

 

Artisan

Another popular idea for new business owners is selling artisanal products such as handmade candles, artwork, and ornaments. Whatever your crafting skill talents, if you can identify a desire for the products you make, you’ll be able to sell them. There are lots of tips online for running an artisan business but all you really need to do to start is set up a store page, create some identifiable branding, and then start advertising and selling your wares online.

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Using OKRs to transfrom business in a new working environment

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Managing the challenges of rapid business growth while also adapting to a hybrid world of working forced by the global pandemic will be among the topics raised at this year’s international OKR Forum 2022.

National business coach Peter Kerr will highlight how the business management framework tool of OKRs can help overcome the challenges faced by hypergrowth companies, while also helping create a strong team culture to establish resilience to adapt to new ways of working.

Peter Kerr, MD of the rapidly expanding UK-based specialist coaching consultancy AuxinOKR, will be a key contributor to the OKR Forum event, being held virtually on February 3. He will be talking to Lavanya Gopinath, director of operations at Chargebee, about the challenges of rolling out OKRs across a global tech business with a geographically dispersed workforce.

The OKR Forum is the fourth event of its kind featuring a mixture of keynote speakers, expert workshops, and case studies of OKR implementation. Delegates can learn from international brands such as LinkedIn, Colgate-Palmolive, and Renault on how to engage teams for better outcomes with the agile goal and performance management framework, known as OKRs.

AuxinOKR, which has clients around the UK and overseas – including SAP, ASOS, Which?, Bitstamp, Chargebee and South African bank absa – has a proven record of helping ambitious companies and organisations establish an OKR strategy that enables them to achieve their goals.

Chargebee is a leading international subscription billing platform on a fast-track trajectory powering some of the fastest-growing SaaS and subscription-based businesses in the world. The company, valued at $1.4b in April 2021 has more than 3,000 customers across the US, Europe and rest of the world. Digital transformation has accelerated the opportunities for Chargebee, and the company saw OKRs as a tool to drive cultural change across the business.

Peter Kerr says: “Chargebee is a fabulous company with a great product. Digital transformation across more companies has created huge opportunities for Chargebee but they recognised they needed to change themselves to become a stronger, more agile, and resilient business.

“Chargebee saw OKRs as a way to create a focus and clarity across the entire business, spread across several countries. OKRs have helped establish a new culture, one where everyone is clear about the company vision and key goals and their roles in helping achieve growth and success.

“And, of course, this was made even more challenging by being implemented during a pandemic. OKRs helped Chargebee accelerate the push for collaboration, transparency and understanding during this difficult period.”

This year’s OKR Forum online event will feature world-class OKR experts such as Ben Lamorte, Felipe Castro, Francesca Nardocci, Melanie Wessels and many more, along with leading international companies.

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The evolution of the CFO: 91% still carry out repetitive and manual tasks despite the new demands of their role

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‘The future CFO’ research conducted by Xledger, the cloud finance software provider, finds that there is a lack of support in helping CFOs to evolve with the new demands of their role. Some of the top frustrations that CFOs cited in their current roles include having to carry out repetitive and manual tasks (33%) the reliance on hard copies of documents or legacy spreadsheets (27%) and bottlenecks in the flow of information (26%).

Other key frustrations were being unable to spend time on strategic tasks (23%), being able to work efficiently when away from the office (23%), the number of silos making it difficult to work collaboratively with colleagues (20%) and a struggle to demonstrate compliance to regulators (19%).

Repetitive and manual tasks seem to be indicative of the finance role, with an enormous 91% stating that they need to carry out at least one of the above repetitive tasks as part of their job and this could be impacting their ability to carry out other aspects of their role. The research found that the more senior you are, the more likely you are to be carrying out repetitive tasks, with senior figures averaging 25 hours per week, compared to 15 hours for other finance decision makers.

Mark Pullen, CEO at Xledger comments, “The fact that the UK’s top strategic decision makers are spending up to 25 hours a week on low value-added tasks is astounding. The results of this research may highlight not only the stresses of the CFO themselves, but of their whole team. The frustrations and seniority differences are vital in informing the current dynamics, behaviours and commitments of the CFO role. If they are to evolve effectively, it’s evident that more support is needed to harness their strategic value. Business growth rarely comes as a by-product of doing more with the same level of resource – unless you factor in technology.”

When digging further into the study, there are some notable trends in terms of seniority and sector. For example, 38% of larger companies (5000+ employees) vs 28% of smaller companies (less than 50 employees) are frustrated by repetitive, manual tasks. This is likely a result of larger organisation’s needing more rigid processes in place than smaller, potentially more agile organisations.

Notably, the inability to work efficiently when away from the office was felt more by senior finance directors and CFOs (33%) than other finance decision makers (16%). This could be put down to a need to collaborate effectively with colleagues in more senior roles. 30% of senior financial directors and CFOs also stated that they’re frustrated about the number of silos and inability to work collaboratively compared to just 14% of other finance decision makers.

Xledger is a leading  true-cloud finance technology for mid-market organisations. With a suite of automation features including OCR, automated purchase invoice and expense handing, reoccurring and professional services billing and in-system payment processes our value, is giving back time to CFO’s and their finance departments, allowing them to spend more time of higher value-added activities.

The Future of the CFO study was conducted among 529 CFOs and financial decision makers in the UK during August and September 2021 by Sapio research.

 

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