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How Businesses Build Resilience in Troubled Economies

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Economic headwinds might be nothing new, but increasing talk of recession can put even the most resilient leaders in the doldrums. Yet Winston Churchill famously advised us to “never let a crisis go to waste” and encourages us to set sail for new opportunities. 

Recession or not, many entrepreneurs live life with all hands on deck solving problems as if merely trying to stay afloat and–often by sheer willpower–steer their business back onto the right course. There is a way, however, they can find real tailwinds to drive the company forward during bad times and good. 

The case for systems

‘The E-Myth’ author Michael E. Gerber recently said that businesses failing during another recent crisis, the Covid19 pandemic, would have sunk regardless. “The tragedy for them is not the (pandemic),” he said, “it’s the lack of understanding of what a business is, how one must work in order to grow effectively.” 

As with a sailboat and its crew, “how one must work” is using systems. Without systems such as navigation, sail trimming, counter weighing and more, a boat will get stuck in neutral, with no wind in its sails—or it can capsize and even worse, sink. So too with business. 

In the UK, 60% of UK small businesses sink within the first three years. Reasons include getting outcompeted, having the wrong talent, and burnout. Systems can solve these problems, and play an active role in harnessing the energy that drives a company forward. 

What are business systems?

They are simply processes, composed of detailed procedures that business owners can replicate for consistent, measurable results. Simple. They can exist for every single part of your business, from people and training, to sales and marketing and everything in between. 

In sailing, all forms of navigation, whether satnav or celestial, have the same four step system: 1, locate your position; 2, determine a course; 3, monitor the course; and 4, repeat. Kind of like tracking your progress towards your sales target or marketing director’s KPI, right? 

Let’s look at a couple of my favourite business areas where processes make a huge impact. My top two areas for systemisation will get you more out of your ‘ship and crew’ with headwind or tailwind alike. 

1. People and education

“Systems run the business and people run the systems,” Michael E. Gerber says.  

Hiring is a clear concern for business owners, so systemise the hiring process starting from the very top. Even hiring a single wrong person, particularly at a senior level, can set your plan back a year (and yes, your plan is also a system). 

You can build systems to create an optimised hiring process, develop effective job listings, ensure you search in the right places, ask the right questions and much more. 

During this process you can use system-friendly tools like DISC profiling to help you assemble teams of diverse thinkers and you can rely on instruments like positional contracts to be abundantly plain and clear about people’s roles. And of course, you can systemise onboarding and performance tracking too, not to mention training and learning in order to offer equal development opportunities consistently to your talent.

2. Testing and measuring

Your business should be in a journey of continuous improvement. How do you navigate that journey? Test and measure everything you possibly can from plans to budgets, job ads to sales leads origin, sales conversion rates to logistics costs, and more.

Let’s look at a sales example. The entire process from lead acquisition through nurturing and conversion should be systemised and automated as much as possible. And of course, as much of this is digital, you can not only use software but also automated tools.  

Using an email marketing tool and a customer relationship management (CRM) tool (or even software that combines both features, like HubSpot) can help you build automated processes to acquire new leads, nurture them over time, score them and try to turn them into sales. 

What I see too often is entrepreneurs in a habit of sending one-off email marketing messages or knee jerk marketing tactics without strategy or process. Given how important it is, how much time and money are invested, and the potential value of converted leads to the business, it’s crucial to make sure the message, ad, etc. fits into their overall marketing strategy and that there’s a plan and process to engage and qualify leads generated from those investments. 

Start big

So those are my favourite two areas to systemise. When it comes to putting in these important processes, everyone has to start small, right? Instead, and this might sound a bit controversial, I recommend starting big. And by that I mean, envision the company you are going to be when you exit; imagine how professional it is, and what brilliant systems it has in place to keep the wind in its sails after you have exited (and are living life on your superyacht!). 

Start acting with that professionalism now and aim to bring systems into the business as soon as you possibly can. The journey towards your exit will never be plain sailing. And your systems will always be catching up, but as they do, they will blow your business forward in stormy or optimal economic conditions alike. And start now; as the saying goes, “time and tide wait for no-one!”

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Entrepreneurs

10 Lucrative Buy and Sell Businesses to Start in 2024

The buy-and-sell business model provides opportunities across many niches

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Businesses to start in 2024

In the dynamic landscape of 2024, starting a business that capitalizes on buy-and-sell models can be incredibly lucrative. This article explores ten different models that entrepreneurs can consider. These ventures range from real estate flipping to trading in domains and luxury items, providing a broad spectrum of opportunities regardless of your initial capital or interest area.

1. Car Flipping

Flipping cars can be a very lucrative business venture for an individual with business acumen, an eye for value, and mechanically adept at cars. It involves buying under-priced cars, restoring, and selling them for a profit. For deeper insights and opportunities in this market, refer to https://sca.auction/.

2. Real Estate Flipping

Flipping real estate—be it houses, condos, or even commercial properties—remains pretty solid business, especially in markets where real estate values are on the way up. Investors buy properties relatively low, do rehab or renovation, then sell at a profit.

The success of the area is endowed with a huge potential spotlight, the ability to juggle various elements such as local real estate market knowledge, and efficient management of renovations.

3. Vintage E-commerce

With the advent of technology, it became easy to sell vintage or retro items over the online selling platform. Be it clothes, furniture, or even collectibles, consumers these days prefer something unique that is eco-friendly and which may have a nostalgia quotient in it. Hence, it brings the opportunity to open an e-commerce shop effectively.

4. Domain Flipping

If you have the skill to predict catchy phrases or business names that would be popular in the future, then buying and selling domain names would be a very profitable business. Register prices are available to purchase domains, which later can be sold at high prices to interested parties or businesses that wish to get an early online identity.

5. Luxury Items

One of the most promising buy-and-sell businesses is the luxury market, and what makes it very attractive is its less sensitivity towards economic downturns. Some of the common items in the luxury market include high-end watches, jewelry, and art, rare cars, all with high yields. Most times, items do appreciate, especially when they are limited editions.

6. Sports Memorabilia

While the sports memorabilia trading business can at times seem lucrative, especially when one focuses on big personae or big events, authenticity and rarity can definitely help items fetch top dollar. Provenance and limited supply both go towards inflating their values.

7. Sneaker Reselling

In recent years, the sneaker resale market has exploded, fueled by a commodity of scarce releases and athletic brand collaborations with a list of celebrities. Today, with operations such as StockX and GOAT, it’s really that easy to break into the worldwide market. It’s pretty easy to find your buyers and make a very good profit if you’re targeting the right trend and releases.

8. Book Flipping

Flipping rare and first editions can become a really meaningful, and yes, one more profitable, business for a book lover. Sometimes the signed ones, rare manuscripts, or those early editions of famous novels could sell for thousands of dollars, usually done by collectors or academic institutions.

9. Furniture Upcycling

Upcycling furniture consists of restoring and using second-hand furniture to sell it at a higher price. For the environmentally aware consumer, this business model has great appeal. It could be pretty profitable if done with good taste and talent in design and restoration.

10. Electronics Flipping

Smartphones, tablets, and laptops resell at values significantly high; hence, business ensues. Buy, refurbish, and sell in better condition to appeal to budget-minded consumers looking for technology at more affordable price points. 

Overall, The buy-and-sell business model provides opportunities across many niches. Be it real estate flipping or vintage item upcycling, you can succeed in both models with market understanding and trend application. That, with careful planning and strategic investment, will throw huge financial returns for these business models in 2024.

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Entrepreneurs

How Your Business Can Outmaneuver Your Competitors by 85%

Did you know that companies that master big data can outmaneuver competitors by 85% in sales

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big data strategy

Did you know that companies that master big data can outmaneuver competitors by 85% in sales and more than 25% in gross margins? Sounds inspiring, right? But the thing is that data alone isn’t enough. Rather, it’s the strategy behind it that unlocks these enviable boosts. So, this article explores how to make the most out of your big data and build a strategy that’s functional and competitive. (more…)

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Entrepreneurs

Most Entrepreneurs Fail to Do This and It’s Killing Their Success

Celebrating progress also provides entrepreneurs with the psychological sustenance needed to endure the marathon of building a business

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celebrate your milestones

The journey from a mere concept to a tangible reality is one of the most exhilarating yet challenging paths an entrepreneur can navigate. This odyssey is punctuated by milestones that stand as testaments to perseverance, innovation, and relentless hard work.  (more…)

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Entrepreneurs

9 Ways Augmented Reality Gives Your Business a Competitive Edge

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success

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augmented reality in business

Leveraging Augmented Reality for Business Advancement: Exploring Applications

In the ever-evolving landscape of business innovation, Augmented Reality in business emerges as a transformative force, reshaping traditional paradigms and unlocking new opportunities for growth and advancement.

Through a comprehensive examination of AR’s capabilities, applications, and business benefits, this article serves as a roadmap for enterprises seeking to harness the full potential of augmented reality to propel their success in the digital age.

UNI.Agency as a forefront developmental agency tailors unmatched digital products and immersive experiences. They help companies outperform their competitors and customers’ expectations. And now, there is time to delve deep into the AR realm.

Gaining Insight into Augmented Reality

From revolutionizing customer experiences to optimizing operational efficiency, AR in retail is poised to drive significant advancements in how businesses operate and engage with their stakeholders.

Augmented Reality (AR) seamlessly integrates digital information and virtual objects into the real-world environment, offering users an immersive and interactive experience through devices like smartphones or AR glasses.

It revolutionizes various industries, from entertainment to healthcare, by enhancing perception and creating innovative opportunities for engagement and exploration in the digital era. AR not only enriches our understanding of reality but also opens up new possibilities for creativity, communication, and problem-solving, making it a powerful tool for businesses seeking to enhance customer experiences and streamline operations in an increasingly digital world.

Differentiating Augmented Reality and Virtual Reality

Augmented Reality (AR) overlays digital elements onto the real world, enhancing the user’s perception of their environment. Virtual Reality (VR), however, immerses users in entirely virtual environments, blocking out the real world. There are some core differences between these two technologies in gear and display approaches:

  • AR enriches reality with digital information, while VR creates entirely immersive virtual experiences.
  • AR typically requires less specialized hardware, like smartphones or AR glasses, while VR often involves dedicated headsets.
  • AR is commonly used for enhancing real-world experiences, such as in gaming, retail, and navigation, encouraging augmented reality shopping. Whereas VR is primarily employed for immersive simulations, training, and entertainment in fully virtual environments.

The Influence of AR on the Customer Experience Journey

As of 2024, Augmented Reality (AR) has evolved into an indispensable tool across various sectors, offering immersive and interactive experiences that seamlessly blend digital elements with the real world.

Stimulating Interest

Augmented Reality (AR) captivates customers by offering visually engaging experiences that spark curiosity and intrigue, enticing them to explore products or services further.

AR’s ability to overlay digital content onto the real world creates an immersive and attention-grabbing experience, drawing customers in and igniting their interest.

Educating and Empowering Users

AR in business empowers users by providing interactive and informative experiences that educate them about products, services, or concepts in a visually compelling manner.

Through AR, customers can interact with virtual models, animations, or informational overlays, gaining a deeper understanding of the features, benefits, or use cases of the offerings.

Exploring Further Depths

AR encourages customers to delve deeper into products or services by offering immersive and interactive experiences that go beyond traditional marketing materials.

By allowing users to explore virtual representations of products in real-world contexts, AR in retail provides a unique opportunity for customers to visualize how offerings fit into their lives, fostering deeper engagement and understanding.

Business Benefits of Augmented Reality

Businesses utilize AR for diverse applications, including product visualization, virtual try-ons, and enhanced customer engagement. In education, AR transforms learning experiences by providing interactive simulations and visualizations.

Additionally, AR has become integral to industries such as healthcare, where it facilitates surgical training and patient education. With advancements in AR technology and widespread adoption, it continues to shape how we perceive and interact with our environment, ushering in a new era of innovation and connectivity.

Let’s look at why AR has become so indispensable as a business tool nowadays.

Revolutionizing Training Methods

AR in business transforms training by offering immersive, interactive simulations that replicate real-world scenarios, enhancing employee learning and skill development.

It’s lucrative for hands-on training experiences. Since there’s no need for physical equipment or environments, reducing costs and logistical constraints while improving knowledge retention and performance.

Boosting Productivity Levels

Augmented Reality in business boosts productivity by providing real-time access to information and guidance, allowing employees to complete tasks more efficiently and accurately.

Through AR-powered tools and applications, workers can streamline workflows, troubleshoot issues, and collaborate effectively, resulting in increased output and operational efficiency.

Implementing Dynamic Marketing Approaches

AR enables businesses to implement dynamic marketing strategies that captivate and engage audiences in unique ways.

By integrating AR into marketing campaigns, companies can create interactive experiences that drive brand awareness, customer engagement, and sales conversions, setting themselves apart in a crowded marketplace.

Fostering Product Development

Augmented reality and marketing foster innovation in product development by facilitating virtual prototyping, design iterations, and collaborative decision-making.

With AR, teams can visualize and test product concepts in 3D, gather feedback from stakeholders, and make informed design decisions faster, leading to faster time-to-market and more successful product launches.

Creating Tailored Customer Experiences

AR creates personalized customer experiences by allowing users to interact with products and services in customized ways.

Through AR-enhanced applications and experiences, businesses can tailor content, recommendations, and promotions to individual preferences and behaviors, enhancing customer satisfaction and loyalty.

Amplifying Brand Recognition

Augmented Reality shopping amplifies brand recognition by providing memorable and shareable experiences that leave a lasting impression on customers.

By incorporating AR into branding initiatives, companies can create immersive brand experiences that spark conversations, increase social media engagement, and strengthen brand loyalty, ultimately driving business growth and success.

Final Thoughts

In conclusion, Augmented Reality in business stands as a transformative force, offering a multitude of benefits across various aspects of operations. From revolutionizing training methods to boosting productivity levels, AR empowers businesses to thrive in an increasingly competitive environment.

By embracing AR technology, companies can unlock new opportunities for growth, innovation, and success, while delivering immersive and engaging experiences that resonate with customers and stakeholders alike.

As AR continues to evolve and integrate into everyday business practices, Uni will incorporate the best practices to promote business advancement and drive meaningful change for the clients. We’re to shape the future of commerce to your benefit.

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