The Necessary Departments in Small Businesses

Global Resources LLC offers industry expertise in business operations. All businesses need some sort of organizational structure to operate properly. In fact, businesses without a set organizational structure have problems implementing company policies and operating at efficient production levels.  

Every business needs a functional organization, regardless of size.  Even businesses which are too small to have the departmental structure outlined below, need to assign the functional responsibility to someone in the business rather than having the business owner assume all the responsibility.  A business owner who wears too many hats usually fails in his larger responsibility for being the strategic planner for the business simply because he has too many day-to-functions of the business consuming his time.  

Below are departments, or functions, that many small and medium-size businesses must have or assign responsibility for:

• Administration- The chief executive officer, who also may the company president, and any other managers involved in making decisions for the company are a part of the administration department. Businesses need managers to oversee employees and implement company directives created by the president. 
• Accounting - The accounting department handles the bookkeeping for a business during the fiscal year. All revenue, expenses and company equity are tracked by the accounting department and makes the necessary reports to the Internal Revenue Service at the end of the company's fiscal year. The accounting department also tracks accounts payable so that all clients are paid for services or products. Accountants typically prepare income statements, cash flow statements, general ledgers and balance sheets for the company.
• Marketing and Advertising- The marketing and advertising department is typically responsible for developing product packaging and creative materials for the sale of the company products. Additionally, the department may conduct research to discover the needs of its customers. 
• Production - The production department orders inventory for production when needed, fulfills production orders specified by management and coordinates with the marketing and advertising department to make changes to products.
• Sales- Sales departments are needed in companies that sell to other businesses or consumers. Sales departments coordinate their sales force to build customer relationships, meet particular revenue goals and pitch new products. 

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266. 

Marketing Trends for the Small Business Marketplace

Global Resources LLC  is a full-service business development group and general management consulting firm focused on small and medium-size privately-held companies in North America. We help small and medium-size businesses achieve profitable growth by accessing critical knowledge and expertise. 

As many business leaders know, marketing is often a key factor in achieving success. If you’re looking to expand your business marketing, here are trends you can expect in 2017:

1. In-store marketing to millennials - With 80% of millennials using their phone in-store and 74% of millennials willing to receive location-based mobile alerts, marketers have a tremendous opportunity to provide relevant offers to their customers directly on their phones. For example, the rewards apps for some stores present offers to customers as they walk through the various departments. With advancements in beacon technology, marketers can place precisely relevant offers directly in the hands of their customers.
2. Invest in social analytics and social budgets - There are many great opportunities still presented by social media. 70% of companies are still not collecting data from social media channels. This gap will close this year given that 47% of marketers say that social channels offer the greatest opportunities in the next two months. That’s compared to 37% who see email and websites as the hotbed of opportunity followed by 26% for SEO. They’re backing up those expectations with their budgets. 
3. Video is key - Video is taking over the social media landscape with 4 times as many consumers preferring digestible video content over text. Marketers are picking up on the trend as well, with 69% of marketers saying their budget on video content is “increasing” or “significantly increasing.” Another accelerator of video is the explosion of programmatic video, projected to be 2/3 of total digital video spending in the U.S. by 2019. 

To learn more about us and / or to schedule your complimentary appointment with the business experts at Global Resources, call us at 855-338-0266. 

Improving Your Job Shop

At Global Resources, we use our renowned expertise to help small business owners solve challenges that they are experiencing in the evolving marketplace.  We have comprehensive experience in the job shop industry and often help business owners improve upon their practices in order to achieve success. 

It’s no secret that North American manufacturing has taken a huge hit in the recent years, as more manufacturing moves offshore. This has left many job shops with reduced business and many more out of business completely. As challenging as the situation may be, it is possible to survive and thrive in today’s manufacturing environment. It merely requires a shift in thinking. 

No longer is it enough to be a skilled machinist or a good fabricator - you must become a smart business person as well. Here are tips that may assist you in growing your job shop:

1. Understand the cost of doing business - You need to know all the specifics of the work that earned you money, and the work that didn’t. You can only do this by understanding the true cost per hour by individual department or work center, and appropriately costing the work that goes through those areas of your shop.
2. Realize the value of your customers - Good customers are the lifeblood of a business and relationships with customers become even more important during a weak economy. Good customer relations require that you be proactive, contacting your customers frequently to understand what is happening in their business.
3. Prioritize quality management -It is not uncommon for most small and mid-sized shop owners to believe that quality is what sets them apart, that it’s their key differentiator. Unfortunately, this is rarely the case.  To stay competitive, you must have a formal quality management system in place that is integrated with your shop floor management solution. Factors such as efficiency in your business, and relationships with your customers, are far more likely to differentiate your shop than quality if your competitors offer the same quality products. Don’t assume that quality alone will carry the day in a highly competitive marketplace.  Today’s highly competitive economic environment requires quality products, competitive prices, and valued relationships.

To learn more about us and / or to schedule your complimentary appointment with the business consultants at Global Resources LLC, call us at 855-338-0266.