Product Design and Development Firms

There is a common saying about the devastating loss that strikes when an idea dies in the mind before its actual fruition. It is, therefore, largely advocated that all ideas must be put into action and with the help of product design and development firms, individuals have been able to realize their dreams.

Who are these product design and development firms? These are designed to help turn ideas into tangible products. Many brilliant minds choke with ideas that they cannot bring to reality simply because they lack the manpower, the resources and the maybe lack some few essential basics. Product design firms help you design the product to meet the taste of the consumers as well as compete well market wise.

Benefits of hiring a product design and manufacturing agencies

Some of the innovators as discussed above lack some key essential requirements to manufacture their products. These firms take away these troubles and guide you all the way to the end to see your brilliance in action.

For a new product to succeed in this competitive market certain factors must be considered and this requires professionals to conduct market research and other studies. Product design and manufacturing companies carry out these market studies and provide strategies that help the product do well and be as profitable as possible.

In the manufacturing process, certain requirements must be met such as engineering and prototyping the product before the actual final product. This is one of the key roles played by these firms.

With the right firm, certain future problems may be avoided as they help with projections and prediction of the market and will help in redesigning the product to suit the market at all times.

Lastly, these firms help you deal with patent issues and offer guidelines pertaining to the set regulations on your product. This can save the innovator from a lot of legal issues that may arise along the way.

What to look for in a great product design and development company

Their client base, this helps you to know a lot about their level of professionalism and how great they are. The testimonies and reviews can help you make an easy judgment.

The number of years that the firm has been in operation, this helps you to understand its ability to give right market projections.

The company workforce, they should comprise of all the necessary minds such as market researcher, engineers, and all the right professionals. The right firm will always have the right people for you with experience and workmanship that complements your ambitions.

The Worst Cashflow Mistakes Small Business Owners Make

The worst cash flow mistakes a small business owner can make can be counted on one hand. They have one thing in common, and that’s about failing to follow the money. They’re about keeping your eye on the prize, and we go through them here, ending with advice about how to track your own company money using expense management software for small businesses…

Failing to think before you splurge. Great! You’ve started a business. You’re on the road to fame and fortune, and now’s the time to invest in an expensive suit and a new car, isn’t it? No, in short, it isn’t. This is exactly the time NOT to commit money – yours of the company’s – to anything you don’t need. So there’s the first lesson. Understand the difference between ‘want’ and ‘need’. To succeed in business you need a phone, but the Armani suit can wait…

Expecting the best. This is about your financial planning. Understand that you’re not going to be a millionaire in the first year. On the contrary, you’ll be doing well if you can afford to pay yourself anything like a salary in Year One. If you overestimate the number of units you can sell, or the clients you can get to come on board, then revenue will be lower than you predict, and you may find yourself overstretched with any finance package you’ve put in place.

Offering credit. Poor paying suppliers can cripple small businesses. If you’re made to wait for payment, that’s like offering them an interest-free loan, and you shouldn’t do it. It’s perfectly reasonable to ask for payment up front, so long as you’re ready to honour your commitment. After all, you wouldn’t expect the local supermarket to give you a month or more’s credit on your grocery shop (though if you’re a supplier to them, the boot would be on the other foot). In general, large organisations are slower payers, and also have complex internal procedures in place about how and when payments can be made. Better to work with smaller companies, where you have direct access to the person with the power to pay.

Being cash poor. If you’ve made careful and conservative cash flow forecasts in the early days of your business, everything’s fine, so long as cash moves as you’d predicted. But what happens if it doesn’t? If you have no cash cushion you could be in trouble. Try to have a couple of months-worth of cash in the bank so you could carry on if you had no income at all. It’ll help you sleep easier, too.

Not making an unpaid finance assistant work for them. Bet that caught your attention didn’t it? This is not about the kind of modern slavery that has people working for nothing, but it’s about technology. It’s about arming yourself with good quality business expense management software for small businesses and being disciplined in its use. In the early days of your business you need to be especially careful with money, because having little of it generally sharpens the focus in the need to be a good money manager. In later years, when you’ve earned a wedge, there’s no reason to take your foot off the control pedal. Keep a tight rein on finance, and you’ll be rewarded with better dividends in the future. Selection of the right small business expense management software will enable you to keep track of expenses very easily, but more importantly, it will allow you to interrogate the data, and show you how effectively you’re managing spending and cashflow – and show where improvements can be made. And picking the right package means it’ll offer excellent value for money, because the savings you make by using it are probably going to be more than the cost of investing in it in the first place.

Best Strategies for Saving on Flights and Hotels

As a business owner, you always look for ways to save money when running a business. Amongst all areas business travel is one key area where you can find savings on flights and hotels. By following the best booking strategies and utilizing affordable options, travelers can reduce the cost of their business trip.

Here are a few ways to save on hotels and flights:

Saving on Hotels

Book hotels and flights together

Online travel booking sites offer price breaks for purchasing a flight and hotel together. Combined packages are mostly used by vacationers but also offer great value to business travelers with flexible preferences.

Surf online, book over phone

To get the best deals, browse through various online booking channels and figure out your preferred option. Get in touch with the hotel and ask them to reduce the rate further. This works as many hotels will go lower to avoid paying third-party booking fees.

Advance fees

If you are sure about your travel plans, nonrefundable hotel reservations offer the best price. Paying advance can save up to 20% on bookings made directly with hotels.

Take advantage of refundable bookings

Alternatively, you can make a refundable booking by looking for the best prices online. Hotels usually don’t have any cancellation fees like airlines.

Use corporate discounts

Businesses often negotiate with preferred hotel vendors and get discounts up to 40%. So, using corporate booking tools can give you the lowest possible fare when booking.

Last-minute travel

If you are booking in last-minute, you can find deals on unused rooms. Talk to your preferred hotels to know about possible cancellations. Also, searching last-minute booking sites such as Hotel Tonight can help you get other options.

Say no to cookies

Travel sites maintain cookies to identify customers with strong intention to buy. Clearing your browser history might give you more favorable prices.

Flight Saving Strategies

Travel during off-peak hours

Flights are cheapest between 5 am to 7 am and after 8 pm. Businesses can save an average of $116 per flight by flying at peak times.

Fly on specific days

Reports from recent studies revealed that Tuesdays, Wednesdays and Saturdays are the low cost days to fly. Flying on these days can save you money.

Take connecting flights

Direct flights are convenient, but flights with layovers will cost you less. Taking connecting flights is one of the strategies that can help you save money.

Check out from less expensive airports

When you search for flights, check the box “include nearby airports”. You can choose alternative airports that cost you less than others and not necessarily farther away.

Make early bookings

Tickets booked fewer than seven days before departure will cost you an average of 44% more than if they had been booked 15 or more days in advance.

Book on the right time

Airfares fluctuate throughout the week. Studies revealed that the best time to book air travel is Tuesday at 3 PM ET, the time when airlines will release their discounted seat inventory.

Leverage refund rules

Bookings made at least 7 days in advance can be canceled within 24 hours. This creates a grace period in which you can cancel your bookings if your travel plans are not final.

These strategies can help you save money while booking flights and hotels.