Benefits of Product Development

Product development is a strategy, which, in simple terms, can be referred to as the strategy for the successful development of a new product. It, in fact, is the first step in the development of a product. Sometimes, an existing product is backed by such strategies to attain more success, or to increase its reach.

In the business definition, the product development strategy can provide a well-researched framework that helps the manufacturers to improve the performance as well as the quality of their products. These strategies allow the business to achieve its goal, enter new markets, sell more products and achieve a wider following. In short, these strategies translate into more revenue and amplified margins; however, for this very objective, the strategies need to be well focused.

Product development strategies can bring up scores of benefits to help you score well in a consumer-centric and competitive market. For example:

Control and be sure of your success: Development of a product, without even a single strategy, is quite a risky assignment. According to an article published on SmallBusiness dot com, “About 80 percent businesses fail to meet their expectations, due to lack of strategies.” To control and be sure of success, planned development is what a business needs. This planning could better help them in reaching their set goals, apart from allowing them to stick to their core objectives. To ensure success, it is important to focus on the development of acceptable product, rather than concentrating on success. A dedicated approach toward product development enables you to decode the mantra of success.

Improved performance of your product: At a number of times, even after spending thousands of dollars on marketing and promotions, a business owner faces disappointment, owing to the poor quality of their product. By employing a team for product development, you can improve the quality, hence, the performance of your products.

But, how does it work? The product developers perform a series of assessments to find out flaws in your product. They also give a look at your production and other processes to spot any wrongdoings. They make every possible effort to remove errors from your products and its development processes, and make sure the product come out free from errors.

Reduce costs: There is no denying the fact that creating and implementing new product development strategies could cost a company thousands of bucks. But, after the implementation, when you start receiving the results, this investment would convert into more sales and improved revenue. After the execution, you will notice a straight decrease in your product development costs. It is because, the team of developers has already eliminated unnecessary routines from your process.

Product development assessments include interviewing consumers, both, existing and targeted; reviewing the supply chain; evaluating the operations; checking the condition of process machines; adjudging the design and style of packaging; and testing out the efficiency of transport mediums. All these, and a number of others tests, help you observe and rectify the flaws in your product development cycle.

Loans and Lines of Credit As a Way to Fund Start-Ups and Existing Small Businesses

Starting and growing a small business can be very difficult.

However, with proper planning and preparation, it can be done successfully. As a future or existing business owner, one of the keys to success is to use all of the resources available to you. This includes loans and investments from family, friends and angel investors. It also includes loans and lines of credit from a bank, which are resources that many entrepreneurs fail to consider as a viable option for starting or helping to grow their business.

If you listen to any news outlet with a business segment or financial focus, you will definitely get the message that the amount of capital available for entrepreneurs starting small businesses has shrunk. It is true that as a result of the most recent recession, lending institutions have tightened up the qualifications for lending money to business owners. However, there are still funds available to help entrepreneurs achieve their financial goals. “In the U.S. alone, there are an estimated 27.5 million small businesses. And nearly 80 percent of them get their money through bank loans, credit cards and lines of credit.” (Julian Hills) The key is that as a business owner, you cannot be afraid to pursue the financing required for your business.

There are several options available to business owners for financing their business. However, we will focus on loans, lines of credit and SBA guaranties. A term loan is often used as a way to pay for a major investment in the business or acquisition. Term loans often have fixed interest rates, with monthly or quarterly repayment schedules, a set maturity date and usually require collateral to secure the loan. A term loan is best used to finance the acquisition of a business, equipment or real estate purchase.

“A Line of credit is a simple financing product that allows you to withdraw funds up to a predetermined amount.” (Marco Terry) With a line of credit, you are only required to pay interest on the outstanding balance, usually on a monthly basis. However, principal reductions should be made regularly, if not monthly. Lines of credit are very flexible and unlike term debt, can be used for more than one purpose, such as paying suppliers and covering operating expenses. Lines of credit can also be used to cover gaps in cash flow from operations, which can be very beneficial for business owners, especially those in the start-up or growth stage of their business.

The challenge is that lines of credit are very risky to banks. If the line is not used properly, it may have to be termed out and repaid by principal and interest payments for a fixed period of time. Therefore, most lines of credit, especially those for businesses still in the start-up stage require hard collateral. This consists of liquid collateral, such as CD’s and brokerage accounts, equipment, or a lien on real estate. Banks prefer that lines of credit are fully secured by collateral. However, in the event that there is a shortfall in hard collateral, there are ways in which the bank can still provide financing to start-up businesses while protecting its investment. One of those ways includes obtaining a SBA guarantee.

SBA (Small Business Administration) is a government agency that provides a variety of services to small business owners. One of the services they are known the most for is providing guaranties on small business loans. This is done in partnership with financial institutions that provide financing to small businesses. Although SBA doesn’t loan money directly, it does set guidelines for loans made by financial institutions. It is important to note that business owners must be able to qualify for loans with commercial banks contingent upon obtaining the SBA guaranty in order to qualify for an SBA loan. The major benefits of obtaining a SBA loan are loans structured with longer terms, lower down payments, lower interest rates, and less collateral than conventional loans. Some of the challenges of SBA guaranteed loans is that they require more paperwork and time than conventional loans.

USDA Food Safety and Inspection Service: Important Tips to Consider

The food safety refers to a scientific discipline that describes the handling, storing and preparing the food in a preservative way. It enhances the way to prevent the food borne illness. It involves the number of routines that would be following to avoid the potentially serious health hazards. USDA’s Food Safety and Inspection Service guarantees that nation meat, processed egg supply, poultry is wholesome, secure, and labeling is proper.

10 Quick Tips Regarding USDA Food Safety and Inspection Service:
There are several tips that would help the individuals to cook the food in a proper and eat the scrumptious food prepared with utmost consideration.

• While serving the food, make sure to use the clean utensils and container. Do not use the plate that previously held the raw meat, poultry or any seafood unless the washing is properly implementing in the hot water. When the dish is empty, there should be the replacement with a fresh container of food, and discards the previous container.

• While going for a drive, there must be proper handling of food to prevent it from spoilage and pathogenic bacteria. There is a division of cooked food into a shallow container and further cooling in the refrigerator prior to driving.

• The insulated lunch bag or boxes serve the perfect way of keeping the perishable food cold, although metal or plastic lunch boxes is also used. The proper packaging helps to keep the food insulated thus maintain the freshness and quality of food. An ice source, such as a small frozen gel pack or frozen juice box packaging is to be with perishable food in any type of lunch bag or box. Of course, if there is the availability of refrigerator store the perishable items there upon arrival.

• Storing the perishable food in the cooler except for brief times when serving. It is advisable to cook only the required quantity in order to avoid the leftover at the same temperature.

• Place the cold food in a container on ice. There is a need to hold the cold food at or below 40 °F.

• Cover foods during cooking. Remember to mix or rearrange food and swivel the dish to eliminate cold spots where harmful bacteria can survive and to endorse more even cooking.

• While using the frozen meats, remember to be placing it in the refrigerator but not on the counter. Never allows the raw meat or poultry to drip on other foods.

• Cook all raw ground pork, lamb, and veal to an internal temperature of 160°F as measuring with the help of food thermometer.

• There is a need to place the cold food in a container on ice. The container placing inside a deep pan filled partially with ice to keep the food cool. Some food like, chicken salads and desert individually either placing directly on ice or in a shallow container that has been filled with ice from inside.

• Keep the hot food with the use of heat source. When the food is thoroughly heathen over an oven place the dish into chafing dishes, preheated steam tables or slow cookers.

Summary:

Therefore, these are top quick regarding USDA Food Safety and Inspection that would help to understand the safety measuring before or in middle of preparing food.

5 Tips for Small Business Success

As a small business, we face certain challenges that can add stress and anxiety to our daily lives. It is not always easy meeting payroll, hiring, figuring out what platform to market on and managing the finances. But, millions of small business owners do these things every day and their businesses thrive.

Here are 5 Tips for Small Business Success

Write Down Why You Started

As a small business owner, you may find yourself living on a rollercoaster. Some days you feel like you are going to take over the entire universe while other days you fire yourself and walk off the job. And, early on in the small business process, you have more firing and walking off the job kind of days. It is in these days that you must remember your “why.” Why are you doing this? Why are you so passionate?

During the days that you are “taking over the universe” and are more clear minded, write down the answers to those question so when you get discouraged you will remember why you started and you will be less likely to give up. List out support systems and create vision boards so that when times feel dark, you know who you can reach out to and have a physical vision of the direction you want to go.

Step Away

As a small business owner, you probably take your work home, talk to your partner about it, and answer calls on the weekends. But never taking a step away can lead to burnout. The last thing a business owner should do is make decisions based on feelings like stress, frustration and impulsivity. Working on you and/or your family independently of your business is a great way to refresh and gain clarity so you can be even stronger in your business. Successful people take breaks.

Give yourself at least one day a week where you step away completely. Set boundaries with clients or customers and they will respect your time even more. If you really feel that you cannot take one day, start small with time away. Take 30-60 minutes at least one time per day to do something that clears your mind. Do not answer business calls during this time, instead, try something like getting in touch with nature, taking a bath, or working-out. The better you are to your mind and body, the clearer decisions you will make for your business, clients and customers.

Hurdle the Tough Times Quickly & Learn From Them

As a small business owner, you are learning something new every day. Business owners switch hats all the time; from finances to legal to day to day operations to HR. And, it is no secret that mistakes will be made.

If you want to be successful in business, don’t ruminate, internalize and dwell on those mistakes. Instead, chop it up to a learning lesson and press forward being cautious not to make that mistake a second time. Hurdling barriers and setbacks quickly will help you to minimize your stress and preserve energy in order to continue growing your business.

Get a Mentor

So many people have been in your shoes before you. They know the puddles you should not even try to step in and they can also give insight into decisions you are facing.

Reach out to these people and ask them for their mentorship. If you do not have a mentor, try networking to meet likeminded people that can share ideas with you. However, as your business grows, if you do not have a mentor, keep your eyes open for someone that you can call on for support. Most successful people want to help you grow and develop and will be glad to guide you. Just make sure that you are open-minded when your mentor talks with you and that you come with questions or a direction to the meeting as to not waste their time.

Make Sure You Have Financial Options

While you switch hats, ride the rollercoaster, take calls from customers on days off, and try to somehow maintain life balance, the one thing a business owner must have peace of mind and security with is finances (personally and professionally).

As a small business, make sure you work with a banker or company that is transparent and that you can trust. As your business grows, there will be growing pains, and that is a good thing, especially if you have a banker or lender who supports small businesses and simplifies things. Be sure to speak up to your lender about various types of resources, loans, business credit cards, and cash advances that best fit your niche.