Being the Chief Executive Officer of any firm or an organisation is a huge responsibility in itself. Not everyone has the valour and competence to nail the job perfectly. Just because a board of directors entitled you as the CEO, it won’t make you one until you develop the requisite skill set for the coveted position. Here is a list of seven tips to help you become an efficient and impressive CEO and do your job in an outstanding manner:

01. Believe in your ideas and have the grit to sell them: If you don’t believe in your ideas and vision, nobody else will. You need to be persuasive enough to make your customers, employees, and colleagues acquainted with your thought plan and to make them willing to buy it or work on it. If you can foresee your brainchild taking actual shape in the near future with the adequate support of the stakeholders, then you sure are on the right path.

02. Possess the knack to project your product as the ultimate brand: As a CEO, you should definitely have the ability to perceive how you should market your product. Which audience to target and what kind of pricing should be done to sweep away all the competition and establish the superiority of your product are the key decisions to take skilfully and carefully. The quality of the product matters the most. It is something which will ultimately be responsible for your brand building-make sure that your product is top notch.

03. Manage your funds wisely: Without adequate capital resources and bank balances, even the biggest of businesses come to a halt. Hence, it’s very important to have your cash registers ringing in and maintain a steady cash flow. Maintaining investors’ confidence in your company should be one of your prime objectives. It’s better to be monetarily secured beforehand because hypercompetitive market conditions can in no time brush away your company’s foundation.

04. Be clear about your long term and short term goals: As a CEO, you should be well aware of what you are doing and the consequences the company may face for your actions and verdict. Set some short term and long term goals for your organisation and lead your team in an efficient manner to work towards achieving them. Develop the skill of smart decision making through experience and hard work.

05. Hireable, intelligent and a hardworking lot: Recruiting the right kind of people is an important step in taking your company forward. Always stress on employing candidates who are highly motivated, smart, possess decent communication skills and will give their best in achieving the goals of the company.

06. Learn to be a people’s person: Running a business is about finalising deals, meeting new people, learning about them and thus building a relationship of mutual trust and understanding to build foundation for further trade in future. If you can’t perceive what the other person is trying to say or how a particular situation can be best modified in the favour of your organisation, then you are not doing it right.

07. Be the best in whatever you do: Focus on one thing at a time and try excelling in it first. Find out what your customers like the best in your product or scheme and then keep improving on it to further increase your customer base. Don’t keep your hands full with all the tasks at one time. Concentrate on one thing at a time and be the best in it.

So with all these points in mind, you can sure don your CEO cap and work to be the best while you are at it! All the best!

Businesses have been manufacturing and marketing their products to their customers since the onset of civilization. This explains why the traditional business settings and organizational structure has both manufacturing and marketing among other departments. Each department is specialized to undertake its roles within the company. Manufacturing department is entitled to design the products and manufacture them before delivering them to other departments to perform their function. On the other hand, the marketing department has the role of creating awareness about the products manufactured by the organization to potential customers.

However, over the last few years, organizations have been trying to streamline their organizational structures by combining several departments. Most of the companies have been able to achieve a small and streamlined organizational structure with simple communication channels and quick decision making. However, others have not been able to achieve their objective and are now moving to outsource as the best method of having a small and streamlined organizational structure. There are multiple benefits that organizations are outsourcing both manufacturing and marketing needs are getting.

What is Outsourcing?

Outsourcing is a strategy that involves hiring people or companies situated outside of the organization to handle various activities on behalf of the company. For example, outsourcing manufacturing consists of hiring a company to handle all the manufacturing processes and deliver final goods to the company for sale. The company hired must use its assets and resources to manufacture and deliver finished products after which it is paid for the work. For instance, A company selling vitamin products can easily outsource for private label purity food vitamins. The same happens in marketing, where an organization is supposed to create awareness and market various products and services on behalf of a particular organization.

Benefits of Outsourcing

1. Meet Consumer Demands

During the peak season, especially during the festive period, organizations experience an increased demand for goods and services. Most of the companies are required to produce a considerable number of products to meet the increasing demand. Sometimes the goods demanded might be too high for the organization to handle.

Moreover, the company might also need extra resources and equipment to increase its production capacity, which is not easier to get. Outsourcing remains to be the only feasible solution that a company can use to meet the increasing demand. Outsourcing finished goods and services will help the organization to meet the enormous demand and thus maintain its competitive ability in the market.

2. Focus and Specialization

Every company has its skills and capabilities that help it to remain relevant in a particular sector. Different organizations have different skills and ability to handle various important aspects. The skills and capabilities of the organization highlight its core competency. Some organizations have their core competency in marketing while others have their core competency in manufacturing. If an organization realizes that its core competencies are in finance and human resource management, outsourcing both manufacturing and marketing activities is no brainer. Outsourcing these aspects helps the company to specialize in what it can do best, which increases productivity and efficiency in the organization.

3. Access the Current Technology

Some companies don’t have the necessary technology to manufacture and market their products and services. Other organizations have old and obsolete equipment that are inefficient and which lower the cost of production. Instead of using obsolete equipment that leads to excessive losses in the company, it is worth to outsource finished products from a company that has modern equipment. Other companies might have ancient and outdated marketing strategies that don’t create any impact in the market. It is worth to consider outsourcing marketing activities from an organization that uses digital marketing and another modern strategy.

4. Increased Production and Output

Most of the manufacturing entities around the world are mostly interested in improving their production capacity. Production is not only measured in the goods and services produced in the company but also the rate of stock turnover. An organization that outsources both manufacturing and marketing service creates an opportunity of increasing production and output of the company. The manufacturing company will be helping the organization to increase its production capacity to the point where it will always have products for sale. On the other hand, outsourced marketing services will help the organization to increase the rate at which products are sold to the customers.

5. Redeeming Time

Any business owner is well aware that time is a precious commodity that organizations can use to increase their wealth. The problem is that businesses have many activities to handle, which makes it hard for them to maximize the time available. To maximize time, the owner of the business might choose to redeem the time by outsourcing services to different organizations. The companies hired will help in manufacturing and marketing the products and services produced by the company. On the other hand, the business owner will use the tome redeemed to undertake other essential activities in the growth of the company.

6. Professional Outsourcing Companies

Both manufacturing and marketing industries are dominated by professional outsourcing companies that are helping organizations to handle various activities. There are expert and professional outsourcing manufacturing organizations that manufacturer products on behalf of multiple organizations. Most of these manufacturers have experts and trained individuals who will help them to come up with modern product designs that can attract a large number of customers. The same can be seen in the marketing sector where multiple marketing agencies are performing marketing activities for various organizations.

7. Saving Costs

Outsourcing both manufacturing and marketing is a direct and indirect method through which organizations can minimize overhead and operational costs. A company that outsources manufacturing activities does not have to buy machinery and equipment, which form the manufacturing plant of the company. It is very expensive to run and maintain a manufacturing plant and equipment. Repair costs might also be prohibitive for the company to handle, which leaves it with no option but to outsource. Companies that outsource marketing activities from professional marketing agencies minimize labor costs. Marketing is an expensive undertaking as companies need both laborers and infrastructure to run an effective marketing campaign.

It’s quite common for small businesses to be in need of a loan, especially during their first few years in the market. Still, obtaining a business loan isn’t always easy, and there are some preparatory actions you will need to take before turning to a potential lender. We have come up with four you should definitely check out if you have decided to apply for a business loan.

Know Your Options

One of the most important things you will have to do before you start your loan-acquiring procedure is research all of the options available at the market. There are plenty of banks and alternative lenders out there, and collecting information on the packages they offer is the only way to make sure you are getting the best deal possible for your business. Luckily, today you can get all the information you need by researching the web. If a bank or an alternative lender didn’t present their loan packages on their website, there’s always contact information you can use to get in touch with them and find out more about the deals they offer.

Choose The Right Loan Type

Just like there are many banks and lending companies out there, there’s also a number of loans designed with a specific purpose. For example, you can opt for a term loan that can be used to buy equipment or office furniture you might need. Another type of loan you can get is a real estate mortgage that can help you buy office space for your business. There are many companies that can give you this type of loan and help you buy the place you are currently renting. If you are buying a vehicle for your business, you can also get a loan package designed especially for this kind of purchases.

Resolve Any Past Issues

If you want to make sure you will be granted a loan, you will also have to resolve any past issues you might have. If your business is late with any other payments, dealing with them before you apply for a loan is always a good idea. Also, you will want to collect money from your debtors so that you can use it together with the loan you get from a bank or a lender. Once your credit record is polished, you can get your credit score for free, so that you know whether you are likely to get a loan or not. Also, your credit score can help you determine how much money will you be able to get for your business.

Think About Your Private Funds

When taking a business loan, there is also an option that allows you to use your personal assets as a guarantee for the loan. In most cases, this will be either your car or a property. Just bear in mind that you will lose these personal possessions in case your business attempt fails. Another great thing you can do is use your personal assets instead of a loan. For example, if you have a retirement fund, you can treat that money as a loan for your business. When taking money from your personal fund, there will be no interest rates, and there’s no need to undergo all the hassle of loaning money from a bank or an alternative lender.

Running a business should always be based on exact figures and realistic projections. Therefore, make sure you plan your every move carefully and opt for the best loan deal your business can get. Only that way will you be able to keep the business moving in the right direction and growing the way you want it to.