As a small startup, you may think you don’t have too many options due to budget constraints. You may consider bootstrapping your product yourself. 

However, it’s a better idea to enlist the help of a qualified project manager to lead your team to the product of your dreams. How do you go about hiring a great project manager? First, you’ll need to decide which project management methodology is right for your company culture.

Choosing the best project management methodology is a hard task, but it’s worth the time and effort. Leveraging the right methodology can mean incredible returns for your business.

Here are the top 4 project management methodologies for small startups:

1. Agile

The agile methodology is one of the most popular project management frameworks for tech companies and startups. It’s a flexible framework that gives project managers a great deal of wiggle room.

Agile teams are extremely collaborative and communicative. Weekly meetings are leveraged so team members understand the direction of the project and how their individual tasks fit into the project manager’s vision.

Agile is an iterative process whereby the product is tweaked, reviewed, and revised in cycles. The entire project consists of one big feedback loop, ensuring that a working version of the product is consistently being delivered and improved upon.

2. Lean

Lean project management requires an adept project manager at the helm. That being said, small teams can still benefit from lean principles if they wisely invest in an experienced lean manager.

Lean project management was born out of the manufacturing industry. It was developed in response to the exorbitantly high cost of developing and delivering physical products. Lean emphasizes the importance of assessing market need, creating value, and managing workflow for optimal efficiency. Lean project managers map out value streams whereby every step of the project is delineated and organized in such a way that time used and money spent is minimal.

3. Kanban

Kanban is a hugely popular project management system whereby teams keep track of current, past, and future project tasks through the visual aid of a board. These boards are called Kanban boards, and they help map out the flow of tasks from beginning to completion.

Kanban boards are broken up into columns which serve to show the status of a given task. Every task that is a work in progress is shown on the board, and completed tasks are also displayed. 

There are WIP (work-in-progress) limits for Kanban boards that help managers and team members track the progress of current tasks, spot possible problems in the workflow, and focus on important objectives.

4. Scrum

Agile is scalable, flexible, and effective. However, the principles of agile don’t outline many key aspects of project management. For startups looking for a little more structure built into their chosen methodology, Scrum may be the better choice.

The Scrum project management methodology builds upon the principles of agile. The iterative process and communication strategies are essentially the same. The only real difference is that Scrum calls for sprints, which serve as regular intervals for project goals and retrospectives. 

The Scrum Master (or project manager) sets a goal that must be accomplished by the end of the sprint. Sprints are usually about two to four weeks in length, making scrum an especially rapid methodology.

Conclusion

Building a product is hard, especially for young startups. Sometimes it can feel like you’re venturing into unknown territory. That’s okay — while developing a product is always difficult, there’s no reason it should be impossible. 

Agile and scrum are wonderful project management methodologies that share a great deal in common. Both are iterative processes that emphasize the importance of continual improvement and constant communication.

Lean project management is all about efficiency achieved through the establishment of value and flow. Lean project managers create collaborative environments where each task flows effortlessly into the next.

Kanban is great for small teams that need help keeping organized and on track. Teams can see how a project is progressing visually through the effective use of Kanban boards.

Choosing an effective project management methodology can make hiring an experienced project manager easier, which in turn, will grant your company a greater chance of success.

The post What are the Best Methods to Scale Your Startup? appeared first on SiteProNews.

Whether you have already been approached by a potential buyer or are currently preparing to your company to be a viable option for purchase, here are a few ways you can gauge whether or not it’s the right time to sell your business. 

Growth has stagnated, but potential has not

For many startups, keeping up momentum can be difficult, especially if they are operating on a limited budget. Of course, there are ways of boosting your finances, such as seeking out investors, or crowdfunding, but for some founders a long periods of stagnation can lead to a lack of motivation, or the desire to move on to a new project all together. 

Yet, just because a startup is facing obstacles, that doesn’t mean that the potential is gone. In fact far from it. A company doesn’t have to have reached a stage of full maturation for a buyer to become interested. In fact, it’s common for investors and companies looking to merge to reach out to founders that have developed a strong business model that has shown great potential for growth. 

You’re doing well, but the competition is better

Before becoming discouraged by the fact that your competition seems to be doing better than you are, remember that there’s plenty of ways you can up your game in order to compete if you are not ready to sell. But, if you are indeed ready to move on and notice that similar platforms are outperforming you this could be a sign that it’s time to move on to a new project. Merging or selling your business to a large scale enterprise in your industry is an effective way to deepen market penetration and scale quickly. 

It’s important to remember that you need to be prepared to show potential buyers why taking on your business will be beneficial to them, so be sure to strategically carve out a business model that highlights your strengths and weaknesses so interested parties know what they’re getting into.

Ask an expert, just to be sure

While you may feel confident in your decision to sell, it’s always good to get a second opinion. Consulting a mergers and acquisitions expert can help you make an informed decision on whether or not it’s a good time for you to put your businesses on the market, based on your personal development and current financial status. Perhaps they will tell you to hold back in order to make more preparations in order to get the best deal, or they can help you move forward as you seek out an appropriate buyer. 

Even if you have your heart set on on launching a new business or jumping into a new project, if you are going to cultivate a successful career both as an entrepreneur and founder, you will need to exercise some patience. 

What may seem like a dream offer for many business owners doesn’t necessarily mean that it’s time to pack up and sell the business. There are various factors that need to be considered before making anything official. Thus, if an interested investor gives you an offer, take this as a welcome opportunity to reevaluate your business plan and speak with an expert who knows what it take to sell a business.

The post How Does a Founder Know When It’s Time to Sell? appeared first on SiteProNews.

What’s more, IoT is exploding. 2 billion smart devices existed in 2006. Intel projects that by the year 2020, we can expect a 100-fold increase: a staggering 200 billion smart devices. IoT has made a truly robust ecosystem of smart devices a reality. As the technology and platforms utilized by IoT become more sophisticated, true smart homes are becoming a reality. 

At present, most IoT technologies are found within industrial settings, such as enterprises, factories or hospitals. As the price of smart devices lower, however, we’ll begin to see houses replete with interconnected devices, producing and gathering data over WiFi at a minimal cost. Berg Insight predicts the worldwide smart home market will skyrocket from its current valuation at $20 billion to $58 billion by the year 2020. While we may be far from suburban smart home developments, select smart homes are already beginning to brim with intelligent life.

How can businesses take full advantage of this technological revolution? There are infinitely many opportunities to be exploited. There are a few sectors within the burgeoning age of connectedness that particularly stand out, however. Namely, data, energy, security and insurance.

Data

Big data is getting bigger, thanks in part to the Internet of Things. IDC estimates that IoT will generate 10% of the world’s data by 2020. A suite of interconnected devices means a profusion of valuable data. Wearable technologies that track behavior, such as average heart rate, amount of time spent exercising and the number of hours of restful sleep are just drops in the bucket of incredible consumer data. 

Businesses can better understand the needs of their consumers by tapping into energy usage statistics. They can release firmware and software updates more regularly as they collate massive amounts of data regarding software and hardware failure. Utilizing GPS data, companies can offer location-based services, coupons and promotions. Companies can become familiar with how their products are used in the real world and wield that information to hone its successful components and solve its issues.

Energy

The average cost of electricity has risen 29% over the past five years, and the cost continues to rise. Smart homes have shown to reduce costs by as much as 20%, according to a study conducted by University of Massachusetts.

Smart thermostats, carbon monoxide detectors, connected smoke alarms, security and lighting systems aim to reduce the amount of energy consumption in residential homes, marrying green technology with IoT. Google-owned startup Nest developed a self-learning thermostat, for example, that heats and cools homes efficiently. It’s equipped with a feature that allows it to recognize whether or not a home is occupied, and adjusts to an even lower consumption mode. Innovative technologies that utilize self-learning could help lower energy costs significantly.

Security

As opposed to the furnishings in a traditional home, a smart home’s objects store information. This information is vulnerable to attack. Often, smart devices aren’t equipped with powerful processors and are unable to load complex security software, complicating issues of safety and privacy. 

Consumer trust in smart home technology dropped rather dramatically in 2015 due to the perception that information could be easily leaked or tampered with by outside entities. This problem could in fact be an immense opportunity. Secure IoT platforms, lightweight security software and distributed smart home security services are in extremely high demand.

Insurance

Given smart homes unique attribute of being able to monitor their own surroundings, insurance companies are becoming more interested in using this ability to minimize risk. Outfitting one’s home with devices equipped to recognize leaky pipes could reduce the number of claims and decrease water damage claims significantly. In fact, USAA is developing their own technologies in order to provide policyholders with a “check-engine light for the home.” In the meantime, various insurance companies are offering subsidies for customers willing to rewire their homes. Claims-preventing IoT technology could therefore be a lucrative venture.

Conclusion

While the cost barrier remains somewhat high for consumers to adopt smart homes, wider adoption of smart, connected homes is on the horizon. As prices become less prohibitive and the market valuation rises, as some pricing and market research experts indicate they will, it is expected that we will see an uptick in consumer participation.

A number of opportunities to take advantage of IoT and smart home technology will grow with this participation. Smart homes will produce immense sets of data, which could be gathered and analyzed by businesses in every industry. Products and services that continue to optimize energy efficiency and security could even promulgate smart home and IoT tech and promote widespread adoption. Further, companies can take advantage of self-learning devices to assist with insuring homes, reducing claims or developing innovative products for home insurers. By staying connected to connected homes, businesses could optimize their own products, further contributing to the IoT revolution, and profit from their adept manipulation of it.

The post Smart Home and IoT: How Can Businesses Take Full Advantage? appeared first on SiteProNews.

integrating social platforms into marketing campaigns to make the online shopping experience more experiential and personal.

1. Leverage big data to make customized recommendations

Today, data analysis is an integral part of online marketing. Social media platforms have given businesses a competitive edge, as increased access market research experts and real-time data provides insight into what consumers really want. Detailed knowledge regarding user activity is used to create tailor made campaigns, which increases both conversion rates and customer loyalty. Customized recommendations based on individual profiles have been shown to bolster consumer confidence, while simultaneously decreasing cart abandonment.

Retargeting softwares, like AdRoll, can be used to craft personalized advertisements and recommendations based on previous consumer activity and on a company’s social channels. Adroll helps you conveniently place ads, while also providing a performance monitoring option that helps you improve your social reach and user experience.

2. Utilize machine learning to improve customer service

AI in the workplace is a hot topic these days. With some of the biggest corporations in the world, like Microsoft and Google, already investing in machine learning, the time has come for online marketers to turn their attention towards automation to generate more personalized shopping experiences.

Legendary cosmetics brand, Sephora, launched their own personal assistant bot through the Kik Bot shop. The makeup brand’s chatbot is a great example of how machine learning can convert consumer data into intelligent information that allows brands to provide shoppers with an intimate experience in real time. Customers are simply asked to take a quick quiz to help the bot familiarize itself with their preferences and interests, which is then translated into personalize product recommendations, as well as tips and product reviews.

3. Use social e-commerce platforms to improve experience

At one point, having a personal shopper would have been a luxury. For today’s increasingly mobile and social consumer base, it’s commonplace. E-tailers today need to remember not to focus too narrowly on selling their product, but also pay careful attention that they also construct an engaging experience.

Poshmark, currently the biggest social e-commerce marketplace available online today highlights the importance of social capital in e-commerce today. Poshmark has formed a community of users who connect with one another while browsing through their closet. The app also keeps tabs on your search and purchase history and makes recommendations based on your personal style, which is consistently updated.

4. Send more meaningful email campaigns

Often when we think of social media engagement our minds go directly to Snapchat, Pinterest, Facebook, etc, but we mustn’t overlook email. While we might not immediately associate email with social media marketing, newsletters and email updates have proven to boost social engagement and have shown to effectively increase conversion rates and confidence in your brand.

Tools like GetResponse can be used to optimize consumer engagement, providing an advanced analytics feature to help you better understand your audience from which you can create personalized content. The software’s unique delivery tools help you target consumers with tailor made emails that will resonate with your audience.

5. Tell stories through social media

Storytelling is the bedrock of human communication. Today’s on the go consumers need to be engaged if you are going to catch their eye mid-scroll, and what better way to grab someone’s attention than by telling them an interesting story.

Herschel Supply Company is a great example of how a brand can showcase their product in more meaningful and dynamic ways using social media. Since 2009, the family run company has been creating high quality bags and accessories, marketed to travelers from all walks of life. Herschel documents the cross-collaborations with brand ambassadors who are traveling the world on their Instagram account. Consumers are taken on a journey, from Japan to Costa Rica, which aims to inspire them to grab a Herschel bag of their own and hop on a plane.

There’s no doubt that social media has transformed e-commerce for the better. With more emphasis placed on social capital, online shopping has become more personal and interactive, encouraging e-commerce platforms to focus their attention on the customer, rather than just increasing revenue.

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