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Does Your Business Need a Robot

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If you’re looking to adopt a robot in your workplace, there are a lot of things you need to consider first. While robots boast tons of benefits, there’s also the potential for a large negative. If you can’t really afford the robot, that negative is some serious debt that you may not be able to climb back out from underneath. Robots are amazing, but only if you can actually afford them.

Can your small business afford a robot?

1. How Much Are You Spending on Labor?

Some small businesses opt to purchase a robot that will act as an employee. Over time, the idea is that robots will reduce labor costs. They can also reduce costs on things like health insurance, sick days, vacation time, and compensation for workplace accidents or injuries. When you consider the savings, it almost seems foolish not to get a robot.

If you have nest egg or some type of reserve specifically for labor, you’re going to have to forego hiring or phase a few people out in order to smoothly transition into automating a set of job duties with a robot. It’s logistically complicated as well as financially complicated, and you need to review the books to ascertain that you’re in the right position.

2. What Are Your Other Goals?

What’s more important right now? Do you want your business to be larger? Do you want to open a second location? Do you want to expand your range of products or services? A robot can help you do that, but a robot can’t do it by itself. You’re going to need to set the proper stage for whatever goal you’re attempting to achieve before you bring in a robot. If you spend all of your goal budget on a robot, you won’t have any capital left to approach the goal from all angles. Set yourself up for a productive future first.

3. What Other Costs Will You Encounter as a Result of Getting a Robot?

Robots are expensive at their initial investment. They also need to be maintained, and they need someone to operate them. Some robots can be fully automated, but others have special needs. A handful of modest robots that aren’t exceptionally complicated can probably be maintained by a single individual, but this is someone else you’ll need to hire or train to do the job. For this reason, it’s better to wait to purchase a robot or multiple robots when you can safely, comfortably afford the large investment. You’ll save in the long run, but you don’t want to be broke in the meantime.

4. Do You Have Any Additional Income Streams You Can Use?

You might not be able to afford a robot directly out of your profits. If that’s the case, look for additional income streams you can use to fund the venture. You can worth with investors or traders who are interested in your business, and ask them to fund a robot. It should be relatively easy to explain the value a robot will bring to your business.

If you can’t find someone else to fund your robot, you can trade or invest with a small portion of your profits in order to help your funding grow. This might take a little longer, but it’s far wiser than spending money you don’t necessarily have as a liquid asset. If you aren’t making enough money to invest, you always have the option of a very slight price increase that can be put directly towards investments. Even if it seems insignificant, it will amount to a substantial amount over time.

5. Is a Robot Worth The Money?

What purpose is a robot going to serve in your small business? Make sure you’re not looking into robots to replace humans in contexts where humans are absolutely necessary. Robots that automate monotonous tasks, improve quality and consistency of production, reduce margin for error, and make the workplace safer are typically wise investments. Robots just for the sake of having robots won’t help you grow or advance yourself. If you have a lot of extra money to spend, purchasing a robot that boasts limited advantages may not be that big of a deal. When you’re strapped for cash, it’s best to stick to robots that provide a clear return on your investment.

Timing, budget, and need are coequal factors in determining whether or not it’s the right time for a robot. If it’s not the right choice to make tomorrow, that doesn’t mean it won’t be the perfect decision next month. Start planning now, and implement it when you feel it’s financially safe.

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‘Develop viable gemstones, jewellery market’

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Experts have urged the federal government to develop an environment conducive for marketing gemstones, and jewellery, to increase their contribution to the national gross domestic product, (GDP).

They also said this would mark a milestone in the quest to build a vibrant mining sector with a wide variety of gemstones and precious metal for making ornaments for local and international markets.

According to experts at Stakeholders Consultative workshop on gemstones and Jewelry industry in Nigeria, the industry presents tremendous opportunities for investment and value addition and can employ people at different levels along the value chain, such as miners, goldsmiths, dealers etc.

Prof. Theo Smeets of the University of Trier, Germany, said the government has a lot to do to boost both local and international markets for precious metal, especially with the growing population of women.

He also noted that legal frameworks will equally galvanise the industry, and instead of exporting raw materials, citizens will be able to process them in-country and get more products in the local market.

Permanent Secretary, Federal Ministry of Mines and Steel Development, Dr Abdulkadir Muazu, disclosed that the industry could generate a total of $350 million worth of foreign exchange on an annual basis.

He also said Nigeria was so endowed with precious metal, “the key policy question we have asked ourselves is: ‘why has Nigeria not been internationally-recognised as an important gemstone destination?’”

According to him, Sri Lanka has a long history of gemstones, but it was its government’s commitment to reforms that began over three decades ago that has given her a globally-competitive edge.

“There is a huge international market potential for Nigeria’s gemstones, but it is losing vast business opportunities, value and revenue to illegal activities and smuggled to Germany, China, Brazil, U.S., etc.”

Contributing, Project Coordinator of MINDIVER, Utsu Linus Adie, said they are trying to reverse unfavourable market trend for gemstones, and create a robust jewellery market and promote export.

He equally said the government intends to develop a skilled workforce by creating community jewellery market in all the states of the federation within a five- year period.

“Our target is to emulate is India, who are today the global leaders in gems and jewellery, contributing 29 per cent to world jewellery consumption. We only generate $2 million worth of it.”

Reviewing gemstone resources, Niron Ajibade, maintained that there are many products, and when adequately harnessed will grow the nation’s economy; create jobs and wealth.

Ajibade therefore called on the government to build a sustainable jewellery industry by organising training programmes; create linkages, quality and assurance markets as well as finance the gemstone sector.

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Grab CEO: “We’re targetting another $2 billion funding this year”😶

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Southeast Asia’s biggest ride-hailing firm “GRAB” said, just weeks after it announced funding of over $4.5 billion in the largest private financing round in the region ever that it expects to raise another $2 billion from strategic investors this year.

They were expecting to raise a total of $6.5 billion capital this year,”. The funding was going to be a combination of equity plus debt all in a bid to quickly expand their business lines in financial services and food delivery.

Grab is also looking to make at least six investments or acquisitions this year, said Tan, adding that the Singapore-headquartered company had no need for a stock market listing.

Grab’s massive financing round started shortly after it bought Uber’s Southeast Asian operations in March 2018 and, in return, Uber acquired a 27.5 percent stake in Grab’s business.

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