In other words, if the value of mean time to repair is 0, fixed devices are less likely to fail. The metric can be used in the meantime to improve customer experience and reduce the mean time to repair. 

Many people, however, do not know what is MTTR and it can be reduced. This is why we’ve put together this brief guide. Check it out. 

So, What is the Mean Time to Repair?

The term “mean time to repair” describes the length of time it takes to resolve an issue. Even though this term is quite simple to comprehend, people still often misunderstand it. This is because you will be provided with a mean time for response, recovery, and repair, which varies from one to another.

Mean time to repair, however, represents how long it takes to fix an issue. You can rely on it to keep your business running and recover from disasters in an emergency. By having a good meantime, you will be able to ensure that the system runs smoothly without any failures. 

It is believed that assets with a low mean time to repair are less likely to fail. Also, such a system has a high ability to recover and operate generally within a short period.

What is the Importance of Mean Time to Repair?

The mean time to repair is an essential measurement in determining how fast you can resolve a customer’s issue and improve their experience. Metrics such as these are commonly used in maintenance operations to ensure that people receive the best repair experience. 

Moreover, reducing the mean time to repair ensures that your system remains up and running without interruption. Besides this, you may have heard of the term downtime, and it is the period when a system or device is not available to use. However, you might not realize it can be costly, so reducing MTTR is essential for your business.

Moreover, today life is fast; no one can wait weeks and months to get things repaired. Therefore, quick responses to any issue help you gain more customers instead of losing them. That is why, if you are working in a repair or maintenance field, managing your mean time to repair is essential and will help you improve customer satisfaction and service quality. 

How Can You Reduce the Mean Time to Repair? 

To increase your customer satisfaction and service quality, and make the system function accurately, it is essential to lower the mean time to repair. Thus, here are some steps you can take in the count to reduce the MTTR. Check out below to find out.

• First, you must have an extra supply of all the spare parts and components. It will ensure that you have a backup plan in case of failure.
• Next, you have to monitor the system regularly. Then, you can conduct the test, overview the performance, and check the functioning. With this, you will get to know whether the system is functioning well or not.
• Calculate the mean time to repair. You can also conduct a business impact analysis. It will let you know which system is essential. Besides this, it will also help you monitor your performance. 
• Start with installing a mentoring system that includes sensors. It will notify you about the performance of the system.
• You can streamline the desk resources. In addition, it will ease the reporting process.
• Hire a team of trained equipment repairers to help you in any disaster. They will act as a backup for your organization. 
• Go on by updating the management process. It will decrease the chances of errors taking place within your system.

To Sum Up

Mean time to repair is essential to ensure that you are providing the least fixing time. The less time there is, the higher the quality will be. Thus, if you are facing any issue in reducing the mean time to repair for your organization, follow the tips mentioned above. It will help you reduce MTTR for your organization. Therefore, make sure you regulate MTTR timely to avoid any inconvenience and increase the demand among customers. 

The post How to Reduce the Mean Time to Repair? appeared first on SmallBizTechnology.

That said, Instagram can also help small businesses and start-ups. How? Let us explore.

Build your brand

Instagram is a visually appealing space where you can create unique content for your brand. So, efficient mechanisms to effectively connect with the existing customers and reach new audiences at a limited cost is pretty much everything every small business needs. Sharing detailed videos and photos correlated with your business will help make the customers more involved. Creating unique visual feeds makes your business stand out from the rest. 

Boost your sales

The primary objective of using any social media platform for your business is to receive better traffic. Instagram will make this entire process easy as the ads and promotions offered by this platform have the potential to reach your target audience. Essentially, this will ensure more Instagram followers, thereby boosting your traffic manifold. 

Tell franchising stories

Certainly, keeping your customers entertained is the key to receiving an increased sale rate. Today, telling exciting stories utilizing the Instagram story option has become a common approach. This is a powerful tool for increased productivity as it can attract more target audiences. Also, besides telling stories, you can exploit the Instagram story option to effectuate flash sales, discounts, etc., Alongside this, run contests that guarantee customer engagement. 

Associate with your target audience

The primary objective of social media is networking. Therefore, by using Instagram, you can successfully connect with other brands, accounts, or influencers who would lend a hand in promoting your small business. With this well-developed networking ability, Instagram serves as the ideal platform to expand your customer base irrespective of the size of your franchise. 

Cost-effective brand recognition

Similar to any other social medial platform, you can create an Instagram account and start advertising your brand without paying any extra money. But for added benefits, you can incorporate pocket-friendly brand awareness programs that will aid in expanding your fan base and follower count. Completed through an affordable budget, fewer chances of financial constraints exist within the business. 

Stay updated with customer trends.

Understanding your customers could be a challenging factor as there is no direct communication. Indeed, Instagram ensures better communication with your customers. By scrutinizing the customer feedback thoroughly, you also can stay updated with customer trends.  

Sometimes the followers need to learn about your business. Instagram can be the perfect space where you can communicate your operations with your followers. Therefore, we can sum up Instagram as the best tool to interact, market, and drive in more customers. 

The post How Can Instagram Help Small Businesses To Grow? appeared first on SmallBizTechnology.

Just as it takes the knowledge of how to open a gold IRA account for guaranteeing financial security in retirement, it takes the know-how of sourcing, testing, and estimating, to earn a name in the gold business. This guide offers you some must-have actionable insights that you can immediately implement to get an immediate edge over your competitors.

Sourcing of the Bullion

Before you set your feet in the gold business, you need to cultivate meaningful relationships with gold wholesalers. They are your desired source of getting the required amount of gold to run your enterprise. Before you get the opportunity to work with market-makers, you need to increase your profitability. Hence, start small and then think of scaling.

In the beginning, you need to frequent retail showrooms, auction houses, and pawn shops as a source of precious metals such as gold. Keep an eye out on the auctions to grab an opportunity of getting scrap jewelry. Try to discover safety deposit box auctions to acquire low-cost, high-quality metal from unpaid bank accounts.

Beware of scammers and fraudsters. Try to avoid e-commerce platforms, and only check for local suppliers.

Testing for Authenticity

Testing if the metal is authentic is an integral part of the gold business. Unlike materials bought from wholesalers, distributors, and prominent market players who conduct independent investigations to test the authenticity of the precious metals, you must test auction metals and bullions acquired from pawnshops.

Consider utilizing electron testing, acid testing, or X-Ray Fluorescence (XRF) testing to get your job done.

As hallmarks in jewelry and coinage are easy to fake nowadays, you need a thorough test of your bullion. Employ an acid testing kit to hand-test your gold, silver, or any other precious metal. To cut costs, follow DIY acid testing methods that utilize low-cost materials.

Electron testing is a far superior method that focuses on testing low-carat metals (lower than 15-carat). You can get one of these electronic testing kits from sites like Amazon for around $200.

The last alternative is the XRF test. It is a relatively pricey option but gives better accuracy than electron testing because the latter can misinterpret gold-plated materials as genuine pieces. Using the XRF method, you can detect the authenticity of an article in less than 10 seconds. These pieces of testing equipment can cost you several thousands of dollars or even more. Although it is an expensive option, obtaining an XRF kit is by far the most reliable testing process.

Estimating the Value of Gold

Finally, it is imperative to know about deciding a bullion’s value. As a businessperson, it is a skill you must possess to profit from your endeavor. The sole objective is to buy low and sell high. For this reason, estimating the actual value of the scrap metal you buy, refine, and sell becomes crucial. This trusted formula to estimate the price per gram of gold (PPG) gets used widely in the industry:

• Recent spot price x purity (in carats) x (PPG you’re paying the supplier) / 31.1 = market gold PPG

Thus, you can manually calculate the market value of your gold based on the spot price.

Alternatively, you can seek the help of mobile applications or online services to determine your metal’s value. Remember, the closer the value is to 24-carat gold, the more worth it holds by weight.

Professionalism

Before you can make seven-figure annual sales and deal directly with the industry leaders, you must make efforts to nurture your professionalism in the precious metals business. Visit your local auction houses, estate sales, and pawn shops as a start. Then by meticulous testing and estimating, you can establish your name as a trusted gold investor.

Wrapping up

There is no shortcut to achieving a respectable position in the precious metals business. But no matter how challenging or prolonged your journey is, if you can acquire a chunk of the market for yourself, the efforts will be worth it. And eventually, you will be able to establish yourself as a professional broker or wholesaler.

The post Things to Know Before Starting Your Gold Business appeared first on SmallBizTechnology.