Tuesday, April 30, 2019
What to Buy (and Skip) in May
The next 31 days will bring discounts on appliances, apparel and even “Star Wars” memorabilia. To help you find the savings, we created a guide for what you should buy (and a few things you should skip) during the month of May. Buy: Furniture and appliances May is a prime time for making major home-related...
The article What to Buy (and Skip) in May originally appeared on NerdWallet.
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Monday, April 29, 2019
NerdWallet Partners With Syndio in Commitment to Pay Equity for Employees
This post was written by Bernardo Teixeira, compensation nerd at NerdWallet. Our mission at NerdWallet is to provide clarity for all of life’s financial decisions. This includes providing financial clarity for employees — or Nerds, as we call them — as well. We bring in guest speakers, provide a learning stipend, and are committed to...
The article NerdWallet Partners With Syndio in Commitment to Pay Equity for Employees originally appeared on NerdWallet.
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11 Ways to Create an Awesome Retail Experience
In the digital age, it can be difficult for brick-and-mortar retailers to compete with the convenience of e-commerce. If you run a traditional retail store and want to draw customers in—and keep them coming back—you must focus on creating an incredible in-store experience that entices them to make a purchase in person.
That’s why we asked a panel of Young Entrepreneur Council members to weigh in on the following question:
Q. What is your preferred method for improving in-store experiences? Why do you favor that approach?
1. Combine your online and offline shopping experiences
Instead of treating your online store as a totally different store than your offline one, combine them for a better experience. For instance, use the same color scheme and branding, and if you’re having an online promotion, carry that promotion in-store as well. Combining aspects of your digital store to your in-store experience will make for a more cohesive experience for your customers. —Chris Christoff, MonsterInsights
2. Reward your regulars
One way to improve your in-store experience is to reward your regular customers. The customers who are already coming to your physical store are customers you want to keep around, so you should reward them for their loyalty. Provide in-store discounts, host special in-store events, or come up with a loyalty program that will keep customers coming back time and time again. —Blair Williams, MemberPress
3. Improve the lighting
Lighting makes a big difference when it comes to the in-store experience. It can be the difference of someone spending an extra hour in your store browsing comfortably or just getting what they needed and running out the door. Improve your lighting by making it softer and remove the super bright fluorescent lights that have people walking in with blue light blocker glasses. — Jared Atchison, WPForms
4. Hire mystery shoppers
Employing mystery shoppers to provide feedback on the customer experience is my preferred method. This cost-effective tool can help you identify areas in which you excel and areas that need improvement, from the customer’s perspective. You can even provide mystery shoppers with a checklist of specific things to look for and report on. —Matthew Podolsky, Florida Law Advisers, P.A.
5. Create an in-store app
One problem customers typically face in big box stores is not knowing where the merchandise is located. Lowe’s solved this problem by developing an app that points the customer to the correct aisle and location. Developing an app that helps customers with their in-store experience could become a differentiator when a customer is choosing one store over another. —Syed Balkhi, WPBeginner
6. Treat customers like they are friends
I co-own a chain of retail stores. We’ve found in our business that engaging customers on a personal level helps them feel welcome. We love to chat with our customers about whatever they’re interested in, whether it’s their pets, their school, or their kids. When we get our customers talking about their lives, they love it—and they’re more likely to come back and patronize our business again. —Erica Douglass, 1Up Repairs
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- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- 17 Key Lessons for Entrepreneurs Starting A Business
7. Design the store layout and checkout process for efficiency
To the extent you can streamline the shopping process and simplify it to avoid long wait times, you will continue to win new business. I prefer shopping in stores that have open layouts so I can find what I need easily and also check out easily with an automated process. By making sure people can find what they need easily and are able to quickly check out, in-store experiences will improve. —Jared Weitz, United Capital Source Inc.
8. Develop an SMS-based bot
Being a power e-commerce consumer, in-store shopping is daunting for me. I would love to have an SMS-based bot, not a mobile app, as I do not want to download any app. The bot would help me find products in stores; give me an easy path to get to shelves, aisles, or store areas; help me find my size if my item is not on display; or provide recommendations if my choice is out of stock. —Shilpi Sharma, Kvantum Inc.
9. Embrace mobile checkout options
Smartphones have changed the way customers shop forever, making speed a huge priority when it comes to in-store experiences. Look at, Amazon Go, which offers a cashierless experience, or Starbucks’ mobile ordering. Most customers know what they want these days, so having options for faster checkout and product discovery will improve overall customer satisfaction. —Charles Koh, Pixery, Inc.
10. Make your space comfortable and inviting
11. Let customers test products
We’ve all been to stores where they demo blenders and then customers buy them. This is called testing, and it is my favorite method of improving the in-store experience. It increases purchasing behavior and it works every time. To form a better opinion about your product, customers should experience it. Figure out how you can present your product in a unique and experiential way to see good results. —Solomon Thimothy, OneIMS
RELATED: Send Retail Sales Soaring With the Right Store Design
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Friday, April 26, 2019
How the Marie Kondo Method Can Make Your Business Better
Do you want to have more focus, more time, and more clarity about your business? The KonMari method could be the answer. KonMari is the decluttering method created by Marie Kondo, a Japanese organizational expert whose Netflix show Tidying Up With Marie Kondo has become a surprise hit.
Kondo is the author of the bestselling book The Life-Changing Magic of Tidying Up. While her book and television show focus on how to clear the clutter from your home, the KonMari Method can work wonders for your business, too.
Much decluttering advice focuses on organizing your possessions, but Kondo’s method is meant to get rid of what you don’t like and don’t use so that you’re surrounded only with objects you love and use. At first glance, KonMari is about getting your house in order. However, practitioners say the tactic also helps get their mental house in order by streamlining their lives and reducing stress and chaos.
Marie Kondo’s six steps
There are six basic principles of the KonMari method.
1. Be committed
It’s important to dedicate yourself wholeheartedly to KonMari. Kondo recommends completing the whole process over a weekend or consecutive series of days. That’s not always realistic for a business; however, you can commit to finishing the project.
Kondo advises decluttering each category completely before you stop so you maintain your momentum. For instance, you could plan for one weekend to focus on files and documents so you can everything done in one fell swoop. If the whole company is going to be involved, you can treat the process like an offsite planning meeting and block out time to do it.
2. Imagine your ideal life before you start
Don’t lift a finger until you take some time to think about what you want your business and life to look like when the process is finished. What do you hope to gain by decluttering? Perhaps you want your business to be more successful, more efficient, more fun for you to run, or a happier place for employees. The Marie Kondo method emphasizes being mindful, introspective and forward-looking. By identifying your goals, you’ll be better able to focus when you start decluttering.
3. Tidy by category, not location
Most of us organize and declutter based on location—for example, cleaning out your desk or a file cabinet. Instead, KonMari asks you to declutter each category at once. At home, this means piling all your clothing on the bed—whether you normally keep it in the hall closet, the bedroom closet, the garage, or what have you. For a business, it could mean going through all your office equipment first, then all your paper documents, etc.
4. Discard before you reorganize
In the middle of decluttering, you may get inspired to set up a new organizational system. However, you should wait until the whole decluttering process is done to organize what’s left.
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5. Start with the easiest category
Begin decluttering with a category that’s easy for you to make decisions about. For example, at home Kondo says to declutter clothes first and sentimental items (the hardest to let go of) last. In your business, decide what’s easiest for you to start with (such as paper documents) before you tackle more challenging areas such as business processes. This will get you used to the method, let you move faster, and give you a sense of accomplishment.
6. Keep what sparks joy
To declutter, KonMari instructs, hold each item in your hands and ask yourself, “Does this spark joy?” Don’t overthink it—you’ll know what your first instinct is. Not everything in the average office will spark joy (for instance, your stapler or file folders). For such items, ask yourself whether the item is necessary to help you accomplish a task. Even if it’s necessary, don’t keep more than you need. If your drawer is crammed with file folders, keep those that spark joy, like the colorful ones, and get rid of those that don’t, like the old, worn-out brown ones.
You may be surprised to find some seemingly innocuous items spark negative feelings. If this happens, ask yourself what’s really going on. Perhaps the item reminds you of something you hate doing in your business, a client you dislike, or a worry you don’t want to face.
You may also find a necessary item (like a software app) doesn’t spark joy. That could be because it’s hard to use or not as functional as it should be. If so, get rid of it and find a replacement that will bring more joy (and functionality).
Beyond organization
You can use KonMari for a physical decluttering, such as cleaning out your file cabinets and receipts. But you can also use it on a much deeper level. Ask yourself these questions:
What sparks joy in your business? When you’re passionate about an aspect of your business, customers can tell—and they’ll value that authenticity. If there’s a certain product, service, or focus in your business that brings great joy, consider devoting more energy there.
Be wary of things that spark joy but don’t add value. For example, you might enjoy alphabetizing files, but that’s probably not the best use of your time. It could be best to let go of this task and delegate it to an employee. And if you find tasks that don’t spark joy, definitely delegate them to employees or outsource them to a freelancer.
Suppose you find a major aspect of your business doesn’t spark joy? When a small business grows, it can sometimes take a shape you never intended. You might have added a new product or opened a new location because it seemed like the right thing to do—not because your heart was really in it. This is when it’s time to do some soul-searching.
Don’t forget to consider what sparks joy for your customers. Do customer surveys to learn what your customers like and dislike about your business. Note what products or services sell the best, where on your website customers spend the most time, and what social media posts they engage with. Giving customers more of what brings them joy will make your customers happier—and your business more successful.
RELATED: Spring Clean Your Small Business Technology
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Thursday, April 25, 2019
Wednesday, April 24, 2019
Secrets to Finding and Hiring the Best Salespeople
You can lead a horse to water, but you can’t make it drink. That saying applies to salespeople as well. It’s almost impossible to transform someone who is unsuited for sales to become a top sales performer.
You’ll get the best sales results when a new employee is a good fit from the start. Here’s what to consider when you hire your next salesperson.
1. Ensure a best fit for both the salesperson and the sales manager
Hiring a great salesperson starts with you doing your due diligence and asking a lot of questions. Hiring someone too quickly and without the proper assessment could mean settling on a less than perfect candidate.
Andy Klausner, co-founder of Your Hiring Partners, says identify the characteristics and skills you want your new hire to have, and then ask questions to determine how well the candidate scores against these requirements. Note which requirements are “absolute” ones versus those that would be nice to have. Pass on any candidate who does not possess your absolute requirements.
Klausner also says to identify the management style of the manager the employee will be working for. A micro-manager would be a poor fit for an independent employee; an employee who needs and wants more close supervision would a poor fit for a hands-off manager.
Finally, assess any hiring mistakes you’ve made in the past. Determine why someone may have been a bad hire so you can avoid repeating mistakes again.
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2. Be sure your hire fits the company culture
Matching an employee with a company’s culture is critical for both party’s success. Think of the company culture as the environment where the employee will be working.
You may want to consider how formal or informal your company is. For example, it may be acceptable for people to swear now and then in the workplace; however, hearing a coworker curse could offend some people and make work unpleasant for them. If that is your company culture, then you need to ask the candidate upfront if he or she would be alright working in that kind of atmosphere.
Or perhaps your company has monthly birthday celebrations and other social events. Now imagine how challenging it would be for someone who is a very private person to work in a company that is very open, social, and friendly. That person probably would be happier in a more formal work setting.
Klausner agrees that culture fit is very important. He says, “You really shouldn’t get too far off to make the match. You have to be really close. Think about archery. If it’s not the bulls-eye, you should be going for the next ring.”
3. After you hire, your job’s not over
Successful onboarding of new employees is an important part of the hiring process, and to ensure the employer/employee relationship gets off to a good start, you company must be ready for the new hire on day one. That means you should have a 30-day plan already mapped out. For a sales professional, the plan should include information about the training process, introductions to key people the new hire will be working with, product training, and sales territory identification.
Petey Parker, co-founder at Your Hiring Partners, says when employees can see there is an onboarding process in place, they know their employer cares about them. A smoother transition into a new job improves the new employees’ chances of succeeding in the job.
Before you hire your next sales professional, make sure you’re ready. If that new hire ends up being your most successful salesperson, he or she could end up being your most important sale.
RELATED: A Difficult Decision: When to Let a Sales Rep Go
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Tuesday, April 23, 2019
Best Mortgage Lenders with No Origination Fee of 2019
NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and information we provide are deeply researched, objective and independent. We spent over 400 hours reviewing the top mortgage lenders before selecting the best for our readers. It’s a real challenge to find...
The article Best Mortgage Lenders with No Origination Fee of 2019 originally appeared on NerdWallet.
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Monday, April 22, 2019
New Survey Reveals What Small Businesses Are Spending Their Technology Budgets On—How Do You Compare?
How does your business technology spending measure up? What are your business priorities for the near future, and how is business technology helping you achieve them? A new survey by CompTIA has some insights. Top priorities for SMBs in the year ahead include implementing new systems and processes, identifying new customer segments and markets, renewing existing customer accounts, innovation, and launching new products and services.
Underlying all of these priorities is a focus on improving efficiency, whether by implementing brand-new systems or by fine-tuning the systems you already have. To help accomplish their goals, small businesses are turning to technology. In fact, nearly two-thirds (64%) say technology is a primary factor in pursuing their business objectives, and more than half (56%) of firms with fewer than 20 employees say the same.
How are small businesses using business technology?
Overall, 59% of small businesses are mostly satisfied with their use of technology. However, there is still room for improvement. The areas in which small businesses say they most need to improve their technology are:
- Integrating different applications/data sources/platforms/devices: 38%
- Cyber security/data security: 35%
- Effectively managing and using data: 35%
- Modernizing aging equipment or software: 31%
- Getting more ROI or bang for the buck from technology investments: 31%
- Hiring workers with the skills needed to work with newer technologies: 30%
- Next-generation customer engagement/management 28%
- Managing increasingly complex technologies: 25%
- Understanding or deciding among the extensive choices available: 24%
- E-commerce or mobile commerce: 23%
Technology spending: Too much or too little?
The average SMB in the survey spends between $10,000 and $49,000 per year on technology. More than half (52%) of small business owners feel they are spending too little on business technology, 22% feel they are spending too much, and 44% feel they are spending the right amount.
What have small businesses spent their technology budgets on in the past two years? Some 36% of respondents say they have been focusing on infrastructure: laptops, desktops, servers, phones, storage, and the like. (New or upgraded hardware is a top item on respondents’ technology wish lists.) In addition, 31% said they have been spending on industry-specific software, while 30% say their technology spending has focused on both areas.
Asked what type of technology is their biggest priority going forward, customer experience technology is by far the most important concern, cited by nearly one-fourth (23%) of companies as their biggest tech spending priority. Thirty-five percent of companies also say hiring skilled workers to help them drive technology initiatives into the future is a priority. (Learn more about digital transformation for small businesses.)
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How SMBs choose business technology
The majority of SMBs choose technology from several different sources, including directly from the technology company, from a primarily online retailer such as Amazon, or from a brick-and-mortar based retailer such as Best Buy. The survey surmises that small business owners conduct due diligence, including researching a source’s product offerings, prices, and reputation for customer service, before making their decisions.
With so many different offerings and options, it’s becoming more challenging for SMBs to fully implement the technology they envision. The study notes that in 2016, 23% of survey respondents reported excelling in technology vision and strategy; in the current survey, that number dropped to 18%. SMBs also reported less satisfaction with their execution and ongoing management of technology in 2016 than in 2018. “Many firms are taking two steps forward and one back as they navigate these new learning curves,” the report states.
How SMBs view emerging technologies
“Emerging technologies” encompasses a wide variety of technology, from IoT devices to artificial intelligence and drones. More than half (53%) of SMBs believe emerging technology represents opportunity for their businesses, and 30% are already incorporating it into their businesses. (Wondering how AI can help your business?)
Small businesses use emerging technologies for the following reasons:
- Increase productivity: 63%
- Customer demand: 47%
- Increase innovation: 42%
- Boost sales: 42%
- Competitive differentiation: 39%
- To avoid obsolescence: 22%
But not all SMBs are so optimistic about emerging technology. Almost a quarter (23%) say it’s too early to tell what impact emerging technology will have, and 10% believe it will have a negative impact on their businesses. The biggest challenges small businesses worry about with emerging technologies are the cost of entry (46%), the need for technical training (44%), and the difficulty of identifying the best vendors or suppliers (40%).
Finally, the report identifies a new trend: Many SMBs are incorporating technology as a service or product offering for their customers. For example, 52% of professional services SMBs (such as accountants, lawyers, and marketers) offered technology services to customers in the last year, and 30% are considering doing so. This might include an accounting firm reselling software or providing cyber security audits. Among respondents who offer technology services, nearly half say revenue from tech-related activities is growing faster than the rest of the business.
RELATED: When Technology Goes Too Far: How Not to Treat Your Customers
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4 Leadership Lessons I Learned From Climbing Mount Kilimanjaro
By David Pierce
In January, my wife and I completed a successful summit of Mount Kilimanjaro in Tanzania along the trail known as the “Roof of Africa,” which reaches a height of 19,340 feet at its peak. Kilimanjaro, as you may know, is the tallest mountain in Africa and the highest free-standing mountain in the world.
Climbing that mountain was the most challenging adventure of my life, physically and mentally, and I learned a lot on that trip. As a business coach, I am a firm believer that every experience provides an opportunity to grow, and sometimes you can apply the things you learn from an experience to other areas of your life.
Here are four business lessons I took away from my Kilimanjaro experience:
1. It’s a team effort
Climbing Kilimanjaro is a team effort. No one is allowed to climb the mountain without the assistance of an experienced guide. Our group consisted of six trekkers and a support team of 18, which included experienced guides and many “heavy lifters” who managed our camp and prepared our meals. The team moved our group from campsite to campsite over seven days with amazing coordination, logistics, and stamina.
During our trip we would break camp each morning and begin the trek to the next stopping point. Within an hour the “heavy lifters” would pass us, carrying everything in heavy packs on their heads. By the time we arrived at our next destination, the camp would be set up and dinner was on the way.
Takeaway: A great business leader finds the best team, gives them a clear vision of the goal and expectations, and lets them perform. No great achievement is possible without the support of a qualified team. If you are going to take your business to great heights, you have to surround yourself with the right people who have the skills and experience to reach the team’s goals. It also means making sure you have the right people in the right positions so the work is done well. The leader assembles and oversees the team and holds them accountable, but he or she also allows them the freedom to perform their duties.
2. Great leaders put the team first
Early into our climb I realized that Nick, the support team leader, was already at work and assessing each trekker’s experience, conditioning, goals, and expectations. He made it a point to get to know each of us. During the first few days of the journey he had casual conversations with each climber and watched us perform.
He never let on that he was evaluating us. He was always very positive and expressed 100% confidence we would all achieve our goal of reaching the summit. He used the knowledge he gained to manage each day for the group, so we would be set up for success when we reached the top of the mountain.
Takeaway: A great leader takes a sincere interest in their team and helps them achieve their goals. Nick’s servant leadership was in full view during our trip as he focused on understanding our group’s levels and abilities. By doing so, Nick improved the chances of achieving his ultimate goal, which was a successful summit by our group of trekkers.
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3. Great leaders unite teams
Our group of trekkers consisted of me and my wife (both in our fifties and from Kentucky), a 70-year old father and his thirtysomething daughter from Manchester, England, and a young couple in their twenties from Australia. All of us had varied life experiences and were in good physical condition, but we had very little in common.
That’s the magic of a trip like this. We were able to come together as a team. We united behind a compelling goal that drove each of us to achieve more than we could on our own and more than most of us thought we were capable.
Takeaway: A compelling, audacious goal can unleash potential that is often unrealized. Anything is possible when you and your team believe in what you want to achieve. As a business coach and entrepreneur, I’ve learned that great companies must have shared sense of purpose and 100% buy-in from their team so they will work together to fulfill company goals.
4. Effective leaders prepare their teams
We scheduled our trip during a season when the weather was expected to be mostly dry and sunny. We were cautioned, however, to prepare for anything, because once you were on the mountain you wouldn’t be able to buy extra gear.
As fate would have it, on day two of our “dry-season” trek the weather turned for the worst, and for the rest of our trip, it rained and snowed every day. Everything stayed wet and cold, unless you had packed the right gear. Thankfully, we had heeded the advice of our trip company and prepared for inclement weather. Without advance preparation a successful summit would have been in doubt.
Takeaway: Great business leaders consider all the possible outcomes and help the team prepare in advance for the worst-case scenario. If you prepare for the worst, often the result is not as bad or as impossible as you thought it would be. It’s a sound business practice—determine worst case, accept the possibility, and plan in advance how to manage through it.
Climbing Mount Kilimanjaro was a trip of a lifetime, and it will have a positive influence on me for the rest of my life. Whenever you can, use your own special journeys to make improvements every day—learn from your experiences and take time to enjoy the present.
Go climb your mountains!
RELATED: 5 Things Anthony Bourdain Taught Me About Entrepreneurship
Certified Petra Coach David Pierce spent a decade with Deloitte and PwC, and for over 20 years held a C-level post with a regional banking and financial holding company, developing and launching one of the first stand-alone online banks in the U.S., and participating in more than a dozen mergers and acquisitions transactions. A tireless entrepreneur, David also helped launch an apparel manufacturing startup and numerous commercial real estate projects. Contact him at david@petracoach.com.
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Business Owners: Don’t Stress Over 3-Paycheck Months—Do This Instead
Three-paycheck months are great for your employees. Who wouldn’t want an extra paycheck a couple of months per year? But, a three-paycheck month might not be so gentle on your small business budget.
Paying employees with a biweekly pay frequency has quite a few benefits, like consistent payroll processing. And, biweekly pay is the most popular pay frequency. However, you need to prepare for three-paycheck months. Otherwise, you could dip into negative cash flow territory.
Sure, Susie’s extra $1,500 is no big deal. But multiply that by 60 employees, and your monthly budget could end up fluctuating by an additional $90,000—two times per year.
How to prep for three-paycheck months
Payroll is typically one of the biggest expenses a business owner has, and when your biggest expense multiplies, your company feels it. But before you start panicking and changing up your pay frequency, take a step back. Thousands of small business employers overcome this hurdle, and you can too.
So don’t stress—prepare instead.
1. Adjust your budget
Under a biweekly pay schedule, employees receive 26 paychecks per year. With only 12 months in a year, you’re left with two three-paycheck months. Depending on when you pay employees, the months with three paychecks could change. At the end of each year (or whenever you plan your budget), find out which months will have three paychecks.
Once you identify the two three-paycheck months in the year, jot them down—but don’t just write on a crumpled Post-it Note that later finds its way to the trash. You need to make sure your entire budget reflects the months with the extra paychecks: Account for the cost of extra wages, employer taxes, and benefits contributions. If you fail to include the two extra paychecks in your budget, your monthly projections could be way off.
With the added payroll expense in your budget, you may need to adjust your funds. Consider cutting back on expenses during those months, or see if your vendors can push back invoice due dates. You also can increase your available cash, which I’ll explain next.
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2. Ramp up your cash
If you want to have enough money on hand to cover three-paycheck months, increase your cash flow—ah, if only it were that easy. Coming up with successful ways to ramp up cash can be challenging. Plus, there are times when low cash flow is outside of your control, like during an economic downturn. However, there are a number of strategies you can do to improve cash flow:
- Offer special sales. Give your sales a boost by offering discounts. Offer customers discounts one to two months before a three-paycheck month, and also try increase any low-cost marketing efforts.
- Speed up collections. There are many benefits of extending credit to customers, but sometimes, they just don’t pay. You’ll especially notice lack of collections during three-paycheck months. Speed up collections by offering early payment discounts or applying late payment fees.
- Grow your cash reserve. Throughout the year, you should be tucking money away into your small business cash reserve. That way, you can dip into the extra funds if you need help covering payroll.
- Check out alternative financing. If you’re really in a pinch, consider applying for alternative financing, like a business line of credit.
3. Balance employee shifts
By law, you need to give nonexempt employees working more than 40 hours in a workweek overtime pay. And be aware that time-and-a-half pay adds up—I mean, it’s 1.5 times the employee’s regular hourly rate. Paying overtime wages can be especially tricky during months with three paychecks.
If you want to free up some money, don’t schedule employees more than 40 hours per week during three-paycheck months. Let’s say 20 employees normally work five extra hours per week. These employees earn an average of $15 per hour, which is an overtime hourly rate of $22.50 ($15 x 1.5). That could end up costing you $9,000 in one month ($22.50 overtime wage x 5 overtime hours x 20 employees x 4 weeks).
If part-time employees work fluctuating schedules, you can also cut back some of their hours during months with three paychecks.
RELATED: Small Business Finances: Costs to Consider When Hiring a Bookkeeper
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Sunday, April 21, 2019
Business Owners: Don’t Stress Over 3-Paycheck Months—Do This Instead
Three-paycheck months are great for your employees. Who wouldn’t want an extra paycheck a couple of months per year? But, a three-paycheck month might not be so gentle on your small business budget.
Paying employees with a biweekly pay frequency has quite a few benefits, like consistent payroll processing. And, biweekly pay is the most popular pay frequency. However, you need to prepare for three-paycheck months. Otherwise, you could dip into negative cash flow territory.
Sure, Susie’s extra $1,500 is no big deal. But multiply that by 60 employees, and your monthly budget could end up fluctuating by an additional $90,000—two times per year.
How to prep for three-paycheck months
Payroll is typically one of the biggest expenses a business owner has, and when your biggest expense multiplies, your company feels it. But before you start panicking and changing up your pay frequency, take a step back. Thousands of small business employers overcome this hurdle, and you can too.
So don’t stress—prepare instead.
1. Adjust your budget
Under a biweekly pay schedule, employees receive 26 paychecks per year. With only 12 months in a year, you’re left with two three-paycheck months. Depending on when you pay employees, the months with three paychecks could change. At the end of each year (or whenever you plan your budget), find out which months will have three paychecks.
Once you identify the two three-paycheck months in the year, jot them down—but don’t just write on a crumpled Post-it Note that later finds its way to the trash. You need to make sure your entire budget reflects the months with the extra paychecks: Account for the cost of extra wages, employer taxes, and benefits contributions. If you fail to include the two extra paychecks in your budget, your monthly projections could be way off.
With the added payroll expense in your budget, you may need to adjust your funds. Consider cutting back on expenses during those months, or see if your vendors can push back invoice due dates. You also can increase your available cash, which I’ll explain next.
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2. Ramp up your cash
If you want to have enough money on hand to cover three-paycheck months, increase your cash flow—ah, if only it were that easy. Coming up with successful ways to ramp up cash can be challenging. Plus, there are times when low cash flow is outside of your control, like during an economic downturn. However, there are a number of strategies you can do to improve cash flow:
- Offer special sales. Give your sales a boost by offering discounts. Offer customers discounts one to two months before a three-paycheck month, and also try increase any low-cost marketing efforts.
- Speed up collections. There are many benefits of extending credit to customers, but sometimes, they just don’t pay. You’ll especially notice lack of collections during three-paycheck months. Speed up collections by offering early payment discounts or applying late payment fees.
- Grow your cash reserve. Throughout the year, you should be tucking money away into your small business cash reserve. That way, you can dip into the extra funds if you need help covering payroll.
- Check out alternative financing. If you’re really in a pinch, consider applying for alternative financing, like a business line of credit.
3. Balance employee shifts
By law, you need to give nonexempt employees working more than 40 hours in a workweek overtime pay. And be aware that time-and-a-half pay adds up—I mean, it’s 1.5 times the employee’s regular hourly rate. Paying overtime wages can be especially tricky during months with three paychecks.
If you want to free up some money, don’t schedule employees more than 40 hours per week during three-paycheck months. Let’s say 20 employees normally work five extra hours per week. These employees earn an average of $15 per hour, which is an overtime hourly rate of $22.50 ($15 x 1.5). That could end up costing you $9,000 in one month ($22.50 overtime wage x 5 overtime hours x 20 employees x 4 weeks).
If part-time employees work fluctuating schedules, you can also cut back some of their hours during months with three paychecks.
RELATED: Small Business Finances: Costs to Consider When Hiring a Bookkeeper
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4 Leadership Lessons I Learned From Climbing Mount Kilimanjaro
By David Pierce
In January, my wife and I completed a successful summit of Mount Kilimanjaro in Tanzania along the trail known as the “Roof of Africa,” which reaches a height of 19,340 feet at its peak. Kilimanjaro, as you may know, is the tallest mountain in Africa and the highest free-standing mountain in the world.
Climbing that mountain was the most challenging adventure of my life, physically and mentally, and I learned a lot on that trip. As a business coach, I am a firm believer that every experience provides an opportunity to grow, and sometimes you can apply the things you learn from an experience to other areas of your life.
Here are four business lessons I took away from my Kilimanjaro experience:
1. It’s a team effort
Climbing Kilimanjaro is a team effort. No one is allowed to climb the mountain without the assistance of an experienced guide. Our group consisted of six trekkers and a support team of 18, which included experienced guides and many “heavy lifters” who managed our camp and prepared our meals. The team moved our group from campsite to campsite over seven days with amazing coordination, logistics, and stamina.
During our trip we would break camp each morning and begin the trek to the next stopping point. Within an hour the “heavy lifters” would pass us, carrying everything in heavy packs on their heads. By the time we arrived at our next destination, the camp would be set up and dinner was on the way.
Takeaway: A great business leader finds the best team, gives them a clear vision of the goal and expectations, and lets them perform. No great achievement is possible without the support of a qualified team. If you are going to take your business to great heights, you have to surround yourself with the right people who have the skills and experience to reach the team’s goals. It also means making sure you have the right people in the right positions so the work is done well. The leader assembles and oversees the team and holds them accountable, but he or she also allows them the freedom to perform their duties.
2. Great leaders put the team first
Early into our climb I realized that Nick, the support team leader, was already at work and assessing each trekker’s experience, conditioning, goals, and expectations. He made it a point to get to know each of us. During the first few days of the journey he had casual conversations with each climber and watched us perform.
He never let on that he was evaluating us. He was always very positive and expressed 100% confidence we would all achieve our goal of reaching the summit. He used the knowledge he gained to manage each day for the group, so we would be set up for success when we reached the top of the mountain.
Takeaway: A great leader takes a sincere interest in their team and helps them achieve their goals. Nick’s servant leadership was in full view during our trip as he focused on understanding our group’s levels and abilities. By doing so, Nick improved the chances of achieving his ultimate goal, which was a successful summit by our group of trekkers.
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3. Great leaders unite teams
Our group of trekkers consisted of me and my wife (both in our fifties and from Kentucky), a 70-year old father and his thirtysomething daughter from Manchester, England, and a young couple in their twenties from Australia. All of us had varied life experiences and were in good physical condition, but we had very little in common.
That’s the magic of a trip like this. We were able to come together as a team. We united behind a compelling goal that drove each of us to achieve more than we could on our own and more than most of us thought we were capable.
Takeaway: A compelling, audacious goal can unleash potential that is often unrealized. Anything is possible when you and your team believe in what you want to achieve. As a business coach and entrepreneur, I’ve learned that great companies must have shared sense of purpose and 100% buy-in from their team so they will work together to fulfill company goals.
4. Effective leaders prepare their teams
We scheduled our trip during a season when the weather was expected to be mostly dry and sunny. We were cautioned, however, to prepare for anything, because once you were on the mountain you wouldn’t be able to buy extra gear.
As fate would have it, on day two of our “dry-season” trek the weather turned for the worst, and for the rest of our trip, it rained and snowed every day. Everything stayed wet and cold, unless you had packed the right gear. Thankfully, we had heeded the advice of our trip company and prepared for inclement weather. Without advance preparation a successful summit would have been in doubt.
Takeaway: Great business leaders consider all the possible outcomes and help the team prepare in advance for the worst-case scenario. If you prepare for the worst, often the result is not as bad or as impossible as you thought it would be. It’s a sound business practice—determine worst case, accept the possibility, and plan in advance how to manage through it.
Climbing Mount Kilimanjaro was a trip of a lifetime, and it will have a positive influence on me for the rest of my life. Whenever you can, use your own special journeys to make improvements every day—learn from your experiences and take time to enjoy the present.
Go climb your mountains!
RELATED: 5 Things Anthony Bourdain Taught Me About Entrepreneurship
Certified Petra Coach David Pierce spent a decade with Deloitte and PwC, and for over 20 years held a C-level post with a regional banking and financial holding company, developing and launching one of the first stand-alone online banks in the U.S., and participating in more than a dozen mergers and acquisitions transactions. A tireless entrepreneur, David also helped launch an apparel manufacturing startup and numerous commercial real estate projects. Contact him at david@petracoach.com.
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Friday, April 19, 2019
New Survey Reveals What Small Businesses Are Spending Their Technology Budgets On—How Do You Compare?
How does your business technology spending measure up? What are your business priorities for the near future, and how is business technology helping you achieve them? A new survey by CompTIA has some insights. Top priorities for SMBs in the year ahead include implementing new systems and processes, identifying new customer segments and markets, renewing existing customer accounts, innovation, and launching new products and services.
Underlying all of these priorities is a focus on improving efficiency, whether by implementing brand-new systems or by fine-tuning the systems you already have. To help accomplish their goals, small businesses are turning to technology. In fact, nearly two-thirds (64%) say technology is a primary factor in pursuing their business objectives, and more than half (56%) of firms with fewer than 20 employees say the same.
How are small businesses using business technology?
Overall, 59% of small businesses are mostly satisfied with their use of technology. However, there is still room for improvement. The areas in which small businesses say they most need to improve their technology are:
- Integrating different applications/data sources/platforms/devices: 38%
- Cyber security/data security: 35%
- Effectively managing and using data: 35%
- Modernizing aging equipment or software: 31%
- Getting more ROI or bang for the buck from technology investments: 31%
- Hiring workers with the skills needed to work with newer technologies: 30%
- Next-generation customer engagement/management 28%
- Managing increasingly complex technologies: 25%
- Understanding or deciding among the extensive choices available: 24%
- E-commerce or mobile commerce: 23%
Technology spending: Too much or too little?
The average SMB in the survey spends between $10,000 and $49,000 per year on technology. More than half (52%) of small business owners feel they are spending too little on business technology, 22% feel they are spending too much, and 44% feel they are spending the right amount.
What have small businesses spent their technology budgets on in the past two years? Some 36% of respondents say they have been focusing on infrastructure: laptops, desktops, servers, phones, storage, and the like. (New or upgraded hardware is a top item on respondents’ technology wish lists.) In addition, 31% said they have been spending on industry-specific software, while 30% say their technology spending has focused on both areas.
Asked what type of technology is their biggest priority going forward, customer experience technology is by far the most important concern, cited by nearly one-fourth (23%) of companies as their biggest tech spending priority. Thirty-five percent of companies also say hiring skilled workers to help them drive technology initiatives into the future is a priority. (Learn more about digital transformation for small businesses.)
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How SMBs choose business technology
The majority of SMBs choose technology from several different sources, including directly from the technology company, from a primarily online retailer such as Amazon, or from a brick-and-mortar based retailer such as Best Buy. The survey surmises that small business owners conduct due diligence, including researching a source’s product offerings, prices, and reputation for customer service, before making their decisions.
With so many different offerings and options, it’s becoming more challenging for SMBs to fully implement the technology they envision. The study notes that in 2016, 23% of survey respondents reported excelling in technology vision and strategy; in the current survey, that number dropped to 18%. SMBs also reported less satisfaction with their execution and ongoing management of technology in 2016 than in 2018. “Many firms are taking two steps forward and one back as they navigate these new learning curves,” the report states.
How SMBs view emerging technologies
“Emerging technologies” encompasses a wide variety of technology, from IoT devices to artificial intelligence and drones. More than half (53%) of SMBs believe emerging technology represents opportunity for their businesses, and 30% are already incorporating it into their businesses. (Wondering how AI can help your business?)
Small businesses use emerging technologies for the following reasons:
- Increase productivity: 63%
- Customer demand: 47%
- Increase innovation: 42%
- Boost sales: 42%
- Competitive differentiation: 39%
- To avoid obsolescence: 22%
But not all SMBs are so optimistic about emerging technology. Almost a quarter (23%) say it’s too early to tell what impact emerging technology will have, and 10% believe it will have a negative impact on their businesses. The biggest challenges small businesses worry about with emerging technologies are the cost of entry (46%), the need for technical training (44%), and the difficulty of identifying the best vendors or suppliers (40%).
Finally, the report identifies a new trend: Many SMBs are incorporating technology as a service or product offering for their customers. For example, 52% of professional services SMBs (such as accountants, lawyers, and marketers) offered technology services to customers in the last year, and 30% are considering doing so. This might include an accounting firm reselling software or providing cyber security audits. Among respondents who offer technology services, nearly half say revenue from tech-related activities is growing faster than the rest of the business.
RELATED: When Technology Goes Too Far: How Not to Treat Your Customers
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10 Big Companies Setting Great Environmental Examples
By Aaron Viles
Last year, world leaders met in Paris to hash out a global climate deal to curb greenhouse gases and prepare countries and communities from the unavoidable impacts of climate change, made so by decades-long feet-dragging and unwillingness to act.
While these public solutions are critical to fighting climate change, equally important are the voluntary steps taken by the private sector that have a direct positive effect and show by example that environmental protection and business success need not be at odds.
Of course, this list is focused solely on environmental considerations, and is offered without assessment of a company’s treatment of workers, either domestically or in overseas factories. More environmental groups are aware of the intersectionality of movements to support the environment and workers, and I would be remiss if I failed to mention that exciting new work.
Here are 10 companies that have taken big steps to address a host of environmental issues, from waste and pollution to climate change and deforestation:
1. Panasonic
When you think about green businesses, Japanese electronics company Panasonic probably isn’t the first company to pop into your head. In fact, in 2014, Fortune found that Panasonic suffered the largest perception gap between the actions the company’s taken and what people think it’s done.
Sustainability is a key part of the company’s corporate citizenship activities and has influenced everything from energy-saving production improvements to the adoption of recycling-oriented manufacturing.
One of the coolest ways Panasonic is walking the walk is with its new North American headquarters. Historically located in suburban Secaucus, NJ, the company moved to a prime location in downtown Newark in 2013. The move was hailed as a key way to revitalize the struggling city, but for Panasonic, it fulfilled a sustainability mission.
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The company built a new LEED certified tower (gold exteriors, platinum interiors) just blocks from Newark Penn Station, a key transit node for both local and regional transit. This connectivity and transit accessibility has led to a nearly 50 percent drop in the number of workers commuting to work by car alone from 88 to 36 percent. Panasonic’s VP for corporate communications estimates that the move has taken 500 cars off the road every day.
2. New Belgium Brewing Company
Brewing beer can have a lot of environmental downsides, from the energy required to superheat mash to the disposal of spent grain and other waste. Colorado-based New Belgium Brewing Company, the third-largest craft brewery in the United States, is proving that you don’t need to harm the environment to make it big.
Being eco-friendly is part of the company’s culture and brand, and it’s made an astonishing number of environmental investments. Solar panels help power the bottling plant; an anaerobic digester processes industrial wastewater into energy to power the brewing process; company-issued bicycles help employees get around the 50-acre brewery site.
Beyond its operations, New Belgium has taken a political stand on sustainability too. It was the twentieth company—and the first brewery—to join Ceres’ Business for Innovative Climate & Energy Policy coalition in 2011. Today, 19 breweries have joined to sign the Brewery Climate Declaration in support of reducing carbon pollution.
3. Walmart
At first blush, you may balk at the inclusion of Walmart on this list about environmentally-friendly companies. But the mega-retailer has made some key sustainable choices that, thanks to its large market share, can have huge ripple effects.
Walmart’s 2014 decision to stock products from organic supplier Wild Oats garnered attention and praise for expanding access to organic foods at more affordable prices. That followed a 2013 update to its chemicals policy, which focused on both improving ingredient disclosure and replacing 10 hazardous chemicals with safer alternatives. Even earlier, Walmart committed to exclusively selling sustainable seafood.
In addition to the direct impact of increasing sales of organic foods (as of April 2015, Wild Oats organic products were available in more than 3,800 Walmart stores) and reducing sales of products with dangerous chemicals, these policies all directly impact Walmart’s suppliers. Walmart’s support of organic food buoys the industry and creates more demand and sales opportunities for organic farmers. The company’s chemical policy provides a strong incentive for suppliers to adhere to stricter standards or risk losing access to Walmart customers.
4. Apple
Apple has a reputation for being cutting edge, a reputation that holds when it comes to going green. Apple’s $848 million energy deal with a solar farm in California enabled the company to power all its operations with renewable energy. A few months later it committed to getting 100 percent of its paper packaging from sustainable sources to protect the world’s remaining virgin forests.
Like Panasonic, it too has invested in ways to help employees reduce their commute emissions, with 10,000 employees using the company’s transit subsidy and 2,700 carpooling in commuter buses.
Apple’s rejection of climate denialism can’t go unmentioned. In 2009, the company loudly and publicly quit the U.S. Chamber of Commerce over its stance on climate change. Its 2015 Environmental Responsibility Report opens with the line: “We don’t want to debate climate change. We want to stop it.” This bold stance from a globally-renowned company helps bolster support for climate action and sustainable business practices.
5. Ikea
In June 2015, Ikea announced it would invest €1 billion in sustainability efforts, including buying renewable energy to power its stores and offices, and implementing sustainable manufacturing. As The Telegraph points out, “The figure dwarfs the amounts pledged by some countries to the UN Green Climate Fund. Germany, one of the biggest donors, pledged €750m.”
This is just the latest step in a long history of eco-friendly investments the Swedish furniture giant has made. The installation of rooftop solar to power the company’s new St. Louis, MO, store is the 42nd such installation in the United States, and the company has also entered the residential solar market.
In addition to buildings, Ikea has greened many of the products it sells. It introduced a vegan version of its famous Swedish meatballs, a nod to opposers of the environmentally intensive meat industry. In September 2015, Ikea announced its plan to sell only certified seafood. That same month was the first that 100 percent of its cotton was sustainably sourced from farmers who use less water, chemicals, and fertilizers. All that’s just the tip of the company’s green efforts.
6. IBM
IBM has been a leader in sustainability for decades, a status recognized in 2013 by the European Union Code of Conduct for Data Centers. In 2015, the company made public commitments to continue its legacy through reducing greenhouse gas emissions by 35 percent by 2020, compared to 2005 levels, while simultaneously getting 20 percent of its global electricity from renewable sources over the same time frame.
Perhaps more impressive is the company’s recognition of its influence over its supply chain. With 18,000 suppliers in more than 90 countries, IBM’s efforts to infuse sustainability—including the 2010 requirement that all suppliers have an environmental management program and that they publicly report their progress—have large ripple effects.
7. Unilever
Unilever has also been lauded for its sustainability commitments, most recently by being top ranked in the 2015 Climate Survey among companies for tackling climate issues, drawn from responses from 624 sustainability experts from 69 countries. More than 20 percent of respondents said the company was the number one contributor to climate solution.
In addition to strong support among senior leadership, Unilever has been an outspoken advocate about the importance of curbing deforestation. In 2010, the company committed to achieve zero net deforestation in 10 years, meaning for every acre of forest cleared, an equal acreage must be replanted. Unilever’s CEO has called deforestation the “most urgent climate challenge.”
The company is already outperforming its targets. As of 2012, all of its palm oil came from sustainable sources, three years ahead of schedule, through the purchase of GreenPalm certificates, an offset program for companies using palm oil. Rather than stop there, Unilever has pushed forward to trace all its palm oil to sustainable sources. As of 2014, 58 percent of the company’s palm oil was traceable, including 98 percent that was sourced for its European Foods business.
8. Chipotle
Although Chipotle has had its share of bad PR of late due to food contamination, the fast-food behemoth deserves a lot of credit for making ethical sourcing not only cool, but profitable. Chipotle released its “Food with Integrity” statement in 2001, which includes sourcing vegetables from healthy soil and meats from farms where animals are pasture-raised and treated humanely.
When push came to shove, the company proved it was willing to drop pork carnitas from the menu on one-third of its restaurants rather than compromise on its commitment to responsible husbandry. Chipotle further caused a stir in 2014 when it removed all genetically-modified products from its foods, proving a commitment to biodiversity and natural products.
Most importantly though, Chipotle has done all this while making a lot of money. Even while pork stayed off menus, Chipotle posted a billion-dollar earnings quarter in Q1 of 2015. Even a more recent slip in Q3 was not attributed to ecologically-responsible sourcing, but to other costs rising. The clear takeaway is that sustainability and profits need not be at odds—a compelling counterargument to the usual complaints about the effect of environmental stewardship on the economy.
9. Biogen
Massachusetts-based Biogen has an impressive streak running, capturing the top spot for biotechnology firms on the Dow Jones Sustainability Index two years in a row, and being named the greenest company in the world by Newsweek in 2015. One big contributing factor was reaching operational carbon neutrality, the result of a multiyear effort to reduce emissions.
The company’s investments included everything from energy efficiency improvements in its facilities to coordinating with suppliers around achieving environmental goals. This follows becoming virtually zero-waste in 2012 (98 percent of all waste is diverted), achieved through both reducing initial operational waste and finding creative ways to compost and recycle the waste it does create.
Rather than resting on its laurels, Biogen set new bold sustainability targets, including reducing both greenhouse gas emissions and water use by 80 percent by 2020, compared to a 2006 baseline. It’s also tackling that last two percent of waste that makes it to landfills and investing in LEED-certified facilities. Don’t be surprised to continue seeing Biogen top lists in years to come.
10. ChicoBag
Though ChicoBag, a maker of reusable grocery bags and other products, is not as large as the companies cited above, I would be remiss not to acknowledge at least one company that isn’t just making green improvements to its business, but whose actual money-making model is a green initiative.
Plastic bags are a particularly insidious environmental hazard, contributing to the Great Pacific Garbage Patch, harming wildlife that unwittingly consume small pieces of it, and littering our beautiful landscape for the millennia they take to decompose. Plastic bag bans have grown in popularity as more consumers and citizens see the harm of these wasteful containers.
ChicoBag provides an alternative and makes money doing it. In line with its business, the company doesn’t use what it calls the “Big 4”–single-use plastic bags, single-use water bottles, single-use cups and polystyrene takeout containers–and has an aggressive, mission-oriented zero-waste program. In 2014, B Corporation made ChicoBag an honoree for Best for the World Environment.
Even small businesses can make a difference by implementing sustainable business practices. For more information, read “How Green Is Your Business?”
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Thursday, April 18, 2019
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Tuesday, April 16, 2019
10 Creative Marketing Ideas to Build Your Business
When entrepreneurs are first starting out, they usually are not thinking of “rocking the boat” when it comes to marketing. Yet a very creative promotion can work wonders for a new business, generating a positive buzz that will get it noticed.
To find out which approaches work best, we asked 10 entrepreneurs from YEC Next and Young Entrepreneur Council this question:
Q: What is one out-of-the-box promotion that worked wonders for your fledgling business?
1. Speed dating with potential customers
I would set up in a WeWork conference room for a day and let people book 20 to 30 minute time slots with me. Founders would come in for free and get growth advice from our growth team (me) on how to scale their business. My main goal was to get out of the office and talk to potential customers. This method doesn’t scale, but by doing it we formed some great relationships with people. —Jim Huffman, GrowthHit
2. Performance guarantees
When we first started out, a great way to get our foot in the door was to offer various performance guarantees that we felt we could, and should, be able to meet or exceed. This de-risked the choice for our clients, and it’s something we still offer to ensure our clients meet their demand generation targets. —Brandon Pindulic, OpGen Media
3. Get a little outrageous
We made a list of 50 of our perfect target clients. We then worked out a deal with a local pizza place to deliver free pizza to all of them. Out of each pizza, we had the shop remove one slice and replace it with a small printed graphic that was in the shape of a slice. It said: “Looking to grow your company? We are the missing piece. Give us a call.” —Frank Bravata, Marketing Rebellion
4. Radio interviews
By giving radio interviews, you get exposure, and potential customers get to know you and will remember you. Contact radio stations to promote your business and let them know you have expertise in a particular area and are available to provide a local angle whenever necessary. This is something I personally did in the early stages of Aligned Signs. It is still a good practice for free publicity. —Jessica Baker, Aligned Signs
5. Public speaking
One of the best lead generation methods is public speaking—it’s inexpensive and very effective! Sharing knowledge is a great way to provide value and position yourself as an expert. Every time I present, I have multiple people approach me afterward who are interested in learning more about my services. We’ve closed many deals this way. —Zack Hanebrink, HookLead
Other Articles From AllBusiness.com:
- The Complete 35-Step Guide for Entrepreneurs Starting a Business
- 25 Frequently Asked Questions on Starting a Business
- 50 Questions Angel Investors Will Ask Entrepreneurs
- 17 Key Lessons for Entrepreneurs Starting a Business
6. Alignment with trade associations
One of the best things we did was to strategically align ourselves with several respected trade associations by offering our services in exchange for being considered their marketing partner. By first proving our worth, we built a strong endorsement from them to their respected members within the organization. That opened the door to high-quality companies looking for a vetted marketing partner. Remember, most associations are non-profits that have limited resources but do great things for their communities, so they are always interested in expert help. —Matt Barden, AcuTech
7. Third-party guest posting
In the world of digital marketing, this is nothing new. But for other businesses that aren’t so content-centered, the last thing they want to think about for a quick promotion is creating content for relevant websites or blogs within their industry. Start with the most influential sites and pitch blog ideas to them that discuss unique solutions to their readers’ problems, while not being self-promoting. —Ron Lieback, ContentMender
8. Tell your story
If people don’t know you’re up and running, they can’t hire you. Get the word out to your entire network, however is best for you to communicate (email, social media, in person, phone, mail, etc.). When you’re first starting out, you have the novelty of newness that people will pay attention to. Tell your story about who you are serving, what problems you solve, and why you decided to start. —Todd Giannattasio, Tresnic Media
9. Be very specific
Be laser specific and identify your most ideal 100 clients. Think of the companies or people you’d love to work with most and to whom you can provide great value, too. From there, I’d build a very specific outbound campaign to reach them, demonstrate value, and have a call to action to hop on the phone. Before this CTA, I’d work hard to establish rapport and trust. Think in terms of “What makes me different and how can I give before getting?” This campaign might look like: Email 1, Mail 1, Call 1, Email 2, Contact Us form, etc. —Zach Burkes, Predictable Profits
10. Offer add-ons
Since we sell travel experiences, we offered promotions of free side trips, tours, and adventures to incentivize customers to take action there and then, rather than get lost among our competitors. We still do this to this day. As it’s a promotion of a product within the same space as us, we get industry rates and we can find “add-ons” that sound interesting and are cool that don’t necessarily cost as much as they sound. We found this makes a big difference to customers who are often seeking more and more value for their money. This is something many companies and industries could do with partners they already work with: Buy X today and get a free Y. —Jürgen Himmelmann, The Global Work & Travel Co.
RELATED: Marketing: If I Knew Then What I Know Now
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