Category: Business

  • Create Better Business Environment And Experience For Employees With AI And A Mentor

    Create Better Business Environment And Experience For Employees With AI And A Mentor

    There is no controversy in the fact that AI or Artificial Intelligence creates a better user experience in all aspects. Whether it is in the medical field or real estate business, automobile manufacturing, or any other, the use and dominance of AI in all sectors are hard to ignore.

    While for any type of business focusing on the customer experience aspect plays a crucial role, so does the employee benefits and experience.

    Both are the backbone of a business playing a significant role in its success. If you neglect any of these aspects, it will inevitably affect the bottom line of your business directly and severely.

    Now you may tend to think what really does AI have to do in employee experience. Well, Artificial intelligence or AI has become an essential thing in almost every aspect of modern lives, and it has become so in the most unnoticeable way. 

    You will see extensive use of AI in:

    • Home appliances
    • Mobile phones
    • Modern cars and 
    • TVs and a lot of other products.

    People of today have really become accustomed to this technology in a comparatively short period of time. The inclusion of AI in different things that you use today has made your life easier, and it guides you through your individual journeys.

    Most of the people interact with it every day, and several businesses today use AI for several other reasons, including:

    • Streamlining their work processes
    • Helping the customers to self-serve
    • Reducing the costs and much more.

    According to a recent study conducted by Forrester Consulting, it is found that nearly 58% of customer engagement decision-makers of the world have made customer experience or CX the top priority for any organization. 

    This they have done by implementing a more holistic AI strategy. This strategy has helped the businesses to renovate the customer journey and enjoy significant benefits as a result. According to the same report by Forrester Consulting, more than 63% of the businesses that use AI technology for CX have witnessed a significant increase in their Net Promoter Score or NPS. This is all due to their enhanced and AI-based customer engagement strategies.

    Change in the workforce

    Just like CX, AI an also help you to transform the employee experience. The modern workforce has changed significantly from that of the past years. Moreover, there is a change in the workplace as well, where now remote offices, work from home, and even roaming are the norm. Add to that the ways of working have also changed dramatically.

    Therefore, with such changes, all employees, including those who are not born as a digital native, have definite expectations as to how technology will work for them. 

    They are now also more focused on well-designed, affordable, and easy to use apps with a hope that it will make their tasks much easier. This will, in turn, enable them to be more productive.

    However, even though there is a large number of consumer applications out there, several companies fail to deliver a more user-friendly business system. Well, AI is here to help them out. This will help them in different aspects, such as:

    • Keeping their employees happy who in turn will bring in more satisfied customers
    • Reimagining and reinventing the workplace of the future and
    • Removing the pain points of the employees. 

    It will now help them to create a modern and more streamlined experience for their employees across all departments and for all roles throughout the organization. This will ensure that the employees put in their best efforts, always and every time. This will result in higher production, more employee satisfaction, and business profit on the whole.

    The principle is much similar to the one that you employ in your business marketing strategy to integrate Instagram and other social channels to deliver your users what they exactly want and get more automatic IG likes and organic traffic to your site.

    Engage a coach or a mentor

    In addition to AI technology playing its role, you may also engage a coach or a mentor to help you to boost the morale of your employees. However, whether you will need a mentor, coach, or advisor will depend on your specific needs. Yes, there is a difference between an advisor, a mentor, and a business coach, with each having a different value to add. 

    • business coach is the one who suggests business strategies and monitors the performance, just like a basketball or any other coach do, standing on the sideline. They also keep an eye on what your competitors may be doing or thinking of and suggest counter strategies and techniques. The business coach will not work in your business but will meet you as well as your employees on a regular basis. They are there to change, improve, and correct different aspects of your business. They are more focused on the end goal and suggest accurate and productive strategies accordingly.
    • A mentor, on the other hand, plays more of a parental role. They have a wealth of experience in real-life situations and know a lot about business and the ways to grow a business. They have done all these personally. They know that running a business is a long-term and continual effort and will, therefore, be more interested in your personal development. Ideally, the role of the mentor is to transfer skills, sharing of knowledge, and contacts part from their experience. They can be contacted regularly or irregular, and the discussions may be in-depth or in pointers, long or concise.
    • An adviser is actually a technical specialist, more like a sharp-shooter. With their in-depth knowledge of a particular subject, they will provide the most accurate and practical solutions. They can give such suggestions on any pressing issue. Their relationship with you is more casual as compared to a business coach or a mentor. It is like, you ask questions and they answer. They listen to a bit and talk a lot to solve a problem quickly.

    Therefore, consider the circumstances and hire the best person and use the best technology to have a happy and satisfied set of employees to ensure business success.

  • Managing reputations – doing the best for business

    Managing reputations – doing the best for business

    As Socrates once said: “Regard your good name as the richest jewel you can possibly be possessed of – for credit is like fire; when once you have kindled it you may easily preserve it, but if you once extinguish it, you will find it an arduous task to rekindle it again. The way to a good reputation is to endeavour to be what you desire to appear.” 

    But we’re not going quite as far back as Socrates’ time, just to a time before the internet, when the reputation of a business was based almost entirely on word-of-mouth. Businesses would get their feedback from clients, suppliers and customers and take them on board to maintain a favourable reputation.

    Online reputation

    Today, it’s a very different story. It’s never been easier for people to voice their opinions publicly via forums, social media, review sites and beyond. Online commentary has the potential to reach infinitely more people than word-of-mouth, making it vital that businesses know not only how to understand an online reputation but to effectively and proactively manage it too.

    Even those businesses without an online presence still have an online reputation. They’re often added to maps, reviewed, rated or discussed.  This isn’t just external, employees from within companies have access to tools to blow the whistle or simply give their personal opinions on how it is to work with or for companies.

    People will likely look at online reputation before making purchasing decisions. Whether using a search engine to read a review, browse social media accounts, or look for previous customers’ feedback, research is common in today’s data age.

    Those who take the time to research won’t be willing to make a purchase from a company with overwhelmingly negative reviews. They’ll be looking for those with the more favourable reviews, with the goods at the price they can afford.

    If a company has no reviews at all, then that isn’t necessarily a bad business, but typically, if a prospective customer is concerned enough about reputation to be conducting a search in the first instance, it’d be reasonable to assume that having online reviews could influence purchasing.

    An online reputation is crucial, and it can exist online even if the business doesn’t. When customers can seek out online reputation information before buying or entering contracts with a business, it matters. A lack of information online puts businesses at risk of losing out on attention to competitors.

    Scoring reputation

    The reputation score of a business is a measure of its online reputation. This can be calculated through a combination of online customer reviews, as well as an overall online presence.

    For example, how well does the business appear in search engine results and is it listed accurately in all online directories? It’s clearly a significant concern; so taking research-driven action is a wise move. So what should businesses do next?

    • Research where your reputation currently stands. Make use of different platforms, social media and search engines, to establish where your business has a presence. Hunt out reviews and source the comments. Look at the different elements feeding into the decision-making of prospects and customers.
    • Establish and grow an online brand presence. Get the company name out there and then make an effort to promote it sensibly and honestly. Find the bad reviews and work out why they are negative and what can be done to address the points raised. Encouraging satisfied customers to leave genuine reviews on popular platforms is good practice.
    • Review and keep reviewing. How the business envisages an online reputation strategy developing will probably dictate how much resource is channelled into the process, but whatever is decided, it will need periodic reviews to confirm it is working.

    The reviewing process can be simple and manual, like repeating the research phase every month, or monitoring using online reputation management software. Whatever method is chosen, it’s important insights are used, to create an advantage, drive business decisions and shape strategies.

    Reputation. Manage it, nurture it – just don’t ignore it.

  • How to Find the Best Car Finance Interest Rates

    How to Find the Best Car Finance Interest Rates

    When buying a new car, many people take out the finance deal offered at their dealer. They don’t usually research low rate car finance that could be available elsewhere.

    Unless you have bad credit and you need car finance with bad credit you can shop around for the best rates.

    Don’t let the salesman push you into a corner and make you sign a credit agreement you haven’t looked over. Instead, do your research and see what low finance car deals are available.

    How to choose the right car finance option:

    Hire Purchase vs Personal Contract Purchase

    Both of these finance options are similar. They both require a deposit, plus regular monthly payments. The vital difference, however, is that at the end of hire purchase, you own the car.

    Although this is possible with PCP too, you pay the depreciated cost rather than the car’s original value.

    You then have the option of owning the car by making a final payment or handing it back to the dealership.

    Personal Loan vs Credit Card

    It’s also possible to pay for your new car using either a bank loan or credit card. Loans are particularly useful if you intend on selling your vehicle in the future. If you’re looking for a more affordable car, a credit card is an excellent choice for payment.

    However, only do this if you’re 100% comfortable in making the regular monthly payments. Missed payments can sting you with unwanted interest.

    Ways to Get the Best Interest Rate Possible

    We believe that getting the best car finance rate possible for your car finance deal is a careful combination of thorough research and making the right choices.

    Here are the main things you need to think about when finding the best car loan deals or low-interest car loans:

    Type of loan

    Interest rates and monthly payments can vary significantly between PCP and HP. So, make sure to think carefully about whether you intend to keep your car at the end of your finance deal. If you’re unsure, your dealership can advise you further.

    Amount of deposit

    Our advice here is simple: Put down as much deposit as you can. A larger deposit means your monthly payments will be much lower. Subsequently, this will help you secure the best car finance rates possible.

    Interest and APR

    Be sure to use a car loan comparison site to find low-interest car finance. You will notice dramatic differences in car finance APR and car loan interest rate. However, there are other fees to take into consideration too.

    These include late and early repayment fees, arrangement fees, option to purchase fees and balloon payments. Be sure to take these costs seriously. Many don’t consider them until their contract ends, and are left with unwanted bills.

    Personal credit history. Simply applying to all car finance providers is a big mistake. Instead, only apply if you think it’s likely that they’ll accept you.

    Rejected applications can be damaging to your personal credit score. In contrast, if your credit score is healthy, your monthly payments could be lower. Which means the interest you’ll have to fork out will also be reduced.

  • How I Overcome My Natural Shyness When Networking

    How I Overcome My Natural Shyness When Networking

    Networking may well be a word that strikes fear into the core of your being if you don’t consider yourself to be a naturally confident person.

    It can make people feel queasy, anxious and even stressed just thinking about it; but all of this we can control if we change our thinking about networking. Trust me, I’ve done it.

    Why network? What is networking?

    So why would we/should we choose to network if it really is something we are not comfortable with? Surely it’s better to just find another way of meeting people? Well, I believe there are many benefits to networking.

    Networking is a way to build relationships. Effective networking is not speed dating, it is not a case of meeting as many people as you can and ‘banking’ their cards. It’s based on the idea of connecting with people.

    Going to a networking event to meet 100 people has little value. People do business with people they like and have engaged with, so you need to build up trust and a relationship with them, which takes time. The relationships are based on authenticity and your core values.

    My experience

    It’s no secret that I network, and I enjoy it! However, it hasn’t always been that way, I am naturally a shy girl and it’s my default state, so putting myself out there and meeting people is always a bit scary.

    Trending

    We have all been faced with the prospect of networking at some point or another. For some, it’s a piece of cake but for others (myself included) it takes a little more thought and practice to be comfortable in a networking environment.

    After being in the industry for nearly 20 years I have found a few ways to find confidence in myself, get out there, and build relationships. I am going to share with you a few of my top tips on how you can get there too.

    Start internally

    I believe the easiest place to start is in your own workplace. Get used to chatting to people here and practice your skills. You’re guaranteed to have something, or someone, in common when meeting new people at work, and this makes for easier conversation starters.

    Find someone you would like to get to know and kick off the process, in whatever way you feel most comfortable. Chatting over a cup of tea, or attending an event can be an easy way in, but when you’re feeling braver, inviting them to lunch or to an external event could be your next move.

    Alternatively, ask your friends and colleagues if they are attending any networking events soon, and go together, getting them to introduce you to new people. You can also ask event organisers to do this if you attend an event alone, and would like help meeting new people.

    Bring something to the table

    Successful networking is based on the philosophy of “how can I help you?” rather than “what can I get from you”. Think about that and how appealing that is to whoever you are chatting to. Most people welcome you with open arms when you ask “how can I help you?”

    When going to an event, get the delegate list in advance, see who you might know, or do some research on people you think you might be able to help, then prepare who you want to approach when you get there.

    This way you are going with a strategy of being a useful person for others to meet, and rather than worrying that no-one will want to talk you, you know you have value to offer people.

    Know yourself

    Before starting to network, it is important to give yourself a break and realise that you actually have already achieved things through networking. It is helpful to ask yourself: which parts of networking am I already good at?

    What connections have I already made through networking (be it at the gym, when out with friends, or at an event?) These questions will help give you a confidence boost. I can guarantee you have already got some good networking skills and have used networking to make contacts in your personal life already!

    The friend you met at the coffee shop, the man you spoke to on the bus or in the kitchen at work. These are all forms of networking- you just need to transfer these skills into another setting.

    Still not feeling confident?

    Of course, networking is not this simple, especially if you lack confidence. It takes a certain amount of social skills and self-confidence that not all of us possess. This is where the idea of false confidence comes in. Even the most confident person could be having a bad day and would need to fall back on this.

    The idea is that we all have some confidence within us, even if we have to dig deep within ourselves, and it is about finding ways to bring this confidence to the surface.

    There are many methods we can use to instil this confidence, the simplest being to just have a backup topic of conversation. I have cricket! I love talking about cricket and have found that this is a common ground with many of the men, and women, I meet at events. Having a conversation topic in mind allows you to relax and ease yourself in.

    Adopting a persona can you get you through

    One thing I do to make myself more confident is to adopt a persona; these personas are based on my personality traits but just exaggerated versions of me.

    A lot of people use this method, both in real life and fiction. Take Superman as an example; he has Clark Kent as his persona and Clark is able to network with the newspaper industry.

    Clark’s attributes seem completely opposite to Superman’s being quiet and shy but the core values stay the same. If you are quiet and shy you could take this example in reverse and use the confident Superman as your persona!

    When I’m nervous or out of my comfort zone, I draw on a variety of personas to get me through the door, into the room and starting to chat to people. You can think of them like a shield – I am still my happy, smiley, bubbly self but just behind my shield.

    After a while, I become more confident and am able to the lower the shield and do it on my own – although even I still have to rely on my personas from time to time.

    If you feel nervous about networking there isn’t a magic cure, but I’m sure that if you start to view it differently you’ll start to find it a bit easier.

    I hope you have found this useful and will try out some of my tips. From one introvert to another, you can do this – and find it fun!

  • 3 Easy Tricks: A Journalist’s Guide To Email

    3 Easy Tricks: A Journalist’s Guide To Email

    Is there anything more anathema to the intrepid entrepreneurial soul than the bureaucratic rigours of email?

    No one began a business saying ‘ damn, I’ma do me some emails’.

    Alas, there’s still a long way to go before the email is consigned to the spam folder of history. But if we can’t get rid of it now, there are a few ways to do email better.

    Strictly no circumlocutions (and pick up the damn phone!)

    In a recent email correspondence, an entrepreneur replied: “I don’t write, I do.” It was hard to fault her response.

    Although her point wasn’t  explicitly referring to email, her short replies suggest her maxim had been neatly repurposed for the age of email.

    The structure of email still retains the vestigial limbs of handwritten correspondence.

    The structure usually follows: greeting, small talk, what you really want, closing line, salutation and name.

    Lost in this performative dance is the kernel of what you wanted. But how necessary are these accoutrements?

    Traditional etiquette coaches would gasp if you eschewed the subtleties of 19th century written correspondence.

    But it’s worth asking, why does an entrepreneur send an email and why does a modern consumer open and read email? Both parties want something.

    Modern entrepreneurs could learn a thing or two from the 17th-century French polymath Blaise Pascal. “I’m sorry I wrote you such a long letter,” he famously apologised. “I didn’t have time to write a short one.”

    What Pascal understood was to craft a disciplined, thoughtful letter was a matter of respect. Of course, Pascal’s remark was delivered in the context of his time, it’s not completely true in the era of 200 emails-a-day.

    But what he understood even then was that communication is initiated to serve a purpose.

    Brevity isn’t a matter of saving time. It’s effectively communicating your point. If you are going to send emails then at least make it a results-driven enterprise.

    Modern entrepreneurs could learn a thing or two from the 17th-century French polymath Blaise Pascal

    James Hamblin, a senior editor at The Atlantic, has taken this to the next level. Hamblin doesn’t do salutations or sign-offs and strictly keeps emails to three sentences or less.

    Don’t have time to synthesise your point into a neatly packaged email? Pick up the phone and call them.

    Check less = reduce email stress

    Okay, but if brevity isn’t necessarily brief then doesn’t that just take us back to square one? Well, if you’re constantly knee-deep in your inbox then yeah.

    Brevity on its own isn’t enough: it should be combined with a disciplined approach to checking email.

    Many entrepreneurs feel an immense pressure to reply immediately. But in the course of your business’s daily life, you’ll never outrun your emails; you will always tread water.

    Not only does this rush to reply affect the quality of your correspondence (refer back to point one), it is also unproductive and actually bad for your health.

    A study by the British Psychological Society found half of the subjects had emails automatically sent to their inbox (push notifications) and 62% left their email on all day.

    These habits were linked to higher levels of stress (which, if you didn’t know, will kill you).

    “The habits we develop, the emotional reactions we have to messages and the unwritten organisational etiquette around email,” said the research lead Dr Richard MacKinnon, “combine into a toxic source of stress which could be negatively impacting our productivity and well-being.”

    A healthier – and more productive solution – is scheduled checks. Marc Wileman, the founder of Sublime Science, only checks his email every few days. To compensate, an email to Wileman is immediately met with an auto-reply alerting the person to this and asked to contact him directly if it’s urgent.

    Wileman’s approach might be a tad extreme for some, but a more disciplined, routinised check of the email will save you a lot of stress.

    And as for push notifications: no, absolutely not, get rid of them, kill them dead.

    Chat more

    In a recent Guardian article, Slack’s user researcher Dr Leah Reich argued email is an outmoded way of communicating. “Email,” Reich said, “is hierarchical and compartmentalised and great for political manoeuvring.”

    Slack is arguably the leading light in the modern workplace’s chat revolution. It is, though, certainly not the only one: there’s Whatsapp, Facebook messenger, Salesforce’s Chatter.

    A more disciplined, routinised check of email will save you a lot of stress.

    Whatever the platform, they would all argue inter-employee email is unnecessary and not conducive to creativity.

    “How often is there deep collaboration and sharing on email?” Reich told the Guardian.”That weird overlapping feeling of ideas and iteration and design thinking? That’s still new to a lot of people. It’s radical collaboration, a different way of working and thinking.”

    Especially in an idea-driven workspace, the new wave of chat apps opens up new channels of collaboration. Their instantaneousness engenders an informality that drives right-to-the-point; it’s certainly preferable to the staid email and sneaky BCCs.

  • When Does Leasing A Car Make Sense?

    When Does Leasing A Car Make Sense?

    Owning a car is one of the most significant decisions you can make. Even for ‘budget’ models, the costs involved can dent your budget. Despite the costs involved, having access to a car improves the overall quality of life you enjoy. It is easier to commute to work, run errands, and meet social commitments when you don’t have to depend on public transportation.

    There are two ways to have your own car; you can either buy it or lease it. Buying a car means purchasing it from its previous owner and taking ownership of the vehicle. This usually involves making a cash deposit and making monthly repayments. You can also apply for car finance.

    Alternatively, you can lease a vehicle in which case you get to ‘rent’ it for a specified period of time. With a lease, you don’t own the car.

    In what circumstances is leasing a better option than buying a car?

    If you will be using the car for business purposes

    In the UK, the US and the EU; the monthly leasing fee is tax-deductible if the vehicle is being used primarily for business purposes. In most of these jurisdictions, the same does not apply for the monthly instalment payments that you make when you are purchasing a car.

    Assuming that the monthly leasing charge is similar to the monthly car payments when purchasing, you will save money when you choose to lease. Also, make sure to check ULEZ.

    If you change cars often

    Some people form long-term bonds with their cars that can span decades while some of us prefer to drive the latest model. If you are easily distracted by newer models, then leasing is the right option for you.

    Buying and selling cars within short periods of time is not financially sustainable; simply lease a car for a while and get a new car when your lease expires.

    If you require the vehicle on a temporary basis

    Purchasing a vehicle is a long-term commitment. You need to ensure that the vehicle will meet your needs for years to come. If your needs are more temporary, then it makes more sense to lease a vehicle rather than purchasing it.

    Most lease agreements cover periods ranging from one month to two years. If you require a vehicle for less than two years, it is much cheaper to lease it rather than buying it.

    You should always lease with an established, well-reviewed company that offers coverage throughout the UK if you want to have a pleasant experience.

    If you are working with a tight budget

    When leasing a car, you are not taking ownership of the vehicle, just paying for the depreciation it experiences while under your usage.

    This means that the monthly cost of leasing a car will be much lower than the cost of monthly instalment payments when purchasing. In some instances, the monthly purchase payment might even double the leasing charge.

    If a car leasing service is offering attractive sales promotions

    The car leasing industry has become very competitive, and different leasing agencies usually have offers in place to entice clients.

    The most popular of these is the leasing give-away deal where older models are available for lease at highly discounted prices. Take advantage of these offers as they appear.

  • How To Write a B-side Business Plan

    How To Write a B-side Business Plan

    If you’re old enough to have ever bought a vinyl record single, you may remember that they were usually cut with A-side and B-side versions of the same song.

    The A-side contained the version most likely to be a hit with radio stations and the general audience, while the B-side would play an alternate, more obscure but perhaps more artistic interpretation. Creating a business plan is not much different.

    The A-side is the polished, fluffy draft we’ve been trained to present to lenders and investors – the hit. The B-side business plan, however, should be a more detailed, realistic version of the company – a reference guide and roadmap that helps business owners stay focused and complete tasks toward stability and growth.

    I adopted this philosophy last summer while reading parts of Jim Smith’s How to Start a Home-Based Web Design Business, which recommends a second, navigational version to help entrepreneurs stay on track. To Smith’s recommendations, I added major elements from a business plan continuing education (CE) course I took at a local community college, a couple of section headers from my Integrated Marketing Communications capstone project, and some insights that I’m still digesting and adding in from The Marketing Agency Blueprint by Paul Roetzer.

    The result – at least to date – is this B-side outline of my revised business plan. The amount of detail is deliberate as my goal is to now have an overall reference guide and a resource for when the question arises – what the heck are we doing? Which it frequently does.

    Business Description

    This section should begin with the simplest statement of what your business is about. Whereas the mission and vision statement will be more official and eloquent, be sure, begin with a sentence or two in layman’s terms. I also added some general facts including the NAICS and SIC codes and other miscellaneous founding details.

    • Mission and Vision Statement. There are endless examples of how to write a mission and a vision statement for your company, some of which can add to the confusion as to what is the difference between the two. Just remember that your mission is an outward-facing purpose for your business, usually focused on some target group. The vision statement, however, offers a visual – some ideal state that you see your company achieving.
    • Legal Structure. Include details such as the contact information for all city, county, state, and federal offices, expiration/renewal dates, a list of founders/partners, and consider adding links to photocopies of official documents in the plan Appendix.
    • Principals/Management. Detail your company’s organizational structure and include the qualifications and responsibilities of the founders and any key management personnel. If you have an advisory board – an unpaid group of experts who can offer you valuable information on various aspects of your business – list their names and qualifications in a separate subsection. Roetzer suggests that the advisory board include contacts from “core business areas such as finance, technology, human resources, legal, and accounting.”
    • Operational/Infrastructure Details. Here’s where some of that B-side type of information gets added. Everything up until this point is pretty standard for a regular business plan, but adding details like operating hours, online listings, and a catalogue of third-party solution providers not only turns the plan into a valuable reference tool but makes you stop and consider the operational details that affect how you do business. Think web host, phone system, time tracking, print vendors, financial management tools, etc.

    Business Goals

    My business plan lists short-term goals followed by a set of corresponding objectives. These objectives should not only be measurable but include set dates so that, when achieved, you will have accomplished your short-term goals within the year. List long-term goals separately and revisit them during an annual plan revision.

    Market Analysis

    The market analysis is probably the most time-consuming section of the business plan. This should include information about your industry and its competitive outlook; your target market and, if you’ve carved out a B2B niche, that market’s industry; and any other information about the external environment. This step will also help you develop a SWOT analysis plus discover how you can differentiate your company and perhaps refine your business idea. Some sources to help compile this information include:

    • The U.S. Census Bureau
    • Industry Trade Associations
    • Annual Reports of companies within a particular industry (sometimes posted on the websites of publicly traded companies.)
    • Nielsen Claritas
    • GfK MRI (register to be notified about webinars and other news)

    There are also a number of databases requiring paid subscriptions. Your local or school libraries may provide access to additional sources of market information.

    Know of any others? Please note them in the comments.

    Products and Services

    Write a detailed list of the products and/or services you offer, including any value-added features or benefits. Will you offer any cost-savings bundles? Are there any high-demand items that you can use for product marketing (as opposed to just promoting your company)?

    Depending on the type of business you’re in, this may also be a great time to think about (and maybe write down) what you DON’T do or need to grow into. Now go back to your business description and mission. Do your products/services reflect who you say you are? Do they meet some need that was uncovered in your market research?

    Financials

    The financial section (particularly pricing) needs its own separate article. Keeping in the spirit of the B-side business plan, I would recommend placing the pricing system directly into the plan.

    Not just profitability estimates or projections but detailed calculations that consider sales tax (if applicable), federal taxes, cost of goods (if it’s a service, think about those third-party solution providers), and anything else that reduces your net earnings.

    I’m working through my pricing guidelines using some concepts from an older version of The Designer’s Guide to Marketing and Pricing, some updated thinking from Roetzer’s book, and current trends in the market.

    This piece may be the greatest detour from the regular business plan. Whereas the usual intent of the financial section is to convince lenders or investors that you have a sound business idea, the goal of the B-side version is to convince yourself. Include an operating budget and format your Accounting methods. This might be a good time to call a CPA.

    Branding

    Yes, I’m adding my branding guidelines to my business plan. This used to be a separate document, but now I feel that it’s connected to my business purpose, mission, and vision statement and is essential to the idea of staying on track. Branding should not only include visual guidelines but your company’s brand personality and positioning statement.

    Integrated Marketing Communications Plan

    Establish a separate set of goals and objectives when developing an IMC strategy for your business plan. While your marketing activities will help you reach your business goals, the marketing piece needs to function almost like a separate addendum.

    Conclusion

    When your business plan is complete, go back to the beginning and dress it with a cover page, Table of Contents, and an Executive Summary. Write some concluding thoughts and add an Appendix to include any important documents, resumes, etc. Establish a plan to evaluate your activities at set periods throughout the year and update your business plan annually.

    If you ever need to present your business plan for financing, remember to flip it to an A-side version by removing most of the operational/infrastructure details, streamlining the products and services section, fluffing up the financial section, and deleting the branding guidelines.

  • Maximising The Value Of Star Performers And Dealing With Bad Apples

    Maximising The Value Of Star Performers And Dealing With Bad Apples

    As managers, our focus is invariably on keeping the team on track, aligned with one another and the mission. But overall performance can be strongly affected by certain individuals; either by outstanding individuals or by ‘bad apples’. These outliers are key to building the dream team and reducing risk.

    So, how can these two extremes be managed to maximise success while eradicating pain points?

    I don’t believe there are many real ‘bad apples’ – intrinsically most people want to do well. Traction, by Gino Wickman, approaches the problem in a more useful way. There are three types of underperformers: the wrong person in the right seat; the right person in the wrong seat; and the wrong person in the wrong seat.

    Wrong person, right seat

    These people might look great on paper, but in practice are a cultural mismatch. To avoid this, keep an eye out for warning signs, for example, staff taking other people outside for ‘chats’ or being negative. You need to confront the individual before it escalates. Negative behaviour can be toxic – your culture risks losing credibility with the rest of the team.

    To tackle it, outline behaviours in reviews, providing examples and evidence. Most people will try and overcome this, or leave of their own will if they’re really not a good fit.

    Right person, wrong seat

    If someone fits the business, but not the role, there are three areas that might be holding them back; self-motivation, self-management, and skills. Often people can be promoted above their capabilities because they show talent in a different role – it’s known as the Peter Principle, that people tend to get promoted to the level of their incompetence. If they have the right motivation and attitude try to up-skill them with training.

    If that doesn’t work look at other roles within the company that would suit them better.

    It can be tempting to leave your star employees to their own devices. But it’s just as important to help them develop and keep them motivated.

    If self-management is the issue, try putting a work-in-progress board above each team member’s desk with all the things they’re working on plus updates. They’re forced to take responsibility for their tasks, and review them regularly!

    Wrong person, wrong seat

    If someone is wrong for the company and the role, and that doesn’t change, you might need to let them go. In these cases, the most important thing is to do things by the book and be generous to your leaver (with notice periods and so forth), for an easier exit in the long term.

    It’s not just about the legal side of things either. Being decent to leavers and keeping them onside (as far as possible) is important for your brand. Disgruntled leavers can cause untold brand damage in the worst cases. When HMV announced mass redundancies to their employees, marketing staff took out their anger publicly on HMV’s own Twitter account.

    Right person, right seat…

    It can be tempting to leave your star employees to their own devices. But it’s just as important to help them develop and keep them motivated. You will need to invest time to understand the different individuals. I used to manage two guys, one of whom a good ‘talking to’ would always push them to prove themselves, whereas for the other it would cause the other to panic and break down!

    Developing goals for high-achievers is important for their development. SMART goals are one option or Traction uses the idea of Rocks with three to seven goals that must be achieved within three months (for companies, teams or individuals).

    Continually monitoring progress is an essential part of that goal-setting process. We use Monthly Business Reviews, one-on-ones looking at highlights and issues from last month and defining objectives for the next, and Crucials, weekly actions crucial to the business.

    Finally, great staff will need rewards to keep them keen and motivated. Feedback and praise are a huge part of that, but pay, bonuses and, perhaps most importantly, promotion, should also be considered. This is especially important for junior staff – if there’s no progression available, you will get leavers.

    Develop a clear promotion framework with bands of salary – once an individual is at the top of their band, progress them to another responsibility. If someone has progressed as far as they can go in the framework, how about letting them manage key areas like a new product launch, giving them real independence and responsibility?

    Where some underperformers can be ‘culture terrorists’, your star performers can fulfil the opposite role, illustrating what success looks like and inspiring others in the team.

    Depending on your business culture, perhaps think about creating some friendly competition, for example, have screens showing people’s achievements against their targets.

    In the end it’s all about culture and values, ensuring that your culture enables success, validates achievement, but also challenges underperformance. Both underperformers and high-achievers play a vital role in realising the culture that emerges in practice – as a manager it’s your job to make sure everyone’s moving in the right direction.

  • 5 Easy Steps to Revamp Your Small Business Website

    5 Easy Steps to Revamp Your Small Business Website

    Off the top, let me say that easy doesn’t necessarily mean quick.

    Constructing a multi-page website is still very time-consuming, but the good news for entrepreneurs is that creating and managing a professional-looking website no longer takes a 2-year learning curve or side degrees in coding and programming.

    Use the web development supply chain to accomplish the first three technical tasks, and then tap into your own creative side to put the finishing touches on your newly designed small business website.

    1. Choose a Web Hosting Service.

    The web hosting provider stores your website on their servers and makes it accessible over the Internet.

    While this simple statement describes the basic function of a web host, one of the primary benefits of using a hosting service is that most come with email accounts.

    This means that instead of running your business from a Gmail account, you can boost your professional image with email addresses from your business domain. If you don’t have a registered domain, you can purchase and manage your business domain from within the host dashboard.

    Additional benefits of using a web host include increased security, technical support, traffic reports, additional cloud storage, and more. I personally use iPage, but other top-rated web hosts include BlueHost, HostGator, JustHost, InMotion, and others.

    Many web hosts offer a one-year teaser rate, but be prepared for that cost to jump after your introductory offer expires.

    Depending on the add-ons you choose, that cost can range from $115-$200 or more.

    Expected billing should be straightforward and easily viewed from within your host account.

    2. Install a CMS onto the Web Hosting

    WordPress is the most popular content management system (CMS), and while you may be under the impression that it’s just for blogging, guess again.

    Businesses can create static pages to display products and services, tell about their company, integrate contact forms, and easily add campaign landing pages.

    And since we all need to improve our content marketing strategies, the blogging functionality of a CMS platform is a bonus (if not the reason to use a CMS in the first place).

    Joomla, Drupal, and MODX are other popular content management systems. If you already have a preference, be sure to choose a web host that offers the best support for your CMS platform.

    The host will do the heavy lifting of installing the CMS – just follow their step-by-step instructions.

    3. Buy a Theme

    Yes, buy. Since small business websites no longer cost thousands of dollars (as they did it seems not that long ago), it’s more than reasonable to cough up $40-$100 for a web template.

    Not only will you be supporting the community of developers/programmers who devote their time to building WordPress, Joomla, or other CMS-specific themes, you will save yourself from wasted time and unnecessary frustration.

    Themes-for-purchase is more customizable, may include detailed documentation, offer support forums, and work well with 3rd party plug-ins.

    Many templates widen the scope of customization even further with fields to add HTML and/or CSS edits.

    The result is your own branded business website that is easily updateable and does what you need it to do.

    Your web host may provide access to a theme marketplace.

    Also, browse these popular theme providers (pay-per-theme or annual memberships):

    4. Customize Your Website

    Resist the urge to just stick with the default layout that comes with your template. Take a step back and think about your business purpose, your audience, and the message you want to convey in your website.

    This step will likely be the most time-consuming unless you have already planned out your site details or are using most of the elements from your existing website.

    Using the CMS dashboard, structure your site by building your static pages; deciding what will go into your columns, sidebars, navigation, header, and footer; which plug-ins you need to use; how to integrate your logo and visual brand (colors, graphics, fonts); and any other customization options that come with the template.

    Use lorem ipsum and image placeholders for content while you customize your structure.

    5. Finish with Great Content

    Once you have completed the technical steps and structured your new website, switch creative hats and begin to develop content that will tell your story, benefit your audience, and improve your chances of being found on the web.

  • 5 Easy Strategies to Help Small Businesses Get More Backlinks

    5 Easy Strategies to Help Small Businesses Get More Backlinks

    Running a small business is a dicey game. It is by no means without its rewards; you get to be your own boss and manage your operation as you see fit, and every success is attributable to your hard work.

    But you also have to contend with limited funding most of the time, as well as the responsibility of wearing many hats.

    Even if you’re familiar with the industry that you choose to enter, you’ll still have to handle all manner of tasks that you might not be cut out for, such as accounting, sales, and marketing, just for example.

    And in this day and age, it simply won’t do to ignore the potential value of an online presence, even if you’re only a small, local business.

    Nearly everyone looks online these days rather than using the Yellow Pages, so if you don’t build a website and start to optimize, chances are good that consumers will never find you.

    As part of the package, you’ll want to find ways to get inbound links that direct interested parties toward your website.

    Here are just a few ways to secure the backlinks that will point people your way.

    Killer content

    In a post-Penguin world, content is of the utmost importance anyway when it comes to optimization.

    Google’s current algorithm is designed to ensure that the websites getting top placement for searches are actually providing the engaging and informative content users expect, rather than the keyword-stuffed articles of old that were meant to bring in traffic while delivering little value for visitors.

    But there’s an even better reason for providing stellar content than sating Google’s search bots: you want to impress those who come to your site.

    When you provide the value that consumers are seeking via your websites, blog, social media, and so on, you increase the opportunities for sharing, and this will help to increase the inbound links you seek.

    Easy-to-share items

    Massive blocks of text may be the most comprehensive means of delivering information, but they are in no way the most efficient, nor are they particularly attractive.

    The long and short of it is that you need to provide bite-sized snippets of information that are easy to share if you want to encourage visitors to spread your content to contacts online.

    By creating self-contained content through graphics, infographics, and videos, for example, you can offer customers the easy-to-share content they crave. And embedded links will lead straight back to you.

    Social media profiles

    Social media plays a major role in sharing, so you really can’t afford to let it fall by the wayside.

    That said, you must treat your profiles like any other professional venue.

    Despite the fact that they are terribly casual, social media outlets provide you with an opportunity to reach out and connect with prospective customers.

    But they also give you a way to offer sharable content, and that’s where your inbound links will start to multiply.

    Participate in the online community

    There’s a lot to be said for networking, especially in the online arena. So sign up for forums, comment on blogs, and see if you can get some patronage and collaboration going within your virtual community of peers.

    Participation can go a long way towards netting you additional backlinks.

    PPC services

    You might not be keen on the idea of paying for links, but when you run a small business you’re either expending time or money, and most of your time must be devoted to your operations.

    Luckily, there are some strategies for building a web of inbound links that won’t cost you an arm and a leg.

    And pay-per-click services may qualify.

    Getting listed with directories is another good option for the business on a budget.