6 Best Credit Cards for Small Business Owners

If you own a small business, you know the story: When revenue runs short, finances can be stressful. Restoring cash flow is critical. 

Wherever you stand in the debit card vs. credit card debate, credit cards have a key advantage: They let you buy what you need without pushing your bank balance down further. But with so many options, how can you choose the best card for your business?

Your company’s needs are unique, so think through them: Do you make a lot of large purchases? How frequently do you travel? Are you looking for cash back or a lower interest rate?  

Whether you’re looking for fewer fees or a better rewards program, consider these six small business credit cards:

1. No-Hassle Credit Card

If you want a credit card that gives you cashback without restrictions, check out the Capital One Spark Cash for Business. Cardholders get 2% cash back on all spending. There are no categories to worry about or spending caps.  

This card does have an annual fee of $95 after the first year, but for frequent users, the cash back can offset the annual fee. Cards can be issued to employees, who earn the same 2% cash back on all purchases. The card’s variable APR is currently 18.49%.  

If you don’t plan to make frequent big-ticket purchases, a no-fee card with 2% cash back may be a better option, even if it does have a spending cap. But if you’re a big spender who wants a no-hassle credit card, this card from Capital One may be a perfect choice.

2. No Annual Fee Credit Card

Although its cashback rate doesn’t quite match the Spark Cash card’s 2% rate, the Discover it Business Card has no annual fee. With that said, Discover’s promotional offer is stellar.

For the first year, you earn an unlimited dollar-for-dollar match on all purchases. For example, if you earn $500 in cash back in the first year, you’ll receive $1,000 through the Cashback Match program. After that, this card offers 1.5% cash back on every dollar spent, with no expiration on the rewards. They can be redeemed at any time and in any amount.

Discover also provides some other perks to cardholders. They can download transaction activity into Quicken, QuickBooks, or Excel and receive a free credit score. Up to 50 employee cards are available at no charge.

3. 0% APR Credit Card

What if you plan to carry a balance on your card? American Express’ Blue Business Plus Credit Card is a solid choice — at least for the first year. 

The Blue Business Plus card includes membership rewards, along with an introductory APR of 0% for the first 12 months from the date of the account opening. After the first year, the variable rate ranges from 13.24% to 19.24%. There’s no annual fee.

One special perk is limited to this card’s Plus option: It lets you exceed your credit limit based on your payment history and financial resources. The greater your buying power, the more opportunities you have to earn points. 

Take advantage of the Blue Business Plus card’s bonus category: You earn twice the points for every dollar spent on business purchases, from office supplies to client appreciation dinners.  Once you reach $50,000 in annual purchases, you earn one point for every dollar you spend.

4. Travel Rewards Credit Card

For a travel rewards card with minimal restrictions, consider the Capital One Spark Miles for Business card. The rewards are solid, but beware the annual fee. After the first year, the Spark Miles card costs $95 per year. 

Compare the Capital One card with other travel reward cards with no annual fee. If you don’t plan to make significant purchases, a no-fee card may be a better option. If you do plan on making large dollar-value purchases, you could:

• Earn a one-time bonus of 50,000 miles, or about $500, if you spend $4,500 on purchases in the first three months after opening the account.
• Earn twice the miles for every dollar spent, with no annual limit or category restriction.
• Earn five times the miles on hotels and rental cars if booked through Capital One Travel using the Spark Miles card.
• Transfer miles to more than 10 travel loyalty programs.

Capital One’s Spark Miles offers free employee cards. Those cards also earn unlimited double miles on all purchases.

5. Best Introductory Offer Card 

Many of the other cards on this list have introductory offers. But none are quite so sweet as the Ink Business Preferred Credit Card from Chase.  

With the initial offer, you can earn up to $1,250 in travel rewards if redeemed through Chase Ultimate Rewards. To earn the travel rewards, you must spend $15,000 on purchases in the first three months after opening the account. In addition to the introductory offers, the Ink Business Preferred card lets you:

• Earn three points per $1 on the first $150,000 spent on travel each anniversary year.
• Earn one point per $1 on all other purchases, with no limit on the amount earned.
• Redeem points through Chase’s Ultimate Rewards and receive 25% more on travel.
• Redeem points for travel, cash back, or gift cards.

There are no foreign transaction fees, which is perfect for travelers. Employee cards are available at no added cost. However, the Ink Business Preferred card does have a $95 annual fee.

6. Credit Card for Poor Credit 

If your company’s credit history is less than perfect, don’t worry. You can still apply for a credit card through the Wells Fargo Business Secured Credit Card program.  

To receive a card, you must deposit between $500 and $25,000 into the account from which the credit card will be issued. If you work to improve your credit, you can apply for a Wells Fargo unsecured business credit card. Starting with the secured option is a great way to rebuild a damaged score. 

Every small business owner feels the squeeze sometimes. Using credit cards as a part of your financial plan can ease the stress of daily operations. Just be sure you know what you’re signing up for.

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Affiliate Marketing Made Easy for Beginners

We’ve all heard about entrepreneurs who made thousands of dollars doing online marketing. It’s all we hear about. For most of us, this seems like an impossible industry to move in, but for those who would like to jump on the gravy train, we’ve got you covered. 

To make affiliate marketing understandable for those who are still new to the industry; here are a few of the basic rules and guidelines of the increasingly popular industry. 

What Is Affiliate Marketing?

Affiliate marketing is a clever way in which online retailers use external websites to help promote their products. In this agreement, the retail pays a commission-based amount to the website owner.

This is a great way for online retailers to generate new clients and drive traffic to their own online stores. Just as beneficial as it is for the retailer, the marketer can easily grow their income when they find the right processes in marketing different products.

Click here to learn more about the term. 

How Does It Work?

When you don’t have a product to sell, but you want to sell something, then you can approach a variety of online shops. Once you’ve connected with these shops you can sign an affiliate marketing contract. 

This will allow you to promote and market their products in any way that you want. Typically, this will involve creating social media posts, online stores, and digital marketing schemes. When someone clicks on the ‘buy link’ you’ve created and follows through with the payment, you will receive a percentage of the revenue.  

Therefore, you will receive a profit for each sale that you make on behalf of the online retail shop. This is greatly beneficial to entrepreneurs because you don’t have to worry about handling the product itself. 

Who Is Involved in the Process?

There are two main parties involved: the affiliate marketer and the original product seller. The affiliate marketer that advertises the product and drives traffic to the existing online shop. The product seller (also known as the merchant) is the person who either manufactures the product to sell or is the original seller of the product who has an online store. 

Merchants can be the actual product seller, the company, the creator of the product, the vendor, or the retailer.

And of course, the consumer. The consumer is the person who does the shopping. Without them, no income or profit will be generated. In most cases, the consumer doesn’t know that they are part of an affiliate marketing system. 

Learn more about the roles of all the parties involved here: https://www.affiliatemarketingthatworks.com

How Do I Become an Affiliate Marketer?

There is a variety of channels you can follow to become a successful affiliate. First, you have to make sure what kind of products you want to sell. Selling lawnmowers and beauty products on the same website won’t really make sense. Be picky about the products you decide to sell. 

If you have a specific brand or product in mind, you can check their websites to see if they have any affiliate programs available. Many of them have special referral programs that you can sign up for. 

The brand/product seller will provide you with a link or code, which you can add to your networking sites. You’ll add these links or codes to all the ad campaigns you run on your blog and social media. 

Make sure that the guidelines have a clear set of rules on how you can earn money – this is after all the main ideas. 

Do make a point of approaching brands that don’t advertise affiliate programs, you’ll be able to build relationships with brands that you feel passionate about. Some companies will also refer to this program as ‘referral partners’, ‘brand ambassadors’, or ‘marketing partners’.

How Much Money Can I Make?

This will all depend on your digital marketing skills. The more work you put into your content creations and ad campaigns, the more traffic you will generate. Getting consumers to buy the products will ultimately decide your profit. 

What’s great about being an affiliate marketer is that anybody can try it out. As long as you are tech-savvy, have the drive and willingness to learn, you’ll be able to earn as much money as you want. 

 

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Filing an Injury Claim Against a Company

Filing a personal injury claim against a company is more complex than filing a claim against an individual. Claims against companies require claimants to be more prepared. Before you begin the claims process, it is imperative that you gather enough evidence, and meet all of the requirements before you contact the business or its insurance provider.

An established personal injury lawyer at Fasig and Brooks recommends that you hire an attorney that has verifiable experience filing claims against businesses and commercial entities. Elsewise, you may be at a disadvantage. Learn more about filing an injury claim against a company below.

Claims Against a Company for Product Defects

Defective products cause injuries all the time. Before you begin the claims process for injuries sustained as a result of product defects, you will need evidence that the product caused your injury. Furthermore, it is typically required that you prove that you were using the product how it was intended to be used as outlined by the manufacturer.

Obtaining and proving your claim can be difficult without the help of a personal injury attorney. In most cases, businesses have dealt with similar claims in the past. This means that they are well prepared to defend themselves and are ready to discount your claims.

Premises Liability Claims Against a Compan

If you are injured while on the property of a business, it is recommended that you immediately notify a manager or supervisor on duty to make them aware of the injuries that you have sustained. Immediately seek medical attention after the injury occurs and keep all medical bills and documentation of your injuries. Examples of premises liability claims include:

• Slip and Fall Accidents
• Improper or lacking maintenance on the property
• Defective elevators, escalators, or doors
• Pool Accidents
• Exposed Wires
• Injuries From falling Debris
• Lack of Appropriate Security
• Accidents Caused by Fire
• Exposure to Toxic Fumes or Chemicals
• Animal Attacks

After an injury has occurred, it is recommended that you obtain the contact information of any eyewitnesses on the scene at the time of the accident. Furthermore, collect evidence such as pictures and videos of the conditions that caused the accident if possible. If you wait too late to obtain evidence, the issue may be quickly fixed and then your claim will be based solely on your word against the word of the business.

Additionally, get the contact information of the business’s insurance provider. However, it is in your best interest to connect with an experienced personal injury lawyer before you make contact with the insurance company.

Should You Connect With an Attorney?

You are not required to hire a personal injury lawyer. However, filing a personal injury claim against a corporation without the help of an attorney can leave you vulnerable in many ways. An attorney has the experience to conduct investigations, gather the appropriate evidence, vet and interview eyewitnesses, and send compelling demand letters to insurance providers.

The insurance company hopes that you will enter into negotiations without an attorney. This scenario gives them the best opportunity to bully you into taking less compensation than you deserve. When filing a personal injury claim with the help of a proven lawyer, the insurance company knows that you are serious about receiving maximum compensation and will think twice before making a low ball offer.

Most personal injury lawyers do not charge fees unless they win your case. They also typically offer a free initial consultation. Thus, it is usually in your best interest to take advantage of a free consultation at the very minimum.

injury consultation -DepositPhotos

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What’s Involved in Creating a Prototype?

Getting a prototype made for your product is an essential step between the design and production processes. Before you can make a start on production and start marketing your product to the public, you’ll need to refine your design and come up with a working model. Depending on the product, a basic prototype could even be made with household materials. But there’s no end of 3D printing firms, CNC machining services, and other places that can build you a solid prototype in a short amount of time. In order to get your prototype made and get the answers that you need from it, you need a well-thought-out design and a company that is the right fit for you. 

Designing Your Product

First of all, you need to design your product. Start with the following:

Consider Competing Products

Unless you’ve managed to come up with something completely unique and original, chances are your product is going to have some competition. Get those products and thoroughly examine them; take them apart if you have to. Look at all the materials that are used and determine how you can improve on not only your own design but theirs. For software products like apps, explore the coding and find ways to improve and make your product more successful. Just don’t copy the design – incorporate what you learn to refine your own.

Make a Sketch

Write down or type out ideas for your product. If you can, draw or get somebody else to draw what your product is going to look like. This will help you get a rough idea of how the first prototype is going to look and allow you to quickly notice any issues or flaws in order to improve the design as much as possible before you invest in prototype building. Use your sketch to determine the features that are necessary for your design. When it comes to prototyping, you should choose the few features that are essential for your design to function and limit any expensive extras.

Get a CAD of Your Prototype

A professional can help you obtain a computer-aided design of your prototype, which will be more detailed compared to your sketch. It’s this design that you will need to give the prototype manufacturer in order to ensure that they have the clearest and most detailed idea of your product.

Create a Handmade Version

You may be able to make a small version of your prototype at home in order to save money. Sometimes, a physical product can be made from household items that you have spare. This sample design of your product may make it easier to explain to both prototype manufacturers and investors, and will also help you refine your design even further.

Use a Modeling Program

Thanks to technology, you can also use computer software to put together a digital prototype. There are various software options that you can use to turn your idea into an interactive 3D design yourself. Try programs like InVision or Prototyping on Paper, which allow you to upload designs and create interactive models that mimic how users will handle your product.

Building Your Prototype

Once you’ve got the design side of things nailed and have made any necessary refinements and changes, it’s time to invest in getting the first prototype built. You should:

Find a Prototype Manufacturer That’s Right for You

Making a prototype involves a lot of different factors including injection molding and rapid tooling, assembly, and labor. All of this can often make it expensive. Do some research and find a prototype maker that fits your budget. You may be able to save both time and money by opting for a prototype maker that offers services like online CNC machining. Rapid Direct offers online prototype manufacturing and rapid prototyping services. You can read more about their services here.

Protect Your Design

When consulting with prototype companies and finding the right option for you, be sure to ask about their credentials and view a portfolio of past work, in order to make sure that your prototype is going to be good quality and true to your design. Even if you already have a patent, trademark or copyright, it’s a wise idea to have the company or designer sign a non-disclosure agreement before you hire them. This will serve as legal protection in the event of your design being stolen.

Consider 3D Printing

3D printing is rapidly expanding and it’s often used these days for making prototypes. It uses CAD designed from with computer-made or scanned 3D models to layer materials and create a working prototype. There are many firms offering 3D printing as a simple and often less expensive alternative for making a prototype that you might be able to take advantage of depending on the type of product you are manufacturing. You can even get a 3D printer for your home if you want to take the route of doing it yourself.

Getting Funding

A good prototype will make your product more appealing to both your target market and any potential investors in your company. You may need to pitch your product idea to outside sources in order to make the production of your product a reality; you can do this in several ways such as finding investors through networking, pitching your product to investment companies, or crowdfunding. Remember that the better your prototype is, the more chance you’ve got of securing the funding you need.

Get Pre-Orders and Fill Them

Once you’ve got the above steps completed, make as many of your products as you can sell. During the prototyping stage, it might be worth taking pre-orders for your product from customers who are interested in buying it, so you have a better idea of how many of your products you will need to make. Be careful not to make too many as the initial construction cost of a prototype can be very expensive, so you don’t want to end up stuck with a large inventory that you are struggling to shift. And bear in mind that as you try to sell your product, you will likely need to go back and make updates and improvements to the design.

Using your Prototype For Market Research

The main aim of a prototype is to get a working model that represents what your finished product is going to look and act like. It should only contain the main features of the product in order to give yourself, your target market and potential investors a clear idea of what to expect without being too costly to produce. 

There are several ways that you can use your prototype for market research. Ask members of your target market or people who are experts in the specific field to try it out and provide you with honest feedback on what they think and any improvements that they would suggest to you. Find people who would be willing to buy it and ask how much they would spend and what you can do to encourage them to spend more. If somebody wouldn’t buy it, ask them why and if anything would change their mind. Use this information to make improvements during the manufacturing process. 

Creating a prototype is a crucial step to turn your idea into a product that can be sold.

 

prototype design -DepositPhotos

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source https://tweakyourbiz.com/business/creating-prototypes

How to Host a Productive Virtual Meeting

Meetings can be a real time sink, especially if they are not managed in an efficient way. Procrastination and thumb-twiddling can be increased even further in a virtual environment, where keeping all involved parties engaged is another challenge to tackle.

With that in mind, here are some tips to help you host productive virtual meetings that will have demonstrably beneficial outcomes, rather than achieving nothing.

Use the Right Tools

There are tons of different platforms that allow for meetings to be hosted virtually, but not all software solutions are created equal and so picking the best one is key.

This list of the best conference call services from SnackNation is a good starting point, letting you compare and contrast the top paid-for services including Zoom and UberConference Call, as well as free alternatives like FreedomVoice.

Once you have your communication situation sorted, you should also look at the other remote working tools that can further optimize the virtual meeting experience. Productivity will be enhanced if participants can not only speak with and see one another, but also share data and collaborate seamlessly.

Set an Agenda

If a meeting has only the vaguest of topics or aims set out ahead of time, it will be all too easy for progress to meander and for proceedings to stretch out much longer than originally intended.

To combat this, having an agenda is your best weapon. You need to plot out the major points that need to be discussed, the amount of time that you should allot to cover them, the anticipated attendees who will be involved and what these individuals will need to bring to the table.

Part of your agenda-setting should also include setting down what data may be relevant to have available to direct discussions over the course of the meeting, so that you do not have to scramble to find it in the middle of the main event.

Establish Etiquette

Virtual meetings can feel less formal than face to face gatherings in person, which can in turn lead to some bad habits that might cause disruption if they go unchecked.

First and foremost, the use of other devices during the meeting must be prohibited. It is easy to get distracted by a smartphone if you are not currently talking, so ask politely for all attendees to put their mobiles to one side and also be courteous when others have the floor. The same goes for avoiding the temptation to use any other apps or services on your laptop; that email can wait for after the meeting is over.

It is also sensible to recommend that attendees move to an area where they will not be disturbed by anything, or create a distraction in general. If they have no choice but to share a space with others, ask that they mute their mics when they are not talking, so that outside noises do not interfere with the flow.

Meetings can be costly, so it pays to boost productivity and make the most of your virtual time together with colleagues.

virtual meeting with colleagues -DepositPhotos

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4 Data Strategies Every Business Needs to Consider

With so many potential approaches to managing the data needs of your business, choosing a single strategy and sticking to it can be taxing.

Ultimately it makes sense to look at all the options available before you come to a decision, so here are just 4 strategies to compare in order to help you find one that fits.

Strategizing to Escape Legacy Hardware Limitations

One common motivation for creating a new data strategy is specifically to move away from legacy hardware implementations which may be both a financial and operational burden on the business.

In this case you may be looking to move away from on-site storage which is bottlenecked by hardware and network resources alike, potentially moving to a cloud-powered equivalent. It might make sense to switch to an SQL server that is hosted remotely, for example. You can still use software to monitor your SQL server and make optimizations; you simply no longer need to worry about covering costs for upgrades and upkeep.

Strategizing to Improve Security

Your main concern when developing a data strategy may be the levels of protection that sensitive information is afforded. At a time when breaches are on the increase, no firm can ignore the threat of malicious actions leading to theft, disruption and reputational damage.

Factoring this in at the core of any strategy makes sense, especially as there are new types of encryption emerging and fresh approaches to common cybersecurity challenges being proffered by storage providers.

Strategizing to Streamline Acquisition

A good data strategy cannot simply set its sights on how information is stored and managed, but must also take into account the processes by which the data is acquired in the first place.

Cost is a significant factor in this case, and you need to be able to justify the expense of acquiring information that will be relevant to your operations by looking at how it will deliver value further down the line, whether as a result of increased sales, improved customer experience or some other measurable metric.

Such calculations can be complex and it is usually sensible to consult with an expert to come to an actionable conclusion since money is at the heart of every business matter and unless your data acquisition strategy makes financial sense, it will not be worth pursuing.

Streamlining acquisition is also heavily reliant on knowing which groups to target, as the more specific you can be, the better equipped you will be to whittle down the data sets you consider. Paying for market research as part of this process is an option, but you can also do your own digging by delving into social media stats, site analytics and other hives of information that are freely available.

Strategizing for Accessibility

Arguably the most important aspect of any data strategy is the level of access that it affords, not just to end-users but also to other solutions and services which may benefit from being able to leverage the information which your business accrues.

The emergence of APIs and the apps which take advantage of them has acted to quantify exactly how important accessibility can be in the context of data. To extract the full potential from your resources, you need to be able to distribute them efficiently and securely.

This is where the cloud can once again be seen as a cornerstone of many modern data strategies since it lets even small enterprises harness expansive data centers and cater to apps and users around the world without breaking the bank. Each data strategy must, of course, be unique, but such facts show that there is also the unity between them.

explaining data -DepositPhotos

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source https://tweakyourbiz.com/business/strategy/data-strategies

Finding Financing to Expand Your Small Business

Starting a small business has become more accessible to everybody these days. Sometimes, you might not even need a lot of money to get started, depending on your business idea. You can provide online services from home, and there’s no need to rent an office or employ staff, or you can make handmade products and sell them on your Etsy shop with minimal startup costs. 

But if your small business idea is going to need some investment to help it grow, you’re probably weighing up your options for small business funding. The good news is that today, there are a lot more options available for small companies compared to just a few years ago. The bank is no longer your only option. 

So, where do you go for small business funding? Consider these ideas.

Small Business Lenders

With banks saying no to small businesses more and more often, there’s been a gap in the market for lenders who specifically service the small companies that are being turned down. If you’re starting a small business, you’ve probably got a better chance of being accepted to borrow from one of these companies; after all, you’re their perfect target customer. 

Applying for business funding is easy; most of the time it’s all done online. Cubefunder, for example, makes getting loans for your small business easy. Just fill in the online application, follow the steps, and wait for a decision. 

Angel Investors

If you’ve come up with a unique and interesting business idea that you’re sure is going to make megabucks in the future, you might be able to find an angel investor who agrees with you. Typically, these are individuals who’ve built a business empire of their own, and now want to use some of their money to help entrepreneurs who’re in the same boat as they once were. 

Search for angel investor networks in your area – chances are you’ll need to pitch to a few before you get the funding you need, but if you succeed, it’s worth it. Although you’ll need to be prepared to part with shares in your company in return, the money isn’t all you’ll get. Many angel investors bring valuable guidance and support to help your business thrive and grow. 

Crowdfunding

The public loves new ideas – and if you’ve got a business idea that you think everybody is going to be amazed by, you might want to consider gaining some funds through crowdfunding. Popular for raising money for good causes on sites like JustGiving, crowdfunding is now beginning to make a name for itself as a viable way to raise funds for small businesses, particularly due to the rise in micro-investing. 

How it works: You post your business idea on a suitable crowdfunding website or app and members of the public invest a small amount of money if they are interested in the idea. They’re like angel investors but on a much smaller level. Thanks to their contribution, each person who donates will own a small part of your business – and if you manage to hit your goals and get massive, the pay-off will be brilliant for them. 

Friends & Family

This one is often seen as a safe bet by many small business owners. Borrowing money from your family and friends is certainly less stressful than getting it from a bank or lender, but bear in mind that if things go awry, your relationship with them could be strained. If you’re going to borrow from friends or relatives, make sure that you’re prepared to repay them, even if your business doesn’t take off as hoped. 

With so many funding options to consider, there’s never been a better time than the present to go for it with your small business idea. 

business money concept -DepositPhotos

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source https://tweakyourbiz.com/finance/business-finance/expanding-small-business

5 Things You Need to Run a Successful Business From Your Home

So you’ve finally decided to go alone. You’ve been “working for the man” for years and now it’s time to set up shop and enjoy working for yourself. To make this deal even sweeter, you’ve decided you’ll run your business out of the comfort of your own home.

Sounds pretty amazing, doesn’t it? It is.

Not only will you be starting your very own business, but you’ll also enjoy the best of both worlds: starting a company and remaining in the comfort of your own home. It’s a win-win for anyone that has the ability, drive, and resources. Anyone who has ever run a business out of their home will tell you how exciting and fulfilling it is.

But before that business can take off, there are certain things you’ll need. Let’s take a look at five of those things—some of which are required, and some are merely a suggestion.

Legalities

This is a business. And no matter where this business is, it must be legal. The first thing you must do is decide on a form of ownership. Three of the most popular types are:

• Sole proprietorship
• Partnership
• Corporation

If this is a small business, and it’s just going to be you, the sole proprietorship is your best option. If, however, you think your company will eventually expand out into something much larger, you might want a corporation. Your best bet, however, is to talk with your accountant to know what option best suits the company you are about to launch.

Depending on where you are located, you might also need a business license and run your business according to the laws dictated by your local or federal government. This is another issue to take up with your accountant. Even if your business will be formed as a means to work with offshore developers, you must take care of all the legalities before you launch.

If you neglect this step, you could find yourself in a world of trouble.

Zoning

You probably didn’t think about this. But if you’re starting your business in your own home, you need to find out from your local authorities if your neighborhood is zoned for home businesses. If it’s not, this could come back to haunt you. Certain municipalities do not allow for the zoning of home businesses, so you must find this out first.

If your local zoning laws do not allow for home businesses, you might take this up with those in charge of zoning. Get your neighborhood to sign a petition and take it to the zoning board. In the end, you may not be able to change their minds and you’re out of luck for your home business. However, if your neighborhood is already zoned for home businesses or the zoning board is amenable to your request, you’re good to go.

Permits

We’re not done with the legalities here. You might find your home business requires certain permits, in order for you to legally do business. Depending on what your business is going to be, make sure to check into the following permits:

• Home occupation permit – this goes along with the zoning. If your neighborhood is zoned for home businesses, you still may need to acquire a home occupational permit. Of course, not every type of home business requires a permit, but you should check to make sure.
• Sales tax permits – If your business will be selling taxable products, you must obtain a sales tax permit. And even if you live in a state that doesn’t collect sales tax, if your business will be selling online to states that do (such as for offshore software engineers), you’ll need this permit.
• Health and safety permits – This is another issue where you’ll need to check in with your local government. Some states require health and safety permits for businesses.
• Sign permits – Believe it or not, if you plan on hanging up a sign, you might need a permit to do so. This doesn’t apply to all home businesses, but you’ll need to find out from your local government if your business (and your location) requires a sign permit.
• Construction permits – If you plan on making any structural changes to your home (such as creating an external entryway to your office), you’ll have to acquire the proper construction permits to do so. Without those permits, you can’t legally modify the structure of your home. This, of course, varies from state to state.

A Plan

You need a plan. This plan will outline how your business is structured, how it will make money, who your customers will be, etc. Consider including (at minimum) these points as you create your plan:

• Company Overview: Your mission statement and the details about your business’ location.
• Executive Summary: This will be an overview of the products and/or services offered by your business.
• Financial Overview: This includes your projections, profit-and-loss analysis, and sales assumptions.
• Market Analysis and Market Strategy: This outlines your target demographics and information about what makes your products and/or services unique.
• Products and Services: This includes the details of how your products and/or services meet the current marketplace demand.

Your plan should also include a two-year projection, a five-year projection, and a ten-year projection. You need to have milestones in place for comparison as you grow.

Office Space

You can’t run a business out of your home without a proper office. Okay, you can but you’ll find it frustrating and inefficient. Chances are you’ve already designated a room as an office. If not, now’s the time to do so.

Make sure this room is large enough to house all of the furniture and equipment you’ll need to run a business. A desk, a chair or two, a printer, a server, and any technology specific to your business.

You also want to make sure the office space you chose lends you a modicum of privacy. You don’t want people interrupting you all day.

And, if at all possible, select a room that has its own external door. If you’re going to have clients or customers in your office, you don’t want them to have to walk through your home to get there.

Don’t overlook the choice of proper office space.

Conclusion

If you’re ready to launch your own business out of your home, take care of these five things and you can rest assured that your company is starting off on the right (and legal) footing. It might take a bit of time to take care of these issues, but in the end, you’ll be glad you did.

 

man on laptop in living room -DepositPhotos

The post 5 Things You Need to Run a Successful Business From Your Home appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/growth/personal-growth/home-business

Recruitment: How To Compete With The Big Brands (And Budgets)

As a small company, you probably know the difficulty that arises when it comes to recruitment. It’s a hugely competitive business and like it or not, money talks. Those top-performing employees will soon get head-hunted and plucked by the firms who are able to offer gigantic salaries.

Unfortunately, a lot of people will be swayed by money and there is little you can do about this. At the same time, there are some other incentives that you can tap into which can sometimes make all the difference for employees, and today’s post will take a look at some of these in detail.

Hire correctly

Before we jump into the ins and outs of all of the different incentives you can offer employees, let’s talk about hiring.

In short, if you hire the wrong people for the wrong roles, you will lose them pretty quickly. This doesn’t necessarily mean that they are bad employees, they just weren’t suited to the role you were initially advertising for. At the same time, they might be perfect for another area of your organization.

As such, it place a lot of attention on that initial hiring process. Make sure you nail your job description down to a tee so that everyone is on the same page. If you don’t do this, you’ll start to fill round holes with square pegs and you’ll be met with an employee exodus.

Furthermore, sometimes you might have to “filter” those applicants who you know won’t be with you for the long-term. You can usually gauge this from a CV; they may have hopped around jobs in the past, or there might be another tell-tale sign that they just won’t stick around very long. While it might be great to get that initial boost from their employment, just remember that having a high turnover is a dangerous game for a smaller business.

Make them feel part of a team 

It sounds ridiculously simple, but just making sure employees feel part of a team can make all the difference in your battle to keep the best talent.

One of the best ways that people can look forward to coming to work is if they get on well with their co-workers. It means that you should make every effort to boost their working environment, whether it is via team building activities or something as simple as beer Fridays. It just encourages everyone to mingle and become real team members.

Highlight your other extrinsic benefits

As we have already alluded to, most people are motivated by money. It’s not just their salary that can provide them with these little boosts in motivation though; there are all sorts of other extrinsic benefits that can push them along.

For example, it might be offering discounted cinema tickets or a reduced rate at the local gym. In relation to the latter, studies have found that companies who provide gym memberships are less likely to lose out through sick days. For this reason, check out Zest’s benefit software to see how you can make sure your company benefits are properly exposed.

Map out development plans 

Progression is a big deal for a lot of people. They might not be on a high salary now, but if they can see a clear roadmap on how to develop in your company it will do wonders for their motivation levels.

This is where you need a structured approach to personal development. Map out a plan for each team member, to show them what could happen if they apply themselves accordingly. Sure, they might be able to land a higher salary in another company for now, but will they provide these development opportunities?

Make them feel involved in the business

Something that a lot of companies fall foul of is not getting their workers involved in the business. They don’t know the numbers, and they’re just locked in their own little bubble.

This can possibly be a dangerous proposition. It can mean that employees feel as though they have no purpose to the overall business objectives.

Granted, don’t overshare information, but make sure they are fully aware of just how their role affects overall performance and how much they are valued. While this isn’t an extrinsic reward, it can make their day-to-day working life much more enjoyable.

Find the pain points

Finally, let’s talk about pain points. It doesn’t matter whether you are a huge corporation or a small business, there will be pain points somewhere. Employees will have some sort of gripe, and it’s up to you to address these where reasonably possible.

Of course, we’re highlighting the term “reasonably”. You won’t be able to fix everything, but if there is a particular problem in which you can intervene and make it easier for your workers, it can do wonders for your retention figures.

The post Recruitment: How To Compete With The Big Brands (And Budgets) appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/business/hr-and-recruitment/compete-with-big-brands

Why Is Transportation Mapping the Solution for Your Business?

Maps were and still remain the primary tool of transport regulation. The changes they have undergone open new opportunities to business and government. With the full range of options, transportation mapping is employed in different spheres to optimize the workflow, maximize revenues, and diminish expenses.

So, what are the benefits your business can reap from using transportation mapping?

Supply Chains Maintenance

The cooperation of analytical and engineering departments enables you to find the best location for your warehouses. With GIS in transportation, the logistic becomes simpler because of storages and routes visualization. Comparing loads and data, you can choose the most profitable locations for your supply chain.

Highways Monitoring

Local authorities can apply transportation mapping to manage the workload of highways. It enables them to monitor different road sections and implement attained data in transport regulation. In the long run, this analysis helps to maintain the highways more effectively and develop proper infrastructure in corresponding areas. When visualizing maps outputs, transport bureaus can optimize traffic flows by impeding accidents and blocks.

So, with this in mind, companies can plan optimal routes and reduce fuel use and vehicle operating cost. Intelligent maps also allow managing delivery information and calculating the time for traveling from one stop to another. Therefore, it diminishes adverse impacts on business, minimizes economic harm, and enhances customer satisfaction.

Public Transport Optimization

As GIS mapping works decently outside the cities, its effectiveness can be exploited in urban areas, as well. Primarily, it helps optimize the operation of public transport on a daily and occasional basis when navigating visitors to the location of concerts, boards, and other events. It is especially beneficial for metropolitan cities with different kinds of public transport.

Local entities face challenges when arranging directions. They have to cover vast territories of the city, connect its parts, and optimize time for stops. Per se, interactive maps provide a solution to this issue since they show arriving units and ridership in real-time due to the use of auto-updated pieces.

As for the taxi, drivers can find custom routes to save commuting times and expenses on every ride. With the help of spatial mapping on mobiles or tablets, they can observe the territory with excessive road load, traffic congestion, accidents, blocks, or road maintenance and construction on the way.

Wrapping Up

Transportation mapping emerges as a useful tool for business and local authorities. The organization of supply chains, development of urban transportation system, construction, and maintenance of highways attain data for processes optimization. When visualizing areas and objects, the one gets a complex understanding of the issue for monitoring traffic in the cities, preventing the collapse on the roads, and storing raw materials and goods.

GPS in car -DepositPhotos

The post Why Is Transportation Mapping the Solution for Your Business? appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/business/business-resources/transportation-mapping

6 Tips for Remaining Present and Engaged All Day Long

Workplace distraction is one of the biggest issues facing productivity today. Up to 70% of workers admit to feeling distracted during the day, a feeling likely to cost businesses serious money as time goes on. 

As the coronavirus outbreak causes offices to pack up and workers to head home, new distraction problems may arise. Each office and home brings with it a unique set of potential distractors, but sticking to a few simple techniques can help you keep your focus and maximize your well-being during the workday.

Whether you’re in the office or working from home, maintaining engagement is crucial. Here are a few ways you can do so:

1. Don’t multitask

“Multitasking” is actually a misnomer — those who try to perform several different actions often fail at successfully doing any of them. Stanford University researcher Clifford Nass found that workers who regularly multitask are severely impaired when it comes to distinguishing important information from irrelevant information. As tempting as it can be to take on several tasks at once, keeping things separate almost always produces the best results.

Those working at home might be particularly tempted to multitask, as doing housework or taking care of family members during work hours becomes an option. Instead of trying to do everything at once, make a detailed schedule of your workday, and set out chunks of time for performing each task. Taking things on one by one allows you to devote your full attention to what’s at hand, ensuring you’re doing your best work on your current task.

2. Use audio note-taking

Keeping track of important calls and meetings is crucial, but using notes to do so can seriously inhibit your ability to focus. Trying to write and listen at the same time can be draining, and things are bound to get lost in the shuffle. One of the best ways around this is through audio note-taking. 

Jonathan Keyser, founder of commercial real estate brokerage Keyser, uses audio note-taking to stay committed to one of his core principles of being 100% present. Recording meetings allows Keyser employees to be fully present in the moment and still be able to review the details of the meeting later. Unlike traditional note-taking, audio recordings allow you keep track of relevant points without having to split your focus in the moment. 

3. Start your morning right

Far too many people neglect the importance of the first hours of the day when it comes to focus and productivity. Dan Airley, bestselling author and behavioral economist, found that people are up to 30% more productive in the 2.5-hour window after they wake up. Spending too much time in the morning on your phone, checking emails, or otherwise wasting time will hurt your ability to stay engaged later in the day.

There’s no secret formula to the right morning, but it’s important to be intentional with your early hours, regardless. While some workers will want to start their day as soon as possible, others might find it more valuable to do some exercise and eat a full breakfast before starting work-related tasks. Whatever you choose, make sure every moment of your morning is part of your larger day-long plan for staying engaged. 

4. Take mindfulness breaks

Taking breaks is crucial for maintaining focus, but breaks have to be done right to have the desired effect. First, you have to schedule breaks at appropriate times and intervals. While systems like the Pomodoro technique have long been popular for maintaining engagement, new research has begun to push back. An analysis from DeskTime found that the most productive workers take a 17-minute break for every 52 minutes of work. This might not work for everyone, so make sure to try different intervals to find which has the biggest impact on your ability to be present.

What you do during breaks is also important. Practicing mindfulness during your time away from the desk — whether that’s through meditation, exercise, or listening to music — can help you stay alert and engaged later. Make sure not to let work bleed into your breaks; keeping the two separate is crucial for making breaks effective.

5. Separate home and office

Your work life and your home life need to be separated, too. Newly minted remote workers might find this particularly difficult, as ersatz home offices may make it impossible to keep the domestic from mixing with the professional. Ariane Wepfer of the University of Zurich found that workers who integrated work into their personal lives reported feelings of exhaustion, having lost the ability to fully recover from their time on the job.

The best ways to keep the two separate — especially when working from home — is through strict scheduling and delegation. The same way you might set aside time to prevent multitasking, make clear time blocks for working and clear time blocks for your personal life. If any issues related to one or the other come up during an opposing time block, delegate them to someone else. If you let the two mix, you prevent yourself from being fully present at either. 

6. Optimize your workspace

Office design has an outsized influence on how your levels of engagement fluctuate throughout the day. If you’re the kind of worker who regularly communicates and collaborates with others, isolated cubicles can seriously hinder your mindset. Workers who need space should also take notice — from 2010 to 2012, the average square footage per worker in an office shrunk from 225 to 176.  

Seriously consider what you need your workspace to look like. Factors like space, noise, and ease of communication are all crucial, but you might have other personal considerations to factor in. If you’re working from home, choose a room that suits your demeanor and needs if you’re hoping to maintain the levels of engagement you’d have in the office. 

Being present at work means increases in both satisfaction and productivity. While it can be easy to coast through most days, taking the time to focus in on your engagement levels can pay dividends — both figuratively and literally.

The post 6 Tips for Remaining Present and Engaged All Day Long appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/business/remote-working/stay-engaged-working-at-home

Typical Mistakes Every Amateur Entrepreneur Should Avoid

It has never been this easy to put up your own business. This is the reason why various industries are saturated with new startups and solopreneurs. Are you one of them? Congratulations! Unfortunately, though, the likelihood of a new business surviving its first five years still hasn’t improved.

On the bright side, there are typical mistakes that you can avoid as a beginner entrepreneur in order to improve the survival rate of your business. In this article, we are going to share with you what these crucial mistakes are in the form of a checklist, along with some helpful questions that you can ask yourself to gauge how well you’re doing. Let’s get started!

Mistake #1: Misinterpreting the Risks

First of all, it’s important to understand that starting any business always requires a certain amount of risk. It just depends on careful calculation to determine which risks are worth taking. The question is, are you doing it wrong?

There are two ways in how amateur entrepreneurs can miscalculate the risks involved in a venture: they are either risking too much or too little. This will also dictate how much money they are putting out.

Am I Spending Too Much?

We’ve all heard of the saying that you need to spend money until you make money. However, that isn’t always necessarily true. There are some instances when you need to invest on good equipment and in hiring the right people in order for a business to turn into a well-oiled machine, but not to the extent that you’re already “faking it till you make it”.

Am I Spending Too Little?

On the flip side, there are entrepreneurs who err in the side of caution, holding on to a bare minimum expense until they reach a certain amount of cash-flow. The problem is, what if an excellent opportunity comes along and it’s exactly what your business needs to propel it to your cash-flow goal? Or what if you want to diversify your investments to prevent the inevitable?

If you simply don’t want to tap into your capital, then you can consider looking into various business loans online. They can help you get the amount you need immediately, while at the same time, spreading that expense over the course of your monthly repayment scheme.

Mistake #2: Misreading Your Target Demographic

Here’s another miscalculation that new entrepreneurs usually miss: misreading the target demographic, or worse, completely missing the right target audience from the start!

Is There Really a High Demand for My Product or Service in My Target Demographic?

Some entrepreneurs believe that they know their target market from the inside out. Honestly, most of us don’t. For instance, one can make the mistake of believing that there’s a high demand for a certain product, and therefore price it too high leading to loss of sales.

Have I Targeted the Right Audience?

On the other hand, you’re probably on point in creating a high demand product or service. The problem might lie in the fact that you’re marketing it to the wrong group of people. For instance, let’s say that you want to create handmade journals. Your initial target market is students, when in fact, these journals are more in-demand with travelers and artists.

Mistake #3: Lack of Foundation

Finally, we’ve observed that a lot of new entrepreneurs simply lack the foundation needed to put up a business. There are different elements that make up a business, after all.

Do I Have a Solid Business Plan?

The first of them is a business plan. Never start any business without a plan. It should contain your financial goals, the actionable items you need to do to attain those goals, the details about your products and services, marketing strategy, and more.

Do I Have Enough Capital and Resources?

Do you have everything you need for the launch? Do you really need to buy all your equipment brand new? If you lack the funds, then you should know that there are loan for startup business options and other methods (like crowdfunding and finding angel investors) that you can explore to get the funds you need.

Do I Have the Necessary Skills?

Finally, it’s not enough to just be good at what you enjoy doing. It would immensely help if you understand the other aspects of your business as well, such as digital marketing and product photography. Fortunately, there are a lot of ways to learn new skills online.

There are other mistakes that an amateur entrepreneur can fall into, but the ones that we have mentioned above are those that you should never check in your checklist. We’re confident that taking the time to create a solid foundation for your business to stand on, hitting the bullseye in choosing the right target market, and carefully calculating all your risks right, will help you reach your ROI faster and attain business success for the long-term. Good luck!

failing young businessman -DepositPhotos

The post Typical Mistakes Every Amateur Entrepreneur Should Avoid appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/growth/entrepreneurship/entrepreneur-mistakes

Data Management Software: 4 Proven Benefits for Your Business

Businesses accumulate a lot of information, that’s just an unavoidable fact of day to day operations. And even though when you start a business, it’s possible to get by using Excel sheets and .doc files, eventually, the amount of information becomes overwhelming, making it obvious that a better solution is needed.

Many experts actually believe that managing data is just as crucial as obtaining data in the first place. And they make a strong case.

After all, no matter how much tangible data you can accumulate, it won’t provide you with any useful insights if you aren’t able to manage it effectively.

Luckily, that’s where data management software can be so useful.

A Data Management System (or DBMS, as it’s also known) provides a range of benefits that not only make day-to-day operations easier but can help make significant improvements in company performance as well.

But how exactly can data management software help?

Let’s explore some of the biggest advantages it can offer your business below.

Accessibility to Data

Having all of the necessary information is at the very heart of making the right business decisions. Still, if you don’t have a structured system for storing, sorting, and accessing data, your team members and employees are going to be limited in terms of information that they can look up.

For instance, if you have a sales team, you want them to have all the tools and data that they need to close as many sales as possible. A lot of times, the difference between making a sale and losing a lead is timing and understanding of what approach to take. Therefore salespeople need to have access to data about each prospect that they are dealing with.

Using tools like PowerBI for analysis is great, but you need a way to insert various types of data, sort it, and access it, which is where data management software is essential.

You can control the amount of data that is shared, allow end-users to instantly share folders and documents via a secure network, and set up a permissions system that ensures that the data is accessed by authorized personnel only.

Whether you’re working in a single office, or have multiple locations, including remote members of the team, having a single database ensures that the work can run smoothly no matter where different people might end up and that the time required for accessing and managing data is reduced to a minimum.

Powerapps consulting services providers often cite access to data as a key factor in helping their clients develop apps and other innovative solutions, which is why database systems that can help you attain that are so important.

Since data plays such a vital role in developing apps, integrating with data management systems such as SharePoint becomes a central part of the process. The good news is that, with the help of consulting experts, these solutions can be adapted to each company’s needs, seamlessly integrating into the workflow and serving as a helpful tool that helps find the best approach in every situation.

Improved Accuracy

Data is only as useful as it is accurate. Unfortunately, when dealing with multiple databases that are accessed by many people every day, inaccuracies are hard to avoid and can lead to disastrous outcomes for the company.

Luckily, with the help of data management software, you can ensure that your databases remain consistent and that unauthorized changes cannot be made.

A common problem with data integrity is when users accidentally insert the wrong data in a given field. For instance, when filling out a form, someone might try to enter a date into a field that is reserved for contact information.

Without a data management system, this type of error could go unnoticed and cause an error in the entire database. However, most solutions available today have safety measures to ensure that these types of mistakes are avoided, prompting the user of their error before it can be finalized.

Data integrity is not only important in the data entry phase but needs to be maintained throughout the entire life cycle, including data transfers, updates, backups, and merges.

If you choose a proven and reliable data management solution, you can rest assured that your data will be consistent and that these types of mistakes will be avoided. Any inconsistencies will be immediately noticed by the system, and you can even add your own safety measures to prevent common mistakes from occurring.

Higher Productivity

A big part of success in business revolves around providing your team with everything they need to succeed. That’s why companies spend millions on consulting services trying to gain an edge that can help their employees achieve more and make the most out of their time.

Luckily, not all measures for increasing productivity have to cost a fortune – by simply improving your data management practices using the technology that’s available today, you can provide a significant boost to your team’s productivity by making their day-to-day lives easier and more convenient.

The purpose of data management software is to keep things organized, which is something that your team will surely appreciate.

Instead of having to dig through endless folders to find the document or piece of data that they’re looking for, it will be accessible with a quick search and a click of a button.

If one team needs to share something with another, it will be as simple as sharing a folder through a secure network, instead of having to follow complicated protocols to ensure that the data remains protected.

Whether your team members need to generate reports, review past data to find the best decision in a tough situation, or track the trail of expenses by looking at the spending in any given period, all of that becomes easy if you have a system that keeps all of your data neat and organized.

An added benefit of using a data management system is that since accessing and sharing data is so easy, people will be much more willing to use it, which can lead to them continually finding new ways to improve operations, as well as generating new ideas that can help propel your entire business forward.

Better Customer Experience

Finally, when you manage to improve the management of data in your company, that will benefit your customers as well.

When executing lead nurturing campaigns, you will undoubtedly compile massive amounts of data about different segments of your audience, their key characteristics, as well as their preferences and common outcomes with various approaches.

Since you have a convenient way of managing data, you can then use all of this information for analysis, coming up with insights about how to improve your approach in the future, and how you could provide a better overall service to your customers.

Over time, something as seemingly simple as a convenient way to manage and access data can completely transform your business practices and provide you with a massive edge over the competition; every decision that you make can be backed up with tangible data from your own experiences.

Data-driven businesses are becoming the norm across industries and can help drive sales for your business, so making the switch to a data management system is not only practical; it’s an absolute must.

data metrics, successful employees -DepositPhotos

The post Data Management Software: 4 Proven Benefits for Your Business appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/business/technology-trends/data-management-software-benefits

How to Find the Best Homeowners Insurance

Your home is the most substantial investment you will make in your lifetime, and that means that you need to protect it. When it comes to finding the best homeowners insurance, you want to be a little bit picky.

There is no shortage of insurance companies who say they can offer you the best policy at the lowest rate. But they can’t all be right. Thus, when it comes to zeroing down the right insurance for your home and property, follow the tips listed below.

Get the Right Coverage

Every state has requirements for their homeowners insurance, and if you take out a loan to buy your home, then your financial lender will probably have some rules and regulations as well. If you are underinsured, this could have a huge impact on how much money you have to pay out of pocket to repair any damage that might occur to your home.

On the other hand, too much coverage isn’t helpful either. Then, you’ll be paying more than necessary each month for your premium. Thus, when it comes to finding the right coverage, it’s advised that you buy enough insurance to cover the labor and materials to completely rebuild your home. Since this amount can vary depending on where you live, talking to an insurance agent is the best way to find this figure.

Make Sure Your Assets Are Covered

In addition to getting the best homeowners insurance to cover your home in case of repair or replacement, you also need to protect the other assets on your property. Based on the insurance company you work with, the ability to cover your assets may be included in a basic plan, or they might be extras. If they are addons, this could have an impact on how much you pay for insurance each month.

Some of the assets you should consider covering include the following:

• Sewer backup – if a municipal line failure causes the sewer to back up into your home, having this insurance coverage will help you pay for the cleanup and damage costs
• Extended replacement cost – depending on the coverage you get, this could pay between 10 to 50 percent above the limit of your basic building costs; this could be beneficial if rebuilding your home ends up costing more than you anticipated
• Contents replacement cost – a basic insurance plan may only reimburse the depreciated or cash value of your belongings if they are stolen or damaged from your home; having this add on will ensure you get the full reimbursement value of any contents of your home that you have documented as belonging to you
• Inflation protection – the price of building materials increases from year to year, and if you have added this extra to your insurance policy, you won’t pay these extra expenses out of your pocket

Look for Ways to Lower Your Monthly Payments

When it comes to finding the best homeowners insurance, not only does it cover everything you need it to cover, but the payments are also affordable. Some of the ways to lower your monthly payments include doing the following:

• Bundle your coverage – Getting homeowners and auto insurance from the same company can help you save every month.
• Increase your deductible – The higher your deductible, the lower your monthly payment; consider raising your deductible from $500 to $1,000 to save money on your monthly payments.
• Make some home improvements – Adding a home security system, upgrading old plumbing, or replacing the outdated electrical system in your home are all ways that you can save on your monthly insurance bill.

After investing your hard-earned money in a home, make sure you are protected. Finding the best homeowners insurance may take some time and effort, but it’s worth it.

homeowner paperwork -DepositPhotos

The post How to Find the Best Homeowners Insurance appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/growth/personal-growth/homeowners-insurance

3 Tips to Make the Best Marketing Report

A marketing report is a document that shows the performance and progress of your marketing campaigns to your clients (or bosses). The main purpose of this report is to determine if your marketing strategies are going in the right direction or if you need to make adjustments. If you have one chance to impress them, this would be the time.

Often, marketing reports are full of jargon and lone numbers that leave clients scratching their heads. In this article, I’ll list out 3 tips you can use in your marketing report to impress your clients and make sure they understand what it is you’re trying to do.

Use Report Templates

Pulling individual weekly data is tedious, and all those hours are best spent on real work. Leadership and clients want to see all the important data in one place, so the key is to create effective reports quickly.

By using a template, you can speed up the process of making the daily, weekly, and even a monthly marketing report. These templates tend to offer a user-friendly interface that allows clients to see what they really need to see and skip the unnecessary fluff.

With a marketing template, you won’t be so overwhelmed with the key performance indicators (KPIs) you want to follow for each marketing campaign.

A good template will provide you a frame to build on, and you can start to customize your reports according to what makes sense as you can easily find KPIs that you use often, notice what’s missing, and what you would like to analyze together.

Start with Goals

Typically, your clients would be receiving a report at the end of the month. It’s normal that they lose track of the goals they have for each marketing campaign.

Somewhere at the beginning of the report, you should remind the clients (and yourself) about the goals you’re working towards. Be clear about each goal. Some goals you can include are monthly or annual revenue goals, monthly traffic to your client’s website, and the monthly number of leads you should be bringing in.

Goal writing gives you something to compare to with your current progress, and you’ll see how the small monthly steps you’re making now will add up to reach the end goal. This will also give your clientele a realistic expectation of their return on investment.

Explain the Numbers

Simply leaving numbers on the report can be a disaster as it is open to interpretation.

“Why did the number of site visits drop this month? Are you slacking off?”

If you were trying a different approach to marketing, your clients deserve to know. Was there a site issue that you had no control of? Again, let the clients know.

Even if there was a sudden spike in site visits, perhaps due to a shoutout from a celebrity, your clients can know what to expect the following month and even pivot their own business strategies if needed. This will also increase your client’s confidence in what you can do for them.

marketing analysis concept -DepositPhotos

The post 3 Tips to Make the Best Marketing Report appeared first on Tweak Your Biz.

source https://tweakyourbiz.com/business/marketing/creating-marketing-reports

5 Data Points to Help You Track Your Team’s Productivity

Productivity — the art of efficiently doing more — creates a more fulfilling work environment for everyone. Of course, what separates industry leaders like Apple and Google from their peers is a deep focus on maximizing productivity. One influential analysis found that, despite comparable numbers of high performers, these top brands outproduced their competitors by up to 40%.   

The takeaway from this shocking statistic? Businesses can either galvanize their employees to reach new heights of productivity — or get in their way. 

In many cases, businesses unintentionally slow their workers with inefficient procedures, debilitating infrastructure, unnecessary duplication of efforts, and dated technology. A Bain study found “organizational drag” hobbled up to 20% of an average firm’s productive capacity. 

If you’re looking to remove common obstacles to productivity, understanding your team’s current performance is a must. 

As Peter Drucker, the doyen of management literature, pointed out years ago, measuring productivity in the knowledge economy isn’t easy, especially in remote work culture. Checking off the number of automobiles a factory produces by labor hours is uncontroversial; figuring out whether a graphic designer’s inviting new webpage layout was an effective use of time is more difficult.

The challenge, then, is knowing what’s worth measuring. With the array of analytics tools at our disposal these days, it’s important to separate the signal from the noise. Different industries may vary in their metrics, but experts agree these five key performance indicators (KPIs) are critical for ramping up productivity.

1. Overall Productivity

When evaluating productivity, it’s best to start with the simplest, most global measures. 

Calculating this number is a cinch. Simply take the number of goods or services provided, and divide that sum by the labor hours invested to generate this output. You’ve now got a foundational measure of business productivity.

That can give you the broad-brush landscape of your company’s aggregate performance with its current human resources. Making even marginal improvements to this figure can raise companies to new heights of prosperity.

That said, this global measure outlines only the most basic contours of productivity. What’s missing is the kind of granular detail that allows you to diagnose which parts of your business are humming along efficiently and which parts need more streamlining. To fill in those blanks, you’ll need to supplement this total with other metrics.

2. Overall Labor Effectiveness

Measuring companywide productivity is like looking at your favorite college football team’s record over the last century: It’s a place to begin. But it’s not very useful in finding answers to more pressing questions, like how well its defense should perform this year. Nor does it offer much insight into how to improve productivity.

That’s why analysts resort to a more multifaceted approach to the data in the form of Overall Labor Effectiveness (OLE). OLE examines the interaction of three factors: availability, performance, and quality. Availability looks at how much time workers actually spend on a task. Factors such as absenteeism, equipment malfunction, and poor management all impact this number. 

Here, performance is linked to quantifiable outputs. While quality can be assessed in different ways, it’s evaluated here in relation to production — how many goods and services aren’t saleable, deemed defective, or get returned.

Where measuring bare productivity offers little diagnostic insight, OLE can help identify root causes of lagging output. It might be a lack of scalable procedure for onboarding new clients, or maybe it’s the need for new tech solutions. Whatever the case, you’ll be able to see more readily where the problems lie. That can be crucial data for evaluating notoriously hard-t0-gauge stats, like ROI on training. It’s also a useful starting point for improvement and forecasting. 

3. Revenue per Employee

Is your workforce worth its wages? Which workers should get promoted, and which ones should you let go? Should you hire new employees? If so, in which departments?

These are the big questions managers and human resources professionals ask themselves every day. After all, businesses can only pay the employees they can afford.

While these decisions depend on multiple factors and can be hard to make, it’s best to look at the hard data on how much revenue each employee is responsible for. 

Nowhere is this measure as important as it is in sales. How much a salesperson closes directly reflects her productive value to the company. There are other relevant metrics to consider in assessing performance, of course, but this is a nonnegotiable baseline.

In other sectors, this metric becomes a crude way to assess value. Instructional designers or customer service representatives typically don’t directly generate lots of money but try to succeed without them.

4. Units per Hour, Function Points, and Cycle Time

In some industries, such as warehousing or agriculture, units per hour still make sense as a basic measure of productivity. 

In service-oriented sectors of the economy, however, this can be a lot harder to get at. This is particularly challenging when a team undertakes long-term, multi-step processes. 

In completing complex projects, the best way to evaluate productivity is to divide them into discrete tasks, measuring the cycle time it takes for teams (or individuals) to cross off function points. That offers insight into just how efficiently the team is working, as well as demonstrating progress toward long-term goals. 

To track this effectively — particularly while your team collaborates remotely or your stakeholders have spread outlook into a customizable work OS like monday.com. According to monday.com, work operating systems are an asset to any team, especially for remote teams. Effectively collaborating is much more challenging from afar, and a working OS ensures that everyone is aligned on tasks and goals while providing visibility into progress and productivity. 

5. Planned-to-Done Ratios

Another invaluable virtue of workflow optimization solutions is the insight they provide into project completion habits. Do you have an employee who over commits and underperforms? Do some of your employees have more capacity for work but aren’t volunteering? Is it better to have a true multitasker or a slow-and-steady operator who reliably bangs out one job at a time?

If you don’t have hard data to back up your intuitions about these questions, you need to collect it. Assessing planned-to-done ratios can reveal a lot about how agile your team is — and what can be reasonably expected to look forward. 

Because productivity is so closely associated with revenue growth and profit margins, businesses need to measure it carefully and use this data well. To get a big picture snapshot, start with gross estimates of overall output relative to overall input. Then, drill down to specifics, using metrics like cycle time and revenue per employee. Home in on specific instances of organizational drag to improve them. 

With advances in workflow optimization, managing tedious analytics has become much easier. That’s good news for companies looking to follow the productivity paths blazed by companies like Apple, Google, Amazon, and General Electric.

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source https://tweakyourbiz.com/business/track-productivity