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The Entrepreneurial Path: Knowing When To Pivot And When To Persevere

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by James H Hunter III, author of “Graduate A CEO: Why College Is The Perfect Time To Start Your Business“

Entrepreneurs make seemingly countless decisions throughout their journey. But few, if any, will be more important than deciding whether to pivot or to persevere on the plan they’re following.

It’s a decision that can come up at several points during the life of the company, and each time it can determine whether the business survives only another year or so, or grows into a sustainable, profit-making enterprise.

Knowing when to pivot or when to persevere can be a delicate dance an entrepreneur does with his or her nature and market forces. Many entrepreneurs are oriented toward taking quick action, but in some cases that might mean an overreaction. A sub-par performance two quarters in a row, for example, doesn’t necessarily mean you should make wholesale changes. Entrepreneurs need to closely inspect every aspect of their business before deciding whether to change course or stay the course. They need to ask themselves if they’re pivoting due to impatience and restlessness or because they’ve uncovered details that call for tweaking the plan.

The Lean Startup Model

Eric Ries, author of “The Lean Startup”, knows all about the importance of a business’ decision to pivot or persevere. In his book, Ries tells entrepreneurs that a great product and hard work in and of themselves will not lead to a successful and sustainable business; rather, it is the boring, mundane details and small individual choices that make or break a startup.

Ries formalized his Lean Startup method after years of experience, study, and the worldwide success of a business he co-founded, IMVU (an avatar-based social network). One of his principles, build-measure-learn, is central in determining when to pivot and when to persevere.

The Lean Startup model views the products that startups build as experiments; the outcome of those experiments is the learning of how to build a sustainable business. At its core is the build-measure-learn feedback loop, and the key to this feedback loop is to minimize the total time through it.

  • Build: Once your value hypothesis and growth hypothesis have been determined, the goal is to quickly enter the build phase with a minimum viable product (MVP) that you can get in front of customers and assess their response to it.
  • Measure: In this phase, you are measuring your value hypothesis (Does anyone even want this product?) and your growth hypothesis (Is it scalable?)
  • Learn: Using the data from your measure phase, it’s time to set up what Ries refers to as learning milestones, creating actionable metrics that enable you to assess the progress of your product, strategy, and growth accurately and objectively.

With the loop complete, it’s truth time: Should you pivot or persevere? Quickly determining that even one of your hypotheses is false allows a start-up to pivot swiftly and efficiently, saving time and money. If your hypotheses prove to be correct, you can confidently persevere on the same course, creating and testing new hypotheses until one of those hypotheses proves to be false. At that point, it’s truth time all over again.

Will pivots extend your runway?

Ries contends that pivots are the best measurement of a startup’s runway (how many months a business can continue operating before it runs out of money) rather than the standard measurement of a startup’s runway (cash in the bank divided by monthly spend rate). How many pivots can a business get to before it runs out of money? Think back to that build-measure-learn feedback loop. The faster and leaner a startup can continually get through that loop, the more pivots it can make in a shorter period of time. As a result, its chances of success will be better.

This is not to suggest that pivoting is easy. Pivots require an objective and open mindset, a purposeful and validated approach, and a bit of courage. After all, the need to pivot means that something along the way failed, and that can be a challenge to accept for some entrepreneurs. But if you are not failing, you are also not learning or innovating.

If you persevere when you should pivot, your business will not be able to maintain long-term sustainability. And if you pivot for the sake of change rather than because of measurable and validated data that leads you to a pivot, you will waste precious time, money, and morale that will pull your company down.

Key points to remember:

  • It’s important to purposely and continually assess whether your business should pivot or persevere.
  • The decision to pivot or persevere must be founded in objective and proven data.
  • Create products that fill a customer need and that customers will buy. You will not succeed by creating something that is shiny and new, but that no one will buy.
  • The first iteration of your product should be a minimum viable product that is tested on a finite group of early adopters.

Whether you decide to pivot or persevere, the key is to make those decisions intentionally. You can do so via a scientific methodology while channeling the human elements of vision, intuition, and judgment.

 

james hunter

James H Hunter III is Bostrom Entrepreneur-in-Residence at the University of Wisconsin-Milwaukee, where he is an adjunct assistant professor of business. Hunter is author of “Graduate A CEO: Why College Is The Perfect Time To Start Your Business“. Hunter has started several businesses and sold two of them for significant profits in his long entrepreneurial career. He is currently the president/managing member of three companies.

 

Joining A Legacy Firm: Don’t Be Intimidated By What You Don’t Know

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by Julie Charlestein, CEO of Premier Dental and author of “How To Lead Your Family Business: Excelling Through Unexpected Crises, Choices, and Challenges“

When you join any existing business, including a family business, you may find yourself surrounded by people with a lot more experience than you — people who may seem to know things about the business that feels like you have no hope of knowing. Makes sense. But it can also be intimidating. It can make you feel like an idiot when you are in meetings with these people. It can discourage you from offering your own ideas. In short, it can prevent you from thinking and acting like a leader. Don’t let it.

If you are working with people who have deep knowledge of your industry, that’s great. It creates a huge opportunity for you to learn. But if you’re going to take advantage of that opportunity, you have to overcome your trepidation. Here’s how:

First, do your homework. Read whatever you can find about the technical or business aspects of your industry. Watch videos, attend seminars, visit websites, subscribe to industry magazines. Little by little, you’ll pick up the jargon and be able to start participating — intelligently — in meetings.

Second, ask questions. When you don’t understand something that’s being discussed, pipe up. Request a brief explanation. (You may not be the only one who could use it.) If you’re too shy to ask for help the first time you need it, you may miss your best chance of getting it, since it will only make you feel much worse to ask the tenth time the topic is discussed.

Third, if you are a family member, take advantage of the education that’s available to you. In most companies, most people’s jobs are siloed. Being in the family allows you to be exposed more broadly. This experience will be important to call on as you lead—remembering, relating, and requesting buy-in. People will be looking at you differently. You need to harness what you’ve picked up to make connections throughout the company and win people’s support for your leadership.

Fourth, keep learning. Even after you develop some expertise in your industry, there will always be more to absorb, especially since, in today’s world, change is constant. I’ve been with my firm, Premier Dental, for decades now. I still often find myself in the same room with PhDs who know terms and equations I’ll never understand. That’s okay—I’ve learned that what matters most in business is not how many facts you can recite, but your ability to ask smart questions and then make good use of the answers.

It’s essential as a company leader to see the big picture — the long-term trends that are shaping the company’s future, and the steps you need to take to ensure that future will be long-lasting and successful. This skill isn’t something that comes naturally to most people. It takes training, practice, and deliberate effort.

It’s especially true if you have worked your way to the top of the organization after starting in some specific department or niche. If you spent your first few years in the business focusing on one particular set of issues and challenges — product development, sales, customer service, marketing, financial management, or whatever — it’s easy to retain that narrow lens even after you rise in the organization and take on much broader responsibilities.

So as your career progresses, pay conscious attention to the need to expand your horizons and learn to think strategically about the long-term future of your business. There are lots of ways you can practice this new skill. For me, earning my master’s degree in business was an important way to hone this kind of thinking. But you may not need to take on a complete MBA program to get the same benefit — attending lectures and workshops, watching YouTube videos (not kidding), and taking specific classes focused on business strategy, market analysis, emerging economic trends, and similar topics can also be extremely helpful. Read mind-opening books and articles by big thinkers in business, including not just the latest trendy bestsellers but classic books by gurus whose wisdom has stood the test of time.

Make connections with experts who can help you hone your strategic thinking skills—academics, veteran executives from your own or other industries, consultants with real insight into the ways the business world is evolving. Spend time with them brainstorming about possible future scenarios for your company. They can help you develop a big-picture understanding of your industry, and they can help you practice looking at your business as it might appear to outsiders — customers, suppliers, competitors.

Of course, it’s not possible to predict the future with certainty. But with practice, you can develop the ability to see major developments in your industry as they are happening, rather than waiting for their impact to hit you. Then you can take the steps needed to prepare yourself and your team to address tomorrow’s challenges today, which can help to ensure your company’s enduring survival and success.

 

Julie Charlestein is a Philadelphia-based business leader and healthcare innovator who serves as the fourth-generation CEO of Premier Dental, just named a 2023 Top Ten Most Innovative Company in Wellness by Fast Company. Her new Wall Street Journal bestseller is “How To Lead Your Family Business: Excelling Through Unexpected Crises, Choices, and Challenges“.

 

The Significance Of Marketing When Opening A Medical Practice

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by Gill Valerio, Founder of Elevate Marketing Solutions

The core role of healthcare and wellness professionals has remained relatively unchanged throughout the years: to provide excellent patient care. However, as businesses in the health and wellness sectors become more complex and digital technologies continue to develop, entrepreneurs in health and wellness must be prepared to adopt a digital marketing strategy. Otherwise, they risk becoming irrelevant and — albeit unintentionally — pushing otherwise loyal patients into their competitors’ doors.

The evolution of marketing in the healthcare and wellness sector

Traditionally, businesses in the healthcare and wellness industries have been marketed in one of two ways: through community outreach events or direct advertising via snail mail. Although these may have been efficient once upon a time, the modern tools now at the disposal of health and wellness entrepreneurs have created a landscape where these methods are too expensive and time-consuming for the low ROI they provide.

The final marketing tool that has historically been dominant in health and wellness is word-of-mouth, which still remains a relevant one, but even word-of-mouth marketing is evolving in the modern day. Whereas word-of-mouth referrals used to come from friends, neighbors, and family members telling each other about the practitioners they visit, referrals now come from online reviews and social media posts talking about a patient’s experiences.

As we live an increasing amount of our lives in a digital world, it is thus becoming increasingly important — if not outright essential — for health and wellness businesses to invest in digital marketing. Digital marketing offers many tools and insights that were unavailable to businesses using more traditional methods of marketing. Because the ultimate goal of marketing for health and wellness practices is primarily to generate new patient leads, understanding how digital marketing tools can be used to reach prospective patients is of the utmost importance.

The appeal of digital marketing for healthcare and wellness

The main reason why businesses in the health and wellness space should emphasize digital marketing in their strategy is to stay relevant. The industry has already seen several of its processes become entirely digitized, with tools such as patient portals and appointment scheduling apps taking the place of paper records and appointment cards. The demand for health and wellness practices to accommodate the mobile and online lifestyles of the current generation has created a reality in which digital marketing is perhaps the only way to reach these people.

Perhaps the main benefit of digital marketing — especially with a thought-out plan on how to execute it — is its enormous potential for fast growth. Digital platforms like Facebook, Instagram, and Google offer massive audiences that businesses in the health and wellness industry should take advantage of. These platforms also tend to appeal to a younger demographic, which these businesses often struggle to reach with more traditional marketing methods.

Indeed, the name of the game with digital marketing is the ability to reach a more targeted audience. The best thing about digital marketing is that it comes with access to a tremendous amount of data. Because of all the information social media users share, it is much easier to create marketing campaigns tailored to their specific needs and interests. This information can also be used to help businesses save money by narrowing marketing efforts to a smaller geographic area or demographic range.

Thankfully, there are plenty of tools and resources at the disposal of health and wellness entrepreneurs to help them navigate the complexities of digital marketing in the sector. Working with a marketing agency that specializes in digital marketing for health and wellness practices can be an especially powerful step to staying relevant in this more digital landscape in the healthcare industry. Remember: if you don’t invest in digital marketing, your competitors will, and you don’t want patients walking through their doors instead of yours.

 

gill valerio

Gill Valerio is an entrepreneur, founder, and CEO of his agency, Elevate Marketing Solutions. The agency is focused on driving new revenue through digital marketing primarily in the Chiropractic niche. Now in business for 6 very successful years now, having helped numerous Chiropractors get back to loving their business and helping the patients in need the most.

 

Things To Consider When Taking An Online MBA Accounting

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If you’re looking to take an online MBA accounting, there are a few things to consider before enrolling. These include the program’s accreditation, admission requirements, coursework, timeframe, and cost.

The best way to learn about an online MBA is by talking to current students or graduates of the program. It will give you a sense of the experience and assist you in reducing the number of possibilities.

Accreditation

You want to find an online MBA accounting program accredited by a recognized accrediting agency. Increase your employability and advance in your profession by earning accreditation from a reputable business school accrediting organization.

There are two main types of accrediting agencies: national and regional. 

In addition, some specialized accrediting agencies assess individual programs within an institution. For example, many of the most prestigious business schools and MBA programs are accredited by one or more agencies. Hence, it is called programmatic accreditation.

Requirements

An online MBA accounting program can help you gain general business knowledge and skills and develop your accounting skills. An accounting concentration may also prepare you to earn a certificate or license as a Certified Public Accountant (CPA).

A comprehensive education in accounting can increase job security. It also increases the likelihood that you will be able to find work in various industries and positions.

Many online programs cater to working professionals, offering a flexible schedule that allows them to watch lectures independently. These types of programs are also often cheaper than on-campus options.

Coursework

Whether you’re a current accountant or new to accounting, an online MBA accounting program can give you the skills you need to succeed in your career. The coursework will prepare you to handle financial reports and responsibilities like preparing taxes, accounting for various entities, and reporting on profits and losses.

In addition, the program will also help you learn more about business management. It offers graduate-level business courses, including financial management, marketing, managerial economics, and international business.

The coursework is case-study-driven and focused on bringing real-world accounting issues to life. Throughout the program, you’ll gain leadership and management skills through live online classes, multimedia assignments, and in-person learning events.

Timeframe

Consider the time commitment if you’re pursuing an online MBA in accounting. It will help you determine if it’s the right degree for you.

Depending on your choice of institution and timing, an online MBA focusing on accounting can be completed in as little as two years. You have the option of full- or part-time study. You can take classes part-time or full-time.

You can also double up on courses to finish your MBA in less than a year, but you’ll need a 3.5 GPA. Alternatively, you can waive some fundamental courses to complete in 18 months.

Cost

An online MBA in accounting can advance your career and grow your skills. However, it’s essential to consider this degree’s cost before deciding.

A master’s degree typically costs between $10,000 and $150,000, depending on the institution and method of delivery. Fortunately, many business schools offer fully online programs, which can help you save money while earning your degree.

Earning an accounting MBA is an excellent option for students who want to build their business leadership and management skills. The program focuses on several core courses, which can prepare graduates for various jobs in management and finance.

 

Five Tips To Know Before Launching Your Tech Startup

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by Shirish Nadkarni, author of “Winner Takes All: Case Studies in How Online Marketplaces Are Creating Modern Monopolies“

You think that you have a great idea that uses the latest technology. You are a techie so you have also been able to build a cool prototype for your product. You are ready to form your company and launch your product with a couple of customers. So, is it time to charge ahead before someone else beats you to the market?

I made the mistake of moving forward with my company the first time around without any customer research. At that time, I was working at Microsoft and had engineered the acquisition of Hotmail – the first free web email service on the internet for consumers. Once the acquisition was completed, I thought why not web based email for small and mid-sized companies? It would save them the hassle of installing and maintaining expensive email servers. I raised a considerable amount of funding for my company and launched the service. Unfortunately, the uptake was fairly poor as it became clear that need didn’t exist in the market for my product at that time (now web-based enterprise email software is fairly commonplace). I had to pivot to mobile email software which finally got traction. The company was later acquired by Blackberry.

1. Conduct Market Research.

It’s important that you start off by conducting market research on your product idea. Don’t get enamored by what technology can do because customers don’t care about technology – they are looking for solutions that address their pain points or needs. Conduct at least 25 interviews with your target customers. Don’t start by showing them their solution. Ask them first about their needs or pain points. Find out what solutions that they are currently using to solve their needs. Then, show them your solution assuming it is addressing a pain point your target customer has articulated. Ask them if your solution addresses their pain point and if it is good enough for them to try it out. If the customer doesn’t proactively ask to try out your solution, that’s a warning sign that your solution is not compelling enough for them to switch products.

2. Build an MVP (Minimum Viable Product).

Founders often make the mistake of seeking perfection with their product before shipping it to customers. However, that can mean long product development timelines and inability to get early customer feedback. You should leverage your customer interviews to understand the minimum set of features that will get them to try out your product and build accordingly. For consumer products, my rule of thumb is that it shouldn’t take you more than 3 months to build a consumer-focused MVP and 6 months to build an enterprise focused MVP.

3. Find a Co-Founder.

It is very important for you to find a co-founder who can be a partner with you on your venture especially if they have complimentary skills. Being a CEO is a lonely job and it is very helpful to partner with someone who you can brainstorm with to solve the numerous challenges that you will inevitably face. Having a co-founder is also important if you want to join an accelerator or get VC funding. Y-Combinator (a famous accelerator) will not accept any companies that have a single founder.

It is also important for you to vet your co-founder thoroughly to make sure that you have complimentary styles and can work together effectively. Talk to other people who have worked with your potential co-founder to understand their working style. If possible, bring that person in on a part time basis to see how things work out between the two of you in terms of work styles.

4. Develop a Go-to-Market Strategy.

Most techie co-founders have the attitude that “I will build it and they will come”. However, securing early customers for your product is one of the hardest things that a startup can do. This is another reason for you to conduct customer research. If you find that you are addressing a real pain point and there may be a few customers that are eager to try out your product. Once you secure a few customers to try out your product, make sure that you sign a contract to get them to pay you once the product is shipping. You can offer them an attractive discount to be your first set of customers and be willing to do a case study on their use of your product. Make sure to document the cost savings and return on investment that they get from using your product.

Once you have a few customers, develop a marketing and sales strategy to secure more customers. Understand where your customers aggregate and develop an advertising and social media strategy to secure leads. If you have an enterprise product, you will need to hire salespeople to service these leads and close sales.

5. Prepare for Fundraising.

Raising funding with just a PowerPoint presentation can be very challenging. It is only possible if you have a great idea and an incredible resume that gives investors the confidence that you can execute on your product plan. For the rest of us, we have to fund the product development ourselves – either by working on the product on the side or leaving our current job and relying on savings. However, once you have a few customers who are ready to sing your praises, you will be in a good position to raise funding for your startups. Make sure to leverage your contacts to reach out to Angels and VCs. It will also take you a good month to develop a compelling investor pitch so invest the time to do so.

Starting a tech company is not for the faint of heart. Be prepared to spend a good 2 to 3 years of your life with very little pay and possibly no return at all. However, if you have a great idea and you are passionate about it, I would say go for it!

 

Shirish Nadkarni

Shirish Nadkarni is a serial entrepreneur with proven success in creating multiple consumer businesses that have scaled to tens of millions of users worldwide. He is the author of Winner Takes All: Case Studies in How Online Marketplaces Are Creating Modern Monopolies and the award-winning “From Startup To Exit: An Insider’s Guide to Launching and Scaling Your Tech Business”.

 

Why UK Companies Require Country-Specific Payroll Systems

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payroll systems

Payroll management is a crucial aspect of every business, but let’s be real – it’s not exactly a walk in the park. Just chat with any payroll manager, and they’ll tell you firsthand how complex and time-consuming it can be, especially without the appropriate tools.

And while each country has its own rules and regulations when it comes to paying salaries, social benefits, and taxes – not many are as complicated or as bureaucratic as the United Kingdom.

The intricate landscape of UK-specific laws and regulations necessitates a unique, specialized approach to payroll management, and to do that, you are going to need specialized software to get the job done.

The Unique Payroll Challenges of UK Companies

Understanding HMRC Legislation

Payroll management goes far beyond the simple calculation of net wages, especially in the United Kingdom. It is an elaborate process that involves understanding and adhering to the  wide range of rules and regulations put forward by His Majesty’s Revenue and Customs (HMRC). This regulatory body governs all aspects of payroll, tax, and financial transactions within the UK, and compliance with its laws is crucial.

PAYE

Among these regulations is the Pay As You Earn (PAYE) model, which requires employees to deduct income tax and National Insurance contributions from employees wages before payments. It demands a thorough understanding of its nuances to ensure that all the deductions are accurate and compliant.

Real Time Information (RTI) Reporting

In the UK, employers must submit payroll information to HMRC in real time, typically each time they pay their employees. This process, known as Real Time Information (RTI) reporting, can be complex and prone to errors. Any discrepancies in data can pose significant challenges for payroll managers, highlighting the need for accuracy and diligence.

Pension Auto-enrolment

Adding another layer of complexity is the UK’s auto-enrolment pension scheme, which mandates that employers automatically enroll eligible workers into a pension scheme and make contributions towards it. This obligation requires precise calculations and accurate record-keeping to ensure that all contributions are made correctly and on time.

GDPR and Privacy

In the era of digital transactions and cyber threats, data security becomes a pressing concern. The General Data Protection Regulation (GDPR) mandates strict data protection and privacy for individuals within the European Union and the UK. British companies must ensure that their payroll processes are GDPR-compliant, necessitating secure data handling and robust cybersecurity measures.

Gender Pay Gap Reporting

Larger organizations (those with 250 or more employees) are required to report their gender pay gap data annually. This obligation places a significant responsibility on payroll managers to ensure accurate collection and reporting of this data. This process aids in promoting transparency and equality within the workplace, and non-compliance can lead to reputational damage and potential penalties.

Year-End Reporting

The end of the tax year is a particularly busy time for payroll managers. They need to provide employees with P60s, which detail their annual earnings and deductions. They are also required to submit final Full Payment Submission (FPS) or Employer Payment Summary (EPS) reports to HMRC, and subsequently prepare for the incoming tax year. This period requires careful planning and execution to ensure compliance and accuracy.

Remote and Flexible Working

The diverse business environment in the UK presents its own set of challenges. With a workforce that encompasses remote workers, part-time employees, and contractors, payroll management becomes a multifaceted process that requires a system capable of accommodating all these different employment arrangements.

Benefits of Specialized Payroll Tech for UK Companies

Given the intricacies and challenges of UK payroll management, a payroll system designed to cater specifically to UK companies can be a game-changer. Such a system, specifically designed to address the unique payroll requirements of UK businesses, offers several benefits, such as:

  • Compliance: A UK-specific payroll system will be designed to align seamlessly with HMRC rules and regulations. This inbuilt compliance significantly reduces the risk of penalties that can arise from non-compliance, saving the company both financial resources and potential reputational damage.
  • Efficiency: A specialized payroll app can automate many of the tasks involved in payroll management. From calculating taxes to submitting real-time information to HMRC, automation can significantly improve efficiency, reducing the time and effort required for these tasks while also reducing the potential for human error.
  • Versatility: Specialized tech can easily accommodate different types of employment contracts. Whether your employees are full-time, part-time, remote, or contractors, a UK-specific payroll system can ensure that their payroll is managed correctly and efficiently.

Key Features to Look For in a UK-specific Payroll System

When choosing a payroll system, UK companies should be on the lookout for several key features that align with their specific needs:

  • Automation: The system should be capable of automating as many processes as possible. This includes the computation of taxes, the submission of real-time information to HMRC, and the calculation and management of pension contributions.
  • Privacy Compliance: Given the stringent requirements of GDPR, the system should incorporate robust data security measures. This includes encryption for data at rest and in transit, access controls, audit trails, and the ability to anonymize data when necessary.
  • Scalability and Flexibility: As your business evolves and grows, your system should be able to keep pace. Look for a system that can easily scale to accommodate more employees, and that has the flexibility to adapt to changes in employment arrangements, tax laws, or company policies.
  • Ease of Use: It should be user-friendly, with an intuitive interface that allows your team to easily perform their tasks. Additionally, it should offer robust reporting and analytics capabilities to provide insights into your payroll operations.
  • Reliable Support: Finally, choose a solution vendor that offers reliable customer support. Having access to expert help when you need it can make a significant difference in the smooth running of your payroll operations.

Implementing a Payroll Platform: A Step-by-Step Guide

Implementing a payroll system in your UK company involves several critical steps.

Needs Analysis

Kick things off by taking a good, hard look at your company’s unique requirements. Think about how many employees you have, what kinds of employment contracts you’re juggling, and the hiccups you’ve encountered with your current payroll process. Having a solid grasp on what you need from an app is a great place to start.

Vendor Evaluation

With a better understanding of your needs, you can start shopping around for payroll systems. Weigh up each system against the key features we’ve discussed earlier, and also consider aspects like cost, feedback from other customers, and the quality of their customer service.

System Onboarding

Once you’ve picked out a specific solution, it’s time to get it up and running. Plan this process well to avoid throwing a wrench in your operations. It’s worth considering starting small with a test group before launching it company-wide.

Training

Training plays a pivotal role in setting up the platform. Make sure your team knows the ins and outs of the new system. If there are any features that your employees will be using directly, like online payslips or self-service portals, they may need a bit of training too.

Review and Adjust

Once you’re live and the team is using it, take a breather and review how it’s performing. Ask your team what they think of it – what’s working well, what needs a little work. Use this feedback to fine-tune the system to perfectly suit your company’s needs.

Wrapping Up

In the complex world of UK payroll management, a specialized payroll system can be a real lifesaver. With a solution that adheres to UK regulations, boosts efficiency, and caters to various employment scenarios, UK companies can confidently tackle payroll management.

Ultimately, a system should make sure your employees are paid correctly and promptly, deductions and contributions are accurately calculated and recorded, and all data is handled securely and in line with regulations. A system that’s tailored for UK companies can make this a reality, making payroll management less of a chore and freeing up time to concentrate on other aspects of your business.

 

Crypto Security In The Current Climate: What Today’s Investors Should Know

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by Isaac Patka, Co-Founder of Shield3

Crypto users are faced with a near constant barrage of threats including widespread phishing schemes, targeted attacks from scammers impersonating friends & application support staff, malware crawling for improperly secured private keys, and speculative meme coins with a sole purpose to build market liquidity for early entrants to dump on retail investors. Thankfully, as attacks are becoming more and more sophisticated, those who aim to defend against bad actors are developing advanced tools to educate and protect consumers. Here are a few examples of the most common scenarios to protect yourself against, as well as how the crypto space is evolving to stay ahead of the curve.

It is important to understand the distinction between holding cryptocurrency on centralized exchanges and holding it in your own wallet through self-custody. The easiest way to get into crypto is to make an account on a centralized exchange and buy some tokens. However there is significant risk in leaving investments on a centralized exchange. Centralized exchanges often lack transparency in accounting and lead to traditional ‘web2’ style fraud as we saw with FTX collapse, which was echoed by the collapses of traditional banking institutions throughout the world. However, once a crypto user withdraws their tokens to their own self-custody wallet they are faced with the responsibility of avoiding phishing campaigns, protocol hacks, private key leaks, and more.

Phishing campaigns range from widespread campaigns to targeted attacks. Recently I have encountered malicious Google Ads which redirect users from legitimate websites to perfect clones which prompt the user to confirm transactions in their wallet which send all of their assets to an attacker. There are also scammers posing as benevolent actors warning users that an application they recently used has been compromised and they need to withdraw all of their funds immediately. The site the scammers send the user to looks identical to the application with which they are familiar, which then prompts them to confirm the same style of malicious transactions.

Even when users connect to legitimate applications, they are not safe from protocol vulnerabilities and accidental introduction of bad code through protocol updates. In the last year there have been network bridges and decentralized exchanges which introduced unaudited updates to their codebase which were soon exploited by bad actors, draining all the deposits of users.

An ongoing problem with crypto wallets is that transactions are impossible to decipher for the vast majority of users. People have become accustomed to clicking ‘confirm’ on opaque blobs of hex data, trusting that the application is telling them the truth. Wallets are starting to get smarter, and there are now tools people can install on their computers, or networks people can connect their wallets to which help filter out mistakes and hacks. The Shield3 RPC is a free tool that people can use to filter out common hacks and interactions with known bad actors.

Also, like many fields, AI is helping. Decentralized finance applications provide unprecedented transparency and data availability to train and adapt models for common mistakes by developers, attack patterns by bad actors, and penetration testing by benevolent hackers. For example, one can now visit a blockchain explorer, copy the code of a smart contract from a popular DeFi app, and paste it into ChatGPT, asking it to find potential ways the code can be exploited. One can also ingest all of the data about all smart contracts and transactions in existence, and identify patterns and transactions that lead to a major hack. Specifically, when someone is about to attack a protocol there are often a series of transactions where they create a new anonymous wallet using a private transaction service, like Tornado Cash, then prepare their wallet to exploit a protocol. Protocols can defend themselves by detecting these patterns and pausing the protocol before the exploit can take place, then implement fixes before unpausing.

However while this data is widely available, it is near impossible to understand for the vast majority of users. AI tools allow us to take the insights from threat analysis and detection tools and present them in language which is personalized and comprehensible to everyone, regardless of their level of technical sophistication. We can take highly technical audit reports and data streams and have large language models summarize the threat in any language, for any audience.

These tools allow us to both detect threats faster and more efficiently than ever before, and democratize access to the insights to make security and risk mitigation widely available.

 

Isaac Patka

Isaac Patka, co-founder of Shield3, is a former electrical engineer in the semiconductor industry, turned crypto dev in early 2017; specializing in web3 security, DAOs, and experimental applications of blockchain technology. Isaac is an active contributor to open standards in the governance and security fields of web3.

 

What Is Important When Starting As A Personal Injury Lawyer

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You are young and ambitious and have the plan to start your own law firm, for example, as a personal injury lawyer (Dutch: letselschade advocaat). But this is not as easy as it may seem. Because in addition to needing the finances to start your business, you also need clients. But how do you reach them, for example, a traffic victim or a victim of a dog bite (Dutch: hondenbeet)?

The advantage of being an independent and young entrepreneur

Many personal injury lawyers are employed. There is nothing wrong with that and the advantage is of course that you have a fixed income. As a salaried lawyer you have the certainty of a good income. But everything you earn does not belong to you; it goes directly to the company you work for. At a certain point, this is frustrating for many and the will to become an independent personal injury lawyer becomes great.

If you plan to work as a self-employed person, then a lot is coming your way. You need everything from an office to a website. The latter is particularly important for getting clients.

Required insurance

If you are going to start as a lawyer in the personal injury industry, you will of course need money, without investments you will not get there. But also forget to take out the right insurance. Because insurance is necessary when it comes to doing business.

Of course, you need insurance that protects you against theft and fire. For example, insurance is important to ensure that you can continue working immediately after a fire. And if the computers are stolen, new ones will have to be found quickly. But more important is liability insurance. Because as a lawyer you obviously do your utmost, you can make a mistake completely unintentionally. Your client then becomes your counterparty. The damage your client suffers because of a professional error can be enormous. Because imagine if you let a statute of limitations of a personal injury case expire. In the event of serious injury, the client can no longer claim anything from the liable party, and he will hold you liable for this.

How do I get my clients?

Do you have everything in order financially and in terms of insurance? Then you also need to know how to get your clients. How do you reach a victim of a car accident, bicycle accident, industrial accident or a dog bite?

In the past, advertising was mainly done in newspapers and dailies to attract clients. Word of mouth also works well, but if you are a starting personal injury lawyer, it will take a while before you have built up a good reputation and a circle of complaints.

One of the best ways to get new clients as a personal injury lawyer is to advertise on Google and to try to get as high as possible in Google’s search results.

By using SEO and SEA you can therefore approach many new clients. But beware, Google advertising is not cheap. That is why, as a starting lawyer in the field of personal injury, it is better to focus on optimizing your texts so that they rank as high as possible in Google.

 

Small Business Credit Scoring Explained

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If you own a small business, you might have wondered what credit scores have to do with your company. Not only do individuals have credit scores, but businesses have credit scores as well. So what exactly is your business credit rating? And why do you have to make sure that your business has a good credit score?

In this article, we’ll go over what a business credit score is, what it means for you, and how to improve it.

What is a credit score?

A credit score is a rating that shows how reliable you are at paying off debts. A small business credit score is the same but for your business. A higher number is good, as it shows that you pay back what you borrow on time. This shows that you’re trustworthy, and lenders are more likely to take you on as a client. A low credit score can suggest that there are issues, such as unpaid debts, missed payments, bankruptcy, or court action against your company.

Why is a business credit score so important?

Your small business credit score shows how well your company pays back its debts and makes payments on loans. When you’re looking for more funding, lenders will look at your credit score to decide whether or not to lend money to you. This will affect you when you’re looking for funding, such as loans, overdrafts, or business credit cards for day-to-day business purchases. Most lenders will have a minimum credit score that a small business must have to get a new line of credit. With some lenders, your credit score will also determine the interest rate you’re offered.

If your small business has a poor credit rating, you can still look at getting a new line of credit. There are plenty of adverse credit lenders that can help if you have poor credit. However, you will usually have to pay higher interest rates if your business has a poor credit rating. You might also find that your credit limit – how much you can borrow – is lower. This is because small businesses with poor credit scores are seen as riskier investments by lenders.

“Building your credit score is the number one route to accessing flexible and valuable business funding. Getting a business credit card lets you and your employees work on building your company’s credit score, getting ready for larger investments, while helping you handle purchases easily and smoothly.”

– Damian Brychcy, COO and US MD of Capital on Tap

What are credit agencies?

Credit agencies are the organizations that monitor credit scores. They evaluate the credit history of an individual or business and assign a score. Some of the main credit agencies include Experian and Equifax, but there are others that offer credit rating services as well. Each credit agency has its own metrics. Some companies rate a credit score from 0 to 100, while some rate it from 0 to 999. It’s important to know the scale that a particular credit agency uses so that you can effectively gauge how good your credit score is.

What is credit history?

Credit rating is more than your small business credit score. The credit score is based on your credit history. The history shows all the instances your small business has applied for a line of credit, any missed payments or late repayments, as well as more serious credit issues such as repossession of property.

How can I improve my business credit score?

If you need to improve your small business credit score, one of the main ways is to use a line of credit responsibly. Some ways to do this include:

  • Not using your entire credit limit – This can make it appear that your business is struggling financially and might not be able to repay other loans
  • Not applying for too many new lines of credit – Again, this can give the impression that your business is in trouble
  • Making payments on time – Be sure not to miss any payments and avoid paying late.

Damian Brychcy goes on to add: “Business credit cards can help build your company’s credit score, even with small purchases, while using cash won’t have an impact on your credit history. This is one of the big advantages to giving your employees credit cards, as long as you make sure that you keep up with the required repayments.”

Conclusion

A business credit score is very similar to a personal credit score. Credit agencies keep track of your loans and payments and you can check your business’s credit score with any of the large credit agencies. If you make your repayments on time, your business’s credit score will improve. You should always try to avoid late payments, or missed payments as this will lower your small business credit score. Having a business credit card, such as a Capital on Tap business credit card (issued by WebBank) provides an easy way to build your credit score.

 

What Is A Portable Office And When Do You Need One

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Portable offices are mobile fixtures that serve as temporary offices and can be easily moved upon project completion or if your space needs change. They’re preferred over constructed office structures for short-term use because they’re affordable, easy to deploy, and flexible. Also, they can be specially designed and equipped with furniture solutions to provide a safe, functional, and comfortable working environment. 

These offices come in various sizes, types, and styles. The common types include single, double-wide, multi-complex, and portable office containers. The double-wide and multi-complex designs are more spacious and can be used for office space and storage.   

With that in mind, here are some instances when you’ll need a portable office:

If Your Job Necessitates Constant Office Relocation.

Some jobs, such as in the field of construction, require constant office relocation since you can get projects in different geographical areas. Therefore, your crew must move from one location to another and will need an on-site office to lay out plans, have morning meetings, or enjoy a quick coffee and lunch break. 

And since brick-and-mortar buildings are impossible to move, the ideal solution, in this case, is to use a portable office structure. It can easily be transported to the project site, installed, or securely connected to existing utilities. You can easily remove and transport it to the next construction site when the project is completed.

Notably, when choosing the type of portable fixture for a construction site, it’s best to go for highly durable solutions like shipping container offices. They have a high level of structural integrity and are impact-resistant. Therefore, they can withstand significant wear and tear or harsh environmental conditions. 

Luckily, there are reputable companies that offer shipping container sales and hires. Therefore, you can purchase or rent a used shipping container from such providers and convert it into a convenient office space. Also, you can customize it to suit your office needs. For example, you can add windows, doors, insulation, heating and air conditioning, partitions, and shelving to make the space more functional.

When You Have A Temporary Need For Extra Office Space.

As your business expands, the workload increases; as a result, you may have to recruit more workers. In that case, you’ll require additional office space to accommodate the new staff. Constructing a permanent office structure may take time and is costly, so you need to think of a solution that won’t break the bank.

Therefore, it’s best to get a portable office building that your workers can use temporarily. Fortunately, you can transform it into a functional area once your platform is constructed. For example, you can use it for storage or as a recreation area. 

Additionally, if you operate a healthcare facility, you may require extra office spaces due to emergency circumstances. For example, if there’s a disease outbreak, the hospital can be at full capacity, and you may need additional space for staff and patients or to distribute emergency supplies. In that case, you can install non-permanent mobile offices to house your staff and accommodate more patients. You can remove them when emergency response efforts are no longer required.

When Your Offices Are Under Renovation.

Your office spaces may need renovations or upgrades from time to time. And as they happen, work must continue, so you and your workers will require functional office spaces to use temporarily.

Fortunately, you can hire or buy a portable office and customize it to suit your needs. For example, you can equip it with furniture solutions, add wood siding, or use dividers to create separate areas for individual tasks and collaborations. Also, you can add other essential items like laptops, printers, and shredders to enable your team to perform their duties more efficiently.

If You Need A Temporary Office Solution For Remote Work.

Some jobs may require workers to be away from the main office for days or weeks to work on specific tasks. During this time, they’ll need an on-site office to conduct meetings, review plans, or sort out documents. An on-site portable office is ideal for such remote work.

The following are examples of remote jobs that may require a portable office structure:

  • Short-term sales work: Sometimes, your sales team may need to move from one location to another to promote products or services to potential customers. A portable office can be the ideal short-term sales office in such situations. And since the office must represent your brand, you can customize it to achieve localization. For instance, you can decorate the interior and exterior with your company products and include your logo. 
  • Research: If you’re operating a research agency, your staff may need to conduct activities such as data collection in remote areas. This might require setting up temporary offices near research sites, which can be used to perform various tasks like reviewing data collected from the field. In this case, the most affordable and easiest-to-implement solution is to purchase or rent a portable office building.  

Also, if you have a charitable organization, you can utilize portable offices to carry out your missions in remote communities. For example, they can serve as areas where you distribute donations and other supplies to the locals.

Conclusion.

Portable offices allow businesses to cut costs and avoid constructing physical buildings when it’s unnecessary. Fortunately, they’re flexible designs that are easy to install and transport. The above are situations where you may require a portable office solution. Most importantly, research a reputable company that charges considerable prices or flexible leases on portable offices.

 

Advancing Your Career In Education

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Whether you want to advance your career in teaching or move into administration, an online master’s degree can provide the skills and experience needed.

In addition to offering a variety of benefits, many online programs also provide the flexibility and freedom of learning that makes them an excellent choice for busy adults.

Control Over Your Learning Experience

Online master’s degree programs provide great flexibility regarding when and how students can complete their coursework. Some are asynchronous, meaning students can complete classwork independently through pre-taped lectures and discussion forums. In contrast, others require that students log in at certain times to view lecture videos or participate in online discussions.

If you are a busy student with a crammed schedule, an online masters of education in curriculum and instruction degree may be the right option. To be sure that the school you choose offers a degree structure that suits your needs and schedule would be beneficial.

While there is a stigma around online degrees, many schools now offer fully accredited, high-quality online programs that can lead to your dream job. Before enrolling, research the school’s reputation for providing superior education and a strong alum network. Look for figures indicating that previous graduate students were satisfied with their experience and received a return on investment.

Personalized Learning Experience

An online master’s degree is an excellent option for people who want to pursue their education without sacrificing their jobs. This format allows students to view lectures independently and submit assignments when most convenient.

This flexibility is a huge benefit for many professionals who are working full-time and want to earn their degrees in their spare time. It also helps them achieve their professional goals and proves to employers that they have good time management skills.

Knowing what you want and how much you can spend on your education is crucial to getting an online master’s degree. Then, you can compare approved programs that fit your needs and your budget to reduce your alternatives.

You should also pay attention to the program’s faculty. Look for individuals who are well-known experts in their fields and have a strong reputation. They can help you advance in your career and teach you valuable knowledge that will help you become a leader.

Time Management Skills

Developing better time management skills is essential for any career. They help you get more work done, reduce stress and anxiety and make a great impression on job interviews.

Planning your day is one of the best ways to develop your time management skills. This can include setting deadlines, delegating tasks to others, and ensuring you don’t go over your schedule.

Setting aside some time in your day for relaxation can also be helpful. Taking short breaks to sit on your couch, walk around the office or have a coffee with a friend can reset your brain and refresh your vigor.

Keeping a running list of all your tasks is another good way to manage your time. This will prevent you from spending time on non-productive activities and ensure you meet all your goals.

Networking Opportunities

A master’s degree in education is an excellent option for people who want to advance their careers. An online graduate program can help you to meet other students and faculty who share your interests.

Another benefit of an online education master’s degree is that you’ll be able to network with alums and classmates who are still working in the field. These former professors can provide references, career advice, and job recommendations that will be valuable for your future.

Online students also have the opportunity to take part in research activities. These projects can range from helping to build infrastructure for a new school district to assisting with a national research project that can lead to funding. These opportunities are open to all students, but you should be sure to apply to them based on your specific areas of interest.

 

Young Employees Want Leaders Who Care About Them. But What Does That Really Mean?

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

More than anything else, Millennials and Gen Z workers want employers to care about their well-being. Sure, they need a paycheck, but they also want leaders who are invested in their mental, physical, and emotional health and committed to helping them live up to their potential. Frankly, it’s not just a generational thing: Humans of all ages crave this style of leadership. But what does it really mean to care about your employees?

It boils down to showing them unconditional love — also called agape — and that it’s a lot tougher than you might think.

Agape love is about relating to someone with their best interests in mind, regardless of their response. This is far from easy, because, as we all know, employees don’t always behave the way we’d like them to.

You might be thinking love, especially a form with Christian connotations, doesn’t belong in business. But there’s a very good reason to love your employees: It’s the only way to get them to subsume their individual desires and pull together to work toward your mission. Without love, there’s chaos.

Just as there must be a form of energy holding together the trillions of atoms that make up a single cell in the body, there must also be a force uniting team members and holding them together. In the network of human relationships that make up a great organization, love is that bonding force. Learning to practice it is the number-one job of a leader. It is a huge part of bringing order out of chaos.

So, how do you practice unconditional love at work? Here are a few insights:

First, do a gut check about your attitude toward other people.

Do you care for people as a manipulation technique or as something worthwhile in itself? If you are being kind and loving only as a way to get what you want, people will eventually recognize that you are being insincere. It’s not enough to go through the motions — your caring must come from within.

Spend one-on-one time with your people.

When I spend one-on-one time with my grandchildren, the conversations differ greatly from those held in the chaos of all of them together. These conversations are more focused and less influenced by what others around them may think or say — and they value receiving my undivided attention. Adults are no different — we all need meaningful one-on-one reaction, and it contributes to our self-worth and identity.

The first comment of some leaders, when asked about how much time they spend one-on-one with their workers, especially those with 30 direct reports, is, ‘I don’t have time.’. What they are saying is, ‘I have time for turnover, retraining, increased error rates, and all the other firefighting activities.’

Take an interest in their life outside of work.

Employees won’t believe you love them if you don’t know them. Devote some of that one-on-one time to stay up to date on their family, interests, concerns, and joys. Ask honest questions that show interest. (Questions are powerful because they penetrate more deeply than statements, since the brain has to do enough processing to provide an answer.) However, be aware that you might need to go first by demonstrating openness.

Share some of your own interests and let people see who you are. You can do this without getting into inappropriate personal information. The point is to allow yourself to be vulnerable. This can be incredibly difficult for some leaders, but real relationships cannot happen in the absence of vulnerability.

Treat people right even if they don’t reciprocate.

The idea of “treating you right regardless of how you treat me” may not sound fun or even practical. But unconditional caring or love means giving 100 percent, regardless of how the other person treats you. The alternative is to go through life in reaction mode (this is a sure recipe for chaos). But love is centered in what you believe and not in reacting to what others do. This is really hard for him.

I want to treat people based on their behavior. After reflecting on this for years, I realize what I really want is for others to treat me right, regardless of how I treat them — in other words, ‘Do as I say, not as I do.’ Yet, as leaders, we need to keep working at this, even though we know we won’t always succeed. Over time, employees will look back and see that we’ve done the best we can by them despite their imperfect behavior.

Don’t be a doormat.

An agape approach toward relationships can lead to tough love interactions. Don’t back down from these hard conversations. As long as you are coming from a place of care and concern, and not from a place of anger, your message will be received. But do remember, being firm is not the same as being cruel. You can say anything you need to say as long as you say it with sensitivity, kindness, and, above all, care.

Give what’s in your hand.

You may not always be able to give an employee a huge cash bonus or a promotion, but you always have something you can give that will be meaningful and valuable. Always ask yourself, What can I offer this person? and you will never come up short. This is true even in worst-case scenarios. I have an example of an interaction I had with a former employee, David, who could not get along with others and was being terminated.

As CEO, I did not know David personally, but I felt I should do something for David. I had no motive as he was leaving the company. But there appeared from nowhere within me an agape-like interest in this person. I met with him and slowly and carefully related the feedback that others had provided me on how he interacted with them, his belligerence, uncooperativeness, and unwillingness to take input. I told him I had no motive other than to help him see himself as others see him.

David broke down in tears. He said he didn’t realize he came across this way and that no one had told him that before. I gently pointed out that was not true. Many people had tried, but he could not ‘hear’ them. By the end of the conversation, David understood how he came across. He sincerely thanked me for helping him. He said it would change his approach in his next job. He seemed relieved and refreshed in his outlook by the end.

Get familiar with two key words: apologize and forgive.

Apologize when you screw up. Do it quickly and mean it. The best way to establish a high standard of behavior is to declare the standard and admit when you don’t meet it. No one is perfect. Don’t pretend you are. Likewise, forgive others when they screw up. It’s a two-way street.

When we invest in our relationships with people, we are more likely to tolerate and forgive each other as needed. It really is a two-way street. Caring for people makes for a more resilient organization where our inevitable failures don’t derail the teamwork.

If all of this sounds like a lot of work, that’s because it is. But the payoff is well worth it.

Care and love are both verbs — they require intentional action. Keep this in mind as you consider how to show your employees their well-being matters to you. Your good intentions count only when you back them up with consistent action. When your behaviors come from your heart, you will reach your employees’ hearts too, and that kind of connection leads to greatness.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

How To Choose Your E-Commerce Platform For Your Startup

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Anyone who owns or manages a business should seriously consider setting up an online shop using eCommerce software. If you’re currently selling things on social media, the next normal step is to start your online store hosted on a reputable eCommerce platform.

Getting your website to be used in conjunction with a hosting corporation is now easier than ever. Here are the key recommendations for choosing the best e-commerce platform for your new venture:

One Platform with the Capacity to Develop

As per ecommerceCEO.com, “e-commerce systems require a unified system for point-of-sale, inventory, customer support, and other services.” This enables business owners to control the front-end shopping experience as well as the back-end operations from a single place.”

Furthermore, when your company expands, and operations get more complicated, an e-commerce platform may provide services to assist you in managing complexity and taking your online shop to the next level.

Ownership Costs

When comparing various eCommerce systems, one of the first things to consider is the price structure. You must comprehend all the expenses connected with each platform, whether you are starting a new small business or converting an existing brick-and-mortar store to the digital world.

To utilize a platform, a subscription fee is nearly always necessary. There are other costs associated with the processing of each platform. When making your selection, you must evaluate both the initial and ongoing costs. Consider both the advantages and disadvantages to get the most bang for your buck. One of the possible options to consider is an open-source e-commerce platform, which can be downloaded and used for free.

Finally, while calculating opportunity costs, consider the payment options that your customers will utilize for your products. Some systems, for example, do not allow users to make payments via third-party services (such as PayPal). Your customers may get irritated as a consequence of this, causing them to abandon their shopping carts and purchases.

SEO Capabilities

Your store must have the ability to rank highly in search results. A successful SEO strategy drives more people to your store, provides high-quality leads, and steers your firm toward financial success.

If search engine optimization is important to your business, as it should be, you’ll need an eCommerce platform that’s well-built technologically and can house blogs and other types of high-value content.

Security

Since no one wants to send their credit card information to a potentially harmful website, customers are increasingly worried about the website’s degree of security.

Although the bulk of software built in this day and age comes with relatively sophisticated security measures as a baseline, your e-commerce platform must support HTTPS or SSL to provide a secure checkout option. Checking to determine whether the eCommerce platform you’re utilizing conforms with Payment Card Industry (PCI) standards are also critical for boosting security.

Mobile Friendliness

Over 60% of all searches were conducted on mobile devices. These searches eventually lead to a transaction being completed on the same device. To meet this demand, it is critical to choose a platform that allows customers to browse your website and make transactions using their mobile devices.

Ease of Use

The ease of using an eCommerce platform to operate your online company is the driving force behind this kind of software. If the goal is not met, then none of the other benefits are meaningful. As a result, while looking for an eCommerce platform, you should ensure that it is easy to use. The best and most time-saving option is to take advantage of the free trials offered by the vast majority of eCommerce systems. As a result, you will be able to judge for yourself whether or not the platform was easy to use and establish a business with.

While evaluating the platforms, be sure that one of them offers functionalities that match your unique needs.

Plug-Ins and Integrations

When looking for the ideal eCommerce platform for your business, you should consider the benefits of employing connectors and plug-ins. The specific demands of your firm will have a significant impact on the kinds of plug-ins that should be available on your platform.

Email marketing tools, accounting plug-ins that help ease your company’s financial demands, and those that help enhance the performance of your eCommerce site are among the most prevalent software tools and plug-ins used on eCommerce platforms.

Customer Service Support

It is conceivable that things may not go exactly as planned. As a result, you will need a robust support team to help you. Every platform will have a support team, but the important factor is how quickly they respond to any inquiries or problems you may have. Do they assist around the clock?

 

Do Constraints Cripple Your Team… Or Ignite Their Creativity?

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

In business, as in all areas of life, it’s so easy to think, I don’t have enough! Whether we’re trying to launch a new product, move into a new market, or just meet the next quarter’s revenue goal, it’s so easy to feel helplessly crippled by a shortage of resources — time, talent, expertise, customers, and, of course, money. When we come from a place of scarcity, there’s always a reason we can’t do it. Not only does this mindset hold us back from what could be a huge victory, it creates a company full of victim thinkers.

Instead of being motivated by challenges, employees get in the habit of giving up way too soon. They get fixated on what they lack, not what they have, and it paralyzes them. They start blaming circumstances for their failures. This attitude compounds over time, and the whole culture gets bogged down in negativity and defeatism. That’s when the spark of innovation flickers and dies.

It doesn’t have to be this way. In fact, constraints can energize you and unlock your creativity when approached with the right mindset. Ironically (or perhaps not), one of my greatest business victories happened early in my career when my team was faced with what seemed an impossible task: build a next-generation Windows product in a shockingly short amount of time.

We had a tiny team of six people and very few resources. Really, we needed at least 30 people to do this job. Other teams of more than 100 people were working toward the same objective. But the fact that we faced such ‘ridiculous’ constraints forced us to get super-creative. We focused on finding existing components and assembled a system out of pre-built pieces. Ultimately, we launched our new product two years ahead of almost all our competitors.

The lesson? When we respond to constraints by getting super-engaged and focused, it unleashes incredible innovative power and allows us to beat almost insurmountable odds. How can you get your team into this mindset?

Here are a few tips for creating a culture of overcoming constraints:

Get out of the victim mentality yourself by changing your language.

Our first instinct is often to see ourselves as victims of circumstance. Do you ever find yourself saying: “We don’t have _________. Of course we can’t do that!” OR “Look at what they have! No wonder they were so successful!”? That’s your victim mentality keeping you from finding creative ways to make it work. Here’s the problem: Your mindset bleeds down into the rest of the team.

You can’t always change your circumstances, but you can always change your mindset. Stop making victim statements. Instead of saying, ‘We can’t,’ start asking, ‘What can we do with what we have?’ Also, when team members make these kinds of statements, remind them that there is always a solution.

Build momentum by focusing on what you CAN do first.

There will always be a million things you can’t do. Instead of hand-wringing over the constraints, find three or four things that you CAN do right now and execute on them. These quick wins will generate some early momentum. This is critical to getting employees engaged and excited about the goal and helping them see that success is possible.

When you hit a roadblock, regroup and rethink.

The “obvious” solution might not be possible for you. If we had all the time and money in the world, we’d all just do the first thing we thought of. Constraints force us to really get creative and problem solve. Realize that just because there is no immediately clear solution doesn’t mean that there’s NO solution at all. Call a brainstorming session and get people focused on creative problem-solving.

We had a client who served the construction market who decided to face a recession in a very different way. Rather than cut staff and expenses, they analyzed their business and realized a large percent of their profits came from a few of their products. They narrowed their product offering and allocated more cash and resources to high-value activity. As a result, over the next three years, they increased sales by 50 percent. By facing the constraints of a recession, they figured out a better way to do business that may not have occurred to them otherwise.

Break down the problem and look at it from all angles.

Banish all assumptions and start with a “beginner’s” mindset. Are there new (cheaper, faster, more effective) ways to do it? Are there alternative programs, materials, vendors, processes, etc. that you’ve never considered? Have things changed and you’ve gotten too complacent to move with the times? What unspoken rules are you following? Are you letting personal biases rule out possible solutions? Is there something you’re doing now that you could stop doing to free up time, capital, or resources? Is there someone in your company whose gifts are not being leveraged — someone who might have the insight and expertise to break the problem wide open?

This can be a real exercise in humility. It’s not easy to assume you don’t know, and it’s certainly not easy to step out of your comfort zone. But when you get rid of all assumptions and start fresh, you can have amazing breakthroughs.

Build resiliency into your team.

There’s often a “one step forward, two steps back” rhythm to innovation, which means your team is going to need some staying power. Here’s the thing: Resiliency doesn’t “just happen”; it is cultivated. Make sure people feel safe enough to speak up without fear. Keep them connected to the larger mission. And instill a sense of optimism by celebrating small wins and reminding them, “We’ve overcome constraints before, and we can do it again.” Most of all, show them you love and care for them.

Strange as it may sound, great leaders truly love their employees. Great teammates love each other. I always say love is the bonding force that holds teams together. It’s also what allows teams to get knocked down and get back up again.”

Bottom line: There will always be constraints. If there weren’t, we’d never know what we’re capable of doing.

We’ve all heard the adage that necessity is the mother of invention. It’s true. If we always had an easy solution at hand, we’d never push boundaries and take leaps of faith and leave comfort zones behind. Constraints are the gifts that force us to grow.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

Pros And Cons Of Call Center Outsourcing

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Like many business decisions, there comes a list of advantages and disadvantages with call center outsourcing.

Below are a few pros and cons you can expect from outsourcing your call center operations.

Pros Of Call Center Outsourcing

  • Cost Savings – One of the main advantages of call center outsourcing is cost savings. By hiring a third-party company to handle customer service calls, businesses can save money on training, salary, and benefits for in-house employees. Additionally, call center outsourcing allows businesses to scale their operations up or down as needed, without the added overhead of hiring and training additional staff.
  • Access To Global Talent Pool – Another advantage of call center outsourcing is access to a global talent pool. Many call center outsourcing companies have a large pool of trained and experienced customer service representatives located in different countries. This allows businesses to choose the best candidate for the job, regardless of location. It can also be beneficial for companies to outsource to countries where labor is less expensive, as it can result in even greater cost savings.
  • Improved Efficiency – Call center outsourcing can also improve efficiency. Third-party call center companies often have the latest technology and systems in place to handle customer inquiries efficiently. They may also have processes in place to handle high volume call times, such as during sales promotions or holiday seasons.

Cons Call Center Outsourcing

  • Potential For Lower-Quality Customer Service – One concern with call center outsourcing is the potential for lower-quality customer service. When customer service is handled by an outsourced company, there may be a lack of personal connection and understanding of the company’s products and services. This can lead to less satisfactory customer experiences and potentially harm a company’s reputation.
  • Language Barriers & Cultural Differences – There is also the issue of language barriers and cultural differences. If a call center is outsourced to a country where English is not the primary language, it can be difficult for customers to communicate with the representatives. Cultural differences can also lead to misunderstandings and frustration for both the customer and the representative. A great solution to this problem is hiring a nearshore outsourcing company whose workforce is fairly familiar with your company location’s culture.
  • Loss Of Control – Another potential drawback of call center outsourcing is the loss of control. When a third-party company is handling customer service, the business may not have as much control over the processes and systems in place. This can lead to issues with compliance and data security.

How To Get The Most From Call Center Outsourcing

Here are a few steps a company can take to minimize the risks above and ensure a successful outsourcing experience:

  • Choose A Reputable Outsourcing Company – Research and carefully select a reputable outsourcing company with a track record of delivering high-quality customer service. Look for companies that have experience in your industry and have a proven record of success.
  • Clearly Define Expectations & Goals – Before outsourcing, clearly define your expectations and goals for the call center operations. This includes setting performance benchmarks and establishing protocols for handling customer inquiries and complaints. Clearly communicating these expectations to the outsourcing company can help ensure that they align with your business goals and values.
  • Train & Manage The Outsourced Team – Proper training is essential for ensuring the success of an outsourced call center team. Provide the team with in-depth training on your products, services, and policies to ensure that they are able to effectively assist customers. Regularly check in with the team to provide ongoing support and address any issues that may arise.
  • Implement Quality Assurance Measures – Establish quality assurance measures to ensure that customer service standards are being met. This can include regular monitoring and recording calls, gathering customer feedback, and conducting surveys.

By following these steps, companies can minimize the risks associated with call center outsourcing and ensure a successful outsourcing experience. It’s important to carefully consider the pros and cons of outsourcing and determine if it is the right decision for your business.

 

What Should Be Included On An Invoice For Freelancers?

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Working as a freelancer can be a great way to earn a good income. Whether you do it on the side as you have time with your day job or you have turned it into a full-time career, the work can be gratifying. To ensure you get paid for your work, you must invoice your clients what they owe you.

Sending out a professional freelance invoice will help get you noticed and cements you as an expert in your field. It also helps make the invoice official, giving you options if the client chooses to delay or not send the payment. But how do you create a professional invoice as a freelancer?

You should include a few particular items every time you prepare an invoice for freelancers. These items include:

Your Name and Logo

Begin your invoice with information about your company. Put this right at the top so it is easier for the client to see who has sent them the invoice at a glance. It can also be helpful for recordkeeping purposes. Make sure that all of your invoices include your name and any logo if you have one. If you do not have a logo, your company name is fine.

Contact Details

Right under your business name and logo, you should include any contact details your client may need. This keeps the lines of communication open and allows the client to contact you if they have a problem with the invoice or even questions before they pay.

Some contact information you should add to your freelance invoices include:

  • Company email
  • Company phone number
  • Company address

You will also want to get the exact details from your client before sending out the invoice. Ensure you send the invoice to the right person, primarily if the client works for a large company. It is easy for an invoice to get lost, so addressing the document to the person directly responsible for the payment can lower your risk of that happening.

Date and Invoice Number

Next, check whether the invoice includes the date and the invoice number. Your invoice number is essential because it can help you and the client organize all paperwork. Ensure that the number is unique to that individual or company and matches the numbering system you already have in place.

An excellent way to organize these is by year. You could start with the current year and then review it based on how many invoices you send out during this time. If it is your seventh invoice of the year 2023, you will write something like 202307 for the invoice. 

Description

Ensure your invoice contains information about what you are billing the client for — describe the work you did and the amount that is due for those services or products. Use many descriptions here to ensure you and the client are on the same page.

Your client will generally appreciate a vague invoice. If some time has passed since the service rendered and the invoice, they may wish to receive clarification about what service you performed on their behalf. To that end, tell the company exactly what they received and the amount they owe.

Note whether the freelancer completed the service under hourly wages or based on the amount of work done. Once you have listed all the jobs done for the client, include the total amount the client owes.

Deadline

Always include information about the deadline for the payment and all fee deadlines. This helps to put a rush on the funds and makes it less likely the client will put off paying you. If you accept a few payment options, list them on the invoice to make it easier.

As a freelancer, you should discuss the payment options with your client beforehand. Accepting more than one type of payment method can help your business grow and make it easier for the client to pick the most convenient option.

List what will happen if the client does miss a deadline, such as additional fees if they do not pay the invoice by a specific time. List out the terms of payment too. Writing this information out in black and white will ensure you get your income and the interest if the payment is overdue.

Tips for Writing a Great Invoice as a Freelancer

If you have never written an invoice as a freelancer, you may feel nervous about how to get it done right. Some simple tips to make this more accessible include the following suggestions:

  1. Don’t fear invoicing – You deserve to receive the money you earned for your work. Never feel ashamed to send an invoice for the work you do for someone else as a freelancer.
  2. Send the invoice immediately – You and your client likely agreed that the final payment would be due when you complete the project. Don’t take your time sending the invoice — do it right away.
  3. Keep the final delivery until the client pays – This may only work in some fields, but when possible, wait to give the final product to the customer until they pay. This gives you some leverage and makes the client more likely to pay you.
  4. Make the payment method easy – The easier you can make it for the client to pay you, the faster they will get the payment over. Offering a simple method or several ways to pay can help with this.
  5. Remember the taxes – Unless you plan to pay for the taxes on your own, always remember to add the taxes to the invoice.

The Bottom Line

As a freelance business, you must invoice your clients to ensure you receive payment for your hard work. A professional invoice can help legitimize your business and makes it easier to stand out from the crowd as a professional too.

Make sure to include a header and contact information, details about what services you rendered, and payment terms to ensure the client knows how to pay and can get the money to you. Sending out invoices promptly, with enough details will help your freelance business succeed.

 

3 Reasons A Technological Push Could Benefit Your Business

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Technology in business is more important than it’s ever been. While businesses of a larger size are going to be able to utilize their financial means to acquire as much technology as they need, smaller businesses won’t be able to be so broad with their selection. If you want to improve your technological game, you have to be keenly aware of the technologies that are prominent within your industry, as well as gain an understanding of how you’re going to apply them for the best effect.

This might sound like a lot of work, and that’s without knowing how much it’ll cost you. However, there are several reasons why it might be in your best interest.

Read on to find out more.

To Keep Pace With Your Competitors

Of course, one of the main reasons as to why you could feel as though this is especially important is simply because it’s what your competitors are doing. If you fall behind them technologically, it stands to reason that pretty soon they’re going to be capable of achieving all manner of success that you won’t be. There’s an argument for developing your own niche and tending to that effectively instead of trying to constantly match the speed of all of your competitors, but that might not mean much if the service that you can provide isn’t matching the standard of what’s expected of your industry.

This is where that selective approach comes into play. You might not have the means to go all out, but if you can identify a key piece of technology that would make all the difference, it might be worth further consideration.

To Increase Your Efficiency and Capability

The reasons you have for wanting to make this push might be more naturally intrinsic, however. It could be that you simply see an opportunity to take your business to a whole new level. The kind of leap that is afforded by examples such as IFS cloud technology might fall within your gaze, and can help you to improve multiple aspects of your business at once, therefore overhauling your operations completely. This can also have an outward, brand-based incentive, too, as you will appear more capable in the eyes of your customers.

While the initial cost of new technology might put you off, it’s worth researching whether the increased efficiency could lead to could end up saving you more money down the line.

To Maintain Professionalism

Looking beyond what an increased focus on technology can do for your operations themselves, what can they do for your brand? To your audiences, who are trying to choose among the various businesses in your industry, a firm grasp on the relevant technologies of the industry might represent a level of professional competence that signals trustworthiness.

This is an important trait in a business, and it might even be the factor that convinces them to contact you. If your customers feel confident in your ability to provide them with exactly what they need, to the standard that they would want it done, then they will have little reason to look elsewhere (outside of the financial).

 

Small Businesses, Here’s How You Can Improve Your Digital Marketing In A Blink Of An AI

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by Dave Charest, Director of Small Business Success at Constant Contact

Technology is advancing at an extremely fast pace – just look at how quickly ChatGPT has become a household name. It has dominated news cycles and in only 4-5 months, it’s also heightened our awareness and understanding of where, and how, artificial intelligence (AI) is impacting our lives. From digital assistants like Siri, to predicting customer behavior and preferences, AI is everywhere now.

Whether you know it or not, AI has also been a core technology in marketing for years. Most product recommendation engines run on some form of AI, and we have used AI for years at Constant Contact to power things like subject line recommendations in our email marketing platform. The difference between where AI has been used in the past and its applications today is that it is much more capable – particularly when it comes to creating content.

AI is sophisticated enough now, and has a big enough dataset, that it can decipher text, react to engagement patterns, anticipate responses and recognize images. As you can imagine, this lends itself perfectly to digital marketing, where the objective is to deliver the perfect marketing message to every customer every time.

With such an in-depth understanding of how a consumer behaves, AI can help businesses make purchase recommendations, analyze product fit, and create better content with more precise targeting. If you’re a small business marketer, there’s no reason to not use this technology to your advantage.

Here are some easy ways small businesses can start using AI in their marketing strategy.

Personalize messages and offers for your customers

Leverage AI’s deep learning capabilities to amp up the experience your customers have when they interact with your business. One of the best ways to do that is by tailoring your marketing to share content that meets their needs.

AI can recognize if a person abandoned their online cart, and what types of products they have purchased in the past. It can also determine whether they prefer to be texted, or if email is their go-to channel for reading messages from their favorite brands. That type of analysis is invaluable as a marketer because instead of guessing what your customers will engage with, you can make decisions based on real-world data. Leverage that information to send more applicable messages and deals to your customers, and in doing so, they will be more likely to convert to a sale.

Banish writer’s block once and for all

Writing is difficult, and as a small business marketer, it can feel daunting to think about having to sit down and write an entire email or text campaign to your customers. And, it has to be good! Luckily, AI is here to help.

Instead of spending hours fighting writer’s block for your next campaign, let AI do the heavy lifting for you. There are several AI-powered writing tools available that can help businesses get a jump start on content creation and save valuable time in the process. Our AI Content Generator at Constant Contact is purpose-built for small businesses. It allows our customers to automate the writing process for their marketing campaigns, which saves time and resources while still creating high-quality content.

Write social media posts

Sometimes, you just don’t have the energy to create an engaging and informative social media post – let alone multiple posts for all the different platforms you are managing. That’s ok, you’re human! So, why not ask AI to do it for you?

Using AI to write social media posts can help small businesses maintain a consistent presence on social media, engage with their audience and even attract new followers. The best AI content generators will even give you multiple options to choose from. However, it’s still important to ensure the content feels authentic to your voice and doesn’t sound like it was written by a chatbot. Double-check before posting, and then move on to other areas of running your business.

One last note on AI content generation

AI-generated content can be informational, informative, and even fun. However, it’s important to note that AI is often just a baseline to get you started. The real value still comes from sharing your story and connecting with your audience.

It’s up to you to ensure that any content you generate using artificial intelligence is not only original and helpful, but that it’s also accurate, honest, and aligns with your brand values. Most importantly, you want to make sure that the content sounds like you and speaks to your customers in a way that makes them feel valued.

 

Dave Charest is the Director of Small Business Success at Constant Contact. In his role, Dave acts as an educator and an advocate for small business leaders, marketing professionals, and nonprofits by providing them with practical marketing advice that can help them achieve their goals.

 

Unlocking The Secrets To Effective Investment Management Strategies

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As the global economy continues to evolve, sound investment practices have become increasingly significant for wealth accumulation. A disciplined approach to managing one’s finances and investments can lead to better financial outcomes and a more secure future. By adopting effective investment management strategies, individuals can make the most of their financial resources and achieve their financial goals.

This blog will detail some of the best approaches to effective investment management.

The Benefits of Combining Diverse Investment Approaches

Asset Allocation and Diversification.

A well-rounded investment strategy involves allocating assets across various investment classes, such as stocks, bonds, and real estate. This diversification allows investors to spread their risk and potentially achieve higher returns over time. Asset allocation plays an essential role in effective investment management, as it helps balance risk and reward according to an individual’s financial goals and risk tolerance.

Enhancing Portfolio Performance Through a Mix of Active and Passive Strategies.

Combining both active and passive investment strategies can contribute to a more effective investment approach. Active strategies involve selecting individual investments based on analysis and research, while passive strategies track market indices through index funds or exchange-traded funds (ETFs). By blending these two approaches, investors can capitalize on the strengths of each strategy while mitigating their weaknesses, leading to improved portfolio performance.

The Role of Alternative Investments in a Comprehensive Investment Strategy.

Incorporating alternative investments, such as private equity, hedge funds, and real estate, into a comprehensive investment strategy can offer additional diversification and the potential for higher returns. These investments typically have a low correlation with traditional assets, which helps to further reduce portfolio risk and enhance overall performance. However, alternative investments may also involve higher risks and fees, so it’s essential to carefully consider their suitability for your financial objectives.

The Importance of Disciplined Financial Management

Developing a Long-term Investment Plan.

A disciplined approach to investment management starts with creating a long-term investment plan. This plan should outline your financial goals, time horizon, and risk tolerance, as well as your strategies for asset allocation and diversification. A clear, well-defined investment plan will help you stay on track and make better decisions, even during periods of market volatility.

Regular Portfolio Review and Rebalancing.

Consistently reviewing your investment portfolio and rebalancing it as needed is an essential aspect of disciplined financial management. It is a process that involves adjusting your asset allocation to ensure it remains aligned with your financial objectives and risk tolerance. Regular rebalancing helps to maintain an optimal risk-reward balance while also taking advantage of market opportunities.

Adhering to a Strict Investment Discipline.

Successful investors maintain a strict investment discipline, avoiding emotional decision-making and sticking to their long-term plans. This discipline involves resisting the urge to chase market trends or make impulsive decisions based on short-term market fluctuations. By adhering to your investment strategy and staying focused on your financial goals, you’ll be better equipped to navigate the ups and downs of the market.

Utilizing Investment Analytics Tools for Improved Strategies

Understanding Investment Analytics.

Investment analytics refers to the process of gathering, analyzing, and interpreting data to support informed decision-making in investment management. Employing an investment analytics platform will help investors gain valuable insights into market trends, investment opportunities, and potential risks, which can ultimately contribute to more effective investment strategies.

How Analytics Tools Can Improve Decision-making and Risk Management.

By providing timely, accurate, and actionable information, investment analytics tools can help improve decision-making and risk management. These tools can assist investors in identifying market trends, evaluating investment opportunities, and monitoring portfolio performance. Incorporating an investment analytics platform into their investment management process will help investors make more informed decisions, better manage risk, and optimize their portfolios for long-term success.

The Potential Impact of Investment Analytics on Personal Wealth and Financial Security.

The use of investment analytics can have a profound impact on personal wealth and financial security by empowering investors to make better-informed decisions. Leveraging data-driven insights can optimize investment strategies to maximize returns and minimize risk. This increased level of financial control and understanding can lead to greater financial stability and long-term success.

The Benefits of Incorporating Effective Investment Management Strategies

Optimizing Returns for Long-term Financial Stability.

Incorporating effective investment management strategies can lead to optimized returns, contributing to long-term financial stability. By carefully selecting investments, allocating assets, and monitoring portfolio performance, investors can increase their potential for financial growth and secure their future.

Mitigating Risks Through Prudent Investment Practices.

Effective investment management strategies can also help mitigate risks by employing prudent investment practices, such as diversification and asset allocation. Managing risks appropriately can reduce the potential for significant losses and increase the likelihood of achieving their financial goals.

Ensuring Financial Security Through Comprehensive Investment Management.

Comprehensive investment management, which combines disciplined financial management with diverse investment approaches, can contribute to overall financial security. A well-rounded investment strategy that considers various asset classes, investment styles, and risk management techniques can provide investors with a solid foundation for achieving their financial objectives and securing their financial future.

Tips for Developing and Implementing Tailored Investment Strategies

Assessing Your Unique Financial Goals and Risk Tolerance.

To develop an effective investment management strategy, it is essential first to assess your unique financial goals and risk tolerance. Understanding your objectives and the level of risk you’re comfortable with will help guide your investment decisions and shape your overall approach.

Building a Solid Foundation Through Education and Research.

Educating yourself on various investment options and conducting thorough research is crucial for developing a tailored investment strategy. Familiarize yourself with different asset classes, investment styles, and risk management techniques to make informed decisions and build a solid foundation for your investment journey.

Consult With a Professional Financial Advisor for Personalized Guidance.

If you are unsure how to create an effective investment management strategy, consider consulting with a professional financial advisor. They can provide personalized guidance, taking into account your specific financial goals and risk tolerance, and help you develop a plan that aligns with your unique needs and objectives.

Effective investment management is an ongoing journey that requires discipline, education, and adaptability. By combining diverse investment approaches with disciplined financial management and leveraging investment analytics tools, investors can optimize returns, mitigate risks, and ensure long-term financial stability. As the financial landscape evolves, it is essential to continually improve and adapt your strategies. Staying informed, learning from investment insights, and utilizing an investment management platform can refine your approach and better position yourself for financial success in the long run.

 

Leveraging Second-Hand Equipment For Capital Efficiency, Savings, And Sustainability

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by Aaron Kline, Co-Founder of Boom & Bucket  

In today’s economy, any entrepreneur looking to kickstart, build and scale is obsessed with two words: capital efficiency. And for a good reason. The way a company spends money can make or break it.

Leading decision-makers who master capital efficiency drive rapid business goal outcomes with cost-effective resources and strategies. The bottom line? It’s not just about saving money or time on unnecessary expenses but knowing how to evaluate savings and risks versus costs, return on investment (ROI), and real results. This is why sustainable practices like reusing resources are increasingly popular. The more sustainable a business is, the more it can grow without compromising quality or customer satisfaction.

One of businesses’ largest costs is equipment — the machinery, vehicles, tools, or devices they need to do the job. Despite knowing that equipment can negatively impact cash flow and profitability, many companies overlook the potential of the second-hand equipment market as a source of savings and sustainability. Let’s take a look at how pre-owned machinery can boost your ROI.

The Digital Transformation of The Second-Hand Market

The second-hand market is not what it used to be five years or ten years ago. The used market used to very informal, offered cash-only and no warranties, and lacked transparency. This changed with the emergence of modern second-hand online markets, and they are driving significant growth.

A report by Transparency Market Research valued the second-hand global market at $405.5 billion in 2022. The market is expected to grow to $3.1 trillion by 2031. Used heavy machinery makes up a big portion of the second-hand products market: According to Global Market Insights. The rapid increase in pre-owned heavy machinery investments is augmenting the industry.

Thanks to the digital transformation of the second-hand market and the expansion of e-commerce, buyers have better, and more informed, access to cost-efficient machinery and goods.

Additionally, consumers are becoming increasingly concerned about their consumption effects on the environment, whether it may be waste, plastic, energy, or CO2 emissions.

However, second-hand equipment is also associated with risks. Was the equipment used properly? What does the maintenance history reveal? Is the equipment modern and up to the task? Does it have any hidden defects or damages not visible to the naked eye?

These questions were hard to answer in the past, but today, powered by digital transformation, new technologies and platforms help buyers make data-driven second-hand purchases. Modern online markets give potential buyers a wide range of information on second-hand equipment so they can feel confident they have chosen an item that meets their needs.

Cost, Usage History, and Condition

The first aspect to consider in any purchase is cost. How do you know if you are getting a fair deal on a second-hand machine? How do you compare prices across different sellers and markets?

Just like the Kelley Blue Book has helped millions of people calculate the market value of a vehicle — based on its make, model, year, mileage, and condition — to determine fair prices, other tools can enable informed purchases of heavy machinery. For example, Equipment Watch provides price benchmarks and trends for over 15 categories of equipment across North America.

Usage history is the second factor that needs to be evaluated. Customers should use platforms that provide equipment’s previous maintenance information and data and see whether items have any issues or problems that could affect their performance or safety.

Equipment marketplaces use data from various sources to provide a detailed report on the asset’s past, including repairs, recalls, inspections, and all ownership changes.

Similarly, data-driven e-commerce sites can help a user find the usage history of second-hand equipment based on data from telematics and OBD2 devices — systems that collect and transmit information from a machine’s sensors and GPS location, and can connect to a machine’s onboard computer and read diagnostic of machines.

Finally, the condition of the equipment needs to be carefully evaluated. How do you know if the equipment is in good shape and ready to use? How do you inspect it for any signs of wear and tear or damage?

This is where comprehensive inspection tools can help. They check hundreds of points on a vehicle to ensure its quality and functionality, saving companies the time and cost of doing inspections.

Final Thoughts

The second-hand equipment market is a powerful resource for companies that want to remain competitive. Thanks to the digital transformation of marketplaces, data-driven technologies, and new transparency trends, companies can make informed decisions about buying second-hand equipment for their business and keep costs low.

Calculating the risk, increasing savings and enhancing sustainability has never been so straightforward. With all the CO2 emissions, usage, and condition information online, the modern second-hand market can increase capital efficiency, help companies achieve profitability faster, and grow their business more efficiently.

 

Aaron Kline

Aaron Kline, Co-Founder, and COO of Boom & Bucket. This innovative company is revolutionizing the market for used heavy equipment, providing contractors with a reliable online platform for buying and selling their machinery. With a solid sales and business development background, Aaron has served as Vice President of Global Sales at Skylo.

 

 

How Technology Can Help In Modern Corporate Performance Management

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business meeting charts

business meeting charts

Corporate performance management is a crucial aspect of any organization. It refers to the process of setting goals, tracking performance, analyzing results, and making informed decisions to improve the overall performance of the company. With the rapid advancements in technology, businesses are increasingly turning towards technology-driven solutions to enhance their corporate performance management.

In this post, we will explore how technology can help modern corporate performance management and the various benefits and challenges associated with it.

Technology-driven Corporate Performance Management

In today’s digital age, technology has revolutionized the way organizations operate. The integration of technology into corporate performance management can play a significant role and bring so many benefits. We look at key areas in which technology can play a part in corporate performance management. 

1. Financial Planning and Analysis.

Financial planning and analysis involve budgeting, forecasting, and financial modeling. Technology can help organizations automate these processes and provide real-time data to decision-makers.

2. Budgeting and Forecasting.

Budgeting and forecasting are essential aspects of corporate performance management. Technology can help create accurate forecasts, streamline budgeting processes, and improve data accuracy such as transaction matching.

3. Strategic Planning.

Technology can also assist companies in creating and executing strategic plans. It can help teams collaborate and make informed decisions based on real-time data.

4. Performance Reporting and Analytics.

Data is king when it comes to analyzing the performance of a company. With technology, organizations can generate customized reports and analyze data to gain valuable insights into their performance.

Benefits of Technology-Driven Corporate Performance Management

One of the most significant benefits of technology-driven corporate performance management is the ability to automate routine tasks. This will allow businesses to free up time and resources to focus on more strategic initiatives. This can lead to increased productivity and efficiency.

Another benefit of technology-driven corporate performance management is the ability to gain valuable insights into the organization’s operations. By analyzing data in real time, decision-makers can make informed decisions and adjust strategies as needed. This can lead to better performance and increased profitability.

Technology-driven corporate performance management can also help organizations reduce costs. For businesses, this can save them time and money. Additionally, by gaining insights into operations, organizations can identify areas where they can reduce costs and optimize resources.

Best Practices for Implementing Technology for Corporate Performance Management

To ensure the successful implementation of technology for corporate performance management, organizations should follow some best practices. These include:

Define clear goals and objectives.

Organizations should define clear goals and objectives for the implementation of technology in corporate performance management. This will ensure that the technology is aligned with the organization’s overall business strategy.

Select the right technology.

Organizations should carefully evaluate different technology options and select the solution that best fits their needs. For an organization, this may involve selecting a solution that can integrate with existing systems and provides the necessary functionality.

Involve end-users in the process.

Organizations should involve end-users in the implementation process. This is an important point as it can help build buy-in and ensure that the technology is effectively used.

Provide adequate training and support.

Organizations should provide adequate training and support for end-users. This is vital because employees need to be comfortable with using the technology effectively.

Continuously evaluate and optimize usage.

Organizations should continuously evaluate and optimize their usage of technology for corporate performance management. This can help ensure that the technology is effectively meeting the organization’s needs.

Conclusion

In conclusion, the use of technology in modern corporate performance management is becoming increasingly vital for businesses to thrive and remain competitive. By automating processes, providing real-time data analysis, and offering predictive analytics, technology is transforming the way organizations measure and manage their performance. This not only improves efficiency but also allows businesses to make data-driven decisions and improve their overall performance. 

 

Stop Building Large Departments: The Advantages Of Smaller Teams

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by Dominic Monkhouse, CEO and Founder of Monkhouse and Company and author of “Mind Your F**king Business“

A smaller team has a common purpose and level of intimacy that often leads them to come in early or stay late to get the job done. There’s a deeper level of accountability, which means the manager or coach has less managing or coaching to do. When that small team helps with hiring, the results are always better. They don’t want to hire anyone who will disturb the camaraderie and trust of the group. A small team will give you vital input because they want to protect their ‘family’. And if I ask this team to write their processes, they will always be better than diktats from corporate because the procedures will be specific to a particular group and not some generic idea that may not apply to other departments or teams. They’re not trying to boil the ocean, so the result will be better than some document handed down from on high.

When companies listen to my advice, they’ll often decentralise departments. They’ll have central marketing focus on branding, but they move lead generation to smaller teams in regions and take it out of the hands of central marketing.

More importantly, small teams are better for the customer. When customers ring up, most of the time they’ll speak with the same person. The customers then have a more personal relationship with the company, and the employees know what our customers need and how best to interact with them because they have built a rapport with them.

Even though the company may be large, when customers call in, they feel like they’ve just gone down to the village shop and the owner is there ready with their usual order. The employee can say, ‘How are you doing, Bob? Last time we spoke, your daughter was going into surgery. How is she doing? I also wanted to ask you how things were going with your new printer since we installed it two weeks ago.’ The employee knows the customer so well that they know what to say and what not to say. There’s also another benefit: as you measure how various teams are succeeding, you can dive in and pull out best practices that may help struggling teams.

The power of culture

Never underestimate the power of culture. It tells people what we value, what’s expected, and what behaviours won’t be tolerated. When we create culture in a company, people are formed in their thinking and actions. And the culture that is created can be more effective than the best leader in the world.

For instance, Professor Moira Clark, from Henley Business School, carried out a project with a high-street bank in Sheffield. She took the manager from the best branch and put them in the worst branch. This manager was unable to make any substantial changes.

Professor Clark found that a tipping point was only reached when 30% of people from the best branch were transplanted into the worst branch to make any positive changes.1

My view is that the power of bad is about four times more powerful than the power of good. One bad apple can spoil the bunch. One good apple doesn’t fix the bad ones. That said, when the bad apples in the business see a strong leader plus experience a culture that’s developed by good workers, they eventually either get on board or leave.

How to identify the health of your teams

As the CEO of your company or a leader of a team, how do you really know what is and isn’t working? I recommend simply surveying each of your departments (e.g. marketing, sales, finance, R&D, customer support). Consider asking certain employees the following questions:

  • How good do you think your department is at delivering to your customers (or to other departments in the company)?
  • How good do you think you are at delivering service to your team?
  • How good are your colleagues at delivering service to you?
  • How good do you think other departments in your company are at delivering to their customers (or to you and other departments)?

If there’s a perception gap in your business, the above questions will uncover it. The perception gap can sometimes be summarised as an ‘it’s not me, it’s them’ mentality. In other words, people incorrectly think that they’re doing a great job and everyone else is doing a poor job.

Then ask the same employees the following questions:

  • In the past, when you worked on an efficient and effective team, what did it look like?
  • Tell me about the best team you were on. It could be a sports team, a team at work, a team that did charitable work or activism, or some other team.
  • What were some of its characteristics?

Answers to the previous questions will reveal how inefficient and ineffective large departments are (with no teams) and will remind people what efficient and effective small teams are like.

Typically, answers will include gems such as the following:

  • ‘We were connected.’
  • ‘There was a clear sense of mission and purpose.’
  • ‘We worked so well together.’
  • ‘There were consequences for non-compliance.’
  • ‘Nobody was slacking off, there was a high level of commitment, and people kept their promises.’
  • ‘We were aligned around a core purpose.’

From well-managed to self-managed

In many cases, well-managed teams become self-managing, and end up needing very little over- sight. This is how Spotify organises things, for example. Their small teams self-manage.

The Spotify organisational model was first introduced in 2012 when Henrik Kniberg and Anders Ivarsson published the white paper ‘Scaling Agile @ Spotify’. This introduced the world to the radically simple way Spotify approached organisational agility at scale. Unsurprisingly, Spotify doesn’t leverage the original implementation of the Spotify Agile model anymore; they evolved and adapted an updated model to fit their changing organisation.

In essence, we’re taking lessons we’ve learned from software development and the agile revolution and bringing it to general business. In my years as a consultant, I have seen incredible results when companies stop building large departments and start building small teams.

*extracted from Mind Your F**king Business by Dominic Monkhouse

 

Dominic Monkhouse

Dominic Monkhouse is CEO and Founder of Monkhouse and Company and author of “Mind Your F**king Business“. he is committed to helping entrepreneurs take their businesses from good to great, focusing on fast growth, people-first approaches and strong purpose.

 

“Women, We Are Our Own Best Resource”: Deb Boelkes

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by Deb Boelkes, author of “Strong Suit: Leadership Success Secrets From Women on Top“

Women are just as likely as men to aspire to senior roles in their organizations, but they face a myriad of obstacles and prejudices that their male counterparts simply… don’t. Their career trajectories continue to be disproportionately affected by unequal pay, fewer promotions, microaggressions, gender bias, the so-called “motherhood penalty,” and more. As female graduates enter (or re-enter) the workforce, how can they best navigate these barriers while climbing the ladder and advocating for themselves?

Many organizations are proactively addressing these issues. But here is a message all rising women needs to hear: We are our own best resource in closing the equity gap so that all women have a truly fair opportunity to succeed and lead.

Why should the newest generation of emerging leaders enter their careers with little to no tribal knowledge of what it means to work toward the upper levels of leadership as a woman? Instead of climbing from the ground up, rising women should be standing on the shoulders of the women who came before them.

Having worked with and mentored hundreds of female leaders, many of whom were C-level, most are eager to offer a hand to their sisters still climbing the ladder.

I began my career at a time when the business world was much more male-dominated than it is today, and I surmounted a lot of obstacles on my own. I want to pass the lessons I learned on to rising female leaders so they can spend their time and energy learning new lessons and breaking new barriers. After all, that’s what equity in ‘diversity, equity, and inclusion’ (DEI) is all about: helping others access opportunities so that equality can eventually be achieved.

Here are eight insights from my book “Strong Suit: Leadership Success Secrets From Women on Top“ that will help young women take their first steps into the workforce with confidence:

Your past helps mold who you are — but it doesn’t have to define what you can accomplish.

We all learn lessons and pick up traits — both positive and negative — from our parents and other formative figures. Their expectations and opinions of us help shape our trajectories. Most of us were probably told, “You can do anything you set your mind to,” but we may have also absorbed negative lessons (either explicit or implied) about women’s roles and our own capabilities.

Ultimately, your background does not determine whether you can make it to the top. This is something a lot of us know in theory, but have trouble internalizing. We carry limiting — and inaccurate — assumptions about what we have to offer and what our place in the world should be. Try to identify these beliefs and use them as a springboard for positive action. 

Even in this day and age (like it or not!) appearance matters.

I acknowledge that this advice goes against some schools of popular thought, but it’s a truth that today’s rising leaders still need to live by. Every day is a dress rehearsal for the C-suite (or whatever goal you are working toward), and your appearance impacts how others perceive you.

The women I interviewed (in my book) were pleased that expectations regarding appearance are not as stringent, and perhaps unfair, as they used to be. But they all agreed that presence does matter, even in fields where individuality, creativity, and informality are the norm. Here’s my advice: Don’t think of it as dressing to ‘please’ others. You aren’t. All of us — men and women — should use our appearance as a tool to positively influence how others respond to us. 

Stop being sorry for asking questions and sharing your opinion.

Many women tend to minimize themselves, usually unconsciously. They’ll say things like, “Sorry, but I have a question,” or, “I could be wrong, but…” Sometimes they’d rather not say anything than share an opinion that hasn’t been thoroughly thought-out and researched. (This happens less often with men!) I urge all women to remember: You got to where you are because you are smart, qualified, and capable. Teachers, mentors, and past leaders have already seen those things in you, so continue to showcase them moving forward. 

Linda Rutherford, executive vice president and chief communications officer of Southwest Airlines, recalls that after being promoted to VP, she initially struggled to speak up in the boardroom. “If I had a thought before, sometimes I would whisper it to the person next to me. But then the room did not benefit from that thought or that perspective. I have learned that my value is to share that thought or that perspective with everyone in the room.” 

“Executive” and “emotionless” aren’t synonyms.

As the leader of a peer mentoring program for C-level women, I have met many women who think that in order to reach “the top,” they need to be calm, collected, stoic, unemotional, and mentally tough at all times. These female leaders hide or shut down any expression of empathy, anxiety, indecision, or even joy. They hold other people at arm’s length to avoid dealing with emotional upheaval.

No wonder we think it’s lonely at the top! For many years, female leaders did have to tamp down so-called expressions of femininity as they fought to ascend the male-dominated ranks. That’s why, as we continue to work toward equity, it’s so important to have friendships with other women at your level. Build an inner circle where you can be candid and can count on support and authentic advice. As you continue to advance, maintain warm and supportive relationships with industry peers, direct reports, and high-potentials downline.

Leadership is not about your skills. It’s about your people.

Some leaders, especially new ones, are stuck in the mindset that their success hinges on the technical skills they were judged on prior to their promotion. But leadership isn’t about how well you can do something; it’s about how well you can develop, engage, and motivate your team so that they can do that task. Your first priority as a leader is assembling and empowering a great team, followed by removing any obstacles that stand in the way of their success. When you enable everyone to perform at their individual best, you’ll all cross the finish line together.

Retired U.S. Army Lieutenant General Kathleen M. Gainey agrees. “What I quickly learned is, people are your most important resource. If you invest in people, they will take care of you. When you make a mistake, they will correct it… If you have created an environment where they can share information with you and not…be yelled at, or screamed at, they will share things with you that you need to know.”

Assessments exist for a reason. Use them.

It can be surprisingly challenging to answer the question, “What are your strong suits?” A true strong suit isn’t just something you’re good at; it should also bring you joy and tie into your purpose. To help you zero in on these sometimes-elusive strengths, how they manifest in your life, and how to best leverage them, I recommend assessments like CliftonStrengths and the Myers-Briggs Type Indicator.

Knowing what makes you stand out can give you a big leg up and help you become the best version of yourself. Focusing on what you are really great at and love doing will elevate your performance and enhance your authenticity. You’ll be comfortable with yourself as well as your evolving roles and responsibilities, rather than feeling like an imposter or a square peg in a round hole as you climb the ladder.

If you choose to improve in one area, make it soft skills.

Communication and relationship-management skills are what build a great culture (I am adamant that a great culture is what leads to great metrics, not the other way around). Yet — despite the fact that this generation of workers has made it clear how much they value good relationships with their leaders — there is a noted “soft-skill gap” in many business education programs. That’s why I recommend identifying role models and adopting their behaviors, attitudes, and methods.

There is a big gap between understanding organizational theory and becoming an inspirational leader. The only way to fill it is through observing and, more importantly, doing. Start by treating people the way you would want to be treated and consciously inspiring them to be their best. You’ll instinctively feel which tactics work and can build from there. The good news is, so-called soft skills like communication, empathy, emotional intelligence, and flexibility tend to be innate for many women — so lean into your feminine strengths! 

You may be able to “have it all” — if you have help.

The concept of “having it all” — and whether that’s even possible — has sparked fierce debate. Based on my own experience and the feedback I’ve received from fellow executive mothers, women can enjoy a fulfilling career and a strong family life — but success in this endeavor has to be a team effort.

Just like building a successful executive career, raising children demands large amounts of time, energy, and emotional investment. Sharing the load with others who are also invested in your child’s future should not be seen as a weakness or failure, but as a prudent decision to enhance everyone’s well-being. You’ll need a supportive partner, a trusted network of family and friends, or reliable outside childcare — often all three!

Especially when you are just starting your career, or perhaps transitioning to a new role or industry, the path toward leadership can be murky and the stakes can feel overwhelming. But truly, you are not alone. I have seen firsthand how powerful it is when successful women advise, develop, and support their sisters. Whether it’s in person, online, or through resources like videos, podcasts, and books, I urge you to seek out female role models… and eventually, become a mentor yourself.

 

Deb Boelkes is the author of “Strong Suit: Leadership Success Secrets From Women on Top“. Deb has 25+ years in Fortune 150 high-tech firms, leading superstar business development and professional services teams. As an entrepreneur, she has accelerated advancement for women eager to achieve success.

 

4 Ways All Leaders Can Multiply Their Impact

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by Brendan P. Keegan, author of “The FUD Factor: Overcoming Fear, Uncertainty & Doubt to Achieve the Impossible“

Leaders are all around us, in corporations, sports teams, civic clubs and other organizations.

In many cases, the work they do and its impact doesn’t extend much beyond their immediate sphere of influence.

But leaders also can guide, teach and inspire people in such a way that the impact will be felt far and wide – and maybe even linger long after the leader is gone.

Leaders should ask themselves, ‘What do I want my legacy to be? What lasting impact do I want to leave on the world? How can I be an inspirational legend to others?’

Some ways to make that legacy come about and to leave a greater imprint on the world include:

Lead others through a clear vision and the resources to achieve that vision — together.

Ever notice with sports teams how successful head coaches leave a legacy of other head coaches who worked for or played for them? The same can happen with leaders in other sectors. When you make the decision to lead, you build an exponential legacy of leadership. If you lead 10 people who then lead another 10 people who then lead another 10 people to achieve a common goal, you will have impacted over 1,000 lives. That’s a lot of impact, and your efforts also have the added positive effect of removing fear, uncertainty, and doubt from people about their abilities, while instilling confidence.

Be a mentor.

I suggest looking around your circle of friends, family members, and colleagues and picking a person to take under your wing and send down the path of leadership. Mentors are volunteers, even at companies with formally structured mentoring programs. Mentors also are focused on helping their mentee achieve their career goals, not the mentor’s goals, and doing so with no personal or professional benefit expected in return.

Coach others to be the best versions of themselves.

Take time every week to invest a little extra time to show someone how to improve a specific skill or attribute. Thirty minutes of coaching may change the trajectory of someone’s life. Coaching has similarities to mentoring, but there are differences. Mentoring plays a much broader role of cultivating an individual’s career and overall personal and professional development. Coaching drives at a specific goal through learning. For example, coaching someone to make a sales call, to perform a job function better, or to complete a 20-yard pass. With coaching you do immediately see the impact you have on others. If leading and mentoring is the long game, then coaching is the short game.

Cultivate.

Leaders have opportunities each day in every interaction to inspire leadership not only at work but also in the communities in which they live. Really anyone we meet is an opportunity to begin to light the fuse of leadership for another person. That can be our neighbors, our kids, our social circles. It can happen in our places of faiths, or gyms or our coffee houses. So many people in life have never been told they, too, can be a leader, let alone have another person invest in them.

Finally, find other ways to give without any expectation of receiving. Giving can mean sharing your time, encouragement and wisdom, and it can also mean philanthropy.

We all have the opportunity to give in more ways every day and to do it with no expectation of getting anything in return. It can be running a 5K race for a cause, buying Girl Scout cookies, serving meals at a local shelter, coaching a youth sports team or donating blood. The opportunities are endless.

 

Brendan P. Keegan

Brendan P. Keegan is chairman, CEO and president of the board for Merchants Fleet, the fastest-growing fleet technology company in North America. He also is the author of three books, including his newest, “The FUD Factor: Overcoming Fear, Uncertainty & Doubt to Achieve the Impossible“. 

 

Four Companies That Cast Off Their Constraints And Innovated Like Crazy

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by Gary Harpst, author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“

The constraints we face in business — tight deadlines, limited resources, a worrisome talent shortage — don’t have to limit our success. In fact, they can unleash our creativity and lead to big innovations.

Here are four companies that famously vaulted over limitations to create something completely new.

Netflix: Outrunning Obsolescence. 

Remember, Netflix started as a DVD rental service, but as technology advanced, it faced the roadblock of declining DVD sales. Instead of clinging to the past, Netflix pivoted and invested in streaming technology. This bold move allowed the company to disrupt the entertainment industry and become a dominant player in the streaming market.

Delta Airlines: Solving the Pilot Shortage.

In a time when airlines are struggling to find enough pilots, Delta got creative. It recently announced its new flight academy program in partnership with Skyborne Airline Academy. The idea is to ensure a steady supply of talent by training the next generation of pilots. Other airlines, such as United Airlines, American Airlines, and Southwest Airlines, have also launched similar programs. This trend presents an opportunity for businesses in other industries to learn from these examples and develop their own strategies for attracting and nurturing talent through educational initiatives and engagement programs.

Apple: Staging a Great Comeback.

Apple, one of the world’s most valuable companies, has experienced setbacks and constraints throughout its history. In the late 1990s, the company was on the verge of bankruptcy. However, under Steve Jobs’s leadership, Apple demonstrated resilience by refocusing on a few core products, such as the iMac, and later, the iPod, iPhone, and iPad. Apple’s resilience helped it become a dominant player in the technology industry.

Airbnb: Flipping Housing Constraints into a Sharing Economy Platform.

Airbnb was born out of a roadblock faced by its founders, who struggled to afford rent in San Francisco. Rather than thinking of themselves as victims, they turned this challenge into an opportunity by creating a platform that allowed people to rent out their spare rooms or homes to travelers. This innovative idea led to the birth of the sharing economy and transformed the way people travel and find accommodations.

 

Gary Harpst

Gary Harpst is author of “Built to Beat Chaos: Biblical Wisdom for Leading Yourself and Others“. He is the founder and CEO of LeadFirst. LeadFirst was founded in 2000 (as Six Disciplines) with a mission of building effective leaders and helping small and mid-size companies manage change, grow, and execute. Gary is a keynote speaker, writer, and teacher whose areas of focus include leadership, business, and the integration of faith at work.

 

Be Prepared: Crisis Management Tips You Need To Know

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Successful crisis managers move their company through the challenges of a crisis and leave the company to success. What you don’t see is the planning that went on behind the scenes to develop that crisis strategy.

As with any company, make sure you have a plan in place before you need to work through a crisis.

Assemble the Team

One of the first steps in crisis management is identifying the available resources. This includes people, facilities, and tools. Make a list of all of the individuals in the company. Determine who can be used as part of your strategy implementation. For example, your management team must be prepared to present the situation clearly to team members.

Buildings and software applications are part of your team. You can use buildings to back up data or serve as gathering areas or meeting sites. Understand how technology, such as investor relations tools, helps disseminate information.

Understand Risks

Write down all potential risks for your business. Most of your risks fall under the following categories:

  • Internal: Situations that happen within your facility, like a chemical leak, fire, or information leak.
  • External: Events that occur in the environment that impact the company’s ability to perform, such as a local tragedy, international unrest, or competitive interference.
  • Governmental: Regulations or situations implemented by government officials, like clinical trial regulations, tax hikes, or zoning laws.
  • Weather: The impact caused by weather events near facilities, such as tornadoes, flooding, or hurricanes.

Make Preparations

Once you have identified the potential issues your company may experience, develop crisis management plans for each item. These should be detailed instructions that cover all tasks, roles, and responsibilities for each situation. Be sure to identify the primary individuals involved in the resolution.

Management and team members need to know that you have full control of the situation. It may be more cost-effective to contract with a crisis management organization. Teams from these companies are experienced in crisis management and can save time. They also know the types of scenarios your organization may experience.

Assign Jobs

Develop a crisis management organizational chart. Write down the people involved in resolving the potential crisis. Be sure they understand their roles and responsibilities. It is important to note that in an emergency, individuals are often asked to take on roles outside of their job description. Know your team member’s talents. Make sure they understand how to respond to a crisis.

Practice Situations

Practice makes crisis management perfect. Establish training exercises to teach everyone how to handle an emergency. Start by walking through each step of the resolution process in a meeting room. It is not necessary to operate real-time mock drills in the beginning. Take the time to make sure it looks logical on paper. Then, find a way to run simulations. These real-time practice scenarios help everyone know what to expect. It can also help you identify potential issues that were not considered in the board room.

Review Annually

Your crisis management plan is a living document. Review policies and procedures annually to make sure that the plans are still feasible. Be prepared to modify your plan if there is a change to the competitive environment.

Communicate Consistently

In a crisis, people experience the flight-or-fight response. Everyone reacts to the situation based on their personality and experience. Frequent and reliable communication puts individuals at ease.

Make sure messages are short and direct. This is not the time to release lengthy descriptions of the situation. In a crisis, people remember a small percentage of the information. Stick to the basic facts and the actions your organization is taking. You will perform a final analysis after the crisis has been mitigated.

Be Responsible

Consumers want to know that the companies they support are good stewards. They want the organizations to take responsibility where it is possible. While insurance and legal claims may limit what company representatives can say, be prepared to take responsibility for the situation.

Action is better than procrastination. Make sure your team is moving forward if they see signs of a situation developing. Avoid having the media or team members accuse you of not being prepared.

Crisis management is critical to the success of every organization. Make the time to develop a plan. Investing your time and energy into these strategies will help your business survive a crisis.

 

Data Discovery: Unlocking Opportunities For Growth

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In today’s competitive landscape, businesses must rely on accurate and timely information to make well-informed decisions. At the core of this process is enterprise data discovery, which enables organizations to identify valuable insights hidden within their vast data repositories.

In this blog post, we’ll explore the concept of data discovery for businesses, discuss the key components of data discovery platforms, and highlight the ways in which leveraging these tools can drive growth and success.

Understanding Enterprise Data Discovery

Enterprise data discovery is the process of searching, analyzing, and visualizing large datasets to uncover patterns, trends, and relationships. This approach to data analysis is facilitated by data discovery software, which often includes features such as:

  • Data Visualization – Representing data in charts, graphs, and other visual formats to make patterns and relationships more apparent.
  • Automated Pattern Recognition – Leveraging machine learning algorithms to automatically identify and highlight trends or anomalies in the data.
  • Self-Service Analytics – Allowing business users to access and analyze data without the need for technical expertise or support from IT staff.

Types Of Data Sources

To fully leverage the potential of enterprise data discovery, organizations must incorporate various types of data sources into their analysis:

  • Structured Data – Data that is organized in a predefined format, such as information stored in relational databases, spreadsheets, or data tables.
  • Unstructured Data – Data that lacks a consistent format or structure, including text documents, social media posts, images, and multimedia files.

The Evolution Of Data Discovery Tools

Over time, data discovery platforms have undergone significant evolution, transitioning from traditional business intelligence (BI) tools to more advanced and user-friendly solutions. Early BI tools necessitated extensive IT involvement and specialized skills, which often constrained the pace and adaptability of data analysis. In contrast, modern data discovery platforms have become more agile and user-friendly, empowering users with self-service analytics and enabling swift data exploration.

Key Components of Data Discovery Platforms

Data Ingestion and Preparation

The first step in the data discovery process involves connecting to data sources and preparing the data for analysis:

  • Data Connectors – Data discovery software should provide built-in connectors to a wide variety of data sources, simplifying the process of data ingestion.
  • Data Transformation – Tools should offer features for cleaning, transforming, and enriching data to ensure its quality and consistency.

Data Profiling And Cataloging

After data has been ingested and prepared, it is essential to organize and catalog it for ease of access and analysis. One key aspect of this process is metadata management, which involves data discovery platforms providing users with the ability to create and manage metadata. This feature simplifies the task of searching for and understanding specific datasets.

Another important aspect is data lineage, which tracks the origin and transformations of data, thereby ensuring its accuracy and credibility. By incorporating both metadata management and data lineage in the data organization process, data discovery platforms can facilitate a more efficient and reliable analysis experience for users.

Data Analysis And Visualization

Data discovery platforms play a crucial role in facilitating the analysis and visualization of data, empowering users to delve into their datasets and uncover valuable insights. These tools offer a variety of features, such as customizable dashboards and reports that can be easily shared with stakeholders, promoting transparency and collaboration.

Moreover, data discovery platforms designed for businesses enable users to perform ad-hoc analysis, providing them with the flexibility to rapidly address specific questions and identify emerging trends. By incorporating these capabilities, organizations can effectively harness their data’s potential and drive informed decision-making.

Collaboration And Sharing

Collaboration plays a crucial role in making sure that organizations can effectively utilize the insights generated through data discovery platforms. To facilitate this collaboration, it’s essential for these platforms to offer role-based access controls. By implementing user roles and permissions, users can securely share and collaborate on data and insights.

Furthermore, data discovery tools should make it easy for users to share insights and visualizations with their colleagues. This not only promotes a data-driven culture but also leads to improved decision-making processes within the organization.

The Benefits of Data Discovery for Business Growth

There are several key benefits that businesses can gain by implementing a data discovery platform.

Improved Decision-Making

Data discovery tools enable organizations to access and analyze data in real time, ensuring that decisions are based on the most up-to-date information. Automated pattern recognition and advanced analytics capabilities reduce the likelihood of human error and increase the speed at which insights are generated.

Increased Agility And Adaptability

Leveraging data discovery platforms can help businesses become more agile and adaptable. Data-driven insights can reveal new market opportunities or areas for operational improvement that might have otherwise been overlooked. By continuously monitoring and analyzing data, organizations can quickly identify and respond to shifting market conditions, staying ahead of the competition.

Streamlined Collaboration And Communication

Implementing data discovery software can enhance collaboration and communication across teams and departments. These tools allow users from different departments to access and analyze data, fostering cross-functional collaboration and breaking down information silos. Sharing insights and visualizations encourages open communication and collaboration, resulting in a more cohesive, informed, and productive team.

Enhanced Regulatory Compliance

It can support data governance efforts by providing features such as metadata management and data lineage, ensuring that data is accurate, consistent, and trustworthy. Data discovery platforms often include features for tracking user activity and data changes, providing an audit trail that can help demonstrate compliance with regulations.

Selecting the Right Data Discovery Platform for Your Business

Choosing the appropriate data discovery platform involves assessing your organization’s specific needs and objectives, including the types of data you will be working with, the skills of your users, and your desired outcomes.

Platform Features To Consider

When evaluating data discovery platforms, consider the following key features:

  • Scalability – The platform should be able to handle your organization’s current data volume and complexity while also accommodating future growth.
  • Integration Capabilities – Look for a tool that can seamlessly integrate with your existing data sources and IT infrastructure.
  • Security – Ensure that the platform provides robust security features to protect your sensitive data.

In addition to evaluating platform features, compare the reputation and expertise of different vendors, as well as their pricing structures and potential return on investment (ROI).

Enterprise data discovery offers a powerful approach to unlocking business growth through data-driven decision-making. By selecting the right data discovery software and effectively implementing it within your organization, you can uncover valuable insights, improve collaboration, and enhance agility, all of which contribute to increased business success. As you explore the potential of data discovery for your organization, keep in mind the key concepts and best practices outlined in this guide, and make it a priority to foster a data-driven culture that will support ongoing growth and innovation.

 

4 Hallmarks Of A Successful Agent-Client Relationship

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by JoAnne Gritter, COO, ddm marketing+communications

In their classic book “The Trusted Advisor”, authors David Maister, Robert Galford and Charles Green outline the necessary ingredients for a successful advisor-client relationship. Their thesis could be boiled down to this maxim about the world’s wealthiest man: “The way to be as rich as Bill Gates is to care more about writing code than about being rich. And the way to be a great advisor is to care about your client.”

Gates’ fortune has been eclipsed in the last 22 years, but the lesson still applies ― not just to business advisors, but to marketing agencies as well. To earn your client’s trust, blend credibility, reliability, relatability and divide by self-orientation. Sounds easy, right?

The difference between mastering and practicing some of these basics most days, and all of the basics every day, can mean the difference between losing or retaining an account. Here is a closer look at each of the components of a successful client-agent relationship:

1. Credibility.

Credibility can be built quickly during the discovery process, simply by demonstrating a clear grasp of your client’s goals and KPIs. Even doing something as simple as signing and honoring a non-disclosure agreement ― an early step in a typical agency-client relationship ― can go a long way toward establishing credibility in the long run.

A long-term relationship also presents more opportunities for your credibility to erode. Have you fallen into a habit of overpromising and under-delivering? Are you always capable of doing what you say you’re going to do? If not, this loss of credibility will inevitably weaken the client-agency relationship over time.

2. Reliability.

Reliability and credibility go hand-in-hand. Promising a successful campaign and executing the strategy once can establish your credibility. After you’ve demonstrated your agency’s ability to deliver, the client will expect you to be reliable: delivering every assignment on time and on budget.

Clear communication is essential to establishing reliability. If your team is pressed against a deadline and in danger of delivering late, tell the client in advance. If you are able to deliver early, say that too. These kinds of “progress reports” demonstrate care for the client’s time and money ― a hallmark of a reliable agency.

3. Relatability.

Mastering the transactional aspects of an agency-client relationship are essential to building trust, but so are the soft skills ― being relatable, humorous when appropriate, and naturally inquisitive. A client is more likely to trust an agency that strives to better understand its brand, product and industry, and the people behind it. Embody the idea that “we want to be a partner, not a vendor.”

The work-from-home era presents a unique challenge. When grabbing a cup of coffee with your client isn’t an option, how do you foster that intimacy over a video call? Before jumping into the agenda, think about something your client mentioned on your last call. Do the same things over video that you would over coffee: ask where you’re calling from, how their weekend went, make eye contact, stay quiet when the other person is talking, and ask good questions.

4. Self-orientation.

A client will be able to tell quickly where your motivation lies. Some agencies are motivated to win awards or collect portfolio pieces. Others are more interested in serving the client’s needs. If a client says they want pay-per-click ads, for example, a self-oriented agency might say, “OK, we can do that for you.” Consider a more client-focused response: “What do you hope to achieve with PPC ads?”

The client-oriented posture requires an agency to know their client’s objectives inside and out. Not only will this posture result in a longer, more mutually beneficial relationship, it will yield better results too.

 

JoAnne Gritter

JoAnne Gritter is Chief Operations Officer with ddm marketing + communications, a leading marketing agency for highly complex and highly regulated industries. JoAnne is responsible for overseeing and facilitating collaboration between all major functional areas at ddm, including Finance, Human Resources, IT, Operations, Sales and Marketing.

 

Why An All-in-One IR Platform Is Perfect For Small-Cap Companies

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business meeting charts

business meeting charts

Just as few startups become unicorns, only a lucky few IPOs become publicly listed companies with trillion-dollar market capitalizations. The likelihood of growing to such prominence is rare.

The reality for most startups with dreams of going public is something much more practical: the world of nano caps.

Nano caps have relatively small market capitalizations compared to the biggest names on the Street. As a nano in the shadow of these giants, it’s easy to convince your team that you aren’t big enough to warrant a custom-built IR platform. But customized IR tools can improve your engagement analytics and refine your outreach according to your current needs.

What is a Nano-Cap Stock?

A nano-cap stock is a publicly traded company with a market capitalization of $50M or less.

This is just one kind of public company. The capital market ecosystem is lush with companies of all shapes and sizes, with nano-cap stocks taking a small corner. This variety means the industry needs several qualifiers to keep things straight.

Generally speaking, you can fit publicly traded companies into the following five categories of market capitalization:

  • Mega-Cap: $200B or more
  • Large-Cap: $10B to $200B
  • Mid-Cap: $2B to $10B
  • Small-Cap: $250M to $2B
  • Micro-Cap: $50M to $250M
  • Nano-Cap:$50M or less

Apple, Amazon, and the Alphabet company make up some of the most well-known mega-cap companies. These examples all start with the letter “A” by coincidence only do. As you can see by this list, mega-cap companies span the entire alphabet.

Regardless of their names, they represent the biggest corporations, and they’re often what the average person thinks about when imagining the buy-and-sell of the stock markets.

Mega-cap companies have the size and weight on the Street to justify the need for dedicated investor relations tools. But what about the small-, micro-, and nano-cap companies with a fraction of this capitalization?

Small-Cap and Below Need Purpose-Built IR Tools

It’s true, the same one-size-fits-all approach to your IR strategy wouldn’t serve a small-, micro-, or nano-cap company. However, IR tools are necessary for any market capitalization. Regardless of your size, you need to know who’s interacting with your brand and what content is resonating with investors.

Companies of all sizes and ages collect this critical IR intelligence across various digital channels, and analyzing this information is just as important to a nano- or mega-cap company. Having a custom-built program designed for your needs as a smaller company is essential to analyzing this data with any success.

The latest engagement analytics software consolidates your IR intelligence from your unique footprint, even if it’s only from an emergent IR website or your inaugural capital markets virtual event. The best tools can eventually scale to your needs as your company and IR intelligence grow.

Your data, once collected, gets cleaned, consolidated, and analyzed before it shows on your dash. In automating these processes, engagement analytics software streamlines your workflow.

But more importantly, you’re in possession of unparalleled IR intelligence that can help your team complete a variety of tasks:

  • Benchmarking your performance against other nano companies.
  • Nurturing deeper relationships with shareholders.
  • Reporting on the impact of your content.
  • Targeting the right investors.

Bottom Line

Even nano caps need a strong investor relations presence to retain shareholders and target new investors. An all-in-one platform can help you aggregate digital investor interactions so that you can focus on targeting and outreach. Having the right IR intelligence at your fingertips can help your nano grow.

 

The Benefits Of Writing And Publishing Your Own Thought Leadership Book

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 by Adrienne Greenwood, founder of Authority Accelerator Media & Publishing Inc

As an entrepreneur, one is constantly seeking new ways to stand apart from the competition and establish oneself as an authority within their field. Writing and publishing a thought leadership book can be an incredibly powerful tool in achieving this goal. Not only will it help you gain credibility within your industry, but it can also serve as a means of generating income and expanding your business. By publishing a book that showcases your unique insights and expertise, you are providing potential clients and customers with tangible proof of your capabilities. Additionally, a book can serve as an excellent marketing tool, helping you to attract new business and establish yourself as a thought leader within your industry.

With the right approach, writing and publishing a thought leadership book can be a highly effective means of achieving your goals and taking your business to the next level. Here are some of the benefits of being a self published author, and some tips on getting started.

1. Establish yourself as a thought leader.

Writing a thought leadership book is a powerful way to establish yourself as a thought leader in your industry. By sharing your unique insights and expertise with the world, you can demonstrate your authority and build a loyal following of readers who view you as an expert. This, in turn, can lead to increased opportunities for speaking engagements, media appearances, and consulting work.

2. Increase your visibility and credibility.

Publishing a book can also help increase your visibility and credibility in your industry. A well-written and well-researched book can attract media attention, which can lead to increased visibility for you and your business. Additionally, being a published author can enhance your credibility and make you stand out from others in your field.

3. Generate new leads and sales.

Writing and publishing a thought leadership book can also help you generate new leads and sales for your business. By including information about your products or services in your book, you can attract readers who are interested in what you have to offer. Additionally, you can use your book as a marketing tool to attract new clients and customers.

4. Building your personal brand.

A well-written and well-promoted book can help build your personal brand and increase your visibility online and offline. By showcasing your knowledge and expertise in a book, you can create a strong personal brand that sets you apart from your competitors and helps attract new business opportunities.

5. Creating passive income streams.

Publishing a thought leadership book can also help you diversify your income streams. Depending on your book’s success, you can earn significant royalties from sales, which can provide a new source of income for your business. Additionally, being a published author can open up new opportunities for speaking engagements, consulting work, and other forms of revenue generation.

Once you’ve written and published a book, it can continue to generate income for you long after it’s been written. Whether through book sales, speaking engagements, or other opportunities that arise as a result of your book, publishing a thought leadership book can create a passive income stream that can provide ongoing financial benefits for your business.

Potential authors should be aware that Amazon publishes around 2 million books every year. Without a marketing plan your book may struggle to attract potential readers and, in turn, you can have a hard time making money out of it.

So how much can self published authors make?

Estimates vary, but self-published writers on Kindle make around $150 per month on the lower end and up to $10,000 per month on the high end. It’s important to note your KDP earnings are a function of different factors, including your selected category niche, audience size, and the type of book you are selling an ebook, paperback, or audiobook.

How To Get Started

Choose a topic that is relevant to your industry and that you have unique insights on.

Research your topic thoroughly and use data and case studies to support your arguments.

How To Price Your Book

Generally price your book between $2.99 and $9.99, this basically guarantees you the highest possible royalties on Amazon. Books that are priced below $2.99 receive only 35% royalties meaning authors have to sell a lot more copies to earn a decent profit.

We suggest keeping the price on average about $6, then you will qualify for the 70% royalty program as well as give you a chance at making a decent income.

Hire a professional editor (or ghostwriter) to help you refine your writing and ensure your book is well-structured and engaging. Work with a reputable publisher or self-publish your book using a platform like Amazon’s Kindle Direct Publishing (KDP) or Draft2Digital, or Smashwords.

Which Format Is Best?

The ebook format varies so the format you choose to publish in will also affect your reach. MOBI and AZW are popular ebook formats, but they are limited to the Amazon Kindle. Publishing your book in EPUB format allows you to sell in most ebook marketplaces including Apple Books, Google Play, and many others..

In conclusion, writing and publishing a thought leadership book can be a powerful tool for establishing yourself as an expert in your industry, increasing your visibility and credibility, generating new leads and sales, and diversifying your income streams. By following the tips outlined above, you can make the most of this opportunity and take your business to new heights.

 

Adrienne Greenwood often writes about PR and business trends, mostly recently for Medium and Women On Business. She has enjoyed a diverse and varied sales and marketing career starting with cosmetic brands like Estée Lauder and Bobby Brown to luxury resort real estate before founding her own public relations & digital marketing agency.

 

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