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6 Best Practices For Data Quality And Maintenance

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Many companies and organizations are constantly at war with their data system and quality. Everyone wants to move from poor to good data quality.

Good data quality ensures that your reports are accurate, assets are efficient, programs are effective, and your company steps align with your goals. Meanwhile, poor data quality speaks of inaccurate, incomplete, and unreliable data. So, how do you move your company from having poor data quality to a good one? 

Well, this article reads about best practices for data quality and maintenance.

1. Data Assessment.

Data assessment involves looking into the tiniest details. Some questions you could ask include; What data is being collected and how? What is the process of data entry? Does it tell a complete or incomplete story? How well does it conform to the guidelines? Was it collected at the appropriate time? Are these data safe and readily available for use? Is there data deduplication software in use? These and many more questions should be asked specifically and continuously. Data assessment isn’t a one-time maintenance procedure. It would help you identify gaps and loopholes in data collection, entry, processing, and recording within the shortest time. 

Thus, data assessment would be accurately done if established metrics are targeted at achieving your company’s goals.  

2. Investigate Data Quality Failures.

While carrying out data assessment, you must be open-minded and ready to face it if you have discovered any loopholes. Peradventure, your organization experienced a downturn in data quality; you have to make proper investigations and fish out where the loophole is. Data errors can be difficult to rectify, and that’s not all; they would also keep occurring unless the root cause is solved. And some of the questions you might ask during the investigation are the following:

  • Are there too many data sources? 
  • Are the inadequacies due to human errors? 
  • Is there a lack of communication across departments? 

With that, fish out the root cause and rectify them to avoid future hitches.

3. Automating Data Entry. 

No matter how much you try, humans are prone to making errors. This fact should be well understood and accepted. If you observe poor data quality constantly due to human errors, why not consider automating as much as possible? Human errors could be from employees, multiple users, or even your customers. There is only a little you can control when dealing with human errors. Therefore, look into automating the data entry process. Any investment in automating your data is worthy as it would help improve its quality.

4. Constant Training.

The work that has to be put into achieving good data quality cannot be undermined. It requires a good understanding of data principles and technologies. It is why formal training must be conducted regularly for data staff to keep them updated about data management. Firstly, the need for quality data has to be well taught. Your data staff must understand why they need to prioritize data quality and maintenance. After that, the need to become vast in areas like; the principles and practices of data quality management, benefits of good data quality and costs of poor quality, the challenges involved, and how to break through them. They must also be trained to use software to make their work easier, faster, and free from errors.

5. Data Auditing.

It is important to set policies and guidelines to make data processes smooth and improve quality. However, times and events change, and that is why there is a need for data auditing. It helps you to see if the set guidelines and processes have been effective. It also helps you and others to build trust in the data you export. 

Data audits are like the checks and balances put in place to ensure that the expected results are achieved. It’s possible to set metrics and objectives that are ineffective in meeting your company’s goals. That is why a data audit is necessary. Data audits should check for incomplete data, duplicate entries, outdated entries, data inaccuracies, poorly populated fields, etc. Again, data audits are not a one-time procedure. The more you audit, the better the success you record.

6. Data Quality Tools.

You might have heard that two good heads are better than one. In this context, you should use many good tools in your data management process. It would ensure you a greater quality of your data output.

Conclusion

Data quality management and maintenance is a complex and continuous process. However, every effort is worth it compared to poor data quality costs. Assess your data frequently using the right metrics to help you achieve your goals. Explore the best tools and train your data staff to help accelerate and maintain the growth of your data quality.

 

5 Ways To Improve Productivity In The Workplace

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Every business wants a productive workplace, but there may be some strategies for boosting productivity that you haven’t considered.

Here are five tips to make the office more productive and help you use your time efficiently.

1. Schedule regular breaks.

Having regular breaks boosts productivity by giving your brain a chance to rest, allowing you to reset and return with new ideas. While some people think that taking breaks means losing valuable working time, taking some time away from the desk can be refreshing, and can put you in the right mindset to get straight back to work when you return.

2. Unify your communication channels.

Having all your business’ communication channels in one place makes it easier to collaborate on documents and discuss ideas. Gamma’s Unified Communications system improves productivity by integrating email, phone and video calls. This makes the process of sharing files and talking through suggestions straightforward and means there’s no need to waste time switching between applications.

3. Minimise distractions.

Removing as many distractions as possible is one of the quickest ways to increase productivity. Switch off personal mobile phones and put them somewhere out of the way, so that you can’t be tempted to reach for them. If you need to concentrate on a particular task, put notifications from emails and other messages on silent. You could also set up an automatic reply to any emails you receive during this time, stating that you are not currently available and will respond when you can.

Make sure everything you will need while you work is within reach, as having to stop to look for something can take you out of the focused mindset that helps you to complete a task.

4. Ask for feedback.

Asking for feedback on an idea, a presentation or another project can give you a new perspective and generate new ideas that you can then use to improve your work. This is much more productive than trying to do everything by yourself, as it means that if you’re not sure what to do next, you can gather suggestions and implement them rather than trying to come up with a solution on your own.

Taking feedback also means that if, for example, some aspects of your presentation weren’t entirely clear or could have been delivered in a more engaging way, you’ll know how to avoid the same issue next time.

5. Set goals.

Setting a series of goals can improve productivity by helping you to stay organised. You could split these goals into different categories based on timeframes, such as daily goals and weekly goals. Having a clear idea of when a particular goal needs to be achieved or a task needs to be completed helps you to use your time efficiently. It also means you can focus on one thing at a time instead of attempting to multitask, which often results in tasks taking longer than they need to and tends to be detrimental to the project you’re working on as a whole.

Make sure that the goals you set are realistic. Trying to get too much done in a short space of time can lead to rushing, which could result in mistakes being made.

 

How To Make Your Pet Food Packaging More Eco-Friendly

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Eco-friendly packaging is packaging that is made from sustainable materials and that is designed to be reused, recycled, or composted. Sustainable materials are materials that are environmentally friendly and that are made from renewable resources. Eco-friendly packaging is a key component of sustainable design, which is the design of products and systems that are environmentally friendly and that reduce negative environmental effects.

Many people don’t realize it, but the truth is that your pet food business can benefit from transitioning to sustainable packaging alternatives. If you want to learn more, read on to find out how you can make your pet food packaging more eco-friendly.

How can you make your pet food packaging more eco-friendly?

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If you want to switch to eco-friendly pet food packaging, the best thing you can do is purchase packaging products made from biodegradable plastics. Biodegradable plastics are plastics that can be decomposed by natural processes. This means that the plastic will not produce any harmful byproducts that can contaminate the environment. Biodegradable plastics are made from renewable resources such as sugarcane, which means they are also environmentally friendly. Making the switch to bioplastics is an effective way to show your customers that you are committed to protecting the planet.

Pet food packaging that is made of recycled materials or materials that can be easily recycled reduces the overall amount of waste that is sent to landfills. This is crucial because landfills are a major source of pollution. Using eco-friendly packaging can even allow you to stand out from the competition. Most businesses do not offer recycled or sustainable packaging, so using it can help you to set yourself apart.

You should try to use recycled shipping materials if you’re able to. Recycled shipping materials are a great way to make your pet food packaging more eco-friendly. Recycled materials are made from post-consumer waste, such as recycled paper and plastics. Recycled materials use fewer natural resources than traditional materials, and they generate less waste. In addition, these shipping materials can be composted or recycled at the end of their life cycle.

Why should businesses switch to sustainable packaging?

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In recent years, customers have become more interested in supporting businesses that are purpose-driven and prioritize sustainability. This is reflected in the growing demand for environmentally friendly products, as well as the increasing number of consumers who are willing to pay a premium for sustainable offerings. The primary reason for this shift is that customers are becoming more aware of the environmental and social impacts of their purchasing decisions. They want to do their part to reduce their carbon footprint. Using materials like bioplastics for packaging is both the right thing to do and beneficial for your bottom line.

Packaging is one of the many areas where businesses can make a difference in the fight against climate change. Climate change is the defining issue of our generation. The decisions we make today will have a profound impact on the planet and the lives of future generations. Rising sea levels and increasingly severe weather events are just some of the ways climate change is already impacting humans, animals, and the environment. Severe floods, hurricanes, and droughts are becoming more common, making it harder for people to grow food or earn a living. It’s essential for all of us to come together to be a part of the solution.

There are a lot of reasons to switch to eco-friendly pet food packaging. Traditional pet food packaging is made from a variety of materials, such as plastics, metals, and cardboard. These materials can be recycled, but often end up in landfills. Sustainable pet food packaging is made from materials that can be easily recycled or composted, such as plant-based bioplastics. That way, you can support the fight against climate change and even boost your profitability at the same time, since market trends among consumers are starting to favor sustainable businesses.

Follow the tips in this article and you’ll be well on your way to owning a successful and sustainable business.

 

4 Keys To Effectively Manage Product Returns 

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return policy

return policy

Your employees and customers probably wished returning products could be as simple as ABC. Unfortunately, many physical stores and e-commerce businesses fail to execute a hassle-free product returns process. Some establishments have to require receipts; if customers fail to show this, the returns won’t go through, which means they’ll eventually lose the customer. 

Whether you run and operate a distribution business, retail store, e-commerce website, or third-party logistics, the good news is that there is SaaS tech solution for returns that deliberately expedites product returns processes. Many business owners believe that product returns should be simplified, and this software can help you attain that end goal. 

To optimize the process, here are some keys to effectively managing product returns in your business: 

1. Work With Third-Party Solutions.

One of the top secrets to having an effective product return process is to utilize tools and software like a returns management system or otherwise referred to as reverse logistics. This software usually comes with a simplified and integral platform that provides businesses with data to track and record all product returns. Working with a third-party solution like this helps your business gain the upper hand among competitors. 

End-users usually return products to vendors for different reasons. It can be that the product is faulty, damaged, the wrong fit, and so on. By using returns management software, you can automate and shorten tasks. Your staff can be free of manual labor, and the system can notify and provide the status of the returns.  

The company can also see which among their product offerings has the higher rates of returns. This allows them to assess further and evaluate the returned products to ensure they can speed up turnover better. The vendor may also offer the customer a refund or exchange, opt to fix the broken item, or provide custom packaging for eCommerce purchases. All these action plans are made easy through a third-party solution and help retain customer satisfaction.  

2. Establish A Clear Returns Policy.

In order for your business to be just and fair about product returns, it’s ideal to set and establish a clear product returns policy. The quality of the customer experience depends on this. This can influence new sales and long-term loyalty. Currently, many purchasers and shoppers are keen on such rules. Many would go for a brand with a clear and reasonable returns policy over those that don’t.  

Your returns policy must be easily accessible to your customers, so make it visible on your website or brick-and-mortar store. You can design a poster or post it on the cashier’s digital screens. When shipping or delivering the product, include a printed copy for this. It will guide your customer through in case they need to return their purchases for whatever valid reason. When clear policies are stated, it keeps both the company and customers from arguing over why and how the returns could or couldn’t go through. 

3. Make The Return Process Easy For Customers And Staff.

In modern e-commerce, return management has become an increasingly important aspect, so customers have to put in less effort. Create a product return system that is easy enough for both your staff and customers to go through. If possible, keep the process and requirements as hassle-free as possible.  

Retail shop customers should be able to return their products even in the absence of receipts, given that your shop’s return policies are met. Similarly, online customers should also be able to process their product returns without spending a lot of time online filling out forms. Getting rid of wasted time and unnecessary processes can help your employees and customers.  

Since everyone wants to go for convenience, customers no longer want to drive elsewhere to drop off their wrong orders or send them back to you. One alternative is to have your logistics provider pick up the product door-to-door. Needless to say, if you want your business to prosper in the long run, always prioritize convenient solutions for customer returns.  

4. Make The Return Process Trackable.

Your customers love to have a transparent process as much as possible. When they have ordered online, they usually expect you to provide all the details transparently so they can track their orders efficiently. It would be beneficial for them to learn when the package will be delivered, where the point of origin will be, and so on. The same level of transparency is expected for product returns. 

Returns and refunds or exchanges will be made available to customers once their returns have been processed. Establish a product return process that’s visible and trackable to improve the end-user experience. This also motivates them to continue to be repeat customers for your brand. Their trust can grow more in this way. They can rest easy knowing that you’re on top of things when it comes to their orders and products.  

You can automatically send them a text alert or notification as soon as their return has been received and refunded. Customers are eager to get their products delivered, just as they are eager to return or exchange them. Therefore, allowing them to track their refund or returns can go a long way toward keeping them as your loyal clients.  

Conclusion.

Essentially, having a hassle-free product return process can allow businesses and retailers to continue retaining their customers. Hopefully, you can apply the tips and best practices mentioned in this article to better manage your product returns. Don’t shy away from taking advantage of tools and software, as they promise numerous features and benefits for your business operations. Both employees and customers can definitely benefit from how trouble-free the process is.  

 

4 Ways To Prepare Your Organization For Growth And Success

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risk analysis

Your organization will undergo substantial transformations at some time. Hence, you’ll need to consider adding more resources to build and expand your organization. Well, it’s an essential business strategy to have a fallback plan ready should things fail. 

But, on the other hand, are you equipped for continued growth? What if it turns out that your plan of action was too resistant to change and rooted in tradition? When technology becomes necessary to run your organization, are you ready to shift drastically in strategy? 

Here are four ways to prepare your company for growth and success:

1. Invest In The Right Infrastructure.

If technology is vital to your organization’s operations, this is the most essential and costly challenge you’ll encounter as a business owner. Unless you have millions of dollars to invest in 24-hour information technology, additional staff to analyze business demands, and buy new tools, you should look for a better alternative.

As your firm expands, you might have to start collecting different data sets. Therefore, any cloud services that efficiently accomplish the tasks you want will spare you from dealing with managing servers or hiring an additional workforce. Several organizations, such as Impexium, provide various products and services that allow you to devote more time to your primary business operations.

2. Organize Your Operations.

Whether your company is big or small, having the necessary processes in place from the outset will help to speed or simplify the growth process. Remember that using the proper systems, equipment, and procedures is a guaranteed approach to properly handling job flow. 

When businesses fail to standardize their processes, it becomes increasingly difficult for them to keep up with the dynamic nature of the modern marketplace. Keeping things simple can be the easiest way to manage a business. But in the long run, companies that skip systematization suffer the consequences. 

Furthermore, if your most skilled workers are battling to remain afloat under the existing processes, it’s an indication that you need to up your game.

3. Minimize Your Risks.

Risk is an unavoidable component of setting up and expanding a business. It’s impractical to handle everything, but there are numerous strategies you can use to minimize risks. It’s best to have specific plans designed for internal and external risks to protect your firm and its growth. Therefore, your company’s insurance provider is a valuable resource in this regard. 

An organization’s growth must be managed to minimize disruptions or difficulties that might halt operations. Illegal activities like stealing staff information, client files, or commodity designs can ruin or kill your reputation. Also, these activities can result in unaccounted expenditures and erode consumer confidence and loyalty toward your brand.

On the other hand, it should be noted that not all businesses have a policy that covers data breaches and cyber-related damages. Therefore, as an organization, you should be prepared by purchasing insurance products that will help you cover the expense of remediation and claims.

Keep in mind that when your firm grows, you’ll require extra space or tools, launch new commodities and services, or expand your operations and supply networks. Hence, it’s a good idea to continuously evaluate your coverage to ensure you have the correct insurance. 

It’s easy to forget this stage amidst rapid development. Yet, it would be devastating to discover you’ve grown too big for your cover when you most need it.

4. Keep Close Contact With Your Funding Sources.

The faster your organization expands, the more funding it’ll require. When compared to startup capital, development funding is just as complex, if not more challenging. As a result, it’s best to do monthly cash-flow forecasts so you know how much credit you’ll need before you begin writing cheques. 

In addition, maintain good ties with your funding sources and ensure that you have primary and fallback sources. Given the overall state of the global economy, it’s more complicated than ever to obtain credit. Therefore, it would be wise to monitor and evaluate your cash flow and financial demands. This can provide adequate room for flexibility when you require credit.

Final Thoughts.

Many companies have struggled during their expansion process, while others have succeeded without difficulty. Every organization wishes to be the latter, but it’s also your responsibility to conduct adequate research. 

For example, you might go through case studies in your industry to see if there are any strategies you should incorporate into your plan or avoid. Learn from the errors of others. The above methods will help you be well-prepared for development and success.

 

5 Ways To Cut Business Costs Without Compromising On Quality 

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Businesses have gone through undoubtedly tough times lately, having had to contend with the COVID-19 pandemic and, more recently, rising inflation.

With Reuters having recently warned that “rampant inflation is here to stay” and “will take an extraordinary effort” to tame, your own business needs to make sure that it is eking as much value from its spending as possible.

Here are some ways for you to rein in your company’s expenditure without hampering the quality of your service offering.

1. Outsource your digital marketing responsibilities.

Even in tough economic times, marketing can remain essential. After all, how can you expect customers to help keep your business afloat if it isn’t kept at the forefront of their minds?

However, marketing can also be expensive — and, of course, you can never be certain what kind of return you will get from it. You can therefore eliminate much of its financial risk by outsourcing digital marketing duties to an agency that knows how to pursue them effectively.

2. Offer remote working as a permanent option for your workers .

As a result of the pandemic, certain members of your team might have found that they actually fare better working from home than from a traditional office.

For this reason, you shouldn’t be afraid to let employees work remotely if they would genuinely prefer this. Company Bug explains that, with this policy, “you can reduce your dependency on expensive office units and subsequent utilities”.

3. Use an office broker to find a serviced office.

For those employees of yours who thrive in a standard office environment, you can provide exactly that — and at a surprisingly low cost to yourself when you opt for a serviced office.

With a serviced office, many of your business costs — like those of equipment and electricity — will already be accounted for as part of the overall office package you book.

Asking an office broker to find a suitable space for your business can save it even more money. Office Freedom is one broker offering great deals for serviced offices in Marylebone, for example.

4. Buy in bulk — but only to a point.

IntelligentHQ reels off several merits of purchasing in bulk quantities — including that doing so can reduce the per-unit cost as well as cut out a high number of shipping fees.

Nonetheless, it can be financially counterproductive to make bulk purchases if you lack enough of your own storage space — and so would have to spend money renting some — for all of the items.

5. Be careful not to source more inventory than you need.

This is an especially crucial point if your business stocks perishable goods, as these can come with sell-by dates — and, naturally, would have to be discarded if they are not sold before starting to deteriorate.

It would be wise for you to keep close track of the sales figures — including seasonal changes — your business tends to amass for given products. That way, you can more accurately predict your inventory needs and so help to restrict the amount of inventory that goes to waste.

 

Companies Must Focus On Growth, Not Recession

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by Pete Hayes, Principal at Chief Outsiders

Everyone “knows” the US economy is in a recession, or so it seems. Consumers feel the pain of collapsed 401k’s, higher fuel costs, and elevated food prices, so would that not be enough to declare a recession? And ought my business be hunkering down to ride this out, people ask themselves.

In today’s turbulent economy, the average consumer and CEOs are more likely to react to news headlines and stock market trends than market insights. As a result, corporate decision-makers might completely abandon a core strategy or delay critical execution tactics based on a sick feeling in the gut.

But a look at the hard data will alleviate these concerns to a considerable degree. For example, a recent article by ITR Economics argued that inflation is currently peaking, disinflation (a slowing pace of inflation) is around the corner, and the economy—while cooling — is not in a recession proper and is not likely to enter one. Among the factors that show that disinflation is near are the normalizing oil price, a US Personal Consumption Expenditures Price Index (excluding food and energy) that is dropping, and supply chain pressures that are easing because of slowing demand.

Treasury Secretary Janet Yellen does not see the conditions present for a recession either. Indeed, there has been a weakening of macroeconomic numbers. Still, any economy that creates more than 500,000 jobs monthly (numbers from July 2022) is not quite close to a recessionary condition.

Three Recommendations for Corporate Leadership

What to make of these seemingly contradictory markers? First, since caution is warranted concerning any predictions of a recession and continuous inflation, marketers need to be prudent with price increases. Indeed there is nothing wrong with a concern for short-term margin protection, but as the Purchasing Managers Index (PMI) rate of change has already turned negative (by more than -10%), falling demand can be expected soon. Anticipating the coming disinflation through price setting will make a company a more attractive alternative than more expensive competitors.

Companies should also pay close attention to the labor situation. There are fewer than 0.5 people available to fill any given job opening. Businesses need to invest in the employees they have (through retention policies and rewards) while at the same time looking for new ways to automate relevant human resource processes. Firms should also be willing to source flexible or part-time help through the gig economy. There are now temp or fractional labor resources in almost every position and level of business, from engineering types to the executive suite.

Businesses also need to monitor inventory levels as supply chain pressure wanes and demand in many sectors softens. Buying power has shifted significantly in many sectors in the current post-stimulus environment. It is crucial to avoid getting caught off guard. If possible, businesses should target sectors that are still growing. For example, warehouse construction opportunities are multiplying while office construction numbers decline. If companies can pivot their goods and services to such an adjacent sector, they’ll have a chance to grow.

Hunker Down or Pursue Growth?

ITR’s forecasts show that, while slowing, most sectors of the economy are not expected to experience negative growth (formally indicating a recession) in this business cycle. However, some honest questions are in order. If this is true for a given CEO’s sector, what does it signify?  How should businesses align marketing strategy and execution tactics to capitalize on opportunities rather than simply hunkering down? Finally, leadership must consider how competitors are responding. Perhaps as they begin to take their foot off the gas pedal, CEOs can instead capture market share by making some calculated moves in the following areas:

Businesses must be open to adjusting the markets they serve. Perhaps traditional markets are not growing. Nevertheless, there may be adjacent markets CEOs can quickly pivot to and exploit. Consider this a time to move upmarket with more sophisticated offerings or move downmarket to reach a larger population of buyers.

The digitization of the buyer journey continues unabated in most sectors. Companies should consider accelerating their digital plans where they have the means, making it easier for buyers to find and buy from them. E-commerce isn’t just for consumer businesses. Find new ways to streamline the sales approach, focusing the sales team’s higher touch resources on the highest value and potential customers.

Why customers buy products and services is subject to change in most industries. Where buyers’ “problems to solve” have changed, companies would do well to update their messaging to reflect the accurate and current value they provide today.

Demand generation tactics likely need updating as well. Continuous performance monitoring of promotional campaigns offers insights on what needs to be cut instead of those tactics companies should expand. Similarly, it is helpful to modernize marketing and sales technology platforms. Note that many opportunities here often lie in the middle of the sales funnel. Don’t spend more money filling the top of the funnel (with promotional programs, etc.) without mining the middle of it for higher conversion rates.

Finally, and most importantly, CEOs must ask themselves whether they have exemplary marketing leadership to make the required decisions, as mentioned earlier. Companies need leaders who can bring a market-based perspective to the C-suite table, help prioritize the actions, and then efficiently lead the implementation of the growth initiatives.

Buffering the “Sugar High” Crash

Stimulus payments (among other factors) have caused inflation to rise considerably. However, there is a light at the end of the tunnel, with inflation expected to decrease significantly soon. Therefore, companies should not jump the gun, going into crisis mode because of a dreaded recession that might not materialize. They should instead continue to invest in growth strategies because there are — in the current economy — still plenty of opportunities for most companies in most industries.

If the causes of our current predicament can be compared to a “sugar high,” then ingesting some solid food by making fresh strategic assessments and investments is the best way forward. Daring to continue investing in growth will help businesses both weather the slowdown and position themselves for further growth as companies operate through the threat of hyperinflation and interest rate adjustments.

Pete Hayes is Principal at Chief Outsiders, the nation’s leading executive-as-a-service, fractional CMO firm. Pete co-directs a tribe of world-class, executive-as-a-service marketers to accelerate growth for clients with infusions of instant senior marketing talent. He is also the co-author of “The Growth Gears.”

 

 

The Hidden Benefit Of A Solid Brand Identity: Crisis Protection

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by Joe Kohn, account lead at ddm marketing + communications

What is your company’s purpose? What does it aspire to be? What does it stand for?

Anyone who occupies an executive position within their organization has grappled with these questions, or at least acted on the answers laid out by the organization’s founders ― answers that lie within the nucleus of a brand’s identity.

Founders seldom think about the moment when everything is going to go wrong. Yet a strong brand identity also serves as a shelter for any number of future storms. It is the best indicator of whether a company can make it through a crisis. Brand strength creates a foundation that enables leaders to confidently speak to the company’s mission and values when put to the test.

PR News reports that 60 percent of companies have current crisis plans. More than half significantly engage their marketing departments in that plan. Executives trained in public relations know timely and thoughtful communications are key in a time of crisis, making it important to have marketers on the response team. But the marketers’ most valuable work will happen long before anything goes sideways.

Action and messaging

When crises occur, the wisest question isn’t, “What do we say?” If your organization has laid a foundation with a strong brand identity, the first consideration is who you are and why you exist. Messaging is important, but it is secondary to the actions taken or committed to.

“We’ve taken care of you for seven years,” asserted jetBlue founder David Neeleman, just days after hundreds of flights were canceled and some passengers spent nine hours stranded on a tarmac in a 2007 ice storm that overwhelmed the company’s infrastructure. “This will be an aberration because we are going to make some major changes in our organization to make sure this doesn’t happen again.” Neeleman’s words came after the airline looked at its mission to “bring humanity back to travel” and discerned a response in line with that mission. The promise was backed by a $30 million infrastructure investment to prevent similar setbacks, and a customer bill of rights. Neeleman’s pledge to become “better than any other airline” in such situations guided the company for years to come.

After a 2018 supply chain crisis left Kentucky Fried Chicken restaurants in the United Kingdom without chicken for several days, the fast food chain used its established corporate voice to put a smile on the faces of consumers. Few recall KFC’s swift action with its new delivery partner, DHL, to sort out the problem. More recall a KFC bucket with the letters rearranged as “FCK,” positioned above an engaging, sincere apology and featured in newspapers across the country: “It’s been a hell of a week,” the ad read, “but we’re making progress, and every day more and more fresh chicken is being delivered to our restaurants. Thank you for bearing with us.”

In 2001, Toyota Motors North America had just sold its 10 millionth vehicle in the United States when a rash of engine failures struck the automaker’s top-selling sedan and minivan models. Riding high with a reputation for stellar quality vehicles, it had just spent most of the past decade singing its tagline, “I love what you do for me.” Many Toyota owners took for granted how well the vehicles ran and neglected to get regular oil changes. Arguably, the company’s strength caused the crisis.

Toyota quickly issued a letter to more than 3 million vehicle owners, emphasizing the company’s stellar reputation for quality, encouraging customers to get oil changes at manufacturer-recommended intervals, and assuring them that engine failures not due to extreme neglect would be taken care of at the dealer. A look back at sales numbers and stock prices indicates that Toyota kept moving forward quite well in the years that followed. (Not ironically, “Moving forward” was its next successful tagline.)

Brand identity as a moral compass

Bad things happen to otherwise solid companies all the time. As long as human beings run businesses, it will continue to happen. Employees or executives will embezzle. Recalls will undercut claims of quality. Cyber criminals will strike. Divisions or product lines will fail. Customer disputes will explode into high-profile lawsuits.

When your brand and company values are tied closely together, your company has a built-in way of acting, as long as its leaders have the temperance to stay on course.

KFC, jetBlue, and Toyota North America all had intentionally built their corporate images long before facing their respective trials. Those images informed the proper actions for their executives. Equally as important, those executives had the wherewithal to practice needed brand discipline — the self-mastery to depend upon your company’s values and voice, no matter the situation.

There is no shortage of crisis public relations firms to help draft a plan and conduct a vulnerability audit. And it’s a good bit of insurance to have for the sake of every stakeholder. But crisis audits, while heavy on risk mitigation and necessary communications, tend to be less focused on brand discipline.

This might be a good place for marketers to weigh in on those crisis plans.

Having a strong brand identity does more than ease the flow of words. It paves the way for the proper actions. Saying the right thing means doing the right thing. When you do what you believe is right — what your established brand tells you is right — it’s much easier for an organization to talk about and defend its actions.

Being ready

While the elements of each crisis will differ, every brand’s recovery depends on how it established its reputation before everything appeared to go wrong. Once a scandal unfolds, it’s too late to engage in reputation-building. Your brand’s bed has been made.

The time to protect your company — provided you don’t have a scandal on your hands already — is now.

Branding establishes trust and credibility, something an organization will need in spades when its reputation becomes vulnerable. No playbook can anticipate every possible crisis. It’s the nature of crises to be unpredictable in the first place. Your preparation, then, is in developing your brand discipline and being ready to apply it to any circumstance. Thinking about the day when everything goes wrong allows an executive team to view its brand identity through a different, darker lens. It’s not wasted energy.

Consider: What is your brand saying today that will give you credibility tomorrow? What’s the worst that can happen tomorrow that could potentially exploit holes in your messaging today? What crisis would most directly undermine the promise your brand is making to your stakeholders? And what if that crisis happened?

While it’s not a bad idea to know an experienced crisis communications agency, they, and you, will need a solid foundation to work with when problems arise. Your company’s identity should be built for such a moment.

 

Joe Kohn

Joe Kohn is an Account Leader at ddm marketing +communications. In this role, Joe focuses on providing clients genuine and impactful communications strategies to build and strengthen their businesses.

 

 

How Do You Use Check Printing Software?

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admin
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paystub

paystub

Whether you’re a large corporation with thousands of staff or a dispersed operation with remote workers, one true thing is that, as a business, you’ll need to make payments. One common way that businesses make their payments is via checks. A check is an order to a bank to pay a certain amount to the person whose name is written on the check. 

Checks have been indispensable in today’s corporate culture. Most workers get paid via checks – giving rise to the term ‘paycheck.’ However, as your business expands to several states or grows online, writing a check manually may be a terrible idea. So, instead of manually writing hundreds of paychecks every month and drowning your HR in paperwork, why not use check printing software? 

You may be curious, by now, about how you can use your check printing software to optimize your business. So, in this article, we’ll explore how you can use check printing software. We’ll also examine the main advantages of check printing software for your business. 

What is Check Printing Software? 

Check printing software programs allow you to print checks for your business. Check printing software is an alternative to handwritten checks requiring manual effort. For businesses that write multiple checks as part of their operations, check printing software helps to save time and multiple efforts. Additionally, they help reduce errors and can print any check needed. 

Check printing software can print checks on any paper, although a few solutions require special check paper. Check printing software, also known as check writers, can instantly print as many checks as you need. Check printing software can be obtained at various prices, depending on the size of your business and the features they offer. Although you can get a check printing software for as low as $30, check printing software can rise as high as hundreds of dollars for enterprise-level packages. 

How does Check Printing Software Work? 

Check printing software allows a business to create, print, and mail checks without needing pre-printed checks or checkbooks from a bank. Check printing software does not require anyone to write a check, eliminating human error physically. Check printing software typically allows you to input the details of a check, then arrange these details in a proper check format. Often, you can set up relatively unchanging details such as your business name and account number first. For future checks, you’ll only have to input the specific details of the transaction, such as the recipient’s name and the amount to be paid. 

Check printing software often requires specific types of ink or paper to print checks. Special check paper is more expensive than ordinary paper. Still, if you’re printing a large number of checks, you can easily justify this. You may also need magnetic ink, as only this special ink can print the MICR (Magnetic Ink Character Recognition) code on the paper. This code can be read by the bank’s computers and is necessary for processing transactions made with checks. 

Check printing software may also offer other features. Some check writers offer grammar and spelling checks to eliminate errors, and others even help you create invoices, accept payments, and track finances. The additional features you’d need from a check printing software depend on your industry, so you may have to explore multiple options for one that suits you. 

Uses of Check Printing Software

With check printing software, you have several options. You can:

Create checks.

Perhaps the biggest utility of check printing software is creating checks by yourself. Check printing software allows you to bypass the hassle of going to the bank for a checkbook and doing it yourself, often for a lower price. You can even customize your checks, making them unique. 

Print physical checks.

With check printing software, some paper, and a good magnetic printer, you’re good to print as many physical checks as you need for your business. This eliminates your paycheck hassles. 

Mail checks to a recipient.

Have a recipient that lives far away? With a check writer software, that’s no problem. You can send checks by mail to recipients in any part of the world over the internet, and they can print and cash the check. 

Record transactions.

A great feature of check printing software is its ability to record transactions. All your payments are stored in a secure cloud database, allowing you to keep a permanent record of your transactions. 

How to Use Check Printing Software For Your Business 

Here’s how to start using check printing software for your business:

Choose a check printing software.

Choosing a check printing software shouldn’t be a difficult task. Just explore your options for one with great features and the kind of pricing you can afford. Whether it’s $20 or $200, there’s always an option for your business. 

Purchase and setup the software.

When you’ve chosen a great check printing software, you can go ahead to purchase it. Ensure to set it up with your account details right away. 

Get check paper and a magnetic printer.

If your check printing software requires a check paper to work, you’d need to get one. Many software options also offer free check paper with your first purchase. You’d also need a magnetic printer to print the MICR code. 

Input details and print! 

When you’ve set up your software and all your equipment, it’s time to use the software. You’ll need to enter the transaction details, and you can print your check! 

Advantages: Why is Check Printing Software Better? 

Here are a few reasons why check printing software is a great option for your business:

It’s convenient.

With check printing software, you can easily print checks from your office. This saves your HR team a lot of effort in making payments. 

It keeps an online record of transactions.

Check printing software helps businesses keep a permanent record of all transactions. This ensures transparency and proves the business can be used in a legal dispute. 

It facilitates remote financial transactions.

As the world evolves technologically, it’s critical for financial transactions to do the same. Check printing software harnesses the power of the internet to allow you to make check payments from anywhere in the world. 

Conclusion 

In this article, we’ve explored how you can use check printing software or check printing companies to make payments easier. With check printing software, you can save your business time and money, boosting productivity.

 

[Infographic] Boss vs Leader: The Never-Ending Battle Between Power And Leadership

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Daniel Goh
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0

As the adage goes: people don’t leave bad jobs, they leave bad bosses. The truth is, just because you’re a boss that doesn’t automatically makes you a good leader. Ineffective leadership often result in dismal work performance and high turnover.

The question is: which are you? Do you know if you’re just a boss, or are you a good leader as well?

Award-winning collaboration and work management software Wrike has put together an infographic listing out the key characteristics that differentiate a boss and a leader.

Boss vs. Leader: The Never-Ending Battle Between Power and Leadership

[Infographic brought to you by Wrike free agile project management tools]

 

5 Expert Tips For Conducting Remote Interviews

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Remote interviews are a great way to get in touch with candidates who may not otherwise be able to come in personally for an emergency or any valid reason. But, like any other type of interview, remote interviews must be conducted carefully and thoughtfully.

With that, the following tips will help you conduct remote interviews with ease:

Use Automated Hiring Software.

Interviewing is a complex process for both the employer and the candidate. It can be hard to get a sense of someone’s personality over the phone or video call, and it’s even harder to determine if they’re a good fit for your company. 

Automated hiring software like Hireflix eliminates some of these challenges by providing a structured interview process that helps you identify and recruit the best candidates for your team. Thus, it allows you to:

  • Get a better sense of your candidate’s personality
  • Make sure your company’s culture fits with the candidate’s personality
  • Conduct more interviews in less time
  • Reduce bias in the hiring process

Prepare Your Technology.

When conducting remote interviews, it’s important to test your internet connection before you begin. You don’t want any technical issues to derail the conversation or make it hard for you to hear your interviewee. Aside from that, you might want to check your computer accessories. 

Make sure your webcam is in good shape and can capture your face clearly. If you don’t have a webcam, use your computer’s built-in camera instead. A good microphone is also necessary. If you can’t hear what someone is saying, it’ll be hard to conduct an interview properly. 

With that, you’ll need a headset with an earpiece or microphone attached so that you can speak into the device without holding it up to your mouth or shouting into it. While this might seem obvious, many people forget they need to wear headphones while conducting remote interviews.

Ask Open-Ended Questions.

The process of conducting a remote interview can be challenging. Although most people are used to speaking over the phone, there’s still a stigma associated with it. It’s why asking engaging questions is important to keep your candidates on topic. 

Ask open-ended questions that’ll allow the candidate to elaborate on their answers. You want to make sure that you’re getting the most out of your time with each candidate, so asking open-ended questions allows you to avoid having one-word answers from your candidates. 

And here are some questions you can ask during a remote interview:

  • How would you describe yourself?
  • What are your strengths? What are your weaknesses?
  • What’s the most challenging project you’ve worked on? How did it go?
  • What were some of the challenges you faced in that role? How did you overcome them? What did you learn?
  • What would be your ideal role at this company? Why?

Find A Quiet Place.

When conducting remote interviews, it’s essential to find a quiet place at home or in another place where you can focus on the conversation. Even if you’re interviewing from the comfort of your own house, many distractions can hinder your ability to communicate effectively with your candidate. So, here are some tips for finding a quiet room:  

  • Find a quiet room in your house that doesn’t have a lot of distractions. If you don’t have your own office space, consider using a spare bedroom or guest room. Make sure it’s clean and free of clutter so that you don’t get distracted by anything else while interviewing candidates.
  • If there’s no way for you to find a quiet room in your house, book an available conference room at a local hotel or conference center for your interviews instead. This will help ensure that your candidate has the best experience possible during their remote interview with you.

Set A Time Limit.

One of the biggest challenges with remote interviews is trying to keep them from dragging on endlessly. You want to ensure that you give yourself enough time on the front end to schedule the interview, but if you let it go too long, you may lose out on valuable time that could’ve been spent interviewing other candidates.  

If you have multiple people conducting the interview, ensure they have an idea of how much time each person will have, so they don’t overlap or talk over each other during the interview.

Final Thoughts.

Good luck, and remember that remote interviews are hard but can be done. Keep a positive attitude, and don’t let anything get you down. You’ll find your groove eventually once you follow these expert tips for conducting remote interviews.

 

Important Things To Include On Every Nutrition Label

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admin
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As a food manufacturing company, you need to follow a number of rules and regulations. Failure to follow these rules could lead to legal troubles, which will cost you a lot of money and may damage your reputation.

There is a set of mandatory rules for nutritional labels that ensure the safety of consumers. Every food manufacturer must include certain data points on all of their nutrition labels to make it easier for consumers to stay healthy and make great food choices.

What Should Be Included on a Food Nutrition Label?

Depending on the country and area that you operate in, the exact rules may differ slightly. However, there are certain things that are required on nutrition labels in most countries.

Generally, nutritional labels state the nutritional values of a food product per serving. The serving size will vary between each product that you manufacture. You can use a nutrient value calculator to make labelling your food products easier and to increase the accuracy of your values.

Here are seven important things to include on the nutrition labels of every food product that you manufacture. 

1. Serving Size.

You must state the number of servings that is in a product and how much is considered a single serving. Usually, servings sizes are stated in grams or fractions.

Serving sizes make it easier for consumers to determine what a healthy portion is and how much food to eat in one sitting.

2. Total Calories.

You must include the number of calories in each serving of your products. Consumers can then calculate the total calories they’re consuming if they choose to have more than one portion.

3. Carbohydrates, Fiber, and Sugars.

Carbohydrates can be split into dietary fiber and sugars. You must include the total carbohydrates, dietary fiber, and total sugar content of each product on their nutrition labels. Usually, they are all denoted in grams per serving.

4. Total, Saturated, and Trans Fat.

Every nutrition label needs to clearly state the total amount of fat in a single serving of the product, as well as the amount of saturated and trans fats.

Ideally, food products should have limited saturated fats and no trans fats, as they have both been associated with an increased risk of cardiovascular disease and type 2 diabetes.

5. Protein.

As with carbohydrates and fats, you need to add the total number of grams of protein in each serving of your products onto the nutrition labels. Unlike carbs and fats, the protein content is written as a single number and is not split into different categories. 

6. Sodium.

Excessive sodium intake has been closely linked to an increased risk of high blood pressure, heart disease, and chronic kidney disease. Therefore, it’s mandatory for all food manufacturers to state the amount of sodium in a single serving of each of their food products.

7. Micronutrients.

You don’t need to include every micronutrient on your nutrition labels. However, you might want to highlight which products contain high amounts of certain vitamins and minerals to make them more appealing to consumers.

 

4 Tips For Building Your Investment Portfolio

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admin
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Building an investment portfolio is not difficult but building one that outperforms the broader market requires some knowledge about how to do so and solid investment strategies. When doing it, you want a mix of investment options that all work together to give you the returns you are looking for, whether in the short or long term.

Let’s look at some tips that will help you do so.

Understand Yourself

Before you start building your portfolio, you need to understand the type of investor you are and what your investment goals are. Start by thinking about the level of risk you can tolerate and the outlook for the investments.

If you are comfortable with a lot of risk, options like leveraged EFTs and high-yield bonds can be an option. Bonds and similar investments can be great for those who want long-term growth and profits while taking on little risk.

How comfortable you are with fluctuations in your investments’ value will also determine your risk tolerance. A well-constructed portfolio can help you weather out the fluctuations and volatility inherent in all investments.

Create a Good Investment Mix

This is also known as diversifying your portfolio. An investment mix includes different types of investment options. Some of these options include exchange-traded funds, mutual funds, stocks, bonds, real estate, cash, and other types of investments.

Your diversified investment mix should include high and low-yield investment options. The former will carry higher risks and the opposite is true for the latter. Low-yield and low-risk investments help reduce the overall volatility of your portfolio.

Investment options like precious metals and commodities typically have very high returns, but their wildly-swinging value due to their volatility makes them unsuitable for some types of investors.

Choose Some Income-generating Investments

While some investors want to make money after their investments mature or after a certain period, some want some income before that happens. For these investors, options like dividend stocks and bonds are excellent options.

Both of these pay out a regular amount for a given period such as a quarter or year. Another great thing about these investment options is that they allow you to take advantage of the power of compounding.

Instead of taking out the dividend or amount paid by a bond, you can choose to reinvest that amount into more shares or bonds. You can use a calculator to understand how the power of reinvestment will lead to a bigger return should you decide to do this.

Rebalance as Needed

It is not enough to build an investment portfolio and leave it as is. You should nurture your investment portfolio to help it grow as much as you need it to. This is done through rebalancing.

Your investment portfolio will drift as time goes by. For example, the increase in the value of a stock or mutual fund can lead to an imbalance in your portfolio. To rebalance your portfolio, you check the value of the different asset classes and types you have in your portfolio.

You then decide what to sell or buy more of. By doing so, you ensure no asset type or class has a significantly higher value than another. Financial advisors recommend rebalancing your portfolio every six or twelve months.

As the value of the different assets in your portfolio increases and you keep rebalancing it, you will find the value of the overall portfolio increases without the proportions or percentages of the different classes changing too much.

When rebalancing, you can also purchase new asset classes or investment options with the cash gained from reducing the proportion of given asset classes.

Building an investment portfolio requires great care as you want your investments to help you meet your investment goals and help you build wealth in the long term. Understanding the type of investor you are, what assets work best for you, and how to diversify your portfolio will help with this.

 

Top Tips On How To Successfully Expand Your Business In 2022

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admin
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business meeting charts

business meeting charts

We all want to expand our business, but sometimes we don’t know where to start. Luckily, there are plenty of great ways to expand your business, from adding new services to expanding your reach online.

In this article, we’ll go through how to grow your business in 2022, so you can start reaping the benefits from today.

1. Work on your website.

Websites are the primary way people find and interact with businesses online. They’re the first point of contact, the place where people read about what you do, find directions, build a relationship with your brand, and leave feedback. Websites are important for any business, but especially for online businesses.

Websites are also where online businesses build their brands and capture the attention of their target audience. But without a website, your business would be invisible to customers. They are the building blocks of the online world, and they enable online businesses to reach their customers and generate revenue.

One of the best small business growth strategies is to spend some time perfecting the look and feel of your website. The faster and more optimized it is, the higher the chance that users will spend more time on your website. If you’re using a WordPress website, then make sure you’re leveraging the best plugins to ensure consistent performance.

2. Leverage the collection of data.

Data analytics is becoming an essential part of online business. It’s the process of using data, often collected online, to produce insights that can be used to make better decisions. Data analytics can be used for a wide range of purposes, from improving the user experience to increasing sales and reducing costs.

It can help online businesses better understand their customers and improve the efficiency of their operations. This understanding can help businesses better serve their customers and improve bottom lines. By utilizing this data, you can overcome business weak points such as identifying customer churn and how it became a problem.

If you already own and run a website for your business, then the best place to start with data collection is Google Analytics. This free tool offered by Google provides in-depth knowledge about your website that can be leveraged to your advantage if you know how to use the data. But, there is a bit of a learning curve associated with mastering Google Analytics. If you’re new to search engine optimization and you have the budget for it, then a paid data collection tool like Semrush may be a better option to grow your business online.

3. Make use of online tools.

In recent years, the quality and quantity of online business tools have skyrocketed and you have so many options available today. Ranging from handling small, menial tasks to completely taking over your invoicing process, these tools make your life as a small business owner much easier.

Whether you need to know how to record your screen to create content for your users or a LiveChat feature embedded in your site so users can reach you easily, there are tons of viable options on the market. If you’re on a budget, you don’t need to worry as there are free tools or even paid tools with free trials that allow you to test the tool before making a full purchase.

Just keep in mind that using too many of these tools can also be expensive and confusing in the long term. Identify the areas that your business could improve in, and then try to find a solution that caters to one (or ideally more) of your current and expected future problems. Don’t simply pick out a tool because it looks good. If possible, do some research beforehand so you know what you’re getting with the tools you’ve chosen!

4. Improve employee collaboration and culture.

Managing a business is hard. Managing employees is even harder. Unlike business, which can be objectively measured and analyzed, employees are subjective and often have a hard time being measured or analyzed. Yet, the impact that employees have on the business is vital to its success.

One of the most important factors to maintain is culture. The culture of a company influences how employees behave, how well the company operates, and ultimately how successful the company is. The good news is that leaders don’t have to reinvent the wheel to foster a positive culture. In fact, making simple changes inside the workspace can have a huge impact on the overall culture.

For example, using a tool like Officevibe can help you gauge what your employees are feeling and get feedback on what you can do to improve their work-life. By creating an internal process where employees feel heard and accepted, you can boost morale and get harder-working employees as a result.

5. Optimize business spending.

When you’re formulating your business strategy, you need to take into account spending. As a small business, you’re likely working with limited budgets and growth costs more money. You need to identify cash leaks and optimize your current spending to be more efficient. This will open up new possibilities over time as you’re keeping your costs at a minimum.

As an online business, you need to be able to track every bit of spending you make. If you start losing track of that, your entire cash flow can be affected. This is why utilizing a service like Payhawk can make or break a business.

With Payhawk, you can track all spending done by anyone in the company. It works as a company credit card that can be used for expenses, reimbursements, bill payments, or any other spending that you’d do online. You also get 3% cash back on these payments up to your monthly subscription amount. This way, you’re even covering up the cost of using the service.

Expanding your business is not an easy feat, but it is by no means impossible if you know what you’re doing. Just make sure you understand the basics, take action in the areas that need to improve, and leverage the power of tools and data to improve your business.

 

How One Digital Marketplace Disrupted The Real Estate Industry

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Disruptors in every sector look to be the ultimate game-changer their rivals copy to achieve success. After all, Uber’s domination of the taxi industry set the standard for digital disruption.

Recently – but significantly – the real estate industry has been upended by Nobul, a digital marketplace created by Regan McGee to give North American home buyers a major leg up. Let’s learn more about the online digital marketplace and how it’s flipped the script for the real estate industry.

Incentivized Agents.

Homebuyers need to save money wherever they can. Real estate has always been the largest purchase most people make in their life, and the price of housing today is a substantial barrier.

Homebuyers using Nobul benefit from incentivized agents offering cash back or free additional services. Users can compare agent profiles, see whose offers, rates, and experience they like best, and select whichever agent they prefer.

You won’t get such a good deal by walking into a brick-and-mortar real estate agency. Many platforms have digital razzle-dazzle, but saving homebuyers money is the ultimate value proposition.

Transparent Data.

The vetted, verified real estate agents all have profiles users can read to understand who they are and what they’ll deliver. If a first-time buyer wants an agent offering competitive prices, they can find them.

More experienced buyers can select an agent whose fees, services, experience, and reviews line up with their needs. You don’t need to waste time guessing, as the platform puts this information at your fingertips right away.

Communication is Simple.

Tech is all about keeping people connected, which Nobul does seamlessly. Once a user has selected an agent, they can send and receive messages and share listings through the app.

Show friends a property you’re considering buying to get their feedback. You can also connect with Nobul’s live advisers for questions and support throughout the homebuying process.

Stay empowered with reliable information and fully connected with a proptech app that promotes easy communication and information sharing. Any aspiring disrupter needs to deliver what people want most, and sending photos and keeping in touch effortlessly nearly tops the list.

Privacy Matters.

If a tech company wants to take over a sector, they need to value privacy and, in a way, more importantly, they need to create the perception of security. Users who feel like their privacy is under attack may leave the platform.

Nobul doesn’t give the agents on their platform users’ personal contact information, so it can’t get into the wrong hands. Some digital platforms actively sell sensitive user data to third parties — don’t! It’s a bad long-term strategy that can backfire hard and quickly.

The nature of disruption makes it impossible for there to be one universal formula or a single path it can take. In the case of real estate technology, Nobul delivers what users truly want and need by offering a secure platform that saves them money and makes their life easier. If you have a similar focus on what matters and execute the vision well, you may cause some ripples in your sector.

 

An Advertiser Focused On Brand Building? Read This.

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admin
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Turning a business idea into a brand is thrilling and tough, but what is even tougher is increasing your brand visibility. Right from creating other elements of your brand identity and drawing up a blueprint to fly with, building brands requires careful thought.

It is important to intentionally work at increasing brand awareness and trust because it is key to creating strong positive associations with your brand in the minds of your target audience. The aftermath has both short and long-term benefits — always worth every effort invested in it.

If you are a business development manager looking to invest in brand-focused adverts, this is for you.

One thing to note about brand-building adverts

Top brands spend billions of dollars on adverts annually, and a chunk of it goes to brand advertising. For instance, in 2019, one of the world’s fastest-growing brands, Amazon, spent 42% of its total advertising funds on brand-focused ads. It is not a surprise that Amazon has been listed as the third most valuable global brand in 2022.

It is important to note that ads targeted at brand growth sometimes produce small immediate results which culminate in long-term benefits. Some business outcomes of brand-focused adverts include increased brand visibility, loyalty, trust, and positive reputation. Results such as increased sales, margins, and market share may not be directly proportional to ad costs.

The results of branding and advertising take a while to become visible, and the reputation built over time impacts brand value over time. For instance, if the goal is to strengthen customer loyalty — to deepen their love for your products and services, your targets would need multiple adverts to go from occasional buyers to die-hard fans. This explains why brand growth campaigns are designed to run across multiple channels over a period of time.

If your brilliant brand visibility adverts don’t yield ‘tangible’ results right away, do not be worried.

What are the most successful brands doing right?

Think about Nike, Apple, Coca-Cola, and some of the most successful brands in the world. What do they have in common? They have many years of brand endearment campaigns under their belts. When we think of Nike, we feel inspired, and that emotion is not accidental, it was engineered by clear-cut brand advertising campaigns spanning decades.

The two most important things are as follows:

  • Leveraging top-tier brand advertising solutions

The truth is, you can’t do it alone. Of course, you know the facts and figures, but can you tell your brand’s stories like a pro? Can you tell your brand stories the way your targets can easily relate to? Top-tier brand advertising solutions like Adlook do not only offer innovative brand ads, they allow you to pay only for the metrics that matter to you.

  • They know it is not a one-off thing

The most effective brand advertising strategies rely heavily on deploying consistent messaging in both traditional media channels and digital marketing channels to get the message across. They place the image they want to be remembered for in front of targets until it sticks. Through creativity, audiences do not outrightly notice the repetitive nature of the message. The most effective brand-building ad strategy is consistent, creative, and continuous. Not a hit-and-run thing.

Still contemplating whether to invest in brand advertising? Well, Steve Forbes describes it as “the single most important investment you can make for your business.”

 

Why Every Small Business Needs An Expert Marketer

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Contributor
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SEO online marketing

SEO online marketing

by Veronica Davis

When you own a small business, you want to make sure that you are utilizing all of the tools at your disposal to ensure your business is successful. There are key components to any business like accounting and HR, however, an important yet overlooked aspect is marketing. Marketing helps build your business’s brand awareness, increase visibility, and can improve sales.

Owning a business is a lot of work, and you are likely too busy to take on yet another task. If you are looking to start or expand your business’s marketing strategies, hiring an expert marketer to help you is extremely beneficial. A chief marketing officer, or CMO, can help your business grow by marketing knowledge and expertise that you and your other employees don’t have.

Whether you are looking to hire a part-time CMO or bring someone on full-time, here are some of the benefits hiring an expert marketer can provide your small business.

Increase Sales

By marketing your business you are attracting customers to your social media pages and websites, so one of the most valuable aspects of marketing a small business is increasing your sales. When potential customers become interested in your social media or advertising, they are more likely to visit your website and check out what you are selling. However, marketing is not all about attracting new customers, it is also about encouraging more sales from your past customers.

When you have a good marketing strategy your brand becomes more memorable, and an increase in engagement with your website and social media can make it easier to find. You not only want customers to be satisfied with your products and services, but you also want them to tell their friends, and come back again.

Another important marketing strategy that can increase your sales is having the right customer service tactics. A marketing expert can help you determine what strategies would work best for your company.

Engagement with Customers

Marketing is a great way to engage with the customer base you already have, and attract new customers. Using social media to engage your customers will keep your business relevant, and create a relationship between your business and the people purchasing your products or services. With social media marketing, you are able to reach clients you never would have been able to reach before.

Using a CMO can help you tell your customers anything you want about the business directly, instead of waiting for them to visit your website. If you are making changes to your business, adding new products or services, having a sale, and more you will be able to use marketing to let current and potential customers know.

Build and Maintain Reputation

Especially when your small business is first starting out, it can be difficult to have your name heard against all of the other businesses out there. With a marketing expert on your team, you will have a chance to curate a reputation and image for your business that you have control of.

With today’s easily accessed plethora of information, consumers will head online to thoroughly research what they are going to purchase, so the reputation of your business is extremely important. Depending on the product or service your business sells, you could be up against big brands with longstanding reputations, and infiltrating your small business into the conversation can be difficult.

The right marketing strategies give you an opportunity to get your business’s name out there and start building a positive reputation for your brand. Consumers cannot speak highly of your business if they do not have an opportunity to try it, so a large part of building a positive reputation is marketing your products to new customers.

When it comes to social media marketing especially, the way your business engages with customers is very valuable. Consumers will feel better about purchasing from your small business when they feel there is a relationship between customers and the brand.

Provide Insights About Your Business

Sales and numbers are not the sole indicators of how well your business is doing, and a marketing expert can help you evaluate the success of your small business from a marketing standpoint. By determining what audiences are engaging with your business, marketers can help you make adjustments to your products and services that will benefit your customers.

Offer Marketing Skills and Experience

Lastly, but certainly not least, hiring a CMO will bring expertise and knowledge to your small business that you likely don’t have. You can market your business without an expert, however navigating the world of social media marketing while also running your own business can be challenging.

In addition, you may not have time to learn everything that is important about marketing, but an expert marketer will have the knowledge as well as experience to know what strategies will work best for your business. You don’t want to invest time and money trying to market your business, only to have chosen unreliable methods.

Marketing can grow your small business tremendously, so you want someone who knows what they’re doing.

 

Veronica Davis is a writer, blogger, and legal assistant operating out of the greater Philadelphia area.

 

 

 

Never Trust And Always Verify

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by Francine Parham, author of “Please Sit Over There: How To Manage Power, Overcome Exclusion, and Succeed as a Black Woman at Work“

I had been given feedback for the umpteenth time that I needed to speak up because I was “too quiet” in meetings. People needed to hear my voice and my perspectives were important — or so I was told. I was encouraged to take risks. My manager, Angelica, told me that the only way I would be seen as a future leader was to share my thoughts, whether they were right or wrong. I took this advice to heart and it backfired on me.

I vividly recall sitting next to Angelica to show solidarity. We were in a contentious meeting and after the feedback I had been given about speaking up, I thought to myself, “I guess I need to take the lead.” I would do what I thought my manager expected of me and I assumed that she would be assessing my ability to do this.

The discussion was heated, tempers were running high, and people were speaking over each other to the point where I recall raising my hand in order to be acknowledged. During the discussion, we reached an impasse. The talking stopped, and I used the opportunity to speak up to offer a recommendation. My hope was that people in the room would listen to me and we could reach a temporary solution. Instead, the reaction to my comment was immediate and unquestionably hostile.

Later, Angelica accused me of causing the walkout because I had spoken up when I should have just listened. She said that she never told me to speak up during the meeting. She told me that her message to me had been that although I should speak up, it was important to ensure that I picked the right time. She said that I had picked the wrong time. And to make matters worse, she claimed that I should have understood from the dynamics in the room that it wasn’t the time for me to speak. The result of this interaction was that I was excluded from all subsequent meetings with this group.

I was certain that I had understood the direction my manager had given me, and I recognized that her backpedaling about knowing when to speak up was a rather thin attempt to regain control and avoid responsibility. But I learned a valuable lesson.

Never trust and always verify.

Always clearly understand the specific actions someone wants you to take and the details associated with them when it relates to your performance and your career development. There was no question that my manager had been referring to the meeting we were preparing to have with this group when she told me to speak up. She had even brought up a previous meeting with the same group as an example of a time when she had wanted me to speak up. She had pointed to the second meeting as an opportunity where she expected me to do so.

It seemed clear enough, but obviously it was not. The lesson I learned was to always get very specific information about what was expected of me and then to confirm that I understood the instructions accurately. Before the second meeting, I should have gone to her to play out scenarios and get clarity about our specific roles in the meeting. I should have asked my manager to clearly communicate the expected outcome of the meeting.

 

*excerpted with permission from Francine Parham’s new book “Please Sit Over There: How To Manage Power, Overcome Exclusion, and Succeed as a Black Woman at Work“

 

Francine Parham is a career expert and practitioner focused on female leadership and the advancement of women and women of color into positions of leadership and authority in the workplace. Francine’s experiences and being one of few Black women at her level resulted in her becoming the Founder and CEO of her business, FrancineParham & Co. Her new book is “Please Sit Over There: How To Manage Power, Overcome Exclusion, and Succeed as a Black Woman at Work“.

 

Business Data Management: 5 Tips to Take It To The Next Level

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thinkbook laptop

Data is omnipresent in the modern world. Regardless of the industry, every company uses data in its daily operations to further its objectives or to evaluate its performance.

Still, your data analysis could be faulty if you don’t learn the best practices for data management. Or even worse, you could be jeopardizing the security of confidential customer data.

Take a look below and learn more about the essential tips to take your business data management game to the next level.

Make sure your business data is secure

If your business depends on gathering consumer data, you must take precautions to prevent a data breach from jeopardizing all of your clients’ personal information. When it comes to best practices for data management, you should give data security and protection top priority.

Making sure that you adhere to the General Data Protection Regulation (GDPR) is the first step. This law mostly applies to companies that are based in the EU and serve clients from there. Depending on your location, there may be additional rules that you must follow.

Then there’s the SOC 2 compliance. Controls that directly relate to the AICPA’s Trust Services Criteria are evaluated with a SOC 2 audit. A SOC 2 audit report concentrates on the internal controls of an organization as they relate to the security, availability, processing integrity, confidentiality, and privacy of a system.

Pick the right servers

Servers are responsible for data management, data storage, and data distribution across a network to workstations. Since they are more powerful than traditional workstations, they often provide enhanced levels of security as well as straightforward interaction with backup and recovery software.

Furthermore, because servers use redundant power sources and disk drives, they are a crucial component of a disaster recovery plan.

For instance, you could make use of Dell servers. A lot of users claim that PowerEdge servers do a great job for businesses of almost all sizes. And even if you don’t have the necessary funds to acquire brand-new servers, used Dell servers and even refurbished ones will most likely do the trick and effectively manage your data.

Implement a backup and recovery policy

The core of performance-tracking metrics that support decision-making and thus advance the organization lies in data storage and accessibility. Knowing where you’re coming from and how you’ve performed in the past is essential for effectively developing plans to help you move forward.

It goes without saying, you should have all of your data backed up. Additionally, make sure that you can always retrieve all of the data.

Cloud storage is becoming more and more popular today. It makes sense to invest in it because it’s less expensive to maintain than some conventional ways of archiving backup data. Additionally, it’s considerably simpler to use, and you can simply acquire service provider support if you run into any problems.

Once you have backup solutions set up, it would be wise to frequently create backups so that you’re appropriately prepared for a potential disaster.

Data cleansing schedule

Data management for small businesses is a continuous effort. No matter the size of your business, it’s critical to keep track of data and make sure it is high-quality, compliant, and economical.

A regular data cleansing program is one method that many SMEs use to stay on top of this. From month to month, a lot of factors might change. Customers may relocate, change their address, or cancel their consent without providing you any prior notice.

Additionally, there can be some contacts in your database who are no longer active. Although it may not be something that comes to the forefront of every company’s mind, removing inactive contacts from your database is crucial for protecting your brand and handling the matter delicately.

Make sure to pay special attention to these actions once you start the schedule:

  1. Eliminate data entry mistakes.
  2. Remove incomplete data.
  3. Validate data.
  4. Remove and update information regularly.
  5. Remove inactive contacts.

Make sure your data is accessible

The management of data should be done in a way that makes everything straightforward and easily available for everyone involved. However, data shouldn’t be available to all employees at your organization. Nevertheless, those employees who have a legitimate need to access it should have no trouble getting to it when they want to.

Because of this, you and your team will not need to invest as much time or effort. It is helpful to make sure that anyone who is responsible for managing the data is aware of what the data is used for and how it is processed.

Final words

When it comes to data, many companies are trying to run before they have even learned to walk. But who could blame them for wanting to hop on the bandwagon when there are so many experts raving about how big data is the holy grail of the modern business world?

You may be under a time crunch, but if you don’t have a solid set of data management standards in place, the results of your research will be inaccurate and your data will not be protected.

 

Physical Mail Has Huge Advantages In The Digital Age

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by Vijay Yadav, Manager of Engineering at Smarty

In 2001, after the Anthrax attacks that terrorized the US, NBC News ran a piece entitled, “The End of Snail Mail?” In 2016, NewsWeek tried again, with an article that asked, “Is There Anyone Left Still Using Snail Mail?” Since the popularization of email in the 1990s, many thought-leaders and digital organizations have predicted the end of the US Postal Service. Yet traditional mailing has persisted.

It is true that people send fewer letters than they used to. However, personal correspondence is not the only reason to send mail. Government officials, banks looking to verify an address, voters hoping to register in the proper district, lawyers sending documentation  and marketers vying for the attention of consumers all still use mail as a reliable delivery method. 

Although email campaigns can be highly effective in the right circumstances, there are plenty of reasons to send physical mail to reach your audience. Here are three to ponder:

1. Mail stands out.

Approximately 333.2 billion emails are sent every day, and 85% of them are spam. It’s no wonder, then, that most of these emails go unopened. According to MailChimp, the average open rate for emails hovers around 20%, which means that four fifths of emails aren’t even being seen by their intended recipients. 

Physical mail, on the other hand, is less common and nearly always seen by consumers. Everyone handles and sorts their mail before throwing away whatever they aren’t interested in, which gives marketers the opening they need to make an impression.

As a matter of fact, a study indicates that over 91% of promo mail is opened and read.

2. Paper hangs around.

An interesting postcard can remain on a refrigerator or desk for days or even weeks. This means that not only is the recipient reading your brand name multiple times per day, but others in the household or office are, too. 

Not only that, but mail can be delivered to an address whether or not the previous owner is still there. Emails delivered to an outdated inbox are simply bounced back into the digital ether, while physical copies are generally left in the care of the new owner, either of a home or a cubicle. This way, you are still reaching someone who may be interested in what you have to offer.

3. Physical senses play a role in decision making.

You can send nearly anything through the mail. Scented envelopes, shiny packaging, unusually shaped containers, and other inventive direct-mail items have a way of capturing attention and, therefore, being opened. Since the way something feels to the touch impacts human perception of it, mail engages people in a way that email simply cannot replicate.

So, if mail is superior to electronic communication in some situations, what is the best way to get started? Smaller businesses, particularly those started by digital natives, may feel out of the loop when it comes to finding customers, collaborators and investors the old fashioned way. 

Luckily, there are a variety of tech-friendly tools to help manage the process, from identifying the who all the way to tracking the ROI of the campaign.

The first step is to find and purchase the right master address list. Data is one of the most valuable assets a business has, so ensure you are buying a list that is tailored to your needs, both geographically and demographically. It is also important to verify that all of the addresses are standardized and checked for accuracy, so that half of your mailers don’t end up being returned to you. 

Secondly, think about what you want to send. Remember, senses matter, so color choice, paper weight, size, etc. are vital to successfully influencing the recipient. In general, it pays off in the end to have a professional design and create a mailer that is stunning and still fits within your budget. Most modern designers will also have ideas for coding and tracking mail, so you know which leads can be attributed to physical vs. email. 

Third, print and send. This is pretty straightforward, but don’t think you have to sit in your office for days, hand-addressing and licking envelopes––although that would be a very personal touch! Many third party companies offer mailing services. 

Finally, collect data from the campaign. Not only sales leads count here. You’ll want to know how many people visited your web site after seeing the mailer, how many addresses were undeliverable, who used a coupon code, who left a full electronic cart behind, and which messages are resonating with clients. It’s important to think about what data will be useful to you now and in the future, so you can set up your campaign expressly to gather that information. 

Snail mail is far from dead. While email is an undoubtedly convenient and rapid way to communicate, it isn’t always the smartest way to reach people. With a high-quality master address list, a well-designed mailer and smart data collection, your next marketing campaign can go old-school – and achieve amazing results.

 

vijay yadav

Vijay Yadav, Manager of Engineering at Smarty, has over two decades of experience in software engineering, and people management. He has experience with SQL, Kubernetes, data warehousing, constructing reporting systems, and he has a knack for troubleshooting data storage and backup issues.

 

Advice From A Young Entrepreneur Who (Mostly) Failed

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by Jesse Kemmerer, owner of Local Sight

I was absent eighty-three days of my senior year of high school, but I didn’t spend that time sleeping in and slacking off. I spent most of that time out on sales calls.

My freshman year, I started building websites. They were terrible, but I kept at it, reading and learning and experimenting. By the time my senior year rolled around, I was significantly better at the craft. So much so that I thought I could make some money selling my services. This thought was greatly buoyed by lurking around “internet marketing” forums, learning about business models, search engine optimization, sales pitches, “make money online” schemes, and more.

I remember the thrill of the discovery, the jubilation at the thought of my earning potential, and the absolute certainty I felt that this is what my life-path would be: I was going to be a success story, and an all the more impressive one because of my age.

I was wrong.

Everything worked… until it didn’t.

After school, I would hit the phones. I cold-called businesses in a twenty-mile radius, pitching my services as a web designer. I didn’t try to sell the website over the phone; I made appointments with the business owner to meet the next day or later in the week. I skipped school to attend those meetings.

(Was that a problem? For me, no. I still graduated with honors. That’s not what this story is about, though it is probably a bad idea for most people, if not all).

Dozens and dozens of appointments, dozens and dozens of pitches. Most business owners were mildly amused that a young guy like me was telling them I could help their business; some were annoyed or even angry, and probably for good reason.

Surprisingly, some even bought what I was selling.

That was the problem.

Making money isn’t enough. You have to do something for it, and you have to do it well.

Looking back, I think many of these sales occurred because the business owners were generous. If you’re a young entrepreneur, you’ll likely experience the same thing. The fact of the matter is, if you’re put together, professional, and if you have an inkling of competence, some people will be willing to take a chance on you.

That could be a problem, because when they do, you have to deliver.

For many of the sales, I was able to deliver. The business owners were happy enough with the finished product, especially for the price they paid. I was cheap, and I should’ve been – not one of those websites would hold up to today’s standards. I simply wasn’t good enough.

For others, I wasn’t able to deliver at all.

I remember one sale in particular. A radio station had agreed to pay me $2,000 per month to build and manage their new website. A radio station – and quite a large one. I was in high school, for pete’s sake, and only had a few years of learn-it-all-yourself website design experience. What were they thinking? And for that matter, what was I? After three months and one extremely awkward and depressing conversation, I stopped showing up to the station to collect my monthly check.

It was a gut-punch. However, it was well-deserved.

Why do you want to be in business? If you’re young, you probably have the wrong answer.

In about four months, I’d made some real money selling those websites. Enough that I was able to move out of my parents’ house and rent my own duplex apartment. That was in December of my senior year.

Naturally, I became pretty infamous in my school. I had the party spot. And party, we did.

I vividly remember my goals at the time. I wanted to take my friends on an all-expense-paid vacation to Jamaica. You can probably guess why. I wanted to buy a brand-new Mustang, and almost did (thankfully, an older friend talked me out of it). I wanted to rent a couple billboards around town to advertise my services, though if I’m being honest with myself, what I really wanted was for people to know that I was a business owner, regardless of if I got more sales out of it or not. I wanted the appearance of being successful. I wanted the accolades of being a young success story. I wanted the story I was telling myself to be real.

None of that happened, and within six months, I was broke.

Money and success are by-products, not goals. Really.

Gradually, websites didn’t get delivered. Those that did weren’t good enough, even at my low standards at the time. Others that were already built started breaking down. I stopped picking up the phone to get new sales; hell, I stopped answering it to service the sales I’d already made.

I didn’t become the success story I thought I’d be. I failed, and I failed hard.

It happens faster and easier than you think, especially with young people. In our young age, we’re all aspirations and dreams. We don’t stop to think if we truly deserve those things or not.

No matter what business you’re in or trying to get into, ask yourself if you can deliver. If you sell a product, is that product the best it could be? Does your customer get out of it what you promise? If you perform a service, are you truly competent at that service, or are you just good for your age?

You’ll learn that there are no kid gloves when it comes to business.

A lesson well-deserved and well-taken.

As for me, it took a while to learn that lesson. I had to move back in with my parents and give up everything I’d achieved. It was humiliating, but it didn’t last long. Within a year, I was back to working on my dream. This time, I focused on what I could provide instead of what I could get in return.

Ten years later, I’m still in business. I do one thing really, really well, and people pay me a premium for that service.

We both leave happy after that exchange.

If I could give any advice to my younger self, it would be this: that’s the goal.

 

Jesse Kemmerer

Jesse Kemmerer is the owner of Local Sight, a company that builds websites that make the phone ring. He has been building websites and marketing campaigns for local businesses big and small for the past decade. When not working, he can be found at his computer contemplating (and hopefully writing) his latest short story.

 

A Guide To Organising A Food Stockroom

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Blurred warehouse storage background.

Keeping and managing a food stockroom is a fulfilling thing to do but also challenging. Unlike a regular stockroom where you’re keeping mostly non-perishable items, in a food stockroom, you have perishable ingredients. This food stockroom can be small or big, depending on what you need it for. Many households have one nowadays to avoid running to the supermarket every so often. This food stockroom is a non-negotiable facet of your business for restaurant owners.

To maintain the efficiency, effectiveness, and freshness of the food you’re storing, it’s important to keep the food stockroom organised. Many aspects come into play when doing this, all of which have to be given proper attention.

Keep reading to learn more about organising your food stockroom to keep your inventory in check and avoid unnecessary food spoilage.

Start By Identifying What To Keep And What To Toss

While tossing away food isn’t ideal and recommended, in this instance, it’s one you may have to do as the first step. This is especially true if you’ve never practiced an organisation system for your food stockroom in the past and now it’s messy to the point when it’s even hard to find what you’re looking for. Or perhaps you also have multiples of the same item, thinking you didn’t have it yet when you do.

Before doing any act of organisation, start by identifying what to keep and what to toss. Food belonging to the latter group should be limited only to those that are already expired. After segregating those expired food items to throw away, what’s left for you to organise is still safe for consumption.

Maximize Your Vertical Space

Next, this step is something you have to do if you feel like your current food stockroom is already too small for your needs. Don’t limit yourself only to the floor space as you’ll want to keep that area clear. Remember, you’re dealing with food. As much as possible, floors should be left clean, so it’s easier to clean every so often.

Having enough storage space is the secret to a well-organised stockroom, whatever the intended purpose is. Hence, if you still have a lot of vertical space left, make the most of that by adding more shelves. This gives you more shelves to store all the ingredients and food items you need at any given time. Now, you may finally be able to see the floor, at last!

Organise Food Stock By Category

Organising by category is the best way to group food stock into like items. However, there isn’t a one-size-fits-all approach to this as the categories will depend on the food items you’re storing.

Common examples of food groupings include canned goods, seasoning, healthy snacks, beverages, chips, baking ingredients, noodles, pasta, and sauces, to name a few. Don’t just throw all your supplies in one closet or shelf without grouping them. Otherwise, it’ll be challenging to find where every item is. When you classify, you must go through the specific section the food stock belongs to and search for it there. You don’t have to rummage through the entire stockroom, wasting so much time along the way.

Track Your Sales Everyday

This next tip applies when you’re running a restaurant. Compared to a household food stockroom, restaurant inventory is more fast-paced. This means you have to track almost daily compared to households, which can be done weekly or bi-monthly.

One of the best ways to stay on top of your food inventory is to track your daily sales. This gives you information on what dishes were made for that day and what stocks were used. Compare that sheet to your food stockroom inventory and make the necessary adjustments based on how much quantity is left.

This kind of system may seem overwhelming to do daily, but it works better than going a long time before tracking inventory. Tracking daily lets you see what food stock is depleted and what’s not, so you can also stay on top of replenishing what you’ve consumed.

Create Labels

Lastly, label each grouping. Categorizing food stock items together still won’t be efficient if you can’t remember each of those groupings. Putting labels is the solution to maintaining each grouping. That way, even when other staff or household members take items from the food stockroom, they’ll know where to put them back, with the labels to guide them.

Conclusion

If you’ve long been trying to figure out how to keep your food stockroom well organised, you’ll finally have a place to start. As you can see, it’s not that difficult as long as you know how to take that first step. Most importantly, remember that it’s not enough to apply the tips above and stop there. After organising, maintain what you’ve just done so all your efforts won’t be futile. Now, you won’t have to deal with food wastage again, whether for your household or restaurant.

 

Prices In Dubai: How Soon Will The Situation Be Stable Again?

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Dubai UAE

Dubai UAE

Due to various aspects, the real estate market in Dubai now faces an unstable period. One day the prices skyrocket, the next one they are as stable as ever. If you have been doubting about purchasing apartments for sale in Business Bay, UAE, then now it definitely is the best time and here’s why.

Wanderlust

5 out of 10 Dubai tenants plan to terminate current leases within the next 12 months. Obviously a lower rent will have a lot to do with their decision, and in most cases, this means an intention to either review the current layout of the living space – change it, or make the necessary updates – or consider moving in accordance with the new lifestyle.

Recently, there has been a new wave of demand for smaller apartments in old houses: landlords are ready to reduce their rent even below the market average. In areas such as Deira, Bur Dubai and Al Ghusais, most of these offers are recorded.

A one-bedroom apartment in Deira, e.g., starts at AED 25,000 a year (USD 6,800) after a 13 percent rent cut in the area in the 12 months to the end of September. According to the latest market data, a one-bedroom apartment in Dubai’s International City can be rented for as little as AED 20,000 dirhams (USD 5,445) per year, an offer for tenants who want to keep costs as low as possible. In fact, rent discounts are now ubiquitous, and tenants can negotiate lower down payments or monthly rents in almost any area. But there is another side to the coin in the rental sector. Renters whose spending hasn’t dropped have begun to appreciate the interior and exterior spaces of their homes more and, thanks to lower prices, are massively looking for bigger options, villas and apartments with terraces and yards.

Rising prices for real estate in Dubai

Property prices in Dubai are rising in the context of the global economic crisis. Is this possible? Yes, but it all depends on the location. Property sellers in areas such as The Springs and The Palm Jumeirah are benefiting even today, so experts advice focusing on micro-locations when talking about price changes rather than discussing the chances of growth for the entire housing market.

The Springs area, e.g., is seeing electoral growth.

  • A one-bedroom apartment in the area was sold for AED 2 million (USD 540,000) eight months ago and then resold for AED 2.07 million (USD 560,000).
  • Another apartment in the same community that previously sold for AED 1.5 million (USD 410,000) is now up for sale for AED 1.67 million (USD 450,000).

In short, it is likely that the growth of the real estate market will begin with certain individual areas and communities or types of real estate. Today buyers and investors have the most favorable conditions for investing in real estate: the down payment is now the lowest in six years, and monthly mortgage payments are sometimes even lower than the monthly rent. This allowed many people to think about buying property in Dubai.

Prices on the brink of stability

Swiss bankers calculated that after falling by 20% in 18-24 months, housing prices have reached a stable and safe level. The same cannot be said about real estate prices in Europe, which is still threatened by the possibility of new real estate bubbles. It would seem that now is the time to invest in housing in Dubai, but will investors show the expected activity from them?

After a 20% drop in average property values over the past 18-24 months, house prices in the emirate are far beyond any “bubble”, in fact, property has received a “fair valuation”.

Dubai’s real estate market is ranked 25th in the world’s bubble risk rating, according to UBS, which, on the other hand, sees eurozone cities most at risk of being in dangerous territory.

Ultimately, more than 75% of industry professionals believe that two years will be enough for a full recovery of the property market.

Real estate agency in Dubai

Ax Capital is a real estate agency that can become your assistant on the journey of acquiring property in Dubai. Visit their website to find out about the most profitable offers on the market.

 

How To Create Your Own Trading Robot From Scratch

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Trading is frequently done in an automated fashion these days. Many of the most successful traders on the market leverage solutions that help them automate the process either partially or completely. While this puts classic manual traders at a disadvantage, it’s important to remember that the tools needed to create an automated trading robot are available to everyone.

Creating your own trading robot from scratch is well within the reach of the average trader – but it does require covering a rather steep initial learning curve.

What Is a Trading Robot?

A trading robot is a program – or a set of programs – that performs automated trading operations on the market with minimal (or in some cases, none) user interaction.

They are designed to be fast and efficient, analyzing trends and looking for opportunities to take advantage of current market conditions.

Why Are Trading Robots Used?

Trading robots offer two main advantages over manual trading: speed and availability. A trading robot can work 24/7 with little to no human interaction, constantly monitoring the market and adjusting its strategy accordingly.

When an opportunity arises, a trading robot can take advantage of it immediately. Even an experienced human trader who happens to be watching the market at the right moment will still be limited by their reaction speed and the interface of the software they use. Meanwhile, a trading robot can act upon new information immediately, utilizing short-term developments to their full potential.

Research has shown that utilizing trading robots can increase trading performance and reduce errors, even when they’re used manually by supervising operators instead of automating the entire process.

Who Can Create a Trading Robot?

Trading robots are created by programmers experienced in one or more languages. A certain level of understanding of the financial market is also essential. The development of a good trading robot requires a good mix of both aspects. Someone with weak programming skills would be prone to making errors which can result in costly mistakes when the robot is deployed, while a developer with inadequate experience in trading might not fully understand the specifications they are working with.

What Languages Are Trading Robots Written in?

Four languages are currently popular for the creation of trading robots: Python, C++, MQL5 language and Java. Each of them has its advantages and disadvantages:

Python

  • Easy to learn;
  • Has a wide variety of pre-made libraries for various functions, allowing for a “building blocks” approach to development;
  • Well-suited for working with large data sets;
  • Large-scale applications tend to be slower than those written in C++ and are more difficult to maintain.

C++

MQL5 language

Java

  • Somewhat easier to learn than C++, but still more difficult than Python;
  • Good variety of libraries;
  • Doesn’t require an in-depth understanding of hardware and memory constraints;
  • Performance can be an issue unless special precautions are taken.

Before deciding to create your own trading robot, check whether your requirements are already fulfilled by existing solutions on the market. There are various marketplaces where pre-made trading robots can be purchased. You can also contact a freelance developer through a platform like Upwork, Fiverr or MQL5.community Freelance and order a custom solution if what’s available on the open market doesn’t fit your requirements.

Prices vary across the board – some solutions cost less than $100, while others may cost several thousand dollars. Each pre-made robot is designed to utilize specific strategies and operates in a unique manner, even if it may share similarities with competing products.

Some of the more expensive solutions are well worth their price compared to implementing them from scratch. Consider the following example: a trading robot that implements specific trading strategies might take around 150 hours of development time just to implement the strategies themselves, not counting the basic setup of the program and other development work. With an average salary of $35/hour for software engineers in the US, this comes out to over $5,000 – again, just for one part of the robot and not the whole solution. A robot with similar features may be available for $1,000 – $5,000, depending on the exact functionality needed, and that price often includes ongoing support and maintenance.

First Steps: Creating a Basic Trading Robot

If you want to get started as quickly as possible and you don’t have any language preferences, you will probably want to work with Python. With the right libraries, a python application can take less time to implement compared to other languages as you can skip developing some of the more complex parts while also benefiting from a simplified syntax.

Building your first trading robot goes through several main steps:

Obtaining and Visualizing Financial Data

If you’re using Python, you can use a library like robin-stocks to get direct access to data provided by Robinhood. If you prefer to work with another platform (or combine data from multiple ones), you should look for an appropriate package for it. Many trading platforms provide API access for automated data retrieval and in some cases even trading operations.

Play around with this step to get a sense of how the retrieved data is structured. Explore different modes of visualization. Make sure to save local caches of the data you’re accessing to avoid repetitive API queries while you’re still working out the initial functionality of the robot.

Buy/sell Functionality

Depending on the library you’re using, you may already have some trading functionality directly available through it. Otherwise, you’ll have to develop your own – an intensive task that requires deeper programming knowledge that goes beyond the scope of this article.

Thorough testing is crucial. It’s advised to go through an in-depth course on testing and evaluating trading robots before you deploy your solution to the real market. Work with local data and never use your robot for actual trading operations until it’s gone through extensive testing.

It’s a good idea to prepare several data sets with specific properties. This can allow you to evaluate how the robot works under different conditions. Adjust different parameters to see how it will respond to certain changes in the market. Prioritize fixing bugs early on. The more you allow them to stack up, the more complex it will become to resolve them later.

If your robot targets several trading strategies, see if you can buy a cheap pre-made one designed for one or more of them. This can allow you to compare the performance of your own robot against tested solutions on the market.

Going Beyond the Basics

Once you’ve covered the basics, you should look into opportunities for building on your work and expanding it in new directions.

Machine learning can be a powerful tool for analyzing market data and even the performance of your own robot. It’s a complex field, but over the last decade, various user-friendly solutions have emerged that can be utilized with little technical knowledge. ML-based tools can help you identify patterns that humans would never spot on their own. They can also be configured to run perpetually, constantly gathering and analyzing new data.

Performance is going to become a bottleneck eventually. While you can run a trading robot on your home computer and an internet connection, it’s advisable to look into moving it to a dedicated data center eventually. This will give you access to more processing power, memory, and higher speed for trading. High-end traders on Wall Street spend thousands of dollars just for the opportunity to have their servers closer to the main exchanges. Shaving off fractions of a second from each transaction might seem negligible, but it can make a difference in the long run.

Closing Thoughts

Writing your own trading robot requires a balanced mix of programming skills and an understanding of the financial market. You can fill gaps on both sides with the use of freely available resources, including programming and trading tutorials. It’s also advisable to investigate the current market to see what’s already available and identify strategies that are not being utilized to their full potential.

Sometimes the choice of building your own robot – which can take more than a hundred development hours, as we described above – makes more sense than spending several thousand dollars on a pre-made solution. Especially in cases where you’ve come up with a unique strategy that you believe has a strong potential. However, testing your solution on mock market data is important before deploying it live and allowing it to trade with real money.

 

Guide To Invoicing For The Aspiring Entrepreneur

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An easy way for a business to formally collect or send out payments is through an invoice. One important element in keeping track of the business is how the startup invoicing process goes for proper financing. Some legal and budgetary issues can arise without the proper knowledge that may affect the business. 

Here is a piece of general information and a guide for everything about invoicing for your business.

What is in an Invoice?

A simple invoice issued by a business to its clients will contain important details that reflect what has transpired in the transaction. The business owner or seller will give the document to the buyer or client.

The invoice will show the following information which is deemed important:

  • Name of the Establishment
  • Address
  • To whom it is sold to
  • Description of the service or product given
  • The prices and added taxes
  • Terms of payment done
  • Invoice or registration number of the business
  • The date of the transaction

The Purpose Of Invoicing

The main goal of invoicing for startups is to provide their stakeholders a final record of all sales made. With this, the business will immediately know what its clients need to pay them for.

It is somewhat like a payment agreement between the business owner and the one who availed of their service. 

Here are some of the purposes of invoices for the business:

Records For Business Tax.

It is important for a business to keep track of its tax information. The summary for all business transactions, including taxes, is recorded with invoices.

Bookkeeping For Accounting.

The invoices are recorded and filed for bookkeeping; thus, the accountants can track some discrepancies or budgets for the business. Profits and revenue can be monitored here as well.

For Legal Purposes.

Invoices can help provide true details of the business’s legal services to its clients. In case of some legality issues, all invoices can account for the business.

Inventory Management.

The sales invoices will be the basis of how your business will run and go about. The number of stocks and inventory needed to purchase will be determined by tracking the invoices garnered.

General Types of Invoices

A business has a few types of invoices circulating their finances. All these reflect the transactions that have happened between the stakeholders of the business.

Here is a general idea of the types of invoicing for startups seen in business:

Utility Invoice.

All these are for tracking the financial situation of the business’ water, electricity, phone, and internet bills. These are provided to inform what needs to be settled by the business owner.

Credit Invoice.

This type of invoice records the difference in pricing your business charges during the final payment.

Normal Invoice.

The most basic and general type of business invoice. Here is where products and services are reflected with the corresponding prices shown needed to settle by either the client or the business owner.

The Proper Way of Doing Invoices

The invoice process is very much the same for a small business, medium enterprise, or large corporation. In sending out invoices for the business to be able to collect the payment, they owe to your establishment.

Here is a helpful overview of how to go about proper invoicing for startups:

Capture Documents.

Effective invoicing should incorporate taking important notes for the general ledger code and other receipts and purchase orders.

Review Details.

Always check the important details needed, such as the business establishment name, payment date, and the correct information for where or to whom the payment will be forwarded.

Send Invoices.

Know where to send the issued invoice so it will be approved and not rejected. This way, the amount needed to be collected or paid will be settled smoothly.

Authorize Payment For Collection.

After checking if the business invoice is legit, the payment collection will be needed to authorize. Check the business’ payment methods like bank transfers, check issuance, or cash payment if an amount is already forwarded.

Record and Document.

Once the payment is authorized for collection and is deemed legit, it can be recorded in the business’s books alongside the invoices issued.

How to Know If An Invoice Is Fake

To avoid some issues and sanctions for the business and even losing potential profit, the establishment should be careful in how they receive or send out invoices to their clients or partners.

Here are some things to remember to avoid fake invoices in the business:

  • Always check the logo and the details to see if it is legit
  • Verify the account numbers before paying or receiving funds
  • Take a look if the contact info seems sketchy, especially email addresses
  • Double check on the funds being asked, as it should not always be in even total numbers.

Why Invoices Are Good For Your Business

In managing cash flow from the payment of clients, purchasing inventory, making profit and revenue, and allocating expenses for the business, invoices can help the business keep track of how it goes.

Whether the business decides to keep invoices manually or in a paperless manner, it will help the business with the management of its finances. Apart from this, a few more benefits are invoicing for startups can result, such as:

  • It keeps the business looking professional
  • It helps in the finance organization
  • It can help remind business partners to pay on time
  • It keeps the client and business relationships transparent and legal
  • It allows the business to be displayed more

Final Thought

Whether sending or receiving invoices, the business needs to be accurate, careful, and, most importantly, knowledgeable about what is being done. Proper invoicing is needed to be done so that the reflection of how finances go about will be true and factual for the stakeholders.

Choosing to go about proper invoicing for startups manually or paperless will still bear the same result for the business. Invoicing for startups is a critical avenue the business needs to take seriously to avoid legal and financial issues.

 

Convert Your Unique Selling Proposition To Their Reality 

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business meeting charts

by Dr. Allan Colman, CEO of the Closers Group and author of “The Revenue Accelerator: The 21 Boosters to Launch Your Startup“

Successful sales and marketing require one over-arching element. Your product or service must be seen as a brand. And the brand encompasses your USP, Unique Selling Proposition — the heart of your marketing and sales efforts.

Your USP effectively distinguishes you from competition. It can also be used as a slogan, and can even be expanded into an elevator message. Within a 20-second statement, the benefits of your product/service should be obvious.

At its core, a USP is a written statement that explains why you get new customers/clients, why they keep coming back to you, why they refer new business to you, and how you differ from the competition. It should succinctly capture the essence, strengths, and uniqueness of your product or service.

If you’ve spent any time selling in today’s competitive marketplace, you know it can be uniquely challenging. Many markets are individually idiosyncratic and often resistant. It requires special insights, strategies, and training to successfully penetrate them. This often adds a few twists and turns into your business roadmap but it’s not impossible to navigate with a clear, forceful USP.

When devising your company’s USP, ask whether it positions you as Kleenex or tissue. As plastic storage bags or Ziplocks? Are you known as among the best or simply one of the others?

When the public hears the name of your company or service, what adjectives come to their minds? Building the USP takes time and effort, but it can produce an effective offering of benefits and solutions.

In order to create your USP, look for answers to these questions:

  1. What is it that makes your company/firm stand out from your competitors?
  2. Why do your customers/clients continue doing business with you?
  3. What is it about your company/firm that makes it unique?
  4. Why should customers/clients come to you?
  5. What do you have to offer that they can’t get anywhere else?

Offer up these questions to a wide swath of peers and prospects along with friends and family and note any common themes that emerge. And, if you’ve started a business, how do your clients or any “best” customers respond, or your suppliers, vendors, manufactures, local businesses and others you’ve interacted with in your community. If you’re just opening an operation, ask what level of service should be provided, or what future refinements might be considered. Listen very closely to each answer.

Skilled entrepreneurs will ask themselves the very same questions. Have you studied the market before beginning to build or design your product or system? Do you know what might make you stand out from competitors? Is there an element that’s truly unique? Why should customers/clients come to you? Do you have something not available anywhere else?

Combining your answers and being completely, painfully honest, will allow you to come up with the most powerful quality that will set you apart from your competition or future competition. As you narrow down your feedback to a short list of answers, a few simple, focused statements should arise. Share these with key people. Which would they choose?

In asking for feedback from the people who’ve offered responses, you’re not selling; you’re asking for advice. Yet this is an excellent indirect marketing opportunity (invisible marketing).

A short, concise USP should now become visible that will signify the core message for all of your marketing and sales efforts. And, once you have it, and it becomes your brand, protect it vigilantly. In many ways the future of your business depends on it.

It’s now time to put that USP to work. In meetings and pitches, while reviewing your prospects’ needs and stating your offerings and solutions, remember to repeat that USP two to three times, no more. It should become the single-most takeaway message that they remember.

Convert your USP to their reality.

 

Allan Colman

Dr. Allan Colman is a business development executive, speaker and author. As CEO of the Closers Group, Colman has spent more than three decades helping law firms and professional service firms generate more revenue. Colman also co-founded and served as Senior VP of DecisionQuest. He is also Professor of Marketing at California State University Dominguez Hills. His new book is “The Revenue Accelerator: The 21 Boosters to Launch Your Startup“.

 

Top 6 Causes Of Inventory Discrepancy You Must Avoid

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inventory warehouse logistics

Inventory is the life of an eCommerce business. Without proper monitoring of the supply chain, your venture will be doomed. Learn the causes of inventory discrepancy and save your eCommerce business from failing. 

Definition of Inventory Discrepancy

Inventory discrepancy happens when your inventory on hand does not tally with your current inventory records. Sometimes, a product gets lost, misplaced, or worse, stolen. 

Discrepancies are inevitable for most business owners. However, it is not something you must take for granted. An inventory discrepancy results to profit loss and damage your customer satisfaction. That’s why it is crucial that you apply an inventory system. It helps you easily track and record every item in and out of your warehouse. As a result, you’ll have an improved inventory reconciliation process. 

6 Reasons for Inventory Discrepancy

Often, inventory discrepancies come from flaws during inventory control or human error. 

1. Inventory Shrinkage.

Inventory shrinkage is the top cause of inventory discrepancy. It often involves the warehouse staff, like accounting errors, employee theft, and shoplifting. But it does not mean you have to blame your crew. Sometimes, shrinkage happens from supplier fraud. 

Fortunately, inventory shrinkage is manageable. You can prevent and reduce the risk by implementing loss prevention techniques. Start by conducting training for the employees. Also, you must have improved warehouse security. 

2. Misplaced Inventory.

Misplaced inventory happens when receipted items in your stock are placed in the wrong rack or aisle. The most typical cause is when an employee picks up the products and puts them on a different shelf. 

Avoid the inventory dilemma by placing readable labels or signages. This way, your staff will know where to arrange the incoming stocks. Also, orient all employees about the different aisles designated for each product. 

3. Mislabeled Items.

Sometimes, an inventory discrepancy occurs when a supply gets wrongly tagged. For example, suppliers will dispatch the wrong item to your customer if a product has the wrong label or SKU. As a result, it will not reflect the correct details in your invoice. 

You can save your business from the avoidable incidence. First, establish a meticulous warehouse receiving procedure. This way, you can clearly see all the items received and fulfilled. 

4. Mismanaged Returns.

Aside from strict monitoring of incoming inventory, reverse logistics are another incident to watch out for. Incorrectly coded returned items are shelved back into the inventory stock. However, it falls in the wrong product category. As a result, you receive an inaccurate return record. 

Furthermore, some returned items get damaged during transit. Worst, you must dispose of your product since it serves no use. When this happens, you must update the status of the returned items. This way, you can identify and reduce discrepancies remarkably. 

Avoid this inventory discrepancy by applying effective inventory control. It helps facilitate smoother product returns. Also, conduct proper employee training. Finally, it ensures your staff can correctly code every product placed back into stock. 

5. Multiple Warehouse Management.

Inventory grows as your business develops. So it’s no surprise when you manage multiple store locations. However, it comes with a challenge. It is difficult to monitor every incoming and outgoing stock if you have various warehouses in different places. You’ll most likely rely on your employees to observe proper inventory. 

Luckily, you can still get through this inventory discrepancy. First, overcome the dilemma by using a system that oversees all of your incoming shipments. Also, employ responsible staff to look over the storeroom. Plus, designate another employee to double-check the source of your inventory. 

In addition, apply the same strategy when it comes to outgoing transactions. Instruct an additional staff to supervise each inventory movement. It keeps them away from confusion and miscommunication. 

6. Outdated Inventory Management Software.

Automation is the key to fast, easy, and accurate task accomplishment. However, if you use outdated technology, it is useless. It won’t give you the proper stock inventory that you need. Instead of easing the burden on your staff, your employees will need to allow extra time to check the inventory record. 

You can get the best tools if you stay updated with the inventory system. For example, barcodes and inventory management software are really handy when counting stock. It makes tracking fast and efficient for both small and large supplies. In addition, inventory management reduces human error.  

Tracking the number of products that move into and out of your warehouse is a challenging responsibility. If you lack adequately trained employees and a high level of coordinated operation, you’ll have inventory discrepancies. However, now that you know its top causes, you have an idea of how to prevent it from happening again. 

What can Save you from Inventory Discrepancy?

Steer away your eCommerce business from its impending doom. Your decision on how to prevent inventory discrepancy from happening again is crucial. A reputable 3PL helps you manage products and handle inventory. It has a strict protocol that minimizes human error. 

The best example of 3PL is Red Stag Fulfillment. It is a top-notch fulfillment company with preventive steps to stock discrepancies. Here are its top 3 processes. 

Accurate inventory control processes.

Red Stag Fulfillment guarantees inbound shipments within two business days. In addition, the company moves the stocks from the dock immediately once received. As a result, it minimizes and lessens your worry about misplaced inventory. 

24/7 security.

Red Stag Fulfillment monitors every part of the warehouse round-the-clock. Video monitoring secures that all employees will behave appropriately. Thus, it prevents employee theft. Also, the 24/7 security helps you backtrack any possible human error. 

Zero shrinkage policy.

One of the best features offered by Red Stag Fulfillment is the zero shrinkage policy. The 3PL pays for the lost or damaged products in the warehouse. It means their inventory management is top tier since the company rarely pays for it. As a result, you don’t have to worry about profit margin loss. 

Any inventory discrepancy brings bad news. If it ever happens to you, trace the root cause and prevent it from happening again. End such a foreseeable dilemma by looking for a trusted 3PL service for your eCommerce business.

[Image credit: Tiger Lily]

 

Looking To Become A Digital Nomad-preneur? Don’t Commit These Blunders

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by Ethan Drower, Co-Founder and Operating Partner of CiteMed

The dream of many office dwellers is to shed their winter coats and boots, grab a laptop and flip-flops, and build a riches-producing business while sipping iced lattes on the beach somewhere.

As silly as that image can seem, it’s completely possible. Many have done it, and many more this year will embark on the journey in search of better beaches, cheaper standards of living, and, of course, that all-illusive million-dollar business idea.

But don’t go putting in your 2-week notice just yet, as building an online business while marauding around the globe isn’t nearly as glamorous (or easy) as social media would have you believe.

In my own experience of building CiteMed and “lifestyle” businesses while traveling for years, I’ve certainly made my share of mistakes and naive assumptions. In this article I want to share the common mistakes made by nomad-preneurs that either will drain your spirits or your bank account.

Assuming You Will Work Less than “Regular” Entrepreneurs.

The internet will have you believing that financial freedom while nomading around is as simple as setting an e-commerce store with a clever logo, running some ads, and sitting back while the cash flows in.

Unfortunately for aspiring nomad-preneurs, the reality of the online business landscape is that it’s often more competitive than its brick-and-mortar counterpart. It often takes years to build a sustainable and profitable business that replaces your job income. Not weeks. This means that when you set out on your journey, it’s critical that you have the right expectations to avoid getting discouraged and throwing in the towel on month 3.

You may live on the beach, but make no mistake — if you intend to build your financial freedom online, you will be working just as hard as anyone else. Hitting the road doesn’t automatically create shortcuts. So do the work, and enjoy the process of building something that is entirely your own… while in the destinations of your dreams!

Trying to Outsource Your Entire Company for Pennies.

At some point you will need to start hiring and building a team to help you grow your company. Part of this team can indeed be low-priced, offshore talent. However, it’s important to remember that hiring and managing remote contractors (especially lower skilled, cheaper ones) is a skill on its own. You cannot simply hire an army of contractors, hand them the logins to your site, and go take a vacation.

Take the time to research, speak to other digital entrepreneurs, and learn about the fine art of remote hiring and training. It will save you thousands of hours, and tens of thousands of dollars in wasted efforts by hiring the right folks with the right instructions at the right time.

Spending More Time Sharing Your Nomad Business Life on Instagram than Actually Building a Company.

There is a constant pressure on newer nomad-entrepreneurs to showcase their newfound freedom and (implied) success that comes with it. We all want to be seen as heroes to our friends back home for coining it in while having the time of our lives abroad. However, far too often I see entrepreneurs on the road quickly turn into want-trepreneurs because they spend all their energy trying to appear successful on social media.

Don’t sweat the process, but embrace it! It’s ok to struggle with your business and still be in a great location. Not every weekend needs to turn into a photoshoot or live stream where you answer questions about “the nomad entrepreneur lifestyle”. Stay focused on your business and your goals, and try not to over-compare or compete on social media.

Trying to Sell Online Courses on Subjects You Haven’t Mastered Yourself.

There’s nothing wrong with creating and promoting online courses in areas you are passionate about or skilled in — emphasis on the “passionate and skilled” part here. An all-too-common route for a brand new nomad-preneur is to fire up an online course platform of their choice and spit out an unstructured, thoughtless course on a random topic in the attempts at making a quick buck.

This is not only annoying to those of us that are trying to consciously build real, sustainable businesses, but also it’s often completely dishonest and misleading to potential customers. I always advise aspiring entrepreneurs to take stock of their current skills, and what the market wants. If your current skills are viably sold to the marketplace, full speed ahead! If you might be lacking mastery, or experience, consider trying to make a go of it on your own before attempting to sell wisdom you haven’t quite earned yet.

Moving Cities Too Often.

This is another classic, first-time nomad mistake. Most people are conditioned for “vacation mode” when they’re traveling. This means trying to see all the things, all the time. Trust me, this is exhausting and will leave you disenchanted with traveling after only a few months of whirlwind sightseeing.

My advice is to slow down and get to know a city and a culture for a few months before deciding to move on to the next. Trust me — there is plenty of time once you are off the clock (and off the grid) permanently.

Underestimating the Challenges of Living in New and Foreign Countries.

Should you choose to set your sights on less developed nations and/or countries where you don’t have a masterful grasp on the local language (and you should!), be warned. A lot of the easy things we take for granted in more advanced western countries (internet connectivity, interactions with local government, going to hospitals, dealing with landlords) become anxiety-producing and mentally draining in foreign countries.

However, I’m not saying you should be discouraged. The challenges and differences of foreign cultures are what make the nomad experience so rich and educational. But don’t underestimate the possibility that you might lose an entire day or two of work because you accidentally drank the local water, or the entire island’s power went out. Embrace the mess, and always be ready to accommodate the unexpected stressful challenge.

Saying “YES” to Every Opportunity.

With an online business starting to hum along and an expanding network of other traveling entrepreneur friends, your WhatsApp inbox will start to light up weekly with enticing invitations to go to new places and do fun new things. Many new nomad-preneurs dive headfirst into the onslaught of freedom-induced trips and events across the globe. Hooray! Except not always.

If you say “yes” to everything that comes your way as a completely autonomous digital entrepreneur, you will leave yourself with zero time to focus on growing and protecting the very thing that gave you that freedom: your business! It’s important to define for yourself how much time you want to spend focusing on work, and spending time relaxing on your own. Come up with some boundaries and try your best to stick to them.

Fear of missing out becomes a serious challenge for the nomadic digital entrepreneur, and the most successful ones find a way to systematically balance a lifestyle of adventure/travel/friends, with work/focus/rest. How much of a balance you choose will depend on your business goals, and personal preferences.

To Wrap It All Up.

That is so exciting that you are ready to become a digital nomad-preneur! You can maximize success by avoiding some of the common mistakes that nomadic entrepreneurs commit. These include assuming you will work less than regular business owners, trying to outsource your entire company for pennies, and moving cities too often. Avoiding these pitfalls will help you ensure that you have the best experience possible as a traveling digital entrepreneur.

 

Ethan Drower is Co-Founder and Operating Partner of CiteMed, which is revolutionizing the European Union Medical Device Regulation (EU MDR) process. CiteMed’s goal is to help companies get their medical products to market as quickly as possible, all while maintaining state-of-the-art compliance with the European Commission regulations. A renowned business expert, Ethan educates others on the fundamentals of launching a successful software product, tips for aspiring entrepreneurs, and more.

 

A Complete Guide To Accounting For Startups

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Accounting is one of the key aspects of running a startup. A proper and streamlined accounting process is necessary for successfully running a business. After all, the success of your organization will depend upon your revenue and profits. And both revenue and profits depend on preparing robust financial strategies, effective budgets, and good financial management.

Did you know almost 30 percent of startups fail due to not managing their budget properly? So, having a robust accounting and financial management process is essential in today’s highly competitive corporate world.

If you have just started your startup and need accounting services, making sense of the whole accounting process can be overwhelming. After all, there are too many steps to take care of and too many steps to prepare. To help you out, we have curated a practical guide to accounting for startups.

4 Essential Accounting Steps For Startups

1. Open a separate bank account.

One of the basic things you need to take care of is opening a separate bank account for your business expenses. Managing your startup’s expenses from your personal bank account is not a good idea. It can often cause mismanagement and confusion that can eventually affect your cash flows. So, make sure to open a business checking account and get a separate business card to keep your finances streamlined.

2. Prepare journal entries.

Once you have a business checking account and you start making business-related expenses, you have to keep track of all those transactions. This is where journal entries come into the picture. These are basic entries meant to record all your business-related income and expenses in chronological order. Journal entries are prepared from source documents like bills, invoices, and receipts.

Recording each transaction is an excellent financial habit that will prove to be highly beneficial for your business in the long run.

3. Post the journal entries to the ledger.

Once your journal entries are done, you need to post them to ledger accounts. A ledger is a collection of related accounts. It is generally divided into five parts: assets, liabilities, revenues, expenses, and equity.

The purpose of ledger accounts is to balance the debits with credits within a specific time period. In case, you cannot balance debits with credits, it indicates that you have made an error somewhere. Go through the transactions once again and try to find out what you have missed.

4. Be on top of your financial statements.

Financial statements are the most important documents for any business. They will contain every financial detail for your startups. They also help you in estimating your ROI, conducting cash flow analysis, and calculating your net profit-margin ratio. So, it is essential to prepare them with utmost focus.

The most common financial statements include the following:

  • Profit & Loss statement: It is also known as an Income Statement. As the name suggests, a P&L statement records all primary expenses and revenues. This statement helps you understand the amount you gained or lose in a financial year.
  • Cash flow statement: A cash flow statement is prepared to record the flow of money. It helps you record and find out how much amount of coming and going out of your startup in a specific period.
  • Balance sheet: Finally, a balance sheet is prepared to record the values of assets and liabilities of your startup at a particular time. It is the most crucial financial document that helps in determining the overall financial health of your business. The core elements of a balance sheet include assets, liabilities, and equity.

Summing up

So there you have it – the basic steps for accounting for your startup. While these steps provide a basic idea of what accounting for your startup will include, there are a lot more details within each of these steps that you will have to know about.

So, it is essential to do complete research or seek the advice of a professional accountant before getting started with your startup’s accounting.

 

Video Conferencing With iMind Offers Convenient Remote Communication

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woman video conference laptop

woman video conference laptop

One of the most characteristic features of contemporary communication is distance. People solve most questions and problems remotely, and it does not limit to some one-time routine issues. Business tasks are those completed at a distance too – and it’s comfortable. But if a tool is unreliable, people can encounter more troubles than benefits.

That’s why we discuss the iMind video conferencing solution – an easy and multipurpose tool for business. 

The role of video conferencing in business

To clarify why the iMind platform was considered one of the best in 2022, we should define the requirements for business usage. As it is logical to assume, they are much wider than the criteria for personal use and even for studying. This also results from the significance of online meetings today. 

Nowadays, you can observe several tendencies that drive all the activities: globalization, a quest for productivity, and a desire for comfort. These tendencies reflect many phenomena employers and employees face, and one of them is remote work. It stopped being just a necessity (like it was when the pandemic started), and people found other benefits of remote communication. But when it comes to business communication, requirements for IT solutions are immense.

Get to know the iMind platform

The iMind platform is similar to many other video conferencing tools, but it is also one of a kind. When the team developed this software, they utilized an integrated approach and considered almost all the aspects of market demands. 

Thus, we have an easy-to-use, multifunctional, and multipurpose solution that enhances your mobility and provides a robust communication channel for most business goals. It means that you can use a single platform to:

  • organize the internal workflow;
  • schedule regular or one-time team meetings;
  • have quick calls or comprehensive one-on-one meetings;
  • work with the external audience;
  • work with prospects;
  • live stream.

And it is not the complete list. The diversity of features makes it possible to use the tool for the most specific cases you can imagine.

How to use iMind?

The system is to give you more freedom of action. To start with, you can use it in your preferred browser or download the desktop version. The quality does not change. Suppose that you’ve decided to try the web version: 

  1. You go to the iMind.com page and see the “Log In” button in the right upper corner. 
  2. To create an account, you can choose from the given options or register with your e-mail.
  3. When you enter the system for the first time, it gives you a choice: four plans available. The free plan is not just a trial — you can use it on a regular basis.
  4. You see your profile page. It has a minimalist design, so you can instantly explore the core functionality.
  5. To create the new conference room, click the appropriate button, enter the name you want, and click “Create”. 
  6. Share the link with the attendees.

To join the meeting, click “Join” and paste the link you’ve got. To start the meeting in your personal room, click the field of a room, and the new window will open. There, you’ll start the conference. 

The limit for the rooms you can create for free is 10, but you can delete previously created meeting rooms. The Pro plan removes this limit and allows you to create group rooms (when you invite other people to manage the rooms and their settings). Paid subscriptions give more opportunities for more full-scale professional usage. Once you’ve chosen a plan, you can change it right in your account. 

How do people rate iMind?

According to the G2 reviews rate, people are satisfied with the service quality iMind provides. As for the product – the tool for video conferencing – it is intuitive and reliable, as users tell. Most liked unchangeable functionality, connection security, and default features. However, some reviewers considered the absence of online support for free usage as a small inconvenience. 

The iMind platform distinguishes by its ease of use and multifunctional nature. It provides ample room for comfortable work conditions and saves time on many setting issues. So whether you are a freelancer or a team member, this tool can be helpful for your activity.

 

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