Tips for a Successful Small Business

Tips for a Successful Small Business

Write a business plan, any business plan

You have a passion, and you'd like to make it your profession. No matter how enthusiastic you are about your small business, though, it won't be successful unless you have a plan in place for how you're going to start and run it.

It doesn't matter how long or detailed your plan is, as long as it covers a few essential points. Most successful small businesses will need to have a break-even analysis, a profit-loss forecast and a cash-flow analysis. A cash-flow analysis is especially important since you could be selling your products like hotcakes, but if you won't be paid for six months, you could still run out of money and have to close your doors.

A business plan is essential because it allows you to experiment with the strategy for your business on paper, before you start playing for keeps.

Determine how you'll make a profit

Profit is, after all, the ultimate goal of any successful small business. You should examine your business' expenses (rent, materials, employee compensation, etc.) and then figure out how much you will need to sell to cover those costs and start generating a profit. This is known as a break-even analysis.

Start with as much of your own money as possible

Many small business owners cover their start-up costs entirely through loans, with the expectation that they will begin paying back the loans with the profits from their new business. New businesses can take months or years to generate a profit, however, and loan payments can really become a millstone around the neck of a fledgling operation.

If you can save up as much of the start-up capital yourself before you open your doors, you will help ensure that loans won't sink your new business. Remember, also, that there's an outside chance that a lender will call a loan or add unfavorable terms if your business isn't as successful as you initially planned. If you provide as much of the start-up money as possible, it will lessen the odds of a nasty surprise like this hindering your business.

Protect yourself

Most small businesses are sole proprietorships or partnerships. While these types of businesses are nice and easy to form, they also expose their owners to liability for business debts and judgments. Creditors and judgment holders can come after the owners' personal assets, like savings accounts and homes, once the business' money is depleted.

While insurance can reduce this liability somewhat, it's worth it to consider forming a corporation or limited liability corporation (LLC). These business structures will shield owners from personal liability, but there are more rules and requirements associated with them.

Start small

Everyone wants their small business to be successful, with multiple locations, lots of employees and loads of revenue, but you have to learn to walk before you can run. Don't spread yourself too thin or take on too many expenses at the beginning, especially if your income might take a while to catch up to your ambitions.

By starting small, you ensure that you can survive the inevitable hiccups associated with running a small business. Those entrepreneurs who begin with modest operations can recover and learn from their mistakes without taking on a lot of debt. Starting small will help your small business grow into a successful enterprise.

Get it in writing

While it's nice to do business with a handshake, there's no substitute for a well-written contract. Indeed, many contracts are not valid unless they are in written form. The exact number of this type of contract varies between states, but here are a few common examples:

·        Sales of goods worth more than $500

·        Contracts lasting more than a year

·        A transfer of ownership in copyrights or real estate

While contracts can be valid when orally made, they are much harder to prove and enforce. Make sure you get all agreements in writing -- it will save you headaches down the line, and could even save your business.

Keep your edge

There are many ways to gain a competitive edge over other businesses in your industry: you could have a better product, more efficient manufacturing or distribution process, a more convenient location, better customer service, or a better understanding of the changing marketplace.

The best way to hold onto your competitive edge is to protect your trade secrets. A trade secret is that information that isn't known to others that gives you a competitive advantage in the market. There are many kinds of trade secrets, and trade secrets receive legal protection as long as their owners take steps to keep them secret. Those steps could be anything from marking confidential documents to requiring partners and employees to sign nondisclosure agreements.

Another way to hold onto your competitive edge is to stay proactive. If you know that your business is going to face challenges or encroachment by a competitor, don't wait to react -- plan ahead and you'll stay ahead.

Hire the right people

Don't just hire the first person to come along with the basic qualifications you need. Look for someone with motivation, creativity and the right kind of personality to make it in your industry and fit in with your business. Then, once you've found that person, treat them well, engage them and make sure that you create the environment that they will thrive and give their all in.

Make sure you create the right kind of employee relationship

Lots of businesses try to save money by hiring people as independent contractors rather than full-time employees. The IRS will impose large penalties on businesses that do not withhold and pay taxes for workers that it considers full-time employees rather than independent contractors. Here are some things the IRS will look at to determine whether a worker is an independent contractor or a full-time employee:

·        The worker performs tasks that are essential for your business

·        The worker only works for your business

·        The worker works 40 hours a week, or nearly 40 hours

·        The worker receives instructions and training from you, and you exercise  control over how the worker does their job

Also be sure to create an "at-will" relationship with your employees. Employers can terminate at-will employees for any reason, which is essential if an employee isn't working out. There are many ways to make it clear that the employment relationship is at-will, including in employee handbooks and through offer letters. Don't make any promises to employees about the length or terms of their employment, as these could become binding on you later.

Pay your bills and taxes on time

It should go without saying, but it's important to pay what you owe -- especially when dealing with the IRS. The IRS can impose harsh penalties and even come after a business owner's personal assets if the owner doesn't remit payroll taxes on time.

It's also important to pay your regular debts in a timely fashion. If you get a reputation for stalling on a debt, you could find it difficult to form business relationships in the future. Plus, if you stay current on your debts and pay them as you incur them, it will help you avoid being overwhelmed by cash flow problems if several debts come due simultaneously.

Get Your Business Off to a Strong Start: Talk to an Attorney

It should go without saying that entrepreneurs wear many hats -- but "attorney" shouldn't be one of them. While you will have to get acquainted with the laws and regulations that will impact your business, sometimes it's important to leave the details to the professionals. Give your business the best chance at success: contact a small business attorney in your area for help. 

8 Remote Working Tips for Beginners

8 Remote Working Tips for Beginners

Our passions lie in a few areas: travel, global understanding, and remote work. If you're jumping into the latter for the first time, we're here to give you a few tips from the experts.

So you’ve convinced your boss to let you work remotely, or you’ve landed a new remote job - now what? How can you stay productive, creative, inspired and live up to all of the expectations that you’ve set for yourself within this new lifestyle?

As a fully-distributed company ourselves, leading programs that allow people who work remotely to do so in cities around the world, we have a few tips and tricks up our sleeves for remote work beginners.

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1. Over-communicate

The key to being successful in any professional role is communication, but when it comes to remote work, it is an even more important asset. Since you’re no longer a few desks down from your coworkers or your manager, it’s your job to schedule 1:1 check-in meetings with them on a weekly basis to connect on your goals, upcoming projects, and daily tasks.

Make sure to advocate for yourself and clearly state the progress you’ve made in the past week, which goals you’ve surpassed and which projects you’ve led. When you’re not in the office, it can be difficult for your manager to keep your work top-of-mind, so don’t be afraid to bring important milestones up on your own.

2. Invest in reliable tech

Any remote worker will tell you that access to consistent WiFi is integral to their success, but there's more to a successful setup than an internet connection. Along with having the ability to make video calls without losing connection, you should consider what tools and tech you'll need to do your job well. For example, many remote workers invest in a great pair of noise-canceling headphones so that they can take their work anywhere - regardless of background noise levels. Others find that wireless keyboards and mouses, or even a second screen, are integral to their efficiency.

3. Lean on your community

One of the major myths surrounding remote work is that people who don’t work in a corporate office are lonely. To make sure that you’re feeling supported and connected to the “real world”, we recommend becoming a part of a remote community - either virtually or in-person at a local coworking space or collective. We’ve found that being surrounded by others who are successfully working remotely inspires beginners to stay the course and remain productive while embracing location flexibility.

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4. Consider your workspace

Set yourself up for success in a place where you can focus on the tasks at hand. Whether this means you find a great coworking space near you, stake out a local coffee shop or create a designated spot for work at home, make sure that you feel motivated by your environment and ready to tackle whatever comes your way.

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5. Figure out your working style

At the start of your remote work journey, it’s a great idea to figure out the environment that you need to work successfully. For example, do you like being surrounded by white noise? A café may be the best choice for you. Work well in silence? It might be time to invest in some noise-canceling headphones. Other things to consider are whether you’re more productive in the morning or in the evening and whether you’re motivated by taking small breaks throughout the day or a longer midday respite. This is the beauty of remote work - getting to work during your best hours, whatever they may be.

6. Take time for self-care

When the line between “work” and “home” starts to blur, you might find yourself stuck to your computer screen for a longer period of time (see next point). While that can sometimes be necessary when closing a major deal or finalizing an important presentation, give yourself time for, well, you. Commit to your fitness routine and make sure that you’re creating blocks in your schedule to eat healthy, nutritious meals so that you can be focused and productive when you need to be.

The benefits of remote work can stretch into your life outside of work as well. With increased flexibility, you can take time to make sure you’re not missing life’s important moments. As a remote worker, you can take care of your kids without worrying about leaving the office during standard business hours, you can decide to work from any location around the world and you can even book that doctor’s appointment you’ve been putting off because it didn’t work with your schedule.

7. Know when to “log off”

This can be one of the most challenging aspects for remote work beginners, as the world is becoming increasingly connected. Though you may receive emails and chat notifications at any hour (especially if you’re working in a different time zone than your coworkers), it’s important to develop a habit of setting a time when you officially “log off” for the night. The best part of working remotely is having the flexibility to work when you are most productive, so be careful about setting the standard that you are available 24/7.

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8. Embrace the perks of working remotely

Working remotely doesn’t just apply to those who would work from home or in the same region as their company’s office. If it’s possible with your current position, take your talent on the road! On Remote Year, employees, freelancers, and entrepreneurs work from places like Hanoi, Kuala Lumpur, Cape Town, Lisbon, and Mexico City - all while enjoying the support of an incredible community.

Now that you’re working remotely, life will look a little bit different (and a little more awesome). However, if you rely on the eight tips that we’ve listed above, the transition from to the freedom of a flexible work style will be smooth and successful.

The Corona Virus: Social-Distancing as Reducing Contagion Now

The Corona Virus: Social-Distancing as Reducing Contagion Now

Given the Corona Virus Pandemic, people across the globe are suffering, worrying, waiting, being tested, being quarantined, self-isolating, living with or preparing for lockdown.

Life as we knew it has changed. Our choices of where we go and what we can do are becoming increasingly limited. Schools, Sports Events,  Concerts, Broadway, Churches, Disneyland, Hollywood are shut down. We can see it as a loss or we can see it as a policy to embrace.

In an op-ed piece by Nicholas Kristof and Stuart A. Thompson in the New York Times on March 15, 2020, entitled “ Doing Little or Doing More Looks Like This,” a model is discussed that projects that a third of Americans – more than 100 million Americans- could be infected. What the model also shows, however, is that outcome does not just depend on the virus. The spread could also depend on our policies and how quickly we can adopt them.  As Ashleigh Tuite, an epidemiologist at the University of Toronto says, “ We don’t have the benefit of immunity or vaccines to limit spread, but that doesn’t mean we can’t control it.”

Essentially we have no guarantees that not going to the gym, postponing the birthday, canceling the trip, using gloves in the supermarket and keeping sanitizer near your door will keep everyone safe; but we know that if enough people embrace the power to curtail unnecessary involvement with others outside their home we may be able to reduce contagion now.

A recent article in The Atlantic reports that while the CDC has issued guidelines on Social Distancing, there are no perfect or safe answers to the circumstances that people face. Overall the reality is that if we are going to do this – we have to step into discomfort and deprivation for some amount of time. Why? Because the reason may well be life-saving.

In a recent interview with an American woman living in lockdown in Italy. The woman, Christine Higgins said that her children were doing fine; but it was very, very difficult for her and her husband. It was like living with dread but she told listeners was that what got her through was focus and gratitude for those like the medical workers and even the food delivery men for risking their lives. Doing it with them in mind gives her a purpose to get through.

I know many are reminded at this time of the courage and wisdom of Victor Frankel embodied in his book Man’s Search for Meaning. Writing about his experience in Auschwitz, Franklin tells us that survival is based on finding meaning in life- in work, in the love we have for others, and in courage during difficult times. To Victor Frankel, it is not the situation that we are faced with; but our choice with how we respond.

As we face this unthinkable pandemic, it is worth considering that in some way you are not alone and you are not helpless. Anything you can do to social distance is something more than not responding and you are reducing contagion now.

How will you manage? Connect with social media, the family you live with, prayer, literature, music, nature and whatever you can.

Visit Our Website @ https://vereigenmedia.com/

4 step lead generation analysis to optimize sales conversion

4 step lead generation analysis to optimize sales conversion

When you think of the word optimization, you might think of writing keyword-optimized posts for search engine optimization or running AB split tests for landing page optimization.

But, in reality, any marketing the process can be optimized from demand generation, account-based marketing and, lead generation.

I’ll review the basics of reviewing your demand generation funnel. We’ll provide a few back-to-the-basics tactics that you can consider as you work on planning your campaigns and budgets.

Among other things, we’ll take a basic look at conducting a lead generation analysis, to help you optimize your lead generation process, campaigns, and programs.

It’s really quite simple, but it requires taking the time to evaluate what really works while building a deeper rapport with an equally busy team of quota-carrying sales reps.

Step #1: Review closed deals

The best way to determine what will work is to look at what has worked. Begin with an analysis of the deals that have closed.

How did these closed deals enter the system?

Here are a few pieces of data you want to record during this review for each channel and specific campaign (and you likely want to add a few attributes that are unique to your company, as well):

       ·        Number of deals won

·        Total revenue

·        Average deal size

·        Buyer persona traits

·        Ideal customer profile fit

Step #2: Review new marketing qualified leads

Now that you know what works take a look at what you currently have. Break down your pipeline by marketing tactic used, and determine:

Total marketing qualified lead volume – How many leads do each channel/tactic generate?

Sales Qualified lead volume – How many of these are qualified leads as defined by your universal lead definition?

Percentage of sales qualified leads per marketing channel – Determined using the above numbers

Cost per marketing qualified lead – How much did these leads cost?

A buyer persona(s) targeted – Which ponds are you fishing in, and whom are you trying to catch?

Step #3: Ask Sales about MQLs

Check-in with Sales to gather feedback on the performance of lead generation campaigns. You want to back up your data with real human experiences. What type of leads works best for Sales in their opinion?

This human interaction might help you uncover that although a specific tactic generates leads that close, they require many more resources from Sales to close the deal, while other leads are much easier to close.

For example, leads from a content syndication vendor may take a lot more work from Sales than inbound web leads that provided all of the necessary info, and they’re much closer to having a discussion with a rep.

Step #4: Identify opportunities to optimize

Use this complimentary data to identify the most effective channels and campaigns.

Consider what KPIs to optimize for, which may include lead volume, qualified lead volume, the percentage of qualified leads per channel, and the percentage of closed leads per channel.

Now that you know what has closed and what types of new leads you’re generating, where are there overlaps? Where do you fall short?

For example, if you’re investing a lot in a tactic that generates many leads, but they never close, you may want to shift some of that money to a tactic that produces a lower volume of leads that are more likely to close.

Intro to Lead Generation: How to determine if a lead is sales qualified

Not only will this help you optimize your marketing investments and lead generation capabilities, but it can also help optimize your relationship with Sales.

When you have specific reasons to back up why you’re investing budgets in a certain way (which they may or may not agree with), they are more likely to support your decisions.

If nothing else, the human interactions of a Sales-Marketing huddle show that you’re actively seeking input from Sales to help serve them better, and not allocating your budget and resources in a vacuum.

Why Lead Generation Is Important For Your Business

Why Lead Generation Is Important For Your Business

Lead generation is the most talked about topic in the marketing world. But what is Lead generation? How does it help? what are the techniques used to generate more leads? Get answers to these questions and more through this blog today.

Be it a small startup business or a big multi-million dollar business, Lead Generation is the only common word that is used the most by the marketing and management team of any company. Lead Generation is actually what gives meaning to even run a business. It is like the blood in the veins of an organization. So what exactly is Lead Generation? First, let us learn what is a lead?

 

What Is A Lead:

A lead can be anyone(Typically a person) who has expressed his/her desire in your products or services. A Lead can come through many sources such as your website, through word of mouth, or even through a phone call. Digital Marketing Solutions which direct traffic to the website, improve search engine rankings, and increase web referrals account to an astounding 93% of leads.

What Is Online Lead Generation:

It is the most important aspect of Online Marketing which refers to developing the interest of a possible consumer by providing them the information about your products or services. Lead generation is basically developing an interest in a person so much so that he/she contacts you for more information and perhaps even end up buying it.

Lead generation is a start to the process which ultimately leads to a possible customer transforming into a regular customer down the line. So having a lead generation strategy is imperative for you and your business.

Why Is It Important:

The vast majorities of salespeople are losing the will to work in the area when they think they have reached the limit of companies and people to sell their products to. This, of course, is not true and hardworking salespeople are trying to find a solution to the problem by targeting the right group with the help of Online Lead Generation.

Businesses today are heavily depended on Lead Generation as it enables the websites of such businesses to generate more traffic which may lead to further conversion of such found Leads into Customers. This leads to an increase in conversion rates helping a business gain huge profits in the process. Google has made the process of connecting the consumers and the providers very simple helping the prospects find exactly what they need online and also for the providers to showcase their products and let the world know how different their products and services are from their competitors.

So, when a potential client is looking out for something they need and your website distinctly grabs the attention of the client the chances of conversion shoot up sky-high automatically. A quality and funneled lead generation process will definitely make it easier on both the client and the business side by getting exactly what they need online.

Important Tactics For Lead Generation

Content Marketing:

“ Content is King”, this was the topic of the essay which was written by Bill Gates and was published on Microsoft Website. He stated in it “Content is where I expect much of the real money will be made on the Internet, just as it was in broadcasting”. And these words are coming true after nearly two decades after as blogging and content marketing are the very best methods of generating leads. Content marketing attracts and provides knowledge to the interested audience about what you. The business has to offer to the audiences. What this does is that it makes the work of the sales team a bit easier by helping them gather relevant leads with prior knowledge of their products and services.

Social Media Marketing(SMM):

Social media is rising and is probably the most widely recognized platform to promote your business. Through social media means it is easy to get quick popularity and also to know the potential leads which is very necessary.  SMM(Social Media Marketing) has increased its reach from being just a means to connect people online to become the biggest hub of connecting people to the products and services they need.

Hiring A Lead Generation Specialist:

Getting yourself a lead generator will definitely help you get new leads with the ones you already have. As the legendary Bruce Lee said, “I fear not the man who has practiced 10,000 kicks once, but I fear the man who has practiced one kick 10,000 times”. Lead generators have been working and polishing their skills and have perfected in providing the one most important thing that is there for most businesses which are to generate new leads from outbound marketing using cold calls.

SEO(Search Engine Optimization):

Search Engine Optimization(SEO) is an essential process that is done to rank websites. The Better the rank of your website the greater the chances are of a business website to be visited by bigger and relevant traffic. More traffic means more leads and if these leads get converted than there is no stopping your business from reaching new heights.

These were some of the processes which help in Lead Generation. PPC, Web Design & Development, and remarketing are also other online Lead Generating activities. The market today is undergoing a lot of changes day in and out. All this is because of the everchanging algorithms of search engines and various Digital Marketing tools. Also, many companies still prefer the traditional way of lead generation rather than the digital way. Businesses have to understand that the way people trust and buy things is changing rapidly. Hence companies that do not follow such important and updated trends of lead generation are at risk of being overtaken by their competitors who prefer the online way of generating leads.

Lead generation is very cost-effective and result in providing solution to all businesses who are facing problems in raising the bar of their business. Generating Leads also helps a company build a tighter relationship between the sales and the marketing team as they have to work with each other side by side for the development of their company and themselves as well. Lead generation can also be made possible by employing various new Digital Marketing techniques available in the market now. Most of the Digital Marketing agencies provide Digital Marketing services which help clients to get the leads they deserve through content marketing and social media marketing. A 360° web and Digital Marketing partner is a must if a company wants to generate new leads and stay ahead in the competitive world. So, more qualified leads, more the customers, more the profits, this is why exactly lead generation is important for your business .

How AI Will Shape the Future of B2B Marketing

How AI Will Shape the Future of B2B Marketing

The emerging industry of Artificial Intelligence (AI) has long been speculated about. But how will AI really change the business world as we know it? Specifically, how will it affect the B2B marketing landscape?

Before we get understand AI’s implications for B2B marketing, we need to understand the ways in which  AI will change marketing’s foundation: data.

AI and Data Collection

One of the most important hoops B2B marketers have to jump through in order to build successful strategies is to gather, analyze, and interpret customer data. Doing so with accuracy and precision is time-intensive, costly, and complex—but it’s also essential.

AI vastly simplifies the data collection and analysis process by funneling information through algorithms to organize it in ways that are accessible and intuitive. And machine learning applications update data in real-time in a way that is relevant. In other words, AI takes static data and makes it dynamic by adding behavioral, contextual, and real-time variables.

Since AI has impacted the ways in which marketers collect and analyze data, AI has also impacted the way in which marketers can use this data to improve their marketing strategies. Today, we’ll take a look at how these changes impact two important areas in the B2B landscape: lead scoring and personalization.

AI and B2B Lead Scoring

As a B2B marketer, you not only understand the importance of creating a successful lead scoring program, but also the complexity of implementing one.

Traditionally, leads are ranked based off an “if this, then that” system (e.g., “IF financial executive, THEN score lead highly” or “IF prospect has opened two emails, THEN score lead highly”).

As technology has progressed, lead scoring has become more precise and predictive. Businesses now use marketing automation platforms that take a broad set of attributes related to their ideal target market and run these attributes through algorithms to predict and rank leads.

AI, however, eliminates much of the guesswork, as well as the trial and error by replacing human assumptions with a more objective, precise understanding of the customer. AI has the potential to help marketers to understand current leads better as well as uncover new ones and align this with their overall marketing strategy.

AI and B2B Personalization

It’s no secret that, now more than ever, personalization is an essential part of the customer experience. But creating this personalized experience isn’t easy since customers increasingly interact with brands across multiple channels and devices.

Today, marketers rely on CRM tools that interpret personal data such as age, gender, location, etc. to create a personalized experience. Adding AI to the equation, however, brings another level of personalization that can only be achieved with the real-time capabilities of machine learning.

For example, AI applications consider more dynamic variables such as buyer behavior, values (e.g., Does this the customer often buy from the same brands? Are they vegetarian?), and context (e.g., Has this customer been on our website before? What other websites have they have been on lately?).

AI can improve the process of personalization by helping to create a unique and intuitive experience for each customer.

AI’s Impact on B2B Personalization in the Real World

As the world’s largest shipping container company, Maersk offers customers a a multitude of services. Personalization is a key factor—not only when it comes to providing the best customer experience, but also for expanding Maersk’s opportunity for sales growth.

In 2017, Maersk implemented Marketing Cloud Einstein, an AI-powered application created by Salesforce.

“With Salesforce, we can help account managers pick the right value propositions for the right customers, which makes our business more relevant and more competitive,” said Shereen Elzarkani, Vice President and Global Head of Sales at Maersk Line.

Within weeks, they saw a massive increase in customer engagement and email open and click-through rates.

“With Marketing Cloud, we can segment and target customers better, which means we can create more personalized journeys,” said Louisa Cort Andersson Loran, Vice President and Global Head of Marketing at Maersk. “We can also, test and publish content more easily.”

Key Takeaway

AI has huge potential to expand the boundaries of what it means to understand our customers. With this nuanced insight, B2B marketers will be able to build smarter, more intuitive, and more efficient marketing strategies.