At ABK Corp, we prioritize the health and well-being of our employees, customers and suppliers. We understand all the concerns and uncertainties that are being generated due to the rapid growth of the coronavirus cases (COVID-19) in our region and worldwide, and we are committed to continue providing an excellent service to our customers, even under those circumstances.
Considering that the safety and health of all of us is our top priority, following government and health agencies recommendations, starting today, we will be providing assistance only by email and phone.
Please contact us at +1 (407) 898-1757 or at the email info@abkcorp.com for more information.
As always, the health, safety and well-being of our customers, our associates and our communities is of paramount concern. We continue to monitor this quickly evolving situation and are here to assist our customers as needed.
Thank you for understanding.
ABK Corp Team
]]>As a leader, one of your most important roles is to inspire and motivate your team members. It's like being a coach: We won't likely become as smooth as the legendary John Wooden, former head basketball coach at UCLA, but we can study the greats and try to become more like them.
As a leader, you have to get better at calling the plays. You also need to be a mentor and instill life lessons to your young players. But, being a leader means being self-aware, admitting your shortcomings and, in this case, making leadership mistakes that are making it harder for your team to get things done.
It can be tough to realize that you may be making it harder for your team to complete tasks. Here are just nine examples of having the boss making it harder for the team to get stuff done.
What's the top reason why we aren't as productive as we would like to be? From my experience as a leader, it's the struggle with time management.
I know what you're thinking, though: Why is an employee's time management problems your problem? If an individual can't spend their time wisely, what's it to do with you? Well,as my colleague John Hall explains, "it's your responsibility to give your team a helping hand when this issue arises for them." How can you assist your team members with their time management problems?
For starters, make sure that they're spending their time on priorities. One way you can find out what their preferences are is by discussing what their goals are. "Ideally, these should be daily, weekly, monthly, and annual goals that align with your organization's mission," suggests Hall. "Not only will this give purpose and meaning to everyone's work, but it also ensures that you and your employees are working on the right things at the appropriate time."
After you have made that discovery, Hall recommends that you also:
Trend #1: Main Street businesses will have a renaissance. Laura Goldberg, Chief Revenue Officer for Kabbage.
“Driven with the desire to take (much-needed) breaks from technologies, many are turning to older traditions to do timeless tasks. There’s no model or algorithm that can replace your pipes, cut your hair, or guarantee tulips for your daughter’s winter wedding. Strong relationships—and even more, personalization—are key in business and paramount in customer service. Local small businesses will see a renaissance in the future, both because of technology and despite its hype.”
Trend #2: There will be Less Reliance on the Large Tech Players for Growth. Ben Gold, President at QuickBridge.
E-commerce-based small businesses will start to shift focus away from trying to align with pure growth tech players and forge their own way with the help of smaller partners who offer more control over branding, customer relationships, and fulfillment. Increased government regulation of tech giants like Amazon and Google will facilitate this return to more independent distribution among smaller e-commerce players looking to gain competitive advantage.
Trend #3: Marketers Will Rely Less on Data and More on Great Storytelling. Cory Treffiletti, Global Head of Demand Gen, Webex.com and Cisco Collaboration
The past 10 years have seen the pendulum shift heavily towards the use of data for targeting and audience segmentation, however many promises of the data-driven marketer have not been realized. Smaller businesses are more strapped for budgets and as a result will spend less on data driven tactics. They will spend more of their time and resources against the development of stories that resonate with the audience and therefore self-select the people who will respond.
Trend #4: Side Hustles will Become Real Businesses. Laura Goldberg, Chief Revenue Officer for Kabbage.
“Side hustles are only going to become more prominent in younger generations, starting as early as the teenage years. Since today’s entry-level go-getters aren’t as mesmerized by an office job, it makes sense — and challenges household brands to shift their mentalities. In the future, we’ll see a greater number of side hustles navigating the nuances of becoming a bonafide business, from filing their articles of incorporation to applying for working capital. Technology is drastically reducing the friction to start and build a business, and as a result, we’ll see more folks take the plunge into entrepreneurship.”
Trend #5: Increased Value Placed on Sustainability vs. Pure Growth. Ben Gold, President at QuickBridge.
“In contrast to the rapid growth and over-inflated valuations commonly seen over the last decade, small businesses and startups will shift to valuing profitability and sustainability over pure growth acquisition plays in the 2020s. This will be in part because of increased government scrutiny of these ‘unicorns,’ and these companies themselves value correcting and breaking apart. The result will be an increase in entrepreneurship and power going back into the hands of the small business owner.”
Trend #6: AI Will Automate Mundane Tasks, Paving The Way For More Innovation. Cory Treffiletti, Global Head of Demand Gen, Webex.com and Cisco Collaboration
“AI is weaving itself into everyday life, and as it enters the small business landscape, business owners are finding ways to automate simple tasks like meeting notes, calendar scheduling, follow ups, etc. As AI begins to take these simple tasks off the plate of the small business owner, more of their time and day can be focused on collaborating and developing ideas that push business forward. This kind of innovation is a better use of time and creates new revenue streams, higher margins and a better overall business landscape.”
Trend #7: Small Business Will Go Cashless, Relying on Digital Payment Methods. Cory Treffiletti, Global Head of Demand Gen, Webex.com and Cisco Collaboration
“More small businesses are going direct to consumers and selling online. Even those with a physical storefront are finding that digital payment methods are commonplace, so they will possibly go cashless, no longer needing to maintain cash on-hand and deal with the day-in and day-out burden of managing physical currency. Digital eco-systems for payment and management are more affordable and definitely more convenient.”
SOURCE FORBES- Kimberly Whitler published on February 14 2020.
]]>When people interested in business see the word “unicorn,” companies like Uber, Airbnb and SpaceX come to mind. Those brands are constantly in the news, and their valuations are astronomical. But for every flashy unicorn startup that becomes a household name, there are dozens more that stay relatively unknown to people outside their industries.
To better understand how people think about billion-dollar companies, McGuffin Creative Group surveyed 4,000 people to determine which unicorns had the highest and lowest brand awareness. Generally, it found that companies with higher valuations had higher brand awareness, but there were some exceptions to that rule. Juul Labs, for example, has a $50 billion valuation and 36 percent brand awareness.
But among the brands that scored less than 10 percent awareness, there were some interesting takeaways. People who live in big cities, for example, are likely to know more about Sweetgreen and Bird Rides than the average American. Beauty junkies will likely be surprised how few people knew about Pat McGrath Labs. Here’s a breakdown of the lowest performers from the study.
And what brands performed the best? Reddit, Airbnb and Buzzfeed were the top three companies on the list. Each has a brand awareness of more than 70 percent. See the below graphic for more information on the brands that outshone their competitors.
SOURCE ENTREPRENEUR - Jessica Thomas published on February 13 2020.
According to a 2019 Northwestern Mutual survey, only 10% of respondents were confident that they had enough money saved for retirement. Despite this lack of confidence, 41% said they hadn’t taken any steps to address their savings concerns.
Planning for retirement isn’t the most straightforward process, but these 10 steps are a great place to start:
To build an accurate retirement plan, determine how much you have in the bank. Calculate your total net worth by subtracting what you owe (e.g., debt, mortgage and credit card balances) from what you own (e.g., cash, retirement accounts and assets). You’ll want to have a clear picture of your financial status before you chart your retirement journey.
According to Investopedia, a majority of people believe that their annual spending during retirement will be 70% to 80% of their past expenditures. However, you must also factor in expected (and unexpected) expenses that may occur. You might decide you want to travel or buy a new car, for example. Make a list of all your planned costs so you can build those expenditures into your budget.
Tax projections help inform how to allocate your existing cash flow so you can minimize taxes today and during retirement. Whether it’s bunching charitable contributions using a donor-advised fund or making partial Roth conversions, the years leading up to retirement are optimal for maximizing your tax planning. In addition, business owners may find they can accelerate or delay certain income and expenses to stay below net investment income tax thresholds.
The decade before retirement is crucial because it’s the best time to manage current and future taxes. If a large portion of your nest egg resides in IRA accounts, for example, you’ll have significant required minimum distributions subject to income taxes that eat away at your hard-earned savings. With partial Roth conversions, however, you can take money out of your IRA, pay taxes on it right away and have a tax-free income source. You can even convert smaller amounts over time instead of paying the taxes all at once.
Every year, the IRS determines the maximum contribution limits for IRAs and 401(k)s. In 2020, the maximum contribution for 401(k)s will be $19,500 and $26,000 if you’re 50 or older. The annual contribution limit for Roth and traditional IRAs, , on the other hand, will be $6,000 if you’re under the age of 50 and $7,000 if you’re 50 or older. You should take advantage of these new, higher limits that allow you to put more money into your retirement accounts retirement accounts and reap higher rewards later—especially if your employer matches contributions.
In 2016, the median debt of households headed by someone 65 or older was more than twice the total it was in 2001. To avoid debt hanging over your head during retirement, begin paying it off now. Start with high-interest debt, like credit card balances, personal loans or mortgages. But don’t use a lump-sum withdrawal from your retirement accounts to pay it off—the taxes you’ll pay will likely be higher than any interest savings.
Instead of only budgeting for retirement, consider a spending plan. A spending plan allows you to set aside funds for luxuries such as travel or shopping. Envision your dream retirement as well as what it will cost. Then, you can set aside the amount you’ll need to fund your dream. Without a spending plan—or any retirement plan—you are far more likely to run out of money as the years pass.
It’s almost inevitable that you’ll have to pay healthcare expenses during your retirement. According to Fidelity Investments, the average 65-year-old couple will spend about $11,000 on healthcare in the first year of retirement. To avoid those out-of-pocket costs, pick a healthcare plan that offers you the best benefits. Medicare kicks in at age 65, but it often doesn’t cover everything. Also consider utilizing a health savings account, which provides unique tax breaks and makes covering healthcare costs in retirement easier.
It’s never been easier to find information on retirement planning and investing, but it’s also never been more difficult to find reliable and unbiased information. Luckily, some resources can help. If you learn best by reading, check out a content aggregator like Abnormal Returns. It’s an excellent way to sort through the thousands of finance-related blog posts published every day. If you’re not much of a reader, a reputable retirement podcast allows you to gather information while you drive, exercise or cook. These resources will help you stay up to date on issues that may affect your retirement plan.
Perhaps the most important step you can take before your retirement is meeting with a financial advisor. An advisor can help you with the above steps and other potentially complicated or stressful retirement elements. Ultimately, an advisor can ease your burden and assuage your worries, ensuring you have the best plan to live out your dream retirement. Even if you already have an advisor, you owe it to yourself to meet with him or her regularly to discuss your plans.
Planning for retirement is critical—especially in the decade leading up to it. Follow these steps to put a strategy in place that allows you to embrace your pending retirement rather than dread it.
SOURCE FORBES- Peter Lazaroff published on Febuary 06 2020.
]]>The struggles of first-time leaders are both real and widespread. New leaders are thrown into the deep end to sink or swim. They either figure out how to become a successful leader or fail and retreat disillusioned back to individual contributors and unlikely to step up to a leadership role again.
How often do you see high-performing individuals promoted into leadership roles? The skills that enabled an individual to perform at a high level are rarely the same ones that will support them as an influential leader. When people choose to step into a leadership role, they are more likely to bring the right attitude and behaviors that breed success.
Stepping into a leadership role is one of the most courageous decisions in one’s career. In today’s digital world, a new kind of leader is required. A leader that consistently leads others by supporting people and the organization to grow intentionally through pursuing goals that stretch their skills, collaborating and fostering interdependence, opening doors of opportunity for others, and a commitment and passion for becoming better leaders.
In an episode of Masters of Scale podcast, LinkedIn founder Reid Hoffman shared, every leader has to create a drumbeat for their company. The leader supports their people to define how they follow and act in the day to day business.
Customers expect good service, but what if you wow them with exceptional service, going above and beyond what they expect? This white-glove service will keep customers coming back and make them shameless fans for life who’ll recommend you to more clients.
To create "Wow" moments, you need to make customers feel like the most important people in your world. Let them know you’ll bend over backward to make their day better. It’s all about the overall customer experience — and the details in between.
Think about the last time you experienced a "Wow" moment at a business, one where you were really impressed. You probably did a lot more business there and told your friends and business associates about it, too.
The following are five ways you can "Wow" every customer by going beyond expectations and providing the additional value they don’t expect, at no additional cost.
Doing what you say you’ll do becomes easy when you’re dedicated enough to build systems around "Wow" moments. When your goal is to impress customers, you look for ways to go the extra mile every time. The key is to get your entire team onboard to ensure that they all follow up and meet their deadlines so details don’t fall between the cracks.
Giving customers more than they expect can also come in the form of a free gift or more help and support. Everyone loves to get exceptional value. Even little things can create special WOW moments. Everyone loves to feel appreciated!
Face it, mistakes and problems happen. However, if you don’t know how to handle them, they’ll hit your customer satisfaction, retention and business success hard.
Nightmare customer service is rampant in the marketplace. We’ve all experienced it. In fact, we’ve encountered so much poor service, we tend to take it for granted at times. That’s crazy! Why give money to a company that doesn’t care?
Some of the biggest customer-service mistakes include over-promising and under-delivering, hiring the wrong people, not empowering and training your team, giving customer policy more importance than customers, and not asking customers for feedback. Don’t make these mistakes at your business!
To gain respect from your customers, you need to earn it. Everyone within your organization must be on top of their game at all times to improve the customer experience. That includes accepting responsibility for your mistakes. Customers prefer businesses that own up to their mistakes and take the necessary steps to correct them.
In fact, customer relationships often get even stronger when a problem is handled well. To continually improve, look for feedback. Survey your customers on a regular basis, and reward them for taking the survey. After all, the feedback supports you and the decisions you make. Customers want to help you improve if you respect their time and value their opinions.
Getting customer feedback helps you gain a better understanding of your market and the competition. Customers are a great source of information, and they can help you, even more, when you ask the right questions. For example, ask “What can we do to serve you better?” Or ask the same question in more detail: “Tell us about the favorite experience you’ve had with us.” Instead of “How is our team doing?” ask “Who on our team made your customer experience special?” or “How did our team create an exceptional experience for you?”
You can get customers who are a nightmare to deal with because they lack respect for your value. When this happens, you need to know when to let them walk away. You may even have to fire a client, which is a difficult decision since your business depends on the income from that client.
Most business owners find it difficult to let bad customers or clients go. They fear the loss of income or suffer from feelings of failure. A business owner might try to stick it out with a bad client, hoping things will get better. But they rarely do. You need to know when to walk away from these types of people. Don’t let your business be held hostage by bad customers or clients.
Gone are the days of offline trade shows where people can see, feel, and experience your products, or hear tales of their wonders from passionate salespeople. Today, wholesalers, manufacturers, and even smaller suppliers that traditionally sold on business-to-consumer (B2C) platforms are increasingly joining business-to-business (B2B) e-commerce platforms like Alibaba to get leads and connect with buyers.
In case you’re unfamiliar, Alibaba.com is a global B2B marketplace with a growing online footprint in the U.S. The e-commerce platform brings buyers and sellers together, making it easy for sellers to showcase products, get leads, and make more sales.
Since sales now start and end online, that means your e-commerce product pages need to both serve as an advertisement for your products and help build trust in your company as a potential buyer’s business partner in the long run.
Here are nine smart ways any entrepreneur can improve their product pages to convert more B2B sales.
B2B purchases tend to take longer than B2C purchases because there are multiple decision makers, and more money that has to be signed off on. So, your product listing page needs to convey all the information that multiple stakeholders may want to see in order to give their stamp of approval on the purchase.
If you don’t list all the information you can and answer potential questions upfront, you risk creating a longer sales cycle due to questions going up and down the chain and back to you. Another risk is that buyers assume your business doesn’t offer what they’re looking for and continuing to search for a seller that does.
Take the time to add every detail on product features, pictures, sizes, materials, and general capabilities of your company.
Optimizing your listed product name for search engines should be a top priority. Think like your ideal buyer: What would they type into the search bar in order to find your product? Try to include as much of this information in the title as possible.
Include highly searched terms like materials, ingredients or methods used to produce your product. For example, a B2C customer may search for “protein powder,” but a business buyer looking to produce their own protein powder is likely much more educated on the subject and will run far more targeted searches. Listing your protein powder as “US-produced, grass-fed whey isolate – private label available” can help get you more targeted leads.
This is B2B 101, but we still see it happen. Including the minimum amount of units a buyer needs to purchase to qualify for an order is just as important as price.
In addition, if you have price drops based on the volume ordered, include this on the page. These price drops can help you upsell the buyer and convince them to purchase a larger quantity without even needing to speak to them.
Many buyers are entrepreneurs who want to create their own product or product line for the first time, while others simply want to find products to resell. For this reason, it’s important to quickly indicate if any customization is possible on the items you’re selling.
Some sellers on B2B marketplaces like Alibaba.com have the ability to fully customize a new product—some can do light customization like adding logos, colors, or small deviations to the product, while distributors might exclusively sell products as-is with no customization available. Indicate what your company is capable of doing so you attract the right type of buyers.
Based on site research and in-person interviews, we’ve found that business buyers don’t just browse the products listed on your online storefront. They also will download the entire catalog your company offers. This helps them understand your full range of capabilities, which is useful for many buyers who don’t want to ask questions back and forth—if they can see a few products that look like what they want, you’re both already one step closer to a sale.
Business buyers don’t just use images and product videos to inspire them to make a purchase, they use them to examine the product they’re buying in detail.
You can help push their decision to buy from you by including multiple images from multiple angles with the highest definition and photo quality possible. Buyers are also interested in seeing pictures of where the product is manufactured to see what the conditions are like and start to get an indication of scale.
The first time a business buyer places an order, it may be a small one to test their market. However, every owner dreams of having a product explode in popularity. That’s why it’s important to include information that shows your full production capability.
Include information about the capacity of your manufacturing facility or the size of your distribution business. This helps a buyer understand whether they can grow their business with you, or if they will just be placing smaller orders.
B2B customers typically aren’t looking for a one-and-done order. They are investing precious time, money, and resources into the supplier they choose to make their goods.
These customers want to see what your business is like and start to trust your company and its employees before they even speak to you for the first time. This can be accomplished by including pictures of your company, employees, even your community.
Don’t be a nameless, faceless company selling on the web. Give potential business customers a virtual tour of company and the opportunity to meet the people that will be supplying their products.
Your market and its customers are constantly changing. The best way to respond to this is by testing parts of your page to see if it affects performance.
A great place to start is the listing’s name. Play around with keywords and send your page some traffic. Give it a week or two to see how your clicks and leads change and continue perfecting from there.
SOURCE ENTREPRENEUR - Published on January 27 2020.
]]>“We charge 50 cents for water because we filter it five times,” the waiter said. That’s ridiculous, I replied. The waiter agreed -- in fact, he said, he’d been trying to talk the restaurant's owner out of this policy for a while now. But the owner wouldn’t budge because he’d invested in some fancy filtration system.
I was irritated, but I wasn’t going to buy a costlier drink simply to avoid the small fee. “Fine,” I said. “I’ll take the water.” When the check came, the waiter didn’t charge me the 50 cents after all. It was his small act of rebellion, and I showed appreciation in my tip.
Afterward, I thought about why this experience was so frustrating. The economic logic was clear: The restaurant owner had paid up front for an expensive machine, and it provided a fine service to his customers. Also, water isn’t actually free. It’s a scarce resource in some parts of the world. But still, I was an unhappy customer. Why?
Then I realized: My expectations weren’t met.
As entrepreneurs, we are all in the expectations business. Sometimes we need to only meet expectations -- a McDonald’s customer, for example, wants their burger to be exactly like their previous burger. Other times, we must exceed expectations -- like, say, a burger upstart trying to steal a McDonald’s customer’s loyalty. But inevitably, we’ll also challenge consumers’ expectations. We must change something in a way they don’t expect, or do something differently than they’re used to. Maybe we’re forced to add a fee to cover our costs, or eliminate something beloved.
When that happens, we must keep a formula in mind: The new value we offer must be greater than what they expected. Or to be simpler about it: value > expectations. We must say, “You wanted X, but I’m giving you Y -- and here’s why it’s better.” And our customer has to believe it.
Here’s one of my favorite examples of this. Back in 2003, the craft brewery Dogfish Head created a delicious new IPA. The beer was a runaway hit and on track to become 80 percent of all company sales. That was huge! But founder Sam Calagione was concerned because he knew IPAs wouldn’t be super-popular forever. If he let his company become defined by this one IPA -- if that was the beer everyone knew him for -- then when tastes inevitably changed, he’d be seen as an old brand. So he capped sales of his best-selling product. Many bars, restaurants, and consumers simply couldn’t get it.
Talk about challenging expectations! People called Dogfish just to yell at whoever picked up. But Calagione turned his staff into what he calls a “beer education force”; they explained that the limited supply of IPA meant that everything was very fresh, and then showcased their many other styles of beer. People’s expectations weren’t met, but Calagione understood that their real expectation wasn’t the IPA anyway. It was bigger than that. They expected good beer. So he’d shift them away from a smaller expectation and deliver on the bigger one.
It worked. Dogfish became known as a beer innovator, and last year it sold for $300 million.
Now consider that restaurant in Miami. I was also presented with a trade-off: I’d have to pay for water, but that water would be finely filtered. And yet, because I already expect water in a restaurant to be safe, that didn’t strike me as a fair trade-off. The restaurant forgot what business it’s in. It’s not the water business. It’s the expectations business.
When we break it down this way, change becomes easier to manage. We can’t just explain a change. Instead, we need to actively define people’s expectations. We need customers to feel like we’re giving, not taking. We’re adding value, not trying to extract it. We have to show customers that, yes, the individual product or service might change, but they can expect that we’re always looking out for them. They can expect to be taken care of.
SOURCE - ENTREPRENEUR JASON FEIFER - Published on January 14, 2020
]]>Investments in female-founded startups are higher than ever.
This Cyber Monday set all kinds of sales records, including one that has become something of an annual tradition: Monday was Amazon's biggest shopping day in the company's history.
Despite all the chaos that seems to come out of Washington on a daily basis, the reality is that the economy is good, and the country is at peace. We are living during times in which college graduates aren’t just looking to land with a company and stay there for their entire career. Rather, many of them look to start their own companies. Indeed, the spirit of entrepreneurship is alive and well.
There are numerous reasons why business owners should be thankful in 2019. Here are a few:
In many places, your economic status is determined at birth, and it can be very difficult to rise above it. That is not the case in the United States, a country with a great education system and opportunities to advance. The U.S. embraces independence and entrepreneurship. Small business owners work hard, but they also frequently have flexibility in what hours they want to work and the direction they want their companies to go.
Further, American business owners benefit from the advice, expertise, and funding available through the Small Business Administration (SBA), what I consider to be the most effective federal agency. Since 1953, the SBA has worked to ignite change and spark action so small businesses can confidently start, grow, expand, or recover. For more than six decades, it has helped small entrepreneurs pursue the American dream. The SBA is the only cabinet-level agency fully dedicated to small business and serves as the nation’s primary go-to resource and voice for small business owner.
While some presidential candidates seem to delight in taking swipes at capitalism, it is, in fact, an economic system that enables companies – whether publicly traded or privately held – to produce goods and services based on supply and demand of the marketplace. The best and most efficient companies generate the most profit and are the most successful. Conversely, less successful companies either sell or fold. There is an inherent risk involved in starting a business. However, the rewards can be great. Many of America’s top corporations started as small businesses, and often they have been founded by immigrants or their children.
Firms would not be able to thrive without the availability of capital. Entrepreneurs have many options for start-up money, including personal savings, investment money from family and friends, traditional bank business loans, SBA-backed business loans, startup grants, and crowdfunding.
Think of all the options that small businesses have because of technology. E-commerce capabilities enable even home-based businesses to service clients across the country and the globe. Social media offers the opportunity to promote businesses in cost efficient ways. You do not have to have a multi-million dollar ad campaign to spread the word about your company. Services, such as Wix.com and Go Daddy, help firms establish professional looking websites, and social media including Facebook, YouTube, Instagram and Twitter, enable entrepreneurs to generate buzz and grow their firms. Logistical advances enable the delivery of products often overnight. Thus, a small company based in Connecticut to attract and service clients in California, Colorado or Canada. Technology has also helped streamline the loan application process for companies looking for funding -- whether it is applying for a business loan on a bank webstie or setting up a GoFundMe page for a black- owned vegan restaurant.
Since Donald Trump took office, he fulfilled his promises of cutting taxes and reducing government bureaucracy, and the formula seems have worked because the U.S. economy is in a historic expansion and is as strong as it has ever been. Regulations are less stringent than they were under the Obama Administration, and Trump proudly boasts on whitehouse.gov that “We are now reducing the size, scope, and cost of Federal regulations for the first time in decades, and we are already seeing the incredible results.”
President Trump believes that he has led “historic deregulation efforts to roll back red tape that burdened Americans and stifled economic growth” and claims that under his leadership, the Administration has cut 8 and a half regulations for every new rule. The White House says that deregulatory efforts during the past three years have help businesses cut costs by nearly $50 billion. The president hopes to improve upon this success by extending regulatory reform to State and local levels.
With interest rates near zero, aspiring entrepreneurs and the founders of growing small businesses today are able to secure funding at a reasonable cost of capital. The Federal Reserve has initiated several interest rate cuts, while holding inflation at bay. This has been great news for borrowers, particularly since business loans often are at adjustable rate.
Big banks are approving loans at a higher percentage rate (28%) than ever before in the post-Great Recession era, according to the most recent Biz2Credit Small Business Lending Index (October figures). Meanwhile, small banks are approving more than half of the funding requests they receive, in part because of the availability of government-backed SBA loans, which mitigate lender risk. SBA backing encourages its lending partners to provide financing to borrowers who might not qualify for traditional bank loans. Institutional lenders have entered the small business lending marketplace in search of high yields. They, too, are willing to provide capital at reasonable rates and are approving about two-thirds of the loan applications they receive, according to the Biz2Credit Index.
There are other reasons why these have been halcyon days for small business owners. We have an educated workforce, thriving consumer demand, and a spirit of entrepreneurship that sets the standard for the rest of the world. Ours is a country that celebrates the entrepreneurial spirit, and in the right economic environment, it makes for boom times.
SOURCE Forbes - Rohit Arora published on November 272019.
]]>Just Say No
You’ve been asked to organize the annual office holiday party. Although you know you’ll be looked upon favorably by management, you dread the thought of organizing an event. It’s time to put your health and well-being first and say no. It is sometimes assumed that by saying no you are being rude. This couldn’t be further from the truth. Sometimes it’s all in the way you say something. When you decline to organize the party, give a name of a coworker that has volunteered to organize the party instead. This way you are saying no, but also giving an alternative. Granted, you could just straight up say “no,” without any explanation or options. How that is received depends on company culture and to whom you say it. But in the end, the most important thing is to put your mental health first.
People in a lower-middle income bracket ($30,000 to $50,000) report the greatest increase in stress during the holidays - 53 percent - than those with higher and lower incomes. Many people pick up extra hours or work a job on the side in order to fund the holidays. But what are you really working towards? Consider whether putting in that extra time really equals a better holiday season. Many find that by the time the holidays roll around, they are exhausted. Some families have started a “one gift only” rule. Each family member draws a name and then gets a gift within a predetermined dollar amount. People really don’t need more stuff. Step away from materialism and spend time together instead. That is what really creates lasting holiday memories.
Some find that along with making more money comes “lifestyle inflation.” You may find yourself spending more money than usual to keep up with what you think people with comparable incomes spend and have. Keep in mind that everyone has different limits on what they will spend, regardless of income. People who really care about you don’t care about what you have — they care more about who you are as a person.
Don’t rely on your holiday bonus to “make everything better.” When you take the perspective that your holidays will be better once you get your holiday bonus, you are bound to be disappointed. Some find that the holiday bonus that they were promised never arrives. The concept of “I will be happy when....” is a surefire way to get stuck in a rut. Instead, find joy in the present moment. It may be a challenge to do so at first, but with time you may find yourself drawn to what is going well in your life instead of focusing on what you don’t have. This doesn’t mean that you shouldn’t feel angry or upset sometimes — you have every right to have those feelings. It’s what you do with those feelings that counts. Do you try to work through those feelings, or do you find that you tend to get stuck in them? Focus on the present by practicing mindfulness. You’ll find that just by staying in the present moment, you gain so much more from your interactions.
It’s okay to not be okay. If you feel overwhelmed, admitting it to yourself is the first step. It’s when you realize that you are overwhelmed that you can take the first step towards feeling like yourself again. Seek counseling to talk with a neutral third-party about your concerns. Sometimes taking a step back and seeing things through someone else’s eyes helps you come up with solutions you might not have seen before. If you’re feeling stressed out, don’t take on new assignments. You may be concerned that it will reflect poorly on you, but your health is the most important thing. If you aren’t healthy, you can’t fulfill the other roles in your life to the fullest. Check if your company offers an employee assistance program. If you need to take time off to just re calibrate, that is perfectly okay.
SOURCE Forbes - Stephanie Sarkis published on November 20 2019.
]]>1. Optimize your website.
To maximize your business, you need to have an online presence. Can people find you on the Internet? Can potential clients contact you readily? Do prospects have a sense of the quality of your work?
Make sure that your website is SEO-friendly, which refers to search engine optimization. When your website is optimized for search engines, people can more easily find you online. Think about the names or words you want people to associate with you and your business. Let’s say you are a freelance high school chemistry tutor. Make sure your website appears when someone might search online with words like ‘”chemistry,” “tutor,” “science,” “teaching,” “learning support,” “high school” or “college prep.”
Make sure people can easily contact you. You might have a webpage titled “Contact” and include your email address and phone number or an option to submit a message. It does not help you if people are interested in hiring you but are unable to make contact.
Also, include testimonials. Include on your website brief content from past clients who can speak to the quality of your work. Recommendations go a long way.
2. Reach out to past clients.
Repeat business is easier to come by than new business. While the probability of selling to an existing customer is 60-70 percent, the probability of selling to a new prospect is 5-20 percent. Also, repeat business brings in more cash. Past customers spend 33 percent more than new customers. It pays to focus on past clients.
Past clients can also help you to get new clients. Let your past clients know that you are available for additional work so that they can refer you as opportunities arise. Do not assume people will think of you, even if your work is stellar. The key to obtaining more business is consistently staying top of mind. It is your responsibility to remind people of your abilities and availability.
3. Give a workshop for the local chamber of commerce or community working space.
Provide some in-person content to wet people’s appetites. Give people a preview of who you are and what you have to offer. If you are a financial planner, you might talk about the markets and the economy. If you are a medical professional, discuss the new trends and techniques in your specialty. If you are a website developer, talk about the importance of SEO and the elements that go into having an online website. Give people enough content for them to think of you and want to hire you for your skills.
4. Publish on LinkedIn.
Start writing. Share your knowledge with people. You don’t have to publish on a major platform. You have the means to start publishing now. Use LinkedIn’s publishing platform.
Promote your knowledge through writing. This is particularly important for women who tend to promote themselves less than men, including on LinkedIn.
5. Hold yourself out as an expert to reporters.
When reporters are writing, they will consider sources or experts to include in their story. Subscribe to HARO (Help A Reporter Out), an e-mail that looks for sources for journalists. Studies show that more men than women are used as sources in articles. Pu yourself out there to let journalists know that you exist and the knowledge you hold. People who read the articles will now know who you are to be able to consider you for services.
6. Be active in professional associations.
Get to know other professionals in your area. They may have tips on other ways to secure business. They also may provide referrals if they are unavailable or the work is not in their wheelhouse. Colleagues are not competition. Your peers can help you.
There are many ways to try and secure more business, and sometimes you need reminders of ways that can be overlooked. Optimize your online presence, utilize your business relationships, be a source for articles and engage with professional associations.
SOURCE Forbes - Avery Blank published on November 1, 2019.
]]>Companies are starting to pay the price for poor customer service. When American businesses fail to live up to consumers’s high expectations, it costs them $1.6 trillion each year, according to Accenture. People have long expressed a need to be valued and treated well by the companies they patronize, but now they’re backing up that desire with their wallets. Gartner has found that nearly 90 percent of businesses are competing on the quality of their customer service these days. How, then, are so many of them still doing it wrong?
Some enterprises are finding that part of the problem is that consumer desires are occasionally at odds with one another. People have understandable frustrations with automated customer-service platforms, but they also want their questions addressed at all hours of the day and night. They want airlines to be transparent about the cause of delays -- but not to learn that everyone on the plane is being kept waiting so first class won’t be deprived of a hot meal.
Although it can be difficult for businesses to square every demand, companies that prioritize customer experience, or CX, are seeing the fruits of their labor. One big reason Amazon’s control of the e-commerce market continues to grow annually is the customer-first service principles outlined by CEO Jeff Bezos.
Here are four ways you can use those ideas to deliver the CX more consumers are coming to expect.
Customer expectations have changed with the times, and advances in technology have been central to that shift. Customers are used to Google answering their questions in the blink of an eye. Now, Forrester has found, more than half of online shoppers in the U.S. say they’ll ditch a purchase if their questions aren’t quickly answered. But it’s not always possible to have a human agent available and waiting on the other end. That’s where chatbots come in.
More than half of consumers recently surveyed by Usabilla said they would use a chatbot rather than a human to save time. Thanks to recent developments in AI and machine learning, some chatbots can now analyze emotions and user intent, making for some impressively non-awkward conversations. Best of all, they can provide answers any time, day or night -- regardless of a customer’s time zone.