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4 Signs You Need to Hire a Social Media Manager

Posted: 04 Mar 2019 08:00 AM PST

Before we can understand the signs that you need to hire a social media manager, we need to talk about their role in the marketing space. Essentially, a media manager is someone that keeps a company's social media account up to date and keeps tabs on emerging social trends. They are able to do this by posting new, relevant content to your audience, by managing your social media campaigns, and being your social presence online if there is a customer who wants to praise your business, has questions, or had a bad experience.

But when should you hire a social media manager? We are going to look at some of the top signs you need to rethink your marketing strategy and get a manager for all of your social accounts.

Editor's note: Need a social media manager for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.

 

You're Not Social Media Savvy

In order to be successful at something, you must understand it. Social media is no exception to this rule. If you want to be a proficient marketer you must understand the platforms your audience use, why they use that platform, and how you can connect with them on their network of choice.

For example, if you're not aware that there is a 242 percent difference, according to OptinMonster, between the the open rate of sending a marketing message on Facebook versus traditional email, perhaps it's time to put someone in charge of your social media platforms that get paid to understand issues such as this. Once they are on board, they can implement a seamless chatbot to help customers communicate their concerns and market your product to your audience!

You're Already Stretched Thin

Being a business owner requires a ton of time and work. As your business grows there's a good chance you won't have the time to manage all of your social media plugins and accounts. In many cases, this is something suited for someone on a more full-time basis. If you're already putting in 40+ hours a week, you can't spend an additional 30 hours per week on your social media pages.

Hiring someone to take care of your social accounts full-time can help you in a number of ways. Facebook Messenger has a "very responsive to messages" badge for businesses that handle at least 90 percent of their messages in 15 minutes or less. Every second counts. If you're still not ready for automation chat bots you're going to need someone that will be there to address customer concerns and deal with their issue in real time.

You're Not Hitting Targets

Part of your marketing plan is to figure out how many people you want to convert, how many new followers you want to gain, and how you're going to advance your campaigns. Through all of this, you may discover that you're not reaching all the targets you had hoped to hit.

It might be time to pull in a social media manager to help you with at least one aspect of your goals. They can work on the new followers and growing the social media marketing arm of your campaign. This will free you up to pour more resources into other marketing outlets in order to achieve your desired results through analytic research.

You're Doing Social Media Work Last

Everyone has a strict schedule they follow every single day. If you find that day after day you're more worried about getting better plugins for your site, how your email marketing campaign is doing, and how your next product brainstorming session is going to turn out, maybe you're not just interested in that aspect of the business.

Luckily, a social media manager can change that for you They can take the burden of managing your social accounts off your shoulders, freeing you up to think about the things you seem to prioritize.

Conclusion

You've finally decided that you can benefit from a social media manager. You're probably wondering what traits you should look for when it comes time to hire.

Pick someone who is organized, is experienced (with evidence/references), loves researching, and understands the importance of analytics. Once you've found someone who meets these criteria and hire them, you can step back and manage your business as an owner instead of a social media marketer, and sometimes, that makes all the difference. Now you'll be able to build a website with social proof and have a knowledgeable media expert at your side. 

 

Going on a Working Holiday? Here's How to Stay Productive

Posted: 04 Mar 2019 07:00 AM PST

If the idea of a working vacation makes you feel stressed before you've even left, don't worry. There's a lot you can do to make sure you get some real work done without losing valuable time to rest.

Here are 10 tips to help you stay productive if you're going on a working vacation.

Plan Ahead

Since you'll be working on your vacation, you need to plan in times that you can get things done. It's harder to do this once you're already on location. Do it before you go so you can focus on balancing your time more easily while you're there.

Define Your Working Goals Upfront

Expressly write down what you want to accomplish while you're on vacation. Don't leave that up to your daily expectations. If you plan reasonable goals ahead of time, you'll feel much better with what you accomplish each day. Without defining success ahead of time, you may feel dissatisfied with your progress and try to work longer than you intended to.

Take Long Breaks

This is your vacation, not a normal working week. Keep that in mind and plan extended periods of time that don't involve work. During these breaks, don't do anything work-related at all. You should have at least as many free days as working days during your vacation, and more than double as many free hours each day as working hours.

Change Your Working Scenery

The hotel's office space may be great, but uninspiring. Keep your working area flexible. Sit at a cafe by the water, relax in a restaurant with a gorgeous view, or find a co-working space near your getaway. A change in your working environment can help you gain some inspiration and give you fresh energy to accomplish what you need to.

Respect Your Limits

Set limits on how much you're going to work and when you'll be working, then respect those limits. Don't allow yourself to get caught up in your work and forget that you're supposed to be resting as well. If you don't find time to rest your mind and turn your attention away from work, you'll go back to your normal working hours without feeling refreshed. If this happens, you'll do nothing to combat burnout and may even lose productivity.

Know When to Sit It Out

You may have to make some sacrifices and trade-offs, but do it strategically. If you know you'll have a larger activity or trip coming up, sit out a smaller activity earlier on to get more work done. Do the work ahead of time so you don't have to think about it while you're spending time on a planned activity.

Work Early

Even if you're not a morning person, it's easier to get heavy work done in the morning than in the afternoon or evening while on vacation. Mornings are usually slower and have less going on around you. If you wake up before everyone else in your party, you can get a lot done before they're ready to do anything. You may choose to do a little extra work throughout the day, during a slow afternoon or later in the evening. Leave the light work for those times, such as answering emails or other administrative work. If a heavy task comes up in the afternoon or evening, leave it for the next morning. 

Always Plan a Backup

No matter where you're going, you need to prepare backups to make sure you can work. Your working vacation will be very unproductive if you have to waste time looking for internet access, finding backup power in an outage, or searching out a place where you can sit to work. Plan ahead to prepare for the worst and be ready for it to happen.

Don't Try to Multitask

Work time is for work and relaxation time is for relaxation. Don't overlap the two. If you try to mix work and rest on vacation, you're going to do poorly at both.

Stay in a Hotel That Sets You Up for Success

A lot of vacationers try to reduce travel expenses by choosing cheap lodging, especially if they expect to spend more time doing stuff and only a little time in the room itself.

For working holidays, this isn't a very good strategy. At the very least, you want a place you can feel safe leaving your work equipment. Hotels with good amenities, such as a working lounge, can also be affordable options that solve two problems at once. A cheap motel can ruin your vacation and kill your productivity. Moreover, staying in a cheap motel may leave a bad impression, especially if you're meeting new clients during the trip.

Stay at a place that helps you relax. Don't give yourself a reason to leave a bad review. Check complaints from reliable third party sources that show real customer feedback and not sponsored reviews that you will usually encounter in Yelp or Google.

Plan ahead to make the best of it. Set yourself up for a successful working vacation.

 

 

Is Your Company Bankable? How to Improve Your Chances of Being Approved for a Loan

Posted: 04 Mar 2019 05:00 AM PST

Over the years, I have received more than my share of denial letters from banks. I didn't understand. I was good with my money, so why wouldn't these banks let me borrow some of theirs?

Since those early days, I've learned a thing or two about how to take a business and make it appealing to banks. But before we dive too far into the nuts and bolts of the process, let's take a step back and look at what makes a business bankable.

Bankability 101

For small businesses, banks are not just interested in the company financials – they want to know about the people running the show too. If your finances are in order, but your personal accounts are out of line, the chances that your application will be approved plummet.

Banks are highly motivated to lend to people who have the right goals. Loans are not meant to rescue companies with deeper problems than cash flow, like product-market fit. Instead, they're best suited for businesses that need more immediate capital to grow. This situation is quite common: According to federal statistics, 59 percent of business owners applied for funding to expand their companies in 2017.

Believe it or not, banks will sometimes deny a loan to a company that's growing too fast. I've seen some financial institutions deny loans to businesses growing faster than 25 percent per year. Other banks refuse to lend to companies in certain industries, like restaurants and construction companies.

Even considering these other factors, cash and collateral are king when applying for loans. The higher those numbers, the higher your bankability. Banks typically consider the past three years of cash flow, which means fledgling companies have an even harder time getting loans. Financial institutions also look at current financial statements, tax returns and debts.

Designing your debt schedule

A debt schedule refers to all the debts a company possesses. Loans, leases and accounts payable all qualify as debts of some form. Short-term accounts payable typically don't make a debt schedule, which is more about long-term viability. A company with heavy debts and limited income or assets will struggle to convince a bank to add more weight to the debt side of the equation.

Maintaining an established debt schedule isn't difficult. I recommend a spreadsheet with one row for each loan and columns with the following information:

  • Creditor name
  • Owner of property/equipment
  • Original loan date
  • Term or maturity
  • Current fair market value
  • Present balance
  • Interest rate
  • Monthly payment
  • Collateral 

By adding up your monthly payments and dividing that sum by your cash flow, you get your debt-service coverage ratio. This is one of the most useful numbers you can calculate for your banker. Typically, banks want to see a minimum DSCR of 1.25, but you should shoot for 1.75 or 2 to be safe. A DSCR of 1.75 would mean that you have $1.75 in income for every dollar of debt.

Putting all of this together takes time, but once you have the wheels in motion, keeping them well-oiled is a simple task.

How to make your business bankable

You've figured out your debt schedule and optimized your operations. You have cash flow and collateral. Your company is growing and could use extra cash to make the most of an opportunity.

Congratulations! You're ready to apply for a loan. Follow these three tips to ensure you get the right one for your business:

1. Enter the meeting with up-to-date information. Boost your chances of success by providing your banker with recent, accurate information. Certain items, such as your debt schedule and DSCR, help you stand out as a prepared and professional businessperson.

Come into the meeting with three years' worth of tax returns (personal and business), financial statements (no more than 90 days old) and all relevant account information (e.g., account numbers and balances).

2. Re-evaluate your needs and choose a bank that specializes. Are you asking the right bank for your loan? If you need an SBA loan, go to a bank that specializes in those. If you own a construction company, find a bank that works in your industry.

Don't assume your loan will work out. The National Small Business Association discovered that 69 percent of small businesses got adequate financing in 2016, while the other 31 percent didn't qualify. Do the legwork to find a partner that can help you grow. Alternative financing options might help owners who are in unusual situations.

Editor's note: Looking for financing for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

3. Create an ongoing relationship. Don't just work with your banker – talk to them. You, as the business owner who needs to borrow, should get to know the person on the other side of the table.

Ask about the ratios the bank likes to see for numbers like DSCR. Connect at the beginning of each year to share your plans. If you have a bad year, it's not the end of the world. Keep the lines of communication open. Connect your CPA to your banker to improve clarity and avoid miscommunications. Remember, banks hate surprises.

You can have a relationship with more than one banker too. Larger companies should use at least two banks to separate their interests. As your operation grows, consider diversifying your financial relationships.

At first glance, the amount of information required to apply for a business loan can be daunting. But once you've put the information together the first time, it's much easier to keep your information organized and up to date for future applications.

Whether your business is just starting out or looking to expand, these tips will improve your odds of securing financing and help you build the business of your dreams.
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