Business.com |
- Workplace Burnout Now a Syndrome, According to WHO
- QuickBooks' Next-Day Payment Can Help SMB Cash Flow
- How to Prepare for a Career Fair
- 5 Ways QR Codes Can Facilitate Business Growth
- Business Insurance Coverage You Should Have (But Might Not)
| Workplace Burnout Now a Syndrome, According to WHO Posted: 29 May 2019 11:49 AM PDT 
A longtime problem in workplaces around the world received international attention earlier this week, as the World Health Organization (WHO) announced it would be updating its definition of "burnout" to align with other syndromes. Revealed as part of the latest version of its International Classification of Diseases (ICD-11), the WHO defined burnout as an "occupational phenomenon" tied to "chronic workplace stress that has not been successfully managed." Employee burnout has long been considered a major issue for employers and employees alike, but it hadn't been recognized by the WHO until the release of ICD-10, which wasn't used by the international community until 1994. Burnout risk factors and causesIn its announcement yesterday, the WHO said burnout can be determined through three symptoms: "feelings of energy depletion or exhaustion; increased mental distance from one's job, or feelings of negativism or cynicism related to one's job; and reduced professional efficacy." The organization specifies that burnout strictly deals with workplace stress, does not apply to other aspects of a person's life and is not a medical diagnosis. According to the Mayo Clinic, burnout is "emotional exhaustion" that can come from a variety of factors, including a lack of control at work, unclear expectations, dysfunctional work environments, lack of social support and a poor work-life balance. It reports that you will be more susceptible to burnout if you "identify so strongly with work that you lack balance between your work life and your personal life; have a high workload, including overtime work; try to be everything to everyone; work in a helping profession, such as health care; feel you have little or no control over your work; or think your job is monotonous." Dealing with burnoutOne of the biggest challenges when dealing with burnout is that there are no evidence-based guidelines for how to treat it. While everyone deals with stress differently, burnout can lead to more serious conditions if left unchecked, including physical exhaustion, insomnia, substance abuse and heart disease. While the WHO says workplace burnout is not an actual medical condition, the Mayo Clinic offers multiple techniques to help you manage stress at work:
Other coping strategies you can use to manage stress and combat burnout include setting goals for yourself and disconnecting from devices and social media. |
| QuickBooks' Next-Day Payment Can Help SMB Cash Flow Posted: 29 May 2019 09:00 AM PDT  Cash flow can be a major hurdle for any sized business, but small businesses may be suffering the most. From processing invoices to waiting for funds to transfer to actually receiving the money in your account, getting paid has become a complicated process. And that's without the threat of clients or partners delaying their payment on invoices for sometimes as long as 30 days. Expenses can mount as a business owner scrambles to move through this process. In The State of Small Business Cash Flow, QuickBooks found that 69% of small business owners surveyed have been "kept up at night by concerns about cash flow." Editor's note: Looking for information on accounting software? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need: "Cash flow is one of the bigger pain points for these businesses," said Rishav Chopra, head of business operations and revenue optimization for global payments at Inuit, Quickbooks' parent company. Our "customers are looking to pay their contracts and pay their employees, and they're stretched as well." QuickBooks wants to be an omnichannel tool for the small business owner, and the company is prioritizing the research and development of new technology to address challenges faced by small business owners. Based on its cash flow study, QuickBooks has developed next-day payment features for ACH payments through its platform. Next-day payments will mean that small business owners won't have to wait the standard three to five business days for a payment to process, which can have a huge impact on cash flow as expenses mount. As QuickBooks' study found, this can be a tool that's useful for many small businesses. [Interested in accounting software for your small business? Check out our best picks and reviews.] Nearly 31% of SMB owners estimate it takes more than 30 days to get paidHaving to wait almost a month for payment is only the beginning of cash flow problems in small business, according to QuickBooks' study. It also found that 61% of businesses regularly struggle with cash flow, and nearly a third have been unable to either pay vendors, loans, themselves or employees. When cash flow becomes an issue, employees can often suffer. Thirty-two percent of small business owners have paid their employees late when not at risk of being able to pay their employees by payday. Creating a cash flow solution means building in features so that business owners can get the money they need as quickly as possible. "It was more about the change in the mindset that really helped us based on the study we did on cash flow around how we can help those businesses be more successful," Chopra said. The State of Small Business Cash Flow was an initial step by QuickBooks to better understand the needs of small business owners. What resulted is a useful tool to combat cash flow issues among small business. Next-day ACH payments and how QuickBooks can helpNext-day payments mean small businesses owners can get their money way faster than traditional methods. QuickBooks processes $37 billion in payments every year. By adding next-day ACH payments to its arsenal, it is becoming a leader in B2B payments. "With the addition of Next Day Payments for credit card and ACH, we are giving small businesses and the self-employed a powerful suite of payments tools that allows them to get paid both fast and affordably," said Rania Succar, business leader for QuickBooks Payments and Capital, in a statement. Next-day payments provide business owners with the opportunity to get started on projects faster, pay workers on time and manage their businesses more effectively. If, for example, you operate on a payment structure of 50% upfront and 50% due at the end of a project, you'll be able to use that first payment for materials, overhead costs and labor costs almost immediately. Of course, this new feature is only relevant to your business if QuickBooks is processing invoices for you. As of right now, QuickBooks is one of the only major payments solution providers offering next-day funding. The future of small business paymentAs technology develops, banking and lending are two areas where new solutions are emerging to meet small business needs. MasterCard is a major solutions provider that is investing in the future of SMB payments. Its startup program, Start Path, has nurtured countless startups with big banking and loan ideas for the small business space. While B2B technology was once overlooked compared to its B2C counterpart, companies like QuickBooks and programs like Start Path are forging ahead to push the industry discussion forward. Bottom lineCash flow is a big issue for small business, and companies like QuickBooks are striving to find an answer for it. If you're not using QuickBooks or another Intuit product for your business, it's important to learn more about how your business can benefit and if next-day payments are ideal for your business. Small business banking and loans is an area that's expected to expand rapidly in the coming years. If you're running a small business and your cash flow needs aren't being met, a solution will likely emerge as more companies scramble to meet small business needs. |
| How to Prepare for a Career Fair Posted: 29 May 2019 07:25 AM PDT 
When you're searching for a job, a career fair can be a doorway to many opportunities. Also known as a job fair, career fairs are professional events that connect job seekers with employers, recruiters and hiring managers. Being in front of so many organizations at one time can be an extremely valuable experience for job seekers. Although online job fairs are becoming more common, career fairs are typically held in person, at educational facilities like college campuses. These events target graduating students and are primarily for entry-level job recruitment. They are the perfect way for job seekers to connect with future employers, learn about available positions and gain in-person experience. With so much on the line, it is critical to take these events seriously. That's why proper preparation is a must before attending a career fair. You want to prepare the necessary information and materials and educate yourself on what to expect (and what not to expect) so you can stand out from your competition. 1. Understand what employers and recruiters are looking for.Although your motivation for attending a career fair is to land a job, it is important to understand what employers are looking for and expecting to get out of the event. Most employers at a career fair are looking to fill entry-level positions, which means they likely won't expect you to have a resume full of experience and lengthy work history. Instead of focusing only on your work history, it is important to be yourself and emphasize your soft skills, as most employers are looking for workers who are a good culture fit and have values that match their company. Chris Chancey, founder and CEO of Amplio Recruiting, said a combination of relevant skills and experience is important, but not as much as cultural fit and soft skills. "Skills are teachable, but attitude, personality, and soft skills are inbuilt and can make a world of a difference between candidates," Chancey told Business News Daily. "The candidates that stand out the most for me are not only confident but also have an inquisitive mind, strong communication skills and a positive attitude – all qualities that great employers look for." 2. Manage your expectations.Keep reasonable expectations for what will happen during and after the event. Since every recruiter is unique, companies may have different procedures for how they interact with you. You may be expected to take part in a short screening, an in-depth interview or something in the middle. Keep in mind that a quick interview doesn't mean a recruiter is uninterested. Just like you are trying to maximize your time at a career fair, recruiters want to make the most of theirs and see multiple candidates. If a recruiter wants to conduct a full interview or asks you to come back later for one, they are typically looking to hire immediately. However, regardless of how interested a company may seem, you should not expect a job offer at a career fair. "While some companies have on-the-spot recruitment, do not expect that all companies will do this," said Chancey. "[Don't] fail to follow up with an otherwise great company that only collected your resume and did not offer a job." Managing your expectations of what a recruiter wants from you is important too. James Westhoff, director of career services at Husson University's Center for Student Success, said to not be upset or alarmed if a recruiter doesn't take your resume. "Many times, organizations will not take resumes because they don't want more material to carry – don't be put off by this," he said. "The advantage of a career fair is that you can get some face time with a company representative who can tell you more about the organization." 3. Research each prospective company.Learn ahead of time which employers are going to be at the career fair. Pinpoint which companies you want to target and begin researching them. Employers expect you to come to a career fair with at least a basic knowledge of who they are and what they do. The more research you can gather, the better. "With the availability of websites, social media profiles, video content and employee review sites, there is no excuse for not finding out about a company's mission, vision, values, culture, management and current projects," said Chancey. Look for what need or issue the employer faces and what problems your skills can help solve. Consider using LinkedIn to learn about who you will be speaking with directly and mention a shared connection or interest during your interview. Connecting with a recruiter on a personal level can help them to remember you. 4. Prepare your interview materials.What you bring to a career fair can help you through the interview process and leave a big impression on recruiters, which is why you should never show up empty-handed. First and foremost, prepare and print various versions of your resume, tailored to each company you want to speak with. You can get creative with your additional materials, but make sure each one serves a purpose. "If possible, go with a list of references and any certificates you may need to support your resume," Chancey said. "It is very impressive when an applicant comes with a portfolio of their work, and even more interesting when it is in the form of a quick video, slideshow or website." Chancey said it's also important to prepare a one-minute elevator pitch that allows you to quickly market yourself, your strengths and your skills. Practice this pitch until you can confidently present it with ease. You also want to prepare answers to potential interview questions, so you are not caught off guard if a recruiter expects an in-depth interview. "If you get an interview at a career fair, you'll need to be ready to demonstrate what you know about the company, discuss why you're interested in working for them, and list your individual strengths and weaknesses," said Westhoff. "Be ready to cite examples and share stories with the interviewer about your work experience. These stories should highlight your strengths and the unique attributes you can bring to their organization." Bring a list of employment history and transcripts for reference, and a pad and pen for taking notes. Westhoff also recommended creating unique business cards that include your contact information, career goals and skills. Present your materials in a professional-looking padfolio. 5. Create a list of questions and talking points.The interview process is a two-way street. Just as recruiters are interviewing you, you are interviewing them. You can do this by asking questions and covering specific talking points. "Engage each company and ask really good questions," said Westhoff. "You want to make sure this organization will be a good fit for you as well." Being inquisitive also lets a recruiter know you are interested in their company and how it operates. Create a list of potential questions you can use to spark a conversation. Avoid basic questions that make you appear unprepared, like "what does your organization do?" Instead, focus on questions that you cannot find the answers to online. Here are some examples:
6. Dress to impress.On the day of the career fair, dress up. A general guideline is to dress for the job you want to get; however, it is always better to be overdressed than underdressed. Leave your sweatshirts, flashy clothing, flip-flops, shorts and casual wear at home. Westhoff recommends all career fair attendees play it safe and wear business attire. He said men should wear a business suit and women should wear a professional-looking dress or pantsuit. Shoes should be polished, and hair (including facial hair) should be nicely groomed. Use fragrances sparingly, and cover all tattoos. If you have the option, bring a stain removal pen or a spare set of clothing, just in case something unexpected happens. 7. Create a plan of action.Career fairs can be busy, fast-paced and overwhelming. Instead of aimlessly wandering around booths in hopes of speaking with them all, you should make a list ranking your high-priority to low-priority companies and develop a plan of action. Get a layout of the employers' booths in advance so you know where each one is. Consider speaking with one or two of your low-priority companies first for practice, and then interview with your high-priority companies. Speaking with top-priority employers early on can be beneficial because they are more likely to be receptive, as opposed to later in the day. If you are a well-qualified candidate, they may use you as a bar to measure other candidates. Speaking with them early on also guarantees that you won't run out of time and miss them; however, with proper time management, you shouldn't miss any targets on your list. Chancey said managing your time properly will help you to see more companies and gain more from the career fair. "In as much as you might be excited about a particular company, do not spend an excessive amount of time in one booth," he said. "You stand to gain more from a job fair when you give an equal amount of effort and time to companies you are most interested in." When developing your plan of action, go it alone. Westhoff said you should avoid going with a group of friends and visiting companies together. Make your own individual impression and talk to firms one-on-one. This will help you stand out. 8. Plan a follow-up strategy.Following up with a recruiter is a key element to landing a job after a career fair. Send a brief thank-you note reiterating your interest in the organization and anything unique you may have spoken about. Even if an organization does not have any open positions that match your skills and experience, it is important to build your professional connections and follow up with each recruiter you spoke to. This networking will help you foster professional relationships that may come in handy in the future. "In the end, job fairs are what you make of them," said Chancey. "They can offer wonderful opportunities to meet with prospective employers and, more importantly, connect with key hiring decision-makers who are a crucial resource for young professionals looking to catapult their careers. Preparation is key to getting the most out of a career fair." |
| 5 Ways QR Codes Can Facilitate Business Growth Posted: 29 May 2019 07:00 AM PDT  However, before being able to leverage the pull potential of this QR code technology, it is necessary to ascertain the possibilities and benefits of including this approach into the scheme of things. Why QR code is the need of the hour?To embrace faster and newer technologies, businesses are moving toward unchartered waters. Moreover, they understand that, at present, a majority of prospects are well-connected to the global landscape via mobiles, tablets and other gadgets. As every piece of information is available at the blink of an eye, it is appropriate that a technology like the QR code is introduced for making every necessary detail available to the customer, regardless of the size and spread of the business. Quick Response Codes or QR codes serve the purpose of relevance by encrypting compact insights which can be transferred across devices without hassles. Instead of writing expansive pieces, businesses can easily integrate a separate redirecting address via the concerned QR code which typically finds a place in billboards, magazines and even web pages. It wouldn't be wrong to presume that QR codes promote engagement and improve the levels of interaction by helping businesses express themselves better and without taking up a lot of space. For a business to offer reliable and fast interactive solutions to customers, a QR code generator with logo comes across as an indispensable tool. While it isn't always necessary to engrave logos with QR codes, having this aspect addressed can be beneficial to building your company's brand identity. Here are some the best ways QR codes can help businesses transform their fortunes: 1. Redirecting customers to a specific website or landing pageAdding website links after conversations isn't an aesthetic or a rewarding idea anymore. Instead, businesses that wish to be different offer QR codes which can then be scanned redirecting users to a specific address. However, additional care must be administered while matching the website URL with the specific code. 2. Sending across emailsEmails have become commonplace and boring in marketing, but QR codes can bring back some lost charm by helping companies get mobile and innovative regarding their utilitarian nature. First, you don't need to ask for email addresses to send out newsletters. The QR code is sufficient. That said, it would then be easier to monitor email marketing data and even the performance rates of the emails you do send, including the bounce and open rates. The best thing, however, would be the fact that a customer or rather a lead can access the email directly from his or her mobile phone, after scanning the code. 3. Helping clients download applicationsScanning the QR code allows businesses to push their applications. Businesses can take creative liberties to transform the QR codes in the best possible manner, precisely for strengthening the brand identity. Be it a business discussion or visitors coming across the landing page of the website, the QR code is more like a mysterious addition and works better for making the concerned user or users download and install an application. 4. Making the business location availableAdding contact information to a specific website isn't something businesses can rely on anymore. Instead, QR codes should be the way to go even if a visitor is looking to get hold of the business address, to visit the company location. The best thing about this approach is the technology can save a lot of manual efforts to redirect users directly to a specific location. 5. Enhancing the ecommerce positioningQR codes are best positioned for improving the ecommerce-specific landscape for a business. Companies, therefore, can use these codes as a part of a marketing strategy and to push forward a specific call to action. Moreover, shopping or grabbing offers via these QR codes is a good way to market massive discounts. QR code impactWhile each of the mentioned strategies can be challenging, they can help you increase your chances of getting noticed. Businesses must take additional care when it comes to generating customized and business-specific QR codes using logos. QR codes are professional marketing tools that offer the desired set of results only if the proper date and location metrics are added to the code generating process, to improve the functionality of the existing promotional marketing campaigns. |
| Business Insurance Coverage You Should Have (But Might Not) Posted: 29 May 2019 05:16 AM PDT  If you're a small business owner, your business is your lifeblood and deserves all the protection it can get. You need to look further than mandatory workers' compensation and general liability to make sure you are covered for every possible scenario, and avoid skimping on optional coverage. We spoke to business owners and insurance and legal professionals to see what important policies many business owners should have but don't. General liabilityIf you own a business, this should be your first step in insurance. It protects you from a variety of claims, including bodily injury, property damage and personal injury. General liability coverage is typically combined with a business owners policy (BOP), which includes property and liability coverage. Workers' compensationLike general liability, a workers' compensation insurance policy generally comes with the territory of owning a business. Workers' comp covers medical expenses, a portion of lost wages, rehabilitation and death benefits should an employee get injured or become ill on the job. Regulations vary from state to state, and employees are required to follow them. Editor's note: Need a workers' comp insurance policy for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. Auto and home insurance ridersDo you use your personal car and/or home for business purposes? If so, your regular insurance policy for these assets may not fully protect you. Dan Klaras, president of Assurance insurance agency, said that if you don't own a separate commercial vehicle, you should get hired and non-owned auto liability insurance. This covers any claims against your business for incidents that occur while you or your employees are driving your car during a workday. Tina Willis, Florida accident and injury lawyer at Tina Willis Law, added that many businesses do not have high enough policy limits to provide adequate coverage. "Any business that uses automobiles as part of their business needs a high enough policy to avoid having their business assets and income at risk after a serious accident," she said. "$1 million in liability and auto coverage is common – most cases will not exceed $1 million in damages." Additionally, homeowners insurance is not designed to provide business coverage, so Klaras advises home-based business owners to speak with an agent about adding endorsements or riders to their insurance policy to cover their business activities. [Related: 5 Websites for Comparing Small Business Insurance Quotes] Business interruption insuranceFires, floods, building collapse, theft – any of these situations could make you have to temporarily shut down your business and consequently lose income. "Anytime you have a loss of income [as a small business], a couple of months could put you out of business," Klaras said. Business interruption insurance will compensate you for some or all of the money you lose from not being fully operational. The Insurance Information Institute provides more information about whether or not your company needs this type of insurance coverage. Credit insuranceIf your business sells goods or services on credit, you open yourself up to the risk that the buyer won't come through with the money. Credit insurance provides coverage for a variety of losses related to bad debt situations, Klaras said. Depending on your policy, credit insurance may cover all or part of your accounts receivable and help with your customer credit management or debt collection. CyberinsuranceAccording to research by the Ponemon Institute, more than 40% of U.S. companies have experienced a data breach in the last year – and 27% didn't have a data breach response plan or team in place. Klaras advises all business owners to look into cyberinsurance to protect sensitive employee, client and financial information in the event of a data breach. "If a small business has a website, it has exposure [and] needs to have this coverage," Klaras told Business News Daily. "Cybercriminals are focused on small businesses for the simple reason that they know network security is much less sophisticated. It's easier to get in and get the information. In having [cyber] coverage, you're getting ... the best practices to keep a cyber breach from happening, and that value alone is important." Employment practices liabilityEmployers are required by law to have certain types of insurance to cover their employees, but what about protection for your business if an employee sues? Because of the close-knit culture of most small businesses, Klaras said that many owners see their employees as friends and don't believe they'd ever sue. However, should a disgruntled worker take you to court for an issue like wrongful termination or sexual harassment, you could lose a significant amount of money, even if you're not guilty. Employment practices liability insurance (EPLI) ensures that your business won't go bankrupt defending itself if an employee files a claim. Errors and omissions insuranceMost small business owners don't think it will ever happen to them, but lawsuits can and do frequently occur when business disputes need to be settled. Errors and omissions (E&O) insurance, also known as professional liability insurance, protects your business and reputation in the event that a client or customer files a lawsuit, Klaras said. This is most important for service-based businesses and fills in some of the gaps in general liability coverage. Some states require such insurance for certain professions, such as medical doctors. Hunter Hoffmann, head of U.S. communications at small business insurer Hiscox, agreed that professional liability insurance is a key consideration for any business owner. "Professional liability insurance protects you and your employees if you're sued for errors or negligence," he said. "Even if you've done nothing wrong, the costs to defend against a lawsuit can be significant for a small business, and insurance provides for both legal representation and payment of any judgment made against you." According to the 2015 Hiscox DNA of an Entrepreneur Report, less than half of small businesses carried professional liability insurance at that time. Product recallAs a business owner, you have a certain responsibility to the people who purchase your products. Ted Devine, CEO of small business insurance provider Insureon, said that U.S. laws have evolved in recent years to favor consumers by applying a "strict liability" doctrine. This means that anyone – vendor, distributor, manufacturer, etc. – involved in the sale of a product that causes injury or illness when it is used correctly can be held legally and financially responsible for those damages. While product liability itself is often covered within a general liability policy (though Devine advises double-checking to make sure), you're not covered if you need to undergo the expensive, time-consuming and potentially reputation-damaging process of a recall. To help you with this, product recall insurance may be available as a rider to your general liability policy. "Product recall insurance ... can cover the cost of recalling products, including getting them off the shelves, destroying them, and running a PR or advertising campaign to rebuild public trust," Devine said. Inland marineDon't let the name fool you – this coverage has nothing to do with water. The Insurance Information Institute defines inland marine insurance as insurance that "covers products, materials and equipment when transported over land – e.g., via truck or train – or while temporarily warehoused by a third party." Collisions and cargo theft are the two most common reported losses under inland marine insurance. For most businesses, your coverage under your BOP or commercial package policy (CPP) will be enough. However, if you frequently ship high-value products like computers, construction equipment or medical equipment over land, inland marine insurance might be necessary. Disaster insuranceIf you live in an area that's at high risk for floods, tornadoes, earthquakes or any other type of natural disaster, you should absolutely have insurance for it. "If you think these coverages are too expensive, you need to rethink your business model," said Cate Steane, founder of Make It Happen Preparedness Services. "When the insurance premiums are high, it means the covered event is likely to occur and losses are likely to be catastrophic." Steane also recommends storing videos of your office space, financial records and other important files in the cloud rather than relying on a physical space (or personal property) to avoid the records being destroyed. Pre-disaster videos of your space will help your insurance claim move more smoothly. Key person insuranceKey person insurance is exactly what it sounds like – life insurance on a person whose absence or loss would mean the failure of the company. Matt Ross, co-owner and COO of The Slumber Yard, said he purchased key person insurance for his co-founder when they founded their business, because "he's the face of the company and the business would be in a world of hurt if something happened to him." Key person insurance works by a company purchasing a life insurance policy on its key employee(s) and paying the premiums on that policy. If the key person dies unexpectedly, the company will receive the insurance payoff to keep the company afloat in the aftermath of the death or to cover costs involved in closing the business down. Business overhead expenseBusiness overhead expense insurance is similar to key person insurance in that it protects a critical member of your company – the business owner. "In small businesses where the owner is likely responsible for much of the day-to-day, an extended absence can have a catastrophic effect on the balance sheet," said Raymer Malone, owner of High Income Protection Insurance Agency. Business overhead expense insurance is a basic disability policy that covers business expenses such as rent, salaries and utilities if the owner becomes unable to work due to illness or injury. Does your company really need these policies?Every company has different insurance needs, depending on the industry, location and nature of the business. While the above-named policies are recommended, they may or may not be right for your business. Be sure to consult with your insurance agent frequently to assess your risks and ensure that your business is getting all the protection it needs. "Set up a regular timeframe to meet with your agent and update him or her on your business and any changes [that have occurred] to make sure you're adding the coverage you need," Klaras said. "Do your research ... and make sure you're covered," Hoffmann added. "The costs can be very reasonable, and insurance provides the protection you need to make sure somebody else doesn't get in the way of your path to success." For more insurance basics, visit Business News Daily's guide. Additional reporting by Nicole Fallon. Some source interviews were conducted for a previous version of this article. |
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