Business.com

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• Spend Wisely: How to Get the Most Out of Your Business Credit Cards
• Report Examines SMB Challenges, Demographics and Tech Trends
• Want to Host Better Meetings? Follow These 9 Tips
• National Small Business Week: Getting Involved In Your Community
• 10 Companies That Totally Rock Customer Service on Social Media
• Facebook Beta-Tests Lead Gen, Appointment Booking for Messenger
• Time to Scale Your Business? 6 Tips to Ensuring a Smooth Process
• Distracted Workers Are Costing You Money
• Tips and Services to Help Your Office Go Paperless
• The Pros and Cons of In-house Versus Outsourced Software Development
• What is a Bill of Materials and Why You Need One
• How to Create an Effective Public Relations and Branding Strategy for Your Business

Spend Wisely: How to Get the Most Out of Your Business Credit Cards Posted: 07 May 2019 12:00 PM PDT Dun & Bradstreet's Small Business Health Index recently found that small businesses are surviving at higher rates in 2019. Those same businesses are using credit cards almost as frequently as similar-sized companies did before the recession. That could be a good thing, but card delinquency rates are at a seven-year high, indicating some business owners might be in over their heads. Dun & Bradstreet's research shows that business loan rates recently hit their highest point in over a decade. According to the Biz2Credit Small Business Lending Index, bank loan approval rates for small businesses dipped 0.2 percent in February 2019. Alternative lenders saw a smaller dip, as did credit unions. As traditional credit becomes more expensive (and as lenders tighten standards), credit cards make sense as an alternative solution. Find the Right Balance Credit cards offer plenty of advantages, but when used without respect, these beneficial tools can quickly turn into burdens. Just because a business makes its payments does not mean it uses credit cards wisely. Interest rates on cards tend to be extremely high when compared to other funding sources, which means companies that fail to pay in full usually pay more than they earn through the card. Businesses that turn to high-interest credit during hard times can dig their own graves by making a bad situation worse. That said, credit cards provide significant advantages for responsible borrowers. Cashback, interest-free periods, and 60-day floats all help growing companies take advantage of short windows of opportunity. To get the most from the perks without suffering the drawbacks, business owners should take the time to learn the ins and outs of business card financing. Editor's note: Looking for the right [category name] for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.   How Small Business Owners Can Borrow Responsibly Small and midsized business owners should consider the following tips when leveraging credit cards to finance their companies: 1. Don't pay interest. Credit cards help businesses by offering quick access to capital. Banks make a little money off exchange fees, but they make much more when customers get into a cycle of debt. Business owners should only use credit cards when they can do so without carrying a balance from month to month. This should be common personal finance wisdom, but many business owners get so involved with the growth of their companies that they fail to recognize bad habits until it's too late. Credit card interest rates fluctuate based on the credit market, unlike traditional loans, which means companies could easily negate future gains by paying higher fees — even if they think they're beating the market. Card owners should maintain constant vigilance to avoid turning a tool into an added expense. 2. Optimize card spending for benefits. Many business cards include benefits that traditional financing sources don't offer. These perks can range from discounts on travel or lodging to preferred pricing for services. Businesses should explore the market to see which cards offer the most relevant benefits. A business owner who travels infrequently but spends a lot on shipping should not get a card geared toward frequent flyers. Different cards offer perks for shipping, advertising, travel, and a host of other areas. As competition for business credit heats up, a few card companies have begun to allow businesses to design their own bonus categories. To avoid spending too much time optimizing card spending, business owners should find one or two cards that cover specific needs. 3. Watch for introductory offers and terms. Credit cards attract new users with all sorts of promises. Some advertise zero interest, while others entice applicants by offering thousands of points for new signups. All offers come with strings attached, so business owners should read the fine print carefully. Offers of miles or points, for instance, usually require businesses to meet a spending threshold within a limited time frame. Some offers require only a small amount of spending, such as $3,000, while others demand $20,000 or more. Low-interest promotions, meanwhile, might end abruptly when the promotional period ends. A business that floats thousands of dollars on a card could find itself facing a substantial bill after one year. Business owners should only pursue promotional offers when they know what they plan to do with the extra points or money during the grace period. Rates will continue to fluctuate, but small business owners should never put themselves in a position to worry about credit card interest. Banks offer lucrative promotional deals because some people who take the bait will give back much more in return. Only with careful and deliberate use of credit cards can small business owners avoid the pitfalls and keep their finances in the clear.

Report Examines SMB Challenges, Demographics and Tech Trends Posted: 07 May 2019 11:04 AM PDT Regardless of where you start your small business, there's a general feeling of optimism, but many challenges serve as a roadblock for new entrepreneurs, according to a newly released report by Salesforce. Released yesterday, Salesforce's Third Edition Small & Medium Business Trends Report surveyed more than 2,011 small and medium business owners in North America, Europe and Asia. Conducted between February 11 and March 7, 2019, Salesforce officials said the annual report explores "the challenges and goals of SMB executives, analyzes how demographics shape the SMB experience, and covers the role of technology in satisfying customer expectations." Back to the start Starting and operating a small business is an incredibly important part of most economies. In America, small business hiring made up nearly 62% of all new jobs from the first quarter of 1993 to the third quarter of 2016, according to the Small Business Administration's Office of Advocacy. On a global scale, the 2016 World Trade Report states that SMBs represent "more than 90% of the business population, 60% to 70% of employment, and 55% of GDP in developed economies." But why do people start their own businesses often at great personal and financial risk? According to Salesforce, the most common reason offered by entrepreneurs was to become their own boss (55%). Other reasons included the ability to create their own work schedule (36%) and that an opportunity simply presented itself (36%). Conversely, the biggest constraints that respondents said they experienced when trying to get their small business off the ground was the search for good talent (60%), money concerns (59%) and insufficient time (58%). Though money problems and insufficient time may be less of an issue for older entrepreneurs, Salesforce found that millennials and Gen Zers were 183% more likely to start a side business than their traditionalist and baby boomer counterparts. The younger generations were also 50% more likely to be passionate about a small business idea. Younger entrepreneurs may be more driven to get started on a business venture because of the hardships they faced working for others. According to the survey, both millennials and Gen Zers were 170% more likely to have experienced a hostile work environment, and 73% were more likely to have lacked advancement opportunities from their previous employers. Editor"s note: Looking for the right CRM software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs. buyerzone widget Current challenges and future hopes Running a small business comes with its own set of challenges and disadvantages. According to the Salesforce survey, small and medium business owners say cash flow remains the biggest concern for them. Approximately 53% of SMB owners said they felt they were at a competitive disadvantage against enterprises in their market when it came to meeting customer expectations over the next two years. Retail businesses, for example, point to the fact that the Amazons and Walmarts of the world are dominating customers' spending habits with lower prices. Other challenges for growth over the next two years included maintaining financial growth (68%), meeting customer experience expectations (58%), and hiring and retaining the right employees (55%). Even though respondents said they had concerns about their own growth, 78% said they were still optimistic about the future of their business. When asked how they see the near future going for their ventures, 60% of respondents said they planned to grow their business, while 36% said they aimed to stay at their current level. Only 4% said they planned to shrink their operations. Adopting tech New technologies are constantly making their way into the business world. How fast they spread, according to researchers, depends on a number of factors. Some of the barriers for adoption, respondents said, were budget constraints (68%), not enough usage to justify the cost (61%), and difficulty implementing and training employees on its use (59%). When it comes to spending money on new tech, 31% of respondents said customer relationship management systems were a top priority. Financial software was also a top priority (31%), as was hardware (28%). Business owners also reported looking to tech to attract new customers. Social media (46%) and email marketing (38%) were tops in this aspect, with campaign management also a major tech spend (22%). In business tech circles, one of the hottest topics is artificial intelligence (AI) and its potential use for small businesses. Even though 8% of SMBs reported using AI today, 32% said they planned to implement it in the future. Among the businesses already using AI, about 3% said they already use the tech to handle automated service chatbots, and another 25% said they planned to use it for that purpose. Lead prioritization and predictive audience marketing were also eyed as potential uses for AI. Automatic recommendations for customers and predictive sales forecasting were also seen as anticipated uses for AI.

Want to Host Better Meetings? Follow These 9 Tips Posted: 07 May 2019 10:00 AM PDT When your listeners don't participate, you're left not knowing what their needs are, or if they have questions. You aren't sure if they understand, let alone agree with your points. The bottom line is that you lack the influence needed to move people to act. As a result, you tend to continue talking without pauses so you can avoid the awkward silence. You may even talk faster to get through the meeting more quickly. You also might assume no one is speaking up because they agree and fully understand your message. When you host a meeting, you are fighting a battle of distraction and fatigue. Employees spend anywhere from one-third to half of their workday in meetings. Such meeting fatigue makes it challenging to get and keep everyone's attention. Add technological distractions such as smartphones and email, and the challenge is even greater.  You can host a productive meeting and influence others to act upon what you have to say by following these nine steps: 1. Set up the session. As you begin each meeting, explain to your listeners that you wish to honor their time and therefore will move through the material quickly. Share that you will stop to ask questions throughout to ensure they are receiving value from your time together. 2. Make your sentences short and concise. It's hard to follow someone who is vague or rambles when speaking. Make your points and set goals with clear statements that are brief and direct. Avoid using clichés and non-words that take away from your message. 3. Pause to let your message resonate. Some believe silence is awkward, but it is quite effective when used in conjunction with a strong point. Taking a moment to pause allows your listeners to think about what you just said. It gives them time to consider the points and any questions they may have. This also provides you a moment to take the pulse of your audience and ensure everyone's engagement by asking, "What questions do you have about…?" 4. Invite audience interaction. Ask questions that check for understanding, such as "What are your thoughts on…?" Pause and give them time to contemplate a response. These types of questions invite others to jump in and respond. 5. Connect with their eyes. When you're speaking, connect with your listeners' eyes. This ensures you've captured their attention and helps you gain a better sense of engagement. Eye contact also helps you read your listeners' reactions to what you are sharing, giving you an opportunity to adapt the message to better meet their expectations. 6. Hear what is not said. Avoid getting so wrapped up in your message that you fail to read your listeners' body language. In the moments you pause and make eye connection, evaluate expressions and body language. If they look confused, ask more questions. If they look bored or disengaged, adapt your message to hone in on the benefits for them. 7. Honor the clock. Nothing is more irritating and disrespectful than someone who runs over their allotted meeting time. If you've asked your participants for 30 minutes of their time, take 25. By honoring the clock, you show your attendees respect. 8. Do unto others... If you don't want people distracted by their phones, texting and emailing while you speak, then lead by example. When you attend meetings hosted by others, put your technology away. Give the host your undivided attention and truly tune into the conversation. People will respond in kind when you are front and center. 9. Influence doesn't end with the meeting. Consider these points for every daily interaction you have. Whether it's a high-stakes meeting or a hallway chat, these tips can work in your favor to help earn a reputation of consistency and credibility. When you practice these methods within every conversation, it becomes a part of your natural way of communicating. As a result, when high-stakes situations arise, you are cool under pressure, and your message is in sync with who you always are. This helps your listeners trust you and believe what you're telling them to be true. Commit to these strategies every day, in every interaction. They will soon become a natural part of your communication skills that invite others to engage. Only then will you have earned your listeners' trust and their willingness to act upon what you have to say.

National Small Business Week: Getting Involved In Your Community Posted: 07 May 2019 10:00 AM PDT May 5 to 11, 2019 is National Small Business Week (NSBW). Since 1963, the Small Business Administration (SBA) has sponsored this week, which recognizes and highlights the impact of small businesses across the country. Small businesses are an integral part of any community. As a business owner, you should consider getting involved in your local small business community, during National Small Business Week and throughout the year. Here are six ways to do it. 1. Offer free services or discounts To benefit your community and its organizations, you can offer free products and services to schools, libraries or nonprofit organizations, said Desiree Thomson, marketing executive at Gardening Services London. "That will help strengthen your public image and more people will learn about you," said Thomson. "Brand exposure should never be underestimated. Plus, it's a good way to give something back to your community." You can also offer special discounts for loyal clients via email rather than on social media, Thomson added. This will make your customers feel special and appreciated. For example, UPS recently announced special promotions and discounts to help small businesses. You can receive UPS Smart Pickup service at no cost. You can also save 25% off of ground shipping, 40% off air shipping and 50% off international shipping.  2. Run workshops for local small businesses Marcus Miller, SEO and digital marketing strategist at Bowler Hat, said that his company offers workshops that cover digital marketing subjects for local small businesses. Many people respond positively, saying their advice helps them understand where to spend their time, effort and money. "Sometimes this turns into business for us when there is someone we can help," said Miller. "Our entire focus is helping small businesses with their marketing, so we find if we do what we can to help, then the work we need comes to us." For example, the city of Oakland offers a variety of free workshops and events during this week. On Tuesday, May 7, the BRT Information Center will host a workshop on the Infomation Technology Tools for Your Business from 5:15 p.m. to 6:15 p.m. 3. Sponsor local events and charities In every town and city, there are sports teams, theater productions, parades and other community events that rely on donations from individuals and businesses in the area. Rob Rae, vice president of business development at Datto, said small business owners should consider banding together to sponsor one of these organizations. "Offering sponsorships for local groups or events is a great way to show support for the surrounding community," Rae said. "You can sponsor Little League teams, or support your employees who are involved in marathons, races, etc." You can also get involved with charity organizations, such as your local food bank or shelter, Rae said. Charitable efforts will get your name out to the local community and help a worthy cause. 4. Get a pulse on your local customer base If small businesses are the backbone of the economy, loyal customers are the backbone of a small business. A survey by Cox Business found that an overwhelming number of American consumers visit a local small or medium-sized business at least once a week, with slightly more than a quarter (27%) visiting those same stores at least twice a week on average. They do so because consumers enjoy the familiarity and loyalty of local businesses, and respondents also cited a greater level of trust and more competitive pricing than large businesses as reasons to shop small businesses. During NSBW, it's especially important to reach out to the customers who have helped make your business successful, said Allison Checchi, COO of Atom Tickets. "Giving consumers an opportunity to share positive stories about their favorite employee or most memorable experience helps grow and foster customer relationships, which are so crucial to long-term success as a business," Checchi said. "At the same time, it has the added benefit of increasing awareness of your business at the precise moment when people are paying so much attention to small businesses." 5. Join your local Chamber of Commerce If you want to get involved in your small business community in a big, tangible way, Rae recommended joining your local Chamber of Commerce. "Membership offers you an awesome opportunity to network with other small business owners, and will help you build recognition as a local expert in your field," Rae said. John Swanciger, CEO of Manta, agreed, and noted that getting involved in this type of organization can help you seek our partnerships with complementary businesses near you. Find a local chamber here, or learn more about joining the U.S. Chamber of Commerce's Small Business Nation. 6. Attend a National Small Business Week event All week, the Small Business Association (SBA) is hosting NSBW events in cities across the country. These panels, discussions and webinars cover a wide range of important small business topics, from how to start and grow a business to the business of agriculture. "Small Business Week is about creating opportunities … to drive conversations that arm local business owners with insights, tools and resources they need to power their business," Checchi said. "Local business owners should take advantage of these moments to network and gain knowledge." Each event will either be live-streamed from the SBA website, or can we watched on Facebook Live on the SBA Facebook page, so even if you're not in the area, you can still tune in and benefit from the expert insights. Visit the below links for scheduling and attendance information:   Check out the full list of events this week hosted by the Small Business Administration.  To learn more about participating in National Small Business Week, you can visit the SBA's landing page, or follow the Twitter hashtag #SmallBusinessWeek. Additional reporting by Jennifer Post and Sammi Caramela. Some source interviews were conducted for a previous version of this article.

10 Companies That Totally Rock Customer Service on Social Media Posted: 07 May 2019 09:55 AM PDT The way you interact with customers can truly make or break your business, whether it's in person or online. The internet has provided another outlet to build your brand – your logo, tagline, products, etc. – that customers can engage with. The increase in businesses' technological use has created a necessity for digital marketing. It has also provided a way for you to extend your customer support beyond a phone call. If you establish a social media presence, that will allow you to respond almost immediately to any customer questions or concerns. It's important to determine a social media strategy for how and when you will respond to customers, and what to do if you receive negative feedback. Your business's reputation rides heavily on how you interact with customers. Facebook pages and Twitter accounts can be a great place to not only share content, but to make a platform where your customers and readers can feel comfortable reaching out to you (whether what they have to say is good or bad), knowing that they'll get a response. Not sure where to start? These 10 companies do a great job of managing customer service on their social media accounts. Follow their lead, and you'll be rocking social media in no time. 1. Relevance To maintain your brand, you should keep your social media consistent. This way, customers can visit any social media platform and easily recognize your business. Since your customers use this channel to engage, it is crucial to post content that is relevant to them. On your social media channel, you can provide information relevant to customers, directing them to certain departments, staff members or webpages. Shutterstock Shutterstock does a great job of sharing engaging and relevant posts on Twitter – especially photography – but the stock image company's social media presence is more than just a feed of clickable content. Shutterstock's social media team makes it a point to interact with others who share relevant content, and it handles both negative and positive feedback quickly and with grace (and even a sense of humor when appropriate). Shutterstock also lets users know what department the company is sending their feedback to, so they know they're contributing to change. For example, in instances when users find mistakes in photos, Shutterstock's social media team responds and then passes the information on to the artists so the images can be fixed and resubmitted. The company has also been known to respond to users with amusing stock images, the way other Twitter users might share GIFs or memes. Editor's note: Looking for help with your business's social media management? Use the questionnaire below to have our vendor partners contact you with free information. social media widget 2. Social media monitoring Monitoring hashtags (#businessnewsdaily) and mentions (@BNDarticles), you can track how often customers talk about your business and engage online. You can also search for relevant keywords, which allows you to track customer responses that are not tagged. JetBlue JetBlue understands how important it is not only to engage with happy customers, but to quickly problem-solve and respond to customers who are dissatisfied with their service. Sure, it's easy to share good feedback on your page, but a few wrong moves can do serious damage. JetBlue makes it a point to respond not just to customers who @mention them, but to customers who talk about the brand in general but didn't tag it in the post. This means that the company's social media team is likely tracking and monitoring keywords and relevant hashtags as well, so they can find and respond to more customers – a key strategy that every company should be using. [Related: How to Use Social Media for Customer Service] 3. Responding to customer feedback Customers have the opportunity to tweet out their personal experiences with a company, leave a comment on Facebook or Instagram, and even send direct messages on any of the platforms. It's important to acknowledge every customer's feedback, whether it's positive or negative. You want to create an online community where customers feel valued and cared for. This is done by responding to the customer with information that either answers their questions and concerns or directs them to the person or place that can best serve them. Jay Baer, founder of Convince & Convert, reported that 42% of consumers expect a response within 60 minutes and 32% expect a response within 30 minutes. Responding as soon as possible will increase the chances of a positive customer experience. If a customer has a negative experience with a company, the word spreads quickly. A customer can post a bad review, recommend a competing company's products and services, and complain about the company on all social media platforms. So, it is crucial for you to respond in a respectful and timely manner. Another challenge that comes with customer feedback is knowing whether a concern should be addressed publicly or privately. Some companies tweet or comment back to customers, while others use direct messages (DMs) to get in contact. According to brand agency FreshSparks, you should determine which posts should be considered a public matter and which require a private reply. The private reply could take the form of a DM, a phone call or an email. When dealing with direct messages, you should respond to each one, even if it requires you to do some research or it's about how a customer now understands how to navigate your website. Even if your reply is as simple as "Thank you!" or "Glad we could help," it's important to keep your response rate high. T-Mobile T-Mobile is known for engaging with customers across its social media platforms, and for having a pleasant and personable social presence. A 2012 study by social media insights company Socialbakers showed that T-Mobile responded to 86% of the questions it received on social media (over 2,500) over a three-month period. This means that T-Mobile makes it a point to respond to the majority of the customer inquiries it receives. The mobile phone carrier is also known for taking advantage of its social media fan base when it comes to searching for new employees, taking T-Mobile's social presence far beyond simple customer service. Also, members of T-Mobile's social media team sign their Twitter replies with their names, letting customers know they're talking to a real person. Nike With more than 4 million followers on Twitter, to say Nike has a huge social following is an understatement. The company recognizes just how important customer service is, especially on social media, which is why it created a separate Twitter account just for responding to customer inquiries and issues: @NikeSupport. Nike Support is dedicated to all things customer service, making it easier for customers to reach out when they have a problem or question. Nike Support is very active and, like other companies with great social media customer service, quick to respond. If you look at the account's Twitter feed, you'll see replies every few minutes. This shows customers that they can trust Nike to provide them with the help they need when they need it. Spotify As one of the leading music streaming services, Spotify is tasked with providing top-notch customer care. According to Dan Gingiss, chief experience officer of Winning Customer Experience, Spotify is "really protective of tone of voice," which is something it monitors often. Anyone interested in working in social media customer service for Spotify "must submit to multiple writing tests and have high quality scores from their email work before being considered." Its Twitter support account, @SpotifyCares, has a timely response rate and updates its followers with information about common issues. It even has another account, @SpotifyStatus, that updates followers on the current status of Spotify. With these accounts, followers have multiple places to turn for assistance. Also a part of Spotify's customer care is what it calls its Random Acts of Kindness, which is when it surprises customers by sharing a song or playlist based on their individual music interests. Spotify aims to keep its customers happy, and what better way to do that than to share music they like? Xbox Xbox may be all about gaming, but the company doesn't play around when it comes to its social media strategy. In fact, Xbox (which also has a separate Twitter account for customer service purposes, @XboxSupport) holds the Guinness World Record for most responsive brand on social media – yes, that's a thing now. Xbox's Twitter team really knows what they're doing. In the account's "about" section, Xbox clearly lists the hours during which the team is available to respond so that users know when they're more likely to get an answer. With nearly 2 million tweets sent out to date, there's no question that this brand takes pride in its quick and efficient response times. But just because Xbox Support is efficient doesn't mean it's not fun too. The Twitter team knows how to be friendly and helpful in tandem. 4. Customer engagement Want more people talking about your business? Want to get more reviews? A great way to engage customers on social media is providing calls to actions, inviting them to provide feedback through online surveys, and even tweeting out discounts and promos. AirAsia Airlines are no stranger to customer complaints, so it may come as a surprise that AirAsia (and JetBlue) made this list. However, AirAsia's Facebook presence is outstanding, and the company goes the extra mile to reply to as many comments as it can – and, with close to 3 million likes, that's a lot to keep up with. AirAsia responds to customer inquiries with helpful links and advice, and it's always friendly and personable in its replies, whether it's the middle of the workday or the middle of the night. The company also runs a lot of fun promotions, like its Free Seats Challenge, which gives 12 winning customers a year's worth of free seats on flights. Seamless If you're not already following Seamless on Twitter, you should change that right away. The popular online food service company has one of the best social media strategies out there. Seamless' Twitter account is fun, amusing and foodie-friendly, sharing everything from mouthwatering food photography to hilarious food puns and memes. The company also frequently shares discount codes on its feed. Beyond that, Seamless has a stellar customer service strategy and is very quick to respond to complaints or website errors. Your lunch order is an hour late? Not to worry – tweeting at Seamless will almost always garner a response, and the company will help you figure out where your food is as soon as it can. Website down? The company's social media team lets all of Twitter know when it will be back up, or at least that they're working on it as fast as they can. If you have positive feedback to share, Seamless will also respond with a great sense of humor – it'll probably even follow you back. Starbucks Starbucks knows how to rock both Facebook and Twitter for customer service. The coffee giant is active and quick to respond to customer questions and complaints on its Facebook page, and it's engaging and fun with its customers on Twitter too. Starbucks knows when to bring the personality to its replies and when to hold back and be professional, showing customers that the brand is both personable and dynamic. Like Nike, Starbucks started a separate Twitter account called @MyStarbucksIdea as an additional way to engage with customers. This account, while less active than Starbucks' main Twitter account, is a place where customers can submit and discuss ideas to make Starbucks better. Whole Foods Whole Foods' Twitter presence is truly one to admire. The company shares everything from healthy recipes to relevant news stories, and it hosts Twitter chats too. Even with nearly 4 million followers, the company manages to respond to Twitter users in a fast, fun and friendly manner. Whole Foods also knows how to get its followers talking about the brand on social media – it frequently sends out calls to action, asking Twitter users interesting questions or encouraging them to share recipes or pictures. Additional reporting by Brittney Morgan.

Facebook Beta-Tests Lead Gen, Appointment Booking for Messenger Posted: 07 May 2019 09:38 AM PDT Facebook announced changes geared toward businesses at its 2019 F8 Conference. The social media company is beta-testing features for Facebook Messenger that are designed to help businesses generate leads and improve appointment booking. These changes illustrate Facebook's enhanced focus on small businesses, as the company recently announced other features designed to help SMBs. Currently, Businesses on Messenger lets consumers and businesses interact straight from the Messenger app. It can be used as a customer support option to help retain customers and answer their questions. It can also be an avenue to present products to customers, helping them narrow down the perfect product for them in the Marketplace. The platform allows businesses to accept payment right from Messenger. [Related: Facebook for Business: Everything You Need to Know] Here's what you need to know about the new features being beta-tested for Messenger. Lead generation with Facebook Messenger Facebook is implementing lead generation templates directly into Ads Manager. The ads can send customers to an automated message, which allows Facebook Messenger to handle the conversation with automated responses to decipher what product or service the customer wants. This can happen in just a handful of messages, making the process reasonably simple. For small businesses, this tool seems like a helpful asset. Small businesses strapped for time and resources will be able to use Facebook's technology to better generate leads without constantly monitoring the Messenger app or desktop version and responding to either spam accounts or soft leads. The automated conversations make it easier to generate and convert leads. The company included a detailed example on its announcement page of a clothing company using an ad that leads to an automated conversation. According to Facebook, General Motors used the feature to generate 3,000 leads over an eight-week span, and the company converted at a rate 30% higher than other digital marketing channels. Appointment booking with Facebook Messenger The other key feature Facebook announced was an improvement to appointment booking. The big news here is that the appointment-booking feature can integrate with a business's calendar system. This helps customers better understand what appointment times are truly available. If customers do this through Facebook, assuming the calendar is accurate, it can save companies time by reducing the number of phone calls to book appointments or time spent monitoring an online booking system. A handful of automated messages can make the process simpler than the way businesses currently book appointments. This service is effectively like using a chatbot, with one specific post triggering the bot. Facebook's announcement included an example of a hypothetical appointment-booking interaction. The original post gives people an option to message the company to book an appointment. Assuming the user clicks on the post, the rest of the booking process becomes seamless in this example. "Sephora worked with a developer partner, Assist, to build an appointment booking experience on the Messenger Platform, which led to a 60% increase in in-store bookings compared to other channels," Facebook said in its announcement. Understanding the changes to Facebook Messenger It's important to note that these changes are still in beta testing. Facebook believes they will become available at some point in 2019. At their best, these features can be extremely valuable. At their worst, malfunctions with the messaging system could turn customers off from the platform. Businesses should keep an eye on how these functions work once they're unveiled to the greater public. Overall, it's clear the company is trying to place an emphasis on businesses. This can be good and bad. For SMBs, it's good to see Facebook's commitment to smaller businesses with a few changes. On the other hand, if you're struggling to generate leads or book appointments on Facebook, your competitors may have an added advantage over you. Companies like GM and Sephora can hire staff members to focus solely on Facebook Messenger duties, while small businesses likely don't have this luxury.   For now, SMBs should keep tabs on Facebook's new tools. While monitoring the new tools, it could be worth testing them out, but pay attention to how the changes are accepted. If the Messenger features experience issues, you may ultimately be better off avoiding those options. If they work, you may convert leads at a higher rate due to the use of the app. Reviewing older Facebook Messenger additions The new 2019 Messenger options come in addition to a few changes announced in previous years. Those capabilities include AR support and translation features. Augmented reality Augmented reality is coming to the Messenger platform, with the combined efforts of Facebook's Camera Effects feature and Facebook AR Studio, which was introduced two years ago. Businesses on Messenger can prompt users to open their camera, which can be populated with custom filters and effects themed around your brand. These effects will allow developers to create unique experiences for users on their apps, helping them make shopping decisions by displaying a virtual sample of the product in front of them. Several brands generated their AR experiences last year, including Kia, which allowed users to look at a customized car of their choosing in their driveway without having to visit the dealer. Nike worked on a feature that gives users a preview of upcoming styles, and Sephora created an option for users to virtually sample their makeup and new looks with AR. Nike's launch proved to produce the quickest buzz. Businesses interested in developing AR experiences with Facebook can sign up for the beta program. M Suggestions Messenger expanded to allow businesses to connect with users all around the world with a new translation feature. M Suggestions detects different languages between users and offer to translate for them. This is a push for more international commerce through the platform. M Suggestions was originally part of Facebook's personal assistant, M, but that beta test was shut down in January of 2018. M Suggestions remains a part of Messenger, but it's certainly not the breakthrough the company hoped for when it introduced M. M serves as a good example of why you should monitor Facebook's changes. Just because the company announces an exciting beta program doesn't mean that service will ever make it to market. If you're struggling to generate leads or interact consistently with customers, Facebook Messenger is an avenue worth exploring, and it's important to monitor the new additions to the platform closely. Your social media strategy likely includes Facebook, which makes these new beta programs worth noting. Additional reporting by Andreas Rivera.

Time to Scale Your Business? 6 Tips to Ensuring a Smooth Process Posted: 07 May 2019 09:00 AM PDT A business can scale when it is equipped to handle increased demand and still be profitable. Not all business owners want to scale up, and not every business model is well-positioned to expand. But if your company is thriving and you are motivated to take it to the next level, there are several things you must do to successfully scale. Here are six of them. 1. Determine your likelihood for success Businesses that are good candidates to scale share certain traits, including: Customer loyalty and high rates of retention Repeat purchases from the same customers (i.e., a subscription) Predictable revenue Multiple streams of income Conversely, if every sale you make requires incredible time and effort on your part; if customers make a purchase and you never hear from them again; if you wonder who your customers are and where the next purchase will come from, then your business model is not yet scalable. Focus on resolving these unknowns first, because a poor process will only be amplified once you try to expand.  2. Define your goal and your plan Unbridle your ambition, because your business will only scale as much as you allow it. Then, identify precisely what needs to happen internally to enable that growth. Say you want to double your revenue next year. That could require a significant amount of marketing. What if your sales suddenly tripled overnight? Do you have inventory on hand or the workforce necessary to service that demand? Make a list of all your processes. Identify any weak points or areas that could be done more efficiently. Research solutions and assign a budget to line items. It could be that you will need to invest in technology, hire more staff, purchase more supplies, or increase your marketing efforts. Maybe you will need to do all these things, which will require money to fund it all.  3. Know where your money is coming from If you are making plans to scale, then you are going to need more money, and you're going to need much of it up front. By now you know that things like paying suppliers, marketing your product and managing inventory require you have working capital on hand. That's not even taking into account any additional overhead or payroll if you have employees. Fortunately, there are several ways for a business like yours to raise funds. You might consider crowdsourcing, applying for a bank loan, or asking friends and family. You could even seek out investors. Before you go asking for money, prepare a pitch deck that effectively presents your business as stable, scalable and cash-flow positive. Additionally, you will want to highlight what gives you a competitive edge in your industry.   4. Automate and delegate You have a limited amount of time in a day, and you have many tasks to accomplish. If you intend to scale your business, you won't be able to dedicate hours to areas that don't move your company forward in a strategic way. It may be time to invest in technology. Indeed, automating basic tasks will save you time and allow you to focus on growing your operation. For example, as your business grows, having a Human Resources Management Systems (HRMS) like Workful will enable you to quickly and easily onboard new employees, run payroll, track time and attendance, and stay ahead of changing regulations. Even if you only a have a few team members now, the software will grow with you as you hire new employees. Of course, not all responsibilities can be automated. As you scale, new roles may appear – and you might not be the best-suited person for the job. For example, you are the top salesperson on your team, and when you pound the pavement, your sales increase significantly. Your skills are not being utilized if you are at a desk trying to manage your social media. The fact is, as the business owner you can't be involved in everything all the time. Delegating tasks to other qualified members of your team will not only alleviate your workload but will also demonstrate to your existing employees that you value their input and talent.  5. Outsource If the demands of your business are increasing, but they don't yet warrant hiring another full-time employee, it may be time to outsource. Hiring help on a freelance or contracting basis is increasingly common today, and you can outsource just about anything: human resources, accounting, website design, content creation, and beyond. Depending on your budget - and your needs - you might work with an agency or an individual contractor. To ensure that you are getting the help you need without sacrificing quality, consider candidates with demonstrated expertise and experience. Of course, you don't have to outsource in the dark, either. Turn to your network for recommendations.    6. Build your network Seek out people who have already done and talk with them about their experiences. Find out what they learned, what strategies they used, what obstacles they encountered, and what – if anything – they would do differently. Don't stop there though. Ask who their mentors are, and then speak with them as well. Be proud enough of your business to talk about your business. You never know what doors could open when you do.

Distracted Workers Are Costing You Money Posted: 07 May 2019 08:54 AM PDT Focus and concentration are hot commodities these days, with social media, open office layouts and short attention spans running rampant in workplaces. According to a 2018 survey by Udemy, more than 70% of workers report feeling distracted on the job, with 16% saying they almost always feel unfocused.  The main culprits, according to an infographic by Atlassian, are excessive emails, pointless meetings and constant interruptions, with social media coming in at a close fourth. Editor's note: Looking for an employee monitoring solution for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs. buyerzone widget   The average worker checks their email 36 times an hour and takes 16 minutes to refocus after handling a new email. Many employees attend 60-plus meetings per month, through which 91% of employees say they daydreamed. And it takes most workers two hours per day to recover from interruptions from co-workers. All of this lost work is costing American businesses upwards of $650 billion per year, and it is leading to vicious cycles of employee dissatisfaction: Productivity loss causes a longer workday, which causes stress and frustration, which leads to a lack of engagement. Employees are inundated with distractions from all sides, but the most discussed culprit is the smartphone. [Interested in employee monitoring solutions for your business? Check out our best picks and reviews to see what's out there.] Smartphones at work There are conflicting opinions on whether smartphones increase or decrease productivity in the workplace – nearly 60% of workers feel that having a handheld device increases their productivity, while 35% claim the devices increase distractions during the workday. It comes down to how the device is being used. If you use your smartphone exclusively for productivity, like managing your calendar or connecting with clients, then it is probably doing more good than harm. However, with all those productivity apps comes social media, the ultimate distraction. Over 55% of employees said that social media at work is either a "somewhat" or a "significant" distraction. It can be all too easy to jump from your emails to Facebook, even if you tell yourself it's just to get rid of the ever-present notification bubbles. The next thing you know, you've wasted 25 minutes scrolling through your newsfeed. "It's expected that employees will be inundated with plenty of distractions throughout the workday," said Dean Debnam, chief executive of Workplace Options. "The important thing to remember is for employees to find a way to balance their workday and find ways to focus." Perhaps you could start by asking employees to set "Do Not Disturb" periods for phone notifications (except in case of emergencies, of course). You can also recommend employees place their phones out of site – such as in a bag or drawer. There are apps that will help you track your phone usage, which might give you an idea of how much time your employees may be wasting. The internet at work An employee monitoring system at your small business could be one answer to the problem of distracted employees. A program such as Activity Monitor will give you insight into your employees' online activities. It displays how employees spent their time, which websites they visited, what files they downloaded and the number of IM chats. Before you implement any such technological monitoring, set up an official company policy about non-work use of company equipment. Transparency is always a good practice – be forthcoming about how your monitoring aligns with company goals and how you're going to do it. According to a survey conducted by Dtex Systems, "77% of employed Americans would be less concerned with their employer monitoring their digital activity on personal or work-issued devices they use to conduct work, as long as they are transparent about it and let them know upfront." Plus, there are legal concerns when it comes to monitoring online behavior. There is practically no expectation of privacy on a company computer, but you need to be careful about what types of data you're acquiring and how you're storing that data. You don't want to run afoul of privacy laws, such as HIPAA. If a data breach were to occur, for instance, it could leave you vulnerable to a lawsuit. Other ideas on how to combat workplace distractions So how should businesses tackle this issue? There's no simple answer. "This is a big question," said Nancy Snell, a certified professional business coach. "Issues must be addressed culturally and start from the top down." Many companies adopt no-email or no-meeting days or have strict policies regarding cellphone use while at work. Some use a culture of flexibility and remote work to help employees customize their work environment day to day as needed. Brad Killinger of Chief Learning Officer recommends implementing a "golden hour" where, "for one hour, companies create a focused work environment devoid of distractions by asking employees to block apps, chat, and notifications; curtail phone usage; avoid email; put the kibosh on meetings; and deny outside visitor access, etc." Having a golden hour can add more than $400 million annually to a company with 5,000 employees and improve employees' peace of mind and engagement, according to Killinger. Rhett Power at Inc. recommends employers emphasize to their employees being on task over presenteeism, which is when an employee will show up to work for the sake of physically being there rather than getting quality work done. Send the message that completing the task is what is most important, whether it gets done from a desk or the couch. You can also incorporate time-management skill workshops as part of your onboarding process and offer top-up trainings periodically to help employees build and maintain crucial productivity skills. The important part with any anti-distraction strategy is to avoid micromanaging employees and making them feel distrusted or watched – keep your focus on providing opportunities for employees to do what works best for them in terms of staying focused and remember that needs will vary. For example, you may have an employee who needs background noise as they work, or another employee may need to get up and walk around every hour. When it comes to concentration, there is no one-size-fits-all solution. Additional reporting by Ned Smith.

Tips and Services to Help Your Office Go Paperless Posted: 07 May 2019 08:41 AM PDT Marty Basher, home organization expert for ModularClosets.com, said creating a paperless office can help not only the environment but also your business. "Going paperless is an excellent way to make access to documents quicker, increase organization, make documents secure with the ability to encrypt, save space, save time, save money, [and] enable sharing of documents companywide and globally," Basher told Business News Daily. Although you may need to keep some materials for legal or historical reasons, you can greatly lessen your environmental footprint thanks to the abundance of mobile applications, online software and digital storage platforms. Reducing the amount of paper documents requires planning. Start by defining what "paperless" means to your business and create realistic, achievable goals. Setting smart goals increases your chances of a successful transition. You can set these goals by identifying which paper processes still exist and who the heavy paper users are.  Make the transition gradual. Transitioning to a paperless office will take time. It should be a slow, gradual process. The slow merger will allow you to properly implement new procedures and give your employees time to adjust. You may need to have some paperless systems work in tandem with your old systems during the adjustment period. For example, Samuel Johns, office manager and HR specialist at Resume Genius, suggested reducing the amount of paper each employee can print by using a print credit system until it reaches zero. "Bear in mind, it's unfeasible to expect that your company will completely stop using paper," said Johns. "People still need to print some things, like a keyboard shortcut cheat sheet or a seating plan so they can remember who sits where. Aim for a 80 or 90% percent reduction instead." Although the transition will take time, and you may not entirely meet your goal, make continual efforts to introduce employees to digital alternatives, weaning them off paper as much as possible. Get your employees involved. Creating a paperless office is not a one-person job. Since it requires the efforts of your whole team to create a successful transition, your employees should be involved in the decision-making process. Ask for digital platform suggestions and encourage feedback throughout the transition. At the end of the day, your employees are the ones who must live with, and adapt to, the new system. "You can make it fun to go green. Have contests for the best ideas and encourage innovation," said Basher. "Waste means cost, so let the bonuses come back to them. The tree they save today can be the check they receive tomorrow – electronic check, of course."  Create an office environment that embraces the change. Recycle and limit paper usage by reprinting on non-confidential documents or requiring double-sided printing. Think of ways to make the transition a relaxed and productive process. Editor's Note: Looking for information on document management software? Fill out the below questionnaire to have our vendor partners contact you about your needs. buyerzone widget   Review and digitize your business processes. There are many parts of your business model that can be digitized. However, according to Cory Porteous, director of marketing and inbound business development at Office Interiors, there are usually a few processes within each organization that account for the majority of wasteful printing. Find out what the major culprits are and focus on them first. "Based on the results of your print assessment, select the one business process that generates the most of your printing, then do a step-by-step analysis," said Porteous. "By reviewing only one business process at a time, you will be able to avoid overwhelming your team and find better results." Accounting, document signatures, expense tracking and time and attendance tracking are among the major business functions that can be digitized. Here are some software and services for each category that can help with your efforts to go paperless. Accounting software: This software allows you to securely track and monitor your business finances. FreshBooks QuickBooks Xero For more information, check out our best picks for accounting software. E-signature services: Instead of requiring a written signature on paper, e-signature services allow your employees and customers to sign documents digitally. AdobeReader Hightail Preview Expense-tracking apps: You can digitally organize and monitor your small business expenses by using an expense-tracking app. Concur Expensify Wally For more information, check out these five expense-tracking apps. Digital time and attendance systems: You can digitally track employee hours using time and attendance systems. Stratustime TSheets uAttend For more information, check out our best picks for time and attendance systems. Change your document management habits. Changing how you create and manage your documents can reduce your environmental footprint. Go paperless by using digital alternatives. "In most businesses, one of the main reasons people print documents is either to meet a regulatory record-keeping requirement or so they can refer to it at a later time," said Porteous. "Both of these reasons can be solved by an effective document management system."  Some major business functions that can be modified are scanning, faxing and documentation management. Scanning and faxing documents can be a great way to get a digital copy of your information. From there, you can utilize paperless documentation management services to perpetuate your digital presence. Scanning apps: With scanning apps, you can scan notes, documents, images and more so they're all in one digital location. CamScanner Evernote Scannable FineScanner Faxing services: With faxing services, you can send and receive faxes through email and store them digitally. GotFreeFax Nextiva RingCentral For more information, check out our best picks for online fax services. Document management software and services: Whether you choose self-hosted or cloud-hosted, a document management system can act as a digital filing cabinet. eFileCabinet FileHold Express M-Files For more information, check out our best picks for document management software and services. Editor's Note: Looking for information on document management software? Fill out the below questionnaire to have our vendor partners contact you about your needs. buyerzone widget   Take advantage of the cloud. A convenient option when going paperless is using cloud-based applications. These platforms allow you to create, save and access information via the cloud, as opposed to physical documents or an internal server. Backing up your documents with reputable cloud-based applications can minimize your potential for data loss. The cloud also allows you to create shared files where multiple employees can work on the same project at once. While some platforms are free, like Google Drive and Microsoft OneDrive, there are others that come at a cost. Research your options before choosing a platform to store and back up your data. After you transition to a cloud-based application, all corresponding physical files and papers can be recycled. However, Porteous emphasized the importance of due diligence before making any drastic changes. "In most jurisdictions, a cloud-based copy of a document will meet any compliance requirements, but you should check local legislation before destroying documents required for regulatory compliance," Porteous said.  Cloud-based platforms for paperless storage options include: BigMIND by Zoolz Carbonite IDrive For more information, check out our best picks for cloud storage solutions. Switch to paperless billing. Receiving assistance from outside institutions, vendors, etc., can be essential to creating a paperless office. Request paperless bank statements, speak to vendors about digital invoice options and inform customers about purchase order emails. These paperless options can help you organize and track your bookkeeping. Additionally, you can scan receipts into your smartphone and import them into your bookkeeping software application for expense reports or filing taxes. "Virtually all companies, utilities and banks already have a system in place to invoice electronically and send statements virtually," said Basher. "All you have to do is ask. If it is a smaller company that needs a push to set it up, request them to email the invoice instead of mailing it." Making the effort to contact your providers about these changes can improve the way you do business.  Form new habits and track your changes. While your natural instinct might be to grab a pen and piece of paper, with a little work, turning to paperless options can quickly become common practice.  Don't be afraid to embrace tech advancements. As your company transitions to a paperless office, track your changes. Basher suggested using printers with codes to track usage, and creating a chart that notes your best savers and worst offenders. When you see new habits starting to form, reward good behavior. Remember to modify your advancements along the way to fit your business's needs. Choosing realistic goals will help you keep your office on track and make progress. Train yourself to choose digital services whenever you can – but don't force it. It might take time, but it will eventually feel like second nature. Additional reporting by Sammi Caramela.

The Pros and Cons of In-house Versus Outsourced Software Development Posted: 07 May 2019 07:00 AM PDT In-house development involves working with the existing skills of your internal team to create your software. Outsourced software development involves working with a third-party team that has specialized skills and expertise. There are benefits and drawbacks to both options. When considering which route to take companies should consider a number of factors, including communication, time to market and risks before making a final decision. There is no "one size fits all" approach to developing software. In most cases, a company's individual needs will clearly define their exacting requirements. With this in mind, here is a list of the pros and cons of each option as a way to offer some clarity to companies making this challenging decision. The pros of in-house development Straightforward communication Communication in software development is key. According to a whitepaper published by cloud application developers OSF Global Services, 70 percent of all outsourcing projects that fail do so because of miscommunication. In-house teams work together on a daily basis. They share the same drive to achieve goals and have a mutual understanding of their company's vision. Clear communication boosts morale, increases productivity and results in better quality software. Furthermore, there usually aren't any language or major cultural barriers to contend with when development is handled in-house. Unlimited access in real-time Choosing to develop your software in-house gives you the luxury of having a development team on hand whenever you need. In-house development teams can act immediately. They can make updates quickly, fix bugs as they're discovered and carry out emergency work as soon as it's needed. Having a development team on hand at all times can sometimes give management a little bit more control over a project. They can keep a close eye on its progress and steer it back on course should it take a wrong direction. Coding to company standards Ensuring that coding standards are met can be easier with an in-house team. Consistent, quality code is essential for the future life of your product. Every business has its own set of company standards that employees are expected to adhere to. In-house development teams are no different and all team members must follow best practices and comply with all coding regulations. With an in-house development team, it's easier to regulate the standard of work and provide feedback when expectations aren't met. Having more control over the quality of work can avoid potential issues later down the line. The cons of in-house development A lack of skills In-house development teams are only as strong as the skills they possess as a collective. According to Deloitte's 2016 Global Outsourcing Survey, 31 percent of companies outsource their development to enhance service quality. Before embarking on a software development project, companies need to assess the skills they already have to determine what might be missing. For example, user experience might be a major focus of a project, but the in-house team may not have the relevant knowledge required. In such cases, outsourcing could be a better option as companies can access specific expertise and only pay for what they need. Budget and resources Developing software in-house can be tough on a company's budget. If skills gaps are identified, employees either need to be up-skilled, which can involve enrolling in training courses, or new staff needs to be hired to fill the gap. Recruiting is an expensive process and the digital skills gap of today means that in-demand developers expect to be paid premium rates for their work. In the U.S. for example, a junior Python developer is paid an average salary of $87,000, with senior developers paid almost double on average. And it's not just the cost of hiring that can be expensive. Annual salaries, benefit packages, employee pensions, ongoing training and other overhead costs all come with the territory when a company has a full-time in-house development team. The pros of outsourcing development Quick time to market One of the biggest benefits of software outsourcing is the likelihood of projects being completed and launched within the desired timeframe. It's not uncommon for companies to underestimate the time it takes to develop a product. Software management company QSM reported that the average development project takes just under 12 months to complete and requires 11,414 hours of work. External development teams are used to working with tight timescales and have robust processes in place to ensure a seamless workflow. At BairesDev, for example, our workflow is characterized by a "design thinking" mindset. This approach works well for us because it ensures that milestones are reached on time. We have a five-step approach to software development: empathize, define, ideate, prototype and test. This methodology enables us to execute projects quickly, without compromising on quality. Reduced project risk Working with a software outsourcing partner can alleviate risks. Although every development project carries a certain level of risk, having an experienced outsourcing team on hand can help in identifying potential pitfalls early on. To keep issues to a minimum, most outsourced development teams will put an efficient risk management system in place. As part of our outsourcing service, we conduct feasibility studies to validate ideas and their associated technologies. We deliver proof of concept, develop prototypes and ensure that testing is carried out at set periods throughout the development life cycle. Access to skills and expertise A core benefit of outsourcing is having access to a worldwide pool of development talent. Statista reports that software application development was the most commonly outsourced function by IT leaders worldwide in 2017. A software outsourcing provider can bridge skills gaps and complement core competencies. External developers offer access to a wide range of expertise that can help turn a specification into reality. Their experience enables them to build products with scalability in mind, and implement key functionality that will serve the product well in the future. Software outsourcing companies provide access to the best developers in the world. Companies don't need to compromise on the quality of their product just because they don't have the skills in-house to build it. The cons of outsourcing development Restricted communication Unlike with in-house development, time differences can sometimes mean that outsourced development teams aren't always immediately accessible, which may restrict or limit communication. A good outsourcing company will work from convenient time zones and have in place clear communication guidelines that outline preferred communication methods and office hours. For companies that choose to outsource their project offshore, time zone compatibility, language barriers and cultural differences can sometimes be challenging to negotiate. Limited control Companies often have less control over outsourced projects. Outsourcing development requires a certain level of trust and it can be difficult for companies to relinquish control to an external team. This is especially true if there's any concern over a partner's capabilities. Outsourcing can make it more challenging for companies to check if a project is on target to meet its deadlines and to verify that the quality of work is up to standard. A good outsourcing team will keep customers updated regularly throughout the development process and provide them with access to project management tools.

What is a Bill of Materials and Why You Need One Posted: 07 May 2019 05:00 AM PDT It doesn't matter if you are just starting out and searching for someone to manufacture your product, trying to shave off some of your Cost of Goods Sold, looking for a more efficient means to manufacture your product, or just asking a factory for a quotation, all manufacturers will ask you to provide a BOM.  What is a BOM and why is it so important? A BOM is a fact of life in the manufacturing world and plays a critical role in the development of any product. Simply put, you cannot manufacture a product without one. In essence, a BOM is a comprehensive list detailing all the components and sub-assembled parts and raw materials needed to build your product. Whether you are making a toy or a rocket, a BOM helps to accurately manage and oversee resources and identify materials to reduce wasteful spending. Having a BOM provides you with accurate information, which will help you to make better decisions relating to manufacturing your product efficiently and cost-effectively. What should a BOM include? Like a recipe, a BOM ensures your product has the right ingredients (materials and components) to be made correctly. Whether you are planning your BOM or studying ways to improve your BOM, here the most critical fields to include on your BOM record: Number #: This field allows you to document and track the number of parts and components that make up your product. Part number: You want to assign a number to each part for reference and identifying parts quickly. Each part should have its own unique part number. Do yourself a favor and avoid creating multiple part numbers for the same part. This will create confusion down the road. Part name: This assigns a unique name for each part or assembly and will help you identify parts and components more efficiently. Similar to the part number, each part is assigned a unique name. Material: Knowing what material your product is composed of is crucial depending on your product's function and necessary to determine where to shave off on costs. Simply stating plastic will not be good enough. The exact type of plastic should be defined. Description: This section provides a full description of each part. This is where you can go into detail of the use of the part here.   Picture: Pictures are worth a thousand words. Photographs are helpful to identify parts more efficiently. Color: Each part needs to have a color associated with it. To be as objective as possible, provide a Pantone color rather than just saying blue, or green. This will ensure that production will be as consistent as possible. Finish/Texture: Like color, texture and finish of a product is one of the most critical aspects in the customer buying process and can be the difference between an end customer purchasing your product or going with your competitor. Don't be lazy. Include the type of texture or finish you are looking for. Quantity: This allows you to record the number of parts used in each assembly and will help you make purchasing and manufacturing decisions. For example, you might need five of the same screws for assembly. Under quantity, you should include 5. Unit: This allows you to classify the measurement in which a part will be used or purchased. Standard measures include pieces, centimeters, inches, feet, yards, etc... Rule of thumb, you want to remain consistent throughout to help ensure the right quantities are procured and distributed to the production line.   Unit price: This allows you to record the price per part number. Typically, this is assuming that the quantity is one. Total cost: This is calculated by multiplying the unit price by the quantity. This will get you a quote for the entire quantity for each part number Lead time: Lead time is the number of days, weeks or months that it takes to make that particular part. Before you place a purchase order, you will need to know the lead time for the final product. Tooling: For the majority of customized parts, there is a need to open your own tools. This column will provide you with a cost that is associated with opening a tool needed for that specific part. Supplier: Record the name of the supplier that provides you with that part. If you are sourcing multiple suppliers then it might be a little confusing, so keeping track of which supplier you are using for production becomes critical. Notes/Remarks: Keep everyone who is involved with your BOM on the same page by providing other relevant notes. Creating a BOM is not just an ordinary development step, it's a critical stage needed to ensure total consistency throughout the manufacturing process. Having a defined BOM will tell you when and how much of each individual part you need to purchase.

How to Create an Effective Public Relations and Branding Strategy for Your Business Posted: 06 May 2019 05:00 AM PDT The business.com community is a place where business owners and professionals can come together to learn from each other. Those looking for advice can solicit it from their peers, while others are able to share their extensive expertise with those who need it.    It's that peer-to-peer give and take that makes the community such a valuable part of business.com. Overall, the site has more than 180,000 members from around the globe. The community is able to thrive like it does because of our members' eagerness to drive conversations, whether through asking questions, answering questions or contributing articles. Each month we spotlight one of our community members for their contributions. This month we are recognizing Kailynn Bowling, co-founder of ChicBlvd Inc., which founded and owns three divisions – the retail and branding firm ChicExecs, ChicBlvd Magazine, and Fashion Audio LLC. Sharing PR advice Bowling is an active member of the business.com community, in terms of both answering questions and contributing articles. Bowling has recently answered questions on a range of topics, including how to create some media buzz for a startup. For instance, Bowling has advised the community members regarding multi-pronged approaches to marketing and public relations. She said it starts with creating a personal blog that includes tips and tricks within your expertise area. "It's important to already build yourself as a thought leader in the industry so you can use those blogs to show the media and bloggers what unique insight you already have to offer," Bowling wrote. "The best part is that you have control of your blog so you can get as much content out there from the get-go. Make sure to amplify these blog posts on your LinkedIn and social media." In addition to the time she spends answering community questions, Bowling has contributed several articles for business.com. Her most recent piece provides insight into how businesses can use past PR coverage to drive their current strategies. "Past campaigns can reveal so much about your future strategy," Bowling wrote in the article. "Discover what efforts you should duplicate this year – and note any pitfalls to avoid."  Bowling advises business owners to review their analytics and social engagement from the previous year, make sure their target audience is still the same, read online reviews to learn what their customers are saying about them, and evaluate the media coverage they obtained to see if it is matching their brand mission, message and audience needs. "Measure the impact of your PR every year," Bowling wrote. "This helps you not only improve your long-term campaigns but also make the most of your investment. Over time, you'll refine your PR strategy to bring in even more impressions, engagement and customer loyalty." Kailynn Bowling We recently spoke with Bowling about what brought her to the business.com community and why she enjoys being a part of it. In addition, we were able to learn more about her and her businesses. Bio Name: Kailynn Bowling Business: ChicExecs, a public relations and retail strategy firm How long in business: 15 years Location: San Diego, California How long as a community member: 1 year Areas of expertise: marketing, public relations, social media and retail placement. Q: What made you want to join the PR and branding industry? A: When we started our own brand in our living room, we started looking for a PR company to get the word out. We couldn't find what we were looking for and decided to try our hand at our own unique way of pitching our brand. It worked. We garnered more than 50 features in six months, and our brand took off. When people came to us asking for our recipe for success, we knew we needed to replicate what we did for our business to help others. Q: You hold a number of different professional roles. How do you balance your time as a business executive? A: My days are very structured, and I live by my calendar. Everything needs to be scheduled out, so I have a good overview of dividing my time evenly. I'm also a mom, so it's important for me to balance my career and personal life. Some days I know I just need to take a breather to have quality family time and turn off anything work-related. Then I feel recharged and ready to take on the next day. Q: What separates ChicExecs from other public relations and branding firms? A: We are a retail-focused brand strategy firm. We combine PR, social media and influencers to build brand awareness and sell through on a retail level. We're different than a regular PR agency that will just generate PR features. We understand how to use that PR to help monetize brands. We can take that feature and put it in a trade show booth, put it in a press book, and present that to buyers.    Q: Why did you join the business.com community? A: I have a passion for helping other business owners with out-of-the-box ideas for growth. When we started our business 15 years ago, we had to Google many questions we had about business. With social media and websites like business.com, there is a central place that budding business owners can go to when they have questions. Q: What do you enjoy most about being a part of the business.com community? A: It's great to have one place to learn and relate with other business owners. We all truly want to make the world a better place with our inventions and business ideas, so it's great to hear from many different perspectives on how we can improve things further. Q: How do you decide what to write about when contributing an article?   A: We get to see marketing trends early on while working with brands. I usually focus on trends and core values within our company. I'm constantly reading from other sites, and it will spark thoughts on what my opinion would be on that subject matter. I love to offer my perspective from what I've learned in my own experiences. Q: What makes you want to answer other community members' questions? A: My expertise is in building brands, manufacturing and marketing. When I see questions related to those topics looking for out-of-the-box ideas, I love to chime in and help. Q: What is the best professional advice you have ever received? A: Work on the business, not in the business. As a business owner, we want to do it all, but it's not possible. Hire the right people that can do the job better than you can, so you can focus on building the business. Q: What is the biggest professional mistake you have made, and how did you overcome it?   A: Hiring the wrong CEO who didn't understand emerging brands. We moved on from that experience but learned that a wrong hire can be detrimental to your business. You must identify the issues early on and correct the behaviors or move on from that hire. Join the business.com community At business.com, we understand the stress of running a business. You are so bombarded with advice on the importance of marketing, improving your website or training employees that you can barely focus on the day-to-day operations. Our community was created to help cut through the clutter of information and be a place for business professionals to connect and share advice to overcome business challenges. If you would like to be a part of our community, you can join for free here. As a business.com community member, you'll have access to … Advice. Ask the community anything related to business, or browse our library of advice with more than 6,000 questions and 60,000 answers. Reviews. Get recommendations on the best products and services to accelerate your business growth with our detailed reviews. Articles. Learn from our extensive collection of resources written by our qualified team of writers and experts in the community. Experts. Connect with experienced business professionals available for hire to build your network, get inspiration and learn from their mistakes. If you are already a community member and would like to be considered for our Member of the Month feature, please send an email to editor@business.com. We'd love to help you share your business story.

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