Business.com |
- Wage Disparity Erodes Women's Financial Empowerment
- You Can’t Fix Culture By Cleaning House
- 4 Ways to Manage Your Startup's Financial Health
- How to Optimize Customer Surveys for the Best Results
- Slaying Bureaucracy in Your Small Business
- How to Set Up an Appointment-Setting Service for Your Business
| Wage Disparity Erodes Women's Financial Empowerment Posted: 24 Jun 2019 11:25 AM PDT
For decades, researchers have found that women receive less compensation than their male counterparts. While data from the Pew Research Center suggests the gap has "narrowed since 1980," women still earned 85% of what their male counterparts made in 2018. A recent survey suggests that as a result of that disparity, American women have started losing confidence in their financial footing. Despite a recovering American economy, a strong job market, and the Equal Pay Act, the 2019 Women, Money and Power Study conducted earlier this year by Allianz Life found that 42% of respondents said they felt they had more earning power than in previous years. That figure, according to researchers, continued a downward trend from 2016 (51%) and 2013 (53%). "There is a lot of discussion on female empowerment and the accomplishments women are making, including the fact that more women are graduating from college than men and the narrowing of the wage gap over time, just to name a few," said Aimee Lynn Johnson, vice president of financial planning strategies at Allianz Life. "But the disconnect between these accomplishments and the lack of financial confidence suggests perhaps those conversations need to refocus on female financial empowerment." Conducted online through April 2019, the poll asked 900 American women how they felt about their financial futures. Women between the ages of 25 and 75 years old with a household income of $30,000 per year or more were asked to participate. Today, businesses are cognizant of the gender wage gap, and many are looking for ways to address the problem. And while this issue affects women in the workplace, the survey found that the wage gap also impacts other areas of women's lives as well. Confidence wavers as the wage gap affects women at homeEven though the gender wage gap is a workplace issue, respondents said the wage disparity impacts their self-confidence at home. Without equal footing, women said they feel less financially secure. According to the survey, just 38% said they were the breadwinner at home in 2019, marking a steady decline from 2016 (47%) and 2013 (60%). Similarly, fewer women said they were their households CFO, dropping from 53% in 2013 to 47% in 2019. Overall, 62% of respondents said they felt less financially secure this year than they did in 2016 (68%). When asked, researchers said more than half of respondents (57%) wished "they were more confident in their financial decision-making." "These findings were quite surprising, because women have come a long way when it comes to our roles in work and family, yet we don't feel prepared financially," said Johnson. "This begs the question, at a time when women are accomplishing so much, why aren't they feeling more empowered about their financial future?" Despite these issues, women feel more certain about their long-term financial planning ability. Data shows that 90% of respondents said they were taking on more responsibility for handling their households' long-term savings, marking a slight increase from 86% in 2016. Millennials and divorcees are more financially confident than other womenThe gender wage gap in America may be an issue for most women, but researchers found that certain groups of female professionals feel better about their financial footing. According to the survey, millennial women are more proactive about their financial situation than other generations. Having come of age during one of the hardest economic recessions in American history, these women said they were more likely to ask for a promotion or raise, and more than half said they are earning more than ever before. Millennial women are also less bothered by a volatile market. While other generations are more concerned about current market trends, 49% of millennials said they were ready to invest. That level of assuredness was not reflected in Gen Xers (29%) and baby boomers (37%). Divorced women are gaining financial confidence, researchers said. Compared to the 50% of divorcees who felt financially secure in 2016, 65% of this year's group felt the same way. Additionally, the longer the women were divorced, the better they felt about their financial situation, understanding financial products and achieving financial goals. "Women need to be empowered in all aspects of their lives, especially when it comes to finances," said Johnson. "They can start this process by working to educate themselves more on financial topics and products, by not being afraid to broach the oft-thought taboo topic of money, and seeking out a financial professional who understands some of the unique financial challenges that women face today." |
| You Can’t Fix Culture By Cleaning House Posted: 24 Jun 2019 10:00 AM PDT According to a 2017 study published in the Journal of Financial Economics, companies who see improvements in their employee-sourced ratings tend to significantly outperform those whose ratings decline. Employee feelings matters – and as tempting as it might be to clean house and dismiss naysayers during times of change, doing so will harm morale, undercut engagement, and halt your business' upward trajectory. I've seen the fallout firsthand. Some twenty years ago, I served as the director of manufacturing for a firm that was undergoing a massive organizational overhaul. At the time, the company had just welcomed a new CEO to optimize its structure. The new leader was inarguably brilliant, having previously been fabulously successful as the president of one branch of a well-known conglomerate. He wanted to transplant the systems that had worked so well for him at his old company into the new, cleaning out any cobwebs that remained of the old order in the process. His strategy? To promptly sweep out or disregard anyone who had been in the organization for over four years. It was a decisive dismissal – and one that came at a significant cost. He might have saved himself a little time and a few arguments by sending potential critics out the door, but they took an incredible amount of invaluable accumulated knowledge and experience with them. By refusing to take the time to engage with longstanding employees, the CEO lost the very assets that would have helped him rebuild the company to be stronger, better, and more successful. Needless to say, the leadership change didn't go as well as the company hoped. You can't change a company's culture with brute force – no matter how talented you are. Below, I offer a few tips on how employers can use employee goodwill and satisfaction to build the foundation for a new and positive company culture. Don't push good employees to the curb.Changing out old hands for new is almost always a mistake. Sometimes, struggling companies do need to conduct layoffs to reorganize or scale back their operations – but hollowing out a company's workforce for the sake of limiting dissent is rarely a productive move. Such layoffs typically come with significant cultural side effects. Research has consistently shown that layoffs have a profoundly negative impact on office culture and productivity. They tend to foster insecurity, increase the risk of employee burnout, tank job satisfaction, erode interpersonal trust, and drag down office-wide morale. As that morale diminishes, the business may even experience higher turnover, poorer job and company performance, and lesser employee engagement. In most cases, the cost to a business's culture significantly outweighs any benefit a leader might receive from cycling out employees. If layoffs are truly necessary, leaders need to conduct them in a way that is fair, compassionate and well-communicated. If remaining employees understand why a restructure is happening and what they can expect that reorganization to look like, they will be more willing to support the change and maintain their engagement in the company's work. Establish a philosophy of clear communication.When I explain my philosophy towards communication, I like to reference Jack Welch. In a 1999 interview with the Wall Street Journal, the GE leader pressed the value of repetition, noting that he often felt as though if he had to share an idea or corporate message one more time, he would gag. And yet, the repetition works. In my experience, communication must always be both consistent and unrelenting to be effective in the long run. If leaders fail to maintain clear messaging, the company grapevine will inevitably fill the silence with misinformation and rumor. Employees are only engaged when they feel secure in their employment; if they don't have a sense of where they fit in the company's new direction, they may disengage – or even seek other employment. It's a CEO's responsibility to give employees a clear sense of direction and purpose by turning a company's growth strategy into a vision that everyone can buy into. If properly framed and enthusiastically communicated, a CEO's vision can inspire the people they lead. Employees will be more motivated to help if they feel personally invested in the company's development and have a clear idea of what they need to contribute to the change initiative. To that end, it is critical that management makes a point to hear employee questions and concerns. Doing so allows management to build a better relationship with the company's employee base, allay employee concerns in real time, and resolve potential misunderstandings before they become problematic. Ask employees for input.An employee's value extends far beyond their formal job responsibilities. Workers can play an invaluable role in optimizing a business's operations and launching a company towards greater achievement. However, engaging with those employees can be somewhat of a challenge. In the current workplace atmosphere, the old stereotype of an effective boss being dictatorial and commanding is painfully outdated. Research into the psychology behind management and workplace behaviors tells us that employees achieve the most and are at their happiest when they work within a culture that fosters mutual trust and respect. Businesses that are defined by dictatorial direction tend to have employees that are less communicative, and thus less collaborative or willing to point out problems when they arise. The winning strategy for creating a positive and supportive culture? Conversation. Companies can only reap the benefits of an engaged employee base when there is an open, respectful line of communication between its leadership and workforce. Employees are on the front lines; they know what operational misalignments take up too much of their time and can point out frustrating communication gaps in an instant. If management takes the time to ask for employees' input and create solutions based on their responses, they will benefit in two ways. First, the company's daily operations will be better-optimized. Second, employees will be more willing to buy into leadership's vision because they know that their experiences matter to the company. Make employee appreciation a priority.Employees are chronically under-appreciated. According to a 2017 survey from the employee engagement platform TINYpulse, only 26% of employees feel as though their employers, managers and colleagues value them at work. This is far from ideal. Jobs are – and should be – more than a paycheck for most people. Employees need to feel as though both they and their time have value to their employer; they need to feel appreciated. These appreciation measures don't have to be extreme. While a company-wide event might be exciting once in a while, employees also value smaller events that invite their input and celebrate their accomplishments, such as periodic emails from the CEO or occasional town hall meetings. During times of change, these reassuring gestures are all the more important to keep up morale and improve goodwill between a company's leadership and its employees. Taking care of your employees might seem like a simple strategy to apply during a complex company restructure, but its potential for change is overwhelmingly positive. Support your employees; once you do, you'll see organizational returns that you never expected. |
| 4 Ways to Manage Your Startup's Financial Health Posted: 24 Jun 2019 09:00 AM PDT In the beginning stages of managing your startup, the nitty-gritty of finances might be the last thing you want to think about, but letting financial planning fall by the wayside is a troubling habit for new business owners. The pressures of success and profitability can weigh down a new business. But no matter your level of familiarity with business finances, there are key questions and resources to keep in mind. Here are four areas to incorporate into the management of your startup's financial health. 1. Recognize your financial literacy."A very low percentage of new business owners actually go over every number in their finances every month, and even fewer actually understand all the numbers on the page," said Barry Moltz, financial advisor, author and public speaker on small business management. Gathering the proper tools and educational resources to understand and manage your business's finances takes time, but it'll save you a lot of stress and money. Don't be afraid to admit when you don't understand something. 2. Determine your financial and market logistics.Once you have a working knowledge of what's what in business finances, you have to ask the tough questions specific to your enterprise:
There is no one perfect answer to these questions. It depends entirely upon your niche, which should be as narrow as possible in the beginning. "Entrepreneurs often try to target as broad of a population as possible," said Moltz. "That will just lead to more competition." [Interested in finding the right accounting software for your small business? Check out our best picks and reviews.] Understanding your niche will help answer these more concrete questions. Service businesses, for example, will take much less money to start than product businesses, which will accrue more expenses. No matter your market, the key is to not overspend. "New business owners spend way too much money in the startup phase," said Moltz. It seems logical – the more money you spend getting customers, the more customers you will get. Unfortunately, that is not usually the case. That's where profitability comes in. 3. Conduct financial forecasting to gauge profitability.Much like determining how much money you'll need to start a business, your future profitability depends on many different factors. "A business can take its time becoming profitable for however long you have the cash flow to support it," said Moltz. However, he said, most small business owners need to achieve profitability in the first year to have a sustainable business. If you take time to perform financial forecasting – a management tool that estimates profitability based on past, current and present financial conditions – then you should know ahead of time when you're supposed to be cash-positive. 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:
4. Utilize experts.At the end of the day, your most reliable tool for financial planning is old school – the expertise of another person. Consultants, financial advisors, your accountant, a CPA or a bookkeeper are all potential resources. "A lot of business owners don't manage their finances because they don't understand it," said Moltz. Investing in the help of an expert for putting together financial statements, expenses and financial forecasts can save you a lot of time and money in the long run. Your time and money is precious, so you want to ensure your resources are spent effectively. You should take this same attitude with your business's financial health. Rushing your business's potential for success will only hurt it in the long run. Instead, dedicate significant time, energy and maybe even money to maintaining financial health for your enterprise. |
| How to Optimize Customer Surveys for the Best Results Posted: 24 Jun 2019 08:00 AM PDT But what's the most effective way to find out what your customers want from your products? What if you'd like to know more about what your customers think about your brand? How can you be sure to get an authentic, accurate response so you can ensure you're doing everything you can to reach your goals and improve your overall conversion rate? If you have yet to create and send out customer surveys, you're missing out on an opportunity to dig deeper into the psyche of your audience so you can better cater to their needs and interests. Or, perhaps you have sent out surveys but didn't get the response rate you were hoping for or the answers you received didn't give you any actionable insights. If this is the case, it's time to reevaluate your surveys and learn how to optimize them. Why create customer surveys?There are several reasons why you might want to send out a survey to your customers. Perhaps you feel like you don't yet have enough information about what they want to optimize your conversion strategy so that you have a happy audience that's loyal to your brand. For instance, the health brand Kinobody was able to use a survey to help visitors discover the best program for themselves, helping them convert between 47 and 73% of visitors into segmented leads. Also, customer surveys provide business owners with insights that they wouldn't have previously had if they had not gone out and sought out this feedback. Maybe you wish to learn how you can improve your products. You're more able and willing to make rational, informed decisions based on what real customers have told you. A survey could help you understand what changes would help your product better suit your customers' needs and bring them greater value. Or, maybe you want to know what issues your customers are having with your business or customer service. It's valuable to know what your customers honestly think so you know what direction your business is headed in and what issues you need to fix. Whatever areas you may be lacking in, it's always good to be well informed so you can move forward effectively. Finally, surveys improve customer retention rates because they show your brand cares about their opinions and that you're willing to make changes to different facets of your business based on consumer feedback. Decide on your goals for your survey.What exactly are you hoping to find out through your survey? Whether you're trying to measure customer satisfaction or get feedback on a new product, it's essential to lay out the goals you have for your survey prior to sending it out. This will help you optimize your overall marketing strategy to deliver the best results, such as increased user engagement and more traffic to your website. Some examples of questions you should ask yourself when creating your goals for your survey are:
Once you have your goals mapped out, you'll be able to craft questions relevant to them so you can improve your overall business strategy. Optimize your survey for mobile devices.Your business can't get away with ignoring mobile as a means to connect with users. Between 2016 and 2017, the time spent on websites from mobile devices grew from 40 to 49%, and that number continues to grow. Consumers are also using mobile devices more frequently to access their email. The email platform Litmus found that in 2018, 46% of emails were opened on mobile devices. Make sure your survey is easy to access and navigate using multiple mobile devices. It's usually best to use a single-column layout so users can see both the question and the answers laid out in front of them for quick decision-making. It also provides the easiest reading experience. Though not nearly as popular as emailed surveys, you could also experiment with SMS surveys, which are questions sent as text messages to your audience's mobile phones. It's a fast and easy way to get in touch with people invested in your brand and can be a useful way to garner feedback and get honest opinions. It's important not to bombard people with these texts, however, as this could cause frustration and lead them to unsubscribe from your email list. Editor's note: Need online marketing services for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. Keep your survey short.While it would be ideal to get as much information from your audience as possible, it simply isn't feasible. To get the best response rate possible, keep your surveys short and simple. Your customers lead busy lives and have short attention spans; many of them aren't willing to fill out a long, drawn-out survey, no matter how loyal they are to your brand. SurveyMonkey found that the longer a survey is, the less time respondents spend answering the questions. When crafting your questions, keep your goals and objectives in mind. Narrow your questions down to what you absolutely must know and leave the rest either for another survey or chuck them in the bin. Also, before including a question, consider whether your customers will be comfortable or willing to provide the information you're requesting from them. Ask just a few open-ended questions.You'll want to keep your open-ended questions to a minimum since users, especially on mobile, are less likely to spend time answering them. However, these types of questions are still important for a number of reasons:
It's important to split up your questions, specifically the ones that leave room for written answers so that your audience answers every single one as adequately as they need to. Bunching up open-ended questions lessens the chances of each one getting the attention it needs, so you want to space them out with easy-to-answer multiple choice or yes/no questions. Over to you.Surveys can help you improve your conversion strategy. They're the best way to garner honest criticism and feedback from your audience, which gives you the information you need to analyze how you run your business and what you can do differently to improve your customers' satisfaction with your product and experience with your business. You can create effective surveys by determining your goals for your survey beforehand, optimizing the survey for mobile users, keeping your survey short and simple, and including just a few open-ended questions so your audience can leave their own personalized messages about what can be executed better. |
| Slaying Bureaucracy in Your Small Business Posted: 24 Jun 2019 06:00 AM PDT Initially thrilled about the idea of being their own boss and setting their own hours, almost two-thirds of small business owners end up working between 40 and 60 hours per week. That time isn't spent doing what they love, either – the most time-consuming activity for small business owners is sitting in front of their computers answering email. That overwhelming yet tedious task is taking a toll on founders; 72% of SMB owners said that they experience high levels of business-related stress. The business ends up running the business owner when it should be the other way around. It's time for business owners to take back control and reclaim their companies and their lives. Below are the six biggest bureaucratic hurdles business owners face and how you, as a SMB owner, can cut through the red tape and get back to work doing what you're passionate about. 1. Information is scattered everywhereIf you can't view all of your accounting and finance information – payroll, invoices, tax information – from the same place, you're not operating efficiently. Having to log in to separate, siloed systems to enter the same information more than once proffers a dear price in terms of cognitive overhead. It may be time to re-evaluate your enterprise setup so that your efforts become seamless. How to slay it: Use a single, intuitive interface to manage your administrative tasks. Sometimes, using too many "helpful" systems can end up complicating administrative tasks instead of simplifying them. Seek out software that lets you enter information once and only once, allowing you to operate efficiently from within one system. That doesn't mean that you have to give up the business software you love, but it does mean that you need to find an interface that integrates with that software. 2. You're stuck at your desk all day processing paperworkIf receipts, tax documents, invoices and the like magnetize you to your desk, you'll spend hours sorting and filing that you could instead spend on the business you love. Why spend precious time standing at the scanner sending receipts to yourself when you can simply snap a photo on your phone? How to slay it: Go mobile. Instead of being stuck at a desk every time you need to process paperwork, fintech solutions can allow you to do your administrative chores on the go using your smartphone. Many mobile apps allow you not only to easily upload those receipt photos into your account but track and manage invoices and expenses. By the time you make it to the office, there may not even be much "office work" to do. 3. Logging and categorizing business expenses takes hoursOnce you've uploaded your receipts and other documents, you still have to put them where they belong, which can easily suck up several hours. How to slay it: Put your accounting on autopilot. Using artificial intelligence (AI), smart software solutions can automatically pull information about purchases from credit card transaction histories and then automatically categorize those purchases into appropriate departments or areas that will help you when it's time to do your taxes. Editor's note: Need accounting software for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. 4. You track tons of data about your business, but you're not sure what to do with itPiles of paperwork may appear to amount to nothing but busywork. When analyzed in terms of business results, however, the paperwork mess becomes a strategic ally. And it doesn't have to be time-consuming. How to slay it: Use AI to streamline the decision-making process. By automatically accessing your company's most up-to-date financial data, intelligent software cannot only offer historical analysis, but it can make accurate predictions about your company's future cash flow. Smart software can even take things one step further and use available information to offer fresh insights with specific suggestions on how you can better manage your business. Does your current spending deviate from your historical patterns? AI will let you know. 5. You go around in circles with an "intelligent" chatbotChatbots respond quickly, but they don't always give the right answers. Sometimes applications prevent you from reaching human help. Make sure that you can circumvent the chatbot when needed, so it doesn't become an infinite loop of questions and non-answers. How to slay it: Choose tech solutions that offer easy access to artificial and human expertise. While intelligent chatbots can be an excellent way to teach you how to utilize your software, they do have limitations. Before signing a contract for any platform, make sure that if you're unable to get a satisfactory response from an automated chatbot, you have the option to reach a real human who will spend the time and resources to assist you. 6. By the time you make a business decision based on available information, the information is out of dateThe slow speed of processing and analyzing paperwork often means that insights are delayed. We're at a time and place in the evolution of technology, however, when that doesn't have to be the case. How to slay it: Run on real time. In today's fast-paced world, making business decisions based on old information is not only irrelevant, but unnecessary. Seek out software that updates your finance and accounting information in real time by pulling data from changing sources like banking and credit card information. That way, the details you can see from your account reflect your true, up-to-date current cash availability, helping you to make smarter choices moving forward. Let technology do the work for youWith the right setup and the right technology, small business owners can use the above shortcuts to cut down on administrative tasks without making sacrifices. Ultimately, a smart approach to the day-to-day details can bring back the passion and excitement of running a small business – the same passion and excitement that inspired owners to venture out on their own in the first place. |
| How to Set Up an Appointment-Setting Service for Your Business Posted: 24 Jun 2019 06:00 AM PDT
There have been countless books written about how to start a business and how to keep that business from shutting its doors during the first year. Business experts, gurus, and consultants also have their own advice for business owners – you will hear about the rules, ideals, and decisions that you have to make on a daily basis from people with all levels of experience. It is no wonder that business owners are stressed to the max with so many responsibilities to handle. The true test of any business owner or entrepreneur is to learn everything from A to Z that you need to know in order to open your company and keep it moving forward. Let's focus on the letter A and specifically talk about appointment-setting services. What is an appointment-setting service?Anyone who owns or manages a company knows just how important it is to have an endless supply of sales leads at your disposal. However, that does not always happen. Some companies waste valuable time and resources trying to market themselves and find new clients that want to do business with them. Many business owners and experts agree that often times, the most difficult part of growing a business is finding an effective way to reach new prospects and potential clients. Setting appointments with new prospects eats up an enormous about of your time and resources if you are not careful. In today's business world, time is money – consider using an appointment setting service. They are experts at what they do, and their sales reps have been trained to make an appointment on your behalf. They understand your prospects may need a little convincing to do business with you. With the right appointment-setting service, your management staff and employees are free to focus on other aspects of running the company. What are the benefits of using an appointment-setting service?"Managing your business by taking advantage of an appointment-setting service will help you run your company more efficiently in a variety of ways," said Conor Febos, account manager at Lewis Communications. These benefits include:
How much does it cost to use an appointment-setting service?Obviously, the larger the service is, the more expensive the fees are likely to be. The best way to find the service that is perfect for you is to shop around carefully and get referrals from friends and business associates. Look online and research the different appointment-setting companies in your area. And don't overlook a newer service – they may have experience with other companies and branched out to work on their own. According to industry experts, the cost of appointment-setting services ranges from 80 cents to $1.10 per minute, or by the appointment. When budgeting for a service, include setup charges, annual fees or anything else that needs to be included. What features should you look for?While many appointment-setting companies offer the same services, look for special features that are beneficial to your particular business. These include:
Who are some of the top appointment-setting services?
If you are considering using an appointment-setting service to help your company reach and turn prospects into clients, do your research and find someone you are comfortable with, and who shares your corporate culture and values. |
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