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A Beginner's Guide to Setting Reachable Business Goals

Posted: 06 Jun 2019 12:00 PM PDT

If you want a shot at business success, you need to know what you're working toward. And for that, you need to set reachable business goals.

I make goals every single day. And I know I'm not alone. We set personal financial, career, health and knowledge-related goals. We put our goals in writing and give them a tentative date. According to one study, people who wrote down their goals were 33% more successful in achieving them. Apply that same goal-setting strategy to our businesses.

When I set personal goals, I make sure that I dream big while also staying grounded. Sometimes I reach my goals. Sometimes I don't. Business is the same way. I can't set random, impossible goals and expect them to benefit my accounting software and payroll software company, Patriot Software.

In my 30-plus years of entrepreneurship experience, I've managed to narrow down my goal-setting process. 

1. Brush up on popular business goals

Copying is rarely a good idea in business. Your originality is the thing that's going to get customers to come to your business and stick with you.

But, it doesn't hurt to know some common business goals other companies strive for. You can use them as a baseline when creating your own.

Off the top of my head — and after crafting business goals for more than 30 years of my life — here are some interesting ones:

  • Hiring your first employee

  • Hiring your 50th employee

  • Raising your gross profit by X%

  • Cutting your business expenses by $X

  • Growing your social media followers by X

  • Getting X more customers per month

  • Decreasing your absenteeism rate by X%

There are truly countless business goals you can set and tweak. But if you want to set reachable goals that will actually catapult your business to success, you need to first know your venture.

2. Get to know your venture

If you don't know yourself, the goals you set won't matter. First off, they'll probably fall flat — how can you achieve something if you don't know your limits?  And secondly, the goal won't be tailored to your well-being, so achieving it is pointless.

The same is true for your business. The first step of setting reachable and relevant goals is getting to know your business.

But isn't your business just an extension of you? Didn't you create it? How much do you really need to get to know about it? Plenty.

If you want to get to know your business and set relevant goals, think about doing a market analysis.

For goal-setting, conduct a market analysis to help you identify and analyze:

  • Your industry

  • Your target market

  • Your competitors

  • The economy

You should also do a SWOT analysis to get to know your business's strengths, weaknesses, opportunities and threats. A SWOT analysis requires you to get honest with your business's limits.

3. Come up with a mission and a vision

Goals fit into something bigger. The point of setting goals is to reach an ultimate objective. You want to lose 10 pounds to be healthier. You want to make an extra $2,000 to pay off your student loan debt.

If you want your goals to advance your business agenda, you need to set that agenda. You can do that through mission and vision statements.

Your company's mission statement is its ultimate goal. It's what all your goals are working to achieve. A small business mission statement explains your company's goals and values. What is the purpose of your small business? What do you hope to accomplish?

On the other hand, a vision statement tells you what you want your business to look like in the future. The vision you have for your company makes it possible to set goals to help you achieve that vision. What does your business's future look like? How will you set goals that help you get there?

Put your business's mission and vision in writing. Of course, jot down the goals that will help you achieve your mission and vision, too.

4. Keep it simple, stupid

Some business owners might tell you to create these elaborate, multi-step business goals. They might advise you to set a bunch of goals that have nothing to do with your overall vision. I say that's malarkey.

If you want to have any chance of reaching your business goals, you need to keep it simple. I personally am a fan of the KISS motto: Keep it simple, stupid.

Sure, your goals should be challenging. But, they shouldn't be next-to-impossible to reach. When you brainstorm goals, keep it simple. There's no reason to make complex goals that take you a second to figure out what they even mean.

Your goals should be as specific as specific can get. For example, one of my personal goals was to make sure I stayed healthy in the workplace. To keep it simple and specific, I reined it in a little more. My goal became staying healthy by biking to the office when it's nice out and lifting weights every so often when I work. 

5. Be SMART

Here's another acronym to keep in mind when setting your business goals: SMART. SMART goals are specific, measurable, attainable, relevant, and timely. When you set your business goals, ask yourself questions like:

  • Specific: What do I want to achieve, how will I achieve it, and when will I achieve it?

  • Measurable: How will I track my achievements, measure my progress, and analyze my results?

  • Attainable: Is this something that I can even achieve?

  • Relevant: How will reaching this goal help my business?

  • Timely: OK, what are my deadlines for reaching the goal?

You don't have to be the sharpest tool in the shed to create SMART goals. As someone with about average intelligence, I'm living proof of that. But as long as your goals are SMART, your business is on the right path.

Using one of my examples from above, let's look at how we can change "Get X more customers per month" into a SMART and simple goal. You could do something like, "Get 40 unique customers by May 31 through loyalty program and new-customer special initiatives."

6. Don't hog all the goals — or the glory (for employers)

Do you have employees? If you do, you can't be hogging all of the goals. You need to encourage employees to set daily goals for themselves that fit into your larger vision.

Make sure your employees are familiar with your business's mission, vision, strengths, weaknesses, opportunities and threats.

Include employees in the goal-setting process. Create committees that let employees decide specific goals for their teams. Host meetings where you and your employees can set goals and determine how to reach them.

When it comes to working with your team to set goals, communication is key. Everyone should know what they're trying to accomplish, how to do it and why. They should also know the timeline for meeting goals.

Another bit of advice: When your business reaches a goal, don't pat yourself on the back. It's not just about you. Make sure to give credit where credit is due. Recognize the team or person who made it possible.

And then you can pat yourself on the back for hiring that person and effectively casting your vision.

Millennials Say Job-Hopping Helps Their Careers

Posted: 06 Jun 2019 11:21 AM PDT

  • Since graduating high school or college, 40% of respondents reported having four or more jobs.
  • Though they've switched jobs frequently, only 10% of millennial respondents said they felt underemployed.
  • When it comes to promotions, 54% of respondents said they understood the need to "pay their dues" before earning a promotion.

For many years, having a career meant finding an employer and sticking with it until retirement. However, according to a new survey, millennials are likely to change jobs frequently, and they see that as a necessary step for career advancement.

The 2019 Millennial Manager Workplace Survey, released earlier today by Akumina, reports that 75% of millennials believe that constantly changing jobs advanced their careers. The survey's data is based on information provided by more than 1,000 mid- to executive-level managers between the ages of 18 and 36 years old. The company conducted the survey to "gain insights into the realities of millennial managers' career journeys, workplace needs and technology preferences."

"Millennials are both the largest demographic in the workforce and the most misunderstood," said David Maffei, president of Akumina. "Our data shows many of the negative stereotypes associated with this group either lack context or are outright wrong."

One of those stereotypes, officials said, was that millennials are "flippant towards work and virtually unmanageable." While 40% of respondents said they have had four or more jobs since graduating high school or college, researchers found that only 10% said they felt underemployed.

To address millennials' tendency to move between jobs, Maffei said businesses must learn to adapt. "Businesses need to avoid operating under outdated notions and instead align their workplaces to the psychological and technological needs of millennials who are taking on senior roles and driving business success." 

Using tech to boost productivity comes naturally for millennials

For older generations, the adoption of new technology and concepts can sometimes be daunting, but millennials have little difficulty adapting. According to the survey, millennial managers are most likely to embrace new tools to boost productivity. Collaboration and communication were the second and third biggest workplace problems respondents said tech can tackle.

Among the tools available to them, millennials said email is their preferred tool for productivity. Email was nearly five times more popular than Slack. While considered the second-best productivity tool by millennial managers, Slack was also the second least-preferred productivity tool. Video conferencing was the least-preferred tool for productivity.

Most respondents (62%) said they didn't feel their workplace used too many tech tools. Officials said that number was in stark contrast with other workplace reports that suggest technology hampers production.

Millennials willing to work when seeking promotions

One of the major misconceptions about millennials is that they want everything handed to them. The concept of a participation trophy is forever linked to this generation. But according to the survey, most respondents said they understood the need to grow into a leadership role.

When it came to getting a promotion, 54% of respondents said they understood "paying their dues and waiting their turn." Additionally, 64% said they felt it was reasonable for someone to stay in a role for up to two years before trying to move up.

Even with their eyes on higher positions, 42% of respondents said they felt they had "a lot to learn" and were thankful for the opportunities their jobs were giving them.

Millennials take more hands-on management approach

Once in a managerial position, researchers said, millennials offer more personal feedback and try to forge connections through their managerial style. Those stylistic decisions largely stem from what they want from their managers, officials said.

According to the survey, 47% of millennial managers prefer to personally train their employees on a one-on-one basis and provide a personalized path for advancement. Furthermore, 33% said they shared feedback daily, while 41% did so weekly. Millennial managers said they considered office hours with their company's CEO a top workplace perk, rather than recreational amenities.

Respondents also said that millennials wanted to be recognized for their work. Researchers said 92% of respondents said they felt it was "important" or "very important" that they were recognized for their accomplishments by their colleagues.

How States Have Leveled the Playing Field for Small Businesses Since South Dakota v. Wayfair

Posted: 06 Jun 2019 09:00 AM PDT

Last year, the U.S. Supreme Court handed down a big decision for small businesses: In South Dakota v. Wayfair, the Court said that states could require out-of-state, online retailers to collect and remit sales tax on purchases made within the state. Early on, the decision was hailed as an indisputable win for local brick-and-mortar retailers struggling to compete against the Wayfairs and Amazons of the Internet, but did the new ruling actually inspire states to level the sales-tax playing field for small businesses? One year later, the South Dakota v. Wayfair decision has done all that and more.

What was the South Dakota vs. Wayfair decision?

Specifically, the case concerned a South Dakota law that required large, online retailers — those with at least $100,000 in sales or 200 transactions in the state — to collect and remit sales tax on those purchases. The law rebuffed the longstanding legal tradition in which states could only collect sales tax from retailers with a physical presence in the state. In upholding the law, the Supreme Court called the physical presence requirement "flawed" and "arbitrary."

"Modern e-commerce does not align analytically with a test that relies on [physical presence]," wrote Justice Anthony Kennedy. "This Court should not maintain a rule that ignores … substantial virtual connections to the state."

What are the effects of South Dakota vs. Wayfair?

With this language, the Supreme Court did at least three important things for local economies and the small businesses that support them: First, the South Dakota v. Wayfair decision officially put a stamp of approval on South Dakota's law and similar laws already on the books in several states.

According to the Sales Tax Institute, laws imposing sales-tax burdens on online retailers based on some alternative "nexus" to the state have been on the books in states like Idaho, Connecticut and Georgia since as early as 2008, 2011 and 2012, respectively. Under the South Dakota v. Wayfair decision, it seems likely that these laws too would hold up in court. In this way, the Supreme Court validated small businesses' long campaign for sales-tax fairness.

Second, last year's decision also ushered in a new era of policymaking. Since the June 2018 decision, more than 40 states have adopted or announced new laws similar to the South Dakota law. These laws require retailers with a certain "economic nexus" to the state to pay sales tax, regardless of their physical location.

For instance, Arkansas will begin using the same nexus outlined in the South Dakota Law. Effective July 1, 2019, the state will require any retailer with at least $100,000 in sales or 200 transactions in the state to remit sales tax. In California, the threshold has been raised to $500,000 in sales, offering even more protection for growing businesses, according to reports in The Sacramento Bee. With these laws, states are not just finding new ways to tax online retailers, they're also finding the proper balance to strike to protect small businesses along the way.

Finally, the South Dakota v. Wayfair decision appears to have inspired states to look for new ways to boost local economies in the midst of the digital revolution. This year, the city of Chicago for the first time imposed a so-called "Netflix tax" on digital entertainment platforms, including Sony and other streaming services. While not specifically addressed by the Court in last year's decision, the Netflix tax shows how local communities are better able to experiment with new economic policies following the local-friendly decision.

Are more changes coming for small business?

For small businesses, these policy changes should be just the beginning. Local retailers, brick-and-mortar businesses and Main Street groups can harness the momentum created by the South Dakota v. Wayfair decision to advocate for new local-friendly policies. States have shown that they are willing to level the playing field — and small businesses have a renewed opportunity to show states just how enabled the field remains. 

How to Build a Business That Works for Social Good

Posted: 06 Jun 2019 07:09 AM PDT

  • Creating a business that works for social good requires a business owner to value people over profitability.
  • Listening to customer feedback is an essential part of building a business that helps people.
  • The process for starting a business that works for social good is similar to the process for starting any other business.
  • Crowdfunding can be a good option for funding a socially conscious business, as social media platforms are ideal for sharing information about social causes.

When entrepreneurs start businesses, the mission of the organization is often central to their motivations. Entrepreneurs like Toms founder Blake Mycoskie find ways to build businesses with social good in mind. Toms donates a pair of shoes to those in need for every pair of shoes a customer buys. The organization is concerned with much more than making a profit – it's looking to make a social impact.

Building a business to help people is an admirable goal, but it's far from easy. It's one thing to help solve a problem with a product; it's another to solve a problem and make a social impact or even a dramatic social change.  

To better understand how to start a business that helps people, we spoke with Craig Hammond, the founder and CEO of Peejamas. The company produces pajamas that serve as a potty-training alternative to diapers. The washable pajamas allow parents to stop using diapers at night, as Peejamas are designed to absorb urine. The pajamas, which the company says can be used more than 300 times before they start to lose absorbency, are designed as an environmentally friendly and more affordable version of diapers.

1. Find the idea.

For an entrepreneur or aspiring entrepreneur, it's easy to fall into the trap of pressing for business ideas. You might set up scheduled brainstorming times or intensely study industries, looking for the next groundbreaking product. While there's nothing wrong with either of those options, sometimes the best business ideas require questioning your everyday experiences.

Hammond didn't grow up wanting to create an alternative to diapers, but he saw a problem in his family that needed fixing and decided to act.

"I wasn't like, 'Hey, diapers! I love diapers!'" he said. "Never would I have imagined myself being involved in an industry that's just urine ... but doing something for my family was really what drove me."

As his son was potty training, Hammond started to think there was a better alternative to using diapers or just wetting the bed. His son climbed into bed one night with him and his wife and peed in the bed overnight, and Hammond decided to flesh out his business idea. He found a problem in his everyday life and decided to act on it using his passions for entrepreneurship and family.

He recommends following your passions when it comes to creating and developing business ideas. Take a closer look at the activities and events you enjoy and find areas where they can improve. Hammond knew he was passionate about his family, so he decided to find a way to help his son during potty training. If you're interested in entrepreneurship, Hammond believes pursuing opportunities you're passionate about is the right way to go. 

"Maybe I'm oversimplifying this, but just look at what you enjoy," he said. "If you love being outside and you love hiking, think about the experience you have while hiking and what might make that better."

Hammond emphasized looking at the experience, rather than seeking out a product. Understand in detail what element of the experience can improve, and then brainstorm ways to improve the current situation. Coming up with quality business ideas is easier when you're passionate about what you're thinking about.

"Find something you're passionate about and look at everything around you in a curious and analytical way," Hammond said.

2. Research the concept.

In researching the concept, Hammond learned a lot about the industry. He discovered that disposable diapers lead to about 3.5 million tons of waste annually. He found that people wanted aesthetically pleasing alternatives to diapers, especially for older kids. He also learned more about using the proper materials and that few pajamas sold in the U.S. use fire-retardant chemicals to protect the fabric. Hammond shared the three key missions he had when he started the business:

  1. Helping his son potty-train more effectively
  2. Finding a more affordable potty-training option for parents
  3. Creating a product that could reduce environmental waste

By taking the time to thoroughly research his idea, Hammond found that the concept could be more than a profitable business or a simple solution for his son – it could genuinely help people. During the brainstorming and researching phases, small business owners should dig into how they can help others with their idea. Without detailed research, Hammond might not have taken the extra step to make a fire-resistant product.

Hammond also researched the business's branding. He wanted to name the company Peejamas, and a quick search showed that the URL was available. With branding underway and research under his belt, Hammond started the business.

3. Start helping others.

Once you find an idea and research the concept, it's time to put your plan into action and officially launch the business. This is where understanding how to start a business comes into play. You'll want to determine whether you'll be a nonprofit organization or a for-profit entity. This leads into deciding on your legal business structure, building out your team, developing a marketing strategy and more. Becoming a business owner is a big step that requires planning and understanding.

Other aspects of starting a business include developing a social media strategy, researching potential customers, learning more about your target audience and its preferences, and seeking ways to engage your community.

Funding also plays a role. Hammond opted to crowdfund. Peejamas found tremendous success with this method, generating more than $200,000 in preorders in a 45-day crowdfunding campaign. The company has eclipsed $1 million in sales since accepting preorders in the fall.

"It is extremely humbling," Hammond said. "It's also really encouraging and motivating."

Peejamas has found success almost instantly, and CEO Craig Hammond (pictured) hopes the business can help more customers and double its sales in the next year.
Source: Image courtesy of Craig Hammond

While your business idea might not see that level of immediate success, it's important to understand the business aspects of running an organization for social or environmental good. Hammond wants to help people and the environment, and he does that by using his business knowledge to his advantage.  It's not quite enough to just have a good idea and do solid research; you also need to spread the word about your business, fund your project and gain a steady customer base. Even though the business looks at more than just making a profit, you still need good business sense.

That good business sense leads to a for-profit organization like Peejamas finding success outside its balance sheet. The company estimates it has reduced the equivalent of roughly 7 million diapers being sent to landfills. By reducing waste and offering an affordable product with positive reviews, the company is focusing on much more than making money.

4. Listen to feedback.

Peejamas wants to improve how it receives customer feedback. The company attempts to listen to every piece of customer feedback, whether it's on social media platforms, through email or over the phone. The company made a change within the last few weeks to take its customer service operation to the next level in hopes of better serving its customers.

"If people reach out to us, our response first and foremost is, 'Hey, can we call you? We'd rather talk to you about this to try to resolve it,'" Hammond said.

In a world where it sometimes feels impossible to get a customer service representative on the phone, Peejamas wants to welcome calls from its customers. This change of pace helps the company get more specific feedback while also making the customers feel their concerns are valued. Peejamas is working hard on better social listening to make sure it's aware of the online conversation surrounding the brand.

Hammond shared the basics of the company's customer feedback process:

  1. Listen to the customer's complaint or concern.
  2. Try to come to a solution. (This might be a tip to avoid the issue or a refund.)
  3. Look for ways to improve the product based on the feedback.

Hammond shared how much it bothers him to receive negative feedback, as he wants to create a product that pleases all his customers, but he also understands the importance of constructive criticism. By giving customers an easier way to share constructive criticism, the business improves its operation in a way that truly serves the customer. In its first year of operation, the company has faced criticism for sizing issues and functionality concerns. The company reviews this feedback and uses it to make the product better. This process is ongoing and something the company hopes to improve on.

"We look at every bit of feedback as a learning opportunity, but also an opportunity to improve that experience with the customer and really meet any expectation that they may have," Hammond said.

The company also receives its fair share of positive feedback, which Hammond says is one of his favorite parts of the job. By facing negative feedback head-on, the company ultimately receives more positive reviews.

"I love it," Hammond said. "When it's about the child and how it helps them personally, it's just the best thing I can hear all day."

5. Put people first.

Peejamas eclipsed $1 million in sales in less than a year, and the company had a remarkably successful crowdfunding campaign prior to launching the business. The company is successful financially, but building a business to help other people requires a focus on putting those people and stakeholders first. Yes, Peejamas wants to make money, but Hammond says the team cares more about helping its customers and limiting waste in the environment.

The company has explored making bigger sizes for older children who might have medical conditions or special needs that lead to them urinating during the night. Peejamas wants to make additions to cater to those customers, even if it doesn't help the company become more profitable. Hammond said he's focused on helping his target audience at all costs.

"If we were just chasing the money, there are so many ways in which we could cut our costs to be more profitable," he said. "But we're actually doing the opposite."

Starting a business to help others requires the willingness to focus on more than profitability. You'll need to make people and your mission the top priority.

5 Challenges Blockchain Entrepreneurs Need to Overcome

Posted: 06 Jun 2019 07:00 AM PDT

Blockchain technology is becoming more and more prevalent these days. Originally created by Satoshi Makamoto for the popular digital currency, Bitcoin, blockchain technology has now evolved into something more useful and therefore, more valuable, for tech users.

Despite the prevalence of blockchain, not all businesses are open to the idea of blockchain. Since it's a decentralized system with no authoritative body overseeing it, many still have doubts about how safe this new technology is.

However, if you're really interested in incorporating blockchain into your business, here are five challenges that blockchain entrepreneurs need to overcome to run a successful business.

1. Creating a new business model

The term 'business model' refers to the company's overall structure in creating a profitable business, which includes the company's purpose, goals and detailed plans. Some business models are as simple as creating a profitable product and selling it to interested customers. Others are more complex, such as ordering products from wholesalers, implementing guidelines for inventory, creating an online catalog, processing orders and shipping domestically or internationally. Many companies make use of a combination of various business models to ensure a successful business.

Traditional business models didn't have blockchain, and very few modern business models have provisions for it. Due to the ever-changing regulations on blockchain technology, you must overhaul or even create an entirely new business model to remain legally compliant at all times. Unfortunately, doing so can be rather difficult, especially for a start-up company that has neither the manpower nor the funds. But if you want to avoid all the hassles and potential legal repercussions that may arise in the future, it's still much better to create a new business model from scratch. This means rethinking all the elements of a business model, especially your channels, revenue streams, key resources and cost structure.

2. Integrating blockchain

Start-ups tend to have a hard time integrating blockchain into their existing businesses. Blockchain requires special care, which is why business owners need to be creative with their innovations. Preferably, business owners who are planning to integrate blockchain into their systems should also be knowledgeable about blockchain themselves, to avoid or hopefully circumvent any problem that may arise along the way.

3. Finding talented people

Business owners aren't the only people in the company who should be knowledgeable about blockchain. Even the employees themselves must learn something about blockchain.

Unfortunately, finding people who are talented and knowledgeable about blockchain is difficult, despite the increasing relevance of such technology in today's world. Additional training and mentoring for employees, especially for blockchain basics such as cryptoeconomics, cryptographic mathematics, and other blockchain principles, are imperative before fully implementing blockchain inside the company.

4. Getting the proper funding

Blockchain-based businesses tend to have a more difficult time getting funding due to their nature. Investors usually think twice before investing in these start-ups due to all the risks associated with blockchain. 

To get funded, Blockchain entrepreneurs should specifically look for investors that are open to blockchain in the first place, especially those who already belong in the industry. Another way is to look for a trusted connection who can introduce your company to investors and explain to them why your company is a good investment. The best connection would be another individual or company that your target investor has already invested in before, preferably one that is also profitable. The more successful your connection is, the better chance you have of getting funded.

5. Wrongly evaluating the business

Many blockchain entrepreneurs encounter the difficulties of properly evaluating their start-up. When you're first starting out, it's only natural to want to be optimistic about your company's future returns and profits.

The problem begins when your estimated profits don't match the expectations of your investors. This can lead to investors pulling out their funding or losing their trust in your business. To avoid this, make sure that you do a proper calculation of your future profits before giving an estimation of your company's value.

Before implementing blockchain technology into your business, remember to prepare well beforehand in order to successfully overcome these challenges. Blockchain may be fairly new technology, but it could easily find its place in your newest venture.

How to Improve Your Email Open Rate

Posted: 06 Jun 2019 06:00 AM PDT

While there are a number of other essential email metrics, open rates is a critical one. Here are several tips for improving your odds that your message makes it in front of your subscribers. These methods are all designed to help build trust, provide value, and target the right people when creating a marketing campaign.

Send a welcome email

Welcome emails statistically have the highest open rate among all campaign emails. Research shows that there is a 60 percent chance of a customer opening a welcome email after subscribing.

There are several reasons to consider sending a welcome message to new subscribers as a way to improve your overall open rate. First, if you send your message within 24 hours, you're increasing the chances that the subscriber will open your email, thus encouraging them to open future emails when you send them out.

The second reason is simple -- you're going to start building trust with your audience. If your subscribers get a formal welcome letter after they sign up, you're showing that you are committed to reaching out to them, providing value, and forging a connection. Would you trust a random email from a company that didn't even bother to introduce itself? Probably not. 

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Distribute content with a  drip campaign

Many businesses today have a blog on their website to shared related news or advice. If you don't have a blog, you should consider starting one if you want to boost your email marketing efforts.  Research shows that businesses that blog tend to see double the email traffic of those without blogs.

You can combine your blog content with a drip campaign to make an effective marketing campaign. Drip campaigns are an excellent way to build a connection with your audience and increase the odds that subscribers will not just open your emails but eagerly await your next message.

To create a campaign with drip content, start by looking through your blog and grouping together similar content. For instance, if you operate a pet store, you could link all of your dog care articles in one group, and your posts on rodent care in another.

Next, you can schedule this content to drip out to subscribers based on the time they joined your subscriber list. Many businesses drip their content out over weeks or even months. The result is customers get engaged in the content as it's coming in, and are more than happy to open your next email to see what kind of content you have for them.

Segment lead lists

Now that you've split your content up into different groups, it's time to break your subscribers and content into groups. You may be best served by analyzing your Google Analytics, as well as individual consumer behavior to segment your lead lists. The goal is to keep people with similar interests in groups with relevant content.

Let's go back to the pet shop example. If you were segmenting your lead lists just like your content, you would want to send the dog care articles to customers who have either bought dog products, viewed dog content on your website, or specifically requested to see content related to dogs. It wouldn't make much sense to send the rodent care content to those who have only shown interest in dogs. 

Instead, provide content that is relevant to your segments based on their behavior to improve your open rate across all marketing emails.

There are countless ways to appeal to your audience when you're creating an email marketing campaign. If you want to improve your open rate, you need to build a strong bond with your audience by sending them a welcome email and delivering relevant content. Once you've built a connection, you should try to nurture your subscribers by segmenting your leads into groups and continuing to provide them with excellent service and exciting content. After mastering these techniques, you'll have no problem increasing your email open rate percentage.

 

How to Change Your Recruiting Strategy

Posted: 06 Jun 2019 06:00 AM PDT

When the economy is booming and the unemployment rate is at historic lows, finding the right workers can feel nearly impossible. With several application tracking tools, endless recruiting avenues and several strategies, recruiting new employees can become a complicated task that requires a lot of your time.  

Developing a sound recruiting strategy is a good first step toward hiring the right workers. It can decrease the amount of time it takes to get someone hired, and it can lead to more productive workers. If you already have a recruiting strategy in place and you're still struggling to find workers for your business, it's important to analyze your current process and consider how to change your recruiting strategy. If you already have a recruiting process in place, there are a few tips at the bottom of this story. If you're new to the recruiting process, read on.

What is a recruiting strategy?

A recruiting strategy is a formal process for hiring workers. There are a few important components to keep in mind when developing a recruiting strategy:

  • Application tracking
  • Average time to hire a candidate
  • Best interview process
  • Recruiting avenues – social media, job boards, cold calling
  • Candidate referrals
  • Former candidate feedback
  • Online job posting services
  • Cost/benefit of making a great hire

Keep in mind that a recruiting strategy isn't necessarily a cookie-cutter approach to hiring workers. Instead, it's the culmination of what channels you decide to use, how you proceed with your interview process, what your training and onboarding strategies are and how you track candidates through the whole process. The only "strategizing" really comes down to deciding what avenues to attract candidates and taking feedback from former candidates to improve your future recruiting strategy.

"Attracting top talent is no different from attracting and closing ideal customers, and your strategy needs to incorporate all levels of the funnel – from demand generation (sourcing and attracting candidates) all the way through to close (hiring a candidate who achieves results)," said Martyn Basset, CEO and founder of recruiting firm Martyn Basset Associates.  

Initial steps to building your strategy

The best first step toward establishing a recruiting strategy is to set up an application tracking system. There are software solutions you can use, or you can develop your own manual tracking system if you're running a very small operation. The key, however, is to know where each candidate is in the process and understand how long it takes you to get someone hired and onboarded. By doing this, you're establishing the necessary infrastructure to later judge the efficiency of your strategy.

Once you have a tracking process established, make a list of recruiting avenues. These can be social media channels like LinkedIn, job boards like Indeed or Media Bistro, or local advertising. Take note of your recruiting avenues so you can later measure where you have the most success. Many experts recommend targeting niche job sites, as these will attract the workers specific to your industry.

Make sure you have an established interview process in mind so that when you have a pool of applicants, you can dive right into finding the best person for your business. Some companies prefer to hire quickly, so as not to miss out on great talent, while others prefer to make hiring a slow and purposeful process.

As with most things, the best option is likely somewhere in the middle, but keep in mind that you should establish a process that's best for you and your business. This is where the cost/benefit analysis comes into play – if it takes you two months to hire someone, but they are very productive and a great fit for your company because you've been so thorough, it could be worth it to take your time. On the flip side, if you're in an industry with high turnover, it may be worth it to jump on a great candidate before they accept an offer elsewhere. Regardless of which strategy you choose, stay as transparent as possible with the candidate through the process.

Once you have a process in place, start screening candidates and measuring important metrics to improve your process over time. Measuring your strategy is the first step to eventually changing it, so it's important to establish some important benchmarks before you get started with this step.

How to measure your strategy's impact

The most important part of deciding whether you need to change your recruiting strategy is measuring the impact of your current strategy. This means establishing benchmarks and understanding where you come up short. According to Fletch Wimbush, CEO of The Hire Talent, the two most important things to measure when it comes to recruiting strategy are the time it takes to fill a role and new hire production compared to your other employees. Wimbush said the best way to address these two metrics is to measure them and make sure you have an overall process to improve upon.

"Too many companies wing it – they have no process," he said. "You can't improve a nonexistent process. Invest in a low-cost applicant tracking system, and then create a process that can be completed in a short period of time."

Once you have an understanding of your process, what's working and what isn't, then you can make informed decisions on how to improve it. Be critical of what you've established, and analyze where you may be coming up short.  

How to adjust your strategy

There are countless ways to adjust your company's recruiting strategy. Below are a few ideas to get started on. Chris Chancey, founder of Amplio Recruiting, said four ways to better your recruitment strategy is to survey former candidates, review your job descriptions, simplify your application process and consider alternative recruitment channels.

Survey former candidates

This means asking for candid feedback from your recent hires. It's worth it to provide an anonymous survey to new hires so you can get an understanding of what's working and what's not when it comes to your recruiting strategy. Chancey also recommended reaching out to former candidates whom you didn't hire. They can often provide important feedback.

"The candidate experience can tell you a lot about the effectiveness of your recruitment strategies," he said. "Identify common areas of concern and use this feedback to improve."

Review job descriptions

Your job descriptions are at the heart of your hiring process. It's likely the first time a candidate will read about your company, let alone the role that you need to fill. There are several different strategies for writing great job descriptions. Chancey said businesses should get into the details about what the position entails, work culture, unique perks and the ideal job candidate. Avoid typos and make sure your job descriptions reflect your company. Paige NeJame, franchise owner and coordinator for special projects with CertaPro Painters, said she focuses on spelling out day-to-day tasks an employee will have to complete.

"Many ads give a 'big picture' idea of the job: 'You will be responsible for $30 million in sales,'" she said. "But it gives the recruit no idea how that big picture breaks down to their day-to-day responsibilities." 

By addressing specific day-to-day responsibilities, you can write a job description that's clear, concise and accurate.

Simplify your application process

Long and complicated application processes can be a turnoff for any potential candidate. By simplifying your process, you can attract more candidates. Remember that people looking for work are likely filling out several applications for several different jobs. Monotonously filling out contact information and answering the same employment questions can get old. Chancey said businesses should consider simplifying the overall application process where appropriate. The simplicity could lead to more applications.

"Make it easy for candidates to send in their resume and other application documents, and, more importantly, keep track of the application process," he said.

Consider alternative recruitment channels

If you've had some job posts up on various recruitment sites for a while, it may be time to consider some alternatives. Do some research and find niche job boards or unique avenues for getting in touch with candidates who could thrive at your business. Remember that talent is everywhere, and you may not have to link up with someone who's "actively looking" to find the right candidate for your job.

"Get creative with your sourcing channels," said Chancy. "Leverage social media, events, recruitment drives and even recruitment consultants to help you identify top talent even for hard-to-fill positions."

Bottom line

Recruiting can be a difficult task, but if you're organized in your approach, it goes a long way toward helping your business. You can't change your recruiting strategy unless you have a process in place, and you won't be able to measure that process unless you establish some relevant benchmarks to your business's recruiting success. Once you have metrics in place, you can analyze your process and institute the changes that you need to.
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