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What SMBs Need to Know About the NFIP

Posted: 13 Jun 2019 03:00 PM PDT

  • Congress created the National Flood Insurance Program in 1968.
  • The NFIP helps provide federally backed insurance to individuals and businesses through third-party insurance agents.
  • Determining the cost of a flood insurance policy requires a conversation with an insurance agent and careful analysis of your geographic location and building structure.
  • Small businesses close at an alarming rate following natural disasters, so your business should have an insurance policy even if its flood risk is minimal.

According to the Federal Emergency Management Agency (FEMA), more than 20% of flood claims come from properties outside high-risk flood zones. Regardless of where your business is located, there's likely a risk of flooding.

Recent events in the southern U.S. show just how devastating flooding can be. The most recent 12-month output of average precipitation in the contiguous U.S. reached a 125-year high, and more flooding is expected across the U.S. as we enter the summer months and approach hurricane season.

Disaster preparedness is often overlooked by small businesses, but preparing for disaster and having an emergency plan can keep your business alive in the event of a natural disaster. According to FloodSmart.gov, a website run by FEMA, 40% of small businesses fail to reopen after a natural disaster, and the Small Business Administration says that more than 90% of business fail within two years of a natural disaster. No one likes to assume they'll be hit by a natural disaster, but your business needs to prepare for the worst.

When it comes to flooding, there are a few options for insuring your property. To understand how to best cover your business from flooding damages, it's important to learn about the National Flood Insurance Program. We spoke with a couple experts and researched the program to better understand what small businesses need to know about the program.

What is the National Flood Insurance Program?

Created in 1968 by Congress, the National Flood Insurance Program (NFIP) supports flood insurance for homeowners, renters and businesses. According to the National Association of Insurance Commissioners, "the NFIP is a federal program, managed by the Federal Emergency Management Administration (FEMA), and has three components: to provide flood insurance, to improve floodplain management and to develop maps of flood hazard zones."

"NFIP provides affordable insurance to property owners, businesses and renters to reduce the overall impact of flooding to buildings and communities," said Jared Weitz, CEO and founder of United Capital Source. "The program aims to reduce the social and economic impacts that natural disasters like flooding can produce through the promotion and retention of insurance."

For business purposes, flood insurance is the most important service the NFIP provides. To purchase a flood insurance policy through the organization, you need to speak with an insurance agent. These agents work through third-party agencies outside of FEMA, although FEMA includes a list of insurance companies to consider on its website. FEMA specifies that some agents who help with homeowners, renters or business property insurance may also be qualified to aid in the flood insurance purchasing process.

Does my business need flood insurance?

If you live in the desert, it probably doesn't make sense to invest in flood insurance. If you do, you likely won't need much flood coverage and can opt for a preferred risk policy. While there are extreme cases where flood insurance doesn't make sense, your business doesn't have to be in a town vulnerable to hurricanes for it to experience flood damage.

FEMA places towns into flood zones, showing the risk of flooding in each area. These specific details can be found in the FEMA Flood Map Service Center. To understand how your flood zone relates to your need for flood insurance, it's helpful to speak with an insurance agent. They'll be able to analyze additional information on special flood hazard areas.

"The overwhelming majority of commercial property insurance policies exclude any form of direct water damage to property, which is why flood insurance is necessary for many areas in the United States," said Austin Landes, risk advisor at LandesBlosch.

Depending on your location's flood risk, you may be required to have flood insurance if you have a federally backed mortgage. Also, flood maps change, which means additional information may increase your town's flood risk. If that happens, you may need to alter your insurance policy. To handle changes that may occur, it's important to speak with a qualified insurance agent who can explain how flood zone changes affect your flood policy.

"If your business operates in high-risk areas and you have taken out a business loan from a federally regulated and insured lender, the flood insurance is mandatory by law for the duration of the loan," said Weitz. "Look at the flood maps to understand what level of risk you fall under when considering flood insurance. Look at the insurance policy premium, and you will likely be OK with paying it in relation to the thousands of dollars that 1 inch of rain can cause [in] damages to your business."

Are there other forms of flood damage assistance?

In terms of insurance, you can choose to work with the NFIP or look for a private insurer. Finding a credible private flood insurance company can prove challenging, depending on where you live, but using private insurers can be an effective way to cut costs while still getting a good policy.

For disaster assistance outside of insurance, businesses can either receive an SBA loan or a FEMA disaster grant. According to FEMA's website, the SBA loan must be paid back with interest, and the average disaster grant may only be about $5,000 per household.

Information gathered and analyzed by FundRocket shows that the SBA disbursed 92% of its disaster-related loans in 2016 to cover damages and losses from floods. While paying back the interest on a loan isn't ideal, the SBA tries to make its rates affordable for small businesses in need. If your business's insurance doesn't quite cover the costs of flood damage, a low-interest SBA loan may be your best bet to get your business back up and running.

How much does flood insurance cost?

According to FloodSmart.gov, "NFIP insurance rates do not differ from company to company or agent to agent. All policy premiums include certain fees and surcharges, so ask your agent about these when discussing a price quote."

Factors in your insurance premium include your flood zone and building details. The number of floors on a building and the year the building was created play a role in the prices of flood insurance premiums. Speaking with an insurance agent will help you clarify the cost of your insurance policy. You can also ask to see a flood insurance rate map to better understand different rates across your region or the U.S.

These pricing details make sense, as insurance premiums for large businesses that own lots of property in a state like Louisiana should be larger than insurance premiums for a 10-person business in Arizona. Be sure to speak with an insurance agent about what policy makes the most sense for your business in terms of flood risk, company size and budgetary restrictions.

Why is flood insurance important?

Recent weather events show the severity of flood damage across the country. With 4 out of 10 businesses never reopening after a natural disaster and 90% closing their doors for good within two years of a natural disaster, you need to prepare for the worst. Assuming your business won't face any flood damage is a risk you shouldn't be willing to take. It's impossible to predict weather events months or years in advance, and even daily weather predictions can be inaccurate. The unpredictability of weather events requires a safety blanket. Flood insurance can be that safety blanket.

If you opt not to get insurance or your policy doesn't quite cover the damages of a flood, look into getting a low-interest SBA loan to offset costs. A powerful weather event shouldn't destroy your business's future, and flood insurance can keep your business afloat during a difficult stretch.

How to Craft the Perfect Work Apology

Posted: 13 Jun 2019 02:48 PM PDT

Everyone makes mistakes. That's why a good apology is one of the most important tools in workplace communication. If you make a big mistake, it's important to consider the best way to apologize for the mishap, whether it's to your boss, employees or co-workers. Especially as a manager, the first step toward apologizing is your mindset: You have to own your mistakes.

"Own it and don't try to hide it or blame anyone else," said Vicki Salemi, career expert with Monster. "It's always best to be succinct; don't ramble. 'This is what happened, I'm responsible, this is what I'm going to do to fix it, and this is what I learned.'"

There are some universal rules to apologies that everyone should follow at work, but there are also some important distinctions for managers and peer-to-peer apologies. In general, it's not a smart strategy to apologize for every little thing you do wrong. Instead, focus on acknowledging the problem and talking through a solution. Workplace apologies, while appropriate in some instances, should take place after big mistakes or when your whole team or a group of co-workers witnesses a mess-up. Apologizing 24/7 can create the wrong impression in the workplace, according to Salemi.

While apologies can be awkward, they can also serve as a window into your company's culture. If you find yourself issuing an appropriate apology that is still not well received, it may be time to analyze your current workplace and how good of a fit it is. This also goes for when managers and co-workers apologize (or fail to apologize).

"Bosses aren't above the law," Salemi said. "Leadership stems from the top down."

4 steps to the perfect work apology

1. Acknowledge what happened.

Acknowledging the event serves two purposes: It validates your team's ideas on what occurred, and it defines the mess-up so people know what you're apologizing for. This is a very simple first step, but it's an important one to take. Part of apologizing involves communicating empathy and convincing the other party that you understand how your behavior affects others. Mentioning the event sets you up for an empathetic, simple apology.

2. Admit your mistake, but don't focus on your initial intentions.

After acknowledging the event, you have to own your mistake. This is the most important part of the apology. Oftentimes, people make excuses, blame others or don't appropriately take responsibility. Apologizing can be awkward, but if you take responsibility, your peers and manager may respect you more in the long run. A good apology exposes one's character, so treat the action as just that: an exercise in good character.

"Own up to your part in whatever happened," said Tara Vossenkemper, owner of The Counseling Hub. "When you have an otherwise good relationship with your boss, employee or co-worker, taking ownership of your role only serves to strengthen that relationship and build trust between the two of you."

Vossenkemper said that a good apology doesn't involve extensive explanations about why the event happened. Moving into this territory can bog you down in the apology – you don't want to focus on why something happened and its lead-up. Instead, own your mistake and move on to how you can improve the situation. Focusing on an explanation can also sound defensive. You may feel like you want to say your piece, and sometimes it's justified, but oftentimes the person you're apologizing to won't care about your original intentions. The mistake happened, and it's time to figure out how to remedy it.

"Just say you're sorry for the specific thing you did and leave it at that," Vossenkemper said. "The only thing the explanation does is dig a metaphorical hole and make your listener feel defensive, as though you're trying to rationalize or excuse your behavior."

3. Focus on what you learned.

The best thing you can do during an apology is talk about what lesson the situation has taught you or your team. Mistakes happen in the business world, and Salemi said that some company cultures actually encourage mistakes because they're growth opportunities. By prioritizing what you have learned from the mistake, you can shift the discussion toward something positive. Everyone makes mistakes; the real problem comes from allowing the same mistake to happen more than once.

"Bosses and colleagues want to know that we won't make the same mistake again," said Bob Graham, co-founder and CEO of Serious Soft Skills. "Show them you learned the lesson by explaining, in a sentence or two, what lesson you learned."

Graham said managers and colleagues want to see their peers evolve and learn. By focusing on the lesson in your apology, you can communicate that you're an intelligent, self-aware employee who can handle responsibility and problems with grace.

"A good apology can open, not close, doors," Graham said.

4. Suggest a plan or solution.

After talking about the lesson you've learned, suggest a plan, talk through a solution, or mention a way you can help rectify the situation. This is the second stage to shifting the discussion away from the mistake and toward a positive outcome. By communicating your willingness to help, you back up the lesson you learned from the mistake with meaningful action.

If you follow these steps, you'll put yourself in the best position possible after a big mistake in the workplace. Each situation is different, but if you follow this plan, your co-workers, manager or employees will eventually come around.

Example of a good apology

Here's a basic example of a good apology that follows these four steps:

"Hi, Anna. I want to apologize for the mistake in this month's budget. I didn't communicate properly with the team, which is why the numbers don't match up. I now know to include Bennett and Kiely in all my future budget meetings, because they have vital input. I've adjusted the numbers and can resubmit this month's budget now if you feel that's an appropriate course of action. Thank you for working with me on this."

Other tips for a good apology

The above four steps are ideal for creating an apology. However, there are some other tips to keep in mind when you apologize. These are important and related to the nature of the apology.

  • Keep it short and to the point. Multiple experts suggest keeping your apologies quick and painless. Long ramblings can make the apology uncomfortable and result in the actual apology getting lost in the middle of a long discussion. Don't dwell on what happened, and don't try to explain your situation. Say sorry and move into lessons and solutions. Afterward, move on. There's no need to linger on what happened.
  • Do it as soon as possible. Don't wait to apologize. It's important to rectify the situation immediately so everyone can move on.
  • It's OK if it's awkward. Apologies are awkward, especially when they're in person. Embrace the awkwardness and weirdness of the situation. Remind yourself that apologizing properly is an exercise in good character before anything else. As Graham said earlier, sometimes an apology opens doors. When you apologize, don't worry about feeling awkward or vulnerable. It comes with the territory.
  • Try to apologize in person. While email apologies are sometimes appropriate, you should try to apologize in person if you made a big mistake. While it may be awkward or difficult, your colleagues will respect you for taking the time to apologize directly. You also may leave with a better resolution – it's often easier to connect on these issues in person than over email. Everyone knows how empty a "no problem" email response can be.

How to apologize as a manager

The above rules apply to managers as well. These tips can provide more insight into how managers should apologize to their team if they make a mistake. The most important aspect of an apology from management is owning the mistake. Managers have to lead by example. By showing you're not afraid to be wrong, you empower your team to do the same.

  • Apologize in front of your team. The general rule is if you make a mistake in "public" within your company, you should apologize in front of your whole team. This should be in person or over video chat (if you manage remote employees) and should spur discussion about lessons and solutions moving forward. Again, apologizing can be an opportunity to practice company culture and embrace the benefits of making mistakes.
  • Apologize in private. If an incident occurs with a specific employee and other team members witness it, it's important to apologize to that person in private and again in front of the whole team. A "public" apology can provide justice to your employee and show that you're aware of what happened. The private apology can further heal any wounds the event caused.

What apologies say about company culture

You're going to make mistakes at work, and you're going to have to apologize for them. Salemi recommends taking note of how your apologies are received at work. She said workers should be aware of how their colleagues and bosses apologize when they make mistakes. If people are routinely making excuses, covering up problems or stubbornly blaming others for issues, it may be time to consider a switch to a new company. As with any job, task or relationship, everyone's true colors are exposed when things get difficult and people are tested. Mistakes and apologies provide windows into who your colleagues really are, giving you an opportunity to assess your current working situation and determine if the culture is the right fit for you.

Why Joining A Franchise Helps You Be A Better Business Owner

Posted: 13 Jun 2019 02:00 PM PDT

Many people may think that franchises are just a new way to make money. They believe you take an existing business model, drop it in a new location, and watch the profits roll in. But franchise owners walk away with more than profits. They gain a greater understanding of how business works through hands-on experiences.

There's a lot to being a franchisee. You have to follow company processes. You're accountable for spreading the company name into new areas. You have to hire the right people to make it happen. And you're not even an employee yourself.

While these responsibilities may seem like a lot to take on, they're actually fantastic learning opportunities. In fact, learning from first-hand experience is one of the most valuable things about being a franchisee.

Here are some of the ways that stepping into the role of franchisee turns you into a better business owner.

You understand what a successful business model looks like

You aren't thrown into the ring to fend for yourself as a franchisee. The franchisor is there as your partner and number one supporter. He or she provides you with a plan of action so you know how to execute. This "secret sauce" is the business playbook, the new bible for running all operations. Franchisors distribute this model to all franchisees to ensure a systematic approach to business.

As you follow these tried-and-true processes, you'll learn more about what makes a great business model tick. You find out what type of support you need and the questions you should ask. You'll also realize which tools you need for success, like marketing materials or advertising packages.

It also teaches you the importance of established processes. From training to marketing to customer service, a robust business model offers many processes for how to navigate different situations. Working through them as a franchisee helps you learn step-by-step what makes them effective.

A franchisee role puts true business ownership into perspective. It shows how much time, effort, and money you would actually need if you wanted to start from scratch. Thankfully the franchisor reduces this burden with a toolbox full of resources.

You learn how to manage cash flow

You wouldn't buy something without looking at the price tag. The same goes for joining a franchise. You should know all the costs upfront. These include the initial investment, along with the cost of inventory and working capital. Identifying these will help you get a better grasp on the total cost of business ownership.

By working as a franchisee, you notice the value of every service, decision and action. It conditions you to make smart decisions with your money. You learn how to identify and create your break even point. You also understand how to manage your P&L. These experiences teach you how to allocate money to the most important areas of your business.

You learn how to manage money in a franchise so it doesn't become one of your roadblocks to success.

You understand how to be versatile

When you own a franchise, you wear many different hats. You bounce back and forth between employee and customer interactions. Then you jump right into building the business itself. You might even take some time to try out new marketing techniques. Many business owners believe this constant change is one of the most enjoyable parts of owning a business. What they don't tell you is that it also teaches you the importance of being a versatile business owner.

Franchise ownership is very hands-on for the first 18-24 months. But if you're driven by success, you'll get through the ups and downs in the early stages. You might have even higher highs and lower lows if your franchise is affected by seasonality. Being motivated during these fluctuations is crucial to your franchise success in the slow months. You can always turn to your franchisor if you need advice or a helping hand.

You're not only responsible for daily business operations, but must also go out and build the brand. It's also a great way to get creative with getting the brand into your local market. Guerilla marketing tactics, existing sales tools, and paid advertising can help accomplish this. You could also speak with other franchisees about their success stories to get ideas for your franchise.

Achieving this balance between conducting and promoting your business is essential. It's one of the surefire ways you can set your franchise up for success.

You get management experience

It's tough to take on every business responsibility by yourself. That's why you have to hire the right people – as a franchisee you should work on your business, not in it.

Franchisees learn how to hire effectively, often through trial and error. Look for self-starting employees dedicated to the company's mission. These are the people who won't be confined by their role. They'll be the ones who will get creative and help you build the brand through different channels.

Also look for new hires who are responsible. Franchisees often operate small teams, so they need to have employees who they can depend and lean on when necessary. They should help you carry the weight of the business so it's not resting solely on your shoulders.

You might think about hiring a manager or two to run day-to-day operations. But this could spell disaster for any franchisee. You remove yourself from your business when you do this. You can't see the problems inside your business, and communication also breaks down when you're not engaged. Your absence may give employees the impression that you don't care about the business. It's important that you come to understand the business before you even consider handing off full management responsibility to someone else.

You understand the importance of a good support system

When you join as a franchise partner, you gain a whole new level of support. This comes in two forms: the franchisor and the network of fellow franchisees.

The franchisor will provide you with the tools and resources you'll need to get set up. These will include:

  • The business model

  • Training

  • Marketing and advertising tools and resources

  • Ongoing support

  • Previous business connections and relationships

This takes the grunt work out of building new processes and relationships from scratch.

You also have a network of fellow franchisees to communicate and collaborate with. They can help you solve problems, especially if they've solved them before. They can also help you understand more about timelines, like how long it will take to make a profit. Their advice will keep you from being blindsided. They're also outlets for exploring new, creative ideas.

Franchising gives you a quality perspective on business ownership

It's not until you're in the hot seat that you learn what it takes to be a successful business owner.

Whether you're new to the world of entrepreneurship or not, you'll gain a ton of knowledge working as a franchise partner. You get the experience of being a business owner without having to tackle everything by yourself.

These experiences as a franchisee can't be bought with profits. They can only be earned through the hard work and dedication it takes to run a business. Only then can you understand the difficulties of being in business – but in the end, it's worth every ounce of effort.

Brand Marketing: 3 Questions to Ask Before Planning Your Branding Strategy

Posted: 13 Jun 2019 12:00 PM PDT

And you can make it happen when you find answers to three key questions and incorporate them into your branding strategy.

But there is something you should know first. Forming a concrete brand strategy requires knowing how people engage with the world and make decisions. Therefore, you need to keep the following two facts about human perception in your mind:

  • We all assign meanings to the things that we engage with in our daily lives. Those meanings turn into codes in our brains so that we can quickly make decisions when needed, regardless of whether it's the right or wrong decision.

  • We also love living in our comfort zones as it feels safe and the brain's first mission is always to survive and keep things familiar. This makes the decision-making process faster and easier.

Now let's try to answer the important questions.

1. How to attract early adopters?

Your brand is only going to grow if you can create loyalty and a word of mouth following. And to do this, you have to attract early adopters first.

This is what you need to do: inspire.

In my psychometric branding methodology, I use psychological profile of decision makers as well as various types of messaging tactics to define the best ways for the brand to engage with different types of personalities. This way brands can learn how to best communicate with their audience and ultimately achieve authenticity.

Within this approach, the early adopters generally fall into "inspirational" personality type and expect to be impressed, inspired and get excited.

You can excite early adopters in different ways:

  • Show them the reason why your product or service exists. Are you challenging the status quo? Are you being innovative? Give them something that they can turn into a cause. Take Airbnb as an example. They challenged the traditional hospitality industry utilizing the benefits of shared economy. Making travel more of an accessible experience, they created a community. Their early adopters were people who were passionate about travelling. They were against spending a fortune on hotels and willing to have local experience wherever they go.

  • Share the vision with them. If your vision is generic and your messaging is relatable enough, they would want to be a part of that vision and turn this into a mission on behalf of your brand. Let's continue with Airbnb case. In their rebrand, they redefined their mission listening to the community they created. The experience they provided had helped people engage more by sharing their space. However, Airbnb took their mission beyond it and started to connect travellers with a wider local community. Stay with Airbnb in Venice and you will know where to take pasta making classes or have an espresso with the best cake maker in town thanks to their rich content. "Belong anywhere" was their new message which created a shared mission for the whole community.  

  • Make them constantly satisfied and happy. Providing an early adopter with a positive experience is crucial to create a positive word of mouth that will boost your growth. Although Airbnb has made lots of mistakes leaving credible hosts out of their platform due to flaws in their system, they still kept their wider community happy. They made sure one can get a similar service quality and assurance wherever they stay with Airbnb. They provided free photography service to the hosts so that travellers could get the right impression of the space they would stay in. That way they validated the existence of such spaces and improved the security of their travellers.

Once you do these three things, you will start seeing the brand advocates are born and they will start talking about your brand positively. Why is it important? Because the key to growth is in the answer to the next question.

2. How to make people talk about your brand?

You found out how to attract early adopters and now it's time to find out how to make them talk about you. We know early adopters are generally inspirational personality types – they like to be inspired and they like to inspire others:

  • They love sharing the things they discover.

  • They love talking about the things they are passionate about.

  • They love seeing they make a difference even if it's small.

When it comes to general society, people like to talk about interesting things. But what if you don't have to be interesting and that interesting element can organically be created within the audience?

This is exactly what you need: to create content and experiences inspiring early adopters enough to share with their circles. Let them make things interesting on your behalf because they are already excited and have a lot to talk about. Don't mix the messages spread out by your brand advocates creating confusing campaigns. Let them own the brand and speak for you.

People trust people and people engage with people. We are all evolved to do so. Facilitate the content and experiences for people to make your brand a talking point and use the second tier relationships as a gateway. You would have cleared all the verifications that people need to trust you once you are not directly involved in that process.

3. How to create inspiring and assuring content?

Although user-generated content is amazing for any brand to embrace, it's not an easy thing to achieve in content marketing. Now, I will only talk about the content you can generate on your own.

In Thinking Fast and Slow, psychologist and economist Daniel Kahneman states 85% of our decision-making process is being managed by the part of our brain that stores memories, fears, emotions, etc. And only 15% of this process is being managed by the part that can calculate. The most interesting thing is coming now, the part owning that 85% decides whether the other part of the brain will work or not.

What does it mean for you? First, intrigue then convince.

Think of your marketing message like a chocolate ball with nuts hidden in its centre. Your emotional message is the chocolate covering and your benefit is the nuts. Early adopters will mostly be interested in the chocolate cover while their verification seeking circle are keen to eat the nuts. But they will only know about the nut if early adopters speak of it.

Use the power of visual to trigger emotional attraction and embed one simple and preferably numeric or tangible fact within your message copy. This combination will not only make your content more shareable, but will also help you attract different types of audiences using second tier relationships.

Branding is about developing meaning

Never forget that branding is all about finding the meaning and understanding how human relationships work. Draw a brand life-time roadmap from day one and plan how you will grow, when you will finance and why people will engage with your brand. This roadmap will provide the brief for your sales, marketing and PR activities making a clear separation between your marketing strategy and marketing tactics.

How to Use Social Media To Better Your Retail Business

Posted: 13 Jun 2019 09:00 AM PDT

We all go online when we search for a product or service, want to read the latest business news or check the reputation and credibility of a certain company.

Social media has also become a dominant customer service channel as this is one of the easiest ways for clients to connect with a business and place an inquiry or comment about the product or service they are using. 

Social media can be a direct sales channel – with the advancement of payment technology and solutions, retailers can sell via their social media, even if they don't have an online store.

Which are the most popular platforms to be on?

To define that, you need to first ask yourself if you are a B2B or B2C retailer. Then define your target audience: who are they, where are they located, what is their age, income, etc.

These are top five platforms most commonly used by retail brands:

Facebook: This is mostly a B2C platform,  but in some cases can be used by B2B businesses. Used by: fashion, retail, e-commerce, entertainment, health and wellness, auto and more. No matter what industry you are in, having a Facebook presence is a must as it helps SEO.

Instagram: This platform is best for B2C. Top industries using this channel: fashion, food and beverage, travel and hospitality, wellness, arts and crafts, e-commerce, beauty, photography and more. If you are selling a visual product, then you definitely need to keep an active Instagram presence.

Pinterest: Another platform that's ideal for B2C businesses. Mostly used by: retail, fashion, arts and crafts, beauty, home and garden, and more. This platform provides both visual and text information, making it suitable for brands offering visual products and services in the likes of home decoration, landscaping, packaging, hand-made crafts, etc.

Twitter: This platfomr is good for both B2C and B2B businesses. Top industries: news and information, retail, e-commerce, wellness, travel and hospitality, telecom, finance and more. Twitter is suitable for news, trends and customer service – whenever there is an issue, customers often Tweet the business.

Trustpilot: This is not a social media platform, but it is a customer review platform that any business with online presence should be on. While you cannot directly promote or sell your products and services on Trustpilot, you can generate product reviews that can improve your business reputation, change customer perception and in return increase revenue and customer loyalty.

What to post and how often?

On platforms like Instagram and Pinterest, which are very visual orientated, you can post as often as several times a day, using high quality product visuals of products, collections or store locations. Mixed usage platforms like Facebook and Twitter provide you with space to post product news and visuals, special offers, case studies as well as to set-up events and targeted ads.

Use email or other social platforms to encourage happy and loyal customers to leave reviews on your Trustpilot page. The more positive reviews you get – the better your brand reputation.

Using social media to create an omnichannel environment

For retail businesses, the use of online channels can help brick-and-mortar stores to build a multichannel environment and sell across different platforms.

For example, you can offer a discount coupon via your social media, which is valid only on purchases at your store locations. Or the other way around – use in-store communication encouraging customers to participate in an online campaign to draw competition on social media.

You can also sell directly on your social media channels through the use of payment links and buttons, placed directly in your Facebook or Instagram page, without even having an online store.

Tips for managing customer reviews

Keep a regularly updated brand profile

When reviewers see a professional presence on a social platform or review site, they may be more reasonable in their reviews, knowing that they are dealing with professionals. Update business profile regularly to ensure it reflects your current product propositioning.

Respond publicly within 48 hours and offer to solve the problem

Statistics show businesses that respond to reviews immediately have a much higher rating than those that ignore them. When a addressing the customer's concerns, reviewers will often either delete their reviews or upgrade it up to a 5-star rating if they are really happy with the outcome. But even if you can't reach a resolution, responding to reviews is an effective, lasting way to show the public that you listen to your customers.

Respond in private too

Exchanging customer details in public is not a good idea, so a private message can help sort the issue and keep the customer on your side.

Get more positive reviews

Encourage and engage happy customers to leave as many positive reviews as possible through planned campaigns using owned channels such as email and customer service center.

Accept the possibility that your business has a problem and escalate the issue

If you keep receiving repeating complaints on the same subject, it means that there is a problem in the product or in the customer service that needs to be addressed so that it doesn't happen again and again.

Be consistent: A good reputation is not built over night

If you are new to social media, try all of them and see which one works best for you.

How to Be an Ethical Leader: 4 Tips for Success

Posted: 13 Jun 2019 06:30 AM PDT

As a manager, there is a clear difference between being just a boss and being a leader. Where a boss orders, a leader guides; a boss manages, a leader inspires. The difference lies in how you make your employees feel and how you view your relationship with them. A good leader sees it as their responsibility to inspire, guide, and nurture their employees to help them improve; they lead by example.

"In today's transparent social-media-driven world, senior executives, especially those with a high profile, will be tested and called to task over their morals and ethics in how they do business," said Shane Green, author of Culture Hacker (Wiley, 2017). "This used to be more focused on business practices but is now shifting [to] leadership practices. Businesses, and their leaders, are under a microscope. How they act and interact with those around them professionally will have a significant impact on their ability to attract new talent and, ultimately, their bottom lines." 

Ethical leadership is defined as "leadership that is directed by respect for ethical beliefs and values and for the dignity and rights of others." It is mainly concerned with moral development and virtuous behavior. 

Or, as Heather R. Younger, founder of Customer Fanatix, put it, "an ethical leader is someone who lives and dies for integrity. Doing the right thing, even when it hurts, is the ethical leader's mantra." 

And while this all may sound lofty, it's more attainable than you might think. Here's how to become an ethical leader. 

Define and align your values.

Consider the morals you were raised with: Treat others how you want to be treated, always say "thank you," help those who are struggling, etc. But as you grow, and as society progresses, conventions change, often causing values to shift.

"This is the biggest challenge ethics face in our culture and at work and is the biggest challenge ethical leadership faces," said Matthew Kelly, founder and CEO of FLOYD Consulting and author of The Culture Solution (Blue Sparrow Books, 2019). "What used to be universally accepted as good and true, right and just, is now up for considerable debate. This environment of relativism makes it very difficult for values-based leaders."

Kelly added that to find success in ethical leadership, demonstrate how adhering to specific values benefits the mission of the organization.

"Culture is not a collection of personal preferences," he said. "Mission is king. When that ceases to be true, an organization has begun its journey toward the mediocre middle."

Ask yourself what matters to you as an individual and then align that with your priorities as a leader. Defining your values not only expresses your authenticity, it encourages your team to do the same, creating a shared vision for all workers.

Hire people with similar values.

While your values don't need to be identical with those of your workers, you should be able to establish common ground with them. This often starts with the hiring process and is maintained through a vision statement.

"I do not believe that every person is a fit for every company, and that is OK," said Green. "Companies need to do a better job ensuring they find people who are aligned with their values rather than just hiring for experience."

In fact, Kelly believes it's valuable to hire employees who have different experiences and perspectives, because they each offer their own solutions to challenges.

"But when it comes to values, I think having and hiring people who share your values is critical," Kelly added. "Nobody wants to work for somebody who doesn't share their values … Without mutual respect, it is very difficult to form a dynamic team, and most people find it very difficult to respect someone who doesn't share their values."

Promote open communication.

Every employee is different, even if they share similarities. With each decision you make, be transparent and encourage feedback from your team. This helps you become a better leader and helps your workers feel more confident in sharing their ideas or concerns.

"I believe that one of the important responsibilities for the modern company is to create an environment where open communication is encouraged and that, more importantly, people are listened to," said Green. "We are seeing a lot of employees calling on their companies to change policies, drop customers or take a stand on current issues. Companies cannot bend to every employee's demand, but what they do need to start executing is creating forums where employees can raise their viewpoints, feel they are listened to and receive follow-up explaining why certain things can or cannot happen."

Gathering feedback from your team helps you improve as a leader and propels your business forward.

"Management is all about the people," said Alain Gazaui, CEO of inteliKINECT. "Understanding where they come from is crucial."

Beware of bias.

As humans, many of us have beliefs, subconscious or otherwise, that are outdated or erroneous. No leader wants to admit to their flaws, but not practicing self-awareness can lead to detrimental consequences.

"Everyone has bias, but for the longest time, you were not called out on it because you were never really challenged," said Green. "Now that the workforce is more diverse … some unexposed biases are being called out. Managers need to … look at themselves and be honest that they do, in fact, have biases that may impinge on another person feeling comfortable at work."

If you are an open-minded leader, you will build and maintain better relationships with your workers.

Lead by example.

To build an ethical company, you must start from the top down. Your employees will see your behavior, choices, and values and will adopt them in their own practices.

"To effectively lead, the ethical leader walks the line he or she wants others to follow," said Younger. "Leading by example is the best way to ensure an ethical business."

It instills respect and lets your employees see that you truly believe in them and trust them to work.

Find your role models.

"There are many leaders throughout history," said Mike Sheety, director of ThatShirt. "Do a little research of good, powerful leaders and try to identify what they do [well]. Then implement it into your own leadership style." 

Care for yourself so you are able to care for others.

You cannot pour from an empty cup, as the saying goes.

"Having a calm and capable demeanor is the foundation for strong leadership," said Christine Matzen, founder of Oak Street Strategies. "This can be accomplished through making sure that you, as a leader, are focused on meeting your own needs [like] sleep, nutrition, [and] true connection with loved ones."

Matzen said that devoting time to self-care can seem simple, but, ultimately, it's critical in supporting your capabilities as a leader.

"The leader that is happy and content in life wants happiness and contentment for those they lead," she said.
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