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How to Ask for a Raise at Work and Get It

Posted: 02 Aug 2019 01:00 PM PDT

Yet most people never ask. According to PayScale, 57% of professionals have never ask their boss for a raise in their career. Yet if you ask the right way, you can earn more money and gain your boss' respect at the same time.   

The science behind your compensation – how employers decide how much to pay

When employers offer you a job, they look at a few different factors before choosing what salary to offer. They consider what you made in your last job (if you tell them). They look at what other people in their company are currently earning for similar work.

And they look at what other companies are paying people with your skill set right now on the open market. However, those last two factors change over time: Maybe your skills are more valuable now, maybe market rates have gone up, maybe the employer has paid newer people more money for the same job. (This is often the case. As a recruiter, I've seen that the lowest-paid people in a company for a given role are often the people who have been there the longest. Hardly fair, right?)

So that's why I recommend asking for a raise if you've been in your current role for at least nine months, and haven't asked for a raise already in that time period.

How to ask for a raise at work – setting yourself up for success

Ideally, you want to show your value to your employer before asking for more money. My favorite way to do this is to take on additional responsibilities within your current job before you ask for a raise. Most people don't think to do this, so it's a great way to stand out. I'd recommend looking for ways to take on more responsibilities as soon as possible if you want to get a raise in the near future.

Assuming you're already doing a good job with your core tasks, go to your boss and tell them you want to learn and grow, and then ask if there's an opportunity for you to be given more responsibilities. You can ask to:

  • Help train new team members
  • Create documentation/procedures to help new people who join the department
  • Help with tasks/projects that are slightly outside of your normal scope of work, but still similar
  • Lead a meeting or project
  • Take on a higher volume of work (for example, if you manage nine client accounts, you could tell your boss that you feel comfortable with your workload, and would be happy to take on one or two more)

This will make the upcoming steps of asking for a raise much easier.

Preparing your argument before asking for a raise at work  

The best way to ask for a raise is by using facts and logical arguments. There are a couple of angles you can take, so I'll walk you through the different options. First, we already talked about taking on more responsibilities to increase your value to the employer. That's one angle you can take. You can also point out how much more productive/competent you are since you joined the company and agreed on your starting salary.

Point out how you're helping the company save money, make money, save time, grow, become more efficient, etc. (This will depend on your role). Reminding them of how much more you're producing now compared to when they hired you (and assigned your salary) is one of my favorite tactics because it's an easy argument that practically anyone can use. Finally, you can also research what your skill set is worth on the open market. How much are other companies paying people like you?

To get a sense of this, I'd recommend reviewing the following salary websites:

  • https://www.salary.com/
  • https://www.payscale.com/
  • https://www.glassdoor.com/Salaries/index.htm
  • http://salaryexpert.com/
  • https://www.indeed.com/salaries

Try to find comparable roles in your specific city or region, and gather data from at least two or three of these sites if possible. This will make your argument more convincing if you use this to ask for a raise. If you only had one salary data point from one job board, your boss might say, "Well, I try not to put too much weight on any one single source, because these salary surveys online aren't always the most reliable."

Whereas if you have data from three or four of those sites, it will be more convincing. It's also possible to combine these different angles; for example, you could present your salary research, and point to the fact that you're much more productive and valuable now that you've been in your role for a full year.

 

How much of a raise to ask for

Now that you know some basic arguments you can make, let's talk about how much of a raise you should ask for. You should ask for a number on the top end of what you feel is fair so you're still left with a nice raise even if they counter-offer. However, you always want to be reasonable.

Asking for an unrealistic number will cost you the respect of your boss and possibly damage the relationship. So aim to get what's fair. As a general guideline, it's usually considered appropriate to ask for a 10 to 20% increase. Doing the online salary research via the websites I mentioned earlier will also help you decide how much is reasonable to ask for.

How to ask your boss for a raise: Starting the conversation

Once you've decided which angles/arguments to make, and how much to ask for, it's time to ask your boss for the raise.

Start by scheduling a meeting. Don't bring this up at the end of another conversation or weekly check-in. This is important and deserves its own time. Email your boss and say, "Do you have 20 minutes available to talk this afternoon? I was hoping to discuss something with you."

When you go into the meeting, start off by saying, "Thanks for meeting with me." Don't be apologetic or say, "Sorry to bother you."

Remember: you're not taking up their time or bothering them. It's literally part of your boss' job to discuss this with you.

Stating your case for why you deserve a raise

Once you've sat down face-to-face, it's time to state your case. You want to start off by sounding grateful/positive about the job. You're not there to threaten or give ultimatums. That's NOT how to get a raise. Tell them you're excited about how things are going and you're really happy to be on this team and in this company. Then be very clear about why you wanted to meet.

Present your facts and reasons and then tell them you were hoping to receive a raise, including the number you were hoping to receive. Use clear, direct language: "I wanted to ask if my base salary could be increased to $59,000." Or: "Based on what we've discussed here, I wanted to ask if my salary can be increased by $3,000."

Don't ask for a range. If you say, "I was hoping my salary could be bumped up by $3,000 to $5,000," your boss will immediately be thinking of the bottom number of that range. There's no point to doing this. Instead, plan on asking for a precise number and taking the negotiation from there. Then stop. Don't ramble on. Don't keep talking after you've made your main point.

The best thing you can do at this point is go silent and let them respond. They might agree right away. They might ask you further questions. They might try to compromise and meet you in the middle.

A lot of things can happen from this point, so here are some negotiation tactics to help you navigate the conversation after you ask your boss for a raise.

Overcoming obstacles when negotiating your raise

If you don't hear "yes" right away, don't get discouraged. There a couple of tactics you can use as the conversation goes on to back up your argument. Many top negotiation experts, like former lead FBI hostage negotiator Chris Voss, suggest empathizing with the other person and showing you understand their perspective before trying to push your point.

Here are examples of what you might say:

  • "If I understand correctly, it sounds like you're saying ___?"
  • "It sounds like your main concern is ___, is that right?"

The goal here, according to Voss, is to get them to say, "That's right." Once you've done that, you know they feel heard, which now means they'll be more receptive to listening more to your side! If you're not sure what their main concern is to begin with, try asking open-ended questions. If you're not familiar with open-ended vs. closed-ended questions, I'll explain.    

Closed-ended questions are questions that can be answered with a "yes" or "no." They provide you with very little information, especially if you're not sure what the other person is concerned about or bothered by. Instead, try to ask open-ended questions that allow the other person to speak freely and feel relaxed.

Here are some examples of open-ended questions:

  • "Tell me about ___."
  • "What about this doesn't work for you?"
  • "What are your thoughts on ___?"
  •  "What would you need to make this work?"

Another tactic you can use is allowing them to negotiate against themselves. For example, if you ask for $55,000 and they say that they just can't fit that into the budget, you could say, "OK, I understand. What's the best you can do?"

Now the pressure's on them to come up with their best possible offer without you having to keep going back and forth. If you reach an impasse and can't seem to get around it, also remember that you can also discuss forms of compensation other than base salary, like bonuses and profit sharing.

However, when it comes to maximizing your compensation in the long term, you should negotiate for base salary first and foremost.

Mistakes to avoid when asking your boss for a raise

Now that you know the steps to follow when you ask for a raise, let's cover a couple of mistakes to avoid. First, never position your request as a threat or ultimatum. You shouldn't be positioning this as, "If I don't get this, I'm leaving."

That's not as likely to get you a raise, and even if it does in the short-term, it could severely damage your relationship with your employer and cost you your job in the long run. The next mistake to avoid is acting emotional or bringing personal reasons into the discussion. You're more likely to receive a raise by sticking to fact-based arguments like we discussed earlier.

I'm not going to lie and say I've never seen someone get a raise using personal reasons (long commute, gas prices, etc.), but it's not your best shot. Finally, don't make it sound like a big deal when you ask for the amount of money you want. Even if this is a lot of money to you, it's probably NOT a lot of money to the company. So remember that.

I'd recommend practicing at home a few times to make sure you sound confident and casual when saying the dollar figure. You can practice in the mirror, or my personal favorite is using your smart phone sound recording app and then playing the recording back to hear how you sound.

Asking for a raise is a win-win if you follow the steps above 

If you ask for a raise using the steps above, you'll give yourself the best possible chance of success, while also strengthening your relationship with your boss and employer. Not every boss will have the budget to boost your salary immediately, but you'll find out the best they can do while setting yourself up for long-term success with the company as well.

How to Assemble the Right Team Before Going Public

Posted: 02 Aug 2019 11:00 AM PDT

  • Leaders who want to grow their small companies through the public markets need to build a solid team of various players first.
  • Add six key players – investment dealers, deal makers, the media, data providers and platforms, regulators, and retail investors and stockbrokers – to your company's team.
  • After listing, analyze the effectiveness of your team by looking at stock performance measures.

But before you list, it's important to develop a strong ecosystem – a team of vital players – that can attract the right support, help spread your message, and set you up for success.

Business leaders looking to the public markets as a source of funding and development need to first establish strong ties with the various players and entities involved. Building a solid team that ties together multiple perspectives will be a foundational step for how you adapt to this new phase.

1. Investment dealers

Independent dealers act as a source of insight into investment opportunities with compelling returns, and investors pay attention to them. In particular, the structure of Canadian independent investment dealers uniquely sets them up to support venture stage companies. These dealers typically have a larger risk appetite and are willing to put their balance sheet to use through transactions like bought deals. In this capacity, having an investment dealer as a coach figure can help you grow your investor base.

Venture companies that see support from independent dealers today can grow larger tomorrow. We've seen this in the cannabis space: Canada's first cannabis company listed on TSX Venture Exchange in 2014. Today, there's a community of publicly listed cannabis businesses on Canadian stock exchanges representing approximately $60 billion in market capital (as of May 31, 2019) – due in large part to the initial support from independent dealers.

It's not just cannabis, though. Independent dealers are crucial in making industries like battery metals, mining, blockchain, and disruptive technologies more accessible to investors.

When partnering with a dealer, you'll need to look out for two key capabilities. First, look at dealers' track records in your space. If a dealer has tangible experience in your industry, you can trust that dealer to know which investors are best suited for your company.

The next thing you should look for is experience working with companies at the same stage as yours. Where established large cap companies tend to attract investors by broadcasting their successes, small cap companies are likely still in the early stages of building a business and will need to attract investors with potential for future opportunities. Find an investment dealer who understands how to get investors to buy into the future vision of your business.

2. Deal makers

Behind most successful companies on the public markets, you'll find deal makers that helped them get there. Consider JJR Private Capital, Varshney Capital, County Capital, or Kin Communications, all of which have decades of experience in bringing growth stage companies to market.

Acting as strategic quarterbacks, deal makers are investors who hunt down interesting growth stage companies and use their track records and existing followings to generate buzz in the brokerage community. Then, they use their in-depth understanding of the regulatory environment to help venture companies navigate the structuring of a successful deal.

Ask your current bankers or investors to introduce you to deal makers in your space. In this case, it's also important that they have experience working with companies similar to yours so they'll better understand how deals in your space come together. By engaging deal makers to take an equity stake early on in your company's development, they stand to be rewarded in the long run with returns on their investment, which aligns them with the success of your organization.


3. Media

A lack of investor interest is among the top 20 reasons why startups fail. To nip this trend in the bud, companies can engage with media outlets, which have a broad reach that goes far beyond that of press releases and SEDAR/EDGAR filings. For entrepreneurs who are trying to change the world, it's important to leverage media to tell that story to the right audience of retail and international investors and customers.

When engaging potential investors, start with a strategy that's based in education. Choose a theme that relates to your business and share practical, usable content that will give them insights not readily available anywhere else. Encourage engagement: Media strategies should never be a one-way street. Share content on your company's platforms and respond to questions and comments in a timely manner.

A strategy based around education and engagement will position you as a reliable, knowledgeable company in your sphere – attracting investors and customers alike.

The media can also help keep investors aware of your organization's performance beyond its initial listing. And don't forget to get personal. Investors will appreciate direct insight from your management team, whether it's through social media or in person.

4. Data providers and platforms

Within the public market landscape, there's a noticeable gap when it comes to coverage of early stage or venture companies. And if investors don't have access to credible third-party insights on a company, they're less likely to include it in their investment portfolios.

Employ data providers that will put your company in front of the right investors and best engage your target audience. VRify, for instance, is focused on helping retail investors understand complex mining disclosures by providing visualizations. TMX Matrix, meanwhile, is meant to provide a platform for companies to engage retail investors using video, investor relations content, and key business metrics. You can choose the right platform for your business and share information to provide investors with better insights.

5. Regulators

A robust investment community sits within a structured regulatory framework. Regulators are tasked with maintaining a fine balance between addressing the public interest, protecting investors, and creating an efficient market.

Within Canada, for instance, regulators understand the value of the venture market to the economy, as the companies within it present the promise of new jobs and potential global expansion. Aligned with this sentiment, regulatory bodies such as the Canadian Securities Administrators are working toward reducing the regulatory burden placed on public companies.

Growth companies can seek guidance from exchanges and regulators well before listing to address any confusing requirements or barriers. You can also continue working alongside regulators after listing to ensure compliance into the future.

It's important to work with these bodies throughout the listing process, as they often offer resources to prepare and better educate companies. Some exchanges hold prefiling sessions with guidance on how to avoid potential hurdles or a space in which to test products and services. The CSA, for instance, has the CSA Regulatory Sandbox, which allows fintech businesses to test their business models in a more flexible format.

6. Retail Investors and Stockbrokers

Generally, retail investors are passive investors, which means they often allocate most of their portfolio to large cap companies and structured products instead of venture stage companies, which may pose more of an investment risk. Allocating a portion of an investment portfolio to those earlier stage businesses typically ignored by ETFs or index-based funds has the potential to allow investors or active fund managers to outperform the market and to engage with dynamic venture stage companies.

To capture this pool of capital, companies need to deliver regular news flow on the state of their businesses or – if they're in developing spaces – industries.

As you work to attract these investors, align regular updates with your media strategy so you have timely content to share across your platforms. Remember that investors are attracted to news that creates a sense of urgency. This includes items that might materially move stock prices, such as a company getting its cannabis sales license or a material M&A event. While you won't be able to give specific investing guidance on these events, you should communicate their timing to the market.

Supporting companies in communicating to their audiences, brokers are responsible for investigating companies and interviewing stakeholders to gather information the average person wouldn't know to ask. Because of this, they can present informed opportunities to retail investors based on risk profiles, making them a valuable resource that may help communicate your story to a broad audience. With this in mind, make sure you engage your network of brokers when you have big news to share.

Building a better business

Once listed, the best way for you to analyze how well your ecosystem is working is to look at stock performance measures. An increase in liquidity or growing attention in the markets is a good sign. If you're not seeing that, it might be that investors don't have sufficient insight into your company.

Consider changing how you communicate your story and who you're engaging to tell it. Start by focusing on the dealers, investors, and deal makers – the people who understand your vision for changing the world and can portray that effectively to other interested parties. And once you've secured a supportive investor base, be fully transparent and not overly promotional, communicating true key performance indicators to show your growth.

Think about the ecosystem in place to support your company's growth. This is the collective puzzle that will guide you and help ensure that your organization is a successful public entity, so if you're missing key pieces, now might be a good time to figure out where you can find them.

How to Use LinkedIn Groups to Generate Business Leads

Posted: 02 Aug 2019 07:40 AM PDT

Social media can be a powerhouse tool for making valuable business connections, if it's leveraged correctly. But it can be difficult to know how and where to make these connections.

Carrie Dunham, owner of the Carrie Dunham handbag and accessories line, asked the business.com community how to generate leads through LinkedIn Groups: "I am curious how others use social media and social networks to generate leads. I used to like LinkedIn Answers and Groups, but they got rid of Answers … they just released their new navigation, and groups are being buried. Seems like they are moving to being just your online resume and helping people find jobs. Social media is important, but I am just getting my feet wet."

We spoke with social media and marketing experts and outlined the steps to generating leads on LinkedIn Groups. [Interested in social media management? Check out our best picks.]

1. Join the right LinkedIn Groups.

The first step to creating leads from LinkedIn Groups is finding and joining a group full of potential customers. To do that, decide who your ideal client or audience is. Once you know who you want to market and sell your product to, find a group the caters to that community. [See related article: How to Reach Your Target Audience.]

"Using that profile, go to the groups that have a large number of individuals as members," said Bill Corbett Jr., president of Corbett Public Relations. "For example, if you want to market to accountant groups, you go to accountant groups. To effectively convert sales, you have to be in a target-rich environment."

Popular LinkedIn groups for small business owners and entrepreneurs include Executive Suite, Band of Entrepreneurs, and Social Media Marketing. [For more great LinkedIn groups for small businesses, check out this article on Business News Daily.]

Carefully read the group's description to see if it fits your business, your goals and that the people posting in it are contributing valuable content rather than joining as many groups as they can.

"Spend some real time looking through the groups and thinking about who is genuinely a fit for what you do," said Oliver Roddy, sales and marketing manager at Catalyst Marketing Agency. "A scatter-gun approach will not work, and people will sense a salesy approach miles off, so just be real."

After you join a group, you can run a filtered search of members based on things like location, job title, and industry to identify your ideal prospective connections.

"Knowing the right people to connect [with] makes it easy for you to engage with them," said Asim Rais Siddiqui, CTO and co-founder of Tekrevol.

Avoid sending connection requests at random to whoever is in the group — this comes across as salesy, and can alienate several potential connections. Instead, take the time to see who is in the group and who can be most valuable to you and your business, then send a carefully thought-out invitation.

2. Gain trust, create relationships and paint yourself as an industry leader.

LinkedIn Groups are a great way to promote your business and build your community online. By using it correctly, you can establish yourself as an industry leader and expert. This helps drive traffic to your LinkedIn profile and to your company's page as well as bolster your business's reputation in your industry. 

"Groups are a significant part of developing your expertise, your personal and/or business brand, and your community ... which can translate into leads as well as network," wrote Bernadette Boas, CEO at Ball of Fire Inc. to the business.com community. "But you have to be purposeful, genuine and contribute value to those discussions."

It's important not to come off as pushy by only sharing ads for your business. Instead, share content that is valuable to the people in the group and answer questions. Doing so drives profile views and inbound connection requests, Corbett said.

"You want to be a giver and share relevant information that will allow those within the group to grow, develop a business and become more effective at what they do," Corbett said. "Do not post ads or aggressively solicit members of the group – get to know them first, build a rapport and then identify those that are potentially interested in your products and services."

Many groups on LinkedIn have strict rules against ads and self-promotion, and doing so could get you banned. Focus on creating meaningful, mutually valuable posts that educate others in the group about what you do and what you are looking for.

Each of your posts in the group should inspire engagement by asking a question, sharing a personal story or asking for feedback. If you are unsure what types of posts the group community typically engages with, spend some time observing the group after you join.

Pay attention to who posts the most often and what kinds of posts get the most engagement, and why. Take note of how many likes and comments they get and if their post is shared by other group members, then adapt the practices for your own business.

Matthew Mercuri, partnership specialist at Broadsign, also recommends being active in LinkedIn Groups by answering questions.

"It's a good idea to have thorough, well-researched and well-reasoned answers with a ton of evidence or personal experience," he said. "One-liners won't suffice. The time you put in to answer those questions tend to develop into actual relationships." 

3. Connect and communicate with potential customers.  

Once you are engaging with people in the LinkedIn Group and creating relationships, ask them to connect. Because you are in the same group, you become a second-level connection with everyone in the group, which makes it easier.

"Sending a LinkedIn invitation is an art," said Siddiqui. "It needs to be personalized and concise. Always start with a personal sentence and explain why you want to connect with them, [then] explain the value you [could] bring them as a connection."

After you create a connection, you can start communicating with them directly through LinkedIn messaging and share ideas, growth strategy support and teaching them about your product and services, Corbett said. This is also the time to learn about their needs and pain points.

"When the time is right, set up a call or meeting … see if there is an opportunity for a sale or a relationship with a referral source or just an ally," he said. 

LinkedIn is, above all, a social platform that is designed to help people connect on an authentic level.

"To get the most out of LinkedIn as a lead-generation tool, don't think of it as a lead-generation tool," said Robert Morgenroth, executive vice president at Mason Frank International. "LinkedIn is a social platform, so focus on engagement."

Look at your participation in LinkedIn groups as a mutually beneficial relationship. You stand to learn from and be supported by the other members, and they can learn from and be supported by you.

For more information about how to use LinkedIn for business, read this guide on our sister site, Business News Daily.

Additional reporting by Saige Driver.

Small Business R&D Can Serve the Public Good

Posted: 02 Aug 2019 07:30 AM PDT

  • Currently faced with an organic tomato supply problem, First Field resorted to researching their own agricultural methods.
  • The sauce and condiments company has received several USDA farm grants, all in an effort to improve the Garden State's beloved fruit.
  • The result has been an innovation in organic farming that's already being implemented in several New Jersey farms. 

First Field offers no argument to the Heinz customer as to why they should switch to their New Jersey tomato ketchup.

"Many of our customers grew up on Heinz, Ragu, or similar brands, and we don't want to take those types of taste memories away," said Theresa Viggiano, who co-founded the company. Her husband, Patrick Leger, is the other co-founder.

First Field began with a gardening hobby and family recipe but is now a "value-added" company, making tomato products – including pasta sauces and canned tomatoes, in addition to their flagship ketchup – from wholesale, organic tomatoes, rather than their own vegetable patch.

First Field co-founders Theresa Viggiano and Patrick Leger.

Still, First Field remains "farmer-focused," relying on a tight supply chain of New Jersey farms for the ingredients for their products. They've also grown rapidly in the past decade, expanding from a single farm stand to several major retailers including Whole Foods, Trader Joes and Wegmans.

Thus, First Field has no reason to denigrate other brands.

"We often have conversations about what we do – work directly with growers, maintain a clean ingredient statement and label, minimal processing, use premium ingredients – and we get solid customers that way," said Viggiano.

A high-quality product requires tinkering with. Innovation is especially tricky in agriculture-related SMBs, where an act of God can throw off the whole supply chain. Add to that First Field's additional constraint, that their tomatoes must be grown in New Jersey – both for their superior quality and the company's brand identity.

Rather than compromise on taste or location, however, the company has taken matters into their own hands and launched several research initiatives. The result is a useful case study in small business research and development.

Methodology

At the moment, First Field uses conventional, non-organic tomatoes in their products, not necessarily out of choice, but out of necessity. "In fact, there aren't really any large-scale organic processing tomato farms that we could buy from if we wanted to," said Russell Cavallaro, operations manager. "Part of this is because of economic reasons – demand, etc., – but part of the reason is because it just hasn't been done yet in New Jersey."

For produce to become certified USDA organic, it must be grown in soil free from prohibited substances, including pesticides and synthetic fertilizers. Processed foods like ketchup are subject to additional requirements; artificial flavors, colors, and preservatives are also prohibited.

Demand may still be catching up at the top of the supply chain, but on the consumer level, demand for organic products continues to grow in the double digits. And while organic fresh market tomatoes can be grown in New Jersey, when it comes to organic tomatoes suitable for processing, First Field would be forced to turn elsewhere.

Part of the problem is a lack of research.

"An organic tomato seed that grows in California or Mexico or Italy is not necessarily going to grow as well in New Jersey, and vice versa," Cavallaro said. In addition to the Mid-Atlantic climate and abundance of tomato varieties, weed and pest control play a role in crop yield, taste, and consumer safety, creating infinite combinations of variables.

Hence, with the eventual goal of converting their products to organic, First Field has been forced to take initiative, but there's a lot to learn before they can help suppliers make the switch. To that end, they employ the scientific method, conducting experiments in their farm lab –"not a lab in the literal sense, no benchtops, beakers, hood vents, etc.," Cavallaro explained, but "a small, nonworking farm that we use for experimentation and R&D."

Still, all experiments and data collection are on the books, under the guidance of Rutgers University and with the funding of several USDA grants. This means that findings are not only intended to help First Field's growers, but to further the public good. 

Findings

Their efforts have borne fruit. One of the grants, a Sustainable, Agriculture, Research and Education (SARE) grant, was given to test the use of a rye cover crop and Rodale Roller Crimper as an alternative to the pesticide Roundup. The solution worked and has already been implemented on several New Jersey farms.

And while First Field's research is intended to be publicly available – there is no USDA grant for the next secret Coca-Cola formula – they've also drawn upon the findings of others. "Rutgers University Extension Services have a wealth of knowledge about the tomato industry in New Jersey and are actively involved with the growers," said Viggiano.

Ag-related SMBs can also receive USDA grants for nonresearch purposes, such as the Value-Added Producers Grant First Field also received, for companies that use raw ingredients (rather than sauces from already processed tomatoes, for example) to create new products or try new marketing opportunities.

Conclusion

One thing to bear in mind is that small business research and development is not a get-rich-quick scheme. "Research is a long game," Cavallaro said. "We've been looking into organic Jersey processing tomato farming methods for a few years now, and we're not even close to a proof of concept for our actual working farmers to use."

For those still undeterred, however, Cavallaro suggested looking into their state's department of agriculture or any nearby research universities. "There are far more resources out there than what is readily apparent," he said.

SMBs are also advised not to reinvent the wheel. "Ask for help from those who have been there before," Viggiano said. "We always take some advice that Gary Hirshberg, the founder of Stonybrook Farms, once told us – 'You're going to make your own mistakes, just don't make mine.'"

How to Choose Office Cubicles for Your Business

Posted: 02 Aug 2019 05:00 AM PDT

When creating an office space to accommodate your employee's needs, there are numerous factors to consider. Although many employees benefit from an open office plan design, there are still several industries that require the privacy and security that cubicles provide.

It is important to consider what office plan your employees need – whether that be an open office plan, a private office design or a combination of the two. If your employees work with private information or make several phone calls, it may be beneficial to utilize cubicles. While cubicles may not have nearly the same level of prestige as a corner office, they allow employers a practical way to give their employees the level of privacy they need.

If you decide to incorporate cubicles into your office, you will likely need the assistance of a furniture consultant and space planner to design the best layout for your office space. When choosing cubicles today, businesses have quite a variety to pick from. They can vary in size, shape and color. There are also options for low walls to create a semi-open work environment, or high walls to give employees more seclusion.

How to tell if your office needs cubicles

There are a few key factors to evaluate to help you decide if your office needs cubicles. If you already have employees, it's also a good idea to gather their feedback on what type of work environment they prefer. Some employees work best in an open and collaborative setting, whereas others thrive in their own personal space.

The type of industry your business is in can factor into your workspace design. If your employees need the security to make professional phone calls and research sensitive matters without someone listening in or looking over their shoulder, cubicles can be a great way to divide the office. If your employees work in an industry that requires a quiet setting to focus without distractions, cubicles can offer the privacy they need.

You can also provide a mixed layout that combines an open office plan with cubicles. For example, you could have an open or semi-open office plan for the majority of your employees, and only provide cubicles for departments that require more privacy, like human resources and accounting departments.

Another way to tell if your office needs cubicles is by assessing your current office situation. If you currently have an open office plan and your employees are too noisy and distracted, consider switching to cubicles.

Editor's note: Looking for the right office cubicles for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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What to look for in an office cubicle

If you are looking for an office cubicle, chances are you'll need more than one. That is why it is important to look at your entire office design to determine what type of cubicles you will need.

  • Space/size: Evaluate how much office space you have and how many employees you need to accommodate. From here, you can determine how much usable space each employee can have in their cubicle. Be sure to account for larger private offices, new hires and team growth you may encounter.
  • Height: Once you know how much space each work station can have, you can shop for office cubicles. Evaluate the optimal cubicle height for each employee to have an adequate amount of privacy they need. Standard cubicle heights range from low (42 inches) to medium (53 inches) to high (66 inches). Lower walls will be more beneficial in creating a semi-open office design, whereas higher walls will create maximum privacy. 
  • Design: Your budget will likely play a role in whether you can buy new, used or refurbished cubicles. If you are considering used or refurbished cubicles, make sure there are enough cubicles in the design you are seeking, so as to avoid having to buy mismatched items. Creating an aesthetically appealing office may not seem important, but it can impact how comfortable your employees are at work, and it can influence the way clients view your brand.

Choosing new, used or refurbished office cubicles

Buying cubicles comes with making the decision of whether you will buy them new, used or refurbished. Determine how many cubicles you need, what style and cubicle design you want, and what your total budget is. Then you can weigh the pros and cons of each option.

New cubicles

New cubicles give you the greatest variety. You can choose from the latest styles and designs, which can be very important if your office space needs to appear trendy for clients. If you need a large quantity of cubicles of the same style and design, you will likely have to buy them new. New cubicles will also likely have warranties, which gives you peace of mind about the quality of the materials. The company you buy from is also likely to have delivery options to bring your new cubicles to your office. 

Although there are many great benefits to buying new cubicles, they can come at a high cost. New cubicles can have a significantly higher price tag, which means buyers with a tighter budget are limited to the lower-end makes and models.

Buying new cubicles may also leave you at the mercy of the company's delivery hours, and since they will likely come deconstructed, you will either have to construct the cubicles yourself or pay for construction.

Used cubicles

There are many pros and cons to buying used office furniture, with the most obvious benefit being cost. Used cubicles come at a fraction of the cost of new ones, which can save your business a lot of money. This may be essential if you are working with a tight budget or trying to buy high-end brands at an affordable rate.

Another benefit of buying used cubicles is the ability to get the furniture right away, since sellers are typically trying to part with the furniture as soon as possible. Buying used cubicles is also environmentally conscious. Extending the life of furniture, instead of sending it to the landfill, can send a positive message that your business cares about the environment.

There are downsides to buying used cubicles. The biggest is the quality. Used cubicles often have a lot of wear and tear. If you are considering used furniture, you want to make sure that it isn't too worn.

Another downside of used cubicles is that it can be hard to find the exact quantity that you need. Depending on how many you need, you may be forced to mix and match. Used office furniture rarely comes with a warranty, and it likely won't last as long as new furniture.

Refurbished cubicles

An option that can often be overlooked is buying refurbished cubicles. This could be cubicles that have recently been refurbished, or it could mean buying used cubicles and fixing them up yourself.

Adding new filing cabinet shelves or reupholstering the paneling lets you create a fresh look that is unique to your business while also saving money. This is a great option for business owners who find a good deal on used cubicles that need a little bit of work. This option is not always possible though.

If you don't find the right cubicles to refurbish, or the cost of refurbishing adds up to be too expensive, you may have to find another option.

Office cubicle FAQs

Q: How much do office cubicles cost?

A: The cost of purchasing office cubicles depends on whether you are buying them new, used or refurbished. New cubicles cost an average of $1,000 to $2,000 each but can run up to $10,000 per cubicle for high-end models and brands. However, many companies sell new cubicles at a discounted rate if you buy them in bulk.

If you are buying used or refurbished cubicles, expect to pay about $300 to $800 per cubicle. Keep in mind that you may need to put additional money into fixing up any wear and tear they come with.

Q: How much space does an employee need at a work station?

A: The amount of space each employee needs at a work station depends on their workplace duties. For example, standard cubicles typically range between 6 x 8 feet and 8 x 8 feet, whereas call center cubicles are much smaller, averaging between 2 x 5 feet and 5 x 5 feet.

The height of the cubicle walls will also factor into how much perceived space and privacy an employee has at their work station. High-walled cubicles are often beneficial for employees who needed added privacy. You can also consider using modular offices (high-walled cubicles with doors) to create private offices in your cubicle floor plan.

To help you calculate the amount of office space you need, OfficeFinder created a list of suggested work station allocations based on job description and included an office space calculator for general and specific estimates.

Q: Which is better: a private office or a cubicle?

A: Private offices and cubicles each have their pros and cons. Knowing which is better will depend on factors like your industry, budget, employees and office culture. Private offices offer more prestige and privacy, but they often cost more to accommodate for the space that they will require.

Cubicles, on the other hand, are more open and allow employees to communicate while still maintaining privacy, but they offer less prestige, and it can be challenging to choose a layout that best suits your office. If possible, consider a combination of the two. For example, retain private offices for high-level executives or teams who require the added privacy. 

Office cubicle providers

If you are searching for new or used cubicles for your office space, here are 18 providers to consider:

Arnold's Office Furniture – Arnold's Office Furniture is the sole distributor of the Sunline Sliding Cubicle series. These cubicles can be assembled with no tools by sliding different styles of panels in and out of the anodized aluminum connector posts. The cubicles are available in many size, height, color and finish combinations. The company also offers cubicle accessories, chairs, desks, standing desks, conference tables and reception area furniture. www.arnoldsofficefurniture.com

Clone Cubicles – Clone Cubicles sells cubicles to businesses of all sizes. The company has a range of options that vary in fabric, colors, size and style. In addition to the different cubicle options, Clone Cubicles can design products to meet a business's exact specifications. The cubicles can be professionally installed and come with a limited lifetime warranty. www.clonecubicles.com

Cubicles.com – Cubicles.com sells dozens of new and used cubicles, each varying in size and style. Businesses can choose between modular and Herman Miller-style office cubicles. In addition, Cubicles.com has an "cubicles-in-an-hour" option, which can be assembled in less than 60 minutes. With many options, businesses can choose the color scheme they like best. In addition, the company has space plan consultants who will work with businesses to determine the furniture that will best fit their needs. Cubicles.com also offers filing cabinets, chairs, desks, and conference room and reception area furniture. www.cubicles.com

CubicleDepot – CubicleDepot specializes in used office cubicles. The company offers dozens of options, each varying in size and style. It also has several new cubicles available. The company provides complete cubicle installation, including delivery, setup, and removal of existing office furniture and cubicles. In addition to cubicles, CubicleDepot sells office chairs and desks. www.cubicledepot.com

Cubicle Concepts – Cubicle Concepts offers a large selection of new and used cubicles. Both desking/benching and panel-based systems are available. The company has experience providing cubicles and other office furniture to businesses in a wide range of industries, including commercial new construction and renovation, industrial, financial, tech, food service, automotive, hospitality, government, and healthcare facilities. Customers work with Cubicle Concepts' designers to create a workspace that meets their specific goals and needs. www.cubicleconcepts.com

Cubicle by Design – Cubicle by Design offers a large selection of cubicles that vary in design, style, color, size and configuration, including private and collaborative workstations. The Cubicle by Design website features a design tool that allows you to select from different colors and then choose your configuration, height, and other options. Based on the selections, it will send you 2D and 3D drawings as well as a quote for the project within 24 hours. The company also offers desks, conference tables, office chairs and office storage solutions. https://cubiclebydesign.com

Cubicle Network – Cubicle Network is a full-service company, selling cubicles and parts and performing all services, such as tear-down, installation, and reconfiguration. Based in Texas, the company offers its cubicles nationwide. Cubicle Network offers new, used and remanufactured cubicles. www.cubiclenet.com

Cube Solutions – Cube Solutions offers more than 50 different office cubicles for businesses of all sizes. Each option varies in size, shape and wall heights. In addition to the standard office cubicle, Cube Solutions has call center cubicles and special-purpose workstations. With each option, businesses have their choice of fabrics and finishes. Cube Solutions provides businesses with space design consultants who work with each business to determine the most efficient cubicle layout. Besides cubicles, Cube Solutions sells a full line of office furniture. www.cubesolutions.com

Fastcubes – Fastcubes offers a variety of cubicle configurations, as well as cubes specifically designed for call centers and managers. When using Fastcubes, businesses also have options when it comes to colors and fabrics. Fastcubes offers the ability to add file cabinets, binder bins, task lights, full-height ends, glass or fabric stackers, tack boards, finished ends, and power poles. www.fastcubes.com

Interior Concepts – Interior Concepts' cubicles can be custom designed and manufactured to any length, depth or height. In addition, different connectors allow for an almost infinite variety of configurations. When choosing cubicles, you work with the design team to define your needs. They will then propose some options. Over a web conference, you will see how the furniture and layout will look in your space. You can then make changes and select colors to see a visual of the final design of your furniture solution. In addition to cubicles, Interior Concepts sells call center stations, office desks, office chairs, storage solutions and school furniture. www.interiorconcepts.com

Maxon – Maxon sells new cubicles in two varieties: a prefix panel system and an emerge frame and tile system. Each option varies in size and shape. For each cubicle, businesses can choose from an assortment of fabric colors. Maxon also offers comprehensive space planning and design services. www.maxonfurniture.com

Modern Office – Modern Office sells cubicles, freestanding office panels, office partitions and mobile partitions. With its custom cubicles, businesses can choose from several styles and various laminates, cube sizes, layouts, and matching accessories. With several panel heights and widths available, you can customize cubicles to be as open or private as you wish. Besides cubicles, Modern Office sells desks, chairs, conference tables, reception seating, computer desks, chair mats, bookcases, letter and bulletin boards, and file cabinets. www.modernofficefurniture.com

National Business Furniture – National Business Furniture offers a variety of office cubicle solutions. The company's cubicles and panel systems allow businesses to create workstations as large or as small as needed. NBF has a wide selection of cubicles that vary in size, color and price. The company also offers office desk, chairs, tables, filing solutions and storage solutions. www.nationalbusinessfurniture.com

Office Depot – Office Depot offers businesses a variety of cubicles that come in various styles and sizes. The freestanding modular designs can be assembled in an hour and come with Hansen Cherry desk surfaces. Office Depot also offers cubicle options from Bush Business. Besides cubicles, Office Depot sells a variety of cubicle partitions, cubicle connectors and cubicle shelves. www.officedepot.com

Skutchi Design – Skutchi Designs is a national contract office furniture company that carries its own line of office cubicles, a proprietary interior glass office wall solution that is demountable and easy to install, office desks, reception desks, conference room furniture, and a benching and desking system. The company's cubicles are available as part of the Emerald or Sapphire systems. Both systems allow for height, size and color, and fabric customizations. www.skutchi.com

Staples – Staples sells an array of OFM RiZe cubicles. Each option varies in size and shape. Businesses can choose either gray vinyl panels with cherry work surfaces or beige vinyl panels with maple work surfaces. The cubicles are designed for quick and easy installation, and no tools are required. Staples also sells a wide selection of Bush Business cubicles. In addition to the actual cubicles, Staples offers cubicle wall panels, display panels, desktop privacy panels, cubicle connectors, cubicle shelves and hanging panel accessories. www.staples.com

UsedCubicles.com – UsedCubicles.com has more than 3,000 used and new cubicles in all shapes and sizes that can accommodate any office. UsedCubicles.com carries every major brand, including Herman Miller, Haworth, Steelcase, Knoll, Allsteel and Hon. On its website, UsedCubicles.com has pictures, dimensions and inventory quantity of each cubicle it currently has available. In addition to the used cubicles, there are new cubicles to choose from. To help businesses determine which cubicles will best fit their office, the company provides free space planning consultations. The company also sells call center cubicles, used office desks and office chairs. www.usedcubicles.com

Worthington Direct – Worthington Direct offers more than 10,000 furniture products for schools, churches, daycare facilities and offices. The company offers a wide selection of office cubicle systems from manufacturers like OFM and NDI. The RiZe panel systems from OFM are easy to assemble. All of the available cubicles vary in size and design, with many giving you choices of colors and other materials. www.worthingtondirect.com

What Is Cyberinsurance?

Posted: 02 Aug 2019 05:00 AM PDT

But the reality is, there is no such thing as being 100% secure; despite best intentions, top-tier technology and employee training, incidents do happen. And when they do, they can be costly: the average cost of a data breach to a small business is $120,000.

Running a business is tough enough without taking a huge financial hit. One way to prepare is to invest in a cyberinsurance policy to provide financial compensation in the case of a cyberattack. In this article, we'll discuss:

  • What cyberinsurance does and does not cover
  • The importance of cyberinsurance as a financial safeguard, not a preventative measure
  • Rolling out cyberinsurance in tandem with a strong cybersecurity program

What is cyberinsurance?

Cyberinsurance is a specific type of business insurance that covers expenses stemming from a cybersecurity incident. It's becoming far more common as businesses of all sizes are beginning to recognize the risks and costs associated with cyberattacks.

Cyberinsurance is generally divided into two categories, although a given policy or package may have components of both:

  • First-party insurance that provides compensation for damages to your own business (e.g. the cost of data recovery)
  • Third-party insurance that covers damages to other people or businesses affected by a cyberattack to your business (e.g. your customers, whose information was breached)

Depending on the policy, cyberinsurance may cover costs associated with the following items:

  • Recovering compromised data
  • Repairing damaged networks, computers and systems
  • Notifying affected customers of a breach and protecting their identities
  • Business interruption, downtime and lost revenue
  • Legal fees and expenses

It's important to note that general liability coverage rarely covers cybersecurity incidents as nontangible assets – such as data – are not considered "property" and therefore require special coverage. Cyberinsurance works in tandem with a strong, preventative cybersecurity program to keep your business running smoothly through modern threats.

Does cyberinsurance cover ransomware?

Ransomware – a type of malware that encrypts your data and demands a ransom payment in exchange for your files – is a growing concern for many businesses due to its prevalence and an often-messy recovery process. The good news is that cyberinsurance coverage might pay the ransom demand, if necessary, and may even cover downtime associated with getting your business back up and running.

However, unconditional coverage is never guaranteed. A recent incident saw cyberinsurance coverage denied after an attack from the NotPetya ransomware strain. The ransomware attack was determined to be an "act of war," exempted from coverage under the force majeure clause of the insurance policy. Although the legal territory is still somewhat uncharted, it's likely that force majeure and other restrictions will continue to come into play with other types of cyberattacks as well. 

Editor's note: Need business liability insurance for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.

 

Cyberinsurance doesn't replace cybersecurity.

While cyberinsurance is an important component of cybersecurity, it by no means takes the place of cybersecurity in your business. Think of it this way: You likely have car insurance, but you still wear a seatbelt and drive carefully to avoid a dangerous accident. Even dealing with a minor accident is a hassle, so you go out of your way to stay safe on the road.

The same logic applies to cyberinsurance. It will help provide financial compensation in the case of a cyberattack, but it's not preventative and certainly doesn't mean that the recovery process will be painless. The best way to minimize the damage of a cyberattack is to prevent it from happening in the first place, something that only a strong, comprehensive, ongoing cybersecurity program can do for your business.

As with any insurance policy, there are restrictions on what claims merit a payout. Here are a few examples of costs and assets that often aren't covered by cyberinsurance:

  • Unrecoverable data
  • Stolen intellectual property (IP)
  • Fines (e.g. GDPR or other compliance regulations)
  • Damages above and beyond insurance limits
  • Physical damage caused by a cyberattack (although physical damage may still be covered by general liability insurance)

In addition, there are some things that money from an insurance payout money can't replace. A few of the intangible costs associated with a cyberattack are:

  • Damage to company brand and reputation
  • Loss in trust of valued customers or employees who had their information compromised
  • Ongoing damage to affected people (i.e. a cyberattacker uses breached information to send spam email or attempt identity theft)

On the other hand, your cyberinsurance policy might require you to employ cybersecurity protection. Some policies stipulate that they won't pay claims in situations of "negligence," which can range from human error to unpatched software to failure to follow policies. Insurance companies may even run a cybersecurity risk assessment on their clients and require businesses to maintain a certain level of protection to stay insured. That's why it's important to have a strong cybersecurity program in place. If your team is trained, your technology is updated and your business is fully prepared, any attacks that get through your defenses are more likely to be covered by cyberinsurance. 

How to implement cyberinsurance.

Thinking about adding cyberinsurance to your policy? Here's how to get started:

  1. Understand your options. Talk with your insurance provider about cyberinsurance to understand what options are available. Your provider may offer a wide range of policies that are customizable with different coverage limits, location-based restrictions, and incident-type coverage. They can explain the difference between the plans and help guide your discussion of which to move forward with.
  2. Decide on your coverage. Work with company management, IT and legal counsel to discuss the risks to your business and how cyberinsurance fits into your cybersecurity plan. Decide on the incidents you will need covered, in which countries or states you will need coverage and how much your policy should pay out to offset the potential cost of a cyberattack. Cyberinsurance policies vary significantly, and it's best to work with your insurance company to find the right coverage for your business size and needs.
  3. Ensure it's a last resort. Evaluate your current cybersecurity practices and roll out a strong cybersecurity program to be sure your new cyberinsurance policy is used only as a last resort. For maximum effect, your program should be comprehensive and provide multiple layers of protection, including a foundation of business policies and procedures, a company culture of cyberdefenders, and the right technology for your business. It can be helpful to bring in a third-party cybersecurity provider to help you set up your program and roll it out to your organization.
  4. Update your incident response plan. Update – or create – your company's cybersecurity incident response plan to include your cyberinsurance company. Your plan will dictate the process your company follows in the case of a cyberattack, helping to minimize confusion and panic in the aftermath of an incident. Be sure to include your cyberinsurance provider's name and contact information as well as what types of incidents merit contacting them or submitting a claim. In many cases, your insurance provider will ask that you take specific response steps.

Cyberinsurance is a great way to manage your financial risk so you can keep your business up-and-running in the event of a cybersecurity incident. By finding the right policy and integrating it with a strong preventative strategy, you can reduce your overall risk as a target and minimize the impact that cybersecurity incidents could have on your business.
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