Business.com |
- 6 Ways to Amp Up Your Marketing and PR in the Age of COVID-19
- Preparing Your Business for Remote Work During the COVID-19 Pandemic
- How to Plan a Budget for Your Side Hustle
| 6 Ways to Amp Up Your Marketing and PR in the Age of COVID-19 Posted: 16 Mar 2020 03:07 PM PDT  Over the past few weeks, we've seen the events industry take a nosedive as a result of the coronavirus. Google canceled I/O 2020, and Facebook canceled its F8 developer conference. Twitter, TikTok, Mashable, Intel, Vevo, Amazon and many others pulled out of the South by Southwest festival, which was ultimately canceled the week before it was scheduled to begin. Coachella followed suit just days later. Large gatherings everywhere have been canceled. Ironically, the Council on Foreign Relations canceled its conference, Doing Business Under Coronavirus, due to the outbreak of COVID-19 in New York City. In addition to canceled conferences, companies as well as state and local governments are encouraging employees to work from home, some even mandating it. Sales teams from coast to coast have been asked to cancel face-to-face customer calls for the time being. No one really knows when they can get back on the road again. As painful as these steps are, I wholeheartedly agree that these measures are necessary to stem the spread of the disease. Still, we need to recognize the impacts these restrictions will have on the sales funnel for every company in America. For many vendors, trade shows are where their first potential customers raise their hands and say they're interested in a product or service. For a salesperson who has been nurturing a lead for a few months or longer, the separation may result in that lead going cold. Post Consumer Brands (then called Postum Cereals) bucked the trend during the Great Depression, investing in advertising when all other brands were cutting back. As consumers still needed to eat, Post amped up its marketing. Similarly, today's circumstances offer savvy marketers an opportunity to show their customers, prospects and sectors that they can think outside of the box to keep their businesses – and their customers – rolling along. Here are some ways to do that. 1. Deploy your executives.Now is a good time to demonstrate your company's thought leadership. The current climate creates the opportunity to take a step back and think about the big picture – a luxury you may not always have the time to give the proper attention. When face-to-face meetings are prohibited, creative thought leadership can fill the gap. Consider setting up informational webinars that tackle the big issues in your industry, led by your executives. Thought leadership is one of the reasons why people travel to conferences, and you can replace those canceled trade shows with a virtual conference that features online executive-level talk tracks. 2. Check in with each and every customer.If you haven't already done so, give every sales rep a Zoom or other video conferencing account so that they can invite every stuck-at-home customer to a virtual meeting. Ask your clients how they're faring and what your company can do to help. If they rely on your company for products or services that you can't deliver in wake of the coronavirus, explain your plans and strategies for delivering once your supply chain is up and running. It's critical that your customers hear this individually – straight from the horse's mouth, as it were. These one-on-one meetings will allow your sales teams to identify which customers are most adversely affected and should be prioritized once business is running normally again. Moreover, if you are a B2B company, your customers will be in a better position to explain to their customers the plan for getting things back to normal. [Read related article: How to Run Effective Video Meetings in Your Global Business] 3. Schedule product demos.For many companies, the new year is a time to think about investing in tech stacks. These plans will now be delayed, which can hobble their growth plans further. You can help them shorten those delays by offering open webinars for prospects to learn about your tech and see hands-on demonstrations. If your company is fully integrated with other platform providers, consider offering joint demos with them. You can also ask your sales teams to schedule hours for open prospect demos. All they need to do is to keep their video meetings open, and anyone with the link can drop in anytime during those hours. 4. Start an online community.Conferences offer attendees the chance to meet with their peers, ask questions and share best practices. For many people, networking is the most important reason to attend a conference. You can make up for this lost opportunity by starting an online community that fosters peer-to-peer discussions among your customers. This shouldn't be a crisis-only initiative, by the way. Providing a forum for your customers will deliver various dividends for as long as your company is in business. There are many plug-and-play services that allow you to set up a community quickly and easily. 5. Communicate with your market.When the financial crash hit in 2008, a lot of people said a crisis is a terrible thing to waste, and there's a lot of truth in this. At the moment, business is slow and travel is restricted, which means people have more time on their hands. Use this crisis to raise your brand in the market. One great way to raise brand awareness is to write thought leadership articles for publications that are specific to your industry. Share your vision of where you see the industry going, the opportunities to seize, and the challenges to watch out for. Keep your social media channels active and engaging. Social media keeps you connected to your customers and gives you the ability to communicate your latest news and offerings, share your expertise, and relate to what is top of mind in your industry. This is a great time to give some TLC to your social media strategies and tie them into your content marketing initiatives so that you are not only sharing your company news, but also staying connected to your audience at a time when everyone feels a little socially isolated. Podcasts are another way to get your message out, and the reasons they're effective are really interesting. Podcasts allow you to tell your brand story in an immersive format to an audience that chose to listen. They also open up an avenue for new prospects to find you. Start your own podcast, or look for industry-specific ones so you can submit yourself for consideration as an expert guest. [Read related article: How to Launch a Podcast on a Shoestring Budget] 6. Improve your website content.Finally, take this opportunity to make sure your website creates the optimal experience for your target audience. Ensure that your messaging connects with them and speaks to their concerns, all content is up to date and relevant, and that you are adding more resources to drive traffic to your site, such as engaging blog posts, videos and customer success stories. Every crisis has a silver lining; use this one to consider the big picture of your company. Rather than getting stuck in emergency mode, look at where you want to be and think of creative ways to get there. We know companies that market aggressively during economic downturns are poised to reap big rewards when the economy picks up again. The same is likely true of this crisis, which means it's not the time to stagnate. Remember, business will pick up again, so don't panic. |
| Preparing Your Business for Remote Work During the COVID-19 Pandemic Posted: 16 Mar 2020 01:15 PM PDT  The novel coronavirus COVID-19 has proven itself to be much deadlier than the flu. Not even two months after the International Health Regulations Emergency Committee of the World Health Organization declared the outbreak a "public health emergency of international concern", there are 129,587 cases worldwide (as of March 10, 2020). Wuhan, China, went on lockdown, shortly followed by Italy. The coronavirus has now made it to the United States with over 3,487 confirmed cases. Events like SXSW, WWDC and Google I/O are being canceled, which is causing a domino effect of event cancelations. An increasing number of school districts around the world are announcing indefinite closures. Most recently, the NBA has announced that they will be suspending their entire season after an NBA player tested positive. How businesses are responding to the threat of COVID-19The whole situation feels like something out of a movie about a dystopian future, but the good news is that over 67,000 patients with coronavirus have recovered in the same two-month span. Still, it is important for us to face the reality that this isn't over yet and we need to take precautions. One of the ways that businesses are combating the spread of COVID-19 is through social distancing. In the event of an infectious outbreak, public health officials recommend reducing contact with others to minimize the spread of the disease. Businesses are following these recommendations by allowing employees to work from home. However, many businesses are already feeling the economic impact of the coronavirus and are now burdened with logistical issues of allowing employees to work remotely. The mismanagement of operations during this crucial time could severely impact businesses long term. How do companies protect their employees from spreading coronavirus while minimizing the impact social distancing will have on their business? Low-cost online tools to keep your business movingWhile the coronavirus continues to run rampant across the globe, many businesses and organizations are facing the need to support remote employees. We highly recommend you familiarize yourself with the digital tools necessary to maintain productivity. Productivity suitesG Suite is an invaluable tool. We use it heavily. G Suite equips your newly formed remote workforce with essentials, such as video conferencing, email, spreadsheets, documents and calendars. Collaborate on documents in real timeYour team can view, create, and edit documents, spreadsheets, presentations remotely. Emailing attachments is a thing of the past. Google Docs, Sheets and Slides all enable employees to collaborate in real time. Changes save automatically and previous versions of the document can be accessed easily. Store and share resources in the cloudWith Google Drive, team members have easy and secure access to shared files. You can store just about every file type and share it with the full team or select employees. Coordinating with team membersGoogle Calendar allows your team to stay organized. You can create multiple calendars to keep track of meetings, training, vacation and more. Need to reach someone immediately? Google Hangouts is a great tool for sending text messages or hopping on a video call. If you prefer Microsoft products, Microsoft 365 offers a similar suite of productivity tools including Outlook, OneDrive, Word, Excel, PowerPoint, OneNote, SharePoint and Microsoft Teams. Work planning and managementAt Invonto, we use Teamwork to manage our internal initiatives and client projects. Teamwork offers multiple time-saving, collaboration-enhancing features to make project management quicker and more efficient. All projects are composed of task lists, tasks and subtasks, allowing you to have a detailed plan of action. Milestones and calendars allow managers to see an overview of individual projects or multiple projects. Co-workers can collaborate on tasks through messaging and uploading files. Managers can make sure all projects run smoothly through time tracking, customizable dashboards, and risk management. Additionally, Teamwork has a suite of support apps, including a CRM, messaging platform, customer help desk and document management solution. [Please be sure to read our recommendations on CRM solutions and document management systems.] Other project management tools that are available on the market include
Be sure to read business.com's buying guide on project management software solutions. Team communication and collaborationIf you can't communicate with your team, getting work done is going to be impossible. Slack is the go-to choice for instant communication. Employees can easily follow and contribute to conversations. Creating channels allows conversations to be organized based on project, topic or team. Slack also has a deep inventory of app integrations to connect with other productivity tools like Google Drive, Asana, Trello, GitHub, Zoom and much more. Best of all, Slack is easy to pick up and accessible via desktop and mobile devices. Here are a few other options to explore:
Meetings and video chatSome businesses may need more than just a simple messaging app. One of the most useful tools for increasing the productivity of remote workers is tele and video conferencing. If video conferencing is a major aspect of your business, Zoom is a great solution. Zoom offers simplified video conferencing across any device. All meetings have end-to-end encryption, and you can record your meetings locally or to the cloud. Additionally, Zoom integrates with other productivity apps to help you manage email communication and set up calendar events. The platform's built-in collaboration tools allow multiple participants to share screens, create annotations, and more. If Zoom isn't your cup of tea, here are a few alternatives:
Customer supportMost of what we have discussed has centered on internal communication. What about communicating with customers? With the COVID-19 outbreak in full swing, communicating with your customers is more important than ever. Business software like Intercom allows you to connect with people on your website. Your customer support team can work together to respond to customers and address their inquiries. If you utilize Intercom's smart automation features, you can streamline and personalize most of your messaging so you can focus on the unique issues your customers are facing. If you have a large customer base, customer relationship management (CRM) software can be crucial to managing and responding to customers. The benefit of a CRM is that it includes a suite of features that go beyond live chat. For example, Zendesk Support puts all your customer interactions in one place to create a seamless experience. Communicate with clients and maintain an organized history of your interactions. While live chat will mainly focus on website interactions, a CRM can connect with customers through websites, emails and SMS/text messages. If you aren't looking for more sophisticated software, you can use your social media channels to broadcast announcements and answer customer questions. Facebook business pages have business-focused features that can be incredibly useful for communicating with customers. Recently, Facebook released a new resources hub to support small businesses during the outbreak. Twitter can be another great customer support platform. Many businesses already use Twitter to broadcast messages, even before the outbreak. Some large businesses even have Twitter handles that are dedicated to providing customer support.
Making the most out of remote workAdopting a tool won't guarantee success. Business managers need to consider other factors to maintain morale and productivity. TransparencyFor remote work to work, you need to be transparent with your team. Employees must be proactive in discussing and sharing their work. Managers must communicate clearly and frequently. Setting up daily standups via a video conference can be a great way to get everyone up to speed. Establish check-ins throughout the day so that all employees are held accountable for sharing their progress, successes and setbacks. TrustNot being able to see an employee typing away in their cubicle can be stressful for some managers. With remote work, teams need to build a strong sense of trust among each other. Employees should be responsible and earn trust over time. Managers should focus on trusting their employees to get the work done and do their best not to micromanage. Many of the productivity tools we've listed keep records of interactions, updates and progress. Use these to oversee employees and guide them through the project. Time managementWorking from home can present some challenges for employees. There are so many distractions at home. Chances are their kids will not be attending school. It is difficult to deflect household duties. In some cases, employees may overwork to prove they are working. Employees and managers will need to take advantage of the flexibility of remote work. Decide on optimal hours for the team to sync up. Commit to strict deadlines to show reliability and dependency. Employees should focus on self-care and be mindful to take breaks throughout the day. Ultimately, business leaders will want to make this transition as comfortable as possible. This is incredibly important if this is the first time the business is being forced to work remotely. Success now will mold expectations for the future. What this means for the future of your businessIt should be said that these productivity tools will not solve every problem you come across. Many businesses rely on in-person interactions to manage their business and will struggle to adapt regardless of the tools available to them. Some businesses have adopted a few tools but have not considered how these tools integrate with overall business goals. Still, other businesses have crucial operations that can't be resolved with a productivity tool. COVID-19 is forcing many businesses to rethink how work is organized. While these productivity tools will help in the short-term, it is important to consider the unknown. What if this temporary inconvenience becomes a several month or year-long process? What if other circumstances arise that require the team to collaborate remotely? Businesses need to be prepared. The reality is that a few SaaS tools aren't going to be a long-term solution. Business leaders should be considering how each aspect of their company will function should something like the COVID-19 outbreak happen again. A messaging app isn't going to solve critical supply chain delays. Google Hangouts isn't going to allow medical staff to treat patients without being exposed to a pathogen. PowerPoint will not be a viable solution for forecasting business trends or overseeing business performance. The future of business will rely on innovative technology that helps support it. If we don't take strides to prepare, the glimpses of social and economic ruin we are witnessing today could be far more severe in the future. What are your thoughts on working remotely? What challenges are you facing? We would love to hear all about it. From all of us at Invonto, be safe out there! Full list of tools mentionedProductivity suiteMeetings and video chatCustomer supportTeam communicationWork planning and management
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| How to Plan a Budget for Your Side Hustle Posted: 16 Mar 2020 08:16 AM PDT 
It's not uncommon, in the modern economy, for full-time workers to have some kind of "side hustle" designed to help them earn extra money in their spare time. A side hustle is any kind of independent work or project that nets additional money, sometimes regularly, sometimes sporadically. For example, your side hustle might be making and selling products on a marketplace, like Etsy, or it could be freelance writing. Figuring out how to start a good side hustle is a task of its own that requires knowing your skills and carving out a potential market or network of clients. However, once you have a side hustle up and running, you can nurture it toward becoming a full-fledged small business. To do so, of course, you will need proper budgeting and financial planning skills. This guide will help you better understand how to craft a budget for your side hustle. What is a side hustle?A side hustle is any type of work that occurs outside your workplace of full-time employment that drives additional income. It can go by many names: side gig, side work, passion project and so on. A side hustle generally refers to independent "gig work," such as freelancing or ride-sharing, rather than a part-time job for another company. Many people pursue side hustles in the modern American economy. In fact, about 45% of American workers surveyed said they maintained a side gig last year. Of that group, 1 in 3 performed work on the side of their primary employment for financial reasons, using the income to pay their routine expenses. For many, side gigs aren't just a passion project – they're a necessity. As gig work has become more common, side hustlers have netted more money, on average. The typical side hustler made $1,122 per month from their side gigs in 2019, an increase from $686 in 2018. As the income generated from side hustles increases, so, too, does the need to manage all that money. Many side hustlers find themselves in a position to grow their side gigs into true small businesses (after all, $1,122 per month is more than $13,000 per year for part-time, often infrequent work.) To transition from a side hustler into an entrepreneur, though, takes diligent planning. The rise of the gig economyThe phenomenon known as the gig economy has led to an increase in the number of people working side hustles in addition to their full-time career. And people aren't just finding part-time work for extra cash, either; for 44% of gig workers, their side hustle is their primary source of income. Both millennials and baby boomers are the most common gig workers; millennials represent 37% of gig workers, while baby boomers account for 35% of the side hustle workforce. Gen X follows behind at about 28%. The types of work that people perform in the so-called gig economy are as varied as the age of those performing the jobs. Some common side hustles include:
There are many other types of work available in the freelance economy. The jobs available tend to be as varied as the general population's skill set; whatever skills you have that you can turn into a source of income is likely in demand out there somewhere. And the internet has made it easier than ever to find those who need your services. Why is budgeting so important for a side gig?For the side hustler who sees a future as a small business owner, setting a budget to manage the extra money freelance work generates is essential. While many side hustlers are happy to pick up whatever additional work they can handle to keep "extra cash" flowing in, budgeting your side hustle separately puts you in a stronger position to perform true financial planning. "Budgeting side hustle income is very important, because side hustlers need to align their goals with the extra income," said Sho Sugihara, co-founder and CEO of Portify. "We find that side hustlers often don't start by viewing their side hustle income as 'play money.' However, without budgeting, the extra income can become just that." For some side hustlers, such as freelance writers, there is little to no overhead; perhaps they need a laptop, word processing software, internet connection and a cell phone. For other side hustlers, such as an artist, raw materials that regularly need replenishing are a requirement that drive up expenses. Regardless of whether your side hustle demands regular expenses, a budget is important. "It's important to know what money from that side hustle is going to pay for the expenses to run it, as well as to make sure you can clearly see if you're making a profit," said Emily Mahr, a business consultant and podcast host. If you ever hope for your side hustle to evolve into a small business, then it's important to treat it like one from the outset. If you finance your side hustle with cash from your primary employment, that's fine; however, build those expenses into your side hustle's budget so you can identify the point at which your side hustle revenue covers its own expenses without subsidizing it with your primary source of income. In other words, budgeting helps you recognize when your side hustle breaks even. How do I make a budget for my side hustle?So, you're ready to craft a budget for your side hustle, but you aren't sure where to start. Don't worry! If you already keep a budget for your personal finances, you know the basics. It all boils down to projected revenue versus projected expenses; the goal, naturally, is to keep your side hustle in the black. "The fundamentals of budgeting are the same," Sugihara said. "However, a side hustle business must plan for profitability. If a freelance photographer's equipment takes six paid photo shoots to pay off, then they must be confident they can get six or more projects before fully committing to the side hustle." Before you begin, set aside the numbers. Start with a list of essentials you need to get your side hustle up and running. "Create a list of 'must-haves' in order to start your side hustle. Perhaps it's a logo, domain and creating your documents to get started. By creating a list of all the items you need for phase one of your side hustle, you will be able to stick to a budget," said Violette de Ayala, founder and CEO of FemCity. These expenses often need to be covered out of pocket, before your side hustle generates any income of its own. Once your side hustle is up and running, however, you can start allocating that income to reimburse yourself and cover future expenses related to your side hustle, de Ayala said. "Once you can get the side hustle started and a bit of money coming in, you can add those funds into your budget and tackle the next level of your side hustle investment," said de Ayala. "The method in maintaining a budget is to invest a small amount and reinvest more in your side hustle budget as you grow and develop more revenue." While your projected revenues and expenses will be largely based on past experience, it is always wise to create a conservative budget. This means underestimating your anticipated revenues slightly and overestimating your anticipated expenses slightly. Don't massage the numbers so much that you can easily make more and spend less, but plan for cash to be a little tighter than you hope for it to be. That way, in case your side hustle performs poorly or incurs more expenses than expected, you are financially prepared to shoulder that burden. [Need accounting software to help you track your revenue and expenses? Check out our review of accounting software.] Tax planning and legal considerations for a side hustleConsider taxes an expense; you have no choice but to pay them. With every sale you make, set aside a portion of money for the taxes you will owe. Otherwise, you could end up with a big, nasty, out-of-pocket expense come tax time. It's a crucial mistake many new freelancers and side hustlers make. "It's important to have the 'what do I need to know about taxes' conversation before you make your first sale so you can set up your pricing and budget to accommodate," said Mahr. Keeping taxes in mind can be difficult, especially as payments start rolling in. You might be tempted to pocket the extra cash, but remember that Uncle Sam is entitled to his cut. If you sock that money away now, paying your tax bill will be painless. If you spend it, you could be on the hook for a hefty sum. Anticipate your tax liability throughout the entire year; don't think about it a month or two before Tax Day. "Have a specific method of keeping track, such as paper budget or using software that's in-depth [enough] to handle all types of tax possibilities," Mahr said. And, she added, don't be afraid to seek help from a professional financial advisor. "Don't feel like you have to do this alone." [Read related article: Best Online Tax Software for 2020] In addition to tax planning, there are several legal considerations that are important for aspiring side hustlers. Some of the most common include "noncompete" and "nondisclosure" agreements with your primary employers. "Don't forget to review your employment contract before starting your side hustle," said Leonard Ang, a writer for enKo Products. "These may include stipulations that could affect what you are allowed to do outside your job." Among the key clauses to look out for, Ang said, are the "noncompete agreement," the "nondisclosure agreement" and the "invention assignments agreement." These clauses could influence whether your side hustle violates the terms of your contract or who has ownership over the intellectual property your side hustle generates. If possible, review your employment contract with an attorney before launching your side hustle to ensure there are no conflicts. How to know when a side hustle can become your primary jobThe goal of many side hustlers is to ultimately level up their gig work into a full-time business. It can be difficult to leave behind steady pay at a stable job to strike out on your own, much like a baby bird taking its first flight from the nest, but it can be done. The important thing is timing: You have to know at which point your side hustle is financially healthy enough to support itself, as well as all your personal expenses month in and month out. "Side hustles can become the main thing when the side hustle generates enough income to cover living costs," Sugihara said. "While we do not recommend this approach, since it leaves little wiggle room in case of emergencies, our users have told us that this is their aspiration." Of course, to know when your side hustle will cover your costs of living (along with a bit extra for savings, presumably,) a budget and financial plan are required. Without a clear window into the financial performance of your side hustle, you can't really know whether it's time to finally strike out on your own or continue supporting your side gig with income from your primary employment. The dream of many side hustlers is to be their own boss, but to successfully do so takes a detailed plan grounded in your real-world finances. "When the risk of self-employment won't financially distress you, and you're spending more time and money on your side hustle, you may consider concentration on your side hustle full time," Ang said. "You may also reach a point wherein you care more about your side hustle than your regular job. This is because of the passion you have in it and the feeling of fulfillment you derive from it." If you've reached this point in your side hustle, congratulations! You are prepared to graduate into the world of full-time entrepreneurship. While this is a daunting step, running your side hustle and growing your budget have already prepared you for the basics of running a business. Now, all that's left to do is scale up, buckle down and chase new goals. |
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