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7 Benefits Small Business Should Offer

Posted: 22 Mar 2020 06:00 PM PDT

Small business owners face plenty of difficult decisions, but questions about benefits can be some of the most challenging. With a lot of employees benefits are a key consideration during the job search. Small businesses can't afford to skimp on the perks they offer to keep top talent.

Not all benefits, however, are created equally — most employees would rather have an increase in vacation days than a new fleet of ping pong tables in the office. Creating an optimal benefits package while staying in budget requires you to prioritize some benefits over others.

While there is no benefits package that will work the same for every business, there are still some perks that should be taken more seriously than others. Every business leader needs to take stock of their workforce and prospective employees in order to get the best possible sense of what their workers want and need. In the meantime, this list of some of the most important office benefits can help guide you on the path to choosing the right plan for your business:

1. Health insurance

Across the board, people are most concerned about the kind of health insurance they'll be getting on the job. According to a study published in Harvard Business Review, almost 90% put consideration into their healthcare plans before accepting a job offer — the most seriously considered of all workplace benefits. 

This makes health insurance an important investment for all businesses, particularly ones whose employees are caring for large numbers of dependents. While some companies might decide that this is all just too expensive for them, the costs in lost talent or productivity that come from not offering health insurance can be far costlier. 

Thankfully, there are options for companies hoping to cut costs without skimping on coverage. Government-backed marketplaces like SHOP offer subsidized and price-competitive healthcare options for small businesses and companies can try selecting plans that work particularly well for their workforce. If your company is staffed by mostly young workers, for example, you could look for plans that have lower premiums at the expense of higher deductibles. 

2. Retirement funds

Retirement accounts are in high demand — especially among more mature, highly-skilled workers. By helping your employees plan for their future, you can ensure that you're getting their best work from them in the present. 

While smaller or newer companies may opt for IRAs — individual retirement accounts — the low caps these accounts have on contributions make them far less desirable than their more expensive counterparts: 401(k)s. 401(k)s are the most popular retirement accounts among employees, but they can also cost businesses in terms of administration costs. If you want to offer a small business 401(k), look for an option with low fees for both you and your employees.

Companies looking to attract top-tier workers need to take a hard look at adopting 401(k) retirement plans, but they should be fully equipped to take on the challenge of making those plans work for their employees. 

3. Paid time off

While this benefit might seem like one of the simplest, it actually is just as complex as all of the others. Paid time off (PTO) doesn't just mean vacation days — it's an enumeration of when and how often an employee can be absent from work, for any reason. As a business leader, you need to figure out exactly what policy you're going to take on a number of PTO-related questions.

Only around 13% of American workers have access to paid parental leave, but 94% of businesses offer bereavement leave for employees who have recently lost loved ones — what do your business's policies on these issues look like? Workers are naturally going to be attracted to businesses that offer generous leave programs, but proper administration of these programs is key. Unlimited leave, for example, can work well for some employees while others might feel pressured to stay on as often as possible. 

4. Flexible work options

We are currently in the middle of a work revolution, with more employees than ever working remotely for part or all of their job. Telecommuting can increase productivity some many cases, and it allows people like working mothers to maintain a healthy career while cutting down on care-related expenses. Younger workers may also appreciate flexible work options that allow them to travel without taking too much time off. 

When done right, flexible work can also significantly reduce operating costs for businesses. If you put your workforce on a telecommuting schedule, that can allow you to reduce your office size and thus slash costs in the process. The right flexible work policy is one of the few worker benefits that can greatly increase employee satisfaction and value without incurring onerous expenses for the business itself. Also, encourage your employees to use technology like "speedy meetings" through google calendar to shorten up their meetings by 15 minutes to allow breaks in their schedule. That way they have times to relax in between a busy day of meetings. 

5. Education assistance

It's fairly common for businesses to offer some kind of tuition assistance to their employees, and it's not hard to see why. Not only do tuition assistance programs attract high-level talent to your company, but it also allows your current workers to gain new skills and perspectives that will help them out on the job. 

With so many businesses offering traditional tuition assistance, however, using it as a selling point can be difficult. In order to stand out and benefit their workers, companies are increasingly looking towards options for forgiving their workers' student debt in part or in full. By ensuring debt forgiveness for veteran employees, businesses can attract workers to stick it out with them for the longer term. 

6. Optimized office space

One of the most terminally undervalued employee benefits is simply having a good office. Workers can spend over 40 hours a week in their offices, so making design decisions that promote well-being can have lasting impacts. Implementing quality-of-life improvements like additional greenery, air quality control, and standing desks can help boost productivity. 

While flexible work policies are high on lots of employees' wish lists, the office is still the center of business activity in 2020. Creating an office that focuses on comfort and livability over trendy gimmicks will ensure that workers always have a venue in which they know that can produce their best work. 

7. Other types of insurance

As important as health insurance is for workers, it is far from the only kind of insurance people want. While other common policies include eye or dental, plenty of businesses also offer options for life or disability insurance as well. Nearly 60% of employees would purchase life insurance if their employers offered it, so finding additional insurance plans can fill a real desire among your workers.

While health insurance is an absolute must for workers, some of the less common insurance policies should be geared more towards increasing morale and getting employees to sign on for the long term. 

Deciding on the right set of benefits for a company is never easy, but putting the needs and wants of your workers first is almost always a path to success. By finding a healthy balance between the wellbeing of your workers and of your balance sheet, you can create the perfect benefits package for your small business. 

5 Tips on How to Scale Your Business

Posted: 22 Mar 2020 03:00 PM PDT

If you run a business and are looking scale, then we have some tips for you. Making the decision of scaling could be scary, but if you follow the advice we are about to talk about, you will have no issues.  

Plan and create

Make sure you sit down and plan out your business; figure out how you are going to get more clients or sales. Planning is one of the most important things you need to do when you are looking to scale your business, not only will it help you save time in the long term but you will have an exact blueprint on how to scale your business. 

Many people think that spending more money on advertisements results in scaling. However, it gets much deeper than that. You need to sit down and analyze what your business is doing good at and what it isn't doing so good at. Based on data collected, you need to figure out a plan which will help you to grow as a company and to scale more efficiently.

The key here is to be as honest and specific as possible, make sure that you plan out your blueprint by looking at your customers and the type of customers who are coming to your business. Make sure you create a marketing scheme which will help you to scale your business and make fantastic profits without spending a ton of money. You can even consult with others, but at the end of the day, it's up to you. Regardless of how you make your blueprint, make sure you take your time and do it properly. The last thing you want to do is rush through a plan; think about your blueprint correctly before you start. 

Execute 

It is imperative to have a blueprint. What's more important is the need for you to execute on your plan. Being dedicated and executing on the plan is what's going to give you results, make sure that you are not lazy, and that you are executing on everything you had promised. If you want to scale your business, you'll have to be motivated to keep working hard and doing your best every day. If your business is going to scale up your work ethic needs to scale-up also. Which means you will have to put in more hours than you had previously. 

The best way to create an execution plan is by sitting down and scheduling your day based on importance. Make sure you get the most critical tasks done earlier in the morning; later on, you can do less important tasks such as fulfilling orders or following up emails. As long as you can create an execution plan, you will be in a great position to grow your business. Please make sure that you create an execution plan which you can follow regularly, and it isn't something that you can't do for a long time. If the plan isn't sustainable, then the chances of you scaling your business would be slim to none. We recommend you slowly increase the amount of work you are doing every day, this will allow you to become accustomed to the work, and you can increase the hours you put into your business.

Be consistent

You will have to be consistent if you want to be successful; consistency is what's going to differentiate you from your competition. You have to realize that scaling your business doesn't happen in one day. 

You have to realize that it might take you three months for you to see amazing results, or might take you three years to see amazing results. If you want your business to scale up, don't think about the outcome, keep working until you achieve your goal. When we say you need to be consistent, what we are trying to say is that you need to be patient with your goals. 

Everything worthwhile takes time and effort. If you can't give time and effort, you will not achieve your goal. Make sure you humble yourself every day, and you are grateful for the things you have. This will allow you to be in a mood of gratitude and will help you to be consistent with the work that you are doing. 

To be consistent, you genuinely need to love what you do, so make sure the business you're trying to scale is something you genuinely love and are passionate about. We also recommend you try and read books that will help you to love your craft. Even more, this will increase your chances of being more consistent with your work and therefore helping you achieve your goal. 

Outsource

If your goal is to make your website look more modern and refreshed, but you don't know anything about website development, then make sure you outsource jobs and get it done professionally. Many business owners make the big mistake of trying to do everything by themselves, to save money. Sure, you'll save money in the short-term, but in the long term, you will be losing a lot of money in revenue. 

Whatever job it is that you are not good at, we recommend you outsource the job so that you don't have to worry about doing tasks you are not good at, allowing you to zone into the things you are good at. The more things you can outsource, the better you will be in terms of scaling your business. Plus, outsourcing some work can be extremely cheap yet beneficial. There are many people overseas who will do website development for a very affordable price and will do an excellent job which looks professional and up-to-date.

Hiring employees can be a tough decision, which is why we recommend you sit down and have a conversation with yourself. Be honest and ask yourself what you are good at and what you are not good at, based on that hire employee who will make your company better, therefore, helping you scale your business. Once you have decided on things that you are going to outsource, make sure that you hire competent individuals. It would be much better if you spent more money recruiting someone excellent at their tasks, rather than spending less money and hiring someone decent. 

Customer service

It doesn't matter what type of business you are running; customer service is going to be the most important thing. We live in a day and age where customer service is appreciated more than anything, so you need to be providing customers with an amazing experience. Providing fantastic customer service will not only make you look good, but it will convert more customers into returning customers, which will help you a ton with scaling your business. It will also help you by gaining more customers. 

If an individual has a fantastic experience, they will tell their friends about it, which means their friends will be more likely to purchase goods and services from you. Word of mouth is one of the most powerful marketing tactics you can use. People will believe what their friends and family have to say about your company, rather than a well-thought-out advertisement. Make sure that you layout a good return policy and other FAQ Pages, which will make your customers feel comfortable purchasing goods and services from you.

If your customer has any issue, make sure that you resolve it right away by giving them a refund or helping them get an exchange. Look at Amazon; many business people say that Amazon is succeeding because of their customer service. You need to make your brand trustworthy, and you need to make people believe that you care about them rather than your revenue. Customer service is going to be one of the most important things you need to focus on if you want to scale your business, don't overlook this part. 

Scaling your business can be one of the most rewarding things you can do as an entrepreneur, and if done correctly, it could change your life for the better. If you can manage to follow the tips above, then you will be hugely successful with your scaling endeavors. The advice we have talked about is being followed by some of the most successful companies in the world, which makes them very valuable. So, show up to work every single day and put in the work and there is no doubt you will be rewarded in the long run.

We also encourage you to try out different things to scale your business. Being an entrepreneur is about being unique and trying what others haven't tried yet. Don't be afraid to take the risk, and to work hard. But make sure you do have a basic plan in mind before you act on any decisions. As long as you follow the tips above, you should have no problem truly scaling your business the right way.

How to Reach Your Email Marketing Goals

Posted: 22 Mar 2020 10:00 AM PDT

  • Email marketing has an average return on investment of 4,400%.
  • Welcoming new subscribers can help spark interest and encourage future engagement. 
  • Personalization will help you build trust with your audience by delivering targeted content. 
  •  A/B testing can help you fine-tune your marketing strategy. 

Email marketing is one of the most popular and effective ways to keep in touch with your target audience and existing customers. When you dive into the statistics, it quickly becomes apparent why so many business owners invest in email campaigns when trying to grow their brand. 

For starters, a successful email marketing has, on average, an astounding 4,400% return on investment. In other words, for every dollar you spend on your campaign, you'll see a $44 return through sales and conversions. Couple that statistic with the fact that marketers can use emails to target customers based on how they interact with your brand, and it's easy to see why this strategy is so prevalent in the digital world. 

We are going to explore four tips that will help you make the most of your campaign. Each piece of advice will take you through a different phase of the email marketing cycle. Let's start by talking about how to get people to subscribe to your list. 

Start with a great offer

You can't have a successful campaign without subscribers. Growing your lead list is one of the most challenging aspects of email marketing because it forces you to start from scratch, and many people struggle with the idea of starting with a blank slate. The good news is you can quickly gain subscribers by making some changes to your website.

First, you should think about creating a lead magnet that will convince people visiting your website to sign up. Lead magnets are pieces of content that provide tangible value to your target audience. The goal is to convince the visitor to enter their name and email address in exchange for the white paper, ebook, stat sheet, or promotion you've offered. 

Let's say you're the lead marketer of a business that sells exercise equipment; you might consider creating an ebook that explores the changes your body goes through as you lose weight. When someone lands on your site looking for exercise equipment, they can pick up your book in exchange for subscribing to your email list. 

The lead magnet in this example is targeted at people at the early and middle stages of the weight loss process, meaning people who don't have the equipment they need yet. Once they've subscribed, you can start building rapport and eventually turn that visitor into a customer. 

Your lead magnet might be the complete opposite of our example, but the principle still stands. Consumers are willing to subscribe to brands that create content that's relevant to their lives. 

Send out a welcome email

Now that you've started generating leads, it's time to send out a welcome email when someone subscribes to your list using automated email marketing software. Research shows that welcome emails have an impressive 82% open rate, making them one of the most important messages you'll send to your subscribers. 

Why is the engagement so high on these emails? The main reason is people still vividly remember your brand because they just subscribed. They are more likely to continue engaging with your brand if you reach out right away. 

When creating your welcome email, there are several elements all well-designed messages share. These parts include: 

  • A meaningful "thank you" for subscribing. 
  • The lead magnet you promised.
  • Expectations for future emails. 
  • Alternate ways to reach your brand. (social media, phone number, etc.) 

Including all of these sections ensure that consumers will get precisely what they were expecting when they open your email. We know what you're thinking, 'How can I exceed those expectations?" We're glad you asked because we are going to talk about stepping up your engagement with personalization.

Make your emails personal 

Personalization is a strategy used by many businesses on every marketing channel. In a nutshell, personalization marketing is a technique where you curate emails and content for your audience based on their pain points and information they provided when signing up. 

The great part about personalizing your emails is you can add different layers of personalization that add uniqueness to every message your subscribers receive. Studies show that personalization can double your click-through rate, making it a valuable tool for marketers across all industries. 

When people join your lead list, you can ask their name and what kind of content they are interested in receiving in the future. Using this information, you can craft emails that are made for each person. 

You can use their name in the email subject line and through your message. There's no question that using subscribers' names will convince more people to open your emails. Now here's the fun part. You can compile data about products they've purchased, or reference their signup form to create content within your email that is personalized. 

Let's look at the fictional exercise equipment store we mentioned earlier. When the marketers are creating emails for their drip campaigns, they can compare and contrast what users selected to curate the perfect email. If someone signed up claiming that they are only interested in blog posts about weight loss, you could exclude posts about bodybuilding. 

When the consumer in question checks their email, they will see that all of the content is personalized, and the brand used their name in the email. From that point forward, there's a better chance that they will engage with your brand and become lifelong customers. 

A/B test your campaigns

A/B testing, also known as split testing, is a strategy where you make changes to your emails in an attempt to improve your open and conversion rate. There are plenty of things you can change that could lead to significant results. 

Some of the most common factors marketers change include: 

  • Email subject lines
  • Time and day that messages are sent
  • Formating and text changes
  • Verbiage or color changes to call to action (CTA) 

Once you start seeing success, you can fine-tune your campaign with split testing. For instance, if you've noticed that plenty of people are opening your email, but very few are clicking your CTA, you might want to consider adding a contrasting color to the background of your CTA. 

Small changes can yield significant results, but they take time to fully understand. When you start split testing, remember that you might not see a difference the first day, or even week. Sometimes, it takes several months to see if the A/B test had a positive result on sales, clicks, and traffic. 

Email marketing is here to stay. Currently, 90% of people in the United States over 15 years old have an active email account. Business owners and marketers are always looking for new ways to expand their reach or improve their email marketing campaigns. 

Now you can use these tips to reach your target audience, connect instantly, and build rapport with subscribers. These elements all play a role in how customers perceive your brand and the value you offer. The end result of these healthy connections is a thriving business that sees new and returning customers interacting with your brand.
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