Business.com |
- The Role of ISO Certification in Business Growth
- 17 Effective Sales Tricks to Gain Loyal Customers
- What Is a Reasonable PTO Policy?
- What the Delayed Tax Deadline Means for Your Small Business
- How to Scale Your Customer Support Operations
- 7 Ways to Protect Your Online Business During COVID-19
- SPONSORED: IT Leadership: How Choosing a Reliable Conferencing Platform Empowers End Users
- How to Communicate with Your Customers During the Coronavirus
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| The Role of ISO Certification in Business Growth Posted: 01 Apr 2020 02:11 PM PDT  Quality management is an essential organizational tool that can readily empower small businesses and allow them to thrive amidst the cut-throat competition. While there are quite a few quality management options available, nothing beats ISO certification in terms of credibility. Moreover, ISO is one standard that brings substantial levels of validation for businesses, thereby making way for increased productivity and efficiency. However, before starting a discussion about the role of ISO certification from an entrepreneurial point of view, it is necessary to enlist the existing advantages that come with an efficient quality management tool, like the ISO. That said, while ISO certification gives an edge to the concerned businesses over the existing competitors, these validations are also potent marketing tools as they assure customers that the concerned firms follow the highest quality specifications and standards, at all times. Getting ISO certification: How startups can approach the processFor small businesses, ISO certification is the basic foundation that signifies improvement. However, businesses must understand that getting ISO certified requires substantial resources and financial backing, precisely during the initial stage of the process approach. Therefore, before we start talking about the perks of an ISO certification, it is necessary to ascertain the process, in a step-pronged manner. Part 1: Understanding the processBefore considering ISO certification, a startup or rather any small business must see whether the workforce and the hierarchy are ready to embrace this Quality Management System. Therefore, a process approach needs to be formulated which should focus on offering consistent services and products. Part 2: Create the P-D-C-A modelISO certification seems to be a long shot for companies that have just started. Therefore, before even considering this pathway and the costs associated with the same, it is important to concentrate on a more cohesive "Plan, Do, Check and Act" Model which would then empower the entire workforce towards achieving newer heights. This model makes sure that instead of spending frivolously on the ISO tag; businesses can first fix the planning, action adjustment, and monitoring deficiencies for overall growth. Part 3: Keep learningNeedless to say, an ISO certification would only give you a tag that shows and acknowledges improvement. However, a startup must first consider learning the tricks of the trade, including the techniques to amplify sales, better monitoring strategies, and more. While the ISO 9001 tag can be a blessing, a company must learn to work and progress without the same. Usually, small business setups are hard-pressed for resources, at least during the formative years. This is where discretion is necessary and one shouldn't immediately jump onto the ISO bandwagon m just for the sake of it. Therefore, following the aforementioned steps can allow businesses to create a decent and sustainable premise before looking for the ISO tag. ISO certification: Enlisting the benefitsISO certification isn't something that needs to be restricted to corporate setups and large-sized businesses. Here are some of the immediate advantages that come into the scheme of things, especially for smaller and medium-sized businesses.
The best thing about getting an ISO certification is that almost 98 % of the certified companies have already identified the potential of this tool besides considering this as a great business investment. Advantages of ISO certificationWhile we already have tabulated the generic perks of an ISO certification, here are the more pronounced and the direct advantages of the same: Certification promotes better practices.Proximity with an ISO certification makes sure that small and medium-sized businesses get to learn about the best industrial and entrepreneurial practices. Needless to say, international quality management systems like ISO aren't just tools for comparing features and facilities but also suitable for allowing businesses to recognize the best strategies for growth. Be it standards pertaining to food and information security, ISO certification offers a set of ideas and strategies to businesses for further improving their modus operandi. It helps improve organizational productivity.Certification makes way for improved productivity as it allows businesses to adhere to specific organizational standards besides closely monitoring the existing processes, in the best possible manner. For smaller organizations, ISO certification means looking closely at the existing set of industrial definition and documentation while ascertaining the existing objectives for measuring overall progress. This validates the fact that certification and quality management systems are necessary for building a lean, healthy, and increasingly productive business. It keeps customers happy.ISO certification renders credibility to an organization which in turn plays a major role in keeping the customers happier. Quality management standards like ISO improve the complaint management segment of a business besides making way for better quality control and monitoring of client satisfaction. Certification, like ISO, can ensure that there is a massive decrease in the number of customer complaints which eventually keeps them happier for longer periods. It may help improve revenue.Based on extensive analysis concerning more than 92 studies, almost three companies out of five have seen significant growth in their bottom-line once they have an ISO certification in place. Moreover, Nguyen Viet Tiep, Director, ISO CERT VN, also believes the ISO is an essential organizational tool that helps increase overall revenue, quite significantly. That said, the revenue generation for ISO-certified firms, according to Viet Tiep is way higher as compared to the non-certified organizations. Another aspect that needs to be ascertained is that the revenue amplification isn't just a one-time effort and needs to be sustained throughout the subsequent recertification audits. This means ISO certification is a great investment that increases the organizational revenue but the process needs to be a continued and sustained one. It can open new doors.Once a business acquires an ISO certification, it opens up indefinitely to the newer markets. For example, ISO 9000 certification involving quality management, if and when acquired, can open a door to opportunities for government contracts. Needless to say, most government projects require companies to adhere to specific standards, which is only possible through ISO certification. Apart from that, getting orders from a larger company or even an invitation to be a part of a massive commercial project is also possible with an ISO certification at the helm. Last but not least, ISO is an internationally recognized quality standard that might also bring in opportunities for international projects and related markets. Certification fosters improved team commitment.If and when the company acquires ISO certification, the entire workforce gets a sense of acknowledgment which is infectious and extremely encouraging at times. This way, it becomes easier to get hold of a more productive workforce that's engaged and motivated at the same time. Moreover, certified businesses also fare better in terms of job satisfaction and overall turnover of employees; thereby minimizing the instances of absenteeism. Once a small or medium-sized business acquires the relevant certification, it becomes easier for the employees and managers to communicate with ease and significant levels of precision. Most importantly, getting certified motivates almost everyone in the organizational hierarchy which in turn fosters better team commitment and makes room for consistency. It applies to diverse organizations.Quality management certification like an ISO tag applies to diverse organizations, regardless of the size and spread of the same. Therefore, if and when an organization gets certified, it becomes eligible for better supply chain standards which eventually make room for increased popularity. Therefore, not just the corporate houses but even smaller setups can immensely benefit from the ISO certification. Certification can increases business efficiency.A small or even a medium-sized business makes better use of resources once it gets the ISO certification. Once resources are judiciously used, it becomes easier to reallocate the same to the diverse aspects of businesses which in turn improved organizational and business efficiency. It helps the business make decisions based on facts.Firstly, ISO certification automatically qualifies the business as a credible one which then takes all the feelings and emotions out of contention. The business, therefore, relies completely on facts and this is when it becomes easier to rely on figures, stats, and other resources for predicting outcomes. ISO certification for startups: Necessity or fad?When asked personally, I wouldn't consider ISO as the most important tool for startups as they can succeed even without the same. However, ISO certification is necessary in the long run as it comes with a host of reputational benefits. There are certain contracts and situations which non-certified firms cannot be a part of and this where the ISO tag comes in as an important cog in the entrepreneurial wheel. ISO certification is one entrepreneurial elixir that needs to be on the priority list of every organization, regardless of the nature and size of the business. Moreover, despite there being quite a few quality management systems in play; it is the ISO certification that renders adequate levels of credibility to the concerned business. Therefore, if you ever see a business owner weighing the pros and cons of an ISO certification, ask him or her to blindly rely on this quality management tool for improving business efficiency and productivity, in the most significant manner. |
| 17 Effective Sales Tricks to Gain Loyal Customers Posted: 01 Apr 2020 12:28 PM PDT  Firstly, warm greetings to all those who have landed on this page and are reading this article. I am Usman Raza, and my many satisfied customers, whom I work for through multiple businesses that my team and I have established over the past 17 years, say that "Usman and his team are experts at what they do and have evolved with the pace of technology keeping their creativity and innovation up to speed, hence we never felt the need to consider anybody else." Chrisitian Marketing Experts LLC is a premier internet marketing firm that specializes in PR and search engine optimization (SEO) services and is the business to which my heart and soul are attached. I have always advised companies to make full use of technological tools like SEO, PPC, social media and retargeting tools to double their ROIs through my platform. It was with these tools that I was able to establish three new businesses. But even before I got the chance to roll up my sleeves, I was mentored by the best multimillionaires from different industries. This article, however, is not about me, but about those who are reading it. Laying out 17 years of experience in 17 points is not an easy task, but my sole objective is to share what I learned throughout the years so that it adds value, serving as tips for entrepreneurs and both budding and professional salespeople. 1. Rely on SEO to bring in leads.After a lot of trial and error and spending around a couple thousand dollars, I learned that, rather than hunting leads and spending hours filtering them, make buyers find you. A good SEO campaign and the right keywords can make your website generate profits even in your sleep. Remember to optimize your content. SEO is one of the most used digital marketing strategies. I have written many articles to show my readers the importance of SEO ("Why SEO is an Essential Puzzle of Digital Marketing") for your online presence and search engine visibility, and you can always further explore my blogs for more in-depth knowledge about SEO. 2. Create a blog.Although this was one of the first things I did just because I had a knack for writing, it didn't turn out that well for me. At that time and even today, I feel blogging is of the most underrated social media platforms, and you're missing out by not having your own. Your blog can provide reviews and relevant information that you may not be able to fit into tweets or social media posts. You can use it to generate more traffic to your site and other online resources, improving their Google rankings. Blogging could improve your sales to an unexpected level. To create content that engages your audience, you first have to know your audience. I learned this the hard way: It was probably the reason it didn't work out for me then. 3. Get more traffic flowing to your site.Traffic equals money. If you want to increase your sales, you need to increase traffic to your site. Google has over 200 ranking factors that help determine a website's position in the search results. Aside from SEO, you can go for PPC and the lesser-known search box optimization. The search box is where you type your query for a Google search, and Google uses an auto-suggest feature that shows instant choices for a search user. If you use the search box optimization technique, you can make it suggest keywords to match the ones on your website. Once a user clicks that particular keyword, your website will be one of the top results, which increases your exposure and reliability online. Another trend dominating online marketing is getting traffic through chatbots. Now you can create your own Facebook chatbot with the help of Botsurfer. Research says 1.3 billion people use Facebook Messenger each month. With such a huge number of people using the platform, you can increase your traffic if you use a custom chatbot for your customers. 4. Invest in retargeting.Retargeting is the process of showing ads of websites that users visited but didn't take the action expected of them. When you use retargeting, a user who visits your site will register cookies from your website. Anytime they visit a different site, the Google ads on that other site will read the cookies from your site and show your ads. This is possible through JavaScript, which the cookies use to instruct the Google ads which website to advertise. Your business wouldn't start using this technique in the nascent stages. Retargeting is for a business is at the stage of establishing credibility, but there is no hard and fast rule. Based on my experience, for less than 50% of a traditional Google Ads campaign, you can make your ads reach more people and ensure they come back and buy from your site using this pro tip. 5. Create a single-page sales portal.It was in the 10th year of doing business that I came across the most beautiful insight that changed my business growth trajectory exponentially. This was that most people are used to one-page websites. These are also known as landing pages, which usually contain a description of the product or service along with reviews. The trick to making this a success is segmenting the content in an attractive, easy-to-read way that hooks buyers and gets them ready to show you the money. Your content might serve as the hook, but if you are late to interact, it might result in a lost lead. Therefore, making that portal interactive enough is the key. By interactive, I mean you should use bots to interact with people landing on your page. This insight was also revealed to me by my team of experts, who said one fine day, "We are losing potential leads just because we are not able to interact with them on our portal." 6. Establish your reputation as an expert.Before I could even start offering internet marketing services, I commented on blogs and took part in forums to demonstrate my expertise. Every time potential leads searched for me, they discovered my contributions and saw I was the right person to take care of their needs. If you establish yourself as an expert in your field, people will prefer you over other sellers. This will not happen in one day, even if you spend all 24 hours on this one task. I recommend dedicating a fixed time each day to this task – maybe just an hour or two, but it should be at the same time every day. This shows you have a routine, dedication and, subsequently, credibility. I assure you that establishing yourself as a thought leader will start yielding results in a matter of months. 7. Don't be shy about talking smack.If you have a blog, you can easily communicate what you don't like about the competitors' products or compare your offerings with theirs. Just remember to be a little indirect, or else you may appear too ruthless for some clients' liking. Although this might sound like an offensive strategy, there is a thin line between hitting above and below the belt. That thin line comes from ethics. Keep it professional, focusing on demonstrable flaws in a product or service rather than launching personal attacks, and this tip will take you places. 8. Ask for referrals.One thing I might never let go of as a rule of life and business is that "the customer is king." You'll want to keep the best of relationships with the "king." If your previous clients are happy with you, ask them for referrals – which you will only feel comfortable doing if you have maintained good rapport with them. Drop them an email offering them a discount or valuable freebie for referring your business to others. This way, you can get two sales through a single email. Try it just for the sake of it and see the magic work for itself. It is a famous saying in our industry that a happy customer brings in two more, but an angry one has the potential to take away 12. 9. Answer some questions with YouTube videos.You can see how I have leveraged YouTube to create product reviews and show buyers how they can make use of their future purchases. You can get more traffic to your site or sales portal with this tactic, since videos are now visible in search results. This is not just my experience talking; the numbers and statistical reports proved to me the benefits of leveraging YouTube. It was like a whole new stream of revenue being pumped into my business. 10. Introduce a mobile app.The world has more than 3 billion smartphone users, so you can't afford to ignore mobile. A mobile app connected to your sales portal can boost ease of use and, as a result, your sales. However, don't rush into this process. Getting a permanent place in someone's smartphone is not an easy task. Wait, plan, and then execute. When you feel your business is big enough and you have the right resources to properly manage your app, then there is no stopping you. 11. Mobilize your website.If you felt disheartened reading the above tip, don't worry. Even if you're not ready to launch an app, you can (and should) make your website mobile-friendly. Most consumers now rely on their smartphones to access the web, so have a web designer look at your website and prepare it for tech-savvy buyers. My advice is to treat your website like a newborn child: You need to nurture it step by step and grow it to be just how you imagined it. It should reflect your company's brand and culture, and if the website is about you individually, let your personality shine through the website. 12. Generate an email marketing campaign.Email marketing is alive and kicking. You can send a few emails to introduce your blog or invite your potential and existing clients to connect with you. Touching base regularly also keeps you on your clients' minds, making them more likely to turn to you when they need a product or service you offer. Just make your emails relevant to them, with catchy subject lines to get their attention. Your clients won't appreciate you sending them irrelevant quotes and images or emails just selling yourself. Use these emails to add value to each client's business or life, while mentioning subliminally that you are the only one who can add that value for them. [If you need help with your email campaigns, you can read our reviews of the best email marketing services.] 13. Offer discounts when possible."Discounts" may seem like a dirty word to salespeople, but you need to offer them from time to time to generate sales. You can also use them to reward existing clients for sticking with you. This act won't go unrewarded. Aside from becoming loyal to you, they will tell others to follow their lead. An experience from running one of my businesses taught me that offering discounts is just like cracking a decent deal with your client. On one stressed evening back in 2012, I got in an argument with a client over the phone and wouldn't bend to his demand for a 2% discount from the service charge. I lost the client, a consistent revenue stream and, worst of all, a good relationship. Remember, the money will always come and go, but a solid relationship can last forever. Don't lose it just to get a little more money in the short term. 14. Promise less but deliver more.One of the best ways to make a lasting impression is by promising your buyers less than you can provide. That way, you can give them a nice surprise when you deliver beyond their expectations. This does not at all mean that you should go low: Be fair in what you offer and show customers the added value they are getting by working with you. In this process, if you deliver more than you led them to expect, it's a sure shot at retaining their business. 15. Get your clients to say no first.To appreciate something really good, you need to go through a lot of the bad. To make your clients jump on the product you wish to sell, provide them with things they may not want. That way, the significance of the final yes will increase at least twofold. This tip has been with me since my early days as an executive at an agency. We used to get three designs for one brief and always sent the worst one to the client first. This way, we got their feedback and also bought time to refine the best design. This might seem like a waste of time, but in short time, your client will start approving your first draft, and then you will have a chance to challenge your work by telling them, "We have worked even harder for you and created an even better version for the same brief." 16. Never close too soon.I will never close a deal in one meeting unless direly required. If you close the deal too quickly, you may end the relationship with your client too soon. Give your buyers a break to think. This way, your product will be on their minds longer. So, when should you close? You will know when the time is right. 17. Never play dirty.This last piece of advice was given to me by my father, who was a top-class salesman at heart. He told me just before I left home on my first day of work, "Son, stay away from the black and focus on the white. It may try to charm you, but you need to hold your ground." This tip worked wonders for me. I learned black hat SEO but stayed away from it. I never got banned from anything or let a speck of dirt on my reputation. Never did I allow any kind of window dressing in reporting or sales pitches that would make me a liar at the end of it. If you are innovative enough and have the drive to keep learning, then you don't have to lurk around the dark areas of the industry. Stick to these 17 tips to rise through the ranks of success and make your mark in selling your product. |
| What Is a Reasonable PTO Policy? Posted: 01 Apr 2020 07:01 AM PDT 
A paid time off (PTO) policy is a necessary aspect of your business once you hire employees. It governs sick leave, vacation and personal time for both you and your workers, and enables a certain amount of time to be treated as paid hours, to be used at employees' discretion. There are multiple types of PTO policies, and you must carefully consider your company culture and your employees' wants and needs before you decide on which type is right for you. Keep reading to learn about the different types of PTO policies and what makes a PTO policy effective. What is a PTO policy?A PTO policy is a set of rules and expectations regarding employees' paid vacation, sick days and personal time in a calendar year. Though there are no federal laws requiring employers to offer PTO, most companies do in order to provide workers with work-life balance and eliminate the need for the employee to ask the employer for permission to take off work, which supports a healthy and trusting work environment. Some PTO policies can also provide financial benefits for your business – for example, an open PTO policy that allows employees to take as much PTO as they want eliminates the need for the company to pay out unused days if an employee quits or is laid off. Types of PTO policiesThere are three basic types of PTO plans that you can consider for your small business. Carefully consider your company's own needs and culture before deciding on a policy type. Bank PTOA PTO bank policy pools all of an employee's PTO into a single source that they can draw from as they see fit, whether it is sick, vacation or personal time off. This policy generally does not require the employee to provide a reason to their employer, unless they are taking several days off in a row. Benefits: Each employee gets the same number of PTO days that they may use however they like, which creates a sense of trust and responsibility. Employees can also make PTO requests on their first day of work. Drawbacks: This type of policy may encourage sick employees to come into work to try and save their banked PTO for vacations or personal days. Accrued PTOThis policy allows employees to earn time off according to how much they work, or based on their years of service. For example, an employee could accrue four hours of PTO for every 40 hours worked, meaning they would earn one day off every two weeks. Unless capped, PTO days continue to accrue until the employee uses them. Benefits: This type of policy can serve as a motivator for employees to work to earn their PTO and result in a sense of accomplishment when they do. Drawbacks: This policy can encourage workers to come in when they are ill as they may not want to "waste" their hard-earned PTO days. It can also be demotivating for new employees to start with zero days. Open PTOAn open policy, also known as unlimited PTO, operates on a basis of trust between the employer and employee. An unlimited PTO policy means that there is no cap on how many PTO days an employee can take, provided their work gets done and the unlimited vacation policy is not abused. Benefits: Employees feel trusted and that work-life balance is a priority. Also, as mentioned above, if an employee quits or is laid off, there aren't any unused vacation days that you're required to pay out. Drawbacks: In some company structures, this policy could backfire and be taken advantage of. Carefully consider your company's culture and if your employees will treat the policy responsibly. The costs of PTOIn 2018, the U.S. Bureau of Labor Statistics reported that the average wage per hour was $25.03, which accounted for 68% of employee compensation costs for employers. The remaining 32% is attributed to benefits, such as insurance, retirement and paid leave. On average, paid leave accounts for $2.59 of the average cost of an employee per hour. This may not seem like much, but it accounts for 7% of a business's total employee costs, making it the third highest behind wages and insurance. As such, it's important that you consider what you can afford when deciding on which type of PTO policy is right for your business. If you choose an accrual policy, for example, you can use this method to calculate how much PTO each employee is eligible for and how you track their hours. What makes a good PTO policy?A good PTO policy is beneficial to both you, as the employer, and to your employees, as well as for your company as a whole. When a PTO policy is comprehensive, generous and flexible, employees feel valued and cared for, which increases their loyalty to your company, and can increase productivity. "The best PTO policy offers flexible, diverse and portable benefits to mirror today's workforce," said Rob Whalen, CEO and co-founder of PTO Exchange. "It's a win-win if both the employee and the employer are happy and benefitting from the policy." Here are some ways you can create a good PTO policy. Make it attractive.Flexibility in jobs has become more important than ever, particularly for millennials and Gen Z, who are quickly becoming the largest generations in today's workforce. Millennials tend to stay longer at jobs that offer more pay flexibility and employee benefits than jobs that don't, so try to make sure your policy meets those expectations. The main characteristic of a flexible policy is that it bundles all types of PTO, allowing employees to choose which type of leave policies they need. A flexible policy accommodates a diverse workforce by allowing for various religious or national holidays, or any sort of alternative day off, such as a mental health day, doctor's appointment or medical leave. An open PTO policy also conveys that you trust your employees and that you do not have a controlling work environment. Make it clear and understandable.It is vital that your PTO program is clearly defined, with no question as to what is permitted and what is not. This protects you as a business owner from getting into trouble, and it helps employees feel supported and informed. The PTO policy should be clearly written, detailed and accessible to everyone employed at your organization. Be sure that every type of employee you have is covered by the policy. Create a policy based on company culture.An unlimited PTO policy may look great on paper, but it may not work out so well in real life if your business does not encourage time off. You must have a good understanding of your business, your employees and your company or industry culture to know what style policy will work best. If you're unsure, send an anonymous survey to employees to understand how they view the time off culture in your organization and what they would like to see in a policy, and adjust it based on your employees' responses. Include incentives or benefits.An often-criticized PTO policy is "use it or lose it," where any accrued vacation time is lost if an employee does not use it by the end of the year. On the one hand, accrual can serve to encourage employees to use their time off, but it can be demoralizing if employees feel they cannot or should not take advantage of their PTO hours. Whalen suggests building benefits into your PTO policy. "With flexible PTO benefits, employees have the ability to transfer the value of any unused PTO to other priorities and needs, such as funding a 401(k), emergency expenses, paying down student loan debt or funding a real vacation." Consider offering personal time-off opportunities.Google offers its employees up to three months of unpaid sabbatical, while Adobe offers a paid sabbatical to their employees once every five years. If, however, you are not a tech giant, or your employees don't need sabbaticals, you may consider offering PTO for doing volunteer work, which has the dual benefit of increasing your company's philanthropic efforts while fulfilling and valuing your employees' time. Company volunteer days have also proven to be a highly effective team-building exercise. |
| What the Delayed Tax Deadline Means for Your Small Business Posted: 01 Apr 2020 04:10 AM PDT  As the world continues to battle the spread of the coronavirus, or COVID-19, disruptions to our daily lives have quickly become the new norm. From following strict social distancing guidelines from the CDC to working remotely full time, small businesses everywhere have had to adapt to a more physically distant society. While the population has had to make these adjustments on the fly, the federal government has made some attempts to ease the disruption felt by all Americans, including by extending the tax filing deadline into the summer months. On March 20, the U.S. Treasury Department announced that it was pushing back Tax Day from April 15 to July 15. In the announcement, IRS officials revealed that the delay applied to every taxpayer in the country, "including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax." "Although we are curtailing some operations during this period, the IRS is continuing with mission-critical operations to support the nation, and that includes accepting tax returns and sending refunds," said IRS Commissioner Chuck Rettig. "As a federal agency vital to the overall operations of our country, we ask for your personal support, your understanding – and your patience. I'm incredibly proud of our employees as we navigate through numerous different challenges in this very rapidly changing environment." While taxpayers everywhere now have an additional three months to handle their taxes and tax payments, small business owners face uncertainty in the wake of a growing recession and historic unemployment numbers. With some careful consideration, however, these tax changes don't have to be as daunting as they seem. How Tax Day 2020 has changedUnless the day fell on a weekend, Tax Day in the U.S. has been on April 15 for the last 65 years. It's a constant that has only changed a handful of times since the inception of the federal income tax in 1913. When the U.S. Treasury Department announced this latest delay to July 15, it caused taxpayers of all stripes to consider their taxes in a pandemic. While the date is the most important and readily apparent change announced by the federal government, some other aspects of Tax Day were altered. Along with delaying the tax filing deadline by three months, the IRS is letting taxpayers defer their federal income tax payments to July 15 as well. This deferment only applies to the first-quarter taxes of 2020, which were due on April 15. While such a deferment would usually come with additional penalties and interest charges, the federal government announced that it would waive those fees for all taxpayers regardless of how much was owed. Second-quarter payments, normally due on June 15, will not be part of the deferral plan. The changes brought on by President Donald Trump and Treasury Secretary Steven Mnuchin do not need much additional input from taxpayers. The IRS stated in its announcement that no additional forms or phone calls will be necessary to qualify for any of these changes. Any individual who needs to an extension past the new deadline can file a Form 4868, while businesses that need an extension need to file a Form 7004. People First Initiative and tax debtAlong with the deadline extension, the IRS announced its People First Initiative, which Rettig touted as a way to help people struggling with their taxes during the pandemic. "The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes," Rettig added. "We are temporarily adjusting our processes to help people and businesses during these uncertain times. We are facing this together, and we want to be part of the solution to improve the lives of all people in our country." One of the main functions of the IRS is the collection of debts owed by individuals and businesses alike. When taxes are not paid on time or in full, taxpayers end up with tax debts that sometimes require outside help to square away. Under the People First Initiative, payments relating to installment agreements or "offers in compromise" will be postponed. Payments due between April 1 and July 15 will be suspended, and the IRS "will not default any installment agreements during this period," though interest will still apply. During that time, officials said the IRS will "avoid in-person contacts," though it will still do everything it can to "protect all applicable statutes of limitations." "IRS employees care about our people and our country, and they have a strong desire to help improve this situation," Rettig said. "These new actions reflect just one of many ways our employees are working hard every day to assist the nation. We care, a lot. IRS employees are actively engaged, and they have always delivered for their communities and our country. The People First Initiative is designed to help people take care of themselves and is a key part of our ongoing response to the coronavirus effort." Liens and levies will also be suspended, though IRS agents will continue to pursue "high-income non-filers" and perform other duties "where warranted." Delinquent accounts will not be forwarded by the IRS to private collection agencies during this period. State taxes during COVID-19While the federal government has taken steps to address its taxes in the wake of COVID-19, taxes at the state level vary widely. Most states have followed Washington's lead by extending their tax deadlines, but several states have yet to make a move one way or the other. Anthony Mezzasalma, a CPA with Mezzasalma Advisors, feels small business owners should pay attention to this kind of policy fragmentation. "My main concern is how many states have not conformed to the July 15 deadline," Mezzasalma said. "It is a little bit of a tax trap to think you have three months to take it easy when you might get hit with steep penalties on the state taxes if you're late." For state taxes, professionals like Mezzasalma urge businesses to check with their local governments rather than assume their states are adhering to the federal extension. According to data collected by The Tax Institute at H&R Block and the Tax Foundation, numerous states have yet to make any major changes to their tax deadlines. Others – like Massachusetts, Arkansas and New Jersey – have pending legislation in place or have provided relief in other tax areas. Other states, like Minnesota, have also made changes that provide relief for corporate returns or other business entities. |
| How to Scale Your Customer Support Operations Posted: 31 Mar 2020 04:40 PM PDT  Satisfying as many customers as possible is the only surefire way to scale your business upwards in a sustainable fashion, yet many entrepreneurs and corporate professionals struggle when it comes to bolstering their customer support operations. This is because customer support is no easy thing to conquer, and many entrepreneurs seem to hope that if they throw enough money at the problem, a solution will present itself. In reality, you need more than money to scale your customer support operations – you need dedicated workers to help you achieve your goals and a game plan to steer you from the start. Here's how you should be scaling your customer support operations and how you can do it without breaking the bank. Spend in the right areasIt goes without saying that you'll have to spend some money to scale your customer support operations; anybody who claims that you can manage more customers than ever before while spending little to no money is likely lying to you as they attempt to peddle a product. It's true that you can lower your overall customer support budget while still achieving better results than ever before, but only if you spend properly in the crucial areas while reducing what you spend in less important areas. Hiring new, capable employees, for instance, is something that you should focus on if you want to get more bang for your buck. Always be aware that some software is far superior to others; if you invest improperly, for instance, you could actually be shackling your business with burdensome equipment when you could otherwise be supercharging it for the future. Business owners who aren't particularly tech-savvy themselves shouldn't be afraid to admit when they're in over their heads as it pertains to acquiring fancy new software, hardware, or other digital assets. Everybody's talking about digitization these days; it seems like it's impossible to earn a profit in any sector unless you're spending huge sums of money on new software and hardware. While technology is crucially important for your business' success, however, it's also indisputably true that clever, tech-savvy employees are needed to actually leverage the fancy new tools you've acquired for them. Knowing when it's time to hire some help is a sign that you're a good manager, so think twice if you've looked at your current customer support operations and said, "we have enough workers to achieve our goals." Watch out for bad seedsThere are few things more detrimental to the successful scaling of your customer support operations than an inability to root out bad seeds when acquiring new employees. Just a few shoddy workers are all it takes to dismantle your entire network, as lackluster humans are often the first and major cause of an IT system's breakdown. Know when and where to draw the line when hiring, and don't be afraid to search far and wide for stellar workers who will cost a little extra. They will make up the difference in their invaluable expertise and experience. Don't hesitate to spend more money if it means bringing on an excellent employee who has valuable experience in managing angry customers. This is particularly true if the average customer support question you're dealing with is a high stakes situation; some companies receive huge amounts of calls that are of middling importance, on average, whereas others receive only a few calls that are nevertheless imperative for the overall profitability of the business. The more important those calling you for help are, the more crucial it is that you have a human trained and ready to pick up the phone when they come ringing for help. Hiring those who are capable of playing well with others is also crucial for your success. Meanspirited employees won't just frustrate customers and damage your brand, they'll also diminish office morale and make other employees miserable, further damaging your bottom line. Know the traits of a good team player before bringing somebody new on board, and you're much more likely to make the right choice for the right reasons. Automation can still helpDespite the fact that your focus should be on human capital, it's important to understand that automation can still help. The digitization of the workplace has made it possible for fewer workers to cover a wider base of customers but try to resist the temptation that arises when companies tell you that you can halve your workforce while still meeting the needs of your customers. Regardless of how effective some digital technology is, automation still can't replace human ingenuity, and customers everywhere want to deal with a mix of both humans and robots when it comes to their problems. McKinsey has demonstrated that digital customer care, or eCare, strategies can drastically cut down on the costs of doing business, but don't focus too much on this area unless you're confident that it won't dehumanize your operations to invest additional money in digitizing the workplace. This is because no software program can replace the experience of talking to another human when something goes wrong, and all it takes is one angry customer for your expensive IT investment to backfire. The best bet is to mix eCare strategies with traditional customer appeasement strategies that still make good use of human workers. Be careful not to overextend yourselfPumping the breaks on digitization outside of crucial areas also helps you avoid the mistake of scaling too quickly. Some businesses need to expand, but if you try to conquer too much territory at once you'll never be able to consolidate the holdings in your possession. Focus on slow but steady change, like maintaining a blog, that targets crucial areas, and your customer support operations will be doing better in no time. You may think having more employees manning the phones is an absolute good, but the truth of the matter is too many cooks in the kitchen can spoil the entire meal. Businesses that want to bolster profit margins may think it's necessary to expand rapidly to maintain their surging cash flow, but if you get too big for your britches you'll inevitably crash inwards and sacrifice the progress you've made thus far. One way you can avoid overextending yourself is to focus not on recruiting additional workers, but on retraining your current workforce to optimize its ability to solve customer problems. Fewer, better workers with greater access to more advanced technology will achieve far more than plentiful, shoddy workers with little to no information at their disposal. Providing more information to your workers is the real secret to success. By equipping your customer service representatives with a wide-reaching arsenal of digital tools that enable them to summon more information in less time, you'll be helping customers achieve their desired results while keeping your current workforce happy and prepared for the future. You should thus view automation, recruiting new employees, training existing workers, and onboarding new software under the same lens of bolstering the overall information environment your company operates in. Scaling your customer support operations will take time, but done properly it will pay for itself sooner rather than later. Keep these tips in mind, and soon your newly-digitized customer support services will be producing better results than ever before. |
| 7 Ways to Protect Your Online Business During COVID-19 Posted: 31 Mar 2020 01:40 PM PDT  A human tragedy first and a business crisis second, the coronavirus outbreak, or COVID-19, has become a pandemic affecting millions of people and businesses big and small around the world. Its effect on the global economy is undeniable and unprecedented, forcing online giants like Amazon and Google to adjust to its impact. The entertainment industry has slowed down significantly while retailers the world over are forced to shutter their stores. While countries have shut their borders and imposed isolation measures to control the virus outbreak, hackers have taken advantage of this situation and accelerated underground economy activities. Hackers have come out of the woodwork to provide discounts on their "services" or "goods," which usually involve malicious software. Coronavirus-related domains have also spiked since the outbreak, and they are 50% more likely to be malicious than other domains. It's more vital than ever to prepare yourself and protect your online business so it can survive the global crisis that is COVID-19. Here are ways you can do just that. 1. Manage your online presence."Business as usual" may be something entrepreneurs won't be saying or hearing for a while in light of the pandemic. However, there are ways to keep your customers updated via your own website, your data structure and local business profiles. Your websiteKeep your customers updated through FAQ pages that address common questions such as your modified business hours, changes in products or services you offer, and how your business is addressing the COVID-19 crisis. You can also create pages dedicated to COVID-19 if your business or those of your customers are significantly impacted. Your structured dataDepending on the type of business you run, you should use structured data to highlight content and "tell" search engines what your content is saying. If you have a retail business, for example, you can use the "item availability" structured data type to inform customers of your current product availability. If you are an event organizer or your business had events coming up, there are structured data types to help you update your users on event status – whether events are pushing through, canceled or going virtual. The pandemic has also motivated the creation of a specific type of structured data for special announcements, which you can also use on your website. Your local business profilesIn times of crisis or uncertainty, most people go to directory listings or use online search engines to check temporary closures, updated store hours and service availability. Make sure to update your Google My Business profile with any changes to keep your customers in the know. 2. Increase your website security measures.If protecting your website from hackers wasn't a primary concern before, it should be on the top of your list now. The global pandemic has created an opportunity for cyberattacks as more people are forced to work from home. Phishing and scam websites are on the rise, taking advantage of the people's need for information on COVID-19. Coronavirus phishing emails are now being used to lure people into downloading malware, and thousands of coronavirus-related domains have been registered. A common scam cybercriminals now use is posing as a World Health Organization representative and trying to get email recipients to provide personal and financial information or to open attachments that are usually system exploits. The WHO has warned people of this and set up a page where you can report suspected scams. Be wary of emails and attachments from unknown and unverified senders, and ask your customers to practice the same caution. 3. Adjust your online store operations and customer service.If you're in the e-commerce business and selling physical products, prepare to be overwhelmed with orders, especially if you sell food or grocery items. Several online stores, including e-commerce giant Amazon, have limited product availability to what they consider essential, with most of them listing medical supplies and household necessities as available. As brick-and-mortar stores close temporarily, beefing up your online store and ensuring your customer service department can handle the demand and potential issues are key. Start checking your inventory to determine what you consider essential and nonessential products. Also remind your customers that, depending on their location, some products may be prohibited at the moment. 4. Listen to the 'voice of the customer.'It's common knowledge that listening to your customers will help you get a pulse on what products or services they want or what they want your business to be. Voice of the customer (VoC) data is a research strategy that takes customer feedback and uses it to help you discover how customers perceive your business or brand. With the raging pandemic, more and more stores are shutting down, but online sales are soaring, and it's expected that more and more brands will move into the world of e-commerce. How does VoC correlate with online shopping and reviews? Revuze recently conducted research showing that online reviews had increased by more than 200%, which makes VoC more crucial than ever. Gathering VoC data is as simple as asking your customers the right questions. These are the most common ways to do this.
5. Prepare to work from home.COVID-19 is a game-changer for many industries because it has forced various companies into a remote working arrangement. Working from home is the current trend, and it's best to prepare your business for this contingency – or, if you've already started, to optimize the situation. Here are a few tips to do so.
6. Always have a Plan B.The COVID-19 pandemic has proven that you can never be complacent when it comes to business. A survey of economists shows that 34% of them predict a recession to hit the U.S. again in 2021. You can continue doing what you do, especially if it's working, but it's vital to prepare for a downturn. Having a contingency plan in today's unpredictable landscape isn't paranoia – it's common sense. Nothing stays good forever; make your business flexible so you can easily adapt to change. 7. Reach out for help – and offer it when you can.This is not the time to keep to yourself; if ever there was a time when helping each other out is pivotal, that time is now. If your business needs assistance, big companies are providing grants to help out small businesses, along with the financial assistance available from the U.S. government and the Small Business Administration. You can also take this opportunity to give back to your customers and the community by providing whatever help you can, no matter how small. In times of crisis, it's essential to stay in contact with your customers and continue to provide your product or service as best you can. Integrate the tips above with your current marketing strategy to combat the global business crisis that is COVID-19. It's never been more important to adopt an agile business approach so you can change direction as necessary. For more resources and information to help your business weather the storm of the pandemic, visit business.com's COVID-19 business resources page. |
| SPONSORED: IT Leadership: How Choosing a Reliable Conferencing Platform Empowers End Users Posted: 31 Mar 2020 09:26 AM PDT  Software should help us work smarter, not harder. Unfortunately, that's not always the case. Clunky or unreliable software can often result in creating more work, especially for IT teams who need to help frustrated users or address technical issues. When it comes to video conference software, which is increasingly used on a daily basis in modern workplaces, choosing the right platform can keep users seamlessly connected and reduce the number of support tickets for IT to address. Conferencing is an invaluable tool that enables internal project collaboration, external communication and presentation, as well as remote control troubleshooting capabilities. Choosing a reliable conferencing platform provides the dual benefit of empowering users to effectively communicate with their teams and clients while also making IT departments' jobs easier. A good conferencing service should just work – it should not cause additional stress on the end user or IT department. Reliability and ease of use are key in video conference softwareConvoluted video conference systems can be a drain on IT resources. Any seasoned IT veteran knows that issues setting up conference room hardware and coordinating virtual meetings can become a headache day in and day out. But intuitive video conference software easily allows end users to schedule, set up and run their meetings without IT intervention, making it a seamless process that doesn't disrupt anyone's workday. In a world where productivity is essential, video conferencing software needs to facilitate productivity rather than hamper it. Look for the following features in a conferencing platform to ensure end users can easily manage the tools and features:
The best video conference software ties these features together in a navigable, easy-to-use package. While some platforms offer a cornucopia of bells and whistles, along with sometimes confusing external hardware, video conferencing doesn't have to be so complicated. In fact, a simple cloud-based system with easy-to-use tools will help get meetings going without the need for assistance from the IT team. Video conference software tools for ITA good video conference software solution also gives IT the tools it needs to collaborate with end users. Whether it's installing and configuring new software or addressing technical issues, it's important that your IT team has the features it needs to help even from afar. A comprehensive video conferencing platform allows IT team members to connect face to face with end users to assist them with whatever they need and actively participate in solving their problems. One feature that is indispensable for IT is remote access and control capabilities. These tools allow participants to see a user's screen in real time, and, if necessary, take over remote control of the off-site hardware to fully assess and ultimately fix any issues the user may not have the technical bandwidth or knowledge to manage on their own. Recording features are also effective for reducing reliance on the IT team, albeit indirectly. Companywide communications and webinars can be easily recorded and archived on a good video conference platform, giving end users a reference point for simple processes or troubleshooting measures they can undertake themselves before going to IT for help. An effective video conference software empowers end users and reduces the burden on ITWhen choosing video conferencing software, it is important to consider how it will work as an organization tool beyond the confines of regular meetings. In the case of the IT team, a strong video conferencing platform can reduce an influx of help desk tickets related to presentations and meetings, as well as offer a support tool for IT to more quickly and easily resolve end user problems. In modern organizations, the IT team is essential to maintaining productivity and monitoring cybersecurity, so ensuring their workload isn't hampered by small requests that could be avoided or quickly addressed with the right tools is critical. The right video conference software can do just that. If you're looking for a video conference platform that has all the necessary features for users, participants and IT, look no further than Vast Conference. |
| How to Communicate with Your Customers During the Coronavirus Posted: 31 Mar 2020 07:00 AM PDT 
Regardless of what region or industry your business is in, COVID-19, also known as the coronavirus, has undoubtedly affected you and your consumers. As a small business owner, it is important to understand how your consumers are being impacted and how to best communicate with them during this unprecedented time. We reached out to small business owners and communication experts to learn what communication strategies can help your business reach consumers, and what communications you should avoid altogether. If you have advice on how to best communicate with customers, join the conversation on the business.com community. Share how you're communicating with your customers and what techniques others can adopt for their business. How to communicate with customers during the coronavirusCommunicating with customers during the coronavirus outbreak is a delicate process that you must handle carefully. The virus has impacted many businesses and consumers, and you want to adequately address that as thoughtfully and timely as possible. When we consulted with Jennifer Lee Magas, vice president of Magas Media Consultants LLC and clinical associate professor of public relations at Pace University, she said that small businesses should communicate early and often with their key constituencies throughout a crisis, even if they're still trying to understand the extent of the problem themselves. Be honest and open to maintain credibility. "The best thing companies can do is to communicate with all stakeholders by using clear, compassionate and timely messages," Magas told business.com "The first step is to create a coronavirus crisis team which should meet and give regular updates to key constituencies, such as customers. Make sure that you utilize the proper channels to address these audiences, and speak in words and terms that each specific audience understands."
Editor's note: Need a video conferencing system for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. How often should you communicate?When communicating with your audience, it is important that you don't overdo it. Effective communication involves knowing the preferred frequency and type of communication your customers want. Since individuals' inboxes are being inundated with communication related to COVID-19, Steve Ryan, founder and CEO of digital marketing agency RyTech LLC, said that companies should be thoughtful, strategic, and fluid in their messaging while remaining on brand. Your frequency will depend on your business. Communicate major announcements and business changes that will directly affect your consumers, but leave out unnecessary information that is irrelevant to them. "If you're a B2B business that is working from home and all other operations are normal, it is unlikely that you need to send formalized mass email communication regularly to share that information," said Ryan. "If you're a retail storefront that has shuttered, you likely previously communicated reduced hours, then needed to communicate that your store was no longer open, and now need to share how your customers can continue to support you." If you have no major announcements and are keeping communication frequency consistent with your regular scheduling, your messaging may need to become more informational and supportive. If your goal is to regularly check-in with customers, consider leveraging social media channels for interim communication. Which platforms should you use to communicate with customers?Your mode of communication with your customers will likely be online, since many consumers are practicing social distancing. The platforms you use to communicate will vary, depending on what platforms you already use and what information you are trying to convey. If you are switching to virtual services or need to face-to-face communication with clients, you can use video conferencing services.
What should you say to your customers?Since your customers are being inundated with news about the coronavirus, they are likely growing numb to excessive emails and irrelevant posts. Only send pertinent messaging that is relevant to them, and be as transparent and clear as possible. Magas said organizations can communicate with their customers through the following interactions:
In terms of regular posts and ongoing communication, Cameron-Kitchen advised small business owners to think about the specific topics that your audience is concerned with right now, such as well-being or remote work. "This will differ depending on your industry and the nature of your business," said Cameron-Kitchen. "For example, travel businesses may need to address cancellation policies while providing virtual travel content, while hairdressers may need to announce store closures and make video tutorials to explain at-home fixes for hair." If you are experiencing hardship, like temporary business closure, Ryan said to communicate to your customers by telling them what they can do to support you during this time, such as buying gift cards, rescheduling appointments, writing positive reviews, purchasing products online, commenting on social media posts, or telling friends about your store or service. What should you avoid saying to customers?You don't want to provide irrelevant business details to your customers, and you don't want to be overly promotional or salesy during this time. Cameron-Kitchen said businesses can still promote online shopping, virtual services and digital products, as long as their messaging angle is helpful and promoted sensitively. Cameron-Kitchen said businesses should avoid the following communication:
It is also important that you don't share any personal medical information about your employees, as this could result in legal violations. Which companies are communicating effectively during coronavirus?There are several companies that have mastered effective communication during the coronavirus pandemic. Some businesses have temporarily closed their doors, some have switched to virtual services, and some have even transitioned their products or services to better aid their communities. Here are a few examples.
"Crises such as Covid-19 can be defining moments for an organization's reputation and often strike when a company seems least prepared," said Magas. "Often, companies and organizations are judged not on the good work that they do, but how they deal with things when they go wrong. It is vital to maintain open, honest communication with your stakeholders, particularly your customers, to weather the next few weeks of uncertainty." |
| Tips for Setting Better Business Goals Posted: 31 Mar 2020 04:05 AM PDT 
If you want to take your business to the next level, setting the right goals could be the key. While creating the right goals for your company can be a challenge, the best ones can make all the difference in your growth. Obviously, hard work is required to build your business, but you also need some direction. Setting strong, attainable goals is a good place to start. Read on to find out about different types of business goals and how to set them. What is a business goal?A business goal is very different from a New Year's resolution and has way more money riding on it than a gym membership fee. Business goals are objectives tied to the vision you have for your company and the achievements you want to accomplish. They may pertain to the whole company, certain departments, specific groups of employees or other areas of the business. Depending on your purpose, the goals you set to help your company progress can be daily, quarterly or yearly objectives. If you've created a business plan, you may have already mapped out your goals as action strategies. When setting business goals, it helps to be SMART, as in the goal-setting acronym that stands for "specific, measurable, achievable, relevant and time-bound." According to Angela Civitella, certified business leadership coach and founder of the firm Intinde, SMART business goals can be extremely effective. Here are some pointers on what it means to set SMART goals. SpecificWhen setting a goal, it's important to know exactly what you hope to accomplish and what actions you must take to reach your objective. Let's say you want to improve your business revenue – these are some of the specifics you would want to decide as you set your goal:
MeasurableMeasurable goals use metrics such as dates and numerical values to track your progress toward your goal. This approach not only encourages you to focus on the end goal, but also helps you evaluate how your efforts are helping you accomplish your objectives, which can help you stay motivated. In the above example, your measurable goal might be to increase your sales by $5,000. You might decide that this should happen in a month, and ask each member of your sales team to follow five extra leads a week. AchievableFor a goal to be achievable, it must be realistic. For example, a goal to make $1 million in one day probably isn't attainable for most of us, and setting such a goal would be setting yourself up to fail. Even though your goals should require you to expend extra effort, they should be reachable. RelevantA relevant goal is one that matters to your business – it should make sense and meet your business's needs. Referring again to the example above, would increasing your revenue make a difference to your business? Of course! However, not every business goal needs to be about revenue. "If one of your big values is to serve others to the best of your abilities, then merely setting a revenue-based goal isn't going to be enough to motivate you," Heather Moulder, executive career and personal leadership coach at Course Correction Coaching, told business.com. Time-boundA time-bound goal has a deadline for the work you intend to do. When there isn't a time limit, it's hard to measure your progress. Deadlines can push you to action and help you work toward your goals efficiently. What are examples of business goals?Knowing what a good goal looks like can help you model your own for your small business. Let's say you want to increase revenue through the introduction of a new service or product. Moulder said this goal is purposeful and beneficial to your company because it would help you better serve your clients and improve customer satisfaction. It would also mean taking on more responsibility for the launch of your new product or service, so you would need to prepare for the time and resources that entails. Business goals can also be about your employees. If your objective is to improve or expand your employees' skill sets, you can do so through actionable items, like creating a committee to hire a professional instructor for the training courses. Then, the objective would be to train the employees for the next six months. When they complete the course, you can measure their skills by assigning tasks based on what they've learned. How do you write a business goal?It's one thing to have general goals in mind, but you need to put pen to paper. Writing your goals down is very effective. In the Self-Development Secrets survey by Harvard Business Study, 83% of respondents did not have any goals, 14% had unwritten goals, and 3% had written goals. While the group of respondents who had unwritten goals was 10 times more likely to succeed than those with no goals at all, the 3% with written goals was 30 times more likely to succeed than those with no goals. "The physical act of writing down a goal makes it real and tangible," Civitella said. "You have no excuse for forgetting about it." Here are two tips to help you write effective business goals. 1. Write in an active style.The language you use when writing your goals impacts how you perceive them and whether you get them done. "As you write, use the word 'will' instead of 'would like to' or 'might,'" Civitella said. "For example, 'I will reduce my operating expenses by 10% this year,' not 'I would like to reduce my operating expenses by 10% this year.' The first goal statement has power, and you can 'see' yourself reducing expenses. The second lacks passion and gives you an excuse if you get sidetracked." 2. Narrow down what's important.Make sure your goals are important to you and your company. Ask yourself, "Does this goal motivate me?" "If you have little interest in the outcome, or they are irrelevant given the larger picture, then the chances of you putting in the work to make them happen are slim," Civitella said. "Motivation is key to achieving goals." There is such a thing as too many goals. Make sure you only write down items that are extremely valuable to your business. A long to-do list with only two items crossed off can cause feelings of disappointment and frustration, which can add to your demotivation and be incredibly destructive, Civitella said. "Ask yourself, 'If I were to share my goal with others, what would I tell them to convince them it was a worthwhile goal?'" she said. "You can use this motivating value statement to help you if you start to doubt yourself or lose confidence in your ability to actually make the goal happen." What are different types of business goals?Four types of goals are especially helpful in the business world. Read on to learn more about each of them. Activity-based goalsActivity-based goals require you to perform certain tasks or activities. For example, you might set a goal to make 20 client phone calls each week. Process-based goalsProcess-based goals require you to focus on internal processes, strategies and behaviors. "Some examples would be resetting business policies for better efficiency or developing a new training program for staff to help their communication with customers," Moulder said. Outcome-based goalsOutcome-based goals focus on the results of your efforts. You may have less control over these results if they're based on consumer or client behavior. "An example of this would be to get 10 referrals from existing customers," said James Pollard, owner of The Advisor Coach LLC. "You can't directly control whether or not they give you any referrals, but you can influence the process by asking." Some goals are a hybrid of process and outcome goals, explained Moulder. For instance, a service-based business might set a goal to implement a new staff training program in order to improve customer service. The process portion of the goal is implementing the training program. The outcome is improving customer service – which you could gauge by a reduction in service cancellations or an increase in repeat customers. Personal goalsPersonal goals are those that business owners set for themselves. These may be related to maintaining or improving your health, work-life balance, or professional development. Knowing what you want for yourself is just as important as understanding what you want for your business, because your personal goals affect how you run your company. Why is setting goals important in business?We set small goals in our everyday lives, such as making it home in time for dinner or eating salad for lunch. Goals are vital because they give you and your business direction. Without them, you may stagnate or fail to perform at your best. Without goals, it's hard to measure your business's success, which makes it difficult to recognize what aspects of your business are doing well and where growth is needed. Objectives and a mission statement also keep you and your team aligned. When everyone knows the purpose of the company and how their roles contribute to the mission, it improves morale, which contributes to higher productivity. |
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