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- How to Successfully Move Your Business Online
- 3 Business Lessons We Must Take From the Coronavirus Crisis
- Should Your Business Entity Pivot to a Certified B Corporation?
- Do You Think of Your Small Business Employees as Family? You’re Not Alone
| How to Successfully Move Your Business Online Posted: 03 May 2020 05:27 PM PDT By Dmytro Spilka The coronavirus pandemic has heralded a brief era of uncertainty where we are all looking to prioritize the safety of ourselves and others ahead of our business’s financial security. This has led to scores of companies closing their doors in the short term and setting up to operate online in order to serve people in locked-down communities. Fortunately, we live in a time where technology has enabled countless businesses to serve their customers entirely online. While some companies are focusing on optimizing their output towards online consumers, others are choosing to offer products and services for free or at a discounted price with a plan to build databases to work with over the coming months. There are plenty of approaches to take when transitioning your company from a brick-and-mortar entity into a full-fledged online service, and luckily today’s technology means you can be up and ready to accept digital payments in a matter of moments. For small businesses, it's vital that you continue to find ways to create revenue in order to stay afloat. While the act of building a presence online is relatively straightforward, it's important to optimize your business to become more discoverable and more capable of receiving payments right away. With this in mind, let's take a deeper look into the process behind establishing your business online: Choose how to enter the marketThe first and perhaps most important consideration to make is how you plan to enter the market. Naturally, this will depend on the industry in which your company operates. While many businesses will have their own websites, it may not be the best place for them to secure sales and win customers. For example, if you own a restaurant that's aiming to transition into an online business, a major boost to your sales will likely come from some form of partnership with an established online delivery service like Grubhub or Uber Eats. Whereas, if you specialize in creating quality picture frames, you may be best off listing your products on Etsy. Remember that you're looking to strategically enter the right market in order to attract more prospective customers. Businesses that sell competitively priced hardware are likely to stand out from competitors by making their products more readily available, and could find websites like Amazon ideal, while other high-quality brands that aim to add an element of prestige to their online presence will likely opt to create their own e-commerce store. This part of the process requires a level of introspection. What does your business stand for? Where are your customers located? By answering these questions you'll find some clarity on where it's best to list your products and services. Establish a payment serviceThe emergence of COVID-19 has made it necessary for businesses to sell products online. This transition calls for a solid payment service that's capable of supporting multiple transactions and payments via different channels. Different payment systems can benefit businesses in different ways, and you'll need to consider the pros and cons of the systems you're looking at. One of the most prominent payment systems available for businesses to use online is eWAY. This system is relatively simple to create, and payments can be processed within six days of establishing your business's internet merchant account. eWAY allows your business to accept multiple payments at the same time online as well as accept PayPal-based purchases. The payment service also has 24/7 customer support that's accessible via phone or email if you run into problems online. Analyze your performanceOne of the most significant perks of transferring your business online is that your performance can be comfortably analyzed and improved upon with just a matter of clicks. The wealth of insights available to companies online means they can effectively run trials of new landing pages or website designs to see which ones give sales the best boosts, and they can also fine-tune content strategies and digital marketing campaigns to attract their target audiences. There are plenty of great analytics tools available to better monitor your performance, and Google Analytics is a strong contender for best in its category. Through the data shown by Google Analytics, users can gain insights driven by machine learning to deliver accurate results. Here, it's possible to see where your customers come from, how they've visited your site, and where their location is. Other Articles From AllBusiness.com:
Other analytics platforms like Finteza can analyze the quality of the traffic you gain and how all of your marketing campaigns are performing in terms of attracting the right customers. Tools like HotJar and Crazy Egg allow you to analyze what exactly grabs the users' attention and where specifically they click on your website. These tools provide insightful, visual heatmaps that show you exactly how your visitors are responding to different elements on your website. Many businesses make a fatal error ignoring the chance to analyze their performance online. If you don't spend time monitoring the effectiveness of the ads you set up, the content you produce, or your marketing efforts, you could be wasting hours of valuable time on the wrong endeavor. When promoting your business, take the time to analyze what effect it's having on your desired audience. Producing a 2,000-word article in a bid to win traffic for your website may be a wise choice, but it will only work if it engages with users who will act on it and make a purchase. Essentially, if you make sure all of your key decisions are backed by data, it will be significantly harder to make a mistake as you continue to build your presence online. Optimize your socialsFor better or for worse, the 2020 landscape is dominated by social media. As a business looking to operate online throughout the time of coronavirus, your social presence will have to be optimized to gain better exposure. If your company doesn't already have a presence on online platforms like Facebook and Twitter, it's vital that you take the time to build your profile so that you can directly interact with your audience and draw them to your website or selling site. Also, be sure to leverage your platforms by creating engaging content. Different social sites benefit different businesses, so it's worth strategically identifying which platform would suit your business best. For instance, the pictorial nature of Instagram can be useful if your business creates visually appealing products; it would especially suit artists, florists, designers, and engineers. Twitter focuses on microblogging for global audiences and could be suitable for text-based companies in media and journalism. Facebook has a huge social presence that suits just about any organization, but it is particularly good at allowing businesses to bond with more localized audiences. Newer networks like TikTok can be a a good way to show that you’re business is innovative; the video-based nature of the content can be great for companies within a range of industries to demonstrate their products and services. Be sure to always link back to your website in your posts and remember to be sociable with those who interact with you. Social media is a great way to demonstrate good customer service. The great thing about creating a social media presence is that businesses tend to get back what they put into their efforts. You can be as proactive or casual as you would like when setting up social accounts, but customers will be won over by more active accounts. The coronavirus pandemic has created difficulties for many companies and hard-working business owners. While transitioning online may be an essential move to secure your business's future, it's also important to keep yourself and your employees safe. Be sure to practice caution in the decisions you make and avoid putting any stakeholders in danger. Remember to stay safe while staying profitable. RELATED: Marketing Your Business in a Coronavirus-Affected World The post How to Successfully Move Your Business Online appeared first on AllBusiness.com. Click for more information about Guest Post. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.  |
| 3 Business Lessons We Must Take From the Coronavirus Crisis Posted: 03 May 2020 05:15 PM PDT It's not too early to start thinking about lessons that can be learned from the coronavirus pandemic nightmare. This pandemic, while being a once-in-a-lifetime experience (or at least let's hope it is!), has highlighted a few business mistakes you won't want to repeat after the quarantine is over and a new normal begins. Here are three of the most important of these lessons: Lesson 1: A more diversified business is less vulnerable to unforeseen threatsOne of my customers has three parts to his business: a fleet operation, a convenience store/fuel business, and a truck stop. His fleet operation hauls much of his own products and can haul for others. His convenience store sells to consumers while his truck stop caters to truckers. My customer says that when one or two parts of the business are down, one part is up. It's very rare to have all three parts of the business down. Even in this pandemic, his observation holds true. His convenience store/fuel business is down because people aren't traveling. But store sales are steady as consumers are shopping for groceries. His fleet operation is down slightly, but it is now hauling for different customers. Truck stop sales are down but not out since truckers are still coming through. What about your business? Do you rely on one type of customer or industry? You might be since it’s been easier to sell to that customer. However, you are vulnerable if that type of customer experiences a setback or the industry faces a downturn. Think now about diversifying your business so the next challenge is one you can face successfully. It's often too late to formulate an effective survival plan when a crisis hits. While it may be too late for this crisis, it's not too late for the next one. Less 2: Cash is kingYou know if you read The Wall Street Journal or follow the stock market that the companies doing the best during the COVID-19 shutdown are the businesses with cash. Why are they doing better? Because when business came to a screeching halt, as it did with coronavirus, companies that so far have been able to ride it out have the strongest stock performance. Cash has allowed them to survive. Cash has given them more options than simply closing their doors. They have been able to at least keep their employees on the payroll. Companies without funds have been forced to lay people off or close. Yes, your business should have a cushion of cash. This rule about having cash is more for how you manage your personal budget. People who make the mistake of overspending are making their lives more stressful. Stress is an emotional component that is especially bad for salespeople. Your job is to convey confidence during your sales calls. How can you confidently make buying recommendations when you are desperate to make a sale? You can't. Now is the time to examine your spending habits. You may have even seen that your expenses have gone down now that you're not driving or commuting or eating out. Make a plan to live within your means, and, even more important, learn to save. Having money in the bank is a huge stress reliever, and less stress makes for a more confident salesperson. Other Articles From AllBusiness.com:
Lesson 3: Customers do not like dealing with unknownsYou may have watched a few business news programs interspersed with your TV watching. Have you noticed there are many companies that cannot predict their third or fourth quarter performance? They can't because there are so many unknowns as to how the economy will come out of this pandemic. Will there be a resurgence of the virus? Can small businesses bounce back? Will states unlock their quarantines? Their lack of knowledge of the unknowns makes them unable to formulate a plan to deal with any possible challenges. Just as businesses can't forecast when there are unknowns, unknowns weaken customer relationships and either slow or stop sales. Your job in sales is to provide as much relevant information as you can to customers so they don't have to think of unknowns that can hurt their business. How do you keep your customers informed? Knowledge gives them peace of mind. Now would be a good time to talk with your customers about how you serve them. What do they need or want to know about their business with you? You've got the time to ask. Learn what you can be doing better when business gets back to the new normal. I do predict that we will learn from the pandemic that we are all facing. Learn valuable lessons now so you will be ready when our economy starts moving again. RELATED: Marketing Your Business in a Coronavirus-Affected World The post 3 Business Lessons We Must Take From the Coronavirus Crisis appeared first on AllBusiness.com. Click for more information about Maura Schreier-Fleming. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.  |
| Should Your Business Entity Pivot to a Certified B Corporation? Posted: 03 May 2020 05:05 PM PDT Would you like to be the best business in the world or be the best business for the world? Look closely at the two options. The key differentiators are in italics. A company that wishes to be the best business in the world ultimately does not share the same outlook as the one that wants to be the best for the world. These latter companies use business as a force for good. They are known as B Corporations: purpose-driven corporations that create benefit for all stakeholders. What's a B Corporation?Incorporating as a B Corporation means following a slightly different process than that of forming a limited liability company (LLC) or a general corporation. B Corporations are considered to be a hybrid of a standard corporation and nonprofit. This entity allows B Corps to earn a profit, and holds their entity accountable to higher social and environmental performance standards. Further, many B Corporations choose to earn their B Corp Certification with the help of nonprofit group B Lab. Businesses effectively alter their corporate DNA to balance profit with purpose once they make the shift to become a Certified B Corp. This unprecedented time may present small businesses with the opportunity to switch to a Certified B Corp. If this sounds like the right entity for your business and its purpose, here's what you need to know before making the pivot. 1. Ask yourself if you could sign "The B Corp Declaration of Interdependence"This is a document B Corps sign at the end of their B Corporation certification. Before you begin the process, however, it's a good idea to figure out if you're capable of being in a B Corp leadership role. As mentioned earlier, B Corporations balance profit with purpose. The B Corp Declaration of Interdependence states that those in B Corp leadership positions "envision a global economy that uses business as a force for good." If you got into business with the sole intention of making money, it's not in your best interest to form a Certified B Corp. This entity is best left to those individuals that may be able to do the following with their businesses:
Once you know you're able to sign this document and fulfill its final step, you're ready to begin the certification process. 2. Take the B Impact Assessment (BIA) testYour company is prepped to "B the change," but first you'll need to take and pass the B Impact Assessment test. What's the BIA? This is a free, confidential tool that helps measure the social and environmental impact of your business. The BIA consists of three steps: 1. Assess. The BIA walks test takers through questions that help them learn what it takes to build a better business. You may view sample questions on the website for a clear understanding of what will be asked during the BIA. The test itself is administered in two formats: snapshot and full impact. In a little under 30 minutes, you may receive a quick snapshot of your test results. This snapshot will allow you to review the areas your business excels at and where it may need improvements. The full impact report takes about two to three hours to complete. Most individuals who want to form a Certified B Corporation will take the full report and examine their results holistically afterwards. 2. Compare. During this time, you may compare your score to thousands of other (anonymous) businesses. This allows you to see how other business owners responded to the same topic. 3. Improve. In order to pass the BIA, test takers must receive a minimum of 80 points out of a possible 200 points. If you did not pass, there are ways you may improve your score. BIA offers the ability to create a customized improvement plan for your business. This plan may be implemented with the help of their free best practice guides. If you did score high enough to pass the BIA, you'll move on to the next step. Other Articles From AllBusiness.com:
3. Schedule a virtual assessment reviewUpon passing the BIA, a member of the B Lab staff will schedule a virtual assessment review with you. During this time, you may be asked to submit materials that detail how your business will commit to the general public benefit. These documents must be reviewed with a B Lab staff member. 4. Meet the legal requirementsUpon completion of your virtual assessment review, your business needs to meet necessary legal requirements. B Lab offers a free legal requirement tool that allows you to understand how your company can meet its legal requirement for B Corp certification. Depending on your state of incorporation and entity structure, you may need to fulfill the following items:
5. Sign the B Corp Declaration of InterdependenceYou're almost there! All you need to do is sign the B Corp Declaration of Interdependence and Term Sheet, and pay your annual certification fees. Congratulations: you have officially joined the ranks of more than 2,100 Certified B Corporations! Your Certified B Corporation may focus on its triple bottom line of people, profit, and planet—which works to benefit countless individuals everywhere during unprecedented and prosperous times alike. RELATED: Business Entity Types 101: Is It Time to Rethink Your Business Structure? The post Should Your Business Entity Pivot to a Certified B Corporation? appeared first on AllBusiness.com. Click for more information about Deborah Sweeney. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.  |
| Do You Think of Your Small Business Employees as Family? You’re Not Alone Posted: 03 May 2020 04:52 PM PDT As small businesses continue to struggle in dealing with the coronavirus, one of the issues they find particularly challenging is taking care of their employees. Some businesses have been lucky enough to get approved for a PPP (Paycheck Protection Program) loan, which is designed to cover employee salaries for eight weeks (as well as some other essential expenses, such as business rent and utilities). Others have had to lay off their staffs—many reluctantly. Laying off employees is hard for businesses of any size, but for small businesses it can be especially tough, because despite the conventional wisdom that says you should never think of your staff as a family, most small business owners do consider their team as family, according to a recent QuickBooks Payroll survey, released in March. And while this can complicate personnel matters, especially in challenging times like these, the small business owners surveyed say they're "willing to do a lot to ensure their employees' happiness, livelihood, and well-being in attaining a work-life balance." Think of some of the survey responses as a best practices list. All in the familyThe survey reveals more than 80% of small business owners say they "care about their employees like family, and they equate new hires to new family members." Just how "tight" are small business owners with their employees?
Many management experts advise business owners to make sure employees know they are appreciated, and sometimes deeds (even small ones) go a long way. The business owners surveyed say they've "surprised" employees by gifting them with:
When I oversaw a fairly large department of workers (more than three dozen people) one of my favorite activities/treats was to either buy lunch for everyone (usually pizza) or have a department-wide potluck lunch. Just sharing a meal with your staff helps create camaraderie and strengthens bonds. So I was pleasantly surprised to see so many small business owners saying they share meals with their employees at least once a week. In fact, some business owners say they share a meal with their employees more frequently than I would have guessed:
Most of the small business owners surveyed are committed to their employees—some to a surprising degree.
Business owners say they want their staff to achieve a healthy work-life balance:
Should you be doing more?Despite treating their employees as family, many of the business owners surveyed don't think they're doing enough for their staff:
Dealing with hiring and payrollDoing payroll can be a complex and arduous task, and most of the small business owners surveyed worry they're going to make payroll mistakes that will result in penalties (94%) or negatively impact their employees (63%). When it comes to hiring these small business owners are not confident about their abilities to make their own hiring decisions (50%) or are worried they will hire the wrong person for the job (33%). And when they are hiring, most either "strongly agree" (49%) or "agree" (36%) that hiring a full-time employee is like "adding a new member to the family." Should you treat your employees like family? Some say no, while the small business owners in this survey overwhelmingly say yes. It's up to you to figure out what works best for your business, but in unsettling times like we're experiencing today, your employees are likely to be more loyal if you do. Other Articles From AllBusiness.com:
The post Do You Think of Your Small Business Employees as Family? You're Not Alone appeared first on AllBusiness.com. Click for more information about Rieva Lesonsky. Copyright 2020 by AllBusiness.com. All rights reserved. The content and images contained in this RSS feed may only be used through an RSS reader and may not be reproduced on another website without the express written permission of the owner of AllBusiness.com.  |
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