Archives for March 2020

One Policy At A Time: Becoming A Brand With Strong Green Credentials

March 30, 2020 by Sally Phillips Leave a Comment

Photo by LinkedIn Sales Navigator on Unsplash

For businesses to thrive, they must find ways to deal with shifting consumer desires. In today’s world where many people are concerned with their environmental impact, consumers are looking for eco-friendly brands and businesses. Nearly 70% of consumers value sustainability, according to the U.S. Consumer Sustainability Survey. So if you’re a business owner, the smart thing to do is to boost your brand’s green credentials. But how exactly do you go about doing that?

Establish A Framework

When companies want to show that they are “green,” a sustainable strategy is needed, according to Hannes Partl of Thinkstep. This ultimately means establishing a framework to enact greener directives. For example, if you wanted to go with a plastic-free workplace, you need to first know how much plastic is actually being used. A good way to do so is by enacting a waste audit as the first level of your green framework. From there, you can turn toward building an incentive program for employees to help keep up the plastic-free directive. Having a framework in place helps to guide everyone toward the end goal.

Get Certified

If you want something a bit more official, you can opt to have your business certified by a third-party. A good example of this is the United States Green Building Council (USGBC), which gives certifications to businesses and individuals who have buildings that are aligned with established eco-friendly measures. When you get LEED-certified, you effectively demonstrate that you and your business have environmentally responsible practices that may include energy efficiency, water consumption, and others. Not only is it a good PR tool, but it may invite tax rebates — depending on what state your business is in.

Be Transparent

Large companies like H&M and Zara told their employees and consumers that they were taking active steps to curb their carbon footprint. This resulted in increased sales for them (for a time). However, after Canada’s version of the U.S. Consumer Protection Bureau called them out for “misleading” the public on their sustainability directives, they lost public trust and are not trying to recoup losses. Since then, the public needed more assurances that brands are actually doing what they say. This is something you can do by being transparent about your brand’s green directives. Giving regular updates on the positive imprint made by your brand after going paperless or going plastic-free helps to assure everyone involved of your dedication to greener practices.

Have Like-Minded Suppliers

Your business is part of a chain that contributes toward global waste. If you are serious about embracing eco-friendly measures, you need to make sure that your business partners or suppliers carry the same directives or, at the very least, meet your standards for sustainability. Nike, as a brand, established a sustainability evaluation scale for their suppliers. This helped them build a stronger green credential by only working with those with the same eco-friendly goals, which is something that you can definitely do as well.

Boosting your brand’s green credentials is more than just getting consumers to choose you. It is an investment in the prolonged future of your enterprise. So take some time and review the current sustainability grade of your business. Identifying areas that may need improvement is the key to starting your brand’s journey toward stronger green credentials.

Connecting with Your Market in the Age of COVID-19

March 26, 2020 by Contributed Post 2 Comments

Image by StartupStockPhotos from Pixabay

To say that we are living in unprecedented times might be an understatement. Within a few short weeks, companies all over the globe have had to realign and regroup thanks to lockdowns, quarantines, and social distancing efforts as governments struggle to stem the tide of COVID-19.Since the World Health Organization (WHO) classified the novel coronavirus (COVID-19) as a pandemic, businesses large and small have been bracing for impact as operations, services, and supply lines have been interrupted.

While the long-term effects of these multiple shutdowns across the world have yet to be determined, markets are already feeling the pinch. Wall Street plunged 12% on March 17, 2020, resulting in some of its worst numbers since 1987. In addition, the World Economic Forum reports that traders have been panic-selling over the past weeks as fears about the global pandemic feed into the market’s volatility.

CNBC claims that veteran analysts have begun warning of a global recession, possibly the worst since 1929. It’s safe to say that economists and businesspeople worldwide have certainly been in a whirlwind of concern over the state of the global economy over the past couple of weeks. However, all that doom and gloom may not necessarily have to spell disaster for your business.

In our post about the ‘4 Emerging Technologies for Small Business Growth’ we made an effort to underline the growing relationship between small businesses and technology. This period may provide an opportunity for businesses to maximize their technological capabilities. Despite the upending of traditional modes of operation, it’s still possible for businesses to reach out to their markets. After all, social distancing is about keeping each other safe, but it doesn’t mean that you have to stop marketing altogether.

Here are a few marketing tips that businesses can use to connect with customers in the age of COVID-19.

Go Back to Basics

The development of marketing strategies in the digital age has been all about jumping on to the next shiny new thing, but Small Business Trends notes that old school marketing techniques may be coming back into the saddle. The Internet and online connectivity has democratized advertising and marketing in many ways, but it’s also created a culture of expectation. Modern consumers are smart and wary of a hard sell.

Going back to the fundamentals may help your business create more meaningful connections with potential customers. Despite innovations in science, tech, and business popping up left and right, consumers are more likely to appreciate personal touches in their relationships with businesses.

Rethink Digital Marketing

Digital marketing has become a key part of marketing efforts over the past decade or so, and with good reason. It’s generally cheaper, easier, and can be executed more quickly. Everything from a grocery store to a book-buying service makes use of digital marketing, and customers are certainly used to promotional emails sitting in their inbox.

But while digital marketing is quick, easy, and affordable, it also has a downside. Customers value personalization and authenticity above all, and marketing experts like Martin Wilkins have found that most digital marketing tactics aren’t enough to create a real, personal connection with customers. The online marketing world is saturated, and businesses may find that they aren’t getting the return on advertising that they’re likely expecting due to digital ad fatigue.

Explore Direct Mail

What can businesses do when tried-and-tested digital techniques just aren’t pulling in the same ROI? Enter direct mail. Direct mail marketing may seem like a thing of the past; after all, opening your mailbox to sift through a collection of junk mail is hardly a favorite pastime. However, marketers are finding that direct mail is back and on its way up.

PFL released a survey in 2019 that found that 83% of marketers reported good or very good ROI when direct mail was fully integrated into their marketing strategies. They also found that direct mail in a multichannel marketing mix led to an improved performance in the campaign overall, ranging from moderate to major improvements.

According to Triadex Services, direct mail marketing is a more personalized approach that provides some of the highest conversion rates around, far better than electronic mail or other digital marketing techniques. Modern customers may be expecting their email inboxes to be full of promotions from this or that company, but getting a personalized die-cut postcard instead could be a welcome surprise.

During a period where customers may be feeling more isolated than ever, businesses may be able to create lasting, personal connections with their markets through the right methods. COVID-19 could have lasting effects on the economy and on our ways of working, but businesses that are able to think ahead may just come out on top.

5 Strategies You Can Implement to Get Out of Debt

March 24, 2020 by Guest Post Leave a Comment

Photo by Artem Beliaikin from Pexels

Everyone has debt.

The right kind of debt is an indicator of your financial literacy and investment acumen. A car loan that enables you to get to work hassle-free and a mortgage to purchase your first home are both examples of good debt. The bad kind, however, keeps you from moving forward. What’s worse about bad debt is that it can lead to you sinking deeper and not being able to get out.

To successfully manage debt and eventually get out of it, you need to come up with a good plan and stick with it. Check out the following strategies you can implement so that someday, debt will become a thing of the past.

1. Calculate how much you owe.

There’s nothing like the cold, hard truth to know exactly where you stand, debt-wise. Make a list of your IOUs, including the creditor’s name, date of the loan, balance, interest rate, minimum monthly payment and the last payment made.

Gather all of your current bill statements (loans, credit cards, student loans). Include medical bills, family loans and monthly expenses. Check your credit reports to ensure everything is correct/accurate. Find out if your credit score makes you eligible for debt consolidation or lower interest rates.

Know your monthly take-home pay and set a goal. This means making a calculated decision to pay off all your debts within three years or more.

2. Find out if you can reduce your interest rates.

Monthly loan and credit card payments that are just enough to cover the interest rates can be frustrating as doing so hardly makes a dent on the principal. To address this problem, you may want to look at lowering your interest rates in the following ways:

Find out if you qualify for a credit card with a lower interest rate.
Try to negotiate a lower rate in a current card you’re paying off.
Apply for a balance transfer credit card with a zero intro rate or lower interest rate.
Look for a loan with a lower interest rate.
Consolidate all of your student loans.

Of course, in order to do these things, you need to do a bit of research, make calculations and use your negotiating skills to get the help you need.

3. Pay more than the “minimum amount due.”

By this time, you may already know that paying for exactly what’s due for the month (minimum) won’t make a dent on your total credit card debt or loan. So aim to pay more than what’s stated. If it says $150, aim for $250-300. But make sure there’s no prepayment penalty if you’re paying off a mortgage, and that any extra payments you make are going towards the principal, not the interest.

4. Earn more money while spending less.

It’s easy enough to understand how one can earn more money. It doesn’t have to be a raise or finding a better-paying job. You can tap into getting a side gig or a weekend job to augment your income. This can be anything from walking dogs, babysitting or performing odd jobs on certain days of the week.

You should also consider downsizing your budget or spending less. This can be something as simple as giving up cigarettes, your morning cafe latte, or eating out less.

5. Set a budget and debt payoff plan you can stick to.

Now that you have a complete, detailed picture of your financial status, know how much money you need to cover your needs and monthly debt repayments. Having a set budget and debt management will help you stay on track, no matter your goal and timeframe.

Be patient and stick to your plans

Getting rid of debt is no mean feat. But with patience, diligence and determination, you can definitely succeed. Once you’re done, you can move on to fulfilling your other plans.

These can include enrolling in a business course and becoming an entrepreneur, learning a new language or traveling overseas. Whatever your future plans, you’ll be sure to accomplish them by taking control of your finances now.

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Oli Kang
Oli is a working mum who has a passion for teaching and all things educational. With a background in marketing, Oli manages the digital channels and content at Courses.com.au.

https://www.courses.com.au

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4 Emerging Technologies for Small Businesses Growth

March 19, 2020 by Heather Redding Leave a Comment

We’re living in an age of incredible technological transformation. Every day, we see new stories about everything from artificial intelligence, to the internet of things, and more. These new evolutions are transforming not just how we live but how businesses grow too.

source: Pexels

In an environment where intelligent bots can suggest potential products to your customers, and machines can speak to each other across incredible distances, taking advantage of the right tech could be the key to growth for your small business.

Of course, since you’re likely to have a limitation on the amount you can spend on new technology, it’s important to ensure that you’re investing in the right tools.

Here are four emerging technologies with the biggest chances of a significant return on investment for small businesses.

#1 Cloud Computing

Cloud computing might not be the newest or most exciting trending technology on the market today, but it’s still one of the most valuable.

It’s taken a lot of time for businesses to switch from using in-house systems to the cloud, but we’re finally reaching the crux of evolution.

Small companies are recognizing that they can benefit significantly from ditching costly on-site software and switching to the cloud. With minimal up-front costs, the flexibility for growth, improved customer experience, and more, there’s a lot to be said for the potential of the cloud.

Cloud computing can even eliminate the need for a physical office for your team by allowing employees to come together and complete tasks from all over the world.

With options like Slack and Dropbox for collaboration, and tools for constant data backup on the cloud, you can keep your entire organization running smoothly from a virtualized environment.

#2 Specialist Software

Although there are a lot of modern tools to consider in the current tech landscape, like AI and natural language processing, the biggest value often comes from software that has been specially designed to solve specific problems.

After all, businesses often rely on several administrative tasks to stay afloat, whether that involves paying suppliers, scheduling events, or just managing inventory.

Specialist software has emerged to make some of the more complex parts of your business easier than ever. Automated systems can track things like tax and invoices on your behalf, so you’re less likely to waste time and effort on repetitive and mundane tasks.

This helps to free your team members up to focus on more relevant projects instead.

At the same time, specialist software can improve the decisions you make as a business. If you’re capable of collecting more data and automatically gathering insights into your business operations, then you can make informed decisions about everything from which supplies to stock, to how you can improve the customer journey.

Specialized software can even include things like CRM tools that help you determine exactly when you should contact customers to boost your chances of a sale.

#3 The Internet of Things

The Internet of Things is one of the most exciting new tools in the tech landscape. It comes brimming with things like hardware, software, and systems that can all connect to save you time and money.

According to Microsoft, by the end of 2021, around 94% of all businesses will be using at least some manner of IoT.

IoT devices have a tremendous amount of potential to offer in the right circumstances. They can collect data from things like your devices in a business to determine if things are running as they should be.

These solutions can also complete tasks autonomously, without the help of your employees. This means that repetitive tasks can be handled without you having to worry about keeping your employees overly busy.

The Internet of Things is even affecting production companies. Rather than just supporting people in the tech and IT landscape, things like predictive maintenance , better inventory, and supply chain management will mean that companies in the manufacturing landscape can run more efficiently with IoT too.

You could even set up IoT solutions that allow remote workers to examine the operations of machines from a distance, without ever having to encounter a production floor.

#4 Artificial Intelligence

Finally, artificial intelligence has evolved in leaps and bounds in recent years. Computers now have the potential to analyze data and deliver incredible insights to companies as a result.

Everywhere you look, intelligence is being integrated into things like contact centers, computer systems, and even productivity tools in the workforce. One of the most exciting concepts of AI for the small business landscape is that it allows companies to get to know their customers on a deeper level.

With things like natural language processing, business owners can look at things like the sentiment in interactions with customers and use that information to make decisions about how to adjust the customer journey.

Artificial intelligence can also help employees to find information more quickly when dealing with customer requests so that individuals can offer support to clients at a more reliable and rapid pace.

This incredible customer service allows small businesses to set themselves apart from other competitors in their space.

After all, the most crucial differentiator in any business environment today is the ability to deliver excellent experiences.

Making the Most of Technology

While investing in too much technology can be an expensive mistake for small businesses, there are emerging tools out there that have the potential to transform how growing companies operate.

Things like artificial intelligence, the internet of things, cloud computing, and specialist software all allow smaller companies to tap into more efficient environments, while simultaneously reducing costs.

Doing your research into the most exciting new tech on the market could mean that you build the technology stack that you need to empower a more productive and lucrative business. Tech is quickly becoming the solution that many small businesses are looking at to facilitate and support continued growth.

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Heather Redding is a content manager for rent, hailing from Aurora. She loves to geek out writing about wearables, IoT and other hot tech trends. When she finds the time to detach from her keyboard, she enjoys her Kindle library and a hot coffee. Reach out to her on Twitter.

Preparing for An Office Move: 5 things you never thought of

March 16, 2020 by Guest Post Leave a Comment

Finding a new office, the moving process, and trying to maintain daily operations are just a handful of the tasks you may be juggling with an office move. Even if you are a seasoned mover that has jumped from home to home, it is important to note a commercial move is usually a much larger undertaking that presents different challenges. For this reason, it can be very easy to forget or simply not think of tasks that should be done during your office move.

Here are 5 things you may have never thought of:

The Timeline

Start searching for a new office lease 6 months before your move date. We realize that some circumstances may not allow this time cushion, but half a year is the ideal amount of time for you to find a great space, as well as make any necessary changes or upgrades before move-in day.

Office setup may include installing fixtures, running internet or phone wires through walls, and general furniture setup. All of which should be done before the move. Doing so will cultivate a more relaxed environment from the get-go, allowing employees to adjust quickly to their new environment. After all, who can work comfortably if they are constantly shuffled around for installs!

The Commute

Hopefully, you have considered if your new office area can accommodate employee parking, but what about those who rely on public transport? If a lot of your employees take the bus, train, or subway to work, we highly recommend that you look at how the move will impact their commute. If your new office is in a location that isn’t easily accessible, you may find employee happiness declines. Or, worse, potentially lose key team members.

If you are unsure of how your employees commute to work, be sure to ask. It is better to find out now than later.

The Communication

Like in many areas of business, communication is key to a successful office move. You need to set up an internal and external communications plan to keep clients and employees in the loop.

Internal: The news of an office move can leave employees with fear of the unknown. They want to know what this move means and how it will impact them and their job. It is best to schedule a meeting as soon as possible to let them know what is happening and field any questions. From there, be sure to keep them in the know with emails or subsequent meetings.

External: Letting your clients know you have moved should be a top priority. After all, your business probably relies on their patronage. Beyond sending out an email or a letter to inform them about the move, you may also want to update your address on:

Social media pages
Your website
Online directories
Marketing materials
Email signatures

The Clutter

It may be tempting to try to move your stuff to the new office as quickly as possible, but if you go with that method, you will be missing out on a huge opportunity. Moving your office is the perfect time to declutter. By decluttering your old office before the move, you can help make your new office more organized and efficient.

Here are 2 great places to start:

File Cabinets: While it is true that in some cases that technology can hurt your productivity, scanning your paper files to create digital copies can eliminate the need for filing cabinets. This can help ensure information is easily accessible to everyone in the office, which in turn can boost productivity. Not ready to go digital? At least shred files that are no longer needed.

Technology: Whether you have a technology graveyard stashed away in a supply closet or just have outdated and unused technology sprinkled throughout the office, now is the time to get rid of it. A good rule of thumb: if you have replaced it or haven’t used it in the past 2 years, donate it or toss it. This rule can also apply to any other odds and ends floating around the office.

The Professionals

There is no doubt that professional movers can provide you with the experience, resources, and manpower to move your office quickly and efficiently, but have you also considered using a move manager?

Hiring a move manager or office relocation expert can greatly reduce your moving to-do list. They are solely responsible for the move, and a good one will take on this responsibility while disturbing daily operations and other employees as little as possible. A few things a move manager can do is find quotes for moving companies, schedule installs, ensure access to the new building on move-in day, and keep employees informed. An absolute game changer—and stress saver—for those that already have fully scheduled days.

While an office move may certainly hold promise for your businesses’ future, there is no doubt that it can be quite a trying journey. Make sure to create a checklist and plan that details everything that needs to be done before, during, and after your move. With our list and a little careful planning, you should be able to get settled into your new office in no time.