Once implemented, an effective performance management plan has these benefits for employees, managers and organizations:
\nPerformance management is a must for any company — regardless of size or industry. When employees receive clear expectations and honest feedback, they can continue to grow in their role, develop new skills and help meet larger company goals.
\nSmall business owners must deal with receipts and expense reports quickly and efficiently. These documents can significantly affect your balance sheet and crucial responsibilities, like annual taxes. Receipt apps let you photograph receipts and create digital copies for easy storage. The right receipt app will prevent lost receipts and save you from digging through a pile of receipts come tax season.
\n\n\n \n\n\nBest receipt-tracking apps
\nNumerous receipt-tracking apps are available; they range from free ones with limited features to advanced solutions requiring monthly subscriptions. After asking business owners for recommendations, we’re highlighting six options with features and functionality to suit various business types and professionals. [Read related article: Learn the Different Accounting Types]
\n1. Expensify is a popular all-in-one receipt-tracking solution.
\nPricing: Starts at $5 per user per month
\nIn our conversations with small business owners, Expensify was the name that popped up most consistently.
\n“Expensify does a great job of pre-organizing receipts, but you can organize them to your liking in the app as well,” noted Tawnya Schultz, financial freedom coach at The Money Life Coach. “It does a lot of the heavy lifting for me, and it’s super simple and quick to use — so I’m not up for days doing expense reports or taxes.”
\nThe service starts at $5 per user per month for teams of up to 10 employees. For larger teams, Expensify costs $9 per user per month. All plans have high-powered features, like automatic expense reporting and company credit card monitoring. Most professionals we polled considered it a worthwhile investment because of its automated functionality.
\n“Manual entry is a thing of the past for users of Expensify because of the software’s SmartScan technology that automatically scans, inputs and tracks business expenses,” explained Yaniv Masjedi, chief marketing officer at Nextiva. “However, its unique selling proposition is that it can automate any possible expense tracking as long as it’s within the software’s current capabilities, including an estimated mileage usage for your vehicle using the wonders of GPS.”
\n2. Rydoo is an inexpensive cloud-based receipt-tracking option.
\nPricing: Starts at $10 per user per month
\nBrian Patrick, home expert and CEO of Pest Strategies, relies on Rydoo for his company’s expense-tracking needs.
\n“Rydoo is the best receipt-tracking tool because it is cloud-based, inexpensive, feature-rich, has OCR [optical character recognition] scanning capabilities, and allows enterprises to limit access according to employees’ roles and responsibilities,” Patrick said.
\nPlans are billed annually and start at $10 per user per month for the Essentials plan, which allows five users. The Pro plan costs $12 per user per month; there’s custom pricing for Business and Enterprise plans. All plans include OCR scanning and mileage expense reporting to ensure accurate mileage reimbursements. The Pro plan also includes features such as expanded expense policy rules and per diem capabilities. [Read related article: Defining Accounting for Business]
\n3. AutoEntry simplifies receipt scanning and organization.
\nPricing: Starts at $12 per month
\nGlen Wilde, CEO and founder of Diet to Success, said AutoEntry, which syncs with many of the best accounting software platforms, more than meets his company’s receipt-tracking needs.
\n“I currently use AutoEntry for managing and organizing all of my receipts,” Wilde said. “It syncs well with the most popular accounting software programs. I can scan receipts and invoices and have a digital copy in my phone in seconds. Once [it is] uploaded, the system automatically extracts the numbers and inputs [them] into the system. There is no manual input required. This is a huge plus because even the smallest human error can completely compromise accuracy and snowball into huge errors. It’s a major benefit for someone like me who isn’t a strong number-cruncher.”
\nAutoEntry uses a credit-based pricing model that’s billed as a monthly subscription. That means you pay for credits to use for invoices (one credit), bills with line items extracted (two credits), bank statements (three credits per page) and so on. Unused credits roll over to the following month, but only for three months.
\nPlans range from the Bronze tier, which costs $12 per month for 50 credits, to the Sapphire tier, which costs $450 per month and includes 2,500 credits.
\n4. Shoeboxed adds data analytics to its receipt-tracking features.
\nPricing: Starts at $18 per month
\nShoeboxed takes an all-encompassing approach to loading, organizing and using receipt data. You can send paper receipts in the mail or use the phone app to upload them digitally. Either way, Shoeboxed will run professional analytics on your receipt information.
\nAdditionally, you can use Shoeboxed tools to catalog and organize your receipts. You can stick with default recommendations or personalize the experience.
\nShoeboxed runs on a subscription model. The lowest tier starts at $18 per month. You can add services and capacity through two additional tiers, topping out at $54 per month.
\nWhile Shoeboxed is competitively priced, it’s not the cheapest service available. [Read related article: The 7 Best Small Business Accounting Apps]
\n5. Smart Receipts puts receipt tracking in the palm of your hand.
\nPricing: Free
\nMost receipt software packages come with a smartphone app. However, Smart Receipts turns your phone into a mobile scanner. With the ability to create CSV, PDF and ZIP reports, you can organize your receipt data according to your preferences. You can load your data into expense-tracking apps, accounting reports and more, all from your phone.
\nThe app is available for free in the Google Play store and the Apple App Store. Some features are behind a paywall, but all things considered, a free app that lets you digitize and track receipts has much potential.
\n6. Wave Receipts simplifies expense tracking.
\nPricing: $8 per month or $72 per year ($6 per month)
\nWave Receipts focuses on a narrower range of functions than other receipt-organization tools do. With Wave Receipts, you can scan receipts anywhere with your phone. The mobile app’s built-in tools make it easy to track expenses.
\nHowever, you won’t find advanced analytics. Wave Receipts caters to startups and small businesses. The app aims to simplify expense tracking to make it more accessible, not to provide granular financial data. You can pair Wave Receipts with other Wave apps, like Wave Financial, to create a complete software suite. Wave also offers payroll software to help you automate your federal and state payroll tax filing.
\n\n\n \n\n\nWhy should you use a receipt-tracking app?
\nOver the course of a year, your small business will make many purchases, such as computers, phones, office supplies and business travel. Documenting these transactions matters for several financial and tax reasons. [Read related article: Picking the Best Invoice App for Your Business]
\nIn addition, careful receipt organization makes your life as a business owner much simpler. Here are some of the most important things you can do with a receipt-tracking app:
\n\n- Track transactions: Receipt-tracking apps help you quantify transaction costs and understand your employees’ expenses.
\n- Streamline employee reimbursements: The right receipt-tracking app can make reimbursing employees for business expenses more manageable.
\n- Integrate with your accounting software: One of the biggest benefits of a receipt-tracking app is its integration with your accounting software. This feature simplifies transaction itemization and gives you a high-level view of your business’s costs.
\n
\n“The primary purpose of receipt-tracking software is to streamline budgeting and ease the burden of financial responsibility,” Masjedi explained. “An intuitive and straightforward design is vital in making things easier for every professional handling money.”
\n\n\n \n\n\nWhich features should you look for in receipt-tracking apps?
\nWhen choosing a receipt-tracking app for your company, you should consider multiple criteria, including your must-have features.
\nHowever, what you value in an app may differ from other business owners’ needs. For Gian Moore, owner and editor of MellowPine, features that automate the receipt-tracking process are key.
\n“Receipt-tracking software should be able to organize, name and arrange the files quickly and efficiently,” Moore said. “After you scan thousands of receipts, you often get confused whether you did scan it or not.”
\nHere are some typical features and functions receipt-tracking solutions can provide:
\n\n- Employee mobile apps: Every receipt-tracking service we evaluated has an app employees can use to scan their receipts. Apps use smartphone cameras to scan receipts and attach the corresponding photo to an expense report. Once generated, mobile expense reports can be sent to a manager or accountant for approval on their own app. Employees can track their expense reports to see if they were approved and when to expect reimbursement.
\n- Optical character recognition: Many receipt-tracking apps have OCR technology, which pulls data from the scanned receipt and automatically adds it to an expense report. This makes it quick and easy to create and submit expense reports.
\n- Simple data categorization: One of the biggest benefits of digitizing your company’s receipts is the ability to dig deep into the receipt data. Using a receipt-scanning app, you can easily link receipts, invoices and expense data to specific accounts, projects or categories.
\n- Easy storage: Before there were receipt-tracking apps, businesses had to physically store documentation on-site in a box or filing cabinet. This storage method took up space and could be unreliable, as some ink fades over time. By digitally saving each receipt, you no longer have to store your receipts or worry about deciphering a faded one.
\n- Support for multiple accounts: A small business may have multiple bank accounts. Over time, sorting receipts for each account can become unwieldy. Most receipt-tracking apps have a built-in dashboard that allows you to select the account associated with the receipt. These dashboards also make it easy to access all receipt-associated data for each account.
\n- Compatibility with mobile devices: Your receipt-tracking app must be compatible with your devices. Desktop computers are a natural choice, but iOS and Android apps are incredibly handy. These apps make receipt scanning effortless; you just take a photo. Mobile apps also make it easy to create and submit expense reports.
\n
\n\n\n \n\n\nBest receipt app alternatives
\nIf you want to digitize receipts but prefer not to use a receipt-tracking app, you have several options.
\nPhone camera
\nConsider taking photos of your receipts on your mobile phone. Then, instead of uploading them to an app, you can store them in a digital filing system, like Dropbox. However, the downside to this method is that it’s more challenging to track purchases later.
\nGoogle Drive
\nYou can also create a Google Drive folder for your receipts. Here’s how it works:
\n\n- Download the Google Drive app on your smartphone.
\n- Create a new folder labeled “Receipts.”
\n- Select the plus sign on the bottom right.
\n- Choose “Scan document.”
\n- Take a photo of the receipt.
\n- Upload it to your Google Drive folder.
\n
\nFor some business owners, this method may be a simpler alternative to a receipts app.
\nPaperless receipts
\nA final option is to switch to paperless receipts wherever possible. For instance, you can greatly minimize customer receipts by using a credit card reader that works with your smartphone or tablet. From there, you can text or email receipts to customers.
\n\n\n \n\n\nThe best receipt-tracking tools live right on your phone
\nBecause many of the best receipt-tracking tools are mobile apps, most are easy to use by default. After all, there’s only so much space on your phone screen. Chances are, you’ll intuitively understand and be happy with whichever app you try. If not, it’s just as easy to switch to another one.
\nMax Freedman and Jamie Johnson contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1064","_score":2,"_source":{"canonical":"https://vaylees.com/15880-what-is-benefits-administration.html","displayModified":"2023-10-23T14:38:42Z","docType":"article","editorsPick":false,"href":"15880-what-is-benefits-administration.html","id":"1064","ID":1064,"isSponsored":false,"published":"2020-10-30T14:22:00Z","site":"bnd","stream":"Manage your employee benefits more efficiently and effectively. ","subtitle":"Manage your employee benefits more efficiently and effectively. ","title":"How Benefits Administration Can Help Your SMB","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Managing","slug":"managing"}},"meta":{"robots":"index, follow","description":"Benefits administration helps your HR team create, manage and update employee benefits. Learn the importance of benefits administration and tools to help."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073508/Concentration_dotshock.png","caption":"dotshock / Shutterstock","alt":""},"content":"A robust employee benefits package is a crucial tool for attracting new talent, keeping your current employees and maintaining team happiness. But it’s not enough to offer benefits like health insurance, disability coverage and retirement plans. You must ensure the programs run smoothly and employees can access the information and resources they need.
\nA benefits administrator and benefits administration software can ensure proper benefits management and help keep your company competitive and professional.
\nEditor’s note: Looking for the right PEO service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nWhat is benefits administration?
\nMany employers offer employee benefits packages to help meet employees’ needs while staying within a budget. Benefits administration is a streamlined management process that creates, implements and updates a business’s employee benefits. Benefits administration usually involves dedicated personnel and software.
\n\n- Benefits administrators: A benefits administrator is typically an HR team member or an individual who handles HR functions.
\n- Benefits administration software: Benefits administration software is a digital platform HR team members use to handle a company’s benefits package. Benefits administration software also helps employees learn about and select the various program options available during the open enrollment period, such as health insurance and retirement plans.
\n
\n\n\n \n\n\nWhat is the importance of benefits administration?
\nA good employee benefits package can be crucial for your business. Excellent employees will be drawn to your company, and you can be assured you’re paying reasonable prices to provide their benefits.
\nBenefits administration can help with employee retention.
\nIf your competitors’ offerings outshine yours, you’ll have a harder time attracting and retaining top talent. Your best employees may consider jumping ship for better opportunities. However, excellent benefits administration practices can help you stay competitive.
\n“Benefits administration plays a vital role in securing and delivering the rightful benefits to the workforce,” explained Daniel Carter, founder of ZippyElectrics. “It somehow plays as the ‘written law’ of the company when it comes to employee benefits. With the right benefits administration, [your employees] can expect that [they] would be compensated by the company during and after years of service.”
\nBenefits administration ensures lower costs.
\nExcellent benefits administration can also help your company cut business expenses. Benefits like health, vision and dental insurance can be expensive. For example, according to the Society for Human Resource Management, the average worker pays more than $5,500 each year for family health insurance. And while healthcare should be a significant part of your benefits package, you’ll likely include other perks as well.
\nWhen you have an employee or HR team dedicated to managing your company’s benefits package, you can rest easy knowing you and your employees will enjoy the best deals.
\nThrough benefits administration, your company can create a benefits plan that fits your employees’ needs and allows future employees to enroll easily while meeting your small business budget.
\nWhen should you consider benefits administration software?
\nSoftware provides additional benefits administration assistance. Here are some scenarios where software can help.
\nConsider benefits administration software when your business grows.
\nSoftware will help when managing your company’s benefits package becomes too unwieldy.
\nWhen you first start a business, you likely have only a handful of employees. With such a small staff, managing your benefits offerings is easy.
\n“In a true small business of less than 25 employees in one location, it’s my opinion that benefits administration software is nice but not necessary,” shared Jim Edholm, founder of Business Benefits Inc. “That’s a tiny enough universe to allow one-on-one communication about benefits, [and] turnover is insignificant enough to not be a burden.”
\nHowever, as your business grows and becomes more complex, the person handling benefits administration will need help, and software can be a valuable tool. Edholm noted that companies with approximately 50 to 200 employees typically have at least one HR person and an assistant on staff. HR staff will have myriad functions and may need help with benefits administration.
\nConsider benefits administration software to get new hires up to speed.
\nBusinesses also may need additional benefits administration assistance to get new hires up to speed. This is particularly true if your business experiences employee turnover or rapid growth.
\n“Turnover most likely means one to three new hires occurring midyear on a regular basis,” Edholm explained. “Therefore, assuring that every new employee gets the full introduction to the benefits, the policies, the support that is available becomes an important task. In that case, ben[efits] admin software is a godsend.”
\n\n\n \n\n\nWhat are the crucial features of benefits administration software?
\nThe right benefits administration software can put your HR team in the best position to serve your employees. When you’re selecting benefits administration software, look for the following:
\n\n- An intuitive system: Benefits administration software must be easy to use. Find a solution that users can easily understand and navigate on a desktop computer or mobile device. This ease of use will help your administrators do their job and ensure your employees get the information they need.
\n- Automated functions: Modern software automates some of the more mundane and repetitive aspects of benefits administration. By streamlining the process even further, you can ensure your benefits serve your employees while freeing up more time for your benefits administrator to handle the rest of their responsibilities.
\n- Software integrations: You likely rely on a wide range of business software to manage operations. For example, you may use the best payroll software and the best time and attendance software. Look for benefits administration software that integrates with your current solutions to maximize your benefits data.
\n- Compliance: Federal regulations and labor laws require businesses to provide specific benefits to employees. For example, the Family and Medical Leave Act requires businesses to provide employees with the time they need to deal with emergencies. A good benefits administration package helps manage issues as they arise.
\n
\n\n\n \n\n\nWhat are the best benefits administration providers?
\nWhen choosing a PEO to help with benefits administration, find a solution that fits your business’s unique needs and budget. If you’re seeking outside help for benefits administration, consider the following top-rated PEO services and platforms.
\n\n- Justworks: Justworks offers a comprehensive PEO platform with an intuitive dashboard. The company offers 24/7 customer service. Partners gain access to essential features like self-service employee onboarding, document storage, payroll processing, payroll tax filing, reporting and HR compliance assistance. Read our in-depth Justworks review to learn more.
\n- Rippling PEO: With its flexibility, seamless onboarding and robust features, Rippling PEO is a great choice for growing businesses. The company provides access to a wide range of benefits and on-demand support that many growing businesses can’t offer on their own. And, if your business outgrows the need for PEO, you can seamlessly transition to Rippling’s stand-alone HR platform. To learn more, check out our complete Rippling PEO review.
\n- TriNet PEO: TriNet’s proprietary PEO platform offers transparent pricing and customizable plans. TriNet can provide experts in payroll, HR, benefits and more. But what really makes the company stand out is its industry-specific tools and support teams. This targeted assistance is one of TriNet’s most notable features. Our TriNet PEO review explains additional features.
\n- ADP TotalSource: ADP TotalSource services all business sizes and offers high-level benefits options smaller businesses often can’t access. ADP TotalSource offers experts in every area – from HR to payroll. The provider is an excellent choice for those who want expert advice combined with a strong tech platform and simple employee self-service. For more information, check out our ADP TotalSource review.
\n- Paychex Oasis PEO: Paychex Oasis PEO is an excellent choice for startups due to its flexibility for different industries and company sizes. Paychex requires a minimum of only five employees to be eligible for PEO services. It offers bundled services – from employee training to HR administration. Additional features, like workers’ compensation policies, can be added. Learn about more features and functionality by reading our in-depth Oasis review.
\n- Insperity PEO: Insperity is a top choice for those concerned about risk management. In addition to traditional PEO services, the company offers legal compliance and risk reduction tools. Insperity is accredited by the Employer Services Assurance Corp. (ESAC) and is certified by the IRS. Insperity offers flexible options for small business owners, including a-la-carte services. Read our Insperity PEO review for more information.
\n
\nBenefits administration providers can help support your business goals
\nProper benefits administration is critical to help you attract and retain talent, stay on budget, and minimize business risk. Numerous PEO service providers for small and growing businesses can help. Consider your current needs and future goals to select the right one for your business.
\nCasey Conway contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2557","_score":2,"_source":{"canonical":"https://vaylees.com/9836-future-of-retail.html","displayModified":"2024-01-03T18:07:32Z","docType":"article","editorsPick":false,"href":"9836-future-of-retail.html","id":"2557","ID":2557,"isSponsored":false,"published":"2018-12-11T01:08:00Z","site":"bnd","stream":"If you operate a business in the retail industry, keep an eye on these trends that may affect you this year.","subtitle":"If you operate a business in the retail industry, keep an eye on these trends that may affect you this year.","title":"The Future of Retail: Trends for 2024","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Learn about the major retail trends that are expected to affect the retail industry this year."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072557/store_Halfpoint.jpg","caption":"Halfpoint / Getty Images","alt":""},"content":"Just as hybrid office-remote work arrangements have become more common, retail is becoming increasingly hybrid. The line between brick and mortar and e-commerce is now blurry, and in this evolving retail environment, many entrepreneurs are wondering the best way to position their small businesses for a prosperous year. Industry experts offered their predictions for the retail trends to watch this year.
\n\n\n \n\n\nTech will continue to shape retail
\nTechnology is always remaking the retail environment, from creating self-service kiosks in stores to supporting the e-commerce boom. However, with the rapid evolution of digital technology, artificial intelligence and machine learning — and the need for retailers to stand out from the e-commerce crowd — tech adoption has become more pressing.
\n\n\n \n\n\nOnline shopping is more important than ever.
\nThe rate at which business owners opened e-commerce shops and consumers shopped online increased dramatically during the COVID-19 pandemic, and the trend has continued into the post-pandemic era.
\n“Companies that put e-commerce at the heart of their business strategies are prepared for the post-COVID-19 era,” said Yomi Kastro, founder and CEO of e-commerce platform Inveon. “There is an enormous opportunity for industries that are still more used to physical shopping, such as fast-moving consumer goods and pharmaceuticals.”
\nEven brick-and-mortar retailers should have some semblance of an e-commerce presence. Many consumers prefer to shop from the comfort of their own homes or at the spur of the moment. Consider offering your bestselling items in an e-commerce store to give your customers the option of purchasing your most popular products without visiting your physical location.
\nRetailers are reducing packaging waste.
\nAs consumers become more environmentally conscious, look for retailers and brands to reduce their packaging waste, said Anthony Martin, CEO of Choice Mutual Insurance Agency. “Organizations will be more conscious about using recyclable or biodegradable packaging materials, which can be easily recycled or break down naturally in the environment,” he said.
\nThe movement toward more sustainable packaging can be seen in the emergence of companies developing new packaging materials out of plant-derived materials. Furniture giant IKEA, for example, said it plans to eliminate plastic packaging for new products by 2025 and all products by 2028. Many other large brands are moving in the same direction.
\n\n\n \n\n\nTechnology will shape retail workforce management.
\nHiring and retaining quality workers will likely remain a challenge for retailers. One way businesses can adapt is by offering hybrid roles in which salespeople interact with customers online, thereby increasing their talent pool and reducing geographical limitations on the workers they can recruit.
\nMike Morini, CEO of WorkForce Software, said companies also need to consider new ways to manage on-site staff, as tech will be instrumental in remaking how the physical workplace is run.
\n“An hourly workforce has unique pay rules, labor regulations, compliance obligations and scheduling needs,” he said. “Companies need technology that can support their growing requirements and evolve with their business. The pandemic [accelerated] the adoption of new digital technologies, which can save organizations money by increasing efficiencies and improving the experience of their employees.”
\n\n\n \n\n\nU.S. retailers need to protect consumer data
\nConsumer data protection will continue to be a major concern for U.S. retailers. High-profile data breaches not only cost retailers money but also damage their brands. And the stakes have only been heightened since the adoption of consumer data privacy laws such as the European Union’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).
\n“With the landscape of Google getting rid of third-party cookies and Apple accelerating its privacy-first approach, businesses of all sizes will become under greater scrutiny for how they protect customer data,” said Steffen Schebesta, CEO of global digital marketing platform Sendinblue. “My sense is that the learning curve will be steep for American companies, and if penalties apply, the lessons will be expensive. It will get especially messy if the regulations are not enacted on a federal level. This would force businesses to deal with state-by-state regulations.”
\nWhile retail businesses collect consumer data for valid purposes, they need to ensure that information is highly protected from cyberattacks. Failure to defend sensitive customer data, such as financial information, could lead to massive lawsuits and fines, not to mention serious damage to brand reputation and lost opportunities for future business.
\n\n\n \n\n\nMicro fulfillment centers bring merchandise closer to buyers
\nWith the e-commerce boom of recent years, massive fulfillment centers became a symbol of commerce. Jonathan Morav, head of product strategy at retail fulfillment company Fabric, said companies are now looking more to micro fulfillment centers, far smaller facilities that can be located closer to the residential areas where their customers live. They also enable businesses to take advantage of falling commercial real estate prices in downtown cities.
\nUnderutilized space in malls and parking lots can hold micro fulfillment centers. While an average Amazon fulfillment center is around 800,000 square feet, a micro fulfillment center typically takes up less than 50,000 square feet and is often as small as 10,000 square feet, while still fulfilling the expectations of fast, free shipping, Morav said.
\nBrick-and-mortar retailers will create special customer experiences
\nBrick-and-mortar retailers have faced significant challenges as the industry has evolved. Retailers have a better chance of being successful if they create unique and memorable customer experiences by personalizing the shopping journey and making it fun.
\nPersonal shopping services will increase.
\nPersonal shopping services include online preorder and pickup, personal shoppers who walk customers through the showroom floor and much more. Personal shopping services create an extra layer of customer service that can enhance the overall experience and is difficult for e-commerce stores to replicate.
\nDeb Gabor, CEO of Sol Marketing and author of Irrational Loyalty: Building a Brand That Thrives in Turbulent Times (Lioncrest Publishing, 2019), said small retailers, in particular, can benefit from extending personal shopping services to their customers.
\n“Local and small retailers are especially well suited to these kinds of personalized experiences and are leading the charge in the category,” Gabor said.
\n\n\n \n\n\nAutomation in pricing will continue to rise
\nIn recent years, more and more companies have relied on automated technology to ensure their prices are properly set. Expect automated pricing tech to become even more commonplace, helping retailers reduce the amount of labor required by their staff.
\nOmri Traub, an executive at restaurant point-of-sale software company Toast, expects automation to play an even bigger part in this arena going forward. He pointed to “a new wave of companies” that provide such automation solutions as a service. Once implemented, he said, the tech will provide “low implementation costs and [reductions in] operating costs.”
\n“With continued shortages of workers within select domains, automation investments will continue to increase,” Traub said. “Examples for small business include online pricing automation to balance profitability and revenue growth, as well as inventory management systems to ensure the perfect amount of inventory is on hand.
\nMarketing and customer engagement will see changes.
\nCustomers now primarily engage with small retail stores in an online, mobile-friendly model. That’s shifted the paradigm for marketers and customer engagement specialists, and the trend will continue this year.
\nSocial media will continue to introduce customers to brands.
\nSocial media is a major driver of the customer journey and online sales for many companies. Going forward, experts expect that hashtags and meme culture will play as large a role as traditional advertising methods for successful small businesses and their younger customers. One way that will happen, Gabor said, is through “creative social commerce,” in which platforms such as TikTok and Instagram fuel online shopping.
\n“Social shopping, such as shoppable TikTok and Instagram, [are] likely to continue rampant growth among savvy retailers,” she said. “More creative social programming … is also popping up.”
\nThis includes experiential marketing, such as live events that are streamed over social media platforms. Whether people engage with the brand in person or online, these types of events offer widespread exposure.
\nInfluencers will keep playing a big role.
\nLove them or hate them, influencers will remain relevant for nearly every retail brand. With companies highlighting authentic voices, Gabor said, consumers will be able to look for leadership among those individuals.
\n“During a time when consumers prize honesty, sincerity, and truth from the brands they love, influencer programs must emphasize similar values,” she said. “Brands will continue to be mindful that their micro-influencer campaigns focus on influencers who authentically align with the values and beliefs of both their brands and their consumers to ensure that those influencer campaigns have a meaningful impact.”
\n\n\n \n\n\nKey retail developments to watch
\nThe economic headwinds that all businesses face may be especially pronounced in the retail industry, which has had a rocky couple of years that have led to innovation and evolution. We anticipate further adoption of novel tech solutions, increased personalization and creative customer engagement campaigns this year. Retailers that can tap into each of these trends will be best positioned to come out on top.
\nAlex Halperin also contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2063","_score":2,"_source":{"canonical":"https://vaylees.com/7912-choosing-an-online-fax-service.html","displayModified":"2023-10-27T17:45:04Z","docType":"article","editorsPick":false,"href":"7912-choosing-an-online-fax-service.html","id":"2063","ID":2063,"isSponsored":false,"published":"2019-06-07T21:22:00Z","site":"bnd","stream":"Looking for an online fax service? Here is everything you need to know.","subtitle":"Looking for an online fax service? Here is everything you need to know.","title":"Choosing an Online Fax Service: A Buyer’s Guide","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"SMB Solutions","slug":"technology-solutions"}},"meta":{"robots":"index, follow","description":"This guide will help you choose the right online fax provider that's best for your business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075610/Faxing_junce_Getty.jpg","caption":"junce / Getty Images","alt":""},"content":"It may seem dated, but faxing remains a viable technology. Businesses of all sizes still send and receive faxes, especially companies in the healthcare field and those that work with government agencies. The fax machines of yesteryear, though, have largely been replaced by digital office solutions. Scores of companies provide online services that allow you to send and receive faxes through your email account. Rather than having to print and file paper documents, you can store them securely in the cloud. Many offer additional money- and time-saving features.
\nIf you or your company are looking to incorporate an online fax service into your office’s workflow, here are some things to keep in mind.
\n\n\n \n\n\n\nHow online fax services work
\n\n\nTraditional fax machines worked by translating scanned documents into an audio tone that was transmitted over telephone lines. They required a separate phone number and a bulky machine to do so. Today, faxing can be done online, and without a dedicated phone line or extra machinery.
\nOnline fax services take a digital file and send it using a special email address that includes the recipient’s fax number (such as 18005551234@vendorname.com) or through the vendor’s website.
\nWhen sending online faxes, your service provider translates the uploaded documents into the proper format and then sends them to your recipient’s fax machine. Similarly, when receiving faxes, the service provider translates the faxed document into a digital format that’s readable online, then delivers it to your email inbox.
\n\n\n \n\n\nHow to choose an online fax service
\nThe specific offerings of online fax providers may look similar but there are a few key points to keep in mind when choosing one.
\n1. Assess your needs.
\nKnowing the volume of faxes that you need to send and receive is key to finding the right service provider. Some of the inexpensive plans have a lower monthly fax limit. Conversely, power users will want to spend a few dollars more to avoid overage charges. Consider what you’ll realistically send and receive in a month to choose a plan that fits.
\n2. Contact various vendors.
\nReaching out to vendors is a good way to evaluate not just their product, but their customer service. Pay attention to how customer service representatives discuss company offerings. Are they upfront about the costs? Do they succinctly explain the included features? Are they obviously trying to push you into a sale? It’s important to know how you’ll be treated if things go sideways. Spending some one-on-one time over the phone can help illustrate how that would go down.
\n3. Understand fee structures.
\nHidden fees and unexpected costs makes budgeting difficult. While most online fax service providers list their pricing on their website, it can take extra digging to find out about other charges – such as setup fees, long-distance fees and overage costs. Be sure to learn all about the costs: advertised and hidden. Even if the company doesn’t require you to sign a contract or long-term agreement, it will hold you liable for all fees – including those you unwittingly incur.
\n4. Request free demos.
\nMost online fax providers offer a free product demonstration or trial period. Take advantage of this offer to test the service beforehand. Some of the services are far-more user friendly.
\n\n\n \n\n\nBenefits of online fax services
\nAn online fax service can be a beneficial option for small businesses that need faxing capabilities for several reasons. Here are some key benefits to an online fax service:
\nKeeps costs down
\nWith an online service, there’s no need to purchase, operate and maintain a separate machine with a dedicated telephone line. Plus, uploading files directly to the service saves time and money while reducing paper waste.
\nEasy to use
\nYou don’t have to be in your office or near a fax machine to send and receive documents. Managing incoming and outgoing faxes with an online fax service is as simple as having access to a computer or installing an app on your smartphone.
\nNo equipment required
\nLeave the phone line and bulky machine behind. All you need to send faxes online is a desktop computer or a mobile device.
\n\n\n \n\n\nOnline fax features and options
\nAlong with the ability to send and receive faxes, online services usually offer several features to enhance their usability and security. However, some cost extra. Here are a few of the most common features and options you’ll find.
\nSecure transmission
\nOrganizations such as healthcare companies and government agencies prioritize data security and often consider faxes more secure than email. To safeguard your transmissions, most service providers include some form of data protection – including SSL or PGP encryption, password protection and HIPAA compliance. Some vendors charge extra for these features, so it’s important to know what questions to ask.
\nToll-free or local fax number
\nMany online fax services offer a toll-free or local fax number. Most services offer long-distance and international faxing too, yet it often comes with an additional fee based on the destination country.
\nStorage and archive
\nSome services limit the number of faxes you can store, while others limit the amount of time a fax can be archived. Check the specifics of your service before committing to a plan.
\nAdditional tools
\nSome services offer tools that will seamlessly integrate with your current technology, such as Microsoft Outlook. Other options make using the tool easy, including a mobile app with alerts, preset delivery times, electronic signatures, customizable cover sheets, and the ability to fax multiple recipients at once and forward incoming faxes to multiple email addresses.
\n\n\n \n\n\nPricing for online faxing services
\nAmong the many factors to consider when looking for an online fax service, price often looms the largest. In our research, we found that nearly every online fax solution operates on a monthly subscription model. Base fees start around $6 per month and can reach much higher for heavy users who require multiple features. This price usually comes with a set amount of incoming faxes, outgoing faxes or pages per month.
\nIf you send or receive more pages or faxes than your monthly limit, companies charge overage fees of several cents per page. Some services may charge one-time setup fees, but more often free trials are offered.
\nAs an alternative to a monthly fee, some faxing services offer a pay-as-you-go plan. In this model, users pay for each fax they send. Naturally, this type of plan makes the most financial sense for entities that don’t send many faxes each month.
\nSince faxing is still widely used to send sensitive documents to customers or vendors in foreign countries – including technologically advanced locales like Japan – some services offer international faxing capabilities for an additional cost. The price varies by location, but be ready to pay several dollars for each international fax you send – depending on the country to which you’re faxing.
\n\n\n \n\n\nOnline fax service FAQs
\nIf you still have unanswered questions about online fax services, you’re not alone. Below we’ve answered the three most common questions about this technology and how it may help your business.
\nAre there free online fax services?
\nThere are several free online fax services available, including FaxZero, PamFax and Microsoft Office’s built-in faxing tools. However, these free services may limit the number of pages you can send or receive each month. They may also charge additional fees, such as a per-page faxing fee. Many of the paid services offer free trials.
\nWhat equipment is needed to send faxes online?
\nAll you need is an internet connection and a device. Online fax services don’t require the same equipment you used in the 1990s, like a stand-alone fax machine and a dedicated phone line. Simply open up your laptop, log in to the online fax service of your choice and send your documents.
\nFax or email: Which is better?
\nIt’s less about which is better and more about which is best suited for your business’s needs. While fax and email may seem like very similar services – especially now that faxing is conducted online – key differences remain. The biggest involves security: Faxing is generally regarded as more secure and less likely to be hacked than email, which is why industries that handle sensitive information, such as healthcare or government bodies, still fax.
\nOur online fax service best picks
\nNo online fax service meets everyone’s needs. To help you get started, we’ve selected our picks for the best online fax services to showcase the vendors that consistently demonstrate strong performance in various specialties.
\nFaxing isn’t dead, it’s evolving
\nSome still think of faxing as an antiquated technology. But online fax services can help you affordably incorporate this useful communication method into a modern office environment. If your business still needs to send and receive faxes, online fax services offer a more convenient and cost-effective way to do so.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1922","_score":2,"_source":{"canonical":"https://vaylees.com/15224-salesforce-social-media-integration.html","displayModified":"2023-02-21T18:55:35Z","docType":"article","editorsPick":false,"href":"15224-salesforce-social-media-integration.html","id":"1922","ID":1922,"isSponsored":false,"published":"2019-07-24T12:01:00Z","site":"bnd","stream":"Salesforce users can now follow up with customers on social media from a single dashboard.","subtitle":"Salesforce users can now follow up with customers on social media from a single dashboard.","title":"Salesforce Unveils Social Media Integration for SMBs","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Social Media","slug":"social-media"}},"meta":{"robots":"index, follow","description":"Starting today, Salesforce's social media tools are available for small businesses through the company's Salesforce Essentials product for $25 a month."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075345/Technology-office_SFIO-CRACHO.png","caption":"SFIO CRACHO / Shutterstock","alt":"office workers standing around a laptop"},"content":"\n- Salesforce Essentials now lets small business owners respond to customers on YouTube, Instagram and Facebook without leaving the dashboard.
- Social media features, previously only available for larger businesses, have been integrated for Salesforce’s SMB offerings.
- Another new feature, Lightning Dialer, launches today for users in the U.S. and Canada. It serves as an “out-of-the-box call center solution” that allows users to pull up a customer’s profile and view notes from previous calls.
Social media platforms are increasingly used as places for small businesses to converse with their customers. It was with those conversations in mind that officials at SaaS giant Salesforce announced a bevy of social media-minded tools for its main small business suite.
Since its launch in November 2017, the company has positioned Salesforce Essentials as its “all-in-one CRM solution,” as it has apps that allow small businesses to integrate the other services they use with the system. With today’s announcement, that single dashboard can now manage a business’s Facebook, Instagram, and YouTube accounts and facilitate real-time conversations with customers on them.
“We all expect real-time instantaneous communication today – whether it’s with our family, friends or favorite brands,” said Marie Rosecrans, senior vice president of SMB marketing for Salesforce Essentials. “Now Salesforce Essentials is giving small businesses the tools needed to manage customer communications across all those channels in one centralized spot.”
Editor’s note: If you’re looking for information to help you choose the CRM software that’s right for you, use the questionnaire below to have our vendor partners contact you with free information.
\n \nAccording to Melissa Meli, director of product marketing at Salesforce, many of today’s new features were previously only available at the enterprise level, which gave bigger companies a significant advantage in the social media space when using Salesforce’s cloud-based software. Today’s release, Meli said, helps bridge the gap and addresses a competitive disadvantage that 53% of SMB owners said they felt when it came to meeting customer expectations.
“What we hear from our small business clients is that they need to reach millions online, but it’s a challenge to keep up with all these channels,” she said. “With this service, they no longer need to jump around for each platform.”
In a demo provided by the company earlier this week, Meli showcased how Salesforce Essentials manages social media in real time. Along with existing integrations with Facebook and Twitter, the new features added to the dashboard allow real-time chat with users through Facebook Messenger.
During the demo, a question was sent from a “customer” to a business account linked to the Salesforce Essentials dashboard. In less than a second, the message blinked on Salesforce’s dashboard, prompting the employee to immediately switch over to the appropriate screen and respond to the question.
For Instagram and YouTube accounts, the process is similar, but focuses on comments left on each post. When a comment is made, the appropriate employee gets a notification and can easily respond straight from the Salesforce Essentials dashboard, rather than having to log on to the social media platform to do so.
“A personalized customer service experience can mean the difference between a bad review and a happy, repeat customer,” wrote Paul Pedrazzi, SVP of product for Salesforce Essentials, in a blog post detailing today’s announcement. “That’s why I’m so excited about the new conversation channels in our latest release. Many small businesses have grown up on social media platforms and need to be able to communicate and engage with customers on their preferred channels.”
Since the realm of social media is constantly shifting, Meli said Salesforce will consider adding other platforms to the product over time. “We always have our finger on the pulse of what’s new and potential channels coming out that could help our small business clients in the future.” [Are you looking for CRM software for your business? Check out our best picks and reviews.]
Outside of the social media aspect, Salesforce Essentials now gives business owners the ability to install a chat widget to their website. Whenever a potential customer uses the webchat feature, the message is routed to an employee who can maintain the conversation from the dashboard. Once on the screen, any past notes and interactions between the business and that customer can be easily viewed. Meli said access to that sort of information reduces the need to keep asking the same questions whenever a regular customer reaches out.
Along with the new social media integrations, Salesforce announced that the Essentials product now includes a native phone support system baked into the dashboard. Using Lightning Dialer, employees can make and receive calls that are automatically logged in the system. The service provides a phone number with a local area code for use with the Salesforce Essentials product. During the call, the customer’s profile pops up to display pertinent, contextual information.
Each of these new features comes with access to a “library of simple walkthroughs within the product to easily get set up … in minutes,” officials said. Along with guided overviews, users can seek help from a team of Essentials Coaches during their 14-day free trial and for the first 90 days after subscribing to the system. The coaches provide support in a one-on-one chat.
No cost increase for subscribers
Over the last 18 months, Salesforce Essentials has seen six major releases and gained new partnerships. Despite those additions, there’s no price increase; it will continue to be available to small business owners for $25 per month. The service also has a 14-day free trial.
\n\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1660","_score":2,"_source":{"canonical":"https://vaylees.com/3032-direct-mail-business.html","displayModified":"2023-10-23T18:51:20Z","docType":"article","editorsPick":false,"href":"3032-direct-mail-business.html","id":"1660","ID":1660,"isSponsored":false,"published":"2019-10-23T12:15:00Z","site":"bnd","stream":"No one likes junk mail, so use these tips to ensure your direct mail doesn’t get tossed. ","subtitle":"No one likes junk mail, so use these tips to ensure your direct mail doesn’t get tossed. ","title":"You’ve Got Mail: 4 Tips on Using Direct Mail for Business","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Recent studies show that direct mail is still an essential marketing tool. Find out how your business can best use direct mail to target customers."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074746/1554243016.jpeg","caption":"Andrey_Popov/Shutterstock","alt":""},"content":"In an age when the internet allows us to instantly communicate with anyone across the globe, relying on the U.S. Postal Service (USPS) to deliver your small business’s marketing may sound counterintuitive. But direct mail remains one of the best ways for small businesses to reach previous customers and bring in new ones. Here are some reasons why your company should include direct mail in its marketing strategy and some best practices to follow when implementing a direct mail campaign.
\nEditor’s note: Need direct mail services for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
\n\n\n \n\n\nWhat is direct mail?
\nDirect mail is a business marketing strategy that involves sending physical mail — such as postcards, brochures or other printed items — straight to a current or prospective customer’s mailbox. Businesses can develop direct mail campaigns in-house or use a marketing agency that specializes in direct mail. These agencies help with all stages of the process, including design, shipping and tracking. Whether your small business caters to individual consumers or other businesses, direct mailing can help you maximize the return on your advertising investment by focusing on the customers who are most likely to respond to your message.
\n“Direct mail creates a one-on-one connection that’s hard for other media channels to match,” said Tom Foti, vice president of product solutions for the USPS. “It lets you incorporate coupons, reply cards, mobile barcodes such as QR codes, URLs and other response mechanisms. … Direct mail is a workhorse for generating leads, traffic and sales.”
\nTips for using direct mail in your business
\nConsidering that most direct mailing services handle every aspect of a campaign, from design to shipping, there are many aspects to remember when you’re starting out with direct mail. To get a better idea of some of the best practices involved in direct mail, Business News Daily reached out to experts to get their insights on how you can get the most bang for your buck out of a direct mailing campaign.
\n1. Target your customers.
\nA direct mailing campaign can only be successful if the address data lines up with the type of customer you want to target. More than 167.1 million pieces of first-class mail pass through the USPS each day, so you need a solid mailing list to make sure your direct mailers go to the right places.
\nSometimes, small businesses simply get appropriate addresses from their customer data. While that method saves money in the long run, not every direct mailing campaign should draw on an existing customer base; many times, you want to bring in new faces. If that’s the case, you’ll likely either get your list directly from your direct mailing provider or obtain one through a list broker.
\nIn either case, you can usually pinpoint which houses or businesses you want to target with your direct mailers by selecting specific criteria, such as household income, recently engaged couples, or businesses owned by people in specific minority communities. You can also specify an area to target, such as by designating specific zones or setting a radius.
\nAccording to Milena Marguenski, owner of US Presort, most businesses will want to create a “best customer profile” that helps them visualize the people they want to reach.
\n“Some businesses want to target customers with very high incomes, while others want the opposite,” she said. “Your demographic selection strictly depends on your type of business. What’s important is that the more targeted the list, the higher the results.”
\n2. Grab their attention.
\nWhen it comes to direct mail marketing, you’re already reaching a somewhat captive audience. They have to retrieve their mail eventually, so your materials are likely to be read by someone. It’s also pretty helpful that 71 percent of Americans say they are excited to see what is in the mail each day, according to the USPS 2020-2021 Generational Research Report. Considering you already have access to a customer once your mailer is in their home, it’s important to make a good impression once your mailer gets there.
\nIt makes sense that a well-designed mailer works better than an uninteresting one. It should have clean, easy-to-read fonts and relevant graphics that aren’t so flashy that they draw attention away from the information you’re trying to convey. You should also make sure your copy is devoid of misspellings or grammatical errors, since those will stick out. Focus on the highest return on investment over the lowest cost, and don’t try to fool your customers by saying a piece is “urgent” when it’s not, Foti advised.
\n\n\n \n\n\n“Any package or interactive mail piece will always perform better than a simple postcard,” Marguenski added. “Besides the pure aesthetic, your design has to follow postal rules if you don’t want to pay extra for irregular sizes or pieces that don’t comply with postal regulations.”
\nMost direct mail services have an in-house design team to help you create the most effective mailers to match your specifications. Usually, these services are rolled into your costs, though more customized services may require additional costs. It’s important not to skimp on this part, since receiving your mailer will often be the first interaction a potential customer has with your brand.
\n3. Give customers a reason to care.
\nPeople are mostly transactional by nature. With that in mind, you should make sure your direct mailers have a strong call to action, or a reason to buy or use your goods or services. That can be as easy as offering a promotion to new customers, like a percentage off a purchase if they bring the mailer into the store.
\n\n\n \n\n\nAccording to PrintingForLess.com, our overall pick for the best direct mailing service, your call to action can be the difference between an interested customer and a fast track to the recycling bin.
\n“Don’t expect much response if you’re only offering $1 off your next purchase of $100 or more,” PrintingForLess.com representatives wrote. “Make the offer as attractive as you can while still being profitable. You may need to experiment to get the optimum balance between response rate and profit margin.” [Read related article: Small Business Guide to Direct Mail]
\n4. Track results and follow up.
\nEven though direct mail isn’t a digital service, you can still extract meaningful data from your campaign. Many direct mail vendors have built-in methods to track the return on investment for your direct mailing campaign.
\nWhile you will want as high a return as possible, remember that an effective direct mail campaign simply gets consumers through the door. Each campaign is different, but according to the Association of National Advertisers (ANA) 2021 Response Rate Report, direct mail has a response rate of 9 percent for house lists and 5 percent for lists of prospective customers, compared with email’s response rate of around 1 percent.
\nA 95 percent failure rate with potential new customers may seem abysmal, but many factors can cause a person to respond to your mailer. The important step to take in this instance is to remember to follow up on your campaign.
\n“Not everyone is going to buy from you just because you send them a postcard,” said Shawn Breyer, owner of Breyer Home Buyers. “Most people won’t be ready to buy your product or services, or they will just be too busy to check it out.”
\nWhen drawing up a direct mailing campaign, Breyer said, most businesses should establish a “monthly marketing plan for at least six months.” Your follow-up could catch the customers you didn’t get the first time.
\nWhy use direct mail?
\nSpending precious marketing resources on direct mail at a time when everything seems to be going digital might not seem like a smart strategy, but studies consistently show that direct mail is still one of the best ways to bring in new and repeat customers. Here are some recent findings that show why your business should use direct mail:
\n\n- On average, 4 in 10 consumers are more excited about direct mail than they were a year ago. Gen Z and millennials are over 60 percent more excited, according to the 2022 RRD Macro Marketing Report.
\n- Younger generations actually find direct mail exciting and more personal than digital communications, the USPS 2020-2021 Generational Research Report found.
\n- Consumers describe direct mail as being more trustworthy and attention-grabbing than email, per the 2022 RRD Macro Marketing Report.
\n- Direct mail has an engagement rate of around 95 percent, and it is interacted with at least four times, according to the 2021 MarketReach Direct Mail Effectiveness Report.
\n- Personalized mailers increase engagement rates and response rates, both MarketReach and USPS found.
\n- According to MarketReach, 70 percent of consumers feel valued by a company when they receive direct mail — almost twice as much as they do for email.
\n- Direct mail has a higher return on investment than other mediums, reaching up to 112 percent, the 2021 ANA Response Rate Report found.
\n
\n\n\n \n\n\nHow to use direct mail
\nThe data shows that direct mail continues to be an essential marketing tool for businesses. It allows companies to send personalized, tailored messages to different consumer demographic groups. Every marketing campaign is different, so the best way to ensure direct mail is effective is to know your target customers and send them appropriate messages designed to maximize engagement, including relevant offers or calls to action. Read our Direct Mail Marketing Guide for Small Businesses for a detailed look at how to create and implement a direct mail marketing campaign.
\nThe most successful campaigns are integrated, using both digital channels and direct mail. As businesses increasingly move online, the relevance and impact of direct mail remain strong. If you want your marketing campaign to succeed, direct mail is a must.
\nTom Anziano and Sammi Caramela contributed to this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1311","_score":2,"_source":{"canonical":"https://vaylees.com/15691-video-conferencing-tips.html","displayModified":"2023-10-26T18:48:50Z","docType":"article","editorsPick":false,"href":"15691-video-conferencing-tips.html","id":"1311","ID":1311,"isSponsored":false,"published":"2020-04-10T11:00:00Z","site":"bnd","stream":"Use these tips and tricks to be a video conferencing expert.","subtitle":"Use these tips and tricks to be a video conferencing expert.","title":"Video Conferencing Cheat Sheet: Zoom, Skype, Microsoft Teams and GoTo Meeting","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"This guide breaks down some of the most popular video conferencing platforms, such as Zoom, Skype, and Microsoft Teams, so you can become a power user."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074024/Video_Conference_Getty_ake1150sb.jpg","caption":"ake1150sb / Getty Images","alt":""},"content":"Remote work is now more common than ever. With it comes a renewed focus on teleconferencing. Programs like Zoom, Microsoft Teams, GoTo Meeting and Skype have minimal equipment requirements and make connecting with colleagues easy. All your employees need is a webcam and a microphone — which are built into most laptops — or even just a smartphone or tablet.
\n\n\n \n\n\n\nWe’ve collected some special features and tips for today’s top teleconferencing apps that can help you become a power user in no time (though we can’t guarantee that they’ll keep your video meeting distraction-free).
\nVideo conferencing tips and advanced features
\nIf you’re familiar with the leading video conference solutions, you may have come across some of these advanced features already — or maybe not. These tools are essential if you want to take your video conferences to the next level.
\nEditor’s note: Looking for the right video conferencing service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nZoom features
\nOne of the most popular teleconferencing software applications, Zoom’s simple functionality and clean interface — along with its free basic plan — make it accessible to the millions of people who now rely on it for work and school.
\nZoom has some fun options hiding under the hood that can brighten up your surroundings and even make you look more presentable. Here are a few features to try at your next Zoom meeting.
\n\n- Change your background: You may find it fun to share your surroundings with your co-workers if you’ve set up your workspace outside for the day. However, if your home office is boring or messy and you want to spruce up your background, there’s a setting for that. If you head into Settings and click on Virtual Background, you can use that feature to upload an image to replace your background. You can also make it look like you’re on a beach or floating around in outer space. One thing you should note, though, is that this only works on the desktop or mobile app and requires you to meet certain system specifications.
\n- Use emoji reactions to respond while muted: Sometimes you may prefer to remain muted during a meeting because the kids are being loud, your significant other is also in a meeting, or for some other reason. If the meeting host needs a response from you but you want to spare them the extra noise, you can give them a thumbs up, some applause or any other kind of emoji response with the Reactions feature. To use this feature, click on the Reactions tab near the bottom of your meeting’s screen and select an emoji.
\n- Use gallery view: This feature isn’t necessarily hidden in Zoom, but it’s a great function nonetheless. If you’re in a meeting with many people and you want to see as many faces as you can at once, you can turn on the gallery view. This option is located at the top right corner of the meeting window and will allow you to see dozens of attendees on one page, turning the meeting into the intro segment of The Brady Bunch. If you’re in a particularly large meeting, you may need to scroll through multiple pages to see everyone. You can switch back to the default “speaker view” by clicking that same button again.
\n- Disable your mic and camera by default: What do you do if it’s a sweatpants and ratty band T-shirt work-from-home kind of day, but you’re suddenly called into a Zoom meeting and you’re not ready? If you’re scrambling to make yourself look professional, even if it’s only from the waist up, you can set your app to only turn on your mic and camera when you want it to. You can do this by going into the app’s Settings menu, navigating to the Audio section for your mic, and selecting the “Mute microphone when joining a meeting” option. If you go into the Video portion of your Settings menu, you can similarly select the “Turn off my video when joining a meeting” option.
\n- Beautify yourself: If you’re still worried about your looks but only need a quick touch-up, Zoom’s Touch Up My Appearance feature can help out. This filter gives your video feed a once-over, smoothing fine lines and reducing the appearance of any under-eye bags. To use this feature, go into the Settings menu, select Video, and make sure “Touch up my appearance” is toggled.
\n
\nGoTo Meeting features
\nGoTo Meeting‘s online video conferencing application is another popular option for businesses. Though it might not be as flashy as Zoom or even Slack, GoTo Meeting is a stable platform that’s easy to use.
\nThe following features can help enhance your next meeting on GoTo Meeting:
\n\n- Choose your username: When you sign up for GoTo Meeting, you’re usually asked to input your name before getting into a teleconference call. While sticking with your normal moniker is usually the best bet, names can change. You may change your surname after marriage, sure, but what if your company is close-knit enough for some employees to have fun nicknames or inside jokes? You can set your display name on your Windows computer by clicking File and selecting Edit Your Name and Email. Mac users can do the same by selecting Preferences from the File menu and changing the text in the Name box.
\n- Select a profile photo: GoTo Meeting has many features in beta that add a little something extra to the program. One of those features is the ability to assign a profile picture for times when you’re not using a webcam. To do that, select the File menu and hover on the Labs section. Once there, click on Profile Pictures and upload a picture to associate with your account.
\n- Set a webcam filter: This feature relies on your webcam and is not unlike the camera filters you’d find on social media. To change the color palette of your webcam or add a filter to your feed, select the Preferences option in the Webcam pane of the control panel. Once there, click the Advanced option, where you will gain access to the filters.
\n- Create a recurring meeting: Since you’re likely running the same meetings every week, it can sometimes be a hassle to create a new meeting every time. To get around that, select either “anytime meeting” or “recurring meeting” when you create your next get-together. This creates a unique meeting ID that doesn’t expire or change, though sometimes the call-in number will. Scheduling an anytime or recurring meeting allows for the same information to be reused and makes it easier to schedule multiple meetings with the same settings.
\n- Eliminate on-hold beeps: If you’re waiting for people to show up to one of your meetings, you’re likely going to be met with an incessant beep. As you wait, that beep can become distracting. Luckily, you can mute that beep altogether on a Windows machine by clicking the Audio pane on your control panel and selecting Edit. Once there, you can toggle between having or not having on-hold beeps. On a Mac, click the downward arrow on the right-hand side of the Audio pane and select Preferences. Once there, you can change the setting.
\n
\nMicrosoft Teams features
\nComplete with chat, video conferencing, online file management and more, Microsoft Teams focuses on communication and collaboration in the workplace. It is included in new versions of Microsoft’s Windows 10 operating system, which makes it one of the more ubiquitous video conferencing options out there.
\nWhether your office predominantly uses Windows PCs or is willing to install Microsoft software on Macs, here are some tips that can make the Teams experience better.
\n\n- Send an email to an entire channel: Because Microsoft Teams integrates seamlessly with other Microsoft applications, it allows you to forward an email to any Teams group straight from Outlook. To do this, click the three dots in the upper right-hand corner of the group’s chat window. From there select “Get email address,” which will create an email address for the channel you wish to send the message to. After that, all you need to do is open Outlook and send an email to that address.
\n- Bookmark messages for future use: We’ve all been there — someone mentions a task you need to do or shares an important piece of information, but you didn’t take notes and the information is suddenly lost in the ether. Teams helps avoid that situation by allowing users to bookmark important messages. To do this, click on the three vertical dots next to any message and hit “save this message.”
\n- Record and instantly transcribe meetings: Sometimes not everyone is able to attend an online meeting. When that happens, Teams allows you to record a video conference call and store the video in the cloud. It can also transcribe the meeting for you. Once transcribed, users can search for any important phrases.
\n- Use slash commands: Keyboard shortcuts and hotkeys are nothing new, but Teams uses slash commands, which requires a backslash followed by a single word. This style of command input has been around since the 90s, when it was used in DOS prompts and IRC rooms. The following is a sampling of slash commands that could come in handy.\n
\n- /available: Set your status to available. /Busy and /away work the same way.
\n- /call: Start a call.
\n- /files: Access your most recent files.
\n- /keys: See a list of keyboard shortcuts.
\n- /mentions: Quickly view all of your mentions. This particular command filters out messages, so you only see instances where teammates wanted your attention.
\n- /goto: This command allows you to quickly transition to a certain team or channel within your organization.
\n
\n \n
\nSkype features
\nFewer people rely on this program than they used to, but Skype is still a competent video conferencing program used by people around the world. As a legacy application of sorts, there aren’t many hidden features that haven’t already been teased out of the software and added to the general knowledge base. Still, here are some features and functionality that may come in handy during your next meeting.
\n\n- Back up your chat history: The ability to go back and recall a conversation you had with a co-worker or supervisor can be helpful for many reasons, but, unfortunately, Skype automatically deletes its chat history over time. To fix that problem, you need to do some extra work outside of the application. First, press and hold the Windows key on your keyboard and press R to bring up the Run window. Once there, type “%appdata%Skype” (without the quotation marks) and hit OK. Go to the folder with your Skype name and copy it. Save the copy to another location, and you have a backup you can use to transfer your chats to another computer or save for posterity.
\n- Hide when you’re typing: When you chat with someone over text, Skype lets the other person know that you’re responding. While that’s not necessarily a big deal, you may not want the other person to realize how hard you’re mulling over your response. To fix this, go to the Tools menu and click Options. Once there, select IM & SMS and then IM Settings. Select Show Advanced Options and uncheck the “Show when I am typing” box.
\n- Share your screen: Unlike the other two programs, sharing your screen is a little more involved. To do it on Skype, you need to click the “+” button on the chat window. Once there, click Select Screen. Remember that once you select that option, others will be able to view your screen, so make sure what you have up is what you want to show them. To stop sharing, select the Stop Sharing option.
\n
\nVideo conferencing shortcuts
\nWhether you’re working on a laptop or desktop computer, you need a mouse and keyboard to function. Developers create their programs with this equipment in mind, so you need them to make the best use of these tools. Pointing and clicking on something with the mouse may be the most intuitive way to get something to happen for most people, but the real shortcuts live on your keyboard. Dig a little deeper into your menus and you’ll find a world full of keyboard shortcuts that can save you time or make lesser-known functions more readily available.
\nKeyboard shortcuts for teleconferencing software are usually for actions that you’d normally take during a call. Rather than switching focus from your camera to find the correct menu with the mouse, a skilled user can tackle any number of actions just by tapping a couple of keys. Below are some important keyboard shortcuts for Zoom, GoTo Meeting and Skype.
\nZoom keyboard shortcuts
\n\n- Mute/unmute audio. For Windows: Alt+A (or press and hold the Spacebar)
\n
\nFor Mac: Command(⌘)+Shift+A
\n\n- Mute/unmute everyone but the host. For Windows: Alt+M
\n
\nFor Mac: Command(⌘)+Control+M (Unmute: Command(⌘)+Control+U)
\n\n- Start/stop webcam. For Windows: Alt+V
\n
\nFor Mac: Command(⌘)+Shift+V
\n\n- Start/stop new share screen. For Windows: Alt+Shift+T
\n
\nFor Mac: Command(⌘)+Shift+S
\n\n- Pause/resume screen share. For Windows: Alt+T
\n
\nFor Mac: Command(⌘)+Shift+T
\n\n- Start/stop recording. For Windows: Alt+R
\n
\nFor Mac: Command(⌘)+Shift+R
\n\n- Raise/lower hand. For Windows: Alt+Y
\n
\nFor Mac: Option+Y
\nGoTo Meeting keyboard shortcuts (Windows only)
\n\n- Mute/unmute audio. Ctrl+Alt+A
\n- Start/stop screen sharing. Ctrl+Alt+S
\n- Pause/resume screen sharing. Ctrl+Alt+P
\n- Start/stop webcam. Ctrl+Alt+W
\n- Switch to computer or phone audio. Ctrl+Alt+U
\n- Show/hide chat. Ctrl+Alt+C
\n- Show/hide attendee list. Ctrl+Alt+L
\n
\nMicrosoft Teams keyboard shortcuts
\n\n- Toggle mute. For Windows: Ctrl+Shift+M
\n
\nFor Mac: Command(⌘)+Shift+M
\n\n- Toggle video. For Windows: Ctrl+Shift+O
\n
\nFor Mac: Command(⌘)+Shift+O (There is no shortcut in the web apps.)
\n\n- Start video call. For Windows: Ctrl+Shift+U
\n
\nFor Mac: Command(⌘)+Shift+U
\n\n- Start audio call. For Windows: Ctrl+Shift+C
\n
\nFor Mac: Command(⌘)+Shift+C
\n\n- Decline call. For Windows: Ctrl+Shift+D
\n
\nFor Mac: Command(⌘)+Shift+D
\n\n- Accept video call. For Windows: Ctrl+Shift+A
\n
\nFor Mac: Command(⌘)+Shift+A
\n\n- Accept audio call. For Windows: Ctrl+Shift+S
\n
\nFor Mac: Command(⌘)+Shift+S
\nSkype keyboard shortcuts
\n\n- Mute/unmute audio. For Windows: Ctrl+M
\n
\nFor Mac: Command(⌘)+Shift+M
\n\n- Start video call. For Windows: Ctrl+Shift+K
\n
\nFor Mac: Command(⌘)+Shift+K
\n\n- Start audio call. For Windows: Ctrl+Shift+P
\n
\n/for Mac: Command(⌘)+Shift+R
\n\n- Toggle webcam. For Windows: Ctrl+Shift+K
\n
\nMac: Command(⌘)+Shift+K
\n\n- Hang up. For Windows: Ctrl+E
\n
\nMac: Command(⌘)+Shift+H
\n\n- Add people to call. For Windows: Ctrl+Shift+A
\n
\nMac: Command(⌘)+Shift+A
\n\n- Show/hide attendee list. For Windows: Ctrl+Alt+L
\n
\nFor Mac: Command(⌘)+Shift+A
\nTake your virtual meetings to the next level
\nVideo conferencing is a key part of the modern workplace, so knowing how to navigate the leading video conference platforms is key to a successful work day for many. These tips can help you level up your video conferencing so that using these tools is faster, easier, and more effective than ever before. The next time you log on for an important meeting, take advantage of these features for an even better experience.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1303","_score":2,"_source":{"canonical":"https://vaylees.com/15728-zoom-burnout.html","displayModified":"2023-10-20T19:24:48Z","docType":"article","editorsPick":false,"href":"15728-zoom-burnout.html","id":"1303","ID":1303,"isSponsored":false,"published":"2020-06-03T11:29:00Z","site":"bnd","stream":"Businesses are increasingly using telecommunications apps to conduct meetings. While it's a convenient solution, it's led to an overabundance of meetings and a new form of burnout.","subtitle":"Businesses are increasingly using telecommunications apps to conduct meetings. While it's a convenient solution, it's led to an overabundance of meetings and a new form of burnout.","title":"Avoid Zoom Burnout With These Tips","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"As more companies adopt remote and hybrid work roles, workers are increasingly susceptible to “Zoom burnout” from frequent video conferences. Here’s how to avoid it."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074018/video_fizkes_getty.jpg","caption":"fizkes / Getty Images","alt":""},"content":"While working from home has long been a sought-after perk for some employees, a new reality of frequent online meetings and an inability to disconnect from the job has created a new stressor called “Zoom burnout.” Workplace burnout is nothing new, but this new digital version has its own idiosyncrasies. Here’s what you need to know to identify digital workplace burnout and four tips to help you prevent it.
\nWhat is Zoom burnout and why does it occur?
\nSince many of your employees may now be remote workers, chances are good that your team is attending more meetings than ever. While it may not seem like a lot to commit to regular online meetings for work, it’s common for them to contribute to an overarching sense of fatigue. Some of that stems from the fact that our computer screens naturally cause eye strain over time. Since we’re all sitting in front of our computers for at least eight hours each day, that eye strain can be a factor before an online meeting even starts.
\nEditor’s note: Looking for a video conferencing solution for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
\n\n\n \n\n\nIn addition to the technological strain that comes with working on a computer for hours at a time, human social interactions also suffer when participating in an online meeting. One of the areas in which online meetings hamper social interactions is the inability to easily read facial expressions and body language. Daron Robertson, CEO of Bhive, said while video conferencing is a helpful tool, it’s not always helpful in facilitating effective communication.
\n“Video fails to accurately recreate the in-person experience,” he said. “With no direct eye contact, your brain is working overtime to interpret others. ‘Are they listening to me or reading email?’ You never know because the eyes are looking away in both scenarios.”
\n\n\n \n\n\nSince online meetings often focus on a person’s face, things like posture and hand placement that would normally provide insights in an in-person meeting can go missing in a video call, Robertson continued. Online meetings can also be stressful for people since they become hyper-aware that they’re being watched and may worry about how they look.
\n“Can you imagine how surreal it would be to hold a mirror next to the face of the person you are talking to? That’s the video chat experience,” Robertson said. “Your brain is distracted by the view of self and thinking about how you look, if you’re showing engagement, or smiling enough. It’s exhausting.”
\nWhile the often-impersonal aspects of online meetings can cause mental and emotional exhaustion, the technology’s ease of use can also contribute to an inflation in the number of work-related meetings. Too many meetings were already a stressor in some workplaces, and some workers now feel like they’re required to attend even more meetings, leading to increased stress as they juggle work and at-home responsibilities.
\nWhat are Zoom burnout warning signs?
\nIf you’re wondering if your workday malaise – or your employees’ disengagement in meetings – stems from a form of Zoom burnout, there are some ways to see if this “new normal” is adding to your workplace stress.
\nWhile not a specific medical diagnosis according to WHO, the employee burnout syndrome is an occupational phenomenon that can affect a person’s mental health. You can identify burnout by asking yourself some key questions about how you feel about your job.
\nDetermining whether you’re overly cynical at work or finding it hard to get started with your day can be common symptoms of workplace burnout. A general sense of disillusion or a lack of satisfaction can also be warning signs.
\nIf you’re generally experiencing typical burnout symptoms like exhaustion, energy depletion, depression, cynicism, excessive stress levels or anxiety, you may want to get help from a health professional.
\nIn terms of Zoom burnout, however, you may want to consider whether the prospect of jumping onto another online work meeting conjures up negative feelings. If that’s the case, it may be because your past meetings weren’t as productive as you may have hoped.
\n\n\n \n\n\n“A lack of key decisions or clear deliverables following team meetings results in employees feeling like the meeting was a waste of time and could have been handled in email or other communications,” said Drumwright. “These early signs point to larger failures as projects stall out or encounter problems the team has difficulty overcoming. When I hear things like ‘I need time to do my work,’ it signals a leader who is desperate to keep the team ‘connected’ through Zoom.”
\nThe Mayo Clinic also suggests that some possible causes for job burnout include some external factors, including things like a general lack of control, workplace dysfunction, extremes of activity, and a work-life imbalance. All of those indicators can point back to the general upheaval that the COVID-19 pandemic has brought upon the world, as well as the massive changes we’re all feeling while working from home.
\nHow can you prevent Zoom burnout?
\nThough most American workers now use video conferencing platforms like Zoom to conduct business meetings, it doesn’t mean that everyone should have to burn out in short order. To avoid stressing out your employees, the following tips can help you maintain a productive team and foster a healthy work-life balance for your remote workers.
\n1. Use other forms of communication.
\nIn the grand scheme of things, digital video conferencing is a new way for teams to communicate. If you need to share information, you can always return to email, telephone calls or other methods of communication.
\n“Web conferencing and chat aren’t practical for every problem that emerges in the work-from-home environment,” Drumwright said. “It’s critical that business leaders and managers rethink the fundamental tools needed to keep employees connected while working at home. This means looking beyond proven video conferencing platforms and acknowledging that as folks are remote, not everything can be accomplished using the same tool.”
\n\n\n \n\n\n2. Don’t force video interaction.
\nIf online video conferencing is the only way you feel you can properly convey your message, then make the work environment more relaxed by easing up on requiring that your employees show their faces as well. Letting people participate without needing to transmit their image can ease some of the stress. “As a leader, try to set the example and be on video yourself, but if others don’t join you, don’t punish them for it,” Robertson said. “Having everyone jump on video once or twice a day is great, and should be encouraged, but not required.”
\n3. Understand that life can get in the way.
\nRemote workers likely juggle several things at once, such as child care. As a result, you should be flexible if things don’t work out when trying to set up or run a meeting. Unless a remote worker is absolutely needed on the spot — and then they should be well aware of that fact — give them some flexibility in setting their own schedule.
\n“If you hear kids in the background, don’t get embarrassed or annoyed, rather lean into it,” Robertson said. “Use it as an opportunity to get to know each other better, and occasionally get those kids into the call.”
\n4. Find other approaches to video.
\nIf you absolutely need a way to keep tabs on your employees or want to show solidarity in your new work-from-home realities, try finding alternative ways to keep connected. For example, Robertson said his company’s Bhive platform allows for its users to see each other while working “side by side.”
\n“I’m on all the time, and anyone can see me in my home office whenever they want,” he said. “A big difference is the camera is off to the side, and wide angle, so it’s not in your face. It’s a much more comfortable way to work on video and still give us that continuous connection that people crave now.”
\n5. Encourage frequent short breaks
\nResearch shows that taking frequent short breaks throughout the day boosts energy levels and staves off work-related exhaustion. The result is happier, more productive employees and a reduced risk of occupational burnout becoming a serious problem for your organization.
\nEncourage your employees to step away from work periodically throughout the day. Coach them to unplug during lunch and to find time to take a walk when the workload allows. While your employees won’t be at their desk for every minute of their shift, empowering them to take these frequent breaks will make the time they are present all the more valuable.
\nPreventing burnout is a team effort
\nEmployees and employers need to work together to prevent Zoom burnout (and occupational burnout, as well.) Employers should create space for their employees to unplug, as well as understand when a video call is necessary and when it isn’t. Employees also need to recognize the importance of working at a healthy pace and managing their time wisely. Periodic wellness check-ins in addition to typical workplace meetings can help managers gauge how employees are feeling and course correct accordingly. After all, creating a happy and healthy workplace is a team effort.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1598","_score":2,"_source":{"canonical":"https://vaylees.com/15330-retired-americans-to-keep-working.html","displayModified":"2023-10-20T18:36:47Z","docType":"article","editorsPick":false,"href":"15330-retired-americans-to-keep-working.html","id":"1598","ID":1598,"isSponsored":false,"published":"2019-11-13T18:45:00Z","site":"bnd","stream":"Retirement doesn’t mean the same thing it used to; most Americans expect to keep working even if they can retire from their career.","subtitle":"Retirement doesn’t mean the same thing it used to; most Americans expect to keep working even if they can retire from their career.","title":"Most Americans Expect to Keep Working in Retirement","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Build Your Career","slug":"build-your-career"},"sub":{"name":"Work-Life Balance","slug":"work-life-balance"}},"meta":{"robots":"index, follow","description":"Surveys suggest that most Americans expect to keep working in their retirement, citing the desire to stay sharp, engaged and financially stable."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074608/Older_Worker_Getty_gustavofrazao.jpg","caption":"gustavofrazao / Getty Images","alt":""},"content":"For roughly eight decades, retirement for many Americans meant living out one’s golden years with loved ones and supporting themselves through Social Security, which they’d paid into for so long. Yet recent studies show there’s a growing contingent of middle-aged and older Americans who expect their retirement will be spent at least partially working.
\nThe dream of retiring from work for good, though, seems to be fading away. For some workers, it is an economic necessity to keep working at least part time well into retirement, while for others, it is a choice to continue pursuing jobs that provide fulfillment and social opportunities. Could the future of retirement look a lot different than it did for previous generations? And what are the factors driving Americans to work long after their careers have ended? Read on to find out.
\n\n\n \n\n\nHow many Americans plan to work in retirement, and why?
\nRecent surveys and research suggest the nature of retirement is changing. This period of life will no longer be one solely of leisure for the majority of Americans; most people expect to continue working in at least some capacity.
\nAccording to a 2022 survey conducted by financial advisory firm Edward Jones and consulting firm Age Wave, 59 percent of older Americans expect to continue working in retirement. Of those respondents, 22 percent were hoping to work part time, 19 percent sought to cycle between work and leisure, and 18 percent expected to continue full-time work.
\nThe survey also found that many Americans expect to survive until at least 100 years of age. With that expectation, respondents said, comes the fear of becoming a financial burden on their families. That’s led to an increase in the number of older adults who continue working even after they’ve left their careers behind. In fact, the number of U.S. workers age 75 or older is expected to increase by 96.5 percent by 2030, according to the U.S. Bureau of Labor Statistics.
\nThat trend may have been compounded by the COVID-19 pandemic and accompanying economic turmoil. During the pandemic, millions of Americans chose to retire early — only to return to work as the pandemic subsided. As inflation and supply chain challenges have increased the cost of living dramatically since COVID-19 first emerged, many have found their savings and Social Security income alone are not enough to rely on and, therefore, have sought some form of work to supplement their income.
\n\n\n \n\n\nDelayed retirement trend is nothing new
\nWhile the COVID-19 pandemic and subsequent economic challenges, such as inflation, have increased the number of Americans working past their expected retirement, it’s not a new trend. In TD Ameritrade’s 2019 Unretirement Survey, researchers found that most middle-aged and older Americans “plan to work 20 hours per week or more” after they’ve officially retired. Christine Russell, senior manager of retirement and annuities at TD Ameritrade, said that sentiment reflects a major shift in how workers view their futures.
\n“Gone are the days of retirement being seen as an essential, defined life stage, where an employee could expect to work for a company long-term and be taken care of after retiring,” Russell said. “As the workplace landscape continues to evolve, Americans are going to need to make an assessment about what their retirement trajectory may actually look like and plan accordingly.”
\nThe survey polled 2,000 U.S. adults about their retirement prospects. Respondents were between the ages of 40 and 70 and had at least $25,000 in investable assets. Researchers divided the respondents by their age and by decade, resulting in four groups of 500 individuals.
\nAging out of retirement
\nWhile not strictly an American concept, retirement in the United States began with the passage of the Social Security Act in 1935, which set the official retirement age at 65. At that time, the average life expectancy at birth was 60 for men and 64 for women. Thanks to advances in modern medicine, however, the average life expectancy in the U.S. is now 76.4 years, according to the Centers for Disease Control and Prevention.
\nWith all of the planning that goes into retirement, middle-aged survey respondents said they anticipate having to work after their careers end because of a longer life expectancy. [Read related article: 5 Ways Small Business Owners Can Start Preparing for Retirement]
\nReasons to keep working
\nMost people would agree that getting a paycheck is a strong motivator to work. Yet, according to the survey, retirees who already spent their entire lives working to support themselves and their families expect to have other motivations for working through retirement.
\nAccording to the TD Ameritrade survey, 37 percent of respondents in their 40s and 50s said they planned to continue working after retirement “even if there is no financial need.” In fact, those in the youngest age group said they looked forward to volunteering, with 46 percent saying they already have or would consider volunteering at a nonprofit or community center.
\n\n\n \n\n\nNearly 30 percent of respondents said they have already taken small breaks in their retirement or would consider intermittent retirement. Furthermore, 53 percent of respondents said they would “rather work longer in their lifetime and have small one-year mini-retirement breaks than work without a break until retirement.”
\nThe main reason for this, the researchers said, was that 72 percent of respondents said they wanted to keep their mental acuity, while 67 percent wanted to curtail boredom and 58 percent desired social interaction. Still, 59 percent said their main motivation for working after retirement was to keep themselves financially solvent, which you can also prepare for by implementing proper retirement saving strategies at an earlier age. [Related: Self-Employed 401(k) FAQs]
\n\n\n \n\n\nRetirement as an evolving concept
\nWhereas retirement was once a time to leave work behind for good, many Americans now view it as a new phase of life in which their primary career or full-time job is over but working is not. As a result of financial constraints or a desire to stay active, many Americans are now reconsidering retirement and plan to work part time, consult or focus on their own business, which can give them the flexibility to enjoy their golden years while still bringing in a modest income.
\nTejas Vemparala and Dock Treece contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1825","_score":2,"_source":{"canonical":"https://vaylees.com/8231-small-business-cybersecurity-guide.html","displayModified":"2023-10-24T17:43:35Z","docType":"article","editorsPick":false,"href":"8231-small-business-cybersecurity-guide.html","id":"1825","ID":1825,"isSponsored":false,"published":"2019-08-21T18:30:00Z","site":"bnd","stream":"Cyberattacks can disrupt your business. This primer can help you stand up to bad actors. ","subtitle":"Cyberattacks can disrupt your business. This primer can help you stand up to bad actors. ","title":"Cyberattacks and Your Small Business: A Primer for Cybersecurity","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Security","slug":"security"}},"meta":{"robots":"index, follow","description":"Find out everything you need to know about cybersecurity for your business, including best practices and attacks to look out for."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075134/Computer_typing_Undrey.jpg","caption":"Undrey/Shutterstock","alt":""},"content":"According to Internet Live Stats, more than 145TB of internet traffic takes place each second. As such, the internet has become a digital Silk Road that facilitates nearly every facet of modern life. And just as ancient merchants were sometimes beset by bandits on the actual Silk Road, today’s entrepreneurs can easily find themselves under attack from cyber malcontents working to derail companies through theft and disruption.
\nYou may not know when an attack could occur, but taking proper precautions can hamper or completely stymie a hacker’s attempt to access your network. We’ve compiled info on why your small business could be at risk of a cyberattack and how to avoid a compromising situation with cybersecurity best practices.
\nWhy cyberhackers go after small businesses
\nAccording to Verizon‘s 2021 Data Breach Investigations Report, 46% of breaches impacted small and midsize businesses. Surprised? Don’t be. When it comes to starting a small business, new owners have many decisions to make and often leave cybersecurity measures by the wayside. Unless they focus on shoring up their defenses, they may inadvertently end up leaving points of entry wide open for hackers. That can be a major problem.
\nA joint report by IBM and the Ponemon Institute found that the average cost of a data breach increased by 10% in 2021, and Verizon’s data indicates that the cost of 95% of incidents for SMBs fell between $826 and $653,587. What’s more, these businesses often lack the resources to defend themselves successfully from attacks.
\nStephen Cobb, an independent researcher and consultant who studies technology and risk, said that small businesses fall into hackers’ cybersecurity sweet spot, since they “have more digital assets to target than an individual consumer has but less security than a larger enterprise.”
\nCouple that with the costs associated with implementing proper defenses, and you have a situation primed for intrusions. Since security breaches can be devastating to small businesses, owners are more likely to pay a ransom to get their data back. SMBs can also merely be a stepping stone for attackers to gain access to larger businesses.
\n\n\n \n\n\n\nCyberattacks to look out for
\n\n\nRegardless of their target, hackers generally aim to gain access to a company’s sensitive data, such as consumers’ credit card information. With enough identifying information, attackers can then exploit an individual’s identity in any number of damaging ways.
\nOne of the best ways to prepare for an attack is to understand the different methods hackers generally use to gain access to that information. While this is by no means an exhaustive list of potential threats, since cybercrime is a constantly evolving phenomenon, you should at least be aware of the following types of attacks.
\n\n- APT: An advanced persistent threat, or APT, is a long-term targeted attack in which a hacker breaks into a network in multiple phases to avoid detection. Once an attacker gains access to the target network, they work to remain undetected while establishing their foothold on the system. If a breach is detected and repaired, the attacker may have already secured other routes into the system so they can continue to plunder data.
\n- DDoS: A distributed denial-of-service attack occurs when a server is intentionally overloaded with requests until it shuts down the target’s website or network system.
\n- Inside attack: An inside attack occurs when someone with administrative privileges, usually from within the organization, purposely misuses their credentials to gain access to confidential company information. Former employees, in particular, present a threat, particularly if they left the company on bad terms. Your business should have a protocol in place to revoke all access to company data immediately when an employee is terminated.
\n- Malware: This umbrella term is short for “malicious software” and covers any program introduced into the target’s computer with the intent to cause damage or gain unauthorized access. Types of malware include viruses, worms, Trojans, ransomware and spyware. Knowing this is important because it helps you determine the type of cybersecurity software you need. [Related article: How to Tell if Your Computer Is Infected and How to Fix It]
\n- Man in the middle (MitM) attack: In any normal transaction, two parties exchange goods – or, in the case of e-commerce, digital information – with each other. Knowing this, a hacker who uses the MitM method of intrusion does so by installing malware that interrupts the flow of information to steal important data. This is generally done when one or more parties conduct the transaction through an unsecured public Wi-Fi network, where the hacker has installed malware that sifts through data.
\n- Password attack: There are three main types of password attacks: a brute-force attack, which involves guessing at passwords until the hacker gets in; a dictionary attack, which uses a program to try different combinations of dictionary words; and keylogging, which tracks a user’s keystrokes, including login IDs and passwords.
\n- Phishing: Perhaps the most commonly deployed form of cybertheft, phishing attacks involve collecting sensitive information like login credentials and credit card information through a legitimate-looking (but ultimately fraudulent) website that’s often sent to unsuspecting individuals in an email. Spear phishing, an advanced form of this type of attack, requires in-depth knowledge of specific individuals and social engineering to gain their trust and infiltrate the network.
\n- Ransomware: A ransomware attack infects your machine with malware and, as the name suggests, demands a ransom. Typically, ransomware either locks you out of your computer and demands money in exchange for regaining access, or it threatens to publish private information if you don’t pay a specified amount. Ransomware is one of the fastest-growing types of security breaches. [Related article: Ransomware Attacks Are on the Rise – Is Your Business Protected?]
\n- SQL injection attack: For more than four decades, web developers have been using Structured Query Language (SQL) as one of the main coding languages on the internet. While a standardized language has greatly benefited the internet’s development, it can also be an easy way for malicious code to make its way onto your business’s website. Through a successful SQL injection attack on your servers, bad actors can access and modify important databases, download files and even manipulate devices on the network.
\n- Zero-day attack: Zero-day attacks can be a developer’s worst nightmare. They are unknown flaws and exploits in software and systems discovered by attackers before the developers and security staff become aware of any threats. These exploits can go undiscovered for months or even years until they’re discovered and repaired.
\n
\nHow to secure your networks
\nAs more companies grow their businesses online, the need for robust cybersecurity measures grows in lockstep. According to Cybersecurity Ventures‘ 2022 Cybersecurity Almanac, worldwide spending on such products will increase to a cumulative $1.75 trillion for the period 2021 to 2025, up from $1 trillion cumulatively for 2017 to 2021.
\nSmall businesses looking to ensure their networks have at least a fighting chance against many attacks should be open to installing basic security software.
\nAntivirus solutions are the most common and will defend against most types of malware. A hardware- or software-based firewall can provide an added layer of protection by preventing an unauthorized user from accessing a computer or network. Most modern operating systems, including Windows 10 and 11, come with a firewall program built in. [Consider these five free (and legal) antivirus solutions for small businesses.]
\nCobb, the security consultant, suggests businesses invest in three additional security measures along with those more surface-level tools.
\n\n- Data backup solution: This will ensure information compromised or lost during a breach can easily be recovered from an alternate location. [Learn how to back up your computer to the cloud.]
\n- Encryption software: To protect sensitive data, such as employee records, client/customer information and financial statements, businesses should consider using encryption software. Learn more in our small business guide to computer encryption.
\n- Two-step authentication or password-security software: Use these tools with internal programs to reduce the likelihood of password cracking.
\n
\nAs you begin considering your options and the security measures you’d like to implement, it’s generally a good idea to run a risk assessment, either by yourself or with the help of an outside firm.
\n\n\n \n\n\nCybersecurity best practices
\nIn addition to implementing software-based solutions, small businesses should adopt certain technological best practices and policies to shore up security vulnerabilities. Your IT manager will play a significant role in all of these, so make sure this team member is up to the challenge.
\n\n- Keep your software up to date. Hackers are constantly scanning for security vulnerabilities, Cobb said, and if you allow these weaknesses to linger for too long, you’re significantly increasing your chances of being targeted.
\n- Educate your employees. Teach your employees about the different ways cybercriminals can infiltrate your systems. Advise them on recognizing signs of a data breach, and educate them on how to stay safe while using the company’s network. [Learn how to mitigate the damage of a data breach on your business.]
\n- Implement formal security policies. Putting in place and enforcing security policies is essential to locking down your system. Protecting the network should be on everyone’s mind since everyone who uses it can be a potential endpoint for attackers. Regularly hold meetings and seminars on the best cybersecurity practices, such as creating strong passwords, identifying and reporting suspicious emails, activating two-factor authentication, and not clicking on links and downloading attachments in emails.
\n- Practice your incident response plan. Despite your best efforts, there may come a time when your company falls prey to a cyberattack. If that day comes, it’s crucial your staff can handle the fallout. By drawing up a response plan, an attack can be quickly identified and quelled before doing too much damage.
\n
\nThe state of cybersecurity
\nEven though cybercrime is getting more sophisticated, so are the solutions. There are more than a dozen ways to secure your business’s devices and network and an increasing number of methods for secure file sharing. Even if you’re hacked, you can recover from a data breach. As threats continue to evolve, so will ways to combat them. By no means should you be complacent or take a lax approach to protecting your business, but as the word implies, cybersecurity is designed to keep your business digitally secure. So rest assured that if you follow the best practices, your company will likely be better off.
\nJeremy Bender, Andreas Rivera, Sammi Caramela and Nicole Fallon contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1279","_score":2,"_source":{"canonical":"https://vaylees.com/15750-get-business-loan-from-bank.html","displayModified":"2023-11-20T18:35:26Z","docType":"article","editorsPick":false,"href":"15750-get-business-loan-from-bank.html","id":"1279","ID":1279,"isSponsored":false,"published":"2020-07-30T12:06:00Z","site":"bnd","stream":"Need funding? A small business bank loan can be a good option, if you qualify for it. Here are some tips to make it easier to get a bank business loan.","subtitle":"Need funding? A small business bank loan can be a good option, if you qualify for it. Here are some tips to make it easier to get a bank business loan.","title":"How to Get a Bank Loan for Your Small Business","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Funding","slug":"startup-funding"}},"meta":{"robots":"index, follow","description":"If your business needs funding, a small business bank loan offers a good option, if you qualify. Here is what you need to know to get a bank business loan."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073952/Doc_Review_Getty_fizkes.jpg","caption":"fizkes / Getty Images","alt":""},"content":"Unless your small business is completely self-funded or backed by investors, you’re likely going to need a small business loan to help you start or grow your business. Commonly offered by banks, business loans offer a much-needed infusion of cash to help cover most costs, though many small business owners find it hard to be approved. When seeking a business loan from a bank, it’s important to keep the following information and tips in mind so you can get approved more quickly and easily.
\n\n\n \n\n\nWhat are the types of bank loans for small businesses?
\nWhen looking at potential financing options, here are some of the more common types of business loans to consider.
\nBusiness term loan
\nThis loan is your traditional bank term loan option, provided by a financial institution, and it operates similarly to a personal loan in some aspects. Businesses often seek this type of loan when they need funds for major investments, business upgrades, acquisitions or other major needs.
\nDepending on the agreement, these loans tend to feature a fixed interest rate, with the lender requiring a monthly payment or quarterly payment schedule. These loans also have a fixed end date, with intermediate-term loans running for three years or less and long-term loans running for 10 years or possibly longer.
\nLine of credit
\nWhen considering a business line of credit, think of it like a credit card. If approved, your small business is able to borrow up to a certain amount of money from the bank. As you accrue debt, you pay interest only on the amount you’ve used so far.
\nAs long as you stay within the credit limit, this option provides much more flexibility in how the money is used. This option is great for small businesses that have a steady flow of income, a decent credit history and, in some cases, are willing to put assets up as collateral. [Read related article: What Is a Revolving Line of Credit?]
\nEditor’s note: Looking for the right loan for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nCommercial mortgage
\nIf your business is looking to acquire a location to expand, a commercial mortgage is the type of loan you need. A commercial mortgage is secured through a lien on a commercial property and acts similarly to a home mortgage.
\nSuppose your credit history is nonexistent or unflattering. In that case, a bank can require that the business owner or any principals personally guarantee the loan, promising to pick up the tab in the event the business goes under. While most residential mortgages typically last for 30 years, commercial mortgages are significantly shorter.
\nEquipment lease
\nNot unlike leasing a car, an equipment lease spreads out the cost of a major equipment purchase over a set amount of time. Most lessors don’t need a large down payment on a lease.
\nOnce the lease has run its course, you can opt to return the equipment. Alternatively, you can pay the rest of the equipment’s value based on the life of the lease and the appreciation of the item in question. Though the monthly payments will be lower than the upfront cost of just purchasing a piece of equipment, it’s important to note that interest will add to the price tag.
\nLetter of credit
\nA letter of credit is a guarantee from a bank that a seller will receive the correct payment owed on time. The guarantee comes in two different flavors: seller protection or buyer protection. In the former, the bank agrees to pay the seller if the buyer fails to make their payments; this is generally offered for international transactions.
\nFunds for this type of letter are sometimes collected from the buyer upfront in a sort of escrow. Buyer protection is offered in the form of a penalty to the seller, like a refund. Banks provide these letters to businesses that apply for one and have the credit history or collateral required.
\nUnsecured business loan
\nAn unsecured business loan doesn’t require the borrower to provide any collateral against the amount they’re borrowing. Since it’s friendlier to the borrower than the bank, the lender charges a significantly higher interest rate than it would for a loan backed by collateral. This kind of loan is most commonly provided through an online lender or alternative lender, though traditional banks have been known to offer unsecured loans to customers with an existing relationship with the institution.
\nWithout any assurances in the form of collateral, unsecured business loans are often much harder to obtain than other loans. The inherent risk involved in an unsecured loan naturally means it will generally be offered as a short-term loan to alleviate the lender’s risk.
\nHow do you get a bank loan for your business?
\nFollow these steps to get the funding your business needs.
\n1. Research lenders to find the right one.
\nEvaluate the best business loans side by side across several factors to determine which loan fits your needs. Key factors include:
\n\n- Interest rate
\n- Rules and requirements, such as origination fees
\n- Qualifying criteria, such as credit scores and annual sales volume
\n- Collateral requirements
\n- How quickly you can get funding
\n- Additional paperwork requirements
\n
\n2. Get your financials in order.
\nAsk the bank what information it will need when going through the application process relative to the type of loan you’re seeking and the size of the request. To this end, you should generally try to have three years’ worth of business and personal tax returns on hand as well as year-to-date profit and loss figures, balance sheets, accounts receivable aging reports, and inventory breakdowns, if possible.
\nIf you have a CPA or bookkeeper, you can usually get all of that information from them. However, the best accounting software [See our QuickBooks review or Xero review] can just as easily generate most of that information as well.
\n3. Create a business plan.
\nIf you’re seeking a loan as a startup, it’s imperative that you also have your business plan drawn up. If you don’t have that laid out in writing just yet, there are plenty of free resources that you can use, including local Small Business Development Centers, SCORE and Economic Development Centers.
\n4. Estimate how much you’re going to need.
\nIf you need a loan for a one-time purchase or another financing option, it’s also important to have estimates for the work or purchase ready to show the loan officer.
\n“Lenders want to see that you’ve carefully thought through your business goals, know how much you need to achieve them and have a specific plan to use the money wisely,” said small business content writer Karen Axelton. “Whether your goal is to open a second location or buy new machinery, run the numbers to see how much it will cost. Also calculate how loan repayments will affect your business budget going forward.”
\n5. Complete and submit your application (and regularly check on it).
\nYour final step is to complete the loan application. This process will look different for each loan. For example, some banks tout their quick applications as a selling point, whereas SBA loans are known for their tedious, lengthy applications.
\nOnce you’ve filed your application, you’ll get an answer within a period that the bank has likely stated outright. Typically, this period is at least one week and is often much longer. The good news is that, since many bank loan applications are submitted online, your completed application should give you access to an online portal. You can usually track your application’s status and follow up with your contact at the bank to request updates.
\n6. Review the final loan offer.
\nAt the end of a successful loan application, the bank will draw up a loan contract specific to your business. You should go through this final loan offer carefully to make sure that everything looks right. All collateral, interest rate, term length and fee provisions in the contract should align with what you and the bank have previously discussed. If everything checks out, you’re all set to sign on the dotted line.
\n\n\n \n\n\nWhat are the requirements for getting a business loan?
\nWhen applying for a business loan, it’s imperative that you keep a bank’s requirements in mind. Each bank has its own loan application forms. Many institutions offer their applications online, though some still require you to fill out a paper form. The bank may have a preferred method of applying based on the loan amount and the kind of loan you’re seeking.
\nIn addition to how a bank prefers to receive a loan application, you should also pay attention to the prerequisites that a bank needs in order to be considered for approval. Many factors go into a potential approval, so prior to applying, be sure to check on the following:
\n\n- Credit score: A high credit score shows that you’re reliable when it comes to paying down your debt. A good credit score not only can make or break your application, but it also affects the interest rate and loan term length the bank offers you.
\n- Purpose of the loan: Some loans come with stipulations for how they’re used. For instance, a lease is generally used to obtain equipment, while a mortgage is for real estate purchases.
\n- Available collateral: If your credit score isn’t good enough, some lenders will make an exception if you can put some valuable items (usually property) up as collateral. If you fail to meet the agreement’s repayment guidelines, you can lose that collateral to the bank, which will likely sell the assets in question to recoup some of its losses.
\n- Cash flow: Banks want to know you have a steady income stream. Traditional lenders could be skittish about approving your loan without a consistent cash flow. Many lenders require a certain amount of revenue before even making such a consideration.
\n- Financials: Cash flow history is one type of document that the bank will want to see prior to approving a loan. You will also need to show well-researched financial projections for your business.
\n- Business plan: Any type of lender can ask for your business plan before reviewing an application. There are many resources available to help you get started on writing an effective business plan for your organization.
\n- Capital: Working capital refers to how much money the company has on hand to cover operating costs. You may be considered a high-risk investment if you don’t have any working capital.
\n
\n\n\n \n\n\nWhat are the benefits and risks of getting a business loan?
\nThe below pros and cons of small business bank loans are worth considering as you decide whether to apply.
\nBenefits of small business bank loans
\n\n- They come with inherent safety nets. Backed by the federal government, banks and most of their loans come with assurances that many nontraditional and online banking lessors don’t. Also, bank loans generally carry lower interest rates than loans from online lenders, minimizing your risk of taking on prohibitively expensive debt.
\n- They may offer longer terms. Often, you can repay a bank loan over a longer period than other types of business funding. This means that your monthly payments will be lower, easing the financial burden associated with loans. For example, a $100,000 loan you repay over 10 years requires $100,000/10 = $10,000 in repayments per year. That’s $833.33 per month, which is much more reasonable than paying back $100,000 over one year, or $8,333.33 per month.
\n- They may offer flexible use terms. Some bank loans don’t limit the ways in which you can use your proceeds. In cases where limitations do exist, minor deviations might not be a problem if you keep paying on time. Of course, you shouldn’t ignore or neglect your loan’s use terms; that would be highly ill-advised. However, with bank loans, you typically get more leeway if you accidentally make purchases outside your contract’s limitations and keep making timely payments,
\n
\nRisks of small business loans
\n\n- You could choose the wrong loan. After deciding that your small business would benefit from a business loan in the short term, you must nail down exactly what type of loan you want to pursue. Failing to do so can result in lost time, sunk costs and other major headaches for any small business. It’s how you lose resources you could put toward obtaining solutions that actually meet your needs.
\n- You could wait too long for funding. When you need funding sooner than later, small business bank loans might help only sometimes. That’s because it can take up to six weeks for your funds to be disbursed. At that point, the opportunity for which you need funding might already be off the table. Similarly, if you plan to use the loan proceeds for an urgent bill payment, slow funding disbursal could be a major risk.
\n- You could fail to repay. Obtaining the funding you need to grow your company doesn’t always guarantee business success. If your growth pursuits don’t lead to enough revenue to repay your loan, you could wind up defaulting. Your lender could then seize your assets, and you could have to file for bankruptcy. This is a risk inherent to any and all loans, but since bank loans are often larger, the risk may be especially pronounced.
\n
\nAlternatives to bank loans
\nAs a small business owner, you have many loan options to choose from for financing. Each type of loan comes with its own set of stipulations, requirements and other criteria that may make one a better fit for your financial situation and repayment abilities than others.
\nBank loans are not your only option. You can work with alternative lenders to secure the funding you need. Alternative lenders are an option to consider if your business doesn’t qualify for a traditional loan. Here are three alternative lending options to consider:
\n\n- Online loans: Online lenders are normally more flexible with loan qualifications, and the turnaround time is faster, but the rates may be higher than traditional loans. Lendio is one such online lender. You can submit an application through its secure interface.
\n- Microloans: Microloans offer a small amount of money to help you cover certain costs within your company. Microloans usually have a relatively low interest rate. The disadvantages of microloans include a shorter time frame to pay back the loan, and some lenders require that the money from the microloan be spent on specific expenses like equipment purchases.
\n- Invoice factoring: Through invoice factoring, you can borrow money against your clients’ unpaid invoices. To start, a factoring company will advance you between 80 percent and 90 percent of your unpaid invoices’ total. Then, the factoring company becomes responsible for collecting the unpaid invoices. Once client payment occurs, the factoring company sends you the remainder of your outstanding invoices’ total, minus fees.
\n
\n\n\n \n\n\nTerms to watch for in a business loan contract
\nBesides the type of loan you apply for, consider the details of the loan. Each loan comes with its own interest rate and loan term, among other points of consideration that are as equally important as the type of loan you take on. It’s important to read the contract in full to make sure there aren’t hidden terms or fees.
\nWhen applying for a bank loan, check the following:
\n\n- Rates: Aside from the amount of money you wish to borrow, the loan rate – otherwise known as the interest rate – is something you absolutely must determine. Loan rates differ based on the type of loan you’re seeking, the bank you’re borrowing the funds from and your personal credit score, among other things. When seeking out a business loan, you want one with a low interest rate, if possible. Depending on the type of loan, you may see rates range anywhere from 3 percent up to 80 percent annual percentage rate.
\n- Term: A business loan’s term is the length of time you have to pay the loan off. Like the loan rate, you generally want a shorter loan term if you can afford the payments. The longer your rate is, the more interest you will pay over time, and the more your loan will cost overall.
\n- Banking relationship: To be considered for a bank business loan, many institutions require that you have an existing relationship with them first. If this is not the case, you’ll need to open an account with a bank and establish a working relationship with it over time.
\n
\nBanking on success
\nSmall business bank loans can help you fund your boldest business goals if you qualify for them. Of course, the idea of taking on a substantial amount of debt to fuel your growth might seem intimidating. However, countless small business owners have successfully used loans to take their operations to the next level without incurring financial danger – and so can you.
\nMax Freedman contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1105","_score":2,"_source":{"canonical":"https://vaylees.com/15862-overtime-pay-and-how-to-calculate-it.html","displayModified":"2024-01-24T17:25:38Z","docType":"article","editorsPick":false,"href":"15862-overtime-pay-and-how-to-calculate-it.html","id":"1105","ID":1105,"isSponsored":false,"published":"2020-10-13T11:30:00Z","site":"bnd","stream":"Learn what overtime is and how you should dole it out to your employees.","subtitle":"Learn what overtime is and how you should dole it out to your employees.","title":"Overtime Pay and What It Means for Your Workers","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"If your employees are regularly working past their 40 hours a week, you are liable to pay them overtime. Find out what that means for your business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073613/Calculating_Getty_nesharm.jpg","caption":"nesharm / Getty Images","alt":""},"content":"Some weeks, there’s crucial work left over even after your full-time employees have put in their 40 hours. While you can ask your employees to complete extra work, it will cost you more than their usual hourly rate. We’ll explore overtime pay and what every small business owner should know to fulfill legal obligations and correctly compensate their employees.
\nEditor’s note: Looking for the right time and attendance system for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nWhat is overtime pay?
\nEmployees who work more than 40 hours a week are entitled to a higher pay rate for the additional work. This is called overtime pay. Federal overtime laws require employers to pay certain employees who work more than 40 hours in a week at least time and a half for the extra time they put in. For example, an employee who makes $30 an hour would receive $45 for each hour of overtime they work. (Time and a half is the minimum amount you must pay for overtime work; you have the right to pay employees more than that if you choose.)
\nOvertime has been part of American workforce law since the U.S. Department of Labor’s Fair Labor Standards Act (FLSA) was passed in 1938. Though it initially ruled that overtime didn’t kick in until an employee had worked 44 hours a week, lawmakers amended the FLSA two years later to reflect the move to a 40-hour workweek, lowering the threshold for overtime pay.
\nThese legislative changes came about after more than a century of workers’ rights activists and labor union groups calling for better working conditions. Workers in the 19th century regularly worked roughly 100 hours per week. It wasn’t until Henry Ford adopted five-day, 40-hour workweeks in his Ford Motor plants that the idea of “less work equals more productivity” took hold. However, the U.S. government had instituted eight-hour days for its employees as early as 1869.
\n\n\n \n\n\nWhich employees are entitled to overtime pay?
\nTo understand which employees are entitled to overtime pay, business owners must determine whether they’re categorized as exempt or nonexempt employees. The FLSA outlines how employers should classify employees; failure to correctly classify employees can result in costly penalties that can retroactively apply as far back as the employee’s hire date.
\nLaws regarding exempt versus nonexempt status vary slightly from state to state, so check your state’s specific requirements. However, there are some basic federal overtime rules to which you must adhere when classifying your employees.
\n\n- Exempt employees: Exempt employees are exempt from overtime pay. They are generally paid a salary rather than an hourly wage. They have a predetermined income instead of compensation based on the total number of hours worked. However, salary-based pay alone does not determine exempt status.
\n- Nonexempt employees: Nonexempt employees must earn at least the minimum wage per hour. They’re typically paid by the hour based on the number of hours worked in a given pay period. They’re eligible for overtime pay whenever they work more than 40 hours a week.
\n
\n\n\n \n\n\nHow do you determine an exempt employee?
\nAccording to the FLSA, an exempt employee can’t collect overtime if they are “paid on a salary basis at not less than $684 per week” and work as “bona fide executive, administrative, professional, and outside sales employees.” The Department of Labor also exempts “certain computer employees” from overtime pay regulations.
\nThe duties that make an employee exempt include managing at least two other employees and having the authority to hire or fire employees. You can find the full list of exempt duties on the Department of Labor’s website.
\nThree basic tests can help you determine how to categorize your employees. An exempt employee will meet the requirements of all three tests, but you should still consult legal counsel to determine their applicability to your employee’s specific job role and compensation. None of these qualities alone guarantees exempt status.
\n\n- Salary level test: An employee earns more than $35,568 per year ($684 per week).
\n- Salary basis test: An employee receives a guaranteed minimum compensation regardless of the time actually worked.
\n- Duties test: An employee who meets the exemption requirements of tests one and two must also perform one or more exempt job duties, including regularly supervising two or more employees, performing intellectual work that involves the use of discretion and judgment and requires specialized education, and performing significant support operations that require the use of discretion and judgment.
\n
\n\n\n \n\n\nWhen does overtime start for nonexempt employees?
\nAccording to the FLSA, overtime starts accruing the moment a nonexempt employee works more than 40 hours. It doesn’t matter if an employee works more than eight hours a day as long as they don’t exceed the 40-hour threshold for the entire week. However, some states also require daily overtime pay if an employee works more than eight hours in a 24-hour period.
\nSince the FLSA defines a workweek as “any fixed and regularly recurring period of 168 hours – seven consecutive 24-hour periods,” overtime can run as long as you need if you properly compensate employees for the additional time.
\n\n\n \n\n\nHow do you calculate overtime pay?
\nUnder federal law, overtime compensation is at least 1.5 times the employee’s regular pay rate (time and a half). There’s no maximum amount a company can pay to compensate someone for their overtime work, so businesses sometimes offer double pay or higher for overtime – usually when the shift being considered for overtime is particularly undesirable.
\nUsing the time-and-a-half rule of thumb, you’d calculate overtime pay by multiplying an employee’s hourly rate by 1.5 and then multiplying the result by the number of overtime hours they worked. You then add that total to the amount they make within a 40-hour workweek.
\nFor example, if an employee who makes $15 an hour worked 45 hours in a week, this would be the equation:
\n\n- Regular pay rate: 40 hours x $15 = $600
\n- Overtime pay: $15 x 1.5 x 5 hours = $125
\n- Total pay for the week: $600 + $125 = $725
\n
\nThe equation works regardless of how much overtime you offer your employees. Note that this equation applies to nonexempt employees only. The total pay for the week, including the additional payment for overtime, is subject to regular tax rates.
\n\n\n \n\n\nDo salaried workers ever get overtime pay?
\nOvertime gets confusing when it comes to salaried versus hourly employees. When most people talk about overtime, it’s typically in the context of a 40-hour workweek paid on an hourly basis. However, salaried workers aren’t paid by the hour.
\n>>Read More: Salary to Hourly Calculator
\nWhile it may be safe to assume salaried workers can’t collect overtime, Robert L. Föehl, business law and ethics professor at Ohio University, said that couldn’t be further from the truth.
\n“It is absolutely critical for employers to understand that paying a salary for a job does not automatically exempt that job from the overtime requirements of the FLSA,” he said. “Many employers do not intuitively understand this.”
\nAccording to Föehl, if you have salaried employees, you must determine whether they match the exemptions outlined in the FLSA, meaning “the minimum salary must be met and the required duties must be performed.”
\nWhat are the penalties for failing to pay overtime?
\nAs a small business owner, you don’t want to run afoul of the FLSA’s overtime rules. Failing to pay overtime opens you up to lawsuits from current and former employees, and you could also be liable for the unpaid overtime.
\nThe Department of Labor’s Wage and Hour Division investigates companies that violate overtime laws. Investigators recommend changes to ensure such violations don’t happen again. The employer might have to issue retro pay to pay any back wages owed to the affected employees. The employer may also have to pay a “liquidated damages” penalty, often calculated as the amount of back wages owed.
\nAs a result, failure to comply with the FLSA could cost 200% more than just paying the overtime in the first place.
\nViolations that appear to be committed on purpose could also result in fines of up to $10,000 and the threat of imprisonment if the business owner is a repeat offender.
\n\n\n \n\n\nFrequently asked questions about overtime pay
\nCan an employer require an employee to work overtime?
\nYes, an employer can require employees to work overtime. “As long as [the employer] pays the overtime rate of 1.5 times [the worker’s] regular wage, it’s legal,” said Grant Aldrich, founder and CEO of OnlineDegree.com. “The 40 hours for full-time workers set by the FLSA is a minimum, and the ‘maximum’ has no limit. As long as it doesn’t endanger the employee by putting their health at risk, the employer can require it.”
\nHow do bonuses and commissions affect overtime rules?
\nThough most of the conversation on overtime deals with a person’s salary or regular hourly rate, Föehl points out that you should factor in other forms of compensation, such as bonuses, when calculating an employee’s overtime pay. “If an employee gets a paid bonus based on work performance, that bonus must be included.”
\nHow does travel time factor into overtime?
\nUnder the FLSA, any travel away from home for work purposes during an employee’s workday is considered work time. An important distinction is that the travel from an employee’s home to the train station or airport is not considered work time, as it’s not so different from a regular commute. When sending an employee to a remote location for work, you must count the hours they traveled as part of their 40-hour workweek.
\nJocelyn Pollack contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2273","_score":2,"_source":{"canonical":"https://vaylees.com/11353-email-newsletters-drive-engagement.html","displayModified":"2023-10-20T17:05:29Z","docType":"article","editorsPick":false,"href":"11353-email-newsletters-drive-engagement.html","id":"2273","ID":2273,"isSponsored":false,"published":"2019-03-30T00:10:00Z","site":"bnd","stream":"Email remains an effective way to engage customers.","subtitle":"Email remains an effective way to engage customers.","title":"As Trust in Online Media Drops, Email Newsletters Drive Engagement","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Social Media","slug":"social-media"}},"meta":{"robots":"index, follow","description":"Email is still an effective way to engage customers."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080119/1554238032.png","caption":"Suteren/Shutterstock","alt":""},"content":"These days, it can be challenging to build trust with an audience. Amid cries of fake news and new technologies such as deepfakes that can distort our understanding of reality, research suggests consumers consider email newsletters one of the more reliable sources of information.
\nBusinesses of all sizes can use email newsletters to reach highly engaged audiences. Read on to learn how to build trust and engagement through this channel and how to use email newsletters as a marketing tool.
\n\n\nWhy consumers still trust email
\n\n\nIn our age of information overload, media outlets may find it hard to break through the noise to earn their customers’ attention and trust. Americans’ trust in the news media, for example, is at its lowest point ever (26%), according to a report from the Reuters Institute.
\nSocial media has been the top marketing channel. However, according to a recent survey of 1,600 marketers commissioned by sales and marketing platforms HubSpot, Litmus, Rock Content and Wistia, almost all companies still consider email marketing an effective part of reaching their business goals. The survey found that companies use email to improve customer loyalty and retention, increase revenue, generate leads, generate online traffic and increase brand awareness.
\nAccording to presentation firm Storydoc, more than 90% of Americans subscribe to at least one email newsletter and 74% subscribe to between one and 10. Given that people must submit their email address to receive a newsletter in the first place, researchers said there’s an inherent trust between the publisher and the reader.
\nBecause the average person largely distrusts social media and sites such as Facebook “control the traffic publishers receive,” publishers have been forced to find other avenues to reach readers, said Jeff Kupietzky, CEO of audience engagement technology company Jeeng.
\n“Publishers are desperately seeking alternative channels to directly engage audiences, where they know their audiences will be guaranteed to see their content and the audience trusts the source,” he said. “This data proves that email fits the bill perfectly for both guaranteed distribution and as a trusted channel.”
\n\n\n \n\n\nHow to boost advertising through newsletters
\nEmail newsletters also can be used to help online advertising. For publishers, advertising that drives traffic to a landing page has long been an effective strategy with a good return on investment. Yet, just as distrust in the media has increased because of outside influences, online advertising has been affected by a change in the public’s perspective. According to SEO firm Backlinko, 27% of U.S. internet users now block ads.
\nEven though most users actively try to avoid seeing advertising on the internet, email newsletters that come from a trusted destination can drive ad engagement and click-throughs. Additionally, by making a direct connection with customers, emails feed back a wealth of data to inform strategic marketing decisions.
\nAccording to the HubSpot survey, “Understanding what the ideal customer wants can influence adjustments to a brand’s go-to-market strategy, desired communication frequency, and product and promotion rollouts – all contributing to long-lasting customer loyalty.”
\n“Consumers recognize that the ‘free’ content they enjoy in emails and online does come at a cost, and they’ve proven willing to ‘pay for it’ by accepting ads,” Kupietzky said. “However, our research shows that trust and relevancy are also extremely important to keep from alienating audiences. That’s why working with a monetization partner who can help make the right matches between advertisers and publishers is so important.”
\nHow to build trust and engagement with email newsletters
\nAs with any marketing tool, it takes time and planning to effectively hone an email marketing strategy.
\nThe first step is to determine which email marketing software best supports your needs in developing the newsletter and building an email list that suits your business. We’ve analyzed and selected some of the best email marketing platforms for launching an email newsletter. To learn more, see our Constant Contact review, our review of Benchmark and our Salesforce Marketing Cloud review.
\nOnce you’ve selected your ideal platform, follow these tips for building customer engagement with your audience:
\n\n- Produce great content. People are more likely to open, read and click links in your emails if they find the content informative, entertaining or otherwise valuable.
\n- Understand the different types of data that marketers can collect. Zero-party data, provided directly to a brand by a subscriber, is ideal. Third-party data aggregated by outside sources is generally less effective at driving engagement and sales.
\n- Continually monitor the market environment. For example, a recent change at Apple has a significant impact on the data that marketers receive from subscribers on the Apple Mail app. The European Union’s General Data Protection Regulation has also brought some changes to email marketing.
\n- Know which numbers matter. For example, having 10,000 subscribers can be more helpful for marketers than having 100,000 subscribers if the latter group lacks interest in your product or service.
\n- Learn how to grow your email list and maintain it. Doing so will ensure your list remains accurate and up to date and, in turn, improve open and click-through rates.
\n
\n\n\n \n\n\nThe benefit of unsubscribes
\nTrust and engagement may be higher when consumers trust the source, but sometimes people end up cutting ties with a publisher or brand. While that’s not an ideal situation for publishers or advertisers, researchers found that both parties can find a silver lining in the process.
\nAccording to the survey, 75% of respondents said they choose to unsubscribe from a newsletter if they no longer wish to receive it. That’s a better alternative for publishers than having their emails marked as spam.
\nEmail providers such as Gmail and Outlook have robust anti-spam features that automatically send messages from certain addresses straight into the spam folder. If more and more users mark messages as spam, these email providers will eventually deliver those messages directly into the spam folder as well, leaving their contents unseen.
\nResearch has found that just 25% of recipients mark unwanted emails as spam. Officials said this “points to respect for the brand” from the remaining 75% of respondents and a “desire to do no harm just because their interests change.”
\nWhy email remains an essential marketing tool
\nConsumers have no shortage of sources to consult for information. However, the commitment they imply by sharing their email address creates a bond between the brand and the audience. As it becomes increasingly challenging for the public to identify credible sources, being a trusted voice gives email marketers and publishers a leg up in converting their audience into longtime customers.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1293","_score":2,"_source":{"canonical":"https://vaylees.com/15743-what-is-a-business-microloan.html","displayModified":"2023-11-08T18:10:15Z","docType":"article","editorsPick":false,"href":"15743-what-is-a-business-microloan.html","id":"1293","ID":1293,"isSponsored":false,"published":"2020-07-13T15:00:00Z","site":"bnd","stream":"If your company needs a short-term, low-interest infusion of funds, a microloan could be exactly what you're looking for.","subtitle":"If your company needs a short-term, low-interest infusion of funds, a microloan could be exactly what you're looking for.","title":"How a Microloan Can Help Your New Small Business","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Funding","slug":"startup-funding"}},"meta":{"robots":"index, follow","description":"Find out what business microloans are, who provides them, their benefits and downsides, and how to qualify."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074007/Loan_Docs_Getty_fizkes.jpg","caption":"fizkes / Getty Images","alt":""},"content":"If you’re starting a business and need money to launch or are trying to grow your small business and need money to hire employees or buy new equipment, you’ve likely considered applying for a loan. But if you don’t have an extensive credit history, many mainstream lending options may not be available to you. Fortunately, a lesser-known solution called a microloan can give you a small injection of cash with reasonable interest rates while bolstering your company’s local economy.
\nEditor’s note: Need a loan for your business? Fill out the below questionnaire to have our vendor partners contact you with free information.
\n\n\n \n\n\nWhat is a microloan and how does it work?
\nMany small business loan options are available. Each loan type has its own stipulations, payment periods, interest rates and qualification requirements. Microloans, a type of microfinancing, are no different.
\nA microloan is a small loan ranging from $500 to $50,000 that must be paid back on a short-term basis. These loans tend to have interest rates between 2.25% and 18%, and are awarded with the intent of helping small businesses get off the ground and continue to grow. Generally provided by nonprofit organizations, these loans make up only a small fraction of business loans in the U.S. In fact, American Express once estimated that only 400 financial institutions offer microloans to entrepreneurs.
\nIn many instances, the U.S. Small Business Administration (SBA) acts as an intermediary lender, providing nonprofits with the funding for microloans through the SBA microloan program. Though the SBA’s loan program does not “review, underwrite, or have the authority to approve or deny a microloan,” the government agency does set guidelines for the microloan program, such as the previously mentioned $50,000 maximum amount. Other regulations include a maximum loan term of six years, a stipulation that the funds can’t be used to pay off existing debt or purchase real estate, and a requirement for the microborrower to attempt to get a loan from a private source prior to applying for a microloan.
\nMicroloans are useful for short bursts of capital that you’ll use for things like buying inventory, paying employees and swallowing seasonal costs. They’re also a great way to help your business build credit.
\n\n\n \n\n\nWho should consider obtaining a microloan?
\nAt their foundation, microloans are built to help small businesses get up and running. As such, if you’re looking to get a small amount of funding quickly to start a business and don’t necessarily have good enough credit to obtain a loan from traditional lenders, a microloan could work for you. Microlenders generally have less restrictive loan requirements, which makes these loans significantly easier to obtain than other options.
\nAlong with helping small businesses get off the ground, many microlenders use their loans to combat existing inequities in the way capital is provided to small businesses in certain parts of the country. While it’s difficult for any up-and-comer to obtain a traditional bank loan for a small business, the odds of being turned down for funding are substantially higher for women and people of color than for their white male counterparts. The prospects are even worse in predominantly nonwhite struggling communities.
\nTo that end, microloan lenders or mission-focused/mission-based lenders tend to provide these loans to minority- or female-owned businesses, businesses serving disadvantaged communities, or low-income entrepreneurs. That’s not to say that companies owned by white men can’t get a microloan, but lenders tend to consider whether the overall scope of a microloan borrower and their business is in line with their own overarching missions. [See the biggest challenges women entrepreneurs face.]
\n\n\n \n\n\nHow can you qualify for a microloan?
\nSince microloans are often seen by professionals as a type of starter loan to help a business build credit before moving on to a traditional loan, newer entrepreneurs generally find them significantly easier to obtain than normal loans. While the process for microloans is faster and less stringent, experts suggest there are still some things you can do to prepare for the application process.
\nThe following steps are actions you can take now as a new small business owner to improve your chances of being approved for a microloan.
\n1. Establish a business plan.
\nAs a newly minted entrepreneur, you’ve likely already created a general business plan for how you will grow from a startup operation to a profitable company. If you previously applied for a business loan from a traditional bank, then you’ve likely already completed this step as well. The ability to show prospective lenders your strategic plans and prove how seriously you take your enterprise will give some peace of mind to the lending organization. But if you haven’t created a business plan yet, you need to outline how your company will make money, what goods or services the business will deal in, and how you will attract new customers, among other things.
\n2. Get your credit and financial houses in order.
\nWhen you apply for any type of loan, it’s crucial to take a closer look at your monetary situation. The proper calculations of how much you can repay each month give you a baseline for how much you can realistically borrow and how long your repayment period should be. Even though a microlender is generally more relaxed about the money they provide to small businesses, they still need to be paid back. Failure to do so can spell just as much financial trouble as defaulting or deferring on a traditional loan.
\nYou should also make sure your business and personal credit scores are in good shape. Even though microloans are typically suited for businesses with little to no credit, lenders often look at an applicant’s personal credit history to see how that person handles their own money. Find errors in your credit report and have them corrected, lower your own credit balances if possible, and clean up some other aspects of your report. When that’s done, you should be an easier approval for most lenders. [Read related article: Factors That Keep You From Getting a Small Business Loan]
\n3. Prepare collateral or a loan guarantee.
\nMicroloans are provided to small businesses and entrepreneurs with little to no credit history. Without a reliable record to see how trustworthy a borrower is, most lenders will require some assurance in the form of business collateral. Offering some valuable piece of property as collateral can prove to the lender that you’re committed to paying the balance back in full. If you default on the loan, you will lose that collateral and your credit score will take a hit.
\nWhat are the benefits and downsides of microloans?
\nWhile there are many reasons microloans are a huge benefit to the small businesses they serve, they also have some limitations that can hamper their overall usefulness. Below are some of the pros and cons of microloans.
\nThe benefits of microloans
\n\n- Less-stringent qualification criteria: The entities that offer microloans typically approve borrowers with lower credit scores than other lenders might accept. This alone makes microloans easier to qualify for than other funding sources. Many microloan providers are also less strict about other qualification criteria, such as annual revenue, further lowering these loans’ access barriers.
\n- More accessible to marginalized groups: Many microloans come from organizations with a mission of empowering marginalized groups, including both business owners and laypeople. As such, some microloans are only available to marginalized people who own businesses or companies that serve areas with high populations of marginalized people. In either case, microloans may be more accessible to you than traditional loans if you meet these criteria.
\n- Easier application with faster funding: Often, microloans disburse the business funding you’ve requested more quickly than other financing sources. The application process for these loans may also be less tedious and strenuous than with other types of funding. This combination ranks microloans among the most efficient funding options available.
\n- Less risky: Microloans’ smaller sizes mean that if you struggle to repay the loan amount, you generate fewer expenses. The interest on an unpaid $2,000 loan, for example, is much smaller than on a $300,000 loan. Plus, if you pledge collateral, the lender can recoup their $2,000 without seizing major assets, like property or a vehicle.
\n
\nThe downsides of microloans
\n\n- Relatively high interest rates: Some microloans’ interest rates can be as high as 18%. That’s lower than the interest rates you’ll find with some other loan types, but the SBA’s microloan rates rank among the highest the agency provides.
\n- Small loan amounts: If you’re looking for funding that exceeds $50,000, a microloan may not be the right choice for you. Microloans not covered by the SBA can go up to $100,000, but those are generally provided to larger businesses.
\n- Short repayment terms: Similarly, if you need a repayment term longer than six years, you likely won’t be able to find a microloan that suits you. Longer payment terms present higher risks for lenders, who already take on more risk to offer microloans in the first place.
\n
\n\n\n \n\n\nMicroloan providers
\nThe following organizations provide microloans to small businesses. Check with each lender to find out if any lending requirements have undergone recent adjustments prior to applying. Loan amounts and regulations are always subject to change, so it’s critical to read any loan contract carefully before you sign.
\nSBA
\nThe most popular provider of microloans is the U.S. Small Business Administration. The SBA provides up to $50,000 in loan funding to help small businesses launch or expand operations. On average, the SBA awards $13,000 in funds per microloan, and most of these loans must be paid back within six years. The U.S. Treasury sets the interest rate for SBA microloans, but they typically average between 8% and 13%. [Find out how SBA loans differ from conventional loans.]
\nUSDA
\nThe USDA microloan program is designed to help farmers who are just starting out or are looking to enter a farming niche. USDA microloans include direct farm operating microloans and direct farm ownership microloans. Each loan program has a maximum limit of $50,000, and applicants can apply to both programs. Repayment terms vary but do not exceed 25 years.
\nGrameen America
\nGrameen America is a nonprofit that helps female business owners. To qualify for one of its microloans, the organization asks that you form a small group of five female professionals and attend financial seminars together. At the end of the program, each participant receives a microloan of, at most, $2,000.
\nNonprofits
\nNonprofits that serve certain regions of the United States can be an additional source of microloans. For instance, Accompany Capital (formerly known as the Business Center for New Americans) provides microloan financing between $500 and $50,000 to businesses operating in New York City. Additionally, the nonprofit Accion offers a microloan that is among our picks for the best business loans. This microloan starts at $500 and comes with resources and opportunities for networking, education, coaching and training.
\nStart small, grow big
\nMicroloans are among the most accessible, lowest-risk funding opportunities for small businesses. The limited hurdles for approval and the modest loan amounts mean that with this type of capital assist, you can start small and grow big. For many business owners, that’s exactly the goal. Take the next step by reading our guide to choosing a business loan.
\nMax Freedman contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1666","_score":2,"_source":{"canonical":"https://vaylees.com/7315-future-of-email-marketing.html","displayModified":"2023-10-24T15:18:50Z","docType":"article","editorsPick":false,"href":"7315-future-of-email-marketing.html","id":"1666","ID":1666,"isSponsored":false,"published":"2019-10-20T16:10:00Z","site":"bnd","stream":"Considering email marketing for your SMB? Keep these trends and strategies in mind.","subtitle":"Considering email marketing for your SMB? Keep these trends and strategies in mind.","title":"Better Data and Personalization Are the Future of Email Marketing","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Email marketing is evolving to help businesses grow. Learn how artificial intelligence, machine learning and cloud technology will affect email marketing."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073537/Email-marketing_juststock_Getty-Images_BDC.png","caption":"juststock / Getty Images","alt":"person checking email on computer"},"content":"Email has become a ubiquitous communication platform that marketers have jumped on to reach their target audiences. Most brands understand that an email marketing strategy is crucial. However, many don’t grasp the mindset of today’s savvy buyers, who aren’t impressed by a one-size-fits-all approach.
\nEditor’s note: Looking for the right email marketing service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nAs internet technology and email access shift with new devices and standards, businesses must update and optimize their email marketing strategies to keep up.
\n\n\n \n\n\nThe future of email marketing
\nAccording to Statista, there will be 4.6 billion global email users by 2025. The communication medium is a no-brainer for brands seeking to reach their target customers directly. However, capturing the attention of qualified leads isn’t easy. Content must strike a delicate balance between sharing valuable information and pointing people toward your brand.
\n“The key has been properly managing email content that is educational and serves the reader with helpful information and promotional emails that lead to your product or service,” explained Crystal Sheffield-Baird, strategic content storyteller at Crystal Clear Storytelling. “Too much promotion and people will unsubscribe; not enough and people will forget what your business is about, and they won’t become customers.”
\nBrands need a personalized approach to engage consumers and must adopt technological advances to maximize conversions. Consider the following email marketing trends and predictions to create a successful email marketing strategy that engages consumers, converts leads, and boosts brand awareness.
\n\n\n \n\n\n1. Machine learning, AI and cloud technology will change how we think about email marketing.
\nAs in most industries, machine learning, artificial intelligence (AI) and cloud computing are shifting the email marketing landscape, enabling marketing automation that tailors messages to an intended audience based on customer data.
\n\n- Machine learning and email marketing. Email marketing is evolving into tailor-made recommendations for precise products consumers need. Machine learning algorithms generate personalized marketing based on a consumer’s previous searches. Personalization increases engagement and boosts the likelihood of conversion.
\n- AI and email marketing. Kent Lewis, president and founder of Anvil Media, said AI will “bring new and improved capabilities to email marketing” to ensure campaigns comply with privacy regulations like GDPR (General Data Protection Regulation) and give small business owners the tools to create email campaigns without huge budgets. “AI will automate and improve many aspects of email planning and management,” Lewis noted. “For example, AI can make quick work of what used to be elaborate and time-consuming A/B and multivariate tests.” Lewis explained that AI can help understand predictive behavior, optimize send times, and further personalize messages.
\n- Cloud computing and email marketing. Stacy Caprio, owner of Her.CEO, says technologies like cloud-based computing are playing a role in email marketing. Service providers like Brevo (formerly Sendinblue), Zoho Campaigns and Amazon Simple Email Service (SES) are game changers in the industry that Caprio believes will end up “lowering costs for everyone” since high-volume email marketing lists can be expensive for a small business’s needs.
\n
\n\n\n \n\n\n2. Personalization is crucial in email marketing.
\nWhether your email marketing strategy targets individuals or other businesses, one thing remains certain: People want to feel like their specific needs and interests are being met. People are more likely to delete emails that are overly promotional or unrelated to their interests. They may even mark these messages as spam.
\nHere’s some expert advice on personalizing your email marketing messages:
\n\n- Personalization is more than a name. Personalization means more than adding a recipient’s name. “People simply open and react to emails that are tailored to them, but including their name and workplace is not enough,” advised Jakub Kliszczak, head of marketing for YouTube channel Ali Abdaal. “Taking it to the next step — personalizing the email according to the website they’ve been on recently or things they like or recently did — is much more powerful. This sense of familiarity creates trust, which, especially nowadays, is key to creating a relationship.”
\n- Hyper-personalization is the future. Olga Mykhoparkina, founder of B2B software company Quoleady, says hyper-personalization is the future of email marketing. While email marketers already focus on customer segmentation based on general demographic and psychographic data, Mykhoparkina believes most marketers can do more to drive engagement. “No matter how segmented our lists are, we can always go one step further and make our emails even more personalized,” Mykhoparkina noted. Mykhoparkina suggests adding steps to the email opt-in process, including asking subscribers the type of content they want to receive. While extra steps may decrease sign-ups, you’ll gain more engaged subscribers.
\n
\n3. Interactive email will more easily bridge the gap to a sale.
\nToday, email services are generally relegated to a specific application or web address. However, email marketing experts believe more interactive emails will take the industry by storm.
\nFor example, we could start seeing emails that look and operate like miniature web experiences. With features like enticing video content, interactive CTAs (calls to action), and in-email instant messaging, email marketing materials could become portals to products or services for customers.
\n“The more interactive you can make something, the more people look forward to using it,” explained Zarar Ameen, CEO of CANZ Marketing. “There’s tons of space for email marketing to grow in terms of interactivity.”
\nInteractive emails could increase customer engagement and click-through rates, eventually converting more customers. Combined with AI technology, Lewis said, interactive components could “pull user-generated content into emails dynamically, creating more compelling storytelling and increasing read and engagement rates.”
\n\n\n \n\n\n4. Captivating storytelling will drive email marketing.
\nEverybody loves a good story. If your small business has one, your email marketing should share it. Tasmin Lockwood, tech reporter at Business Insider, says customers want to cement their brand relationships, and email newsletters are an excellent way to do so.
\nSending newsletters helps consumers connect to your business. “[Newsletters] give insight to employees, culture, social consciousness and plans for the future,” Lockwood explained. “As a result, the customer feels like they are on a journey alongside the company.”
\nLockwood says email newsletters don’t have to be about your business exclusively. They can share industry news, tips and pertinent advice, cementing your brand as an expert source of information. “This keeps existing customers in the funnel, represents value-added content for new prospects, and generally keeps customers engaged without having to go to your site,” Lockwood noted.
\n5. User-generated content will become more common in marketing emails.
\nCustomers are more likely to buy products that other people recommend. When you include user-generated content in your marketing emails, you demonstrate that actual people buy what you sell. More importantly, you show that consumers enjoy your product enough to share it with the world.
\nTo obtain quality user-generated content, set up a system that automatically sends emails after purchases asking customers to leave reviews with photos. You can include these reviews and photos in your emails to leads. You won’t have to pay any extra money for this content, making it a great form of free email marketing.
\n\n\n \n\n\n6. Data privacy will be paramount.
\nData privacy regulations like the GDPR and the California Consumer Privacy Act reflect increasing customer concerns over data privacy. This trend is sure to gain additional traction moving forward.
\nAddressing your customers’ privacy concerns can be as straightforward as stating that your emails adhere to Payment Card Industry (PCI) compliance and GDPR standards. You should also send emails whenever you change your privacy terms. These updates — and every email — should come with opt-out opportunities. This way, if customers feel uncomfortable with your data practices, they can unsubscribe and safeguard their information.
\nThe best email software for data and personalization
\nThe best email marketing software can help your business face the future of email marketing. When you’re evaluating email marketing software and services, ensure they provide crucial features like email triggering, segmentation and database maintenance tools. You want to be ready to reach your audience in creative, effective ways that leverage the latest technology.
\nConsider the following email marketing solutions that leverage personalization and the latest trends:
\n\n- Constant Contact. Constant Contact is an excellent small business email marketing solution. Its affordable plans and easy-to-use tools can help you reach your target audience effectively. Read our in-depth Constant Contact review to learn more.
\n- Salesforce Marketing Cloud. Salesforce Marketing Cloud is a feature-rich platform with CRM functionality that includes data-driven email customization features. Check out our complete review of Salesforce Marketing Cloud to see if it’s the right solution for your business.
\n- Freshmarketer. Freshmarketer by Freshworks helps businesses send promotional emails, newsletters, event invitations, product updates and much more. Read our Freshmarketer review to learn more.
\n
\nWith the right tools, your business will be prepared for the future of email marketing and reaching your audience in new, creative and effective ways.
\nTejas Vemparala and Max Freedman contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1624","_score":2,"_source":{"canonical":"https://vaylees.com/9-tax-and-business-forms-needed-to-start-a-small-business.html","displayModified":"2023-11-29T17:31:09Z","docType":"article","editorsPick":false,"href":"9-tax-and-business-forms-needed-to-start-a-small-business.html","id":"1624","ID":1624,"isSponsored":false,"published":"2019-11-05T20:30:00Z","site":"bnd","stream":"Starting a business requires careful attention to specific tax and business forms. ","subtitle":"Starting a business requires careful attention to specific tax and business forms. ","title":"Tax and Business Forms You’ll Need to Start a Small Business","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Basics","slug":"startup-basics"}},"meta":{"robots":"index, follow","description":"Entrepreneurs must file the correct tax and business forms when starting their ventures. Learn about the tax forms needed to maintain a good tax standing."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074653/Taxes_DanRentea_Getty-1.jpg","caption":"DanRentea / Getty Images","alt":"business owner calculating taxes"},"content":"Staying on top of taxes and tax concerns is crucial when you start a business. Conducting business in the United States without properly managing tax payments to the local, state and federal government can result in massive fines, persistent bank liens or the government stepping in to shut you down.\\
\nWe’ve listed critical forms and requirements to address and gathered tips to help entrepreneurs and new small business owners ensure all tax obligations are handled correctly.
\n\n\n \n\n\nTax and business forms to address when starting a business
\nEntrepreneurs have several immediate administrative concerns when starting a business. We’ll look at the necessary forms to file and the steps you must take to set up and monitor your venture’s tax obligations properly.
\n1. You must file to register your business’s structure.
\nYour business’s legal structure affects the taxes you’ll pay, the forms you’ll file and the financial and legal benefits you’ll receive. There are many business structures to choose from. However, most small businesses establish themselves as a limited liability company (LLC), a sole proprietorship or a partnership of some kind.
\nYour business location and structure will dictate how and where you must register your company. You will have to file within the state where your business will operate. The SBA’s business registration website provides ample online resources to help you register your business correctly in your state.
\nVarious legal structures use the following forms when filing their taxes:
\n\n- Partnerships: As a partnership, you’ll likely fill out Form 1065 with the IRS.
\n- Corporations: Corporations will file Form 1120.
\n- S-corps: If you want to file as an S corporation (S-corp), you must file Form 2553 and then annually file an 1120-S.
\n- Sole proprietorships: Sole proprietorships and self-employed individuals must file a 1040 Schedule C.
\n
\nVarious business structures file taxes with the IRS at different times, with partnerships and corporations generally filing on March 15 and sole proprietorships and single-member LLCs filing on April 15.
\n\n\n \n\n\n2. You must get state and federal tax IDs.
\nThe federal government and many states require businesses to have tax identification numbers (TINs), often referred to as employer identification numbers (EINs). Businesses need EINs to pay federal and state taxes:
\n\n- State EINs: The process of getting a state TIN varies by state. Visit your state’s Department of Taxation or government website to determine how to proceed.
\n- Federal EINs: To get your federal EIN, you’ll submit Form SS-4.
\n
\n3. You must understand and file employee tax forms.
\nIf you hire employees, you must file several tax forms based on your team members’ employment statuses.
\n\nAnthony Mezzasalma, a certified public accountant with Mezzasalma Advisors, advises all businesses to work with a reputable payroll provider to handle quarterly payroll tax filings, W-2 forms and other vital aspects of managing a staff. The best payroll services automate crucial payroll processes and ensure you don’t inadvertently violate payroll tax laws.
\n\n\n \n\n\n4. You must understand contractors’ tax requirements and forms.
\nIndependent contractors have unique tax requirements. Here are the forms you should know about:
\n\n- Form 1099-NEC: Form 1099-NEC is used to report nonemployee compensation. Businesses and individuals use this form to report compensation paid to independent contractors subject to self-employment tax. Form 1099-NEC is also used for payees to whom businesses or individuals issue more than $600 in qualifying payments amid a calendar year. The filing deadline for Form 1099-NEC is January 31, and a copy must be sent to the payee once it’s filed.
\n- Form 1099-MISC: Form 1099-MISC is most often used to report miscellaneous payments not subject to self-employment tax ― for example, rent, prizes, legal settlements and other qualifying reimbursements. A Form 1099-MISC must be prepared and filed by January 31 for any payee you’ve paid more than $600 in deductible expenses during a calendar year.
\n- Form W-9: Individuals covered by a 1099 form must also file Form W-9: Request for Taxpayer Identification Number and Certification. Mezzasalma warns that the W-9, due on January 31, is incredibly important to ensure your business complies with federal tax law. “I suggest [new business owners] not pay any vendor until they are in possession of the W-9 form, as these are much harder to get after the fact,” Mezzasalma advised. “This step is important because there are penalties for not issuing 1099 forms when you are supposed to.”
\n
\n\n\n \n\n\n5. Consider health insurance tax implications.
\nFollowing the passage of the Affordable Care Act, businesses must be aware of Form 1095-B or Form 1095-C, depending on how many employees they have. These forms are required if your business offers health insurance as part of its employee benefits plan. Failure to file these forms will incur penalties from the government.
\n\n\n \n\n\nOther small business tax items to note
\nThe U.S. tax code is a labyrinth requiring years of study. Any business tax missteps can lead to significant financial problems. Take the following steps to ensure you avoid tax headaches:
\n\n- Separate business and personal expenses: It’s crucial to open a business bank account and keep your business books and records separate from your personal finances. Mezzasalma warns that the IRS requires separate records for businesses. It’s also a good practice because it “helps to ensure there are no missed income and expense records.”
\n- Know your tax deadlines: It’s imperative to keep your business tax deadlines straight. Your tax payments must be made on time to avoid costly penalties.
\n- Hire a tax professional: The best way to avoid missing tax forms or deadlines is to leave the tax requirements to the professionals. If you hire an accountant, they can ensure that you never miss a deadline and always remain in compliance with federal and state law.
\n- Use accounting software: Whether you do your own taxes or work with a professional, the best accounting software can keep your records organized and accurate. “Being able to capture, organize and present your income and expenses will assist in income tax preparation,” Mezzasalma explained. “A box of receipts will not do!”
\n
\nPrepare now to avoid problems later
\nAs a small business owner, you want to focus on growing your business. However, preparing and submitting the appropriate tax and legal forms is part of that process. Educating yourself and working with qualified professionals to mitigate risks and eliminate problems is crucial.
\nCasey Conway contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1003","_score":2,"_source":{"canonical":"https://vaylees.com/15944-how-many-pay-periods.html","displayModified":"2024-01-11T15:28:40Z","docType":"article","editorsPick":false,"href":"15944-how-many-pay-periods.html","id":"1003","ID":1003,"isSponsored":false,"published":"2020-12-14T12:35:00Z","site":"bnd","stream":"Determining your business’s pay schedule can impact cash flow and employee morale. Here’s what to consider when planning out pay periods.","subtitle":"Determining your business’s pay schedule can impact cash flow and employee morale. Here’s what to consider when planning out pay periods.","title":"How Many Pay Periods Are in a Year?","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Startup Basics","slug":"startup-basics"}},"meta":{"robots":"index, follow","description":"Choosing the right pay schedule for your team is an important decision. Here’s what to consider when setting pay periods."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072415/paycheck_AndreyPopov_getty.jpg","caption":"AndreyPopov / Getty Images","alt":"Businessperson signing a paycheck"},"content":"While pay rates and benefits are major factors in ensuring employees are satisfied with their compensation, it’s also important to consider how often you pay your workers. Some pay schedules benefit employees more than employers, and vice versa, so make sure you understand the pros and cons of each pay schedule before you decide how often you pay your employees. This guide will help you understand how pay periods work and which approach may be best for your business.
\nWhat are pay periods?
\nA pay period (or pay cycle) is the recurring amount of time during which an employee’s wages are calculated for payment; this period could span a week, two weeks or some other length of time.
\nAs a small business owner and employer, you have some leeway in how long your company’s pay periods will be. The only related federal guideline exists in the Fair Labor Standards Act, which requires wages to be paid on an employee’s “regular payday for the pay period covered.”
\nWhile this may sound vague, states are often more specific about their payday requirements. For example, Nebraska allows employers to choose when employees get paid, while Maine requires employers to pay employees at regular intervals that are 16 days or less. Vermont requires written notice from employers before they can implement a biweekly or semimonthly pay cycle. When in doubt, check your state’s guidelines.
\nEditor’s note: Looking for the right online payroll software for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\n\n\n \n\n\nIs there a difference between a pay period and a payday?
\nTwo terms related to employee compensation may cause a little confusion: pay period and payday.
\nAs stated previously, a pay period is the recurring amount of time during which an employee’s wages are calculated for payment. A payday, by contrast, is the exact calendar date on which an employee receives their paycheck.
\n“If ABC company pays employees on the first and the 15th of every month, each is a pay date,” said Ruhal Dooley, an HR knowledge advisor at the Society for Human Resource Management. “The corresponding pay periods could cover the 1st through the 15th, and the 16th through the last day of the month.”
\n\n\n \n\n\nWhat are the types of payroll schedules?
\nHere are the four most common employee payroll schedules, according to the U.S. Bureau of Labor Statistics (BLS):
\nWeekly: A weekly pay schedule is the second-most-common pay schedule, with 27 percent of employers using it. With this pay schedule, you’ll pay your employees the most frequently – generally, 52 times a year. Keep in mind, however, that leap year could add an extra pay period because it could lead to a 53rd week.
\nWeekly payroll schedules are the most time-consuming and costly payroll option. If you handle payroll on your own, it could chew up a lot of your time. And if you use an online payroll service, you may have to pay extra if your provider charges you each time you run payroll. However, some payroll services charge a flat rate for unlimited payroll runs. If you are using a weekly pay period schedule, we recommend finding a payroll provider that offers this option.
\nBiweekly: A biweekly schedule means you pay employees every other week. According to the BLS, this is the most popular pay schedule, with 43 percent of U.S. employers using this model. Through this pay schedule, employees can expect to receive 26 paychecks in a year.
\nSemimonthly: With a semimonthly pay schedule, which nearly 20 percent of employers use, employers pay their workers twice per month – typically, on the first and 15th of the month or the 15th and last day of the month – resulting in 24 paychecks per year. This method gives employees set dates when they will be paid, though you will have to make decisions such as how to handle payments if the 15th lands on a weekend and how you will pay overtime if your pay period is not based strictly on a 40-hour workweek.
\nMonthly: If more frequent pay periods are too costly and difficult for you to handle, you can choose a monthly pay schedule. This pay schedule is less common than the others, with just 10 percent of U.S. workplaces using this method, according to the BLS. This is largely because employees find it difficult to carefully plan out their budgets for an entire month.
\n\n\n \n\n\nHow many pay periods are in a year?
\nThe number of pay periods in a year depends on the pay schedule you use. Here’s what you can expect from a weekly, biweekly, semimonthly and monthly pay schedule.
\n\n- Weekly: 52 pay periods
\n- Biweekly: 26 pay periods
\n- Semimonthly: 24 pay periods
\n- Monthly: 12 pay periods
\n
\nKeep in mind that the best schedule for employees might not be the most beneficial for your company. You’ll have to weigh the pros and cons of each pay schedule to make the right decision.
\n“Some small employers pay monthly because it is administratively easier to pay once a month when all other bills are being paid, [but] employees don’t usually prefer that,” Dooley said. “The checks are bigger, but that’s a long time to wait for another paycheck. Small employers may not pay more frequently because payroll takes up too much time and because cash flow may not permit such frequency.”
\nCan a specific pay schedule be considered a perk?
\nSometimes, how and when you pay your employees can be considered a perk. By understanding how your industry functions and how employees in that industry like to be paid, you can tailor your pay schedule to fit those preferences, said Sean Manning, CEO of Payroll Vault.
\n“Employees might prefer to get paid sooner rather than later, so a weekly pay period might be preferred, or they may prefer a biweekly over semimonthly,” he said.
\nDepending on the type of work your employees do and what their financial needs are, your payment schedule could enrich their current situations. Take harvesters, for example: Paying them in cash at the end of a day or week works best for them but would be terrible in other industries, Dooley said.
\n“Cash is good because no trips have to be made to a bank, and the amounts are not usually so vast that there’s fear among employees in handling those sums,” he said. “In other industries, cash would be an unusual way to pay employees because, administratively and as a transaction, it is too nuanced and detailed and altogether difficult and potentially even dangerous.”
\nUltimately, it’s all about understanding your employees’ preferences and needs and comparing them with how you want your company’s cash flow to operate.
\n\n\n \n\n\nHow to choose the best pay schedule for your company
\nBy keeping the above points in mind, you should be able to determine which pay schedule will work best for your company and your employees. Manning said it’s important not to rush the decision.
\nYou’re going to need a “reasonable amount of time to collect information, process payroll accurately and distribute paychecks to employees,” he said. “But it’s often more beneficial to select an efficient and reliable system first, a process or system that a small business owner can rely on and trust.”
\nMake sure to be careful with your decision-making, discuss your company’s financial situation with a professional and consider what workers in your industry expect of you, Dooley said.
\n“When strategizing payroll, employers should consider their cash flow and their other financial obligations and when they’re due,” he said. “Employers should consider the expectations and preferences of their staff and should do what is administratively most beneficial.”
\n\n\n \n\n\nBest payroll services to manage pay schedules
\nIf you don’t want to worry about pay schedules and just want to get back to running your business, partnering with one of our picks for the best online payroll services can streamline your payroll operations. Here’s a look at some of the services that might be right for your business.
\n\n- OnPay: A cost-effective tool for small businesses that are exploring payroll services for the first time, OnPay makes it easy for employers and employees alike to take control of their pay schedule. Read our OnPay review to learn more.
\n- QuickBooks: QuickBooks offers a payroll service that seamlessly integrates with the popular accounting software. If you’re looking for a surefire way to combine your payroll data in your accounting software environment, choosing Intuit’s financial services makes it easy. Read our QuickBooks Payroll review for more information.
\n- Paycor: When employees can access payroll self-service tools, it makes everyone’s life easier. Paycor excels at offering these employee-facing features, taking the burden of answering questions off you and your administrative staff. Learn more about this platform in our Paycor review.
\n
\nThe right pay schedule can make things easy
\nWhen you choose a pay schedule that works for both you and your employees, things run smoother. Morale and productivity tend to increase when employees are paid regularly and on time, and you can turn your attention to more important tasks. One of the easiest ways to ensure payroll runs smoothly is by outsourcing it to a professional payroll service provider, which provides in-depth experience and meticulous record-keeping so you can rest assured your team is paid and regulatory compliance is guaranteed.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2072","_score":2,"_source":{"canonical":"https://vaylees.com/15087-consumers-want-sustainable-products.html","displayModified":"2024-03-28T15:13:12Z","docType":"article","editorsPick":false,"href":"15087-consumers-want-sustainable-products.html","id":"2072","ID":2072,"isSponsored":false,"published":"2019-06-04T18:14:00Z","site":"bnd","stream":"A study says consumers in North America, Asia and Europe want eco-friendly packaging.","subtitle":"A study says consumers in North America, Asia and Europe want eco-friendly packaging.","title":"Most Consumers Want Sustainable Products and Packaging","author":{"displayName":"Andrew Martins","email":"amartins@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15060624/andrew-martins.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Strategy","slug":"strategy"}},"meta":{"robots":"index, follow","description":"Consumers are getting wiser about the products they use, the accompanying packaging and the overall impact on the environment."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075619/green_MarianVejcik_getty.jpg","caption":"MarianVejcik / Getty Images","alt":""},"content":"Scientists around the world agree that the planet’s climate requires immediate action to avert catastrophe. Recently, the Breakthrough National Centre for Climate Restoration in Melbourne, Australia, estimated that a “near- to mid-term existential threat to human civilization” could take place in the next 30 years if the issue isn’t addressed. According to a survey by The Economist, consumers believe that brands have as much responsibility as governments to create positive environmental change. [Related: What Is Corporate Social Responsibility?]
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/06/13092908/Over-the-past-five-years-there-has-been-a-71-percent-rise.png\")
\nOver the past five years, there has been a 71% rise in online searches for sustainable goods globally, according to The Economist Intelligence Unit. Consumers are engaging with sustainable businesses in ways that they previously ignored. This trend isn’t just in first-world countries. Consumer satisfaction in developing and emerging economies is also tied to concerns around climate change, and many want businesses to commit to protecting nature and natural systems. Learn from companies like PayPal that prioritize social responsibility, setting an example for employees and customers.
\n![\"survey](\"https://images.vaylees.com/app/uploads/2019/06/13092541/66-percent-of-all-respondents-from-a-survey-and-75-percent-of-millennial.png\")
\nAccording to a survey from McKinsey & Co., 66% of all respondents and 75% of millennial respondents say that they consider sustainability when they make a purchase. Customers now align themselves with brands that are compatible with their values and priorities. With environmental stability as a high priority for many people, it’s important that businesses do their part to lower their carbon footprint.
\nConsumers consider products’ environmental impact
\nWhile the data suggests that more consumers form relationships with brands that pay attention to their products’ environmental impact, researchers at Accenture were quick to point out that affordability and quality were still the main driving factors behind a vast majority of purchases.
\n![\"survey](\"https://images.vaylees.com/app/uploads/2019/06/13095634/While-consumers-are-right-to-consider-the-financial-impact.png\")
\nAmong the respondents, 89% said they cared the most about the quality of a product when choosing a product to buy, with price coming in at 84%. While consumers are right to consider the financial impact of a product, researchers said 49% cited health and safety and 37% cited environmental impact as factors they consider before purchase.
\n![\"survey](\"https://images.vaylees.com/app/uploads/2019/06/13092952/Researchers-said-72-percent-of-respondents-reported.png\")
\nFurthermore, researchers said 72% of respondents reported that they were actively buying more environmentally friendly products than they did five years ago, while 81% said they expected to buy even more over the next five years.
\n“The shift in consumer buying, with more consumers willing to pay extra for environmentally friendly products, reinforces the need for companies to increase their commitments to responsible business practices,” said Jessica Long, managing director of strategy and sustainability at Accenture. “Companies across industries have started to lead with purpose, including embracing the circular economy as a greater opportunity to drive growth and competitive agility.”
\n\n\n \n\n\nConsumers question the impact of chemicals and plastics
\nIn addition to consumers’ growing awareness of how their products are packaged, the survey’s findings show that people are paying attention to the global climate crisis.
\n![\"survey](\"https://images.vaylees.com/app/uploads/2019/06/13092659/Approximately-1-in-4-respondents-26-percent-said-they-believe-that-of-the-nine.png\")
\nApproximately 1 in 4 respondents – 26% – said they believe that of the nine industries included in the survey, the chemical industry is the least worried about its environmental impact. Participants also ranked the chemical industry lowest in terms of communicating how its products affect the environment, with 72% stating they were “not very confident or not confident at all.”
\nThe chemical industry is considered a major driver of recycled and reusable materials around the world. Plastics, widely thought to be a major global pollutant, are manufactured by some of the chemical industry’s biggest companies. We’ve outlined a number of eco-friendly business ideas for entrepreneurs.
\n“While some of the survey results are encouraging, there are also implications for chemical companies, including the need to overcome negative consumer sentiment and to produce sustainable materials at a competitive price,” said Rachael Bartels, a senior managing director at Accenture who leads its chemicals and natural resources practice. “The chemical industry is a critical enabler to the circular economy and can speed up its adoption, and the reality is the industry must get in front of this now, or risk being left behind.”
\n![\"environmentally](\"https://images.vaylees.com/app/uploads/2019/06/13092617/77-percent-of-respondents-said-plastic-is-the-least-environmentally-responsible-type-of-packaging.png\")
\nAsked which of the packaging materials widely used today is the least environmentally friendly, 77% of respondents said plastic. Paper was considered the most environmentally friendly by 55% of participants.
\n![\"graphic](\"https://images.vaylees.com/app/uploads/2019/06/13092837/Officials-estimate-that-the-recyclable-nature-of-plastics-could-create-38500-new-jobs.png\")
\nIf the chemical industry can rise to the challenge, American Chemistry Council (ACC) officials estimate that the recyclable nature of plastics could create 38,500 new jobs and add billions of dollars to the U.S. economy. It could do that, ACC said, by “expanding the use of pyrolysis and other advanced plastic recycling technologies.”
\nConsumers are generally interested in doing what they can to live more sustainably and expect businesses to play a part in that. While many consumers actively seek out brands and businesses that align with their values, they’re also willing to switch products or companies when something violates their ethics. Consumers are also willing to be outspoken about these transgressions in public forums. Many take to social media to address their concerns and complaints, and some are willing to protest companies at their physical locations. It becomes bad business for companies to ignore the values and concerns of the most loyal and active customers, as they could face a decline in sales and PR backlash. [Related: How to Drive More Sales]
\nSustainably sourced goods also create an opportunity for profit. In the United Kingdom, the market for these products was worth £41 billion (about $56 billion) in 2019. In India, sales of organic and sustainable products have increased by 13% since 2018.
\n\n\n \n\n\nIndustries and companies are listening to their consumers about what they want. Over 50% of C-level executives in the fashion and textile industry have claimed that consumer demand is driving their brands to create sustainable products and best practices. Many of these companies have been sourcing sustainably produced raw materials to create their apparel.
\nThe trend of sourcing organic and sustainable materials has also been seen in the food, cosmetic and pharmaceutical sectors. These industries have been making a concerted effort to use sustainable materials. Consumers have the ability to drive entire industries to change, and the benefit for those companies is that they have a positive increase on their market sector.
\nSean Peek contributed to the writing and reporting in this article.
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