Jennifer Post

Examples of marketing channels

Email

Email is a vital part of digital marketing, as it allows you to communicate with those who have purposely signed up to receive communications from you, whether in the form of a newsletter, discounts or general information. However, people are wary of being scammed through email, so design your emails in a way that lets people know it’s actually your business sending them.

“The online world can be a wonderful, weird, uplifting, scary — and just about any other adjective you can think of — kind of place,” said Andy Wood, digital marketing expert and founder of Evil Marketers Club. “It really is a world in which you can find just about anything you can imagine, but unfortunately, this includes quite a few crooks, scammers and fraudsters. When you’re reaching out online, you need to convince your audience that you are who you say you are, you have what you say you have, and you can deliver what you say you can deliver.”

Jaenke said email converts better than other forms of marketing. “Often, you [already] have a warm connection, as you have their email address. We use a mix of traditional marketing and digital marketing to formulate a one-two-punch method.”

Social media

With so many social media platforms available, and more popping up every day, it’s important to know which ones will actually benefit your business.

“It’s essential to focus your efforts, and so you should only choose one, maybe two social media platforms to interact on,” Jaenke said. “If you choose more than this without someone to delegate tasks to, you’re spreading yourself too thin, and your message will be lost in the noise or appear inauthentic.”

On the other hand, Laurie Wilkins, founder of Call Outdoors, is a proponent of getting on as many social platforms as you can handle. She said a Facebook page, an Instagram page, a Twitter profile and a YouTube channel are all essential to increase your range of audience. Let’s look deeper into some of these platforms.

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• Facebook: A Facebook page is a great way to talk with your customer base in real time. When you post something, people can leave comments, raise concerns and start conversations. As the business owner, you’ll be able to jump into those threads and converse with your customers on topics that are important to them. Share ideas, photos and updates about your business with the goal to create a more personal relationship with your audience.
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• Instagram: If you use an Instagram page to market your business, it’s important to be consistent in your posting habits, think about the layout and look of your grid, and have photos at the ready so you aren’t scrambling for content. Being prepared will let your customers know that you care about the way you present your business and lead to a higher-quality Instagram page. This can all increase the number of people who want to follow you and engage with your content. Instagram also allows for influencer marketing, which can benefit the right type of industry.
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• YouTube: If making videos is appropriate for the type of business you own, YouTube is the way to go. Videos of activities like cleaning carpets, detailing cars and making soap have gone viral because they are satisfying to watch and the end result is worth sticking around for. Look into channels of other businesses in your industry to gauge how well they’re doing on the platform and help you decide if it’s worth pursuing.
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• Twitter: Twitter for business is interesting because, unlike Instagram, its primary focus isn’t photos, and unlike Facebook, the goal isn’t always to start conversations. But many businesses have had success on Twitter with their witty comebacks to customers as well as competitors; think fast food chains ribbing on each other about the quality of their respective burgers. Twitter is more casual than Facebook and lends itself well to quick notes about your business. You can include a link to your website or another resource in these notes.
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• TikTok: TikTok offers businesses a way to create and deploy short video content in a more casual environment. TikTok lends itself well to brand building and audience engagement, rather than direct sales. Much like Instagram, consistency in tone and style of content is key to building a loyal followership.
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Pay-per-click (PPC)

PPC is a method of marketing that allows you to place targeted ads on pages that your customer base is likely to visit. A click on that ad will redirect the customer to your website, and all you have to pay is a small fee per click. If you are trying to branch out into a new target audience or gain a larger customer base, this could be a great channel to explore. It’s the opposite of organic traffic, but with the amount of use search engines get, PPC has the potential to increase your business substantially.

Website

You might be wondering why we saved this one for last, when it seems like the most obvious example. The reason is that some businesses really underuse their websites. A website is usually the first thing a business owner creates for marketing and the first component of the brand customers will see. But all too often, a website isn’t optimized to bring in traffic and reach new customers. Pay attention to your search engine optimization (SEO), including keywords and product descriptions, to help your website rank higher in search results.

Marketing is critical for every business

Marketing is a specialized field that many established businesses dedicate a whole department to, but that isn’t required. Even the smallest businesses can and must engage in marketing in order to attract new customers and keep existing customers engaged with their brands. Use the tips in this marketing guide for small businesses to start heading in the right direction.

If you spend a lot of time on social media, especially Instagram, you have more than likely seen, or even shopped through, an affiliate link. When an influencer talks about a product and says “swipe up for link,” they are referring to an affiliate link. When you click on it and purchase a product, the influencer gets a return. It’s usually a mutually beneficial relationship, because the company gets more traffic and customers, and the influencer gets a part of those sales. It’s a great way for bloggers and Instagram influencers to actually make money.

While affiliate links can be a low-cost way for businesses to introduce their products to valuable new audiences, developing an effective affiliate program takes time and effort. So what do small businesses need to know about affiliate programs? Industry experts lent their advice to Business News Daily.

What is an affiliate link?

An affiliate link is a URL that a publisher (affiliate) uses to send traffic to a retailer’s website. An affiliate is a web publisher that drives traffic to an online retailer in exchange for a commission on each sale, according to Amit Khera, head of marketing at Gen 3 Marketing.

These trackable links allow brands to see which publisher partners are driving consumer traffic and sales back to the brand’s own e-commerce site, said Danny Kourianos, head of strategic partnership ads with online marketplace eBay.

“Affiliate marketing is an incredibly effective marketing channel that enables businesses, including small businesses, to leverage affiliates to reach and engage in-market shoppers [with] a brand [they] may not otherwise connect with,” Kourianos said.

Khera noted that for a retailer, affiliate revenue can make up 10 to 20 percent of online revenue. [Read related article: Amazon Business: What It Is and How It Can Benefit Your Company]

How do affiliate links work?

When a business sets up an affiliate program, it invites partners, who might be publishers or influencers, to join its program. The business then often supplies the affiliates with content to promote their products. These might include banner ads and promo codes.

Khera added that different types of affiliates have different methods to promote their products. These are the three major types:

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1. Coupon/deal: These affiliates, which offer a wide variety of coupons, have strong SEO or email lists (example: RetailMeNot).
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2. Customer loyalty programs: These affiliates offer their users an incentive to buy through their links, such as rewards points or cash back (example: Rakuten).
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3. Content/blogger: These affiliates are often the most desirable because they drive discovery at the top of the funnel (example: MoneySavingExpert.com).
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“Many times, businesses work with an outsourced program manager (OPM) to manage the program on their behalf,” Khera said. “OPMs have strong contacts with top affiliates and are also able to negotiate for more exposure and lower fees. They utilize best practices to give you the strongest possible program.”

Through affiliate networks, small businesses can partner with publishers they may not have had access to on their own, noted Kourianos. “These new partnerships help to reach and target a wider audience of potential customers. Affiliate links monitor the performance of each publisher’s individual links, giving the business deeper strategic insight into their overall affiliate program and success.”

What type of business should use affiliate links?

Khera said that all B2C e-commerce businesses should utilize affiliate links. This includes businesses that sell tangible goods, services or even virtual products.

“A business can also utilize affiliates to pay for sign-ups or leads (i.e., a medical device company that follows up with a sales phone call to close the deal),” Khera advised.

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Kourianos said that affiliate marketing should be used by any brand or small business that is looking for a way to drive more traffic to their business site and increase their reach and sales in a cost-effective way.

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“It can also be used by blogs, websites, mobile apps, shopping platforms and browser add-ons looking to increase consumer purchases in exchange for commission,” he added.

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Advantages and disadvantages of affiliate links

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Any venture to bring traffic and sales to your business’s website takes some trial and error. While affiliate links may seem like a no-brainer, there are some factors to keep in mind. Khera and Kourianos laid out some advantages and disadvantages for businesses looking to get into affiliate programs.

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Advantages

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• You can drive incremental sales at no or low risk.
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• You get free exposure through different types of publishers. This is especially valuable when bloggers or content sites promote your product.
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• Affiliate programs not only increase customer reach, traffic and revenue, but they also help build brand awareness and loyalty.
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• It’s a cost-effective means of doing business, since it offers pay for performance.
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Disadvantages

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• You need to develop some sort of model to ensure you’re not overpaying for certain types of sales. Affiliates should be compensated differently based on the type of user they bring to your site.
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• These programs require strong management and oversight to be successful and brand forward.
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• Affiliate links may end up competing with other ads that belong to the business from other channels.
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• You may not be able to fully control all your exposure.
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“[Your] affiliate links may be presented alongside questionable content or disreputable tactics,” Kourianos stated. “Especially with a small business that may not have the bandwidth to monitor every affiliate publisher, it is important to lean on an affiliate network that helps vet each publisher partner to ensure the brand is protected.”

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Additionally, “for advertisers, the main purpose of an affiliate link is to drive site traffic and consumer sales,” he said. “The success of an affiliate program is contingent on the success and conversion of their affiliate links and partnerships. Ultimately, it’s a great strategy that allows businesses to increase brand exposure and increase sales.”

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Affiliate links can be a powerful tool

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By helping businesses reach a wider range of customers, and incentivizing influential voices to promote them, affiliate links can be a powerful tool for businesses. However, like any strategy, they aren’t a guaranteed slam dunk. It will likely take some trial and error to develop a program that works for you.

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Additional reporting by Alex Halperin.

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Hiring a contract worker rather than a full-time employee could save your business money; after all, you won’t have to pay for a contractor’s health insurance, 401(k) match, vacation time or other benefits. However, choosing this option also comes with limitations and potential risks. Before you decide which type of worker to use for a given role, it’s critical to understand the differences between contractors and employees and the consequences of misclassifying workers.

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Editor’s note: Looking for an employee monitoring solution for your business? Fill out the questionnaire below to have our vendor partners contact you about your needs.

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>> Read next: The Definition of Independent Contractor Is About To Change

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What is a contractor?

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A contractor – also called a contract worker, independent contractor or freelancer – is a self-employed person who operates independently on a contract basis. A contractor is not an employee; instead, they run their own entity (such as a sole proprietorship, limited liability company or limited liability partnership) and are contracted by organizations to work on particular projects or assignments. Their contract relationships can be short- or long term. A contractor can work for a company and is paid for their services but is not technically on the organization’s payroll. They can also do work for multiple companies at one time.

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Contract worker versus employee

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There are many differences between contractors and employees. Here are some factors to look at when distinguishing between the two.

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Payment, taxation and benefits

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One of the biggest differences between contractors and employees is the way they are paid and taxed. An employee is on a business’s payroll, so the company pays the employee their hourly wage or salary and withholds the appropriate taxes (e.g., federal income tax, Social Security tax, Medicare tax). An employer often pays for employee benefits as well. These can include mandatory employment benefits, like health insurance, and other desirable perks, like flexible spending accounts (FSAs), health reimbursement arrangements (HRAs), health savings accounts (HSAs); paid vacation; commuter benefits; and stock options. [See our picks for the best HR software and top payroll services to help you track employee benefits, taxes and payroll.]

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In contrast, that same organization would pay a contractor an agreed-upon wage for their services but would not withhold or pay any taxes. A contractor is responsible for paying their own taxes, including federal income tax and self-employment tax. Additionally, the contractor must obtain and pay for any benefits they want, including health insurance, independently.

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Autonomy

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Another major difference between a contractor and an employee relates to their level of independence.

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“Most people think the only difference between an independent contractor and an employee is how they are paid,” Michael C. Harman, attorney at Harman Law, told Business News Daily. “In addition to compensation, independent contractors have more autonomy in their work.”

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Harman noted that employees are hired to perform specific work at the employer’s direction. On the other hand, independent contractors are typically given a job or project to work on without the company controlling when and how they do it, he said.

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Onboarding and training

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The onboarding and training processes also differ greatly between contractors and employees. Because contractors are expected to focus on a specific project, they are often given only the information that’s critical for completing that particular task, said Kimberly Schneiderman, senior marketing manager at The Josh Bersin Company. But full-time employees require a lengthy onboarding process to understand the intricacies of team dynamics, the company culture and the organization’s overall objectives.

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Hiring goals

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Schneiderman said the hiring goals for employees and contractors are also different.

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“While companies work to ensure full-time employees are engaged and work to gain loyalty, these same organizations need to realize that their contractors are always looking for the next gig and are not invested in long-term outcomes, as full-time employees are expected to be,” she said.

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Instead of focusing on long-term loyalty, as they would for someone with employee status, many businesses prioritize a contractor’s niche expertise. Many companies seek particular knowledge or skill sets for specific projects or assignments, even if that means using contractors for the short term.

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Flexibility

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Yet another difference between an employee and a contractor is the degree of flexibility they have in their work. An employee works for one company and is therefore subject to the rules and obligations set forth by that company. A contractor, by contrast, has the choice to work for one or multiple organizations; in fact, it is common for contract workers to juggle several clients at one time. They decide how much time to devote to each company they’re contracted with.

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This level of flexibility can be seen as a benefit or a limitation, depending on the type of work-life balance the person seeks. For example, contractors can take time off whenever they feel like it, but they do so at the cost of not making money during that time. Employees, however, are usually granted paid time off.

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How to distinguish an independent contractor from an employee

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The Internal Revenue Service (IRS) looks at certain factors to see if a worker should be classified as an independent contractor or an employee of a company. Attorney Christy L. Foley said these questions can help you determine how to classify a worker.

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• When, where and how is the work done? Is the work performed at the employer’s place of business, or does the independent contractor work remotely? Does the employer set the hours, or can the independent contractor work whenever they want? Does the employer provide the tools, or does the independent contractor use their own equipment?
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• Is the worker required to complete company training? Independent contractors usually do not have this requirement.
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• Is the worker doing full-time, ongoing/continual work? Or are they doing temporary work on projects that have specific endpoints?
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• Is the worker paid hourly, weekly or monthly? Or do they get paid once an entire project is complete?
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• Does the company pay for travel? For employees, travel costs are usually covered by the company. Independent contractors, however, pay their own travel expenses (and usually earn enough on the overall project that those costs end up being covered by the fee they’re paid).
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“Technically, the IRS has about 20 factors that it looks at in determining whether someone’s an employee or an independent contractor,” Foley said. “However, the ones listed above are the most commonly used.”

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The below table summarizes the key differences between employees and contract workers.

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	\n Employees \n	\n Contract workers \n
\n Payment \n	\n In regular installments \n	\n Upon project completion \n
\n Taxation \n	\n Withheld from paychecks \n	\n Not withheld from paychecks \n
\n Benefits \n	\n Administered and paid for by employer \n	\n Self-administered and self-paid \n
\n Autonomy \n	\n Must work according to employer’s discretion \n	\n Can work entirely on their own terms \n
\n Onboarding and training \n	\n Full-scale, months-long process \n	\n Receive only instructions and information necessary for each project \n
\n Hiring goals \n	\n Continuous, long-term engagement and loyalty \n	\n Niche expertise or skills for individual projects \n
\n Flexibility \n	\n Must follow employer rules and obligations, including work to be done, location and hours \n	\n Full flexibility over projects to accept and work location, quantity and hours \n
\n Work travel \n	\n Covered by employer \n	\n Paid out of pocket \n

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What happens if a worker is misclassified?

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The consequences for misclassification – i.e., wrongly classifying an employee as a contractor – vary depending on whether the misclassification is deemed intentional.

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“Typically, a company will [be] required to pay back taxes, as well as fines and penalties that can be based on the number of IRS Form W-2s that the company failed to file because of the misclassification and a percentage of wages in which the company failed to withhold the proper taxes,” Harman said.

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In extreme cases, he said, businesses could face criminal penalties, and a worker who has been misclassified could be entitled to overtime pay for time worked in excess of 40 hours per week, as well as additional monies, such as punitive or liquidated damages if the worker is successful in a lawsuit against the company.

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Foley added that besides monetary consequences, there can also be disputes over who owns the work that was created.

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“The business typically owns employees’ work,” Foley said. “Independent contractors’ work must be signed to the company in a separate contract.”

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To contract or not to contract

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It’s simple to determine whether someone working for you should be classified as an employee or a contractor, and you can easily change their status too. Namely, you can offer contractors part-time or full-time employment if your continuing relationship proves especially beneficial. Similarly, if employees leave your company on good terms, you can continue your relationship with them through contract work. It all comes down to what you need and when you need it – as well as what the employee or contractor needs.

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Max Freedman and Skye Schooley contributed to this article. Source interviews were conducted for a previous version of this article. 

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If you find yourself needing help understanding customer relationship management (CRM) software, you’re not alone. CRM software is an invaluable tool that helps small businesses acquire and retain customers. But if you’re unfamiliar with the software or CRM in general, fully utilizing a CRM platform can be challenging.

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CRM software key terms glossary

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CRM software benefits are numerous. However, to get the most from a CRM platform, you must understand the terminology and jargon involved. Here are some of the most common buzzwords used in CRM software and what they mean.

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360-degree customer view

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A 360-degree customer view is a comprehensive customer view that includes contact points, communications, marketing campaigns, opportunities, incidents, acquisition history and all other aspects of the customer relationship.

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Account

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An account is an individual or group record for each customer, company, organization or another contact. Sometimes, the term “account” will replace the company’s name in correspondence.

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Activities

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The term “activities” refers to a history of phone calls, emails, meetings and other tasks related to a lead, contact or account. CRM software can log all activities automatically, or your sales representatives can enter them manually.

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Analytics

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The term “analytics” refers to data that gives your business deeper insights for faster and more informed decisions. Customer analytics data includes trends and behavioral data to help you acquire and retain profitable customers. Sales analytics includes pipeline, win-loss, financial and other sales data analyses. CRM analytics can also be used for customer segmentation, marketing campaigns, plans for future products and much more.

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API

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An application program interface (API) contains instructions, technical specifications and other information developers need to customize or integrate software into their solutions.

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AppExchange

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The AppExchange is Salesforce’s app marketplace. It offers various third-party services you can add to your CRM software, such as Mailchimp for email marketing, DocuSign for electronic signatures and QuickBooks for accounting.

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Auto-responder

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An auto-responder is a sales automation tool in the CRM workflow. Sales representatives can set up auto-responders to act during specific events, such as automatically sending emails to leads and prospects after entering them in the CRM software.

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Business intelligence (BI)

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BI is part of analytics; it consists of reports, pivot tables, dashboards and other tools given to executives, managers and analysts to help them make better business decisions.

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Campaign

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A campaign is a series of marketing efforts, such as email marketing, social media marketing, print and online ads, direct mail, events, and product launches.

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Campaign management

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Campaign management is a general term for planning, launching, monitoring and analyzing campaigns. It’s crucial to send customers the right information based on their needs. Campaign management is a three-step process: planning, management and analysis.

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Cloud- or web-based

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Cloud- or web-based CRM software is accessible via a web browser (or mobile app) from any device with an internet connection.

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Contact

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A contact is an individual record that stores a customer’s name, phone number, email address, mailing address and other information. A contact can also be a prospect, company, associate or another party your sales representatives interact with.

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Contact database

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A contact database is a digital Rolodex of your contacts. This is a core function of CRM software.

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Contact management

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Contact management refers to a process that keeps your contacts organized and all customer information and activities updated in your CRM software. Excellent contact management allows businesses to improve their sales and service quality.

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Contact role

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A contact’s role in an account or opportunity lets your sales reps know who to talk to and the best time to reach out. Contact role designations include decision-maker, buyer and influencer, as well as job titles like owner, president and CEO.

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CSV file

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CSV stands for “comma-separated values.” It’s the standard file format for exporting and importing databases and spreadsheets. Most CRMs use CSV files to import contacts and other data.

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Custom code

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A custom code allows developers to add code and customize the CRM software. Custom code tailors CRM software to a business’s needs by changing its interface, tweaking functions, and adding more objects and fields.

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Custom fields

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When CRM software has custom fields, users can add their own data fields in addition to essential fields like names, contact information and roles.

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Customer data

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Customer data is stored in your CRM software. It includes all the information your company has discovered or learned about specific customers. This data can include names, contact information, ideas, and a customer’s habits, preferences and profitability.

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Customer service management

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Customer service management is the process of dealing with all customer communications, purchase histories, incidents, inquiries and other information. This data is stored in the CRM to help your customer service team improve and personalize support.

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Customer valuation

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Customer valuation is the process by which CRMs use analytics, artificial intelligence, behavioral data and other information to qualify leads, prospects and customers. Qualifying leads helps you and your sales reps identify the best contacts for campaigns.

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Dashboards

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A CRM dashboard is the software’s landing page or home section. It typically displays vital information and navigation menus. A CRM dashboard can also refer to an area of the CRM software where C-suite executives, managers and analysts can view valuable CRM metrics and sales performance data.

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Data protection

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CRM software must have data protection features. CRM software stores sensitive data and must protect it via features like encryption, built-in malware protection and two-step authentication.

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Email response management

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Email response management is a CRM feature that helps streamline email marketing and improve customer service. It lets you set up and send automatic email responses and triggered emails based on predefined rules.

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Export

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Exporting data means you’re converting it into a specific file format for use in another software program. You may want to export CRM data to share with collaborators, create reports, archive it and more.

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Field

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A field is where users enter information in the CRM database. Standard fields include first name, last name, phone number, email address, company and job title.

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Forecast

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A forecast is a report containing sales projections, such as estimated profits and revenue. Forecasting can help you monitor sales pipelines and predict sales targets for the month, quarter and other specified periods.

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Import

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Importing data means you’re loading data into the CRM software. Users frequently import contact data from email address books and spreadsheets into their CRM platform.

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Indemnify and hold

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“Indemnify and hold” is a legal term in a contract between CRM providers and end users. It protects the CRM provider from liability in the event of any error, loss, damage or technical mishap.

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Intellectual property rights

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Intellectual property rights can refer to almost anything proprietary to the CRM software, such as HTML codes, software design, logos, user IDs, passwords and anything relating to the overall sharing, visualizing or use of the CRM.

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Lead

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A lead is a potential customer in the first stage of the sales pipeline. Lead sources include inbound marketing efforts, a list of names, responses to an ad or other campaign, and referrals. Generating leads is a crucial function of marketing departments.

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Lead conversion

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Lead conversion is the process of turning leads into contacts. Leads are assigned to sales reps, who perform customer valuations and qualify them for opportunities. Once qualified, leads are converted into prospects – and ultimately customers if everything goes well.

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Lead management/nurturing

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Lead management and lead nurturing are part of the sales cycle. Lead management is the process of moving a prospect through the stages of the sales funnel. Lead nurturing refers to prospect relationship-building, which also helps move leads through the sales pipeline.

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Lead management and nurturing ensure prospects don’t fall through the cracks. Active lead management and nurturing involve:

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• Monitoring inquiries
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• Assigning leads to sales reps
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• Logging prospect activities
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• Setting auto-responders and tracking communications
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Object

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An object is an umbrella term for data types, such as accounts, contacts, leads, prospects, opportunities, activities and tasks.

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On-premises

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On-premises CRM software is installed locally on your company’s server; it’s not hosted in the cloud.

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Opportunity

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An opportunity is a prospect who is near the point of becoming a customer. This contact has gone through the customer valuation and qualifying process, and the sales team may be ready to close the deal. At this stage, most deal details are already known and have been discussed.

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Opportunity stage

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An opportunity stage is an opportunity’s status. You can customize opportunity stages for your business. However, typical opportunity stages include the following:

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• Prospecting
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• Qualification
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• Analysis
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• Value proposition
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• Identification of decision-makers
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• Price quote/proposal
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• Negotiation/review
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• Closed won or closed lost
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Pipeline

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A sales pipeline is an overview showing where prospects are in the sales process. The sales pipeline generally has four stages: lead, prospect, opportunity and customer. Each stage may be broken down into substages, depending on your business’s sales process.

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Relationship management

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Relationship management is the core purpose of CRM software. It involves building, organizing and maintaining relationships with your company’s current and potential customers. Effective relationship management relies on data collection to help you stay updated on what your customers want and need, and understand their shopping habits; you can offer specialized ads and promotions based on these insights.

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Rule

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A rule is a workflow automation feature that triggers an action when a specific event occurs. For example, if a lead requests information for a particular product or service, the CRM automatically redirects the inquiry to the sales rep specializing in that area. Another example: If an opportunity doesn’t respond to a proposal, you can set the CRM software to automatically send a follow-up after 48 hours.

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Sales force automation

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Sales force automation is a CRM feature that automates sales tasks. Automated processes can include contact management, tracking, customer interactions, order processing, order tracking, inventory control, information sharing and performance evaluation.

\n\n\n \n\n\n

Sales force management

\n

Sales force management is a core CRM function that helps teams coordinate operations to close more sales. Its tactics include lead nurturing, lead rating, analytics, goal setting and performance evaluations.

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Sales optimization

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Sales optimization refers to techniques for maximizing profits throughout the life cycle of a contact. CRM uses analytics to provide sales reps with key information to help them close sales and retain customer loyalty.

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Sales team

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A sales team is a group of reps, executives and support staff responsible for selling a company’s products and services to leads and customers. CRM software is a crucial asset for sales teams. They can use CRM data and functions to improve and target their sales scripts and pitches and better manage the entire sales process.

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Sandbox

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A sandbox – also called a developer sandbox – is a testing environment where developers can try out different versions of existing CRM software without interfering with its current setup and databases. A sandbox allows you to test updates, new features and coding changes before deploying them as companywide software updates.

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Segmentation

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Customer segmentation refers to categorizing contacts into target customers based on specific criteria, such as their demographics. For example, CRM software can automatically group businesses with fewer than 20 employees, so you can market products designed for small businesses to them. You could also send email marketing campaigns to customers in specific age groups or with particular shopping habits.

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Social integration

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If a CRM platform has social integration features, it means the software can connect to Facebook, Twitter, Instagram, LinkedIn and other social networks. Social integration gives your sales reps additional engagement channels via social media marketing.

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Software as a service (SaaS)

\n

SaaS is a model for cloud-based CRM software sold as a subscription service, not as traditional software that must be installed on your local servers and devices.

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Tasks

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Tasks are your sales team’s day-to-day activities, such as phone calls, emails and meetings. You and your sales reps can create tasks as to-do lists and record them for individual leads, prospects, opportunities and contacts. You and your sales managers can track tasks to measure results and help evaluate and track employee performance.

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Third-party integration

\n

Third-party integrations allow your CRM to connect with other business solutions to expand its features and streamline business processes. Must-have CRM integrations include accounting software. For example, by integrating QuickBooks into your CRM, you can automatically sync purchase orders, invoices and other financial data to simplify your accounting.

\n\n\n \n\n\n

User content

\n

User content is any type of content (audio, text, pictures, etc.) a user has generated within the CRM. Reviews and other types of feedback count as user content; however, it can also refer to content the CRM uses to incentivize its users, like coupons or other promotions.

\n

User interface (UI)

\n

A user interface refers to the CRM software’s overall design for the end user, including its layout and navigation system. An intuitive user interface is ideal because it helps employees learn the CRM system more quickly.

\n

User role

\n

A user role refers to specific permissions given to a CRM software user. You can specify permissions for each user. For instance, the Admin role gives users access to the entire CRM, while the Sales and Support roles limit users to features related to their specific job functions.

\n

vCard/VCF

\n

A vCard, which carries the VCF (Virtual Contact File) format, is the standard for electronic business cards. Most CRM software can import vCards, making it easy to add contacts from Outlook, Office 365, Apple Mail, Gmail and other email clients.

\n

Workflow

\n

A CRM workflow is a general term for automating CRM tasks through trigger-based rules.

\n\n\n \n\n\n

The best CRM software

\n

Many CRM solutions exist with various features, pricing models and functionality. Choosing the right CRM for your business can be challenging. However, the best CRM software for your organization will fit your needs and budget. Here’s an overview of four top solutions to consider:

\n

\n
• Pipedrive: Pipedrive is a powerful CRM with specific sales features that can help your organization speed up and deliver on potential business growth. Read our Pipedrive CRM review to learn about its visually focused sales pipeline dashboard and unique features to help identify idle deals in the pipeline.
\n
• Salesforce: Salesforce CRM is a powerhouse platform with multiple customization options. Its AppExchange app marketplace houses the industry’s largest selection of third-party integrations, allowing businesses to collect insights and analytics from almost any tool they use. Read our Salesforce CRM review to learn about its industry-leading AI-powered features and automations.
\n
• HubSpot: HubSpot CRM is also a leader in integrations, with over 1,000 connections to various productivity and communication tools, like Gmail, Outlook and social media platforms. Our HubSpot CRM review details the CRM’s unique Free Tools tier, which is a great option for new and small businesses.
\n
• monday Sales CRM: monday boasts easy-to-build custom automations that don’t require coding knowledge. Its open API allows organizations to integrate with almost any tool to create a fully personalized solution. Our monday Sales CRM review details the platform’s automation recipes, handy template center and more.
\n

\n

Working smarter, not harder

\n

Understanding CRM software can be daunting at first. However, once you understand the basic terminology, you’ll realize that CRMs allow you to do what you’ve already been doing with your business – just significantly faster and more efficiently. Between learning the jargon and using one of the CRM solutions we found most helpful, you’ll become a CRM expert in no time. And your business will feel the difference.

\n

Jeremy Bender and Sara Angeles contributed to this article.

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Consumers have never had more choices about where to shop, and retailers need to work harder than ever to earn repeat business. A loyalty program not only makes customers feel valued but allows retailers to collect important information about their shoppers.

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What is a customer loyalty program?

\n\n\n

“As consumers get more and better information regarding how to compare various products and companies, it is critical to compete on price and value,” said Patrick Bosworth, co-founder of hotel revenue strategy solutions provider Duetto. “Loyalty programs provide an opportunity to learn the preferences of customers and design communication strategies that will resonate with them.”

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Benefits of customer loyalty programs

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Loyalty programs aren’t just a boon for customers. They give your company access to tons of valuable data for opt-in marketing campaigns.

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“When a customer signs up for a loyalty program, a business is given full access to information like name, contact information, shopping preferences, purchase and visit history, and more,” said Josh McCarter, former CEO of business management software company Booker. That data can help personalize your email marketing.

\n

Types of customer loyalty programs

\n

Businesses considering a loyalty program have a daunting array of options. Here are three that can work for SMBs.

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Rewards and discount programs

\n

A rewards program is one of the most popular types of loyalty initiatives available. They typically work by awarding a coupon, free item or another incentive to customers who have earned a certain number of points by shopping there.

\n

“Businesses should absolutely offer rewards and discount programs to customers,” McCarter said. “Rewards and discount programs give customers more reason to come back again, especially in the competitive retail and services markets.”

\n

Direct mailers

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Direct mailer coupons can be a simple, cost-effective way to bring local customers into your store. However, for these programs to succeed, you need to have a strategic, personalized mailing system. It’s not too hard to get started with direct mail.

\n

“Target a specific customer demographic with a tangible product and message based on a specific element on the individual’s life,” Brian Wirth, a digital marketing strategist who has worked with restaurant and adult beverage brands, said.

\n

Nontargeted direct mailers have proven to be increasingly less effective as consumers have other ways to engage with a business, according to McCarter. However, targeted mailings to VIP clients with special offers still can be effective,

\n

Card-linked offers

\n

Card-linked offers – for example, providing cash back for making a purchase with a specific vendor – are a convenient way to offer discounts, according to Silvio Tavares, a former credit card executive who’s now president and CEO of VantageScore, a credit model company.

\n

“You can personalize your offers for consumers based on their spending and websites they’ve visited in the past,” Tavares said. “You now have the ability to measure [the effectiveness of] an ad and see if it led to a purchase on that customer’s card.”

\n

Card-linked offers are an effective and easy way for customers to realize discounts, but they need to be aware the offer exists first. Be sure to promote those discounts ahead of time to bring customers in. Otherwise, you may be simply offering a discount to customers that would have shopped with you anyway.

\n

“In other words, the consumer may have already intended to come to the business and didn’t require a discount to do so,” said McCarter.

\n\n\n \n\n\n

Above and beyond with loyalty programs

\n

According to McCarter, loyalty programs should go beyond just rewards and discounts. The best customer membership and loyalty programs solve customers’ problems and create a convenient purchase experience. Additional elements might include a custom app and VIP perks like priority scheduling, exclusive options or line skipping.

\n

“Small businesses also need to remind customers of these benefits with targeted emails following visits to encourage them to make the purchase decision again,” McCarter said.

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How to promote your customer loyalty programs

\n

Remember, the most effective programs create loyalty-building experiences that precede the shopping visit and extend far beyond the point that the customer leaves the store, said Chris Doherty, a former vice president at branding and consumer consulting firm Daymon.

\n

Go mobile.

\n

Mobile technology has enabled continuous customer engagement, Doherty said. This allows a business to become a greater part of its customers’ everyday lives. The ability to strengthen these customer relationships is what makes loyalty programs such an attractive retention tactic for businesses. In some cases, it makes sense to build a mobile app for your business.

\n

Know your customer.

\n

“The path to loyalty-building begins with customer knowledge,” Doherty added. “Establish a means for identifying your customers at the point of sale. That provides a way for you to understand your customers, to learn what makes them unique and what motivates their behavior. You can then leverage that wealth of information to personalize your interactions and demonstrate that you value their business.”

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Leverage the team.

\n

Entry and mid-level employees often have the most interaction with your customers. Make sure they know about your customer loyalty programs and ensure they pass along the news as often as they can.

\n

Advertise.

\n

Customers can’t take advantage of a loyalty program unless they know it exists. It’s your job to ensure they do. Reach customers where they are. Depending on what your business does, that might mean displaying loyalty program information on a website, a billboard or an in-store display.

\n

Loyalty programs are a staple of business

\n

Businesses have always had loyalty programs. The difference is that now many providers have made them into a more precise science than they used to be. These new offerings are some of the best ways for businesses to become familiar with their customers and make sure they keep coming back.

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2441","_score":2,"_source":{"canonical":"https://vaylees.com/11244-create-stress-free-work.html","displayModified":"2024-06-03T19:23:38Z","docType":"article","editorsPick":false,"href":"11244-create-stress-free-work.html","id":"2441","ID":2441,"isSponsored":false,"published":"2019-01-25T22:01:00Z","site":"bnd","stream":"Stress can affect employees and the workplace negatively. Learn how to mitigate its impact. ","subtitle":"Stress can affect employees and the workplace negatively. Learn how to mitigate its impact. ","title":"How to Create a Stress-Free Work Environment","author":{"displayName":"Jennifer Post","email":"jennmpost@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/18120559/jennifer-post.png","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Managing","slug":"managing"}},"meta":{"robots":"index, follow","description":"Work causes stress for many people, impacting productivity and turnover. Learn how to reduce stress in the workplace and make healthier choices."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080422/leaders_Ridofranz.jpg","caption":"Ridofranz / Getty Images","alt":""},"content":"\n

Work is a primary source of stress for many people, even those who love their jobs. Sometimes, loving your job makes your experience more stressful. If you care too much about performing perfectly, you may be susceptible to burnout.

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We’ll explain how stress affects employees and the workplace negatively and share ways for owners, managers and employees to mitigate workplace stress.

\n\n\n\n

Tips for creating a stress-free work environment

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There are countless reasons why employees might feel stressed in the workplace.

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“People are stressed at work due to the people and the tasks,” explained Dr. Olivia Rose, director of the Rose Health Clinic and medical advisor at Remedy Review. “This includes work colleagues, who may be difficult to get along with or who don’t pull their weight and challenging bosses. The demands and pressures are high. There’s competition and tight deadlines to adhere to, which all leads to stress.”

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Thankfully, business owners and managers can mitigate some elements of employee stress consciously in several ways.

\n\n\n\n

1. Create a safe work environment.

\n\n\n\n

Dominic Harper, founder of Debt Bombshell, said a safe working environment isn’t just a place with top security equipment, such as closed-circuit television and access control systems. A safe environment should also extend to employees’ mental health.

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Harper recommends using a “safe word” to give employees a tool to de-escalate a crisis. “Make sure employees have a safe word they can use to prevent chaos from escalating in the workplace,” Harper advised. “If an employee feels unsafe or is mentally stressed about something, they can [say] this safe word, so others will know that someone is feeling mentally unsafe.”

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When a crisis is de-escalated and employees remain respectful of each others’ boundaries, it becomes easier to navigate a solution in a calmer environment.

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2. Advocate for wellness.

\n\n\n\n

An employee health and wellness plan incorporating healthy options and initiatives can help prevent fatigue, illness and workplace burnout while showing how much you care for your employees.

\n\n\n\n

“Managers should advocate for workplace wellness,” recommended Dan Ni, CEO of Messaged Inc. “The environment is the top contributor to stress and should be revamped by managers.”

\n\n\n\n

One component of workplace wellness is a reasonable paid time off policy, which reduces employee turnover and shows your team how much you value them. A remote work option can also be a part of a workplace wellness initiative if you have an engaged remote workforce.

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“Remote work with flexible hours should be advocated as a viable option as it increases productivity and reduces worker pressure,” Ni noted.

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Managers can also demonstrate and advocate for self-care in a physical sense. “Incorporating self-care at work is important,” Rose stressed. “Set a timer and get up each hour to stretch, get water or take a washroom break. Pack healthy lunches instead of eating out all the time and cut coffee. Stress management begins with what you put in your body. Coffee makes stress worse by increasing the stress hormone, raising the heart rate and creating dehydration by stimulating the kidneys.” [Related article: Want to Get More Done at Work? Eat Better]

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3. Define and refine job expectations.

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Setting clear job expectations can reduce employee stress by eliminating the ambiguity of deciding whether to take on random assignments. Managers should also routinely audit and assess employee workloads to ensure no one is overtaxed.

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“If your staff [has] problems managing workloads and there are too many people attempting the same things in different methods, it’s time for a reorganization,” explained Adam Wood, co-founder of RevenueGeeks. “Perform a skills evaluation of all employees, review and update all job descriptions, establish a uniform onboarding process and assign work responsibilities to those who are well matched.”

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4. Create training programs.

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Wood noted that employees are your most valuable business asset and you get out of them what you invest in them. Effective employee training tactics that include leadership development goals can show your employees how much you believe in their talent and potential.

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“Identify essential personnel who have the capacity to do more and then help them achieve their goals by providing development programs and educational opportunities,” Wood advised. “This reduces their tension because they now have the knowledge they need to accomplish an excellent job.”

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5. Practice open communication.

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Employees and managers can help reduce workplace stress with clear, open communication. If a manager has created an open-door policy and a sense of trust, employees may feel comfortable sharing their concerns.

\n\n\n\n

“Communicate with your boss about how you feel about your role instead of bottling it up inside,” Rose urged employees. “Take notes and discuss your concerns with human resources as well. Getting your concerns off your chest may help you manage stress a bit easier.”

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No attempt at a stress-free life, at work or home, will yield miraculous results overnight. Rose advises taking baby steps toward building a less stressful environment.

\n\n\n\n \n\n\n\n

How stress impacts productivity and employee turnover

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Stress isn’t an individual problem; employee stress can affect a company’s bottom line.

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“Stress can damage [an employee’s] disposition, preventing them from being at their best when at work,” Harper cautioned. “When an employee isn’t able to show their best self, their productivity levels tend to drop and when such happens, their [motivation] to do and finish tasks drops as well.”

\n\n\n\n

Here’s a look at some of the repercussions of stress in the workplace:

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\n
• Workplace stress leads to high turnover: High employee turnover costs your company productivity and money. Take the stats as proof: According to the American Psychological Association’s (APA’s) 2023 Work in America Survey, 92 percent of workers believe it’s important to work for a company that values their emotional and psychological well-being. About 23 percent admitted wanting to quit due to work-related stress.
\n\n\n\n
• Employees care less about their jobs when they’re stressed: When employees stop caring about their jobs and the work they’re doing, productivity plummets. The APA survey revealed that a whopping 20 percent of employees say they experience lower productivity due to stress in the workplace, while 26 percent don’t feel motivated to do their best.
\n\n\n\n
• Stress causes other emotional and health issues: The side effects of workplace stress can compound and manifest in more profound, more serious ways. For example, 31 percent of workers in the APA survey reported experiencing emotional exhaustion due to work-related stress, while 19 percent felt irritability or anger with co-workers and customers.
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\n\n\n\n \n\n\n\n

Finding healthy ways through stress

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“We all feel stress; it’s normal,” said Chip Munn, managing partner at Signature Wealth Strategies. “By allowing our team to make healthy choices to deal with the daily pressures we face, we can model good choices for them. It’s much easier to feel comfortable discussing workplace stress with someone they’ve seen find healthy ways to work through it.”

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Workplace stress is inevitable but employees and managers have choices for handling it. Habits like packing a healthy lunch, taking a break to walk around the office, communicating with your manager or team or taking a few days to work from home can decrease work stress and contribute to an improved work-life balance.

\n\n\n\n

Sammi Caramela contributed to this article. Source interviews were conducted for a previous version of this article.

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You’ve heard about the “30 under 30” lists celebrating young business leaders and innovators. But have you ever seen a list that includes 15-year-old CEOs and 4-year-old founders?

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Age does not limit success. You’re never too young or too old to start pursuing your ambitions. No one knows that more than the young entrepreneurs on this list. They don’t need high school diplomas or even driver’s licenses to turn their ideas into thriving businesses.

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15 companies started by young entrepreneurs

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1. Aline Morse — Zolli Candy

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At age 7, Alina Morse went on an errand to the bank with her father. The teller offered her a lollipop, but she reluctantly declined — her parents had taught her that candy would damage her teeth. The experience sparked an idea: why not make candy that tastes great and is good for your teeth? Zollipops were born, and before long, Zolli Candy was sold in stores across the country. Since then, Morse has expanded the vegan, sugar-free, tooth-friendly candy line to include taffy and drops. Now a teenager, Morse is the company’s CEO and has been featured in a variety of publications. She launched the Million Smiles Initiative, which encourages schools to discuss dental hygiene by donating Zollipops to them.

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2. Hannah Grace — BeYOUtiful

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After being challenged by her father to create the same products she loved from her favorite health and beauty stores, Hannah Grace got to work. She quickly learned how to make bath bombs and soon started her own bath and beauty brand, BeYOUtiful. You can find her products on her website and in retail stores. Grace, who has type 1 diabetes, donates 10 percent of every online purchase to the Juvenile Diabetes Research Fund.

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3. Maddie Rae — Maddie Rae’s Slime Glue

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Slime has taken the kid world by storm and Maddie Rae has been on the forefront of the trend. As the slime craze took off in 2017, Rae, an avid slime fan, began having a hard time finding glue (a necessary slime ingredient) in stores. She took matters into her own hands and worked with her dad to develop their own glue, optimized for slime production. Soon, Rae expanded her online store to feature a range of slime, slime glue and slime accessories. Since 2017, she has broken world slime records and held a slime conference called “Slime Bash” in addition to making content on YouTube and TikTok. Her products can be found online and in stores.

\n

4. Brandon and Sebastian Martinez — Are You Kidding

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Brothers Brandon Martinez and Sebastian Martinez design and sell their funky, creative socks to elevate people’s style while also helping a wide range of charitable causes. Proceeds from their charity collections go to nonprofits including Big Brothers Big Sisters, Amigos for Kids, many pediatric cancer organizations.  In 2014, Are You Kidding also launched their “Kids Helping Kids” initiative and began partnering with schools across the United States to provide socks and other tools for school fundraisers.

\n

5. Sofia Overton — Wise Pocket

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If you’ve ever found yourself wishing your comfortable leggings had a pocket for your phone, Sofia Overton has the product for you: Wise Pocket. One day, Overton watched as her cousin, whose leggings left her without a pocket, stuffed her phone into her boot and it inspired her. Overton got to work and created a sock with a pocket capable of securely holding a phone. She even pitched her idea on Shark Tank. In addition to socks, Overton has announced the development of leggings with pockets. She’s also launching a charitable effort called The Wise Movement that donates socks to shelters, as they are one of the most highly needed items among people experiencing homelessness.

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6. Mikaila Ulmer — Me & the Bees Lemonade

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At age 4, Mikaila Ulmer needed an idea for a children’s business competition she had entered. Two serendipitous events inspired her: She was stung by a bee and, around the same time, a family member sent Mikaila her great-grandmother Helen’s recipe for flaxseed lemonade. Ulmer decided to create a product that would help the honeybees and that utilized her Granny Helen’s lemonade recipe. She added honey to the mix and founded Me & the Bees Lemonade. For over a decade, the company has produced delicious lemonades and donated 10 percent of profits to bee conservation. The young entrepreneurs’ products can be found at Costco, online and at other retailers. Ulmer also authored a book called Bee Fearless, Dream Like a Kid, which discusses her journey as the young founder of a purpose-driven brand.

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7. Maya Penn — Maya’s Ideas

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Maya Penn founded Maya’s Ideas in 2008 when she was just 8 years old. The company sells sustainably produced fashion accessories and has been ahead of the curve with regard to the “slow fashion” movement. Penn is not only the company’s designer but also its CEO. Today, Penn has become an environmental activist, writer and speaker who has given several TED Talks. Penn is the author of You Got This! Unleash Your Awesomeness, Find Your Path and Change the World and has given speeches across the country. In 2011, she founded Maya’s Ideas 4 The Planet, which has a holistic approach to fighting climate change. She’s also an animator and has created several short films.

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8. Evan Moana — EvanTubeHD YouTube Channel

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Evan Moana was named YouTube’s youngest millionaire in 2016. He started his channel, EvanTubeHD, when he was in the fourth grade. His first videos were reviews of popular kids’ toys. Since then, the channel has grown to earn more than 7 million subscribers. Now, Moana’s whole family has started making content for YouTube and on TikTok. Moana has several channels of his own, his sister has a channel and features prominently on his and they have a channel with their parents featuring family adventures and challenges. All the money Moana raises through sponsorships and advertisements and his earnings are invested in college funds and investments for Evan and Jillian.

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9. Moziah Bridges — Mo’s Bows

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Moziah Bridges started Mo’s Bows in his grandmother’s kitchen when he was 9 years old. Bridges says his desire to find a sharp-looking fashion accessory was the inspiration for his business, which produces stylish, colorful bow ties in a variety of styles and prints. The internationally recognized brand has motivated Bridges to study fashion design in college. In addition to bow ties, Bridges’ Memphis, Tennessee-based company sells neckties, pocket squares and apparel. He’s also published a book for children called Mo’s Bows: A Young Person’s Guide to Startup Success to encourage other young people to follow their business dreams.

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10. Cory Nieves — Mr. Cory’s Cookies

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When Cory Nieves was 6 years old, he was tired of taking the bus to school. To afford a car, Nieves began a series of businesses to start saving up. The enterprising Nieves initially sold hot cocoa and lemonade, but before long he began a quest to create the perfect chocolate chip cookie using all-natural ingredients. After some trial and error, Nieves and his mother, Lisa, perfected their recipe and Mr. Cory’s Cookies was born. The pair expanded their cookie repertoire and developed several new flavors. Nieves has worked with Whole Foods, Williams Sonoma, J. Crew and Pottery Barn. He has also partnered with several nonprofits in the New York City area.

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11. Benjamin Stern — Nohbo

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Benjamin Stern became frustrated with inadequate solutions to plastic consumption when he was in the ninth grade. He began developing a creative solution in his biology class and before long developed the groundbreaking sustainability startup Nohbo. Stern began by developing eco-friendly personal care products like shampoo and soap without any plastic packaging. Nohbo Drops are single-use, water-soluble packets containing shampoo, conditioner, body wash or shaving cream. They contain no harsh chemicals, parabens or sulfates and, best of all, generate no plastic waste. Stern pitched the product on Shark Tank and Mark Cuban invested. Now, they’re a major, award-winning startup that has partnered with Capital One, 4 Ocean and One People One Reef. Stern is still CEO and is working on new innovations to fight plastic pollution.

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12. Gabby Goodwin — GaBBy Bows

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When Gabby Goodwin was 7 years old, she and her mom, Rozalynn, noticed a problem. Goodwin’s favorite barrettes slipped out of her hair during the day, so she kept losing them for good. The mother-daughter pair worked together to design a new type of hair clip, the Double-Faced Double Snap Barrette. This one stayed put no matter how hard Goodwin played during the day. They patented the design and founded GaBBy Bows. Now, Goodwin is the company’s CEO. In addition to her unique barrettes, Goodwin has founded Confidence by GaBBy, a plant-based hair care system designed to make it easier for moms to do their daughters’ hair. Goodwin and her mom also offer mentoring services on both business and haircare.

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13. Nic Bianchi — Bianchi Candle Co.

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Nic Bianchi started Bianchi Candle Co. when he was 12 years old. He combined his love of math, science and candles to create wonderful-smelling, all-natural, handmade candles. Each batch of Bianchi’s candles are hand-poured in small batches and made of all-natural soy wax that burns longer and cleaner. Bianchi has expanded into products like diffusers and a variety of designer candle lines within his brand. All candles are still handmade but can be purchased in small shops across the country. Bianchi also donates proceeds to a number of causes, including the American Cancer Society, Partnerships 4 Kids and the Angels Among Us Society.

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14. Caleb Nelson — Romeo Rickshaws

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Caleb Nelson, who lives in Cedar City, Utah, opened Romeo’s Rickshaws with his dad in 2017 when he was only 14 years old. The pedicab business launched during the Utah Shakespeare Festival, one of the biggest tourist events in Utah, and flourished among the city’s visitors. Soon, it expanded, offering pedicab rides across the downtown and transportation for special events like weddings. Nelson brought on additional drivers and began offering local tours of Cedar City. Romeo’s Rickshaws cost nothing, setting them apart from all other transportation services. Instead, they operate on a tip-only system.

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15. Miracle Olatunji — OpportuniMe

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Miracle Olatunji started OpportuniMe when she was in high school as a way to help her fellow high school students connect with opportunities to develop their careers, build their networks and identify their passions before going to college. Now in college herself, Olatunji continues to work with OpportuniMe and has nourished other aspects of her career. She provides coaching, consulting and creative brand partnerships and is a keynote speaker with several organizations. She is the author of Purpose: How to Live and Lead with Impact and her work has been highlighted in Boston Business Journal’s 25 under 25 list and in Forbes.

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What can we learn from young entrepreneurs?

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Business people of all ages can learn from these intrepid young founders. They think outside of the box, motivated by passion and imagination. People who want to start a business but don’t know where to start need look no further than their interests. Young entrepreneurs like Rae, Bianchi and Moana built their enterprises around the things they loved, which gave them unique insight into their customers’ needs. Others like Olatunji, Ulmer and the Martinez brothers identified causes that matter to them and incorporated those passions into their business plans, with admirable results.

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Young business owners likewise have the courage to approach ordinary problems with creative solutions. Goodwin, Stern and Morse all created their products after grappling with a problem, without concern for status quo solutions. This confident creativity is crucial for new business ideas to thrive. Finally, young entrepreneurs display tenacity and dedication to their goals. This attitude is central to the longevity and success of any new business venture.

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3138","_score":2,"_source":{"canonical":"https://vaylees.com/10401-employee-time-off-policy.html","displayModified":"2023-12-20T17:54:03Z","docType":"article","editorsPick":false,"href":"10401-employee-time-off-policy.html","id":"3138","ID":3138,"isSponsored":false,"published":"2017-11-28T02:30:00Z","site":"bnd","stream":"Learn how to create a time-off policy that works for your business and keep track of PTO to manage your employees better.","subtitle":"Learn how to create a time-off policy that works for your business and keep track of PTO to manage your employees better.","title":"How To Create A Paid Time-Off Policy That Reduces Employee Absences","author":{"displayName":"Jennifer Post","email":"jennmpost@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/18120559/jennifer-post.png","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Your Team","slug":"your-team"}},"meta":{"robots":"index, follow","description":"Employee absences can affect a company’s bottom line. Learn how to manage PTO issues with tracking tools and a smart time-off policy."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075913/workspace_opolja_getty.jpg","caption":"opolja / Getty Images","alt":"minimal office setting"},"content":"

Do you have an employee who is constantly calling out “sick” or taking excessive amounts of time off? While many employee absences are legitimate, recurring unscheduled absenteeism can disrupt a business – especially if the employee is taking paid time off.

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Your first instinct might be to discipline the employee. But if their reason for missing work qualifies as a legally protected absence, you could land yourself in hot water. Learn the ins and outs of creating a smart time-off policy and handling employee absences.

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Editor’s note: Looking for information on time and attendance systems? Use the questionnaire below, and our vendor partners will contact you to provide you with the information you need:

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What is PTO and a time-off policy?

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Paid time off, otherwise referred to as PTO, is exactly what it sounds like: It is an employee benefit in which the employer pays the employee for an allotted number of days off of work each year. Employers can choose from a variety of different PTO options like federal holidays, floating holidays, vacation days, sick leave, parental leave, bereavement leave, jury duty and military leave.

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A time-off policy is a set of guidelines that outlines rules and standards surrounding how and when employees can use paid time off. Employers determine time-off policy guidelines, such as who is eligible, how many days are available each year (set or unlimited) and how PTO accrues. How you choose to create a PTO policy will depend on your organizational and team needs.

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What is the difference between sick leave and PTO?

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It is worth noting that sick leave and PTO policies can slightly differ. Paid sick leave is a specific amount of time off that can be used for injury, illness or related reasons while a paid time-off policy is an all-encompassing time-off bundle that can include paid sick leave.

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What to include in a time-off policy

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Whether you’re writing your first time-off policy or updating your existing one, our sources recommended including a few key things:

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1. Employee work hours

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Define the expected business hours and number of hours worked per week, as well as a clock-in/out procedure to make sure employees are meeting those requirements.

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2. Paid and unpaid leave options

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Aside from regular PTO, including sick days, personal days and vacation days, list out paid (or unpaid) holidays, leave periods, such as bereavement or jury duty, and federally protected absences like the Family and Medical Leave Act (FMLA) and disability leave. If your company has an unlimited PTO policy, explain what that means and how it should be used.

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“Write a clear description of what paid and unpaid leave is available for employees, including when and how they qualify for leave and how much leave they accrue each week, pay period, month or year,” Jaime Lizotte, director of human resources (HR) and tax products at ComplyRight, said.

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3. PTO accrual and rollover policies

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You need to determine employee eligibility for your PTO plan. Do all employees start each calendar year with a lump sum of paid days off or does PTO accrual occur throughout the year? Additionally, do any of their unused paid days off roll over into the new year or do you have a use-it-or-lose-it policy? Some states, such as California, Montana and Nebraska, prohibit use-it-or-lose-it policies, so it is important to check your applicable state laws to see what policy options are available to you.

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4. Payment upon termination

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There is no federal law that requires employers to pay an employee their accrued and unused vacation time if they are terminated. However, you may be subject to state PTO payout laws, depending on where your company is located.

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5. PTO request procedure

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What is the procedure for calling in sick or notifying the company when an employee won’t be in? Should someone be notified if an employee will be late? Are employees responsible for finding a replacement for unscheduled time off?

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“Be sure to explain the policy for requesting leave, including any deadlines for vacation requests and blackout periods,” said Lizotte. Your policy should be shared among all employees, supervisors and managers. Additionally, executives should be trained on how to apply it fairly.

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6. Consequences for violations

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The last part of your policy should spell out the repercussions if an employee does not follow the policy. Include the details of your PTO policy and guidelines in your employee handbook.

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“Write down the steps that will be taken for various infractions, to protect your business from charges of favoritism or discrimination down the line,” said Lizotte.

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Do employers have to offer paid time off?

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There are currently no federal laws that require employers to offer paid time off, but that doesn’t necessarily mean you’re off the hook. Each state has its own PTO requirements that determine whether employers are obligated to have paid time off policies or not. This is why it is important to check with your state’s specific guidelines before drafting your time off policy.

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Keep in mind that, even if it isn’t legally required, it is usually a good idea to offer some type of PTO and paid leave policy. Offering your employees the flexibility to take much-needed days away from work can improve your overall workforce. For example, offering vacation pay can help you attract and retain top talent and offering sick leave can help you keep a healthy workplace.

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How to ensure your time-off policy is compliant legally

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As an employer, you have a legal obligation to treat employees fairly when it comes to your leave policies. Tricia Meyer, founder and managing attorney at Meyer Law, said it’s important for employers to understand federal or state laws regarding employee leave so that they aren’t creating illegal policies or making unfair demands of their workers.

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To stay up to date with current requirements, we recommend you keep tabs on federal laws and associated regulations, including:

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• The FMLA
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• The Americans with Disabilities Act
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• The Uniformed Services Employment and Reemployment Rights Act
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• Title VII of the Civil Rights Act of 1964
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Additionally, familiarize yourself with your state’s workers’ compensation laws.

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“You must make sure that you are not reprimanding or even denying the absence of an employee for any protected reason,” said Lizotte. “Also, make sure that you are treating each employee the same so that you do not end up with a discrimination or wrongful termination claim.”

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It is always best to have an experienced attorney review your policies to make sure there are no problematic language or rules.

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“Employers should consult with professionals to ensure that they are complying with various federal and state laws with respect to their policy and implementing best practices,” said Meyer. “An employer’s policy should be written and sent to all employees for their review/acknowledgment.”

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Tracking and handling employee absences

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Employee absences are more than just an HR compliance issue and how you handle them affects company costs, profitability, company culture, employee morale and more, said Raj Narayanaswamy, co-founder and co-CEO of Replicon.

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“The way you choose to comply with these absence requirements can have a far-reaching impact on more than just your legal department, so take the time to fully understand how time is being deployed in your company,” he said.

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Lizotte noted that employers can track employees’ absences easily by either creating a process in their company in which they document absences regularly, such as with paper or finding an electronic solution that allows them to easily enter employee absences as they occur.

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“If the employer intends on scaling the company, I’d recommend using a third-party software product to track as it is typically less administratively burdensome compared to tracking in a spreadsheet, is less likely to contain errors and allows the employer to ensure compliance with state and federal laws more easily,” Meyer said.

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Before you approach an employee about chronic absenteeism, it’s wise to conduct an internal audit to uncover the root of the issue, said Lizotte. Is your employee choosing to call out of work because they’re feeling stressed and pressured and need some time to decompress? Are they calling out because of a family situation, such as caring for children or aging parents? Is it occurring because of health-related issues of their own?

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Next, Lizotte said to look at your company’s attitude toward unscheduled absenteeism. Do you tolerate it because everyone needs time off now and then? Do you feel it’s abused because you don’t know how to manage it differently? Is it frowned upon and the employees know it but it still happens?

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“By conducting this audit and answering these questions, you will be able to identify … [and] understand any absentee issues your company may have and [then] implement a plan,” said Lizotte.

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Before taking any disciplinary action against an employee, we advise consulting an HR professional and/or an attorney to make sure you’re staying compliant legally.

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The best software for tracking PTO and time off

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Time and attendance tracking software is an effective way to both track absenteeism and manage your employees’ time off. These tools allow employers to keep track of when their employees are working and when they’re using PTO. If an employee is using more PTO than employer guidelines allow, time and attendance tracking software will flag it. Many services offer reporting and analytics for a big-picture employee attendance snapshot.

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The software can also ask employees to specify what kind of PTO they’re using, such as sick leave or bereavement, so employers can be aware of any patterns that could indicate the employee needs extra support. Many of these tools also allow employees to specify which projects they’re focused on during their work hours, which can help employers manage their resources effectively.

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We’ve outlined some of our top picks for these tools below to help you in your search. You can also check out all of our picks of the best time and attendance software.

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TimeClock Plus

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If you’re looking for a time and attendance software solution you can customize to meet your business’s specific needs, TCP by TimeClock Plus is a great option. With three plans ranging from basic time and attendance tracking to a full-scale time reporting and scheduling system, TCP can meet the needs of companies of all sizes with its scalable offerings.

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TCP is a cloud-based solution that has time-tracking capabilities for employees who work in the field, at home or in the office. Its geofencing capabilities allow employers to track where employees clock in and clock out and features a variety of hardware options for timekeeping such as PIN entry, touchless badge readers and facial or fingerprint scanners.

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When it comes to PTO, TCP is capable of tracking short-term requests like vacation and sick leave as well as long-term requests such as those related to the Family Medical Leave Act. Analytics and reporting features make it easy for employers to get a big-picture view of how much time employees are spending at work and on PTO. Plus, TCP integrates with hundreds of third-party enterprise, payroll and workforce management tools.

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To learn more, read our detailed TimeClock Plus review.

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When I Work

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When I Work is an effective tool not only for tracking employee work hours and PTO but for shift planning as well. The software features a customizable dashboard that presents data about filled and unfilled shifts visually and allows employers to assign workers to specific time slots with a drag-and-drop functionality.

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The platform is accessible via mobile app, where employees can clock in and out, request time off, view their schedule and find someone to cover their shift in the event of last-minute changes. We liked When I Work’s photo clock-in option, which helps reduce “buddy punching,” a time-theft tactic in which one employee clocks in for another employee who isn’t present.

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When I Work’s leave management tools allow employers to make simple time-off policies and for employees to specify which kind of leave they’re requesting. The service also features intuitive in-app communication capabilities. While it allows for fewer third-party platform integrations than some other services we reviewed, you can still sync When I Work to top payroll and project management tools.

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Read more about the service’s features, perks and drawbacks in our detailed When I Work review.

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Rippling Time and Attendance

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Rippling Time and Attendance software allows employers to automate workflows and time off approval processes, simplifying the time tracking process. We liked that employers can also automate the software to keep track of overtime and meal breaks, making it easy to stay in compliance with federal overtime rules and any applicable state meal and rest break laws.

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Employees have access to an intuitive self-service platform via the web or a mobile app that allows them to clock in and out, request PTO, view their schedules, track their timesheets and view pay periods. Managers can also access the dashboard to approve time off requests and manage shifts.

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Like most other services we reviewed, Rippling Time and Attendance Software can integrate with third-party platforms like payroll systems. Prospective customers should be aware that to use the software, they must also subscribe to Rippling’s employee management platform, a broader service that also features tools for employee onboarding, electronic document management, task management and more.

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Learn more about the service’s perks, features and drawbacks at our detailed Rippling time and attendance software review.

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Clockify

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Clockify offers a free version and four paid plans with unlimited time tracking. The flexible, cloud-based platform can be used by remote, hybrid or on-site employees, wherever they are. Workers can use a shared kiosk to clock in and out if they’re working on-site or use their mobile phones, tablets or desktop computers if they’re off-site.

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Not only does Clockify allow managers to approve time-off requests easily, but they also have the option to use the GPS tracking feature to monitor employees’ physical location, depending on which plan they choose. Managers can also assign project tasks to specific employees, monitor their progress and keep track of costs. We also liked Clockify’s team chat and messaging features.

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Clockify features robust reporting and analytics, along with more than 80 integrations with other tools, including project management and customer relationship management software. However, prospective customers should be aware that Clockify lacks integrations with third-party payroll providers and doesn’t offer shift scheduling tools.

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Learn more about the service’s features, perks and drawbacks in our detailed Clockify review.

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QuickBooks Time

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Like other time and attendance tracking software we reviewed, QuickBooks Time allows employees to clock in and clock out whether they’re working on-site or remotely. Employers can configure the tool to their specific time-off policy and employees can request PTO and manage their leave from a web platform or mobile app. Workers can also track time specific to a project or client, allowing managers to monitor their job progress.

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An employee scheduling feature allows employers to build schedules with a drag-and-drop functionality, while a geotechnology feature allows employers to notify workers close to the locations of open jobs. We liked the QuickBooks Time crew functionality feature, which allows a crew leader to clock an entire team in or out of a job site at the same time.

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The service also features mileage tracking and job costing tools, allowing managers to access detailed reporting and analytics to better manage their resources. Prospective customers should be aware that QuickBooks Time lacks shift-swapping tools and in-app messaging and is more expensive than other time and attendance tracking software we reviewed.

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Learn more about the service’s features, perks and drawbacks in our detailed QuickBooks Time review.

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When it comes to PTO, knowledge is power

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Employee absenteeism can be a challenge for any business. To head off any future issues with employee leave, employers should stay up to speed on relevant employment laws and work out a time-off policy to ensure that everyone is on the same page about when employees can take PTO.

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Tracking time on and off the job is especially important for employers to understand when, where and how employees are working. Time and attendance tracking software can offer a helpful picture of how employees are using PTO at your company and whether any changes are needed. If you’re informed about employee attendance and PTO, you can make better decisions about how to manage your employees.

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Erin Donaghue contributed to this article. Source interviews were conducted for a previous version of this article.

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3321","_score":2,"_source":{"canonical":"https://vaylees.com/10001-how-to-outsource-shipping.html","displayModified":"2023-10-19T20:00:33Z","docType":"article","editorsPick":false,"href":"10001-how-to-outsource-shipping.html","id":"3321","ID":3321,"isSponsored":false,"published":"2017-06-09T00:05:00Z","site":"bnd","stream":"As your e-commerce business grows, you may want to consider outsourcing your shipping needs to a third party. Here's how it works.","subtitle":"As your e-commerce business grows, you may want to consider outsourcing your shipping needs to a third party. Here's how it works.","title":"How to Outsource Your Shipping","author":{"displayName":"Jennifer Post","email":"jennmpost@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/18120559/jennifer-post.png","type":"Senior Writer"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"Retail Solutions","slug":"retail-solutions"}},"meta":{"robots":"index, follow","description":"In e-commerce, shipping is a critical factor. Learn your outsourcing options and how to streamline logistics by outsourcing shipping and order fulfillment."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081843/1554239111.jpeg","caption":"Maxim Minaev / Shutterstock","alt":""},"content":"

When you run an e-commerce business, one of the most important details is how you ship your products to your customers. While shipping out of your garage works well when you first start a business, that model becomes unsustainable as your business grows.

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There comes a point in every business owner’s life when they realize they need to streamline their logistics process, said Krishna Iyer, director of strategic alliances for ShipStation. If you’ve reached that point, you may wonder how to affordably outsource your shipping needs to third-party providers with the least disruption to your customers and business.

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We spoke with industry experts to help small online retailers determine when it’s time to outsource shipping – and how to do it.

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How does outsourced shipping work?

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The outsourced shipping process starts when your company purchases products from your supplier. Your product will then be shipped to your third-party logistics center for storage.

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When you make a sale, you’ll forward the order to the center, and they will fulfill the order by sending your product directly to the customer. The third-party logistics center will pack up and ship your products directly, so you’ll never need to handle items before they reach customers.

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Once you have your process established, customers will be able to seamlessly buy a product, and your outsourced shipping provider will fulfill the order.

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Should you outsource your shipping?

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If you’ve been shipping products out of your home, trusting a third party can be difficult. Iyer said business owners need to look at their finances to decide if it’s time to use shipping software or hire another company to handle shipping.

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“When looking to outsource shipping, business owners should consider where they are shipping products to most often, how intricate their fulfillment procedures are, what the returns experience looks like for their customers, and what markets they would like to expand to,” Iyer said.

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Iyer listed some of the major pros of outsourcing your shipping.

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• A shift in focus: Outsourcing allows you to focus on your core competencies, such as product development, marketing and long-term growth strategy.
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• More professional shipping: Third-party shippers are often better suited to handle shipping, packing and fulfillment.
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• Time and money savings: You can decrease your business’s order-fulfillment time and potentially save your customers money.
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Of course, there are also some cons of outsourced shipping.

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• Costs: If you sell large products, outsourcing your shipping may cost more in the long run, because of the extra warehouse space needed to store your products.
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• Complex pricing: Some shipping companies have complicated pricing structures that make it difficult to understand how much you’ll ultimately pay.
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• Issues with returns: Your returns process may suffer when you use a third-party shipping company, as some customer service functions are out of your hands.
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How to outsource shipping

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Online retailers have a few different options when outsourcing, including renting warehouses, dropshipping and using third-party logistics (3PL) companies.

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“It really depends on your business and what you’re selling, and the materials you need to do business,” said Sam Ely, director of LTL operations at uShip.

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Warehouse rentals

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Renting warehouses is common among growing online retailers. Merchants rent warehouse space near high-population areas so goods can be delivered to consumers faster and cheaper than they could from the business owner’s or manufacturer’s location.

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Dropshipping

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If you don’t want the hassles that come with renting warehouse space, dropshipping bypasses warehousing and allows you to ship orders and track inventory directly from the dropshipper.

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With dropshipping, when a customer buys a product, you (the merchant) buy the inventory from the dropshipping company, which then ships the products to the customer directly.

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Third-party logistics

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Third-party logistics, or 3PL, encompasses many different services. Essentially, it means hiring another business to optimize your supply chain. This company could handle shipping and warehousing, manage the inventory process, provide in-depth reports, and more.

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A 3PL comes with a hefty price tag, which might be difficult for some small businesses to handle. As a business owner, you need to weigh the pros – not having to deal with the nightmarish web of shipping duties – with the cons, like the significant upfront investment these services require.

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How to choose a shipping provider

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As you weigh your options, here are some tips from Iyer for finding an outsourcing partner:

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• Understand your business’s shipping needs. Envision the fulfillment and delivery experience you want your customers to have, and then communicate your business’s needs to the providers you’re considering. Involve your company’s various departments early on, mitigating potential issues later.
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• Shop around for shipping providers. “Understand the line-item costs for each item fulfilled,” Iyer said. “Don’t be afraid to ask for a sample invoice breakdown and a projection of what a bill will look like.” He noted that most 3PLs are locally owned and operated, so they can be flexible with invoicing structures. If you go the 3PL route, find one that really fits your needs, and ask for references with companies in similar industries if possible. [Learn more about invoices and price quotes in our guide.]
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• Ask questions. As cliche as “open communication” and “asking lots of questions” may seem, these factors are crucial to finding the right provider, saving you a lot of headaches further down the road. “[Third-party shippers] should … have a lot of transparency in what they are doing, how they are doing it, and why they are doing it,” Iyer said. “After all, it is your product and why a customer is buying from you.”
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• Consider how a provider handles returns. An important area to consider is how a third-party vendor might handle customer returns. “How much do they put on the customer versus utilizing tools – i.e., printing a return label on the front end for a product, or having the capability to print and email a return label?” Iyer said. “How does the third party process the return when it comes in? Can they utilize low-cost return methods? These are critical questions [to ask] in keeping costs down and ensuring a better customer experience.”
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Top outsourced shipping options for small businesses

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There are many excellent shipping options for small businesses, some of which are household names. Each major carrier has its own small business solution with benefits and drawbacks.

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USPS

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The United States Postal Service is ideal for small businesses sending out a low volume of smaller items. It offers programs that make it easy to fulfill orders in-house, including allowing users to pay postage and print shipping labels online with an at-home pickup option.

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USPS runs local routes daily, so it won’t have to go out of its way to deliver to your customers. However, USPS delays can affect small business operations and customer satisfaction.

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FedEx

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If you ship large items that need fast delivery, FedEx is a sound option. Its small business options include a rewards program and packaging dashboard that allows you to calculate the weight and size of your packages to determine your shipping needs.

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UPS

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UPS, or the United Parcel Service, can deliver large shipments in one to five business days. It also has many resources for small business owners, including the ability to schedule pickups and manage customer support, and a program that offers shipping discounts and consultations to small businesses.

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What is outsourced shipping?

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Outsourced shipping is when another company handles and fulfills your product distribution. After you start selling online, operations can grow quickly, until managing the supply chain becomes a challenge. An outsourced shipping provider can deliver your products into your customers’ hands more quickly.

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An outsourced shipping provider can help you meet current customers’ demands and facilitate gaining new customers and reaching far-off markets. Expanding into foreign markets doesn’t have to be complicated, either. Outsourced fulfillment centers can reduce the delay caused by international customs, lowering your return rates and increasing your profit margins.

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The future of logistics

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To get a glimpse into the future of e-commerce logistics for retailers, you need only to look at the industry’s biggest player: Amazon.

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“All eyes are on Amazon, given its enormous investment in logistics and desire to control the supply chain, from sourcing to transoceanic movement to warehousing to final-mile delivery to the home,” Ely said. “Technology will play a big part in optimizing that effort for them.”

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“Products are getting from the manufacturer [or] vendor to the customer faster than ever,” Iyer added. “It will be interesting to see if the creation of more shipping options then creates new products, modes of transport, or other levels of innovation that we have not foreseen yet.”

\n

Sean Peek 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":"2060","_score":2,"_source":{"canonical":"https://vaylees.com/15101-commercial-lease-guide.html","displayModified":"2024-02-15T14:41:28Z","docType":"article","editorsPick":false,"href":"15101-commercial-lease-guide.html","id":"2060","ID":2060,"isSponsored":false,"published":"2019-06-10T14:00:00Z","site":"bnd","stream":"Commercial leases are complicated. These tips will help you sort through the legal jargon.","subtitle":"Commercial leases are complicated. These tips will help you sort through the legal jargon.","title":"Property Leases: What SMBs Need to Know","author":{"displayName":"Jennifer Post","email":"jennmpost@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/18120559/jennifer-post.png","type":"Senior Writer"},"channels":{"primary":{"name":"Start Your Business","slug":"start-your-business"},"sub":{"name":"Entrepreneurs","slug":"entrepreneurs"}},"meta":{"robots":"index, follow","description":"This guide explains what you need to know before signing a commercial lease for your small business."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072825/real_estate_monkeybusinessimages_getty.jpg","caption":"monkeybusinessimages / Getty Images","alt":""},"content":"

Signing a lease is an important step for any new business owner. Whether you’re opening a store, moving into an office space or renting out facilities for production, at some point you’re probably going to have to reserve a space for your business. The world of commercial real estate can be complicated, and it can sometimes take years to find the space you’re looking for.

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Once you’ve found that space, signing the contract could feel like an annoying final step before you can get moved in and focused on running your business. But like most legal agreements, a business lease is an important document that requires some research.

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“You have to do a lot of planning when you’re moving from one space to another,” said Walter Gumersell, partner with Rivkin Radler. “Confirm the terms that you’re going to be taking.” For example, include clauses about rent, the security deposit, the term of the lease and the use of the space. “You want that to be as broad as possible,” he said.

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It should be no surprise that the fine print in a commercial lease is very important. There are two basic steps to take before signing a lease: Do extensive research, and be aware of typical statutes included in business leases.

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Steps for research include vetting the landlord, determining the building owner, researching zoning laws and getting a general feel for the area. Before you sign a lease, make sure you get an idea of the payment structure, your own personal risk exposure, the transfer structure, the landlord’s desired holdover rate and any nuisance clauses in your lease. These are some important things to look out for, but keep in mind that typical commercial lease practices vary by state.

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Commercial lease vs. residential lease

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A commercial lease is required any time a business rents a commercial property for the purpose of conducting business from that location. Nishank Khanna, chief marketing officer at Clarify Capital, said a commercial lease agreement is a legally binding contract between a landlord and a business tenant.

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“The landlord agrees to rent out the business property, which is typically an office space, in exchange for money,” Khanna said. “Commercial leases typically last from three to five years, creating a long-term relationship between the lessor and lessee.”

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Although this may sound very similar to a residential lease, there are some important distinctions between a residential lease and a business lease. For one, while both involve a landlord renting space to a tenant in exchange for money, a residential lease cannot be used for business purposes.

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In addition, “commercial leases are less regulated and offer less protection than residential leases,” Khanna said. “They are typically longer in duration and offer greater flexibility when it comes to negotiating conditions than residential lease agreements.”

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Another difference is that renters in a residential lease agreement are usually not responsible for paying property taxes, whereas with commercial lease agreements, it’s very common for the tenant to pay at least a portion of the property taxes.

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Elements of a commercial lease agreement

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A commercial lease agreement is a contract, so it must include certain elements and key information for it to be valid and enforceable. At a minimum, information regarding the rent, security deposit, lease duration and any additional costs the tenant may be subject to should be clearly defined within the lease, according to Khanna.

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“The ‘other costs’ category is an especially important one that should be carefully reviewed” before you sign the contract, Khanna said. “Building insurance, property taxes and maintenance costs fall under the ‘other costs’ umbrella. These additional expenses can quickly tally up to large overhead costs.”

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Khanna also noted that small business owners should be aware of the difference between exclusive and permitted use. For small business owners in competitive industries, an exclusive-use contract can be especially beneficial.

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“An emerging brewery, for example, would be wise to request exclusive permission to rent out space within a community market, in order to decrease opportunity for competing sales,” Khanna said. “Without exclusive permission, another brewery could rent space within the market and try to win business from the same pool of customers, thus reducing the first brewery’s profit significantly.”

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Researching the area, landlord and lease details

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Before you sign a commercial lease agreement to rent a workplace, you’ll have to do some research. Make sure to take the following steps while investigating.

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1. Understand the area.

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While looking for a new property, if you’re selling a product or service to the public, analyze the area and get a good idea of your potential clientele. Your business location means everything for a small business to thrive, so when you’re shopping around for the right properties, take the time to find the right new home for your business. Gumersell said this process can take two years or even longer, so make sure you plan accordingly if your current lease’s end is in sight.

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2. Find out more about the landlord and building owner.

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Gumersell also said that one of the most important aspects of research that is often overlooked is learning more about the landlord and building owner. Sometimes, your direct landlord may not be the true building owner. Either way, find out as much about the landlord and building owner as possible. You’re entering a business partnership together, so make sure you have an idea of who they are, what their financial situation is and whether they’re making good on their payments.

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In some states, for example, if a landlord fails to make their payments to the building owner, or fails to make mortgage payments to a bank, the business or tenant can end up getting evicted in the event of foreclosure – even if the business has been on time with every payment. That’s just one example of how the relationship between a landlord, tenant and building owner can go awry. Gumersell said businesses can conduct a public records search to find out more about the landlord. You can also request documents related to the landlord’s limited liability company or business entity to learn more about whether it’s an ideal partner for your business.

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3. Research zoning laws.

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Another component to look into is the zoning laws. While your landlord may designate your space for, say, running a restaurant, you have to make sure the landlord’s aims are consistent with the laws of your municipality. There are scenarios in which a landlord or building owner may think they can lease their space to a certain type of business, but it doesn’t match standard zoning laws in the area. By aligning these two details, you can ensure that your business can operate without any major legal headaches from the town or city in which you’re operating.

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4. Learn about nuisance laws and the environment.

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One of the most important aspects of signing a lease is being able to operate your business to its fullest capacity once you open your doors. Many leases have extensive points on noise, smells and equipment. Ann Brookes, a tax attorney, said that when she signed a lease for a restaurant, she had to negotiate an “offensive odors stipulation.”

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“The building rules said no offensive odors,” she said. “Whether a smell is offensive is subjective, so I made sure there was an exception for smells ordinary to a restaurant.”

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It’s also important to research basic environmental laws regarding the property before you sign anything, Gumersell said. Landlords often miss these laws, and they could be used against your business.

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Important commercial lease statutes to keep in mind

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There are some key points to keep in mind when you are reviewing your lease. The rent structure is probably the most basic and most important aspect of any lease. By determining how much you pay per month, as well as how much your rent will increase each year, you can better determine budgets and get a full understanding of whether you can stay in business in this new space.

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The lease terms are also very important. Consider a short-term versus long-term lease. A long-term lease can be a great investment if you’re opening a business in an emerging or growing area, whereas a short-term lease provides you with the flexibility to move locations or shutter your business if it doesn’t pan out the way you hoped.

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Both with payment structure and term, make sure you understand exactly what you’re on the hook for each month. Ask your potential landlord about how the following expenses are paid:

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• Insurance
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• Property taxes
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• Maintenance (both interior and exterior)
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• Repairs
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• Security
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• Parking
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• Local nuisance laws (noise or scent)
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• Utilities (water, gas, electric)
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• Modifications (whether you can adjust the interior or exterior of your space)
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Once you’ve established some basic pricing and term structures, it’s time to dive into some of the less-obvious details. While your lease will likely vary by state, here are some good examples of statutes to be aware of before signing a lease:

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• Transfer structure: Iron out how your lease will be transferred if you want to leave the space or your business closes. According to Gumersell, there are generally two structures for transferring a lease: assignment of the lease and subletting. Assignment of the lease means the entire lease is transferred to a new tenant. Subletting is when a current tenant keeps their name on the lease but receives payment from a new tenant and transfers that money to the landlord. In both instances, you usually have to establish prior written consent before the lease transfer. This is a very important aspect of your lease to work out.
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• Personal exposure: In some cases, you may be required to sign a personal guarantee when you sign a commercial lease. This means you’re personally on the hook for aspects of the lease even if your business defaults. Work with legal counsel to negotiate this aspect of your contract. If possible, you want only your entity or legal business to take on the risk when signing a business lease.
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• Holdover rent: Holdover rent is a rent increase when a tenant stays after the lease has expired. It’s hard to find a lease, and sometimes when businesses are moving spaces, they end up staying longer than their current lease allows while the new one is being set up. In many contracts, landlords include a clause stating that, in these instances, businesses are responsible for up to 250 percent of their normal rent payment per month. So, if you stay beyond your allotted time, it could cost you tens of thousands of dollars. Gumersell recommended negotiating this aspect down to around 125 percent.
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• Nondisturbance agreement: In many cases, if the landlord fails to pay their mortgage on the property, your business will still be evicted, even if you’re making all of your payments. With a nondisturbance agreement, if this occurs, you’ll be permitted to stay and continue paying whatever entity has taken over the building from your landlord, Gumersell said.
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Everything can be negotiated

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While these are some good examples of things to be aware of, there are likely many aspects of your lease that can be negotiated. Work with your potential landlord – and, if necessary, an attorney – to make sure you get the best deal for you and your business.

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“Where a residential lease has a fixed term, a commercial lease is often negotiable and can have a longer or shorter term depending on the conditions set,” said Allan Borch, founder of Dotcom Dollar. “Commercial leases also have fewer legal protections because the consumer laws that apply to residential lease agreements do not cover commercial leases.”

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Commercial lease agreement terms to know

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Borch and Dan Bailey, president of WikiLawn, listed some key terms that small business owners should know regarding commercial lease agreements. The list does not include every possible term you may encounter on a commercial lease agreement, but it’s an overview of the ones you are most likely to see.

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• Rent amount/base rent: This amount is calculated based on the square footage of the space. Make sure the number the landlord is using actually represents usable space. This rent is not dependent on revenue.
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• Usable square feet: This refers to the amount of space actually reserved for the business as a tenant, in cases of shared spaces.
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• Rent increases: Rent increases are usually based on a percentage of the total rent, and that can change from year to year. You can negotiate with the landlord to put a cap on rent increases.
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• Security deposit: This is the amount to hold the space until the paperwork is finalized. The amount should be specified both ahead of time and in the lease agreement.
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• Length of the lease: The length of a commercial lease is usually somewhere between three and five years, as commercial landlords prefer longer lease terms. The lease agreement also often specifies the start and end dates of the lease.
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• Improvements: This part of the commercial lease agreement lays out the types of improvements and upgrades that can be made to the space and who is responsible for the costs. Many aspects of this section can be negotiated.
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• Bottom line: Make sure you understand all of the terms in a commercial lease contract and are comfortable with them before signing on the dotted line.
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• Grant of lease: This is the clause that states that the landlord will turn the property over to the tenant once all of the conditions (e.g., paying the security deposit) have been met and the tenant accepts the property from the landlord.
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• Commencement date: This is the date on which the tenant takes over the property, more commonly stated as the first day the tenant becomes responsible for paying rent and maintaining the rental property.
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• Extension: Both parties can agree to an extension of the agreement in writing, and it must be signed by both parties.
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• Late fee: If the tenant is late in paying rent, they will incur a late fee that is outlined by the commercial lease agreement. This can be a flat fee or a percentage of the monthly rent.
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• Taxes: This section outlines all of the taxes associated with the property (property taxes, real estate taxes) and who is responsible for paying them. Within this section, there could be subtopics, like Contest of Taxes (the tenant can contest the amount of personal or real property tax they are responsible for paying), Payment of Ordinance Assessments (the tenant usually pays for all ordinary assessments, which are obligatory, and extraordinary, which are by choice) and Change in Method of Taxation.
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• Obligation for repair: This section states what types of repairs the landlord is obligated to make – like defects, deficiencies, failures or deviations in materials – that are vital to the operation of the property. It also outlines the repairs that tenants are responsible for.
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• Permits: Both parties are to acquire all necessary permits and licenses for making improvements or repairs at the location being rented.
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• Covenants: These terms are different for the tenant and the landlord; each has a separate set of covenants. For example, a covenant may state that the tenant is required to pay rent even if the landlord fails to uphold some of their responsibilities as stated in the lease.
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• Indemnity by tenant: This clause essentially removes all liability from the landlord in the event of injury, loss, claims or damage, unless those things are a direct result of willful acts or omissions or gross negligence on the landlord’s part.
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• Rent abatement/adjustment: This section states if the rent will be adjusted or eliminated in the event of property damage from a fire or other natural disaster.
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• Condemnation: This clause is often overlooked, but it’s important. It determines what happens if the rental property is taken from the landlord by a government agency for public use, either by condemnation or eminent domain.
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• Option to purchase: This clause states that, at any time during the lease, the tenant has the right to buy the property at an agreed-upon price. This clause isn’t mandatory, but it doesn’t hurt to include it. The clause can also state that the tenant does not have the right to purchase the property during the term of the lease. Either way, it’s good to have it in writing.
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Preparation means finding the best lease for you

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When looking for a commercial property to lease, you’ll need to go into it prepared. That includes the way you negotiate the lease. Following the steps above can help you lock in the best deal for your company, giving you a home in which to grow and terms that support your business’s success.

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Tejas Vemparala contributed to this article. Source interviews were conducted for a previous version of this article.

"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1965","_score":2,"_source":{"canonical":"https://vaylees.com/15203-google-ad-manager-business.html","displayModified":"2024-11-22T16:03:28Z","docType":"article","editorsPick":false,"href":"15203-google-ad-manager-business.html","id":"1965","ID":1965,"isSponsored":false,"published":"2019-07-09T15:00:00Z","site":"bnd","stream":"Google Ad Manager makes optimizing ads over several accounts efficient and high-yielding for small businesses.","subtitle":"Google Ad Manager makes optimizing ads over several accounts efficient and high-yielding for small businesses.","title":"How to Use Google Ad Manager for Your Small Business","author":{"displayName":"Jennifer Post","email":"jennmpost@gmail.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/18120559/jennifer-post.png","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":"If you have more than one Google Ads account, the free Google Ad Manager helps you centralize management, manage revenue and boost ROI."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04075425/Personalized_Antonio-Guillem_shutterstock.jpg","caption":"Antonio Guillem / Shutterstock","alt":""},"content":"\n

Search engine giant Google owns over 91 percent of the global search market share, making it a powerhouse advertising opportunity for businesses of all sizes. In fact, according to the State of PPC Global Report 2024, 98 percent of survey respondents said they were currently running pay-per-click (PPC) advertising campaigns via Google. Google Ads are a convenient, affordable way to drive brand awareness and boost website traffic, and many businesses take advantage of this platform to run multiple campaigns via more than one Google Ads account.

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Fortunately, Google Ad Manager can help with this ambitious endeavor. This platform is a valuable resource for advertisers juggling multiple accounts, allowing them to centralize ad management and revenue. Here’s how it works.

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What is Google Ad Manager?

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Google Ad Manager is an ad management platform that helps businesses create and run campaigns. It debuted in June 2018, merging Google’s older advertising platforms, DoubleClick for Publishers and DoubleClick Ad Exchange. Google Ad Manager can act as an ad server or a platform for managing online ad sales.

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Google Ad Manager — not to be confused with Google Ads — is primarily used to elevate the ad experience and optimize advertising campaigns for large digital publishers. It also helps advertisers and marketers analyze ad revenue and improve ROI through comprehensive, insightful reports.

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Google says Google Ad Manager is a tool for professionals who need one location for monetizing all inventory types, including websites, mobile apps, videos and games. This platform also allows businesses to manage their ad revenue and use third-party networks to compete for ad inventory.

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Google Ads vs. Ad Manager vs. AdSense vs. AdMob

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Google is known for its suite of efficiency-boosting business tools. However, it can be challenging to differentiate between its various ad-management products and when to use them.

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Here’s a brief overview of four popular Google business tools:

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• Google Ads: Google Ads, which used to be called Google AdWords, is the company’s online ad platform. If you buy Google Ads, they can appear on an extensive network of Google properties, including Google Search, YouTube and the Google Display Network. Google Ads are a great way to drive traffic, increase brand awareness and boost sales.
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• Google Ad Manager: Ad Manager is a management platform for Google Ads that includes comprehensive tools for campaign management, ad serving and more. Businesses or marketing agencies with more than one Google Ads account often use it to optimize ad revenue.
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• Google AdSense: AdSense is a program that helps website owners reach target customers via displayed ads. These ads are placed based on a site’s content and user interests. If a user selects the ad, the website publisher gets paid.
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• Google AdMob: AdMob focuses on mobile ads for app developers who want to grow their companies; developers can monetize their apps by serving global ads.
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How to sign up for Google Ad Manager

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Creating a Google Ad Manager account is straightforward for existing and new users.

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Create a Google Ad Manager account.

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1. Go to the Google Ad Manager homepage and select Go to Manager Accounts.
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1. Sign in to your Google account or create a Google account. If you have multiple Google Ads or Gmail accounts, sign in under the account you want to establish as the managing account. You can use the same email address for up to 20 Google Ads accounts.
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2. Enter an account display name and select whether you’re managing your own or other people’s accounts. Then fill in your billing country, time zone and the currency you’ll use to conduct business. (Google recommends choosing the time zone in which you work. Once established, the time zone can’t be changed.)
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3. Complete the Captcha and select Submit.
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1. You’ll be taken to an overview of your new Google Ad Manager account.
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Add another Google Ad Manager account.

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There are two ways to create an additional Google Ad Manager account: from the sub-account settings and the performance page.

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Create another Google Ad Manager account from the sub-account settings page:

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1. Sign in to your Google Ad Manager account and select Accounts > Sub-account settings from the menu on the left.
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1. Select the blue plus sign.
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1. Select Create new manager account.
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1. Fill out the required information, complete the Captcha, and select Save and continue.
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1. Click Select accounts to move specific accounts to the new Ad Manager or link accounts by entering customer IDs. Select Done.
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Create another Google Ad Manager account from the performance page:

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1. Sign in to your Google Ad Manager account and select Accounts > Performance from the menu on the left.
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1. Click the blue plus sign and select Create new manager account.
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3. As above, fill out the required information, complete the Captcha, and select Save and continue. Link accounts as necessary.

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Invite users to your Google Ad Manager account.

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It’s easy to invite employees and collaborators to your Google Ad Manager account and control permissions.

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1. Sign in to your Google Ad Manager account and select Admin > Access and security.
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1. Select the blue plus sign and fill out the required information on the users you’re inviting, including the permissions you want to allow.
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2. Select Send invitation. 
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How does Google Ad Manager work?

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Google Ad Manager connects publishers with advertisers through a real-time bidding system, where ad inventory is auctioned to the highest bidder in milliseconds. Ad Manager also offers tools for managing direct ad sales, setting up campaigns, targeting specific audiences and tracking ad performance.

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To use Google Ad Manager, publishers set up ad units within the platform and define their inventory’s parameters, such as ad formats and placements. They can then either sell this inventory to advertisers or allow it to be auctioned in Google’s ad exchange. The platform’s built-in analytics and reporting tools help publishers monitor ad performance and make data-driven decisions to maximize revenue.

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Does Google Ad Manager really work for small businesses?

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Google Ad Manager can be an effective tool for small businesses, particularly if they are looking to maximize ad revenue from multiple sources and have dedicated resources to leverage the platform’s comprehensive capabilities. According to Alexa Kurtz, marketing strategist and paid ad specialist for WebTek, small businesses will likely appreciate how easy Google Ad Manager makes conversion tracking.

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“[It] is a great way to track your return on investment,” Kurtz noted. “Google [Ad Manager] will allow you to enter specific details when setting up conversion tracking, like lead worth. Thanks to that information, once you start generating leads, it can project about just how much profit you can expect to earn from the ads.”

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Still, small businesses should note the following if they want to explore Google Ad Manager:

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• Small businesses should set goals. According to Kate Bielinski, owner of Kate Bielinski Marketing & Consulting, successfully using Google Ad Manager requires set goals and a matching strategy. “The ads, whether served on Google Ads or programmatic platforms, only bring users to the site,” Bielinski explained. “The advertiser needs to be prepared to convert the user with relevant and engaging content. This will also improve your conversion costs since part of Google’s bidding system ranks sites by Quality Score [and] relevance.”
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• Small businesses must watch their ad spend. Small businesses must also pay careful attention to ad spending if they’re working with Google Ad Manager. Daniel Digiaimo, president of Baker Street Funding, cautions businesses to stay on top of their company’s ad spending and content. “If you just set it and forget it, you will end up with a mind-numbingly expensive bill and nothing to show for it,” Digiaimo warned.
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If your business has more straightforward needs and just wants to buy online ads to promote its products, Google Ad Manager may be overkill. Using a simpler tool like Google Ads, Facebook Ads, or other platform-specific tools may be a better bet.

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Should small businesses work with advertising professionals?

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While small businesses can create, run and optimize their own ads, many experts recommend hiring a professional — such as a marketing company — to manage all digital advertising and marketing efforts, including landing page optimization. Rhianna Chung, senior account manager at iQ 360 Inc., is one proponent.

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“[When using a professional], you’ll generally get better ROI and protect your brand,” Chung explained. “A professional digital marketer may also help you with recommendations on how to optimize your landing pages, teach you best practices, and give you an edge against competitors.”

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Chung also recommends looking for a certified Google Partner when choosing an agency to manage your ads because Google Partners are constantly evaluated on the performance of the campaigns they manage. Additionally, they have experience trafficking ads and knowledge of Google’s unique platform and promotions.

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“Working with a certified Google Partner to manage your paid advertising campaign has a world of benefits,” Kurtz noted. “The one our clients tend to enjoy the most is simply the peace of mind in knowing that their PPC ads are in good hands. As a small business, or anyone choosing to partner with a company offering professional advertising services, you can rest assured knowing that while you manage your business, your partner is managing theirs. Being able to trust your PPC agency is a huge win.”

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Maximize ad success with Google Ad Manager

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Google Ad Manager provides a one-stop shop solution for businesses managing multiple ad accounts, allowing them to streamline operations, optimize ad performance and increase revenue. With comprehensive ad management tools, Google Ad Manager helps businesses maximize the value of their ad inventory across platforms like websites, mobile apps and videos. This platform is particularly useful for larger publishers and businesses needing to centralize their ad operations and gain deeper insights into their ad performance.

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Amanda Clark contributed to this article. Source interviews were conducted for a previous version of this article. 

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Few things are more satisfying than not leaving your house or office to access your favorite things. That’s what delivery provides. Whether it’s dinner, clothes, adult beverages or emergency snacks, delivery apps are a huge part of how people and businesses shop. Below, learn how people and businesses alike can use delivery services – or start a new business in the delivery space.

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Food-delivery services

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Many food-delivery options exist, covering various cuisines and servicing many areas. Here are three top services to consider.

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Postmates

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Craving food from your favorite restaurant or need to pick up a few things from the store but don’t feel like leaving your house? Postmates, a website and mobile app, is a unique delivery service that gives you the freedom to get exactly what you want from stores and restaurants without in-house delivery services.

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Have a craving at 2 a.m., or need something important? Postmates is available 24 hours a day, every day. Customers can order a variety of items, including pizza, prescriptions, shoes and tech products, and have them delivered in under an hour.

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Deliveries are made by couriers called Postmates, who travel by bike, scooter, car or truck. The delivery fee ranges from $1.99 to $9.99 and varies based on the distance couriers must travel and the type of items you buy. There is also a variable service fee.

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Did you know? Workplace meals improve productivity. Consider using a service like Postmates to deliver lunch for your team so everyone can eat together.

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Blue Apron

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Blue Apron delivers fresh ingredients to your door weekly to create delicious, healthy meals. Blue Apron offers plans that range from $7.99 to $11.99 per serving. Meal options – including vegetarian and wellness choices – change weekly.

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The website provides a detailed breakdown of the weekly menu. When you select a specific menu item, you’ll see an itemized list of what you need, how to prepare the items and photos that show how to cook the meal. According to the site, you can skip a week or cancel up to five weeks in advance.

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Instacart

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Instacart is a grocery delivery service that’s ideal if you don’t have time to or just can’t get to the store. Shop online via the Instacart website or mobile app at various stores, including small local shops and large stores like Whole Foods and Costco. Instacart connects you with a personal shopper who picks up the items on your list and delivers them to your door in as fast as an hour.

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The service operates between 9 a.m. and midnight every day – though that can change depending on the store’s operating hours.

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If you’re interested in trying Instacart, your first delivery is free when you sign up. You can also purchase Instacart gift cards for others or sign up for the service’s annual membership: Instacart Express.

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Alcohol-delivery services

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Many states allow alcohol delivery. However, some states don’t permit alcohol delivery or may enforce exceptions or regulations. Check your region’s laws before using one of these alcohol delivery services.

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Drizly

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Drizly comes in very handy if you’re throwing a party and realize you’re out of alcohol or hosting a dinner and don’t have enough wine. Use the Drizly website or iOS or Android app to order items like wine, beer, liquor, mixers and garnishes. You can also order party supplies such as ice, plastic cups and bottle openers. Drizly makes it easy to stock up without leaving the comfort of your home.

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Order what you need, pay for it via the app or website, and a driver will deliver your items in less than one hour. Drizly does not charge a markup on products, and you can use the service to send alcohol as a gift and schedule deliveries up to 48 hours in advance. If you’re in New York, there’s no additional charge for delivery; however, in other cities the service charges a $5 delivery fee and a $1.99 service fee.

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Minibar

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Minibar is another alcohol delivery service that lets you order wine, liquor, beer, mixers, ice, garnishes and even snacks. You can also book a bartender for a party or corporate event through Minibar. The business partners with local liquor stores, so it isn’t guaranteed to be available in every city or town.

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To get started you’ll need to provide your address; the website will show you all the items available in your area. Once you find something you like, you’ll see the business fulfilling your order, any additional fees and how long delivery will take.

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Minibar currently has an app for iOS and Android to make browsing easier. The service requires that liquor stores in your area already offer delivery.

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Clothing-delivery services

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If you need an outfit in a hurry, clothing delivery services can get a customized look to you in as little as a day.

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Stitch Fix

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Need business casual outfits for work or special occasion clothing? Stitch Fix is here to assist anyone who wants flattering, fashionable outlets without ever stepping foot in a store.

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Once you sign up for the service, you’ll fill out a profile with your size, style, preferences, budget and lifestyle. Next, choose a convenient delivery date. When your Stitch Fix stylist selects your items you’ll be charged a $20 styling fee, which will be credited toward anything you keep from your shipment. Once you receive your items, you have three days to try on the clothes, keep what you want and send back the rest. You’re only charged what you keep.

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Rinse

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Whether you always forget to drop off your dry cleaning, don’t have a washing machine in your home or just hate doing laundry, Rinse can help. Rinse is a dry cleaning and laundry service that will pick up your dirty laundry and deliver clean clothes to your door within four days. The service is available online and has an iPhone and Android app. Customers can have their laundry picked up between 8 p.m. and 10 p.m. For your first order, Rinse will give you bags for separating your items along with instructions – and the bags are yours to keep.

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Fabletics

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If you’re looking for workout and leisure clothes but hate going to stores to try on clothes – or if stores never have what you’re looking for – Fabletics might save the day. Launched by Kate Hudson, the clothing subscription company constantly releases new collections inspired and designed by popular celebrities. It’s known for flattering and comfortable clothes to wear while working out, lounging or sleeping.

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When you first sign up, your first outfit is heavily discounted (usually two pairs of leggings for $24). After that you’re charged $54.95 per month, which you can use toward any two-piece outfit or one item that costs at least $80. You can skip months if you don’t want to pay, but if you don’t notify Fabletics that you’re skipping that month by the fifth, you’re charged the usual $54.95. (However, that charge is a credit that doesn’t expire.)

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The best features of item delivery services

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While everyone’s needs differ, delivery services should prioritize specific elements for the best chance of success – especially when there’s so much competition. Whether you’re a consumer or a delivery service, here are the features that resonate.

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1. Offer free shipping or delivery.

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Offering free shipping or delivery will endear customers to your service, if your company can afford it.

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With that said, some services – such as DoorDash – allow participating restaurants to set their own delivery costs, usually determined by distance from the customer’s location. There may also be a flat fee all customers must pay.

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Consumers understand they’re paying for the convenience of at-home delivery. However, they’ll enthusiastically receive any delivery, discount or shipping perks you offer, such as online coupons.

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2. Provide fast delivery or scheduled delivery.

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Most food and grocery delivery services offer same-day service. Most, if not all, delivery times for apps like Postmates (owned by Uber) are roughly an hour.

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Subscription services like Blue Apron or Stitch Fix schedule deliveries on a weekly, monthly or bimonthly basis, so customers know when the shipment is coming. Other delivery services, like Drizly and Minibar, depend on local stores’ delivery schedules. Delivery times may be two hours, same day or the next day, depending on their schedule.

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If a service can offer expedited or convenient delivery options, customers will appreciate it.

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3. Create delivery services that are easy to use.

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Delivery services are designed to make life easier, so if a service’s interface is too confusing to place an order – or it takes too long – customers will likely abandon their efforts. Sometimes, creating accounts, downloading extensions or other demands will deter users – who have many other services vying for their business.

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Customers appreciate delivery service apps that save their payment info, addresses, preferences and previous orders. They also value multiple convenient payment options, including mobile wallets and Apple Pay.

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4. Present reliability and consistency.

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Item delivery services sometimes get a bad rap for replacing something a customer ordered with an unsatisfactory substitution. Delivery services should always include specific instructions for what to do if an item isn’t available. For example, Instacart lets you specify replacement items or choose to have the shopper contact you directly to select alternatives.

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Customers understand that what they want may not always be available, but they’ll still be pleased with the interaction if they maintain control.

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5. Give free returns.

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Ordering online has risks, so businesses should have excellent return policies that make it easy for customers to send something back. For example, many e-commerce companies let customers print free return labels to send items back via UPS or the post office. Even better are retailers that refund your money but don’t make you return the item.

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A robust return policy is often what makes customers choose one business over another, especially for items with hard-to-judge sizes, like shoes and swimwear.

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Obviously, free and easy returns don’t apply to food delivery apps, as you can’t return a burrito. However, these services should offer excellent customer service to help rectify situations where the wrong item was delivered or the quality was unsatisfactory.

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How small business owners can use delivery services

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Postmates is an excellent business-friendly delivery service. Use the app to buy necessary office supplies like paper, power strips and charging cables without leaving your desk. Postmates will deliver these items in about an hour.

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If your company is hosting a holiday party, but you can’t run out to the liquor store, Drizly and Minibar are helpful. Minibar can also connect you with a bartender for your events. And if you run a hospitality business, Rinse can outsource your laundry operations to help you save money on laundry machines and staff.

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Beyond the apps on this list, you can find delivery services for all kinds of needs. If your business has a highly specific delivery requirement, search for a service that fits the bill. You never know what you might find.

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How to start your own delivery service

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Starting your own delivery service involves following the usual steps for starting a business. You’ll need to refine your delivery service idea, create a business plan and determine whether you’ll need outside funding.

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You’ll also need to secure arrangements with companies that manufacture or stock the items your delivery service will provide. You’ll then have to market your delivery service to distinguish it from the many others out there. You’ll also need to explore your legal obligations and business insurance requirements.

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Signed, sealed and delivered

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As a consumer, delivery services can bring new levels of convenience to your life. As an entrepreneur, anything you see lacking with current platforms can provide an idea for your own delivery service. The more you use these services, the more opportunities you might find.

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Max Freedman and Shannon Gausepohl contributed to the reporting and writing in this article.

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As an e-commerce business owner, you have unique challenges compared to brick-and-mortar shop owners. E-commerce businesses have unique rules and regulations to follow, and cybersecurity is a top priority to ensure all data stored online is protected. We spoke with industry experts about the challenges e-commerce small businesses must contend with and how to overcome these hurdles.

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Editor’s note: Looking for the right tools to help build your business website? Fill out the below questionnaire to have our vendor partners contact you about your needs.

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What are the top e-commerce challenges for SMBs?

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All aspects of e-commerce businesses face hurdles and difficulties. Here’s a look at some top issues and what to do about them.

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1. Cybersecurity

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Victor Congionti, chief information officer and co-founder of Proven Data, knows that small e-commerce sites need the proper cybersecurity practices and tools in place.

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“Small businesses that focus their attention in the e-commerce space need policies and procedures to create a solid cybersecurity framework for the organization,” Congionti said. “In the case of a cyberattack, a small business cannot afford to have downtime in operations and sales, because every transaction is a marginal financial success that the business depends on.”

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Because a small business depends on that income, Congionti said business owners need the proper cybersecurity framework to keep data safe and secure while helping employees feel empowered to implement policies and tech to combat cyberattacks. Measures such as tighter access control and data security software can shore up defenses against vulnerabilities and improve a small business’s cybersecurity risks.

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Businesses must have an incident response plan that establishes what to do in the event of a cyberattack, added Congionti.

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“In the case of a ransomware attack, the organization might not be able to access files and data that is necessary [for] providing service to customers, such as inventory reports,” he said. “Having a response plan can help the business reduce downtime in operations and continue providing service to clients through other means, such as phone sales.”

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2. Competition

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Competition comes in many forms for small businesses, especially in the e-commerce space. You have to keep up with competitive pricing, products and services – all competing for your target customer.

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“As a small business, you can overcome price competition by having a very clear company value proposition that consumers can’t get elsewhere,” said Calloway Cook, founder of Illuminate Labs.

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The e-commerce space has become so saturated that standing out from other e-commerce businesses is challenging, through no fault of your own.

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“Distinguishing yourself from your competitors is crucial to standing out and attracting new customers for your business,” said Harsha Reddy, founder of Poppin Media. “This can be accomplished by making sure your website looks professional and is optimized correctly to suit today’s Google algorithm. Also, by providing a unique product or service, you can focus on a smaller demographic, making it easier for you to increase your domain authority.”

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3. Order fulfillment

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Not everything has to fall on the small business owner’s back. You could be inundated with more orders than you are prepared to handle on your own. In this case, outsourcing order fulfillment and e-commerce shipping can ease your workload and streamline the customer experience.

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“Order fulfillment should be outsourced to a third-party fulfillment company whenever possible for increased efficiency,” Cook said.

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4. Customer experience

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As a primarily e-commerce business or a business that conducts some selling online, you might find it a challenge to offer your customers the same experience level they would get in a brick-and-mortar store.

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“One of the most overlooked areas of the customer experience in moving to e-commerce is pricing and customer segmentation,” said George Dunham, CEO of epaCUBE. “Customer experience is especially important when launching an e-commerce initiative, because customers expect to be treated as well or better online as they are face to face.”

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Dunham said that companies struggle to meet these new demands because doing so requires precise handling of pricing, analytics and customer segmentation. Successful experiences in the e-commerce space require the same, if not greater, clarity in product offerings, pricing, loyalty programs and more, as is required in a face-to-face buying process.

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“In a world where everything is happening online, your customers expect more, and they also know more about your products, prices and competition,” Dunham said. “They expect to be treated the same way online as offline, so if they can get a certain price in person but can’t get that price online, they get frustrated and purchase somewhere else.”

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5. Quality website traffic and visitor conversion

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Building, designing, and running an e-commerce website is complex, but generating quality conversions is even more challenging, according to Lisa Chu, owner of Black N Bianco.

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“To turn your traffic into converting customers, you must have a website that is modern, clean, user-friendly, trustworthy and virus-free,” Chu said. “Every industry is different, so understanding your audience is crucial to designing a website that resonates with your audience.”

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Designing an effective business website is just the beginning, though. Maximizing the content on your website through SEO is the next – and perhaps most important – step.

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Phillip McCluskey, commercial director of One Erth, said that average conversion rates globally are less than 3%, making driving relevant traffic to your site a sticking point.

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“Extensive short-tail keyword research should be conducted to ensure you are optimizing your pages for relevant search terms,” he said. “It is likely that the competition for these terms when [they are] just starting out will not realize immediate web traffic; therefore, long-tail keyword research should be conducted to understand the relevant ‘what,’ ‘how,’ ‘who’ and ‘where’ within your niche.”

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Shirley Tan, developer partnership manager at Yahoo Small Business, said many businesses used to take the “if I build my online store, customers will somehow discover it” approach. “Today, that is no longer the case. When there were fewer e-commerce stores, they may have been able to rely on a stumble-upon effect, but now the internet is too crowded and noisy. Therefore, engaging the customer and getting their attention has to be more meaningful and impactful.”

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To combat the noisy e-commerce space, Tan said e-commerce SMBs need to understand who they are targeting to create a customer base who will be their constant source of revenue and loyal shoppers.

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6. Visibility

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How are you supposed to get quality traffic to your site and turn visitors into customers if people can’t find your site? It’s a significant issue for e-commerce businesses and one that could make or break a business.

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“If the company doesn’t show up on the first page of Google’s search results for relevant keywords, then it’s unlikely that prospective customers will find them,” said Michael Anderson, SEO manager at collystring. “The best way to overcome this challenge is to invest in SEO. E-commerce companies should conduct keyword research, implement on-page SEO best practices, and work on building high-authority links to their website.”

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Anderson said if all of the above is done correctly, it will lead to higher search visibility and optimized lead generation.

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“For clothing businesses, influencer marketing works very well, but if your e-commerce business is based around a product that solves a problem, getting your website to rank on Google for keywords related to that problem through SEO efforts might be your best bet,” said Nicholas Rubright, digital marketing specialist at e-commerce market research firm Zik Analytics. “Understanding your audience is key to figuring out which marketing channel will generate traffic that actually converts into sales.”

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7. Return and refund policies

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A good return and refund policy could be the difference between success and failure. That sounds extreme, but it’s true.

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“If you want your brand to stand tall, then customer satisfaction should be the first priority, and whatever you’re selling should be the same as what’s advertised,” said Syed Ali Hasan, digital marketing manager at Film Jackets.

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In an ideal world, yes, there would never be an issue with the product you’re selling, but that’s not always the case. Sometimes the purchaser has buyer’s remorse, or it wasn’t what they thought it would be.

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“Be transparent and create a smooth, fast and easy return policy,” Hasan said. “Make it easy to understand and not too strict, so the customer won’t have to go through hassles [to return an item].”

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Rubright said that if you don’t have a good return and refund policy, people are less likely to trust you’re selling something worth the money. “When a site says ‘no returns or refunds,’ it makes the customer much more likely to think it’s a risky purchase or, worse, a scam, since online businesses can be less known.”

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8. Finding the right market

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“The first step of any business is to find product-market fit, and e-commerce is no different,” Rubright said. “Product-market fit is the degree to which a product satisfies market demand. The easiest way to find that fit quickly is to build a product that solves a problem you have.”

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However, finding the right market for your product isn’t the easiest task. Rubright offered some insights on how to make it more straightforward.

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“If you haven’t figured out your ideal customer yet, I recommend making some assumptions as to what your target market is and running Facebook ads to this audience. When you finally do make a sale, try and understand everything you can about who bought your product, and find more of those people by any means necessary. Once you have product-market fit figured out, then you can figure out the best way to reach your ideal customers.”

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9. Making and increasing sales

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Once you figure out your products, get your website set up, and have your small business marketing plan in place, the next step is making sales. Making a sales plan and selling your products and services seems like a no-brainer; however, it’s not always that straightforward.

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“To increase sales, e-commerce SMBs need to have the right product at the right price and ensure they are top of mind when the customer is ready to make a purchase,” Tan said. “This traffic can be hard to get; to drive sales, it’s important a brand endears themselves to their customers.”

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Aside from customers already having you in mind when they need something and feeling positive about your product, your website plays a big part in how many sales you’ll make.

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Tan suggested asking yourself the following questions to determine your website’s efficiency:

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• Is the website layout easy to navigate?
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• Is the checkout experience simple and easy?
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• Are there coupons that can be applied when customers spend a certain amount to get a discount?
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“Website functionalities like these can greatly increase conversions and make the customer experience more enjoyable,” Tan said.

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10. Borderless e-commerce

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Because of the increase in e-commerce websites available worldwide, shopping has become borderless. Consumers can easily purchase from companies outside of their own countries. As a result, e-commerce businesses must accommodate customers of all backgrounds.

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Supporting a diverse customer base means providing information in various languages. According to CSA Research, 76% of online shoppers prefer to purchase products with information in their own language, 92% would prefer shopping in their local currency, and 33% might abandon the cart if pricing is only in U.S. dollars.

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To maximize your chances of having a successful e-commerce business, use thought and consideration when accommodating other languages and cultures.

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11. Augmented reality

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The augmented reality (AR) market is expected to reach $198 billion by 2025. AR allows e-commerce businesses to show consumers what a product would look like in their space. For instance, if someone is purchasing a couch for their living room, AR can help them visualize the sofa in that very room.

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This visualization tool often solidifies their decision to make a purchase, as consumers can have more confidence it will look good in their home.

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If the AR model would work with your products, perhaps you should incorporate this technology with your e-commerce store.

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12. IoT commerce

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Internet of Things (IoT) commerce has been a popular way for consumers to make digital purchases through IoT devices, such as smart speakers, cars, appliances and other smart devices. In the current API economy, business owners can accelerate product delivery to new channels. To accommodate this new way of shopping, e-commerce businesses must focus on their PIM, so they are ready to respond to API requests and sell in unconventional channels.

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Overcome e-commerce challenges to unlock new business

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Whether you’re an online retailer or a brick-and-mortar entrepreneur growing their digital footprint, you’re bound to encounter some e-commerce challenges. Solving these problems means opening a significant revenue stream, though, and bringing your brand to more consumers. Follow the advice above to make light work of any e-commerce challenges your business faces, bringing your business – and your revenues – to new heights.

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Jacob Bierer-Nielsen and Sean Peek contributed to this article. Source interviews were conducted for a previous version of this article.

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Retirement benefits like 401(k) plans give employees an advantage as they prepare for their retirement years. They’re also an excellent job perk that helps employers attract and retain the top talent needed to grow a business. Many types of 401(k) plans exist, including options for self-employed individuals. We’ll explain 401(k) plans and help employers assess their needs to choose the right plan for their organization.

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What is a 401(k) plan?

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A 401(k) plan is part of an employee benefits package that allows employees to contribute a portion of their wages to individual accounts to save money for retirement. The money is deducted from their paycheck and deposited directly into their 401(k) account.

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Here are some notable facts about 401(k) plans:

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• Most 401(k) plans are tax-deferred: Aside from Roth 401(k) plans (more on this plan type below), 401(k) plans are tax-deferred, meaning federal or state taxes aren’t paid on earnings until the money is withdrawn. For example, if you earn $70,000 for the year but contribute $2,000 to your 401(k) plan, your Form W-2 will show federal and state taxable income of only $68,000 ($70,000 – $2,000). However, you still pay Social Security and Medicare tax on the full amount before 401(k) contributions.
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• The IRS sets contribution limits: Because 401(k) contributions are not included in employee taxable income, the IRS sets limits on how much employees can contribute to a 401(k) plan each year.
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• Employers can contribute to 401(k) plans: To encourage plan participation, employers can offer a 401(k) match or otherwise contribute to their employees’ 401(k) plans. The amount will vary by company, but businesses may offer to match between 25 and 100 percent of contributions up to a specific percentage of the employee’s salary.
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• 401(k) plan participation eligibility varies: Participation eligibility differs by company. Some allow employees to start contributing to a plan as soon as they are hired while others require a waiting period of one month to a year.
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Despite the availability of other types of retirement plans, 401(k) plans are highly recommended. “While MEPs [multiple employer plans] and state mandates are all the talk on an industry level, the 401(k) is still the best tried-and-true way to save at work,” said Andrew Meadows, senior vice president of human resources at Ubiquity Retirement + Savings. “With high contribution limits and the ability to lower costs, the 401(k) is becoming leaner and a more popular option for small businesses.”

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What types of 401(k) plans are there?

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Here’s a quick overview of the most popular types of 401(k) plans. (You can find a complete 401(k) plan breakdown on the IRS website.)

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Traditional 401(k) plan

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Considered the most flexible plan, a traditional 401(k) allows employees to make pretax contributions through payroll deductions. Traditional 401(k) plans are often offered with an employer match program. These contributions are not always vested, meaning employees do not own the matching contributions until they meet certain provisions:

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• Contribution limits: In 2024, the annual contribution limit is $23,000, with an additional $7,500 “catch-up” for employees aged 50 and older.
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• Employer match: The amount contributed by the employer is not vested automatically, meaning the employee may lose part or all of the employer contribution if they leave the company before a specified time. The contribution amount depends on the employee’s annual contribution and the employer’s plan.
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Safe harbor 401(k) plan

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This plan is similar to the traditional plan but mandates that employer contributions be vested as soon as they’re made. There are three types of safe harbor plans, two of which have employer-match provisions. Safe harbor plans are also not subject to the nondiscrimination tests that traditional 401(k) plans must undergo:

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• Contribution limits: In 2024, the annual employee contribution limit is $23,000, with an additional $7,500 “catch-up” for employees aged 50 and older.
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• Employer match: Yes. Contributions are guaranteed to be vested. The amount depends on the employee’s annual contribution and the employer’s plan.
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SIMPLE 401(k) plan

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The Savings Incentive Match Plan for Employees (SIMPLE) 401(k) typically is a startup 401(k) plan. Only businesses with fewer than 100 employees can offer this plan:

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• Contribution limits: In 2024, the annual employee contribution limit is $16,000, with an additional $3,500 “catch-up” for employees aged 50 and older.
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• Employer match: Yes. Employers can make up to a 2 percent nonelective contribution or up to a 3 percent matching contribution.
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Roth 401(k) plan

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A Roth 401(k) plan is funded with post-tax income, so money saved is not subject to any federal or state taxes as long as the investor reaches the age of 59 1/2 before withdrawal:

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\n
• Contribution limits: In 2024, the annual employee contribution limit is $23,000, with an additional $7,500 “catch-up” for employees aged 50 and older.
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• Employer match: Yes. Employers can make pretax or after-tax matching contributions.
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Solo 401(k) plan

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Solo 401(k) plans, also known as self-employed 401(k) plans, are for self-employed individuals or businesses with only one employee. They allow contractors and sole proprietors to have a retirement savings option. Self-employed individuals can choose the traditional or Roth structure for solo 401(k) plans:

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• Contribution limits: In 2024, the annual total contribution limit is $69,000, with an additional $7,500 “catch-up” for employees aged 50 and older.
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• Employer match: Not applicable.
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Profit-sharing plans

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With a profit-sharing plan, an employer sets aside a portion of its pretax income to share among its employees. This plan type provides flexibility in how much money the employer contributes. Several varieties of profit-sharing plans are under this umbrella, including pro-rata plans, new comparability plans and age-weighted profit-sharing plans:

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• Contribution limits: For 2024, the annual contribution limit for profit-sharing plans is $69,000 or 100 percent of the employee’s salary, whichever amount is lower.
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• Employer match: These plans are 100 percent employer-funded.
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403(b) plans

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A 403(b) retirement plan is a tax-sheltered account designed for teachers; it’s sometimes also used by eligible not-for-profit groups, including religious organizations. Contributions are pretax and earnings are not taxed until they are distributed:

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• Contribution limits: In 2024, the annual contribution limit is $23,000, with an additional $7,500 “catch-up” for employees aged 50 and older.
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• Employer match: Yes. Employer-matching contributions are pretax.
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While other 401(k) plans exist, many are more complex and are unlikely to suit small businesses. “Larger companies with a 401(k) may want a special variety for their type of business,” Meadows explained. “However, small businesses will likely want to keep it simple to avoid any complicated compliance worries.”

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How to choose a 401(k) plan

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Meadows advises small businesses to provide the most robust 401(k) plan they can afford — and to implement one as soon as possible. “Today, there are more and more providers helping small businesses avoid high-cost funds and access manageable monthly administration fees,” Meadows explained. “This may vary from business to business, but the sooner you can set up a 401(k) plan, the better.”

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To choose the best type of 401(k) plan for your business, determine the answers to the following questions:

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\n
• Why do you want to establish a 401(k) plan? According to Meadows, business owners must determine why they’re establishing a 401(k) plan to choose the right one for their organization. “Is this a plan for the owner to put as much money as possible away for their own future or is this primarily a benefit for employees? Without a doubt, this is a great decision for any company that expects to put away more than [the individual retirement account (IRA) limit] per year,” Meadows explained.
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• How large is your business? Your business size may direct you toward the right plan. For example, the SIMPLE 401(k) plan is available to businesses with less than 100 employees while the Solo 401(k) plan is intended only for self-employed individuals or businesses with one employee.
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• Do you want to share profits from your business? A profit-sharing plan is intended to make predetermined contributions of a percentage of company profits to employee retirement plans. This type of plan only accepts employer contributions as employees cannot contribute to it.
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• Do you want to have tax-free income in retirement, as opposed to reducing taxable income now? Contributing to a Roth 401(k) plan does not reduce current taxable income, but you don’t have to worry about tax on qualified withdrawals later.
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• Do you want to place vesting restrictions on employer-matching contributions you make on behalf of employees? Traditional 401(k) plans allow you to place vesting restrictions while safe harbor 401(k) plans require all employer contributions to be vested immediately.
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When choosing the right plan for your business, you should also consider plan administration complexity and costs:

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• Complexity: Some 401(k) plan types are more challenging to establish and maintain than others. As the name suggests, the SIMPLE 401(k) is a basic plan for qualifying businesses and is a great option if you want to avoid complexity.
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• Costs: Your budget and resources will also guide your plan choice. Additionally, administrative and custodial fees vary by plan type and institution, so research costs thoroughly before committing to a plan. 401(k) administrative and custodial fees can consume a significant portion of employees’ return on investment easily, so evaluating fees is crucial.
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Is a 401(k) plan right for your business?

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Small business owners typically have the following concerns about implementing a 401(k) plan:

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• They worry that paying for a 401(k) plan would affect the business’s success if margins are already tight.
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• They fear that plans are complicated and involve a lot of jargon.
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• They’re concerned that unexpected management and investment fees will appear.
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However, according to Ben Smith, founder and Certified Financial Planner at Cove Financial Planning, 401(k) plans are viable options for many small businesses with numerous benefits. “Generally speaking, any business that seeks to provide a relatively simple and low-cost plan may consider a 401(k),” Smith asserted.

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Additionally, a 401(k) plan can help your business attract and retain top talent. “One benefit for even the smallest businesses to have a 401(k) plan for employees is simply to attract and retain talent,” Smith noted. “Many job seekers and current employees will value the added benefit of having access to a retirement plan offered by their employer and they may look elsewhere for work if a business does not offer one.”

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To allay any misgivings and get your employees on board with the plan, Meadows offers the following advice:

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• Explain the plan thoroughly to employees: While the IRS website provides basic information about 401(k) plans, your employees might not know what the plan means. Meadows advised employers to use plain language when explaining the plan to their employees.
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• Consult a financial advisor: Many employers may need help thoroughly understanding the 401(k) plan and determining the best contribution scenario for the business. An experienced financial advisor can guide you on the best decisions. “The best financial advisors are the people who have already done it,” Meadows noted.
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What’s the difference between a 401(k), a mutual fund and a traditional or Roth IRA?

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As business owners evaluate various options, it’s important to understand the differences between 401(k) plans and IRAs and how they relate to mutual funds.

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Here’s how it works.

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“401(k)s contain mutual funds, but the fees for those funds are lower than an individual could purchase on their own,” explained Cynthia Keaton, vice president of human resources at Secure HR Pro, LLC. “There is a requirement for company oversight, so there is a constant review of the funds to ensure they are the best options for employees. An individual who selects their own [mutual] funds does not have the advantage of this expertise monitoring the funds and a financial planner may have an incentive to keep individuals in higher-fee funds.”

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Meadows defines a mutual fund as “the investments your pretax or post-tax dollars go into so that they can grow into a valuable nest egg for your retirement.”

\n\n\n\n

In contrast, traditional and Roth IRAs are individual retirement accounts not tied to your employer. Only one person can be on an IRA account. The money also grows tax-free and a Roth IRA isn’t tied to an employer.

\n\n\n\n

“This means that when the owner pulls money out in future years, it comes out tax-free,” Smith explained. This part of a Roth IRA is very similar to a Roth 401(k).

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The future of 401(k) plans

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Social Security funds continue to be depleted and workers are increasingly concerned about the future of retirement.

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Currently, one-quarter of Americans 65 and older receive 90 percent of their income from Social Security payments. However, the 2021 Social Security Trustees report found that, without any intervention, funds will run out by the mid-2030s. The report estimates that Social Security funds will only pay 78 percent of scheduled benefits at that time.

\n\n\n\n

Roger Lee, co-founder of Human Interest, agrees that the United States has a looming retirement crisis.

\n\n\n\n

Roughly half of Americans are only saving 10 percent of their annual income or less toward all of their financial goals, falling short of recommended retirement savings strategies.

\n\n\n\n

“While it’s essential to have a discussion about financial responsibility and planning, it’s also important to recognize that many workers don’t have access to 401(k) plans, which has become the dominant means of saving for retirement,” Lee explained.

\n\n\n\n

However, if you are one of the lucky people with access to a 401(k) plan, these plans have become the forerunner in addressing retirement needs.

\n\n\n\n

“[Social Security] and pension plans are of the past,” said Brian Menickella, co-founder of financial services firm The Beacon Group of Companies. Menickella believes the financial future of retirement is bright, even with the continued concern around Social Security.

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Best 401(k) employee retirement plan providers

\n\n\n\n

Choosing the best employee retirement plan for your business means examining your requirements and budget and finding an option that suits your employees’ needs. When selecting a 401(k) plan, find a reputable vendor with reasonable fees and excellent resources to guide you.

\n\n\n\n

Consider the following top options when beginning the process of setting up a 401(k) plan for your team:

\n\n\n\n

\n
• ShareBuilder 401k: If low fees are a priority, consider ShareBuilder 401k. It offers payroll integration, solo 401(k) plans and total investment fees under 1 percent. Our ShareBuilder 401k review explains this vendor’s plan options, administration services and educational resources.
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• ADP Employee Retirement: Small businesses can benefit from ADP’s all-in-one solution with payroll integration. Read our detailed ADP Employee Retirement review to learn about this company’s transparent pricing and full-service retirement plan administration.
\n\n\n\n
• USA 401k: USA 401k offers transparent pricing and fee details for growing businesses. You and your employees can choose from diverse fund offerings. As our USA 401k review explains, you’ll never outgrow its services because the company offers plans for an unlimited number of employees.
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Start saving with a 401(k) or other retirement plan

\n\n\n\n

The most important thing to remember about contributing to a retirement plan is that the sooner you start, the better. This is true both for you and your employees. By creating a 401(k) plan for your business, you and your employees can start feeling more secure about your financial future today.

\n\n\n\n

Sally Herigstad contributed to this article. Source interviews were conducted for a previous version of this article. 

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