Matt D’Angelo has spent several years reviewing business software products for small businesses, such as GPS fleet management systems. He has also spent significant time evaluating financing solutions, including business loan providers. He has a firm grasp of the business lifecycle and uses his years of research to give business owners actionable insights.
At Business News Daily, D’Angelo primarily covers fleet management topics like telematics, geofencing and DOT logging, as well as financial subjects such as business credit, predatory lending and microfinance.
With a journalism degree from James Madison University, D’Angelo specializes in distilling complex business topics into easy-to-read guides filled with expertise and practical applications. In addition, D’Angelo has profiled notable small businesses and the people behind them.
Experience
President at D'Angelo Writing Inc.
Editor at Business News Daily
Staff Writer at Purch
Dow Jones News Fund Editing Intern at The Augusta Chronicle
Editor In Chief at Curio Magazine
Staff Writer at Port & Main Magazine
Copy Editor at The Breeze
Editorial Intern at TAPinto.net
Content Writer at Integrated Marketing JMU College of Business
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Employee breaks can improve productivity. Whether taking a walk, going to your favorite coffee shop, reading a magazine or visiting with a colleague, taking short breaks unrelated to your work can make a significant difference in your performance. Your productivity diminishes the longer you go without a break. Kobel explained that this is why experts recommend that people work no more than eight to 10 hours daily. At a certain point, your body and mind simply cannot produce anymore.
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9. Move around.
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Exercise isn’t just good for your body; it can also positively impact your work performance. Physical exercise has been shown to affect mental health and focus, according to Sam McIntire, founder of Deskbright, an online learning platform dedicated to helping entrepreneurs and employees. A great way to feel sharper and more productive? Try going for a run in the morning or starting your day with a workout, McIntire suggested. It doesn’t hurt to sneak in some exercise on your breaks, either.
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10. Listen to music.
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Wearing headphones doesn’t always mean you’re antisocial. According to Gauld, listening to your favorite tunes when working can help you get in the zone and knock out your to-do list. Be careful, however: While music can help people enter flow states, it can also serve as a distraction.
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11. Switch locations.
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Luckily, hybrid, remote and flexible work arrangements have become a common benefit for many employees. If your employer allows it, take some time during the week to work in a different environment. Meghan Khaitan, founder of seat belt device MyBuckleMate, said a change of scenery can be a big help in boosting productivity. Head to the library or a local park (weather permitting), or find a quiet place full of natural light. Khaitan said switching locations can help spur new ideas or shed new light on an old problem.
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12. Write down your daily goals.
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It’s not always easy to track everything you must do, so start each morning by writing down your goals for the day. When your focus is broken, or you find yourself procrastinating, McIntire advises using this list to keep you on track. McIntire suggested writing your list on a Post-it Note or something visible from your desk — consult it when you need a reminder of what you should be working on.
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13. Stop trying to multitask.
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Doing more than one thing at a time may seem like the best way to get all your tasks done, but it can hurt your productivity more than it helps. According to Kobel, multitasking simply doesn’t work — and when you do it, you end up wasting time.
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14. Follow the two-minute rule.
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In his bestselling book, Getting Things Done, David Allen coined the two-minute rule. If you see a task or action you know can be completed in two minutes or less, do it immediately. The principle is that completing the task immediately takes less time than finishing it later.
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If a task will take longer than two minutes, schedule it and get it into your productivity system so you can tackle it when you’re ready.
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15. Make a simple to-do list.
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Creating a to-do list is essential to staying productive. Different methods work for different people: Some people use smartphone apps, while others prefer a handwritten journal. Regardless of how you create and track your to-do list, ensure it’s concise, realistic and flexible. List daily tasks only; overwhelming yourself with a long list can compound feelings of anxiety and fatigue.
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“A to-do list is terrific because it deals with past, present and future,” explained Mark Ellwood, productivity consultant and author of The Poetic Path to Getting More Done. “Think about your high-priority tasks … it doesn’t mean you do those tasks first, but you plan for them first and then block off your time accordingly.”
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If you’re looking for a simple formula for managing your to-do lists, Ellwood recommends identifying priorities that affect long-term results. Break down those priorities into responsibilities that should be completed today. Include additional daily requirements, such as filling out timesheets. Discard or delegate other tasks; you shouldn’t spend time on them.
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According to Ellwood, it’s also critical to consider what you want to accomplish a month from today and break down those priorities into smaller daily tasks. For example, if you want to hire a new staff member by the end of the month, create bite-sized daily tasks like the following:
Breaking down a big goal into doable tasks makes it far more manageable and creates a sense of progress each day.
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16. Take back control of your schedule.
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Staying productive, clearheaded and calm is really about feeling in control. Whether you delegate tasks to others or set time limits for interruptions, you are freeing up space in your schedule to tackle the things you’ve deemed important.
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Avoiding workplace burnout and fatigue is essential to boost productivity and memory retention. You can do this by influencing the direction of your day instead of being resigned to letting the direction of your day control your actions.
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17. Get off social media.
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Social media is a part of our daily lives. However, it’s important to stay disciplined and not check your social platforms frequently during the workday. Many companies even ban employees from accessing social media when at work because it’s a productivity-killing distraction. If you can access social media at work, use it as a momentary entertaining break. Don’t let it overtake your day and impact your work.
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18. Eat healthy foods.
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A healthy diet can impact productivity. If you load up on junk food, you can end up with that 4 p.m. slump. To avoid feeling sluggish, prioritize healthy eating and nutritious snacks. No one works well on an empty stomach; treat afternoon snacking as an opportunity for a good, clean energy boost.
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19. Eat lunch with your co-workers.
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Although you may want to skip lunch to eat a salad at your desk while you work, research shows a boost in employee productivity and morale when employees share workplace meals. Eating with your co-workers can help you build social relationships, bond with your team and grow your network. Additionally, it forces you to take a much-needed break to relax and unplug from work.
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20. Practice presence and meditation.
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Staying focused and engaged can help you get more done; meditation is an excellent way to boost focus, be present, reduce stress levels at work, and stay centered and on-task. The breathing benefits of meditation can help you harness your energy and carry a sense of calm throughout your day.
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Productivity killers to avoid
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Several bad habits, situations and tendencies can derail productivity at work. Be mindful of the following productivity killers and how they can affect job performance:
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Lack of sleep can kill productivity. You can’t deliver your best work when you’re emotionally and physically exhausted because productivity and energy go hand in hand. The less sleep we get, the less focused and efficient we are. According to the National Institutes of Health, adults should get at least seven hours of sleep per night. To help increase your productivity during the day, ensure you get to bed at a decent hour — and don’t spend late nights scrolling on your phone.
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Perfectionism can kill productivity. Delivering high-quality work is crucial for employees. However, perfectionism can actually hinder productivity. The more time you spend worrying about the details of your work, the less efficient you will become. Additionally, perfectionism can lead to self-doubt, preventing you from reaching your full potential.
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Distractions can kill productivity. A loud office, constant texts or calls, and excessive social media use can negatively impact productivity. Do your best to eliminate the distractions you can control so you can focus on the tasks at hand. For example, only allow yourself to check your phone once every 45 minutes, don’t browse social media until your lunch break, wear headphones (if allowed) to stay productive in a noisy office and set boundaries with social co-workers.
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Clutter can kill productivity. A cluttered workspace can hurt your ability to focus. In contrast, a tidy, organized environment can improve productivity and focus while creating a sense of calm. Clean up your space — whether it’s a cubicle, office or small desk area — to better focus on your work.
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Excessive breaks can kill productivity. While breaks are an important — and necessary — part of the workday, too many breaks can interrupt your flow. If you’re in the groove, don’t disrupt your productivity or let someone pull you away.
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Boosting your productivity in the workplace
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Maintaining productivity in the office — or at home if you work remotely — is crucial to delivering your best performance. However, numerous productivity killers, from lack of sleep to clutter, can derail you.
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How you improve productivity will depend on your personality, job type, responsibilities and environment. For example, some people might find that music helps them concentrate, while others may find it distracting. Choose the productivity strategies that work best for you and help keep you present.
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Sammi Caramela contributed to this article. Source interviews were conducted for a previous version of this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2620","_score":2,"_source":{"canonical":"https://vaylees.com/6248-how-to-find-mentor.html","displayModified":"2023-10-24T14:02:08Z","docType":"article","editorsPick":false,"href":"6248-how-to-find-mentor.html","id":"2620","ID":2620,"isSponsored":false,"published":"2018-11-04T21:13:00Z","site":"bnd","stream":"Learn what a mentor is and how you can find the best one to help you reach your professional goals.","subtitle":"Learn what a mentor is and how you can find the best one to help you reach your professional goals.","title":"How to Find a Mentor","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Personal Growth","slug":"personal-growth"}},"meta":{"robots":"index, follow","description":"Mentors are invaluable for career development, but what makes a good mentor, and how can you find one? Learn how to connect with the right mentor."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080716/1554241586.jpeg","caption":"Monkey Business Images/Shutterstock","alt":""},"content":"
Personal and professional development is essential no matter your career stage. However, if you have limited career experience, you may sometimes feel overwhelmed navigating your career path and industry.
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Mentorship is a way to hone professional skills and learn invaluable lessons from someone with years or decades of practical knowledge in your field.
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If you’re considering finding a mentor to help with your day-to-day job requirements and long-term career goals, we’ll show you what to look for, how to find one and how to forge a successful relationship that benefits you both.
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What is a mentor?
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Mentorship is a mutually beneficial professional relationship in which an experienced individual (the mentor) imparts knowledge, expertise and wisdom to a less experienced person (the mentee) while simultaneously honing their mentoring skills.
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An effective mentor can guide the mentee professionally while maintaining a friendly and supportive relationship. A mentor should always have the mentee’s best interests in mind and tailor their mentorship style to meet their needs.
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Anyone looking for a mentor should follow three best practices:
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Have a clear goal. Define your career and set achievable business goals. Understand what you must learn to reach your goals.
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Take a businesslike approach. Approach a mentor relationship as if it’s a business friendship. Be casual and friendly, and try not to ask awkward questions like “Will you be my mentor?”
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Look for a mentor in your professional network. You may already have a mentor in your professional network who provides advice in various ways. All it takes is a little effort to grow that connection into an ongoing relationship.
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What does a mentor do?
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Whether you are starting a business, are beginning your career or have some business experience under your belt, you can benefit from a mentor.
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“A mentor can serve as a sounding board at critical points throughout your career,” said Diane Domeyer Kock, senior vice president and managing director of managed creative solutions at Robert Half. “They can provide guidance on career management you may not be able to get from other sources and an insider’s perspective on the business, as well as make introductions to key industry contacts.”
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Doña Storey, an OPEN Mentorship Institute mentor and American Express OPEN advisor on procurement, noted that mentors can help their mentees identify and avoid business pitfalls and work through the challenges ahead of them.
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Vicki Salemi, a career expert for popular job search platform Monster, pointed out that when we’re immersed in our own careers, it’s easy to lose sight of the big picture. Mentors are essential, especially early in your career. Mentors should be people other than your boss, and they should provide insight on getting ahead and support your overall goals.
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How to find a mentor
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Finding a mentor can be an organic process, but it’s essential to be proactive and set yourself up for a successful mentorship relationship. Here are some tips:
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Determine what you want from your career. The first step to finding a mentor is defining what you want out of your career. You don’t have to plan your entire career path, because opportunities and unexpected directions may arise. Instead, define what you want in the short term to give you a clear path forward.
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Pinpoint who has your dream job. Consider your career path and narrow it down so you can determine who has your dream job and whom you admire, said Bill Driscoll, senior district president of technology staffing services in the Northeast and Midwest at Robert Half. “Successful mentoring relationships happen when the mentor and mentee are the right match. Reach out to someone you think you are comfortable with who can be a neutral sounding board and [who] will also provide great advice.”
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Examine your professional circle. People in your professional circle can include former bosses, former professors or teachers, co-workers in another department, people you met at an internship program, and family friends.
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Look for people who understand your role and industry. Seek out someone with a general idea of your current role and industry who will be able to advise you on things like new projects, certifications and training you need to get ahead, as well as how to handle office politics within your organization.
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Once you’re ready to reach out to someone, it’s important to keep things casual. Salemi said that your approach to a potential mentor should be the same as it would be to a potential friend – your relationship will develop over time. Don’t force things; stay relaxed. Lessons and advice will come with time.
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“It’s not like you’ll be at a conference and chat with someone sitting next to you and say, ‘Oh, will you be my mentor?'” Salemi said. “It’s a process. It’s kind of like when you think about friends in your life, how you met them, and how maybe over the period of a year or so you’ve gotten to become really good friends … in the beginning, you didn’t say, ‘Will you be my friend?’ That would be completely awkward.”
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Why you should consider working with a mentor
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A mentor can be a valuable asset, especially for young, aspiring entrepreneurs and those new to the business world. There are several benefits to working with a mentor.
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1. Mentorship offers you a new perspective from a seasoned professional.
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Learning from someone more experienced is an invaluable business opportunity, whether you’ve just started your first job or are halfway through your career. As we slip into the day-to-day routine of working life, it’s easy to get lost in the moment. A mentor can reset our perspective so we can see our careers and growth from a new vantage point.
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Ryan Holiday, an author and career expert, told us that finding a mentor starts with working hard and developing a personal reputation of success. By focusing on your role and career, you can set yourself up to connect with more seasoned business professionals, who will see your talent and want to help you grow.
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“Powerful people are constantly on the lookout for talented young people; they cannot find enough of them,” Holiday said. “To develop a reputation as someone who is teachable, curious, motivated, talented and, above all, well balanced and reliable is the single best way to attract a mentor. As Sheryl Sandberg said, ‘It’s not find a mentor, and you will do well; it’s do well, and a mentor will find you.'”
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2. Mentorship is an informal way to get valuable guidance.
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Understanding the nature of a mentor-mentee relationship is crucial. Salemi notes that mentors and mentees should realize the connection doesn’t always have to be an intense, formal arrangement. It’s better to focus on maintaining the professional relationship and learning what you can.
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“It’s an ongoing dialogue conversation, and it’s a relationship that’s not going to completely overhaul your life,” Salemi said.
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Finding a mentor means learning to follow up appropriately, add value to your mentor’s life and career, and be proactive in your career growth. These lessons can apply to any worker at any stage of their career, but they’re especially critical for young professionals who are new to an industry or who lack the experience needed to progress.
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A mentor is someone to look up to – someone who was once in your shoes and created a path to success.
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“The modern mentor can elevate both your mind and your career in a way that cannot be taught in school, a boardroom or on a business trip,” said Demetri Argyropoulos, CEO of Avant Global. “For me, mentorship has been an invaluable part of my career growth.”
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How to build a relationship with a mentor
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Set regular follow-up times. Once you’ve met with a promising mentor and had an initial conversation, think carefully about how and when to follow up. If they’re open to continuing a dialogue, set yourself calendar reminders to follow up and set up meetings. How often you speak with your mentor is up to you, but the goal is continued long-term insight. That could mean hopping on the phone or meeting for coffee once a quarter or even twice a year.
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Utilize social media. Social media offers mentees the opportunity to have regular, no-pressure mentor interactions. Use Twitter and LinkedIn for light things: interesting articles, book recommendations, important industry news, etc. Social media allows mentees to nudge their mentors, reminding them that they value the relationship. Be sure not to nudge too frequently, though, or you’ll come off as pushy. [Learn more ways to use LinkedIn personally and professionally.]
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Save critical communication for in-person meetings. Don’t discuss crucial career ideas over email or social media. Save that for in-person interactions. “Make a point of trying to meet up with them,” Salemi said. “If their calendar is packed, think outside the box in terms of ‘OK, I’ll meet you in your office’ or ‘Can we FaceTime?’ just to get that interaction … you shouldn’t [just] be sending emails.”
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Use old-fashioned mail. Mail is a meaningful way to connect with your mentor. A thank-you note or holiday card can go a long way to show you value your mentor’s advice and presence in your life.
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What qualities does a good mentor have?
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It is essential to choose wisely when selecting a mentor. They should be someone you look up to and aspire to be like. With that said, all good mentors share several qualities.
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Experience and success: At the most basic level, your mentor should have more experience than you and a track record of success. “A great mentor is someone whose qualities make up a much better version of who you envision yourself to become,” Argyropoulos said.
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Excellent character: Doug White, retirement plan specialist at TCG, recommends seeking a mentor with a strong character and traits worth emulating. “Look for mentors who are authentic, empathetic, creative and honest. You need someone who’s caring and invested in your professional growth, but also someone who will speak truth to you. Sometimes you need some constructive criticism or a reality check, while other times you need a high five or pat on the back. A well-chosen mentor can provide all of those things.”
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Similar values to your own: A mentor in the same business area may better understand your business’s challenges and concerns, but Storey noted that fruitful mentoring relationships don’t necessarily have to happen within the same industry. Leadership style may be more important. “Make sure that the mentor shares a similar value system in leadership and management. Knowing who you are as a leader is critical before entering into a mentoring relationship. Only then can you align yourself with the right guide.”
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How to add value to a mentor-mentee relationship
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As a mentee, it can be easy to fall into a pattern of asking a lot of your mentor without giving anything in return. While your mentor might be happy to provide you with advice, it’s essential to think of ways to show appreciation and make yourself available for your mentor.
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At the very least, Salemi said, it’s crucial to show you appreciate the relationship by valuing your mentor’s advice and time. For example, arrive at meetings early or adjust your schedule to make a meeting more convenient for your mentor. Young professionals may not have much to offer their mentors, but they can bring respect and appreciation.
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“You can be a great mentee to your mentor by following up when you say you’re going to – staying on their radar – because chances are, if they’re the right fit for you, they’ll appreciate providing information,” Salemi said. “Thank them, acknowledge them [and] don’t squander their time.”
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How to be proactive in your mentoring relationship
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The point of seeking a mentor is to gain crucial insights and advance your career. This is only possible if you’re proactive about your situation.
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“We need to be proactive – what it comes down to is everyone needs to be proactive in their own career advancement and growth,” Salemi said. “Let’s say you like your job and you think, ‘Oh, things are going well’ – you still need a mentor because, at some point, you may hit a plateau.”
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With a mentor, keep it simple and stay relaxed about the relationship. There’s often a lesson to be learned from someone who’s further along in their career. The key is being open to whatever lesson or message that is.
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“Seek out someone who you want to emulate, who can help you in areas where you’re deficient in knowledge and skills,” Argyropoulos said. “My most impactful mentor experiences evolved through sharing experiences and stories, and at some point, the mentee can also teach the mentor. You want to create an environment where you’re paying that knowledge forward to others.”
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Jocelyn Pollock, Skye Schooley and Sammi Caramela contributed to the writing and reporting in this article. Source interviews were conducted for a previous version of this article.
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As a major driving force behind the emergence of online sales, Amazon is one of the most popular e-commerce sites out there. While Amazon directly sells some products to consumers, third-party sellers – including nearly 2 million small- and medium-sized businesses – account for a significant portion of sales on the platform.
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Selling on Amazon is relatively easy: You set up a seller account, list your products and ship them either directly to the consumer or to Amazon, depending on the type of account you set up. While the overall process is simple, there are some important details to cover and decisions to make before you get started.
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How to sell on Amazon
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It takes only a few steps to set yourself up as a third-party Amazon seller.
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1. Create a seller’s account.
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This can be your personal Amazon login, or you can set up a new Amazon seller’s account with your business email. In addition to your email address (and password, if you are using your personal account), you will need a credit card, government-issued ID, tax information, phone number and bank account.
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2. Choose a plan.
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Amazon breaks its Marketplace plans down into Individual and Professional. The Individual Selling Plan does not have a monthly subscription fee. Amazon will collect a fee of $0.99 per sale in addition to other standard sales fees.
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The Professional Selling Plan has a monthly subscription fee of $39.99, but there is no per-sale fee. This plan, like the Individual Selling Plan, is subject to other Amazon referral and closing fees. Amazon recommends signing up for the Professional Selling Plan if you plan to sell more than 40 items per month.
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3. Determine if you can sell your products on Amazon.
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Amazon divides its product categories into two major groups: categories open to all sellers and ones open only to Professional seller accounts. There are more than 20 open categories for selling on Amazon, where third-party sellers can list products without specific permission.
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The Professional categories require approval from Amazon to “help ensure that sellers meet standards for product and listing quality as well as other category-specific requirements.” If you want to sell products in a professional category, you’ll have to sign up for a Professional Selling Plan and get approval from Amazon to list your product.
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4. Create your product listings.
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You will need a product identifier such as a SKU, GTIN, UPC, ISBN or EAN. If you are selling a product that another seller already offers, some of this information will already be in place. Then, fill in the product details, such as price, product condition, available quantity, shipping options, name, brand, description and keywords.
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5. Decide how to fulfill your products.
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Once you decide which plan is right for your business, you can either list your products and sell them directly to buyers or enroll in the Fulfillment by Amazon program. Selling directly to customers involves posting your products, making sales and then sending them to customers. You’ll be responsible for the shipping and handling of your products, and your customer will always have additional shipping costs for the sale.
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With Fulfillment by Amazon (FBA), you send your products to Amazon, and it handles shipping to the customer. It also means your products are eligible for two-day delivery, free shipping and other Amazon Prime perks. Enrolling in FBA can make you stand out from other third-party sellers. Customers want to use their Prime perks, and free two-day shipping can be a powerful purchasing motivator. Many Amazon sales experts recommend opting for FBA unless it’s financially impractical.
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FBA is a great service, but it does come with fees. Amazon provides a full breakdown of its fulfillment fees, but the basic structure is also important to understand. Amazon will charge you a monthly inventory storage fee per cubic foot (starting at $0.87 per cubic foot from January through September and $2.40 per cubic foot from October through December for standard-sized products) and a fulfillment fee for each unit. These are flat rates per package and are based on the size and weight of the package. Fulfillment fees start at $3.22 per package and can exceed $150 for heavy oversized packages.
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Amazon also charges fees for referrals and closing sales. It breaks down its fees by category, but just about every item will have a referral fee, and some items will have a closing fee. Referral fees are a percentage of the purchase price and range from 8 percent to 45 percent, depending on the type of product. Most referral fees are between 8 percent and 15 percent. Media items, such as books, software, video games, movies and music, also have a closing fee of $1.80.
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How to market your business on Amazon
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Now that your Amazon store is set up, people can buy from you on the site. But if you wait until potential customers stumble upon your product listings, you are not going to be successful. Here’s how to market your business to attract some of Amazon’s hundreds of millions of users to your product pages.
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Use sponsored ads.
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When you buy a sponsored ad, Amazon displays your product information on shopping results pages or competitive product detail pages. These are pay-per-click ads, meaning you pay for traffic to your product page. If your product’s description, pictures, shipping and price are compelling, you have a good chance of getting a sale. There are several types of Amazon advertising.
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Sponsored products: These are ads for individual products displayed on shopping results pages and product detail pages.
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Sponsored brands: This shows your brand logo, a custom headline and several of your products on shopping results pages.
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Sponsored display: This takes the form of banner ads, both on and off Amazon’s site, that help you reach your target market.
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Optimize your listings for SEO.
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Amazon has its own internal search engine, and when your product listing has the keywords Amazon users are searching for, your page will climb the rankings. Do some research to find out what terms Amazon shoppers are using. Then put those keywords on your page in titles and descriptions. Relevant Amazon listings will also show up when people use general search engines like Google.
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Promote your listings on blogs, videos and social media.
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Promoting your Amazon listings on YouTube, TikTok, your blog or any other social media platform can drive traffic and sales. While social media followers dislike direct product promotions, you can get some subtle visibility with the following tactics:
Host a contest or giveaway when followers post your Amazon listing in their bios or accounts.
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You can also harness the power of influencer marketing by developing a relationship with an influencer in the demographic for your product and asking if they would review or recommend it to their followers.
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Manage your reputation and reviews.
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Having better reviews than a competing product can make all the difference, so work on getting a high number of reviews and the best possible star ratings. Make sure your item description is accurate, provide excellent customer service, and immediately respond to and resolve customer complaints. Many Amazon sellers proactively reach out to all customers, thanking them for the sale and reminding them to leave a review.
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Customer reviews also impact your seller rating, along with factors such as your response time to customer inquiries, on-time shipping (if you are not using FBA), chargebacks and order accuracy. Amazon uses your seller rating to determine how often your products get exposure, and customers use it to decide between you and your competitors.
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It’s simple to get started selling on Amazon
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It’s important to expand your retail operations wherever possible, especially when you can access Amazon’s huge audience. Setting yourself up to sell on Amazon is a straightforward process and a great way to expand and grow your business.
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Amazon’s Seller University has plenty of resources to help you navigate selling successfully on Amazon. Creating a Marketplace account can also be a great way to connect with Amazon’s Stores program, which focuses on fostering small business growth. It’s easy to begin, so why not start today?
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Rebecca Neubauer and Jennifer Dublino contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2415","_score":2,"_source":{"canonical":"https://vaylees.com/11263-recession-proof-business-tips.html","displayModified":"2023-11-08T18:04:16Z","docType":"article","editorsPick":false,"href":"11263-recession-proof-business-tips.html","id":"2415","ID":2415,"isSponsored":false,"published":"2019-02-02T02:22:00Z","site":"bnd","stream":"Set up your company for success even during trying financial times. ","subtitle":"Set up your company for success even during trying financial times. ","title":"How to Recession-Proof Your Business","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Strategy","slug":"strategy"}},"meta":{"robots":"index, follow","description":"Recessions can be trying for small businesses, but by following these tips, you can set your company up for success."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080355/1554238103.jpeg","caption":"fizkes/Shutterstock","alt":""},"content":"
Recessions are a part of capitalism. The nature of markets means prosperity will sometimes rise and sometimes fall. But while recessions create uncertain times for small businesses, they can also be times of opportunity. Understanding crucial economic concepts, safeguarding your business, and keeping a good attitude can prepare your organization for any impending economic storm.
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How recessions impact small business
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Starting a business is exciting and intense. However, no matter how successful and efficient your business becomes, it’s still at the mercy of outside factors. Changing global events, turbulent markets, and trying economic times make running a successful small business a challenge – and an ultimately rewarding one once the storm clears. Everyone is impacted when the economy contracts and enters a recession, but small businesses are often the most vulnerable.
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Small businesses are on the front lines of changing economic times. With current inflation levels hovering around 8% and the Federal Reserve Bank raising rates, but seemingly not fast enough, layoffs and productivity downturns are slowly becoming a reality for many small businesses. In fact, 75% of small businesses report feeling the pressures of current inflation, according to a 2022 study by Kabbage.
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This difficult forecast, coupled with the after-effects of supply chain management issues caused by the pandemic, means small business owners must be more careful in their decision-making than they would during more prosperous times.
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Tips to prepare your small business for a recession
“Flexible working capital will be the single most important factor to help keep doors open, as it was in 2008,” said Eyal Lifshitz, CEO of BlueVine. While acquiring capital may be a challenge once a recession hits, there is still time to enact this strategy.
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“Raising capital has become much easier today for small business owners,” Lifshitz said. “Banks are easing credit, and fintech startups are expanding online lending options. So securing capital at a time when the future is unclear would be a smart move.”
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2. Talk to partners and suppliers now.
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As with most small business issues, getting ahead of the problem as quickly as possible is the safest way to protect your company. One way is to stockpile some cash, but another way is communicating with your partners and suppliers.
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The biggest danger in a recession is uncertainty. By eliminating uncertainty with your partners, even if it’s by giving them bad news, you’re protecting your business. Set expectations early to try and mitigate problems.
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“Chances are these businesses will be faced with the same challenges,” Lifshitz said. “SMBs need to have open conversations with their partner networks now about the recession and their game plans to gauge the potential impact to their own business – and seek alternative partners as needed.”
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Many people keep your business going, and you want all of them to be on the same page as you are when it comes to a recession.
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“Talking to your partners and suppliers is important, as you always should keep a pulse on those that help your business churn,” said Jennifer Earley, owner and marketing strategist at Amplified Marketing Services. “You are easily able to seek out ways that you can do business better, as well as identify potential pitfalls before they happen.”
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3. Think twice about big investments.
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Rethinking how you spend money is an effective defense against a recession cycle, as is examining your cash flow strategies. Ironically, decreasing business spending will theoretically prolong a recession, but your company must protect its interests and ride out the storm.
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Sometimes, you’ll need to delay larger purchases or make do with current resources to ensure your company will make it to the next boom cycle.
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Lifshitz warns that big decisions like opening a new office, signing a new commercial lease, or buying new equipment may be financially sound while business is booming, but could come back to haunt a business owner if a recession hits. Consider the following spending questions:
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Do I really need state-of-the-art equipment?
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Should I commit to long-term real estate or a multiyear software contract?
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Is it the right time to hire more people, or should I wait?
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“You simply don’t want to have your business on the hook with large debt repayment if cash flow isn’t coming in as projected due to market softness,” Earley said. “I recommend reduced spending and [to] spend in areas that are necessary for keeping the lights on or have proven to have a strong ROI in the past.”
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Another consideration is that borrowing money is more expensive during an inflationary recession. Because the Federal Reserve Bank is raising rates, lenders are lending money at higher interest rates, making the cost of capital more expensive. While securing capital to keep your business afloat is essential, it’s crucial to temper any borrowing desires with the reality that your interest rate will remain high.
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4. Build an agile workforce.
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“Layoffs leave a wide wake of damage, impacting the livelihood of the people let go, disrupting the business, and even tarnishing culture and brand,” said Lifshitz, adding that it’s essential to hire thoughtfully, and consider contractors and freelancers if you have a potential downturn on your mind.
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Earley said many businesses and organizations live by the mantra “do more with less.”
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“It’s important to have a workforce that is able to pivot and quickly react when needed,” she said. “With my small business clients, we continue to discuss resource allocation and the importance of cross-training the team in certain areas so that there’s always a plan A, B and C to delivery.”
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She added that this applies to profitable times and times of recession because “if done the right way, there is always going to be talent on the team that can continue to move the ball forward, reducing the need to spend time (and money) ramping up resources.”
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Is a recession looming?
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The short answer is that it’s up to interpretation. While the U.S. economy experienced a contraction in the first and second quarters of 2022, early Q3 reports show the economy is growing, which means there might not be a recession looming. This, coupled with rising inflation rates, makes for a confusing situation for small business owners and policymakers alike.
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During times like these, don’t get caught up in what’s happening in the news. Instead, focus on what’s happening to your business. One way to arm yourself with information during this time is to understand the fundamentals of recessions and inflation.
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A recession occurs when the economy declines for two consecutive quarters. This is typically measured through Gross Domestic Product (GDP), or the overall measure of how much goods and services are produced within the U.S. economy. When the economy contracts, businesses and individuals are less likely to spend money, invest, and take business risks. Instead, they stockpile cash to ensure their business survives the approaching storm.
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Inflation, or the overall rising in prices due to economic factors related to supply and demand, can impact how your business makes decisions. If prices rise quickly – and interest rates go up to try to combat price hikes – you may be deterred from borrowing money, taking on new projects, or developing new business. It may also allow you to pay off low debt levels faster, since your money is of lesser value.
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With these two concepts in your arsenal, you can better manage what’s happening to your business. For example, when CNN reports that the Federal Reserve bank is looking to embark on its most aggressive inflation-rearing strategy in decades, adjust your business strategy and decision-making to handle higher interest rates so you can ride out the looming recession.
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Do your best to weather the situation
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Recessions mark times of uncertainty for small businesses. Educate yourself on broader concepts of economics, and then react to problems your business faces with the long game in mind.
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Sometimes, owning a small business means making the best decisions you can and hoping for the best. Recessions can also be a time of great opportunity for many businesses. Investing in low markets, paying off low levels of debt during inflationary periods, tightening processes, and improving business efficiency are all ways your company can find a silver lining during trying economic times.
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Jennifer Post contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2913","_score":2,"_source":{"canonical":"https://vaylees.com/8201-ask-for-professional-reference.html","displayModified":"2023-10-24T17:41:22Z","docType":"article","editorsPick":false,"href":"8201-ask-for-professional-reference.html","id":"2913","ID":2913,"isSponsored":false,"published":"2018-05-29T01:00:00Z","site":"bnd","stream":"Finding a new job can be challenging, but getting a good professional reference can help. Here's how to go about it the right way.","subtitle":"Finding a new job can be challenging, but getting a good professional reference can help. Here's how to go about it the right way.","title":"Want a Professional Reference? How to Ask and What to Expect","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Build Your Career","slug":"build-your-career"},"sub":{"name":"Get the Job","slug":"get-the-job"}},"meta":{"robots":"index, follow","description":"Excellent professional references can help you stand out among job applicants. Learn how to ask for a professional reference and what to include."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081140/1554240413.jpeg","caption":"RMIKKA/Shutterstock","alt":""},"content":"
Finding a new job can be challenging, but tapping into your professional network for support can bolster your confidence and chances of landing a new position. Individuals in your network may be able to provide you with excellent professional references that show new employers who you are and how you might contribute to their organization.
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In the hiring process, prospective employers want to understand your track record and how you handled past work relationships so they can gauge if you’re a good fit. To ensure you’re presenting yourself in the best possible light, it’s crucial to tap professional references who understand your strengths.
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We’ll explain why professional references matter, outline how to choose the right professional references, and share best practices for approaching references with tact and professionalism.
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What are professional references?
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A professional reference is someone you’ve worked with in the past who can speak to your suitability for a new position. Professional references can be any of the following (and more):
The best professional references are people who can speak to your strengths, work ethic and ability to collaborate with others. They should be people you trust and who will speak highly of you.
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Why are professional references important?
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Job searching in the digital age presents challenges, including getting noticed by hiring managers. You’re likely one of many candidates trying to convey that they’re the right fit, so it’s important to stand out. Professional references help you distinguish yourself and give potential employers insight into whether you’ll be a valuable addition to the company.
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Professional references can give employers a window into “the real you” by doing the following:
At its core, the hiring process involves getting to know someone. Employers want to know who you are, whether you’re qualified for the job, and if you’re a good hire for the company culture. By providing solid professional references, you amplify and confirm your most exemplary attributes.
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Who should you list as a professional reference?
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Whether you’re switching careers or looking for your first job in a new field, think critically about whom to list as a reference. Choosing someone who isn’t familiar with your work ethic or is irrelevant to the employer may not be effective.
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In general, every reference should meet these essential criteria:
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They’re relevant to the job you’re applying for.
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They know “the real you.”
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They’re qualified and reputable in their own field.
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They’re ready to be a cheerleader for you.
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Additionally, consider the following best practices for selecting professional references who can speak to your strengths:
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Choose a professional reference you worked for. Assuming you still have a good professional relationship, your immediate supervisors from previous jobs are the best people to list as references. “[Direct supervisors] know you the best and can vouch for you when it comes to your strengths and work ethic,” said Bill Peppler, chief operations officer at staffing firm Kavaliro. By listing a former boss, you give a potential employer a window into what you’re like as an employee.
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Choose a current boss as a professional reference (if possible). It may not be possible in all cases, but if you have a particularly understanding boss at your current job, you may be able to ask for a reference as you search for your next opportunity.
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Choose a professional reference who worked for you. If you’re a manager, it’s helpful to include a former employee as a reference. They can vouch for you as a good manager and offer insight into your management style.
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Choose a professional mentor as a reference. Peppler advised considering people who have mentored you in a professional setting. “Other people to strongly consider are professional mentors,” Peppler noted. “If there [are people] in your company who have trained you or taken you under their wing, consider them, since they have a solid understanding of your personality and receptiveness to training and feedback.”
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Choose a professional reference youworked with. When you list a colleague, the prospective employer can learn about you from someone with whom you consulted and solved problems. They can offer professional insight into who you are as a worker.
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Choose a professional reference in your recent past. Consider the length of time and how long ago you worked with the person you list as a professional reference. Choosing someone you worked with many years ago instead of a more recent employer might indicate that you’re trying to hide something. At the very least, a reference you worked with a long time ago may be less relevant to the current stage of your career.
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What if you’re a recent college graduate?
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If you’re a recent college graduate or otherwise just starting out, listing a professor, internship colleague or community leader are all excellent options. If you opt for a professor, think critically about why the professor would want to recommend you, advised Ruma Sen, a professor of communications at Ramapo College of New Jersey.
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Sen said students and recent graduates should be as formal and polished as possible when asking their professors for recommendations. “I am not particularly excited about recommending a person who cannot … write an email without grammatical errors,” Sen noted.
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How do you ask for a professional reference?
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When you’ve narrowed down the best professional references for your situation, it’s crucial to notify them, ensure they’re OK with being your professional references, and share how you’ll use their references.
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1. Get permission to use them as professional references.
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Ask for express permission to list someone as a professional reference. Don’t blindside anyone with a professional reference listing, even if you’re on excellent terms. They’ll likely be unprepared to discuss you and your qualifications.
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Additionally, never list your reference’s email address and phone number on a publicly uploaded résumé. You’ll open them up to unsolicited communications and put them in a terrible position.
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2. Notify professional references that someone may contact them.
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When you’re sure your reference wants to help, give them a heads-up about your job search and inform them they may hear from a hiring manager shortly. Even if they’ve indicated in the past that they’d be happy to vouch for you, let them know you’re seeking a new position, reaffirm that it’s OK to list them as a reference, and give them a heads-up that a hiring manager may call them.
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3. Give your professional references plenty of notice.
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In some cases, you may need a written letter of recommendation to give to a potential employer. If so, give your references ample time to create the letter — ideally, a month.
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If you’re in a situation where a hiring manager will contact references and you know the timetable, inform the reference so they can work it into their schedule.
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4. Give your references the appropriate background information.
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When interviewing for a job, you’ve probably done extensive research on the position so you can discuss your most relevant experience and show you’re a good fit. Ideally, your professional reference should know what your potential job entails so they can give you the best, most helpful reference possible.
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Share details about the position, along with the in-demand career skills or accomplishments you want your source to highlight. The more information you provide, the easier it will be to write a reference or prepare for a reference-check phone call.
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5. Tell them how you’ll use their reference.
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Professionals can provide references in several ways. Be clear about your needs so your reference knows what to expect. For example, will the employer call them directly? Does the company require a letter? How many times will the reference be used? Know the specifics to keep your professional reference informed and ensure there are no surprises.
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What professional reference etiquette should you follow?
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You’ve decided on professional references, asked their permission, and listed them as part of your new job application. At this point, understanding professional reference etiquette is crucial to ensure you can list them again and maintain your professional relationship.
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Follow up with your professional references. Regardless of whether you get the job, thank your reference for their time and effort. Their support is invaluable, so it’s vital to express your appreciation. If you can speak with them, use the conversation to understand more about their professional lives. If they’re too busy to speak in person or via phone, send a thank you letter to express your gratitude. Keep them posted about your job hunt, as they’re likely invested in your success.
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Offer to return the favor. If appropriate, offer to be a professional reference for them in the future. However, there’s a fine line here. If the person is senior to you or your professional relationship isn’t at this level of intimacy, you can forgo this offer.
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Don’t use them as a reference again without permission. While it’s possible to reuse past professional references, you’ll need to get their permission again.
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Don’t be pushy. Regardless of whom you ask and what type of recommendation you need, professional references are doing you a favor, and you should act accordingly. If they’re not comfortable providing a reference, respect their decision and move on to another source. If they agree to recommend you, thank them for their time and effort.
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Professional references and networking
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Listing someone as a professional reference is a form of networking. Treating it that way opens the door to a professional support system to foster your career goals. You prop up your professional worth by building your network of colleagues — former managers, co-workers, employees and more.
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By leaning on your professional network, you give prospective employers a window into your professional worth, thereby deepening your relationship with your references.
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Adryan Corcione contributed to the reporting and writing in this article. Some source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1371","_score":2,"_source":{"canonical":"https://vaylees.com/4286-microfinance.html","displayModified":"2023-10-23T19:29:29Z","docType":"article","editorsPick":false,"href":"4286-microfinance.html","id":"1371","ID":1371,"isSponsored":false,"published":"2020-01-23T14:30:00Z","site":"bnd","stream":"Microfinancing is a type of lending that can significantly impact businesses, especially in the developing world.","subtitle":"Microfinancing is a type of lending that can significantly impact businesses, especially in the developing world.","title":"Microfinance: What Is It, and Why Does It Matter?","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"Microfinancing is the process of giving small loans to business owners without access to traditional financial products. Learn how microfinancing works."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074122/loan_Jacob_Ammentorp_Lund_getty.jpg","caption":"Jacob Ammentorp Lund / Getty Images","alt":""},"content":"
If you are an entrepreneur or small business owner, getting a traditional bank loan for your business can be challenging. Conventional financing typically requires substantial documentation that proves you can repay the money you borrow. In most cases, you’ll also need an established credit history and high credit scores. While you may be confident about repaying, the lender may not be so sure.
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Funding hardships are particularly profound for business owners in the developing world, who may not have access to traditional banking.
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Microfinancing can be a solution. Microfinance loans are designed to help aspiring entrepreneurs generate income, build assets, manage risks and meet their household needs – no matter where they live. We’ll explore microfinancing and how business owners can access this funding source.
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What is microfinance?
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Microfinance is a way to provide capital to low-income business owners who may be excluded from traditional credit and lending options. Microfinance offerings include small loans – called microloans, savings accounts (microsavings) and insurance policies (microinsurance).
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Various lenders offer microloans, including nonprofit organizations, banks and credit unions. In the U.S., the Small Business Administration (SBA) acts as a third party to get microloans into eligible borrowers’ hands. The SBA provides funds to specific intermediary lenders that administer the program.
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According to the SBA, microloans can be up to $50,000, though the average loan amount is $13,000. Owners can spend the money on many business needs, such as buying inventory, supplies, furniture, fixtures, machinery and equipment. Owners can’t use microloans to pay off existing debt or buy real estate.
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“The end goal of microfinance is to have its users outgrow these smaller loans and become ready for a traditional bank loan,” said Yuliya Tarasava, co-founder and COO of CNote.
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Editor’s note: Looking for information on business loans? Fill in the questionnaire below, and you will be contacted by alternative lenders ready to discuss your loan needs.
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What is the history of microfinance?
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According to MicroWorld, microfinance has been around for centuries and even longer in Asia as an informal lending type. What we know as microfinance today started in Bangladesh sometime in the 1970s.
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“In the midst of a famine, Dr. Muhammad Yunus, professor of economics at the University of Chittagong, was becoming disillusioned with the abstract theories of economics that failed to explain why so many poor people were starving in Bangladesh,” MicroWorld explained. Thus, the $27 loan was born as a practical solution.
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In the Bangladeshi village of Jobra, Yunus discovered that a group of 42 women made bamboo stools but did not have the money to purchase the raw materials for them. As a result, the women fell into a cycle of debt to the community’s traders. The traders would lend the women the funds they needed with one stipulation: They would sell the stools at a price only slightly higher than the cost of the raw materials.
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Yunus lent the women $27 of his own money, covering the borrowing needs of all 42 women. By selling their stools at a fair price, they were able to climb out of their debt cycle. (Muhammad Yunus and the Grameen Bank he founded won the 2006 Nobel Peace Prize for grassroots efforts to lift millions of people out of poverty.)
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Microfinancing evolved with Joseph Blatchford, a former head of the Peace Corps and a UC Berkeley law student. Blatchford founded the nonprofit Accion as a volunteer project in 1961. In 1973, his organization began offering small loans to entrepreneurs in Brazil to see if a one-time money influx could help lift them out of poverty. The operation was successful: 885 loans helped create or stabilize 1,386 new jobs.
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Today, Accion has microfinancing programs throughout Latin America, the U.S., Africa and many more places. And, in general, global microfinance is big business. According to the Global Microfinance Industry Report, the market is expected to reach a value of $394.8 billion by 2027.
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Where can I get microfinancing?
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The SBA is an excellent place to start looking for microfinancing, but you can also explore this specialized financing directly via nonprofit organizations and banks. Popular microfinancing institutions include Accion, GE Consumer Finance, Citi Inclusive Finance, Kiva and BRAC.
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When you speak to lenders and are granted a small loan, you can also expect assistance setting up and maintaining a savings account. A good lender will equip you with the tools to pay back the loan.
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“Although microfinance is often discussed in the international context, there are several lending institutions in America that make these types of loans to increase economic opportunity in local communities,” Tarasava said. “Many CDFIs [community development financial institutions] offer microloans to the communities they serve … [with] favorable small business terms … and they provide consulting resources and financial education to help increase the likelihood of borrower success.”
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How do I get approved for microfinancing?
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While approval is ultimately the lender’s decision, there are some steps you can take to increase your chances of receiving microfinancing.
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Write a business plan. Lenders want to see that you take your business seriously and have a plan; they want to work with people invested in their success. Every successful business plan includes a company overview, introduction, mission statement, market and industry analysis, marketing plan, and operations plan. [Use our free business plan template and guide to write your plan.]
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Maintain good credit. Even though you currently may not have much money, a good credit score makes an excellent impression. Carefully review your report, ensuring it doesn’t contain any false information. If it does, send out disputes accordingly. [Related article: 8 Ways to Build Your Business Credit]
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Give a personal guarantee or collateral. Your personal guarantee is your legal promise to repay the loan. Collateral, such as your house, is something lenders can use if you don’t repay the loan. If you’re confident your business will succeed, providing a guarantee or collateral makes sense. [Related article: What Is Business Collateral?]
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Invest some of your own money. A business owner who makes a personal investment in their company along with a microloan shows they’re serious about their business’s success.
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Why are interest rates higher in microfinance loans than in traditional banking?
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Microfinancing interest rates can vary wildly compared to traditional bank interest rates, but they’re usually higher for two primary reasons:
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Microfinancing borrowers are a higher risk. Microfinancing is designed for low-income borrowers, who are a higher risk to banks. As standard lending logic follows, the higher the investment risk, the higher the interest rate and compensation for the lender. Banks and other lenders want to be compensated for the potential of not receiving their money back. High interest rates, which can suffocate small businesses, ensure the lender receives some return on investment.
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Microfinancing is more expensive for the bank. While the risk-reward ratio of lending to a low-income individual is part of the deal, microfinancing scenarios are usually more expensive for the bank, especially in foreign investment cases. For example, loan officers often have to travel to businesses in low-income areas instead of potential borrowers visiting their local bank branch to inquire about loans.
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While microfinance interest rates are considered astronomically high compared to traditional bank loans, the lender will still review the borrower’s finances to ensure repayment is within their means.
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What’s the difference between microfinance and microcredit?
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While they may sound similar, there is a crucial difference between microfinance and microcredit: Microfinance encompasses a broad offering of financial services for low-income communities, while microcredit specifically means small loans for people below the poverty line. In other words, microcredit is a subset of microfinance.
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Microcredit is loans offered to unemployed individuals who lack collateral and credit history. This capital can give new, low-income entrepreneurs the injection needed to get started. The goal of microcredit is to empower less advantaged communities across the developing world to start their own businesses and enter the economy.
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Of course, microfinance also embodies all these elements. It also includes a broad range of other financial services, including checking and savings accounts, microinsurance, and business education.
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Microfinance FAQs
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Can I get SBA microfinancing if my business is a nonprofit organization?
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In general, no. Your enterprise needs to be a for-profit small business. Currently, the only exception is nonprofit child care centers.
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What should I do if I’m denied a microloan?
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You could be denied because your credit score was too low, you didn’t have enough collateral or you couldn’t prove that you could repay the loan. Read the notice explaining why your application was denied, and then work on the identified problem.
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What happens if I can’t pay my microloan?
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Almost all lenders report to the three major credit reporting agencies, so your credit report will reflect missed payments. Because payment history is the most important credit reporting factor, your credit score will likely go down. If your loan is backed by collateral, the lender may claim it if you default. However, if there is no collateral, the lender will have a more difficult time collecting the debt and will most likely send it to a collection agency.
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Can a microloan help me build credit?
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Yes, as long as the lender furnishes the credit bureaus with your account activity. If building credit is one of the reasons you’re pursuing a microloan, ask the lender first if it reports loan activity to the credit reporting bureaus. If it does, making all your payments on time and eventually paying off the loan will help create a positive credit history and raise your credit score.
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Erica Sandberg and Rissa Ann 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":"2236","_score":2,"_source":{"canonical":"https://vaylees.com/8394-create-internship-program.html","displayModified":"2023-10-24T18:13:33Z","docType":"article","editorsPick":false,"href":"8394-create-internship-program.html","id":"2236","ID":2236,"isSponsored":false,"published":"2019-04-10T13:00:00Z","site":"bnd","stream":"Build a better business culture with a successful, legally compliant internship program.","subtitle":"Build a better business culture with a successful, legally compliant internship program.","title":"How to Create a Successful Internship Program","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","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":"If you want to create a great internship program to help recruit young professionals for your business, this guide offers the tips you’ll need to get started."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04080010/1554240290.jpeg","caption":"bikeriderlondon/Shutterstock","alt":""},"content":"
Internships aren’t just about grunt work anymore. With the right program, you can develop young talent and lay a foundation for recruiting brilliant young minds to work for your company. The first step is establishing the right kind of program and paying your interns to ensure you’re attracting talent that can contribute to your organization.
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Smaller companies especially have an opportunity to edge out larger competitors by providing interns with opportunities to develop and staying in touch after graduation. By developing and working with interns, you can foster growth in an inexperienced individual who could one day become a major player for your company.
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How to create an internship program
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When creating an internship program, it’s important to be thoughtful about your goals and what you have to offer to interns. For many businesses, internship programs are a way to get some extra help. However, that isn’t always the best way to teach an intern about the business or see if they can develop the skills needed to succeed in your industry.
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“We’ve hired former interns to become full-time employees multiple times,” said Liz Wessel, co-founder of Way Up and visiting group partner at Y Combinator. “I like to think of it as a two- to three-month interview.”
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During her time at WayUp, Wessel and team matched employers and job candidates seeking full-time roles and internships. That work allowed Wessel to get a glimpse into the internship programs of several companies, and allowed her to refine her own.
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Here are some tips for creating a fruitful internship program for your business.
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1. Establish an intern program coordinator.
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Having a person in charge of your interns is crucial to building a program that pushes candidates and ensures they’re getting the most out of their experience. The best part is, for small businesses, this position doesn’t need to be a separate full-time position. Internship coordinators can build a program that ensures your interns are having a collective learning experience. Steven Benson, founder and CEO of Badger Maps, is an example of someone who puts in extra effort to develop interns.
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“During the internship, I teach classes on various business topics, give career advice, do trainings to make them successful at their job role and help them develop valuable skills,” Benson said. “Interns at Badger are executing on major projects from beginning to end, and thereby get meaningful work experience.”
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2. Assign each intern a mentor.
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Providing a mentor means giving interns an avenue for personalized feedback on matters that extend beyond their work. You want to provide a dynamic feedback experience for the intern, so assigning them mentors from upper-level management may not be the best idea, since they’ll likely already be receiving feedback from their direct supervisor.
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Instead, provide your interns with junior-level employees to create a relaxed relationship that promotes professional growth and development. After all, if this is an intern’s first corporate experience, they may have questions that they don’t feel comfortable asking their manager.
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3. Set goals and workloads.
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Setting goals for your interns and revisiting their progress throughout their tenure is another important step in development. Wessel said that interns will often work on two or three major projects, depending on the length of their internship. The key is tracking their progress and making sure there’s a defined beginning, middle and end to their work.
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“It’s really nice for an intern to feel like they’ve come in, they’ve started something and they’ve completed that, as opposed to them feeling like they’ve … been working on something and they never get to see it through to the end,” Wessel said.
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4. Make intern development a daily commitment.
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As your interns get into the swing of things, make sure you have some structure set up so they are constantly receiving feedback and are on track with your goals. This is an important step in providing a personalized experience, but it’s also crucial for you as a business owner. With the right feedback, you’ll get the right kind of work from your intern.
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Josh Skalniak, former public relations manager with Fingerpaint Marketing, said that managers would meet each week to review what each intern was working on and develop detailed to-do lists for the upcoming week. These meetings were for the managers only and served to provide a basic framework so that interns didn’t get lost in an abstract corporate environment.
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“We all get to learn who is assigning [interns] work and how much,” said Skalniak. “While we could simply ask the intern how their workload is going, we often find that interns are eager to please and don’t speak up when they are overworked. The meeting gives us a broad picture of their workload and keeps us from overloading them.”
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Wessel said that managers should also have weekly one-on-one meetings with interns to make sure that everyone is on the same page.
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How you structure your internship program depends on your business’s needs. However, one key insight is to ensure you’re constantly communicating with the interns. Otherwise, they may drift from their responsibilities and lose sight of their role within the company.
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“[If they] have never worked in a corporate environment before … they might not realize they should speak up about the fact that they are lost,” Wessel said. “They might not even realize that they’re lost; it’s part of being so junior.”
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5. Stay in touch.
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Once your internship program comes to a close, try to maintain at least a tenuous connection with your former interns. There’s no telling what opportunities they could move on to and what doors they could open for you in the future. Staying in touch with interns acts as proactive networking. By keeping in contact, you provide the opportunity to reconnect in the future.
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Of course, another great reason to keep in contact with good interns is if you want to offer them a full-time role once they graduate. A good internship program acts as a training ground for young talent. You can filter out interns who aren’t a good fit for your company and discover new talent that could one day serve your company on a full-time basis.
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How to structure your internship program
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These tips and best practices are a starting point. How you set up your internship program will be specific to your business and reflective of your organization’s values.
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Imparting company values on interns
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It’s important to foster strong communication between your intern and multiple sources, like mentors, managers and other interns, and create a collective experience where an intern can feel like their work contributed to your overall organization. By developing bright young minds and fostering talent in your interns, your company can retain great people and be the starting point of illustrious, successful careers.
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“We’ve created a program and environment that enables [interns] to be successful and thrive at Badger as well as in their future jobs,” Benson said. “This is obviously a big investment on our part, but that is how many of our former interns got jobs at Google, Apple, LinkedIn, Square, Salesforce and a bunch of other cool companies.”
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Scheduling interns
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Determine how often you want an intern at work each week and for how many hours each day. You should also consider how long the internship will last. A typical range is between two and three months.
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Once you understand the amount of time an intern will be available to your team, you should do your best to scope out just what it is you’ll have them working on, both in the day to day and over the course of their entire internship. Ideally, you’ll create programming that gives them a holistic understanding of your workplace and some valuable experience that can support them in their job search once they graduate.
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If you’re working with an intern that will soon graduate and have vacant jobs that need filling, you may consider their internship as a trial period. If they develop well and show signs of interest in joining the team, consider extending the opportunity for a formal interview for an open position. Of course, getting to this point means creating a well-planned internship schedule that shows you a candidate’s potential.
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Paid vs. unpaid interns
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The other aspect that should never be overlooked is that you should pay your interns. Paying your interns will allow you to access talented candidates who may otherwise have never applied. Plus, it may be illegal not to pay interns minimum wage. Federal labor laws, as well as some state’s laws, may require it.
The internship is similar to training that would be given in an educational environment.
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The full experience is purely for the benefit of the intern.
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The intern doesn’t replace regular employees but still works closely with existing staff.
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The employer receives no immediate advantage from the work the intern does; in fact, operations may be impeded.
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There is no job guaranteed at the end of the internship.
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Both the intern and employer know there are no expectations for wages.
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Paying interns “makes them feel appreciated; it makes them work harder,” Wessel said. “It will allow for greater diversity when it comes to you hiring, because if you’re not paying your interns, it probably means you’re only going to attract people whose parents … can [financially] support their kids. If they’re doing real work for you, you should pay them.”
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Building a great internship program requires planning
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If you want to create a valuable internship program – both for your interns and your business’s recruiting prospects – it requires some deliberate planning and intentionality. Gone are the days of using an intern to run errands or grab coffee for the team. Today, interns expect and deserve real work experience that prepares them for the workforce. And who knows? By offering that experience, you may just find your team’s next top performer.
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Jacob Bierer-Nielsen contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1333","_score":2,"_source":{"canonical":"https://vaylees.com/2689-accounting.html","displayModified":"2024-04-11T21:14:59Z","docType":"article","editorsPick":false,"href":"2689-accounting.html","id":"1333","ID":1333,"isSponsored":false,"published":"2020-02-05T14:09:00Z","site":"bnd","stream":"Accounting is an important part of running a successful business. Here’s the basics you need to know.","subtitle":"Accounting is an important part of running a successful business. Here’s the basics you need to know.","title":"How to Define Accounting for Business","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"Business owners should understand the basics of accounting, including what accountants do. Learn how to improve your fundamental accounting knowledge."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072914/accounting_photofriday_getty.jpg","caption":"photofriday / Getty Images","alt":"businesswoman standing over a series of paper reports on a desk"},"content":"
Launching a business is a significant financial decision. To prepare for owning and running your company, you must understand crucial expenses, like startup costs, payroll costs, taxes and inventory expenses.
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You don’t have to be a financial expert to run a successful business. However, you must understand accounting and how to monitor and sustain your business’s cash flow. Here are some accounting basics to get you started.
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What is accounting and business accounting?
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Accounting is how individuals and organizations, including small businesses, track finances. Many individuals use accountants for tax purposes only. They may hire a certified public accountant (CPA) to calculate and submit their personal taxes. CPAs must pass an exam to prove their accounting mastery.
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However, accounting is often more comprehensive for businesses. Business accounting is the process of collecting and analyzing a company’s financial information. Business owners may assemble an in-house accounting team, hire an accountant or handle accounting on their own. Proper business accounting helps you understand your company’s activities, glean financial insights and create accurate financial reports.
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Editor’s note: Looking for accounting software? For help finding the right solution for your business, fill out the below questionnaire to have our vendor partners contact you with free information.
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Business accounting is crucial because tax collectors, regulators and other oversight agencies want to see thorough and accurate accounting records. If your business seeks investors or other shareholders, they will review your accounting paperwork.
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What are the different types of accounting?
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Types of accountants include tax accountants, financial accountants, public accountants, government accountants and more. Regulators and law enforcement employ forensic accountants to help track illegal activity and crypto accountants deal with cryptocurrency assets.
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An accountant usually works for a person, a business or the government. However, major accounting firms, such as Deloitte, Ernst & Young, KPMG and PwC are renowned for tracking and managing public and private financial data.
Financial accounting: Financial accounting considers investors. It assesses a business’s financial health and helps management get an accurate idea of its finances. Financial accounting ensures companies are transparent about their financial health.
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Managerial accounting: Managerial accounting generates company financial statements, including product costs, cash flow reports, profit and loss statements and business acquisition reports. Managerial accounting is essential for business leaders because it provides accurate financial data and can help companies make decisions about their money.
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Tax accounting: Tax accounting focuses on how your business works with the IRS. Accountants can help you understand your financial picture when filing yearly or quarterly taxes. This is an essential service all small businesses should utilize.
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Forensic accounting: Forensic accounting involves auditing and accounting practices. Banks, attorneys and businesses use forensic accounting to examine financial transactions. Forensic accountants are often used when fraud or embezzlement is suspected.
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Cost accounting: Cost accounting examines the actual cost of doing business. This type of accounting usually is used for manufacturing and service-based businesses; it looks at the fixed and variable costs a business incurs.
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What are basic accounting tasks?
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An accountant’s checklist includes the following duties (note that some bookkeeping and accounting functions overlap):
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Record transactions: Depending on transaction volume, an accountant may record transactions daily or weekly, such as bill customers, receive cash from customers and pay vendors.
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Document and file receipts: Accountants may document and file all invoices; cash, check and credit card deposits; and cash, check and credit card statements. They may also start an easy-to-understand filing system.
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Pay vendors and sign checks: Accountants may track accounts payable (AP) and schedule funds to pay suppliers on time and avoid late fees.
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Balance business checkbooks: Accountants may balance checking accounts monthly to ensure that cash transaction entries are accurate and that the business works from the correct cash position.
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Process or review payroll and approve tax payments: Businesses must meet payroll tax requirements based on federal, state and local laws at various times. Accountants ensure that you withhold, report and deposit the applicable income, Social Security, Medicare and disability taxes to the appropriate agencies by the required dates.
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What are accounting standards?
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Accounting standards are methods that standardize the way individuals and businesses conduct their accounting. Following accounting standards not only ensures that books are kept in an accurate and up-to-date fashion, but that others will be able to understand easily the financial details therein. This is not only useful for continuing business operations at scale but also for government regulators and banks that may want to audit a business’s books.
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Two of the most common accounting standards are the generally accepted accounting principles (GAAP) and the International Financial Reporting Standards (IFRS). To learn more about both of these accounting standards and how they apply to businesses, check out our guide to accounting standards.
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What are the cash and accrual methods of accounting?
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Cash and accrual accounting are two different methods of accounting businesses can employ, each with its own advantages depending on the company’s circumstances. Here’s how each works:
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Cash accounting: Businesses record transactions when they receive money or they spend money. In this accounting method, tax liability is incurred when money is received, regardless of when the transaction happened. Cash accounting tends to be the simplest accounting method and can be used by businesses of all sizes.
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Accrual accounting: Businesses record transactions when a sale occurs or an expense is incurred, rather than when money changes hands. In this method, tax liability is incurred when the income is recorded. This process tends to be a bit more complex but, when businesses reach a certain size, they must use accrual accounting instead of cash accounting.
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Do you want to learn more about these accounting methods? Check out our guide on cash vs. accrual accounting.
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Why is accounting important for your business?
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Business accounting is crucial for several reasons. As a business owner, you must understand your organization’s assets, inventory and liabilities. This knowledge will help you grow your business and secure investors.
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Here are some of the most significant benefits of small business accounting:
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Business accounting helps you evaluate your business’s performance. Financial statements help you understand how your business is doing. They can help you identify the areas where your business is performing well and the areas that need help. This information is crucial if you hope to bring on investors.
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Business accounting helps you create financial projections. Understanding your business’s financial data helps you make financial projections and smarter money decisions.
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Business accounting helps you file annual tax returns. Staying on top of your business accounting will help with business tax preparation. You’ll understand how much you owe on quarterly and annual tax statements.
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What are accounting ratios?
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Accounting ratios help uncover difficult-to-find conditions and trends by inspecting the ratio’s components. They help accountants determine a company’s status and projections.
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Accounting ratios are divided into five main categories:
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Liquidity ratios: Liquidity ratios measure a company’s liquid assets versus its liabilities.
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Profitability ratios: Profitability ratios measure an organization’s ability to turn a profit after paying expenses.
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Leverage ratios: Leverage ratios measure total debt versus total assets and gauge equity.
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Turnover ratios: Turnover ratios measure efficiency by comparing the cost of goods sold over a period against the inventory on hand during that time.
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Market-value ratios: Market-value ratios measure a company’s economic status against other companies in the industry.
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What is an accounting cycle?
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An accounting cycle is your company’s process for recording and analyzing its various accounting-related events. It’s important to establish effective bookkeeping and accounting practices to manage your company’s financial health.
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There are eight primary steps in an effective accounting cycle:
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Identify transactions. Identifying transactions means establishing accurate and correct recordkeeping practices. Accounting software and the best POS systems can help.
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Record transactions. Cloud-based software can help to record transactions accurately.
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Post transactions. When a transaction is recorded, it should be posted to a general ledger containing all of the business’s transactions.
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List unadjusted trial balances. This is the review of your company’s finances at the end of the accounting period, which could be quarterly, monthly or on another predetermined basis. Trial balances are established for each account within your business at the end of each period.
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Create worksheets. These sheets identify where adjustments must be made to each balance.
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Adjust journal entries. Any necessary adjustments may be recorded as their own journal entries.
Close the books. The accountant wraps up the cycle with a closing entry, which resets the temporary account balances on the general ledger and serves as an overview of the given period for future analysis.
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What do accountants do?
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Accountants log a business’s AP, accounts receivable and other financial transactions, typically using accounting software.
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“Accountants use the work done by bookkeepers to produce and analyze financial reports,” said CPA Stan Snyder. “Although accounting follows the same principles and rules as bookkeeping, an accountant can design a system that will capture all of the details necessary to satisfy the needs of the business — managerial, financial reporting, projection, analysis and tax reporting.”
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In the United States, most accountants abide by the GAAP to present a company’s financial information in a format everyone can understand. Different accounting standards exist for companies that operate overseas and for local and state government entities.
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Accountants give a company’s internal management team the information they need to keep the business financially healthy. Some information originates from recorded transactions, while some includes estimates and projections based on various assumptions.
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What are CPAs?
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Many accountants choose to become CPAs. This designation requires individuals to pass an exam and attain work experience. CPAs are well-respected strategic business advisors and decision-makers. Positions CPAs hold include accountant, controller, chief financial officer and financial advisor.
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CPAs conduct the following functions:
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Audit financial statements of public and private companies
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Serve as consultants in many areas, including tax, accounting and financial planning
Bookkeeping: Bookkeeping is a record-based practice. It focuses on logging information, tracking important numbers and quantifying your business’s crucial monetary aspects.
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Accounting: Accounting comes into play when bookkeeping numbers and reports are interpreted and extrapolated to help guide business decisions.
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While accurate bookkeeping is crucial, accounting helps you make informed decisions about your business’s future. After all, what good is data without proper interpretation?
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What is the best accounting software?
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If accounting isn’t your strength but you must manage this aspect of your business, choosing the right accounting software can make your life much easier. Accounting software helps you send invoices, reconcile bank transactions and pay vendors and employees. Your business, industry, budget and preferences will drive your accounting software choice.
Intuit QuickBooks is excellent accounting software for small businesses. It provides various accounting features as well as live bookkeepers and professional advisors. Intuit QuickBooks is affordable and functional. Read our in-depth QuickBooks Online review to learn more.
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Xero
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Xero offers excellent payment systems for bookkeeping and accounting services and has countless app integrations, support services and live chat options. You can also schedule payments and automate various processes to ensure you’re on top of your expenses. Learn more about the features of this software by reading our complete Xero review.
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Oracle NetSuite
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Oracle NetSuite is a great choice for midsize and larger businesses with extensive accounting needs. The software boasts various advanced features, enterprise resource planning tools and automation for easy invoicing. Our Oracle NetSuite review goes into more detail about this robust financial management solution.
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Zoho Books
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Zoho Books will likely appeal to smaller businesses and freelancers. It’s an affordable yet feature-rich platform that helps with manual invoicing and provides a client portal for easy collaboration. It also offers many integrations to help streamline your financial processes. Check out our Zoho Books review for more information.
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Every business needs strong accounting
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To build a successful business, you need to monitor how money flows in and out and that’s where accounting comes in. By applying the principles discussed above and working with certified professionals, you can ensure your books are kept accurate and up to date so that they serve as a source of truth about your business’s financial wellness. Whether you’re just starting out or you have hundreds of employees, accounting is at the core of what keeps your business running.
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Tejas Vemparala and Sammi Caramela contributed to this article. Source interviews were conducted for a previous version of this article.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"1128","_score":2,"_source":{"canonical":"https://vaylees.com/15847-how-to-build-business-credit.html","displayModified":"2024-01-17T14:07:32Z","docType":"article","editorsPick":false,"href":"15847-how-to-build-business-credit.html","id":"1128","ID":1128,"isSponsored":false,"published":"2020-10-06T16:00:00Z","site":"bnd","stream":"If your business is new and doesn't have a credit history, use these eight tips to start building your business credit score.","subtitle":"If your business is new and doesn't have a credit history, use these eight tips to start building your business credit score.","title":"How to Build Business Credit","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Finances","slug":"finances"}},"meta":{"robots":"index, follow","description":"Good business credit helps your company grow faster. Learn how to build and maintain solid business credit."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073645/Credit_Card_Getty_GaudiLab.jpg","caption":"GaudiLab / Getty Images","alt":""},"content":"\n
Small business finance often mires personal investment and credit with business purchases and expansion. By establishing a business credit score, you can take an important first step toward creating a dividing line between your business and personal finances, even if you’re running a sole proprietorship or partnership.
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What is business credit?
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Business credit is a major financial tool that can help your small business qualify for loans and other forms of financing. It’s also an essential tool for building relationships with vendors and other business-to-business (B2B) sellers. Business credit can function as a useful bargaining or negotiation tool when you enter into price and service discussions with other businesses. Overall, it’s a major indicator of how healthy and reliable your business is financially. Without business credit, your company will struggle to find loans, apply for credit cards, establish relationships with vendors and succeed as a small business.
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How to build business credit
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The first step is to establish your business legally and file with various business credit reporting agencies. The second step is to develop good financial habits to maintain your credit score. Finally, you’ll want to monitor your credit score throughout the year to ensure your score accurately reflects the positive financial habits you’re developing.
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Here is a detailed step-by-step guide to building business credit:
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1. Establish your business.
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The first step toward building business credit is to establish your business legally as a sole proprietorship, corporation, partnership or limited liability company. Create a legal name, and set up a business phone number, which will give your company added credibility with vendors and the government. Once the basic legal aspects of your company are created, begin opening accounts with vendors that report to the credit bureaus to establish your business credit file and start building credit. As with legally creating your business, this makes your company known to business credit reporting agencies.
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2. Register your business with your secretary of state.
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Depending on the type of business you establish as a legal entity, you may have already completed this in Step 1. It is important, however, to confirm that you’ve completed all of the steps required by the secretary of state to ensure your business has been registered and created properly.
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3. Get your EIN.
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Your EIN, or employer identification number, is like your business’s Social Security number; it’s what the government uses to identify your business. Your EIN is also a major piece of information for paying business taxes throughout the year. By requesting this number once your business is registered, you’re gaining a corporate ID number that you will use to file taxes, open a business bank account and apply for business licenses.
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4. Open a business bank account.
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Get started on separating your business finances from your personal finances by establishing a business bank account. Setting up this type of account will also help you get a business credit card and begin building a relationship with a banking partner that may be beneficial down the road if you need a small business loan to grow your operations.
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5. Continue building relationships with vendors.
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As you build your business, continue establishing and building relationships with vendors, and create contracts for supplies and other business materials. You build credit by paying on time or early with vendors that report to credit agencies. Not all do, and not all vendors report to the same credit agencies. Consider what your business needs, then look up which vendors in that vertical report to credit agencies.
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6. Use your business credit card.
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Opening, using and paying off business credit cards is another way to build business credit. Once your bank account is established and your business is in operation, open a business credit card and use it each month. Research which credit card is best for your business. Some cards may offer rewards that can be advantageous for certain types of businesses. Keep in mind that, especially if you’ve just started your business, your credit limit may be rather low when you start out. As you build your credit score, your credit limit will increase.
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7. Pay early and often.
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One of the most powerful tools you have when building credit is simply paying your bills. By paying your bills in full and on time, you’re proving that you can make good on your debts. If you pay bills early, however, you may be able to build your business credit score even faster. Credit is essentially an agreement between you and a lender that you’ll pay them later for a product or service (or access to money, in the case of credit cards) you need now. So, when bills come due, make sure you pay them. This is the most basic concept behind building credit.
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8. Focus on credit utilization.
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An important aspect of building a credit score is credit utilization. Much like with personal credit cards, business credit cards have a recommended usage so you can maximize your credit score. It’s recommended that a business owner use no more than 30% of their total credit limit. This proves to lenders that you’re not only financially responsible but more than able to meet your minimum balance each month.
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Benefits of good business credit
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Having good credit is always the goal, but when it comes to business credit, it’s also important to understand how bad credit can affect your business. The most impactful aspect of business credit is your ability to secure financing. If you have bad credit, you won’t be able to qualify for loans, credit cards and other types of financing. This can be catastrophic for a new business on the cusp of growth. Yet, according to Nav, 82% of small business owners don’t know how to interpret their business credit score. When you understand your score and maintain it at a high level, you’re on your way to running a successful business.
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Here are five benefits of having good business credit:
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1. Financing is cheaper.
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Having a good business credit score allows you to not only qualify for loans and other financing but also get lower interest rates on those loans. This means the price for borrowing is lower, which, in turn, saves your business money. Especially for loans from conventional banks, having a good business credit score can be one of the most important aspects of obtaining a loan with favorable rates and terms. [Read related article: How to Get a Bank Loan for Your Small Business]
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2. Vendors may not require prepayment.
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With certain B2B products and services, you may need to prepay. If you have a solid business credit score, these vendors and service providers may not require you to put any money down to get started. That means you can better manage your business’s cash flow when establishing services. While this may seem like a small advantage, this kind of perk can have a major financial impact on your business’s operations.
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3. Suppliers and lenders may agree to better terms.
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Your credit score can act as a bargaining chip when it comes time to negotiate deals with vendors and suppliers. If you have a good credit score, you may be able to talk down prices, extend contract lengths or, if you’re seeking financing, lower your interest rate.
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4. It facilitates the separation of personal and business finances.
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One overlooked benefit of understanding your business credit score is the ability to divide your personal and business finances. Small business owners often invest a lot of their personal assets and savings into their business. In many cases, this is the nature of building a small business.
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Part of building your business, however, is slowly separating your personal financial commitments from your business financial commitments. By establishing a business credit score, you’re taking one of the most important initial steps in doing this. Especially in a business world where most lenders require their borrowers to sign personal guarantees, having a business credit score can be essential to limiting your personal exposure on business-related ventures.
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5. Your business will be financially stable.
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Long-term success in business means building on a conservative financial basis and taking risks when new expansion is necessary. To achieve and maintain a good credit score, you need to develop certain financial habits. That means you’ll be saving money, planning your financial future and creating a stable and sustainable company. Having and maintaining a good business credit score means building a successful, long-term company.
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How to maintain business credit
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One of the most important steps of building a good credit score is maintaining it once you reach the level you want. Paying bills on time or early and establishing good relationships with credit card companies are two of the easiest ways to maintain your business credit score.
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However, it’s important to keep in mind that part of building good credit is developing strong financial habits: saving money, paying bills and taxes on time, making informed financial decisions about the future of your business, and developing good relationships with suppliers and other businesses. While these aspects may not directly affect your credit score, they feed into the holistic financial experience your business needs to exemplify.
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Another crucial aspect of maintaining your business credit score is monitoring it to ensure it’s accurate. Occasionally, businesses must dispute errors and other issues on their credit report that don’t accurately reflect what really happened with a certain financial transaction. Monitoring your business credit score isn’t difficult, but it’s important to understand the best way to go about doing it.
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Where to check your business credit score
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Some third-party sites offer companies notifications when their credit scores change at the big agencies. This can be a good option for monitoring your credit score throughout the year. Another option is to check with individual business credit reporting agencies on your own. It’s not complicated to do so, but you may have to register directly with the agencies, which include Experian, Dun & Bradstreet and Equifax.
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Good business credit offers key benefits
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Having a business credit score is essential to running a financially viable and healthy business. It proves to lenders and other businesses that your company is financially healthy and capable of making important payments. It will not only help you get loans but can also provide you with opportunities to avoid prepayment. As a negotiation tool, a good credit score can help you drive down prices or obtain more favorable interest rates and terms on financing packages from banks and online lenders.
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The best way to build credit, once your business is legally established, is to pay your bills on time – and early where possible. By opening credit cards and keeping your credit utilization below 30%, you can further establish a favorable credit rating. Keep building your company’s financial reputation, and check in with the major credit agencies from time to time to ensure your credit score is accurate.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"895","_score":2,"_source":{"canonical":"https://vaylees.com/16031-crm-metrics.html","displayModified":"2024-03-28T15:19:16Z","docType":"article","editorsPick":false,"href":"16031-crm-metrics.html","id":"895","ID":895,"isSponsored":false,"published":"2021-03-15T13:00:00Z","site":"bnd","stream":"Picking the right CRM metrics to measure may not be difficult, but it should relate to your overall strategy.","subtitle":"Picking the right CRM metrics to measure may not be difficult, but it should relate to your overall strategy.","title":"The CRM Metrics You Should Know","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Analyzing key metrics can help drive success within your business and make you more competitive. Here is how your CRM can help in those efforts."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073223/CRM_Getty_DragonImages.jpg","caption":"DragonImages / Getty Images","alt":""},"content":"
Customer relationship management (CRM) software is an essential small business product. With the right kind of CRM software, you can track your overall sales process, log customer information, and monitor company goals. CRM software benefits business by giving them more information about their customers to work with.
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If you isolate and track specific CRM metrics, you can ensure that your company constantly has eyes on the data that matters. Before you dive into specific metrics to keep track of, it’s a good idea to first review and consider how to keep data accurate and the overall types of CRM metrics to be aware of.
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Keep in mind that as your company begins using CRM software, you should tie your findings with your overall business goals. CRM software is only effective — and CRM metrics are only illuminating — if you can frame them in the overall context of your business strategy.
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What are CRM metrics?
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Before diving into which CRM metrics are worth tracking, it’s important to first understand how these metrics can help your business. CRM metrics are marquee data points for you to identify and follow while keeping your business goals in mind. Depending on your business’s situation and overall goals, you may have several key metrics you’ve identified and want to highlight to motivate your team and help explain your business’s overall goals.
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Properly using CRM software can result in higher sales and more engagement with customers. Identifying key metrics can allow you to draw in more customers, use your CRM to enhance sales, and create further success for your business. This software can provide context on sales as they are completed.
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In today’s data-driven society, CRM metrics play a vital role in establishing a company’s benchmarks. When you define which metrics are important to your business, your company can glean important insights and understand which strategies are working and which ideas need to be changed.
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Types of CRM metrics
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Depending on your company, business model, industry and other factors, one or more of the metrics below may be worthwhile for you to track. Among the metrics that can be tracked include the numbers of prospects, new customers or retained customers. You can also examine close and renewal rates. Other metrics include the number of direct sales calls made, new revenue amounts and the number of open opportunities.
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From a marketing perspective, you might evaluate how many campaigns you are running, the number of responses each campaign produces and how much revenue the campaigns generate. When considering your website, you might look at how long each person spends on your website and how many visitors make a purchase.
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On the customer service side, CRM metrics you might track include how many cases your support team handles, how many cases they close each day and how long it takes them to resolve the situation.
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Bill Band, a CRM thought leader, classifies CRM metrics into three categories. The number of CRM metrics can be daunting, but Band’s classifications can help you decipher which metrics are relevant to your business. On a macro level, Band recommended that smaller companies analyze internal operations-based metrics with customer perception metrics. By doing so, Band said, small businesses can gain insights about how internal operations are affecting customer perception, and vice versa.
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As you determine which metrics are worth tracking, it can be helpful to organize them into the following categories:
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Business performance metrics
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User adoption metrics
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Customer perception metrics
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Business performance metrics
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These metrics comprise a wide range of data, including pipeline, sales performance and other sales-based metrics. Overall, these types of metrics measure your company’s overall performance and progress in relation to your company goals.
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User adoption metrics
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This metric focuses on how your organization is using its CRM software, such as how your workers are using the system, and leveraging the data that is being collected.
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Customer perception metrics
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These metrics speak to how customers interact with your business. They highlight data about the customer journey through your company’s sales pipeline, whether your customers are satisfied, and which customers are return customers. By combining this data with your sales funnel, you can better meet your customers’ needs.
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5 essential CRM metrics to track
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Here are five marquee metrics your small businesses may want to track using your CRM system.
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1. Net promoter score
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The net promoter score measures how satisfied customers are with your business. Throughout the buyer’s journey, you can ask them to rate their experience on a scale from one to 10. This can help further delineate how customers perceive your business. Engage Bay recommends viewing those scores on the following scale as:
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0-6 ratings: These scores come from consumers who could be considered detractors for your product or service.
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7-8 ratings: These ratings come from consumers that can be classified as passives, or people who enjoy your product but who don’t have a strong attachment to it.
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9-10 ratings: These scores come from customers that can be classified as promoters of your product, or people who will recommend your product or service to others.
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Regardless of how you define each rating, a feedback system linked to your CRM solution can help you better understand your customers’ experiences.
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2. Customer effort score
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This metric, referred to as CES, also measures customer satisfaction. It drills down into the customer experience, however, and measures overall satisfaction based on customer effort. The CES reflects how easy or difficult customers find working with your company. The CES can have multiple ranges, such as zero to 100 or zero to 10. If a customer, for instance, has to continually follow up to get answers on something product- or service-related for your business, the lower your CES score.
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3. Rate of renewal
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This CRM metric measures growth, which is especially relevant for subscription-based businesses, as it tracks how many customers decide to continue using your product or service once they’ve signed up. Much like customer churn below, this is an essential metric for any small business looking to understand its overall growth compared to its business goals.
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4. Customer churn
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Customer churn, also called customer turnover and customer attrition, informs you how many customers you’re losing during a given time period, e.g., monthly, quarterly or yearly. This is an easy and incredibly useful metric to track for your small business. By tracking this type of metric, you can understand why customers are leaving and strategize how to keep them.
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5. Customer retention costs
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Customer retention is essential for any small business. However, measuring it against the costs involved with running your business can provide major insights into how — and where — your company can become more efficient. Your customer retention costs should be less than the average revenue coming from permanent customers. When calculating customer retention, make sure to set the right time frame — be it monthly, quarterly or yearly — to ensure you’re measuring the proper cost per customer.
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How to ensure your metrics are accurate
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Bad initial CRM lead management to bad metrics and reporting. So, before you can identify and track important metrics, it’s important to confirm that the information you’re receiving is accurate and relevant to your business goals. Attaining good data is as simple as reviewing your collection processes, ensuring sensitive data is being treated properly and staying vigilant.
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The most important step you can take to maintain good data is to comb through existing customer data. Work with those in your company who have access to data collection processes. Ensure that customers are not entered twice into your system, and ensure that the information being collected about each customer is accurate. The same applies to your sales data. Talk with your reps about how they’re tracking important sales metrics. By monitoring the data collection process, you can prevent potential mistakes and limit inaccurate data collection and analysis in the future.
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Another important step you can take is limiting people in your organization who have access to data and data collection processes. That way, if there are mistakes, you can work closely with a few individuals in your company to remedy them. More importantly, it makes staff training easier on the best practices for handling sensitive data. This can reduce your company’s risk of data breaches and phishing attacks from occurring.
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The best CRM software
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If these metrics sound like useful data points for your company to take advantage of, check out our best CRM software picks. We selected these businesses after hours of research and determined which types of businesses and circumstances each is best suited for. Here’s a look at some of our favorites.
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Salesforce: Perhaps the biggest name in CRM software is Salesforce, which is suitable for businesses of all sizes. This platform has set the standard in the CRM space and is a great all around tool for tracking and managing customer interactions. Read our Salesforce review for more information.
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Pipedrive: Pipedrive is an effective CRM platform that visual learners will love. It offers tools that show how customer interactions have developed over time, so you can see at a glance how your team is doing at nurturing leads. Read our Pipedrive review to learn more.
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monday: This company can trace its roots back to project management, but its CRM platform also stands out as exceptional. You can even connect these tools so that any actionable items that come out of customer interactions are turned into a task in the project management software and assigned right away. Read our monday sales CRM review to learn more.
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Zoho: Zoho gets the job done even for businesses on a budget. This nimble and effective CRM software is a great choice to start out with and it can grow alongside your small business as you attract more customers. Read our Zoho CRM review for more information.
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Oracle NetSuite: If your company is growing quickly and you need something heavy duty, Oracle NetSuite offers a CRM software that is part of a broader enterprise resource planning (ERP) solution. Ideal for sprawling businesses in multiple states or countries, this software can handle seriously large companies. Read our Oracle NetSuite review for more information.
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CRM metrics can improve your understanding of your customers
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The best way for a business to grow and succeed is to understand what its customers need and then fulfill those needs. CRM software can help you gather important data that not only serves to help you drive sales, but also inform your marketing campaigns to better speak to the pain points your customers experience. As you improve your messaging and your products and services thanks to this data, you’re likely to see sales increase and return customers abound.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2706","_score":2,"_source":{"canonical":"https://vaylees.com/7139-adwords-small-business.html","displayModified":"2023-10-24T15:01:47Z","docType":"article","editorsPick":false,"href":"7139-adwords-small-business.html","id":"2706","ID":2706,"isSponsored":false,"published":"2018-09-17T21:45:00Z","site":"bnd","stream":"Launching a Google Ads campaign can be challenging. Learn how to use this tool to drive leads and sales effectively.","subtitle":"Launching a Google Ads campaign can be challenging. Learn how to use this tool to drive leads and sales effectively.","title":"Google Ads Secrets: What Works for Small Businesses","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Sales & Marketing","slug":"sales-marketing"}},"meta":{"robots":"index, follow","description":"Creating an effective Google Ads campaign can be difficult, but there are tips and strategies to maximize its results. Learn to use Google Ads effectively."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04074125/team_vladans_getty.jpg","caption":"vladans / Getty Images","alt":""},"content":"
Google Ads, formerly known as Google AdWords, is an excellent way to reach new customers and establish a web-based revenue stream. Over 80% of parent company Alphabet’s revenue came from the Google Ads program, which shows that thousands of businesses are already taking advantage of Google Ads and its various services.
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But launching an effective Google Ads campaign can be challenging. Experts say it’s important to target specific audiences, build SEO-friendly webpages and ads, and constantly adjust and analyze your campaigns through Google Ads and Google Analytics.
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We connected with some business owners to learn more about their strategies for developing and implementing successful Google Ads campaigns. Hopefully, you can use their ideas to make your campaigns a success.
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1. Approach your campaign like a customer.
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Who: Ryan Krane, a fitness consultant in Los Angeles, doubled the number of visitors to his website by using Google Ads. He mastered the art of creating specific campaign keywords to draw more participants to his online training and virtual coaching programs, which are supplemented by tips he regularly shares on his business YouTube channel.
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How: According to Krane, choosing the right keywords is essential to a successful Ads campaign. Start by thinking like a customer and implementing SEO strategies into your keyword search. List what search words customers who are looking for your products or services may type into Google. Start with something general, then get specific to reach the right audience.
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For instance, some of the services Krane provides are corrective exercises and fitness training in LA, but he also provides virtual coaching. Thinking like a customer, Krane includes keywords in his arsenal like “Los Angeles fitness consultant,” “personal trainer in Los Angeles,” “best fitness program in Los Angeles,” and “Los Angeles fitness training.”
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2. Stay local.
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Who: Balloons Over Asheville, which provides hot air balloon rides, really took off with Google Ads. The company used campaigns with keywords related to recreational activities in Asheville, North Carolina, and the surrounding area. (Balloons Over Asheville is now being serviced by the Asheville Balloon Company.)
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How: If you own a business with a physical location or provide a service, one of the most effective Ads strategies is keeping your keywords local. This has the advantage of being specific to your region, allowing you to reach highly targeted customers. It can also save you money by preventing your ad from popping up when searches are too general, such as when you are too far away for the customer even to visit.
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For Balloons Over Asheville, available keywords include “hot air balloon rides Asheville,” “balloon rides Asheville,” “Asheville hot air balloons,” “hot air balloon west North Carolina,” “fun things to do in Asheville,” “hot air balloon ride Candler,” and “hot air balloon ride Charlotte.” Keywords can also be expanded to include the season, such as “summer hot air balloon rides Asheville,” “summer ideas Asheville,” or “summer fun Asheville.”
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Radius targeting makes your ad visible to those within a specific geographic area, such as 30 miles around Asheville. You can also target places of interest, such as airports and universities, and specific commercial areas.
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To target multiple geographic areas, the bulk targeting tool lets you set up to 1,000 locations at a time. All these tools are available in the Campaign tab of your Ads account, under the Settings menu.
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3. Optimize your website.
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Who: DogWatch of Cedar Rapids, Iowa, builds outdoor hidden dog fences and indoor pet containment systems. Marc Sturges runs the company from his Cedar Rapids home through digital marketing.
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How: Just like choosing the right keywords, optimizing your website for ads can improve the return on your Ads investment. An effective way to optimize your website is to ensure you have a landing page that corresponds to your ad.
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For instance, if you advertise a new product, ensure that customers who click on the ad are taken directly to the product page. If they are taken to your homepage or another part of your website, it requires an extra step for customers to find that specific product. In such an event, you’ve paid for the ad click that may not convert. Learn more about how setting up conversion tracking can improve your gross margin.
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Another way to optimize your website is to make it easy to navigate. Customers clicked on your ad because they are already looking for something you have to offer, so make it easy for them to find. Deliver a better customer experience by thinking like a customer and organizing the content of your website intuitively, such as by keywords or product category.
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4. Know when (and when not) to use Ads.
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Who: Scott Merck of Milwaukee runs his garage door and home repair service, Wisconsin Garage Door, entirely through Ads. When he’s ready to work, he turns on ad campaigns. When he wants to go on vacation or spend time with his family, he temporarily turns off his campaigns. Ads has allowed him the flexibility to manage his business successfully on his own time.
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How: Marketing your business online shouldn’t be a full-time job. You often wear multiple hats, and Ads offers several tools and options that give you the flexibility to run campaigns for your business based on your schedule.
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Like Merck, many small business owners don’t need to run ad campaigns 24/7. Ads doesn’t require any long-term commitment, so you can run ads as needed, such as when business is slow or an upcoming special event or promotion. You can pause and resume campaigns as necessary, such as when you need to go on vacation, need more time to run your business, or need to reevaluate campaigns.
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These functions aren’t just available for ads, though – you can also resume, restart, and remove ad groups and keywords. This feature comes in handy when you want to test how different ads are performing against one another.
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5. Consider the competition.
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Who: Michael Theodore is a digital marketing manager for Digital Third Coast, a Chicago-based SEO and paid media agency that was a finalist for the 2018 Google Premier Partner Award.
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As someone focused on digital marketing, Theodore has dealt extensively with Google Ads. Digital Third Coast was listed as a finalist in the Growing Businesses Online category of the Google competition. It was one of eight companies featured.
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How: Theodore explained that considering what your competition is doing on Ads can provide insight into your campaigns. It may be a good idea to follow their lead, but it would be even better to determine how to differentiate your Ads strategy from your competitors.
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“Check out what your competitors are doing,” Theodore said. “If they’re not using paid ads, it could mean two things: Either you’re first in the market to use this strategy, or maybe your competitors know paid ads don’t return positive results in your industry.”
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You can view your competitors’ keywords in the keyword panel. If you paste a competitor’s website in the tool, you’ll be able to see what keywords they’re bidding on. This can give you an idea of how other companies approach Ads.
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Other Google Ads tips
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On average, Google Ads generates $2 in profit for every $1 spent. But your ads will only work if you go into your campaigns with a clear plan. In addition to the tips above, here are some other strategies you can try:
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Ensure you have a high Quality Score. Did you know that Google assesses every ad and gives it a Quality Score of 1 to 10? The higher your score, the better chance your ads have of converting. So, before you run an ad campaign, make sure your keywords and landing page are in top shape.
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Don’t overdo it with keywords. If you’re working with a small budget, it’s important to be intentional about the keywords you use. If you choose too many keywords, you won’t see the impact you’re seeking. Be intentional when choosing keywords, and only use words related to your most profitable demographic.
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Create a mobile-friendly campaign. It’s no secret that more and more customers are using their mobile devices in favor of laptops or desktop computers. So, make sure your campaigns are mobile-friendly. However, continue monitoring your conversions by device to see what the majority of your customer base uses.
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Jamie Johnson 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":"2673","_score":2,"_source":{"canonical":"https://vaylees.com/11082-what-is-a-peo.html","displayModified":"2024-01-04T15:34:57Z","docType":"article","editorsPick":false,"href":"11082-what-is-a-peo.html","id":"2673","ID":2673,"isSponsored":false,"published":"2018-10-03T21:02:00Z","site":"bnd","stream":"Here’s how to use a PEO for your business, including some benefits of a PEO company.","subtitle":"Here’s how to use a PEO for your business, including some benefits of a PEO company.","title":"What Is a Professional Employer Organization (PEO)?","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"HR Solutions","slug":"hr-solutions"}},"meta":{"robots":"index, follow","description":"Here’s how your business can use a professional employer organization. Learn the pros and cons of hiring a PEO company."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04073842/Sole_Proprietor_Getty_Youngoldman.jpg","caption":"Youngoldman/ Getty Images","alt":""},"content":"
A professional employer organization (PEO) can help small and midsize businesses (SMBs) access the tools, services and benefits to help their company and staff grow. For SMBs trying to choose a PEO service, it is important to understand what a PEO is, the pros and cons of the service, and how it might be able to help your business.
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What is a professional employer organization?
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PEOs partner with businesses to provide payroll, benefits and human resources support. They operate under a co-employment model, meaning you will still have control of all your employees, but they legally appear on the PEO’s books for tax and compliance purposes.
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There are several advantages to working with a PEO, such as sustained growth and saved time. As your business expands and the demands of growth weigh on your day-to-day responsibilities, PEOs can take time-consuming, routine processes off your plate.
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“Of the current clients we randomly surveyed, 98 percent said they’d recommend a PEO to another small business,” said Pat Cleary, president of NAPEO.
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NAPEO – the National Association of Professional Employer Organizations – represents PEOs’ interests and studies the PEO industry. Its most recent white paper had some major findings for small business owners, including that SMBs that partner with PEOs are more profitable and grow faster.
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Small business owners “worry about growth,” Cleary said. “Companies that use a PEO – 14 percent higher growth there.”
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There are many reasons to consider working with a PEO, from improved payroll processes to more attractive perks. These companies can be a game-changer for an SMB, helping it attract new workers and grow as a business. Before you try to determine which PEO is right for your company, though, it’s important to understand what a PEO is and how it serves small businesses.
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Editor’s note: Interested in learning more about a PEO for your business? Fill out the below questionnaire to be connected with vendors that can help.
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What is the co-employment model?
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The PEO industry is big – NAPEO says there are roughly 500 PEOs operating in the U.S. The backbone of all these organizations is the co-employment model. Under this model, your employees appear on the PEO’s books.
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However, make no mistake – you have full managerial oversight of your employees and business. You decide whom to hire and fire, and you manage your employees’ day-to-day responsibilities. The PEO you partner with does not influence your workers’ pay, benefits access or day-to-day business decisions. Instead, it handles all the legal, compliance and HR policy tasks that you define.
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Employees have to appear on the PEO’s books for compliance and tax reasons. Otherwise, the co-employment agreement likely won’t have any impact on your business.
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“The PEO handles all the non-revenue-generating paperwork and other activities that prevent a small business owner from growing their business,” Cleary said.
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What does a PEO provide?
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PEOs provide a wide range of services. You can work with an organization that gives you a full bundle of services, which usually include HR, payroll, benefits, and risk and compliance services – or you can work with a PEO that will build a plan specific to your business. Most PEOs require you to enroll in their payroll services, at least.
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PEOs usually don’t operate on long-term contracts. Generally, they require a 30-day written notice if you need to cancel services, and only some add on cancellation fees. If you’re interested in working with a PEO, you can usually find a flexible service that can give your business exactly what it needs.
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Some services may vary by PEO, but all PEOs should offer some coverage in the four main areas: payroll, benefits, human resources and risk management. Here are the main features and services that the best PEOs services provide:
The benefits of a PEO depends on your business’s needs. NAPEO researches small business needs to understand how PEOs are serving their clients. A study on the NAPEO website found that small businesses that partner with a PEO grow 7 percent to 9 percent faster. They also have lower turnover rates and are 50 percent less likely to go out of business.
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In NAPEO’s research, according to Cleary, it has found that survival is one of the top concerns for small business owners in the U.S. Working with a PEO means partnering with an organization that can help you not only stay in business but grow.
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“Any small business that honestly looks at what they’re paying now on all these services, by putting them all under one roof, they’re going to get efficiencies from that,” Cleary said.
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Additionally, working with a PEO can save you money by helping you hire the right candidates. Poor hires can be extremely costly, so getting it right the first time is crucial.
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PEOs also help businesses streamline HR and administrative tasks and responsibilities, which allows you more time to focus on growing your business. Not only that, but they can ensure compliance with industry and payroll rules and regulations. This is crucial to avoiding penalties, fines and even legal trouble.
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Pros and cons of PEOs
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If you’re still unsure whether to hire a PEO or HR professionals separately, these pros and cons can help you weigh the decision.
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Pros of PEOs
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They are a convenient, one-stop shop. PEOs relieve you of all HR-related responsibilities, from finding retirement plans to managing employee paperwork, in compliance with government regulations.
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They can secure better rates on benefits. Since PEOs negotiate for benefits, such as medical insurance, on behalf of all their clients, they can bring down the price for you.
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They give you access to expert advice. PEOs have many experts at their disposal, including lawyers and HR professionals. This means that you’ll have broad access to experts who can answer questions essential to your business.
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Cons of PEOs
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The pricing can be difficult to calculate. PEOs can be an affordable way to access valuable business services, but they can get expensive quickly, depending on how many employees you have and how many of the PEO services you want.
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They may limit your choice in insurance and benefit providers. PEOs are well-rounded organizations that come with options for insurance and retirement plans. However, the PEOs have long-standing relationships with these insurance and employee benefit vendors, which may impede your choices.
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They are not dedicated to your company. A PEO has multiple clients. This can impact how you and your employees get answers to pressing questions about paychecks, insurance and other HR issues.
PEOs structure their costs in two main ways: a percentage-of-payroll model or per-employee, per-month (PEPM) model.
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Under the first model, the PEO charges a percentage of the amount of payroll it processes for your company in a pay period, including payroll taxes, workers’ comp and employment practices liability insurance. This percentage can range from 2 percent to 12 percent. An administrative fee is often added on top of this percentage.
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PEPM structures assign a flat fee per employee each month. This monthly per-employee fee ranges from $40 to $160. [Read related article: Part-Time Jobs With Benefits]
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Best PEO service providers
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Here are our picks for the best PEO service providers on the market.
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Justworks
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Justworks is a user-friendly PEO that offers scalable plans. In addition to handling standard HR features, Justworks also assists with payroll tasks, employee benefits, and risk and compliance. Many small businesses benefit from the PEO’s usability and 24/7 customer support. [Read our Justworks review.]
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Rippling
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Rippling is an efficient, cloud-based PEO service that offers various HR functions. In fact, according to Rippling, you can onboard a new employee and run payroll in less than two minutes. The service also ensures compliance for multistate organizations so you are adhering to business labor laws. [Learn more in our Rippling review.]
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TriNet
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TriNet is a customizable PEO that suits companies in various industries. With industry-specific features, TriNet promises specialized support and risk management for all types of businesses. The company also provides premium benefits and is accredited by major PEO accrediting agencies, including ESAC and the IRS. [See our TriNet review.]
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ADP TotalSource
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ADP TotalSource offers specialized support to those in need of HR help. As a user-friendly PEO, ADP TotalSource provides a wide range of comprehensive benefits options and dedicated customer support. With features like onboarding, payroll processing, compliance support and benefits administration, the platform can assist businesses that have a minimum of five employees. [Discover more in our ADP TotalSource review.]
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Paychex Oasis
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Paychex Oasis is a flexible and scalable PEO that’s great for startups and small businesses alike. The PEO provides dedicated HR support and customizable plans with comprehensive benefits options. Some specific features include HR administration, payroll processing, risk and compliance, and employee training and development. [Read more in our Paychex Oasis review.]
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Insperity
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Insperity is a comprehensive PEO with risk-mitigation tools, a la carte services and HR bundles. The company is also ESAC-accredited and IRS-certified. Not only that, but users can access a library of training and development resources. [See our Insperity review.]
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Should you invest in a PEO?
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All businesses can benefit from working with a PEO. While it might seem like a pricey investment, it can actually save you money to outsource your HR tasks to a professional firm. A co-employment arrangement has many benefits, from sustained control to expert assistance.
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If you’re deciding whether working with a PEO is right for your business, research and consider the various options on the market to see which ones best align with your HR needs.
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Sammi Caramela and Stella Morrison contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3357","_score":2,"_source":{"canonical":"https://vaylees.com/7749-create-telecommuting-policy.html","displayModified":"2024-05-06T21:11:37Z","docType":"article","editorsPick":false,"href":"7749-create-telecommuting-policy.html","id":"3357","ID":3357,"isSponsored":false,"published":"2017-04-01T01:24:00Z","site":"bnd","stream":"Your remote workers should abide by these crucial parameters to ensure security, productivity and collaboration. ","subtitle":"Your remote workers should abide by these crucial parameters to ensure security, productivity and collaboration. ","title":"5 Work-From-Home Issues Your Telecommuting Policy Should Address","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Lead Your Team","slug":"lead-your-team"},"sub":{"name":"Managing","slug":"managing"}},"meta":{"robots":"index, follow","description":"How can you take advantage of the benefits of working from home while mitigating the cybersecurity risks? You need to develop a telecommuting policy."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081914/1554240691.jpeg","caption":"Kzenon/Shutterstock","alt":""},"content":"
Many employees long to work outside the office, and this option is a dream come true for those who want a better work-life balance. However, without guidelines, managing remote employees can quickly become a manager’s worst nightmare. As your company grows, it’s a good idea to establish a formal telecommuting policy to help you keep track of employees who work remotely and ensure everyone is performing at their peak, regardless of location.
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5 issues your telecommuting policy must address
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Managing a remote workforce will look different for every business depending on its industry, company type and more. However, all organizations considering allowing remote work should address the following issues in their telecommuting policy:
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1. Eligibility
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Who will be eligible to work from home? Working from home sounds like a cool job perk in theory, and many employees may jump at the chance. However, not everyone can be productive when the boss isn’t down the hall to check on them, and not everyone has the personality to work from home.
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When crafting a remote work policy, employers must first consider whether potential remote employees’ attitudes and work ethics align with the company’s telecommuting expectations.
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“Managers should accommodate on a case-by-case basis to do what’s best for the company, its team members and the project at hand,” advised Phil Shawe, president and CEO of translation technology company TransPerfect.
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Kim Davis, board member and former executive vice president and chief HR officer at benefits broker NFP, advises setting eligibility guidelines for remote workers that may include the following:
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Nature of a position
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How long a person has been at the company or in their current role
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Past job performance
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How frequently a staff member can telecommute
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2. Expectations for work hours
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Your telecommuting policy should clearly outline acceptable work hours, accountability measures, and performance expectations:
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Permissible work hours: Some jobs require a specific schedule to accommodate a business’s hours. However, for geographically dispersed teams, or in cases where remote work helps accommodate family schedules and obligations, official “business hours” can vary or be extremely flexible. In these situations, employers must trust their telecommuters and give them the freedom to perform their job functions in a way that works best for them.
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Accountability expectations: Regardless of permissible work hours, your telecommuting policy must clearly communicate that employees will be held accountable for their job functions and must adhere to company expectations.
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Work environment guidelines: Work hour expectations go beyond allowable work times. They also include parameters about telecommuters’ home office environments. “It is important to provide very specific guidelines and policies for employees to review and acknowledge [regarding] the telecommuting arrangement,” Davis cautioned. “A quiet and private workspace is still needed [in the home], and work hours require full attention and dedication — no watching the kids while trying to work.”
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Your telecommuting policy serves as a crucial adjunct to your company’s employee handbook and should leave no questions about remote work expectations. “Set clear expectations with employees,” advised Brian Shapland, director of Ancillary & Shared Spaces at Steelcase. “Remote workers should be available during office hours, must meet deadlines and complete projects with excellence, and maintain communication with their manager and co-workers. Workers who do not meet these expectations risk losing the trust of leadership and sidelining their team.”
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3. Equipment and cybersecurity
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Your telecommuting policy must address equipment and cybersecurity — often overlooked elements of remote work. Your remote team may need to access corporate data outside the secure office network, and its security is paramount.
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Include remote cybersecurity best practices in your telecommuting policy, including the following:
Rules about not allowing family members to access work technology
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Physical security best practices
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Secure data storage protocols
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Cautions about using company-issued devices only for work-related purposes
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Your IT team will likely be heavily involved in setting up security parameters with remote workers to ensure they create a secure home office. Detailed cybersecurity training may also be required before you allow team members to work from home.
“Enabling employees to work remotely opens up the likelihood that they’ll use their work devices to communicate via unsecured public networks,” Hoffmann cautioned. “Password-protect all business devices, [and] make sure that data going out from [those devices] is encrypted. Keep a current inventory of all devices, and make sure each one has its GPS tracking turned on. Additionally, install technology to remotely wipe data from any device that has been lost or stolen.”
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4. Communication methods
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Your telecommuting policy should list all preferred communication and collaboration methods, including instant messaging and chat services. Remote work tools like Slack, Zoom and Microsoft Teams are excellent channels to encourage teamwork and help keep remote workers engaged. If you want workers to check in at specific times or frequencies, let them know.
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Additionally, “face time” and real-world conversations may be essential to your company culture. Consider setting expectations for phone calls and video conferences in your telecommuting policy to ensure a higher level of connection and engagement.
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As a full-time telecommuter, Reid Travis, senior vice president at Ultra Fiberglass Systems, says video-integrated chat programs have been a company culture lifeline. Sharing photos of office events, setting up a dedicated “fun talk” chat, and having remote team members participate in chats and meetings all help keep remote workers engaged and connected to the team.
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“It’s easy to feel disengaged and no longer included [as a telecommuter],” Travis admitted. “Make sure the person still feels like part of the team — it feeds your overall productivity [and makes] you feel like you’re making strides and impacts, even from far away.”
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5. Policy abuse
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While your remote employees will likely be respectful and accountable, telecommuting comes with the potential for abuse. For this reason, your telecommuting policy should explicitly state that remote work is a privilege that can be revoked at any time if a remote employee fails to meet expectations.
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According to Shawe, robust performance management practices can help you significantly reduce remote work policy abuses. “It is management’s job to set tough yet achievable goals … for each employee, regardless of where they sit around the globe,” Shawe explained. “If [your] internal systems … measure relevant information and transform that information into appropriate, digestible and shared performance metrics, the business and its staff will thrive whether operating in [the] real world or in the virtual world.”
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How to create a telecommuting policy
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With a clearer understanding of the most significant issues your telecommuting policy should address, take the following steps to create your policy:
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Define position eligibility. Define which positions are eligible to work from home.
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Outline allowable schedules. Identify each remote position’s allowable schedule, such as regular work hours or flexible hours.
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Set performance expectations. Define specific expectations and performance goals for each remote position, including productivity levels and what you expect from their home office (i.e., internet access and a quiet setting).
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Outline the power structure. Appoint managers to oversee and set performance benchmarks for remote teams. Ensure remote employees know who they report to and what is expected of them.
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Set communication expectations. Specify when remote employees are expected to check in and how and when they should report their productivity (e.g., weekly task reports).
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List all remote tools needed. Let your team know which specific productivity apps and communication and collaboration apps they should use. Specify any usage parameters (e.g., send Slack team messages anytime but only send IMs during business hours).
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List all security protocols. Work with the IT department to list all cybersecurity measures remote employees should be aware of.
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Outline equipment policies. If employees will use company-issued equipment, clearly spell out usage parameters.
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Explain what will happen if the policy is abused. Explain the repercussions if an employee abuses their work-from-home situation.
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Why is a telecommuting policy important?
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A telecommuting policy is crucial because remote work is here to stay. According to the Pew Research Center, about 14 percent of Americans (nearly 22 million) work from home regularly. Among employees who can work remotely, 56 percent say working from home enhances their productivity. Additionally, remote work can help your business attract and retain top talent.
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A clear telecommuting policy can ensure your remote work program succeeds. Without it, there’s potential for distraction, abuse, and lowered productivity. Your telecommuting policy will spell out precise expectations and set up your team for success.
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How to measure the success of a remote work policy
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Whether you’re creating a new telecommuting policy or adjusting an existing one, measuring its success is crucial. Here are two ways:
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Tech tools: Project management software and other productivity applications can give you an at-a-glance view of your team and its activities. Assess everyone’s performance and determine where your remote team is succeeding and where productivity could be increased.
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Meet with team members: Check in with remote team members to see how they feel about your telecommuting policy and their work-from-home experience. Do they feel isolated? Do they want more ways to connect with in-office employees? If so, brainstorm ways to engage with remote workers and help them feel like they’re a part of the team. Additionally, ask remote workers about their productivity and ways you can help them improve. For example, they may need more IT support or communication opportunities with other departments. Assess their input and adjust your policy as needed.
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How the COVID-19 pandemic impacted telecommuting
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The COVID-19 pandemic ushered in a new era of telecommuting, which was previously a benefit relatively few employees enjoyed. Companies were forced to abruptly switch to a remote workforce to keep their employees safe. In the ensuing years, many workers grew to enjoy telecommuting’s benefits. For example, according to the Pew survey cited earlier:
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Many employees prefer telecommuting because it helps them meet deadlines.
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Employees say telecommuting provides a better work-life balance.
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Employees working hybrid telecommuting schedules would enjoy working from home all or most of the time.
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However, many businesses seem to be shifting back to the in-office model. According to a ResumeBuilder survey, 90 percent of employers say they’re phasing out fully remote setups and pushing to fill their office spaces by the end of 2024.
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Still, employees won’t give up remote work that easily and telecommuting — whether full- or part-time — will continue to be a coveted job perk and a way to attract high-quality employees. With more than 8 million job openings and the lingering effects of the Great Resignation, employers must think critically about which employee benefits they offer, including work-from-home options.
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Based on general employee sentiment, it’s essential for companies to offer some form of flexible work arrangements when possible. For example, the ResumeBuilder survey revealed that nearly 63 percent of employers requiring in-office work said they’re allowing employees to work from home at least once a week.
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Creating guidelines for success
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The future of work appears to be characterized by a hybrid model that combines elements of remote work and traditional office-based operations. Whether you decide to adopt a fully or partially remote approach, help your employees thrive in a flexible and dynamic work setting. Implementing a telecommuting policy helps ensure you create a sustainable, positive and productive work environment.
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Shayna Waltower and Nicole Fallon contributed to this article. Source interviews were conducted for a previous version of this article.
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Human resources (HR) departments play a complex and dynamic role in businesses, but their primary responsibility is what’s known as human capital management (HCM). This can seem like a vague concept, but as a small business owner, it’s important to understand. After all, beyond the HR department, business owners play a large role in HCM as do managers and team leads. Below, learn what HCM is, why it matters and how you can improve it, including with software.
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Editor’s note: Looking for a human resources outsourcing for your business? If you’re looking for information to help you choose the one that’s right for you, use the questionnaire below to be contacted by vendors with additional information:
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What is human capital management?
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Human capital management is a term for managing people that encompasses a range of protocols covering how you manage one of your greatest resources: your people. It includes the categories of workforce acquisition, management and optimization. HCM is applicable to any organization but it’s especially important for companies with “knowledge workers,” where the business’s most critical asset is the specialized information that its team members understand thoroughly in and out.
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“People-related costs, including compensation and benefits … are now the single largest budget items for most companies, which means HR has shifted to a more strategic, integrated role in fulfilling the overall organization’s strategy and goals,” said Krista Skidmore, CEO and founder of FlashPoint.
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Why is human capital management important?
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HCM is one of the most important aspects of your business. If you can’t understand your employees, their needs and how they impact your business, your company will struggle to grow. One factor that makes companies great is the employees. HCM is a department that ensures workers are happy, prepared and ready to tackle challenges that come their way.
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When you give your employees what they need through HCM, you boost your team’s productivity. You also improve employee retention since your team will be happier and more engaged. A strong HCM strategy may also improve your hiring prospects, eliminate expensive process redundancies and consolidate your company’s knowledge into a single source of truth.
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6 tips for improving human capital management at your company
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Not every small business can build out an in-house HCM department. There are steps small business owners can take, though, to create a workforce comprising happy, productive employees.
When it comes to talent management, some companies are so focused on hiring new people that they ignore the ones they already have. Smart HR professionals know that employee engagement must extend beyond recruiting and onboarding.
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“Keeping employees happy and engaged in your company now depends very heavily on how you approach the entire employee life cycle,” said Sanjay Sathe, founder and CEO of SucceedSmart. Sathe recommends asking yourself if your employee recognition, review and learning processes engage workers and if your offboarding process matches your onboarding process.
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Deb Cupp, president of Microsoft Americas, said that you should focus on each individual’s ability to progress, considering their long-term options.
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“Instead of focusing on the top performers, think of everyone as talent,” Cupp said.
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2. Learn how to connect with each employee.
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It’s important to take a personalized approach to the day-to-day management of employees. Melissa Moore, founder of Moore Insights Group, advised taking employees’ personalities and preferences into account when managing and communicating with them.
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Moore also recommended learning how an employee is “wired” so you, as their boss or manager, can cater to their needs as a worker. For instance, some employees may need more frequent check-ins and a more personal relationship than other workers.
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Leadership development and employee engagement, said Skidmore, are “ongoing processes designed to be strategic, sustainable and measurable,” and there is no one-size-fits-all solution for managers. Initiatives and programs should be evaluated to provide personalized and effective results for workers, Skidmore added.
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3. Invest in the right technology.
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To make your HCM processes as efficient and helpful as possible, it’s critical to implement the right tech tools for your company, said Claire Bissot, director at Kainos Capital.
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“HR professionals [should] begin investing their time to build automated processes, utilizing technology so that they can begin to get out from behind the desk piled with paper and get out to get to know the people,” said Bissot.
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4. Take a positive and transparent approach to communication.
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All companies must deal with changes and transitions that affect their employees. Business owners should strive to openly communicate with employees not only during transitional periods but all the time.
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“Change is scary for everyone and the unknown causes fear,” Moore said. “Communicate not only what is happening [in this situation], but also the day-to-day. Have open communication as much as possible so people know what’s going on, whether it’s relevant or not.”
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Sathe agreed, adding that situations like layoffs or budget cuts should be reframed in a constructive way when they’re communicated to employees.
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For example, offering outplacement services can provide tangible support to employees whose roles have been affected, said Sathe. This not only helps those employees move into new roles, but it also sends a message to remaining staff members that the company and the owner have their interests in mind.
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“During times of transition, it’s our job to provide … hope for the future, instead of creating situations that allow employees ― both impacted and remaining ― to dwell on the past,” Sathe said.
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5. Use your business goals to lead your HCM strategy
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Suppose you’ve set a quarterly goal to improve your sales on a certain product by 10 percent. A smart HCM strategy around this initiative could be identifying team members who helped design the product and want to learn about sales and marketing.
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Great HCM would then start with training these employees on exactly what about sales and marketing they want to learn. It would continue with putting these employees to work on selling the product. More sales ― and happier employees ― are likely to result.
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6. Conduct regular performance reviews
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Consistent performance reviews convey to your employees that you’ve set clear benchmarks for their tasks’ success and will be assessing their work accordingly. They also show employees that you’re invested in their continued learning and growth. Plus, during performance review meetings, employees get the chance to offer you constructive feedback as well. Implement your team’s suggested improvements and you’ll have happier employees doing better work.
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Additionally, performance reviews are a great time for employees to tell you about their newest areas of interest. Creating pathways to these areas further drives employee engagement while giving your company a more skilled team. Couple these with other types of performance reviews such as self-evaluations and peer reviews and you build the consistent communication that’s core to HCM.
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What are the key functions of a human capital management system?
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While the tips above are great opportunities to improve your existing system, it’s also worth considering the typical key functions of HCM. That way, you can learn about new ways to expand your HCM system or understand existing strategies that you may not have implemented in your current system.
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The four key functions of an HCM system include:
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Hiring/termination: Those in charge of managing human capital should oversee all hiring and firing, as well as onboarding. They should control the flow of people in and out of an organization based on your business’s needs. This also extends to freelance and contract-based opportunities.
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Training: New employees need to be trained and existing employees transitioning to new roles need help adjusting. HCM team members should focus on making sure everyone in your organization is prepared for the task at hand.
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Employee retention: Hiring great people is difficult and keeping them happy can be a challenge. HCM should focus on nurturing talent, retaining top performers and investing in the next generation of company culture.
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Morale: HCM team members need to understand how employees are feeling and communicate that to business leaders. If your business is entering a difficult time or is facing troubling economic times, it’s more important than ever for HCM teams to focus on creating the right narratives around what’s occurring.
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The best HR software for human capital management
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Many of the best HR software platforms come with useful tools for human capital management. These platforms include:
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BambooHR: You can easily set and track goals, conduct performance reviews and create a continuous stream of 360-degree feedback with BambooHR. This platform’s employee satisfaction score feature also makes it easier to help your team members feel happier at your organization. Learn more via our BambooHR review.
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Rippling: Onboarding is especially easy with Rippling’s tools for completing new-hire paperwork and onboarding tasks. This HR platform also comes with device management features through which you can give your team the right tools for success from day one. Read our Rippling HR software review to discover how else this vendor can streamline your HCM.
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monday.com: With monday.com’s HR software, you can automate your onboarding process using customizable templates, making for better first days among your new employees. Similarly, you can automate and customize employee surveys to continuously check the pulse on how your team members are feeling about their work. Explore what else this vendor offers via our monday.com HR software review.
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Paychex Flex: This vendor offers the ability to create e-learning courses, improving your onboarding for both in-office and remote employees. It’s also easy to store and track employee performance reviews with Paychex Flex and that’s key to strong HCM. Discover the additional features this vendor offers via our Paychex Flex HR software review.
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Paycor: You can use the employee surveys within Paycor to assess your team’s engagement and happiness with their employee benefits. This platform’s robust analytics suite also excels at identifying solutions to high employee turnover rates and solving this problem is a key goal within HCM. Learn more via our Paycor HR software review.
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HCM means being good to people
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Although the “capital” in “human capital management” implies that this discipline centers on business improvements, it’s really about making things better for your people. Use HCM to understand what your team needs to succeed and then provide it for them. Sometimes, making your work environment more enjoyable for the people within it leads you right to the business outcomes you’ve been seeking.
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Sammi Caramela and Nicole Fallon contributed to this article. Source interviews were conducted for a previous version of this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3029","_score":2,"_source":{"canonical":"https://vaylees.com/10627-geofencing-understand-customers.html","displayModified":"2023-10-20T14:16:20Z","docType":"article","editorsPick":false,"href":"10627-geofencing-understand-customers.html","id":"3029","ID":3029,"isSponsored":false,"published":"2018-03-13T04:18:00Z","site":"bnd","stream":"Geofencing is a powerful tool that provides businesses with multiple benefits. Here are some of the ways companies use this technology.","subtitle":"Geofencing is a powerful tool that provides businesses with multiple benefits. Here are some of the ways companies use this technology.","title":"What Is Geofencing and How Can It Benefit Businesses?","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"Geofencing is a powerful technology. Find out how it works and how businesses can best use it."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081338/1554238571.jpeg","caption":"Beros919/Shutterstock","alt":""},"content":"
Smartphones never leave our sides and they’ve begun to act as beacons where processes like geofencing send location-based data to companies looking to leverage information on segments of users. Geofencing allows businesses to target certain groups of users in specifically designated areas. Its implementation can benefit companies in many different ways, such as driving local foot traffic to a storefront or delivering localized ads to nearby users. Find out how geofencing works and some of the best ways businesses can utilize it.
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What is geofencing?
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Geofencing is when businesses or other organizations create virtual boundaries around specific zones or locations. Using GPS, radio frequency identification (RFID), Wi-Fi or cellular data, organizations can drop points on a map to form a shape ― usually a square, polygon or circle ― to designate a virtual zone for a variety of purposes. When people enter or exit the zone, an action can be triggered, such as sending a notification or a location-based ad with a coupon.
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Geofencing also allows businesses to collect data. When a user, whether that be a customer, truck driver or drone, enters that area, a business receives information on that user, even if it’s only that they’ve arrived. The idea of businesses, or employers, “tracking” relevant users may sound like a violation of privacy, but all this technology operates within the confines of modern privacy laws. Geofencing and location-based data gathering is a tremendously powerful technology that can be leveraged by businesses of all sizes.
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How does geofencing work?
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Geofencing is a technology that combines device-level internet protocol (IP) address interaction with GPS data and cellular network data. Marcus Cudd is the president and director of digital marketing for SearchworxX, a company that specializes in digital marketing and offers location-based advertising services. He said that geofencing and location-based advertising is supported by the way devices interact with the IP addresses around them.
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Our devices have device addresses and, when they interact with various routers or other hardline connections, our device address is registered at that IP address and vice versa. This, combined with our cellular devices pinging cell phone towers every few minutes, allows data specialists to locate a device and thus a user or consumer.
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“That cell phone is going to be pinging the tower and, when it pings the tower, the networks are able to pick up where that person is located within that polygon and that person is essentially added to an audience that you can target at any point in time,” Cudd said.
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There are a few kinds of geofencing and details on how all the technology works is highly technical and complicated. As a business owner, it’s important to understand that, at its base, geofencing involves interaction between devices and IP addresses with cellular and GPS data included in a specifically defined area.
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How can businesses use geofencing?
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Geofencing is a highly useful tool for businesses. By defining a specific area, companies can benefit in a multitude of ways, such as by obtaining data about consumers or employees, sending targeted marketing messages and enticing potential customers away from the competition. Here are some of the most relevant uses of geofencing for businesses.
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Location-based advertising
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Geofencing has excelled in the location-based advertising space and there are a host of applications. Cudd said, for example, that businesses can set up geofences around a competitor and be alerted when a customer enters that area. You can send a push notification with a coupon or an advertisement for your service in their phone’s web browser to try and influence the consumer to choose you over the competition.
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Beyond just trying to stay ahead of competitors, geofencing allows businesses to target the right demographics at the right time and in the right place. You can send marketing messages to engage specific target customers when they come near your business, making the ad more impactful and cost-effective. For example, a clothing store geared toward young consumers might send out a promotional coupon to the phones of 18- to 24-year-olds as they enter the mall where the store is located.
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Consumer data collection and personalization
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Geofencing allows businesses to see who is coming into a space, such as a physical store, how long they stay there and if they return. Companies can collect a large amount of consumer data that they can use to create targeted, personalized marketing messages.
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“We believe that understanding real-world consumer behavior is critical in brands being able to engage consumers in a timely, relevant way,” said Gil Larsen, Vice President and Managing Director, Americas at Blis, a marketing technology company that offers location-based data services. “The more you know about a consumer, based on what they’re doing in the real world, the more relevant you can make the advertisement. And the more relevant the messaging, the more likely it is for that consumer to engage.”
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Gathering data to create personalized messages goes beyond bombarding users with push notifications or text messages when they enter a place. Geofences can be set up to better understand consumer behavior, so that marketing communications are sent out at the most appropriate time, which isn’t always the moment a consumer crosses a geofence.
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Larsen provided the example of a person shopping for a car. A car is a big purchase that requires a lot of thought and attention. A banner ad or push notification while a customer is in a store may not make a lasting impression. Larsen said instead it may be a good strategy to wait a few days until that customer is at home and serve an ad on their smartphone, tablet or home computer.
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Human resources
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Human resources (HR) departments can benefit from geofencing as well. Employees can be tracked when they enter and exit a geofenced area. Businesses can set up a time and attendance system using geofencing to monitor when and how long employees are at the office. Geofences can also be set up around off-site locations to monitor employees when they aren’t in the office.
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Besides monitoring employees, geofencing can be used for recruitment. HR departments can develop recruitment strategies targeted to ideal candidates in a specific area. For example, a business can send recruitment messages to people that fit the job profile as they exit a convention or trade fair.
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Social networks
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Location-based tags, filters and stickers are all made possible because of geofencing technology. Most social media networks, such as Facebook, Instagram and Snapchat, allow advertisers to set up geofences to target users with customized ads. Businesses can make use of geofencing by targeting social media users at specific events and locations. They can also prompt users who visit their location to check in, leave a comment or write a review.
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Fleet management
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Geofencing is used by some shipping and construction fleets that use GPS fleet management software. A shipping company can set up geofences that send out automated notifications to the recipient, such as when the package leaves the shipping facility or when it enters the recipient’s ZIP code. It also allows the shipping company to see when a vehicle deviates from a route or fails to advance.
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Construction companies can set up a geofence around a worksite and get an alert when a driver enters the work site. This can help with compliance standards and ensure employee honesty about job length.
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Drone management
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In addition, geofencing has emerged as a unique software element for drone businesses. Zeitview, a California-based company that builds advanced inspection software for renewable energy and sustainable infrastructure, uses drones to support professional worksite surveying and photographing. They use geofencing to keep their drones in a worksite when they’re on autopilot.
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“The geofence, in essence, is the boundary of the area it’s going to fly [in] and the drone will programmatically autopilot flying back and forth around it,” said Nick Osgood, Head of Operations for Zeitview. Osgood said that the Federal Aviation Administration and other regulatory agencies use geofences to keep drones and other aircraft out of important areas like airports or stadiums.
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The autopilot feature that DroneBase offers is one that shows the power geofencing provides outside of the location-based marketing industry.
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What are the privacy concerns with geofencing?
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Beth Fulkerson, a partner at Culhane Meadows PLLC who specializes in internet advertising, copyright and trademark law, said it’s important for businesses to respect consumers’ privacy when using this technology. She said businesses should always obtain user permission before collecting data and should only collect data that’s needed.
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“The basic rule is that companies should be very careful to always consider privacy when they design any kind of product or service ― the FTC [Federal Trade Commission] now requires that,” she said. “The two concepts now are consent plus transparency … You need to get affirmative express consent before you take somebody’s location information.”
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This comes in the form of a user opting into GPS services on your app or opting into location-based services in their smartphone’s settings. Users can limit location-based advertising data, which is an option that can also be toggled in the settings panel.
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Larsen made it clear that the location-based advertising his company does complies with privacy laws.
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This is because the companies are operating with data and information delivered on a device level ― they don’t gather data directly from individual users, instead targeting devices in market segments and advertising to those whole segments. It’s easier to understand geofencing when you view it from a one-on-one marketing experience, but businesses market to whole groups of users and do not directly target one person or one device.
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What should businesses know before using geofencing?
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Depending on the type of business you own, geofencing may be a technology worth considering. There are some current applications in advertising and drone videography, but there are several others as well. If you’re interested in adding geofencing to your marketing strategy, it’s important to approach it from the right perspective.
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Cudd said businesses should consider outsourcing their marketing strategy and operations to a third-party digital marketer to ensure that the best data is being analyzed and leveraged by professionals. “The reason you really need an agency that does this stuff professionally is because they’re going to be using this stuff every day, they understand other clients and they understand how to track it and give you the result,” he said.
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Larsen said that businesses can benefit from a strategic partnership, but Blis also provides a platform for business owners to collect and analyze data on their own. He said that building this type of technology into an overall marketing strategy can help pinpoint the right customers with relevant ads.
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“It’s just reinforcing what you’re currently doing, but it’s doing it in a more targeted way and speaking to people in a more relevant way on their most personal device, which is typically their smartphone or a tablet,” he said.
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One thing to watch out for, regardless if you use geofencing or location-based technology, is the prevalence of bad data in the market ― especially in the marketing and advertising industries. Larsen said that business owners should be wary of all data and should talk with agencies and vendors about how they scrub their data to make sure it’s accurate.
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“There’s just so much inaccurate data floating around being used out there,” he said. “For us, it’s [good data] the most important thing because if you don’t start with the most accurate data, then the rest of the campaign isn’t going to perform well either.”
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Is geofencing right for my business?
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There are many different ways that geofencing can benefit businesses. The important thing is to first consider the needs of your company and then see how geofencing could potentially be utilized to help meet those needs. Whether it be collecting data on consumers, implementing location-based marketing strategies, engaging users on social media or monitoring employees, geofencing is a powerful tool that can help your business thrive.
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Obtaining financing is an integral part of running a business. Whether launching a startup, growing an organization, opening a new location or paying down debt, business owners frequently seek business loans and other funding options. Similarly, individuals often turn to mortgage loans, debt refinancing loans and other financing options.
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However, finding the right loan or financial partner can be challenging. Companies disguised as honest lenders may offer loans that seem superb but come with crippling terms and conditions. We’ll explain more about predatory lending, share tips on avoiding deceptive and abusive loan terms, and highlight reputable lending options for individuals and businesses.
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What is predatory lending?
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Predatory lending occurs when money lenders use unfair, deceptive or fraudulent practices to entice borrowers — typically those most in need of cash — into taking out loans. Predatory loans are most common with mortgages, but they can occur with all loan types, including business, personal, payday, tax refund and car title loans, as well as rent-to-own services.
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While borrowers receive funding from predatory lenders, the loan terms benefit the lender and often include extremely high interest rates or excessive fees. Often, the borrower can’t recover from the resulting financial strain.
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Many legitimate lenders exist for all loan types. However, predatory lenders are all too common and aim to take advantage of individuals and businesses in need.
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Predatory lending practices
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Predatory lenders use various tactics to scam their victims out of money. Their schemes revolve around three primary elements:
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Making loans based on a borrower’s assets instead of their ability to repay the loan — known as asset-based lending
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Enticing borrowers to refinance loans to collect needless fees
Loan flipping: Loan flipping is specific to mortgage loans. It occurs when a lender provides a loan in return for refinancing a mortgage. While the homeowner receives an initial influx of cash, the amount pales in comparison with the total money they end up paying in refinancing costs, closing fees and other lender charges. Predatory lenders often repeatedly target the same people.
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Excessive fees: Predatory lenders often tack excessive and hidden fees onto new and refinanced loans. Anything more than 1 percent of the total loan in fees is typically considered unnecessary.
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Packing: Packing is when costs are added to a loan for things the borrower doesn’t necessarily need, such as insurance services.
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Equity stripping: Equity stripping, also called equity skimming, is also specific to mortgage loans. In this practice, a lender approaches a homeowner who is in danger of foreclosure and offers to buy the home and allow them to lease it back. The borrower loses the home’s equity and can be evicted whenever the lender sees fit, regardless of whether the loan is being repaid.
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Balloon payments: Predatory lenders entice borrowers with low monthly payments and tack on a large lump sum payment, which most people can never afford, at the end of the loan — when most borrowers believe they’re free from the debt.
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Prepayment penalties: Predatory lenders often hide specific clauses that charge borrowers a penalty if they pay off the loan early.
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Bait and switch: A bait and switch occurs when agreed-upon loan terms are changed to the lender’s benefit when it’s time to sign the loan documents.
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How to avoid predatory lending
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Whether you’re seeking a debt consolidation loan or need funding to pursue business growth, you have the potential to encounter a predatory lender. Consider the following advice to safeguard your financial situation:
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1. Evaluate your financial needs.
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First, gain a clear understanding of why you need a loan. You may want to cover practical business expenses, invest in new property or fund a new product launch. Whatever the case, do everything you can to stay patient and controlled.
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Desperation puts you most at risk of predatory lending practices. The pressure to find funding quickly can land you in troublesome lending communities. If this is your situation, it’s important to acknowledge it and then move forward with an option that keeps your company (and your personal finances) safe.
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2. Compare several lenders’ offerings.
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Shop around for financing options, and ask questions. To begin your research, see our reviews of the best business loans, and look for specific features and services that fit your needs. (See our specific business lending recommendations below.)
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When you compare financing options, consider the following aspects of the loans:
Loan terms can be confusing. Review all documents and terms, and consult with a trusted advisor, such as your business attorney.
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Additionally, take time to familiarize yourself with standard aspects of a loan, like interest rates, term loans, various loan types, and typical loan qualification criteria. Your research will help you approach your loan from a place of understanding and power instead of desperation.
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As you review all documents and terms, look for predatory business loan warning signs and alternative lending red flags, including higher-than-normal interest rates, lump-sum balloon payments and prepayment penalties.
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4. Don’t do anything that makes you uncomfortable.
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Be very wary if you encounter an uncommunicative lender, or if you face pressure to sign an agreement immediately, pressure to take more money than you need or an overall lack of information in the lending process. Additionally, never sign a blank document or let the lender talk you into falsifying any information on the loan documents. These are signs that the lender isn’t looking out for your best interests.
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After you receive a loan offer, review it and the lender carefully. Consult the Better Business Bureau to see if it has information on your lender. Talk to friends and other business owners, and conduct online research to get a feel for your lender’s overall reputation. And remember: If it seems too good to be true, it likely is. [Read related story: The Difference Between Debt and Equity Financing]
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5. Research predatory-lending laws.
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Several federal, state and local laws are designed to prevent and curb predatory lending. Familiarizing yourself with lending laws can help you spot predatory lenders and avoid potentially devastating financial situations. Consider the following laws:
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Truth in Lending Act: Federal laws pertaining to predatory lending include the Truth in Lending Act, which requires lenders to disclose specific information prior to an agreement, such as the annual percentage rate, loan term and total borrower costs.
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Home Ownership and Equity Protection Act: The Home Ownership and Equity Protection Act is another federal law that aims to reduce predatory lending by ensuring that the lender discloses all pertinent information to the borrower.
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State laws: In addition to the federal laws, some states — including Massachusetts, New York, Illinois, Louisiana, Missouri, New Mexico, North Dakota and Pennsylvania — have enacted predatory-lending legislation.
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Best lenders for business loans
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Finding a reputable lender is the first step in obtaining the financing you need. The following lenders are ethical, vetted options to consider:
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BusinessLoans.com: BusinessLoans.com isn’t a stand-alone lender. Instead, it’s a lenders marketplace tool that matches small businesses to suitable financing options. Our BusinessLoans.com review explains the easy online application process, fast funding and informational resources that help business owners make the best financing decisions for their needs.
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Biz2Credit: Since its founding, this company has leveraged its network to fund more than $7 billion in small business loans. Biz2Credit is an easy-to-use online lending marketplace with relatively quick funding times. Our Biz2Credit review explains the available loan types, including term loans, working capital loans, commercial real estate loans and Employee Retention Tax Credit loans.
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Fundbox: This lender offers excellent credit options that can serve as financing tools for small businesses to cover short-term expenses. Our Fundbox review explains the company’s transparent pricing and fair lending practices.
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Avoid predatory lending to safeguard your financial health
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Financing new ventures and infusing capital into your business can be daunting. However, after researching your financing options and ensuring your best loan offering is from a verified and reputable lender, you’ll be well on your way to meeting your goals. Education and research are key tools for avoiding predatory lending and making the best financial decisions for your organization.
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Chad Brooks contributed to this article.
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Fleet management is the process by which a company’s vehicles are monitored and controlled, including driver training and policy enforcement. Today, fleet management typically involves the use of GPS fleet management software, which uses tracking hardware to send data to fleet managers in near real-time. If you run a business that utilizes a fleet of vehicles, it’s helpful to use telematics like these to track each vehicle, improve driver safety and issue status reports. These solutions prioritize efficiency, help you save money and can keep your fleet compliant with important state and federal regulations.
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We’ve put together this buying guide to help you know what to look for when selecting a GPS fleet management provider. This guide answers common questions associated with fleet tracking services, highlights key features and costs and recommends high-quality vendors to consider.
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Editor’s note: Looking for information on GPS fleet management systems? Fill out the below questionnaire to be connected with vendors that can help.
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What is GPS fleet management?
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Think of GPS fleet management as virtual ride-along technology. Instead of hiring a manager to sit in the passenger seat and monitor your company’s vehicles and drivers on the road, GPS fleet management lets you keep an eye on everything from wherever you are. This type of solution helps ensure vehicles are operating efficiently and that drivers are being safe and responsible.
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GPS fleet management includes both hardware and software. The hardware is used to track your vehicle and how it is being operated. The type of hardware your vehicle will need will vary based on what you want to be monitored. Some services offer easy, plug-and-play trackers that are about the size of a deck of cards. Other setups require more advanced installation, which usually involves hooking up various sensors to the information centers of your vehicle.
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The vehicle is then tracked using a GPS. The hardware sends real-time updates and data to the software, which serves as a central hub for all of the information about your fleet. You can monitor your fleet remotely on any internet-connected device that has the software platform installed.
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The importance of fleet management
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Technology has revolutionized the way small businesses operate and running a fleet of vehicles is no exception. If you don’t take advantage of modern-day fleet management solutions in your day-to-day operations, you’re missing out on opportunities to increase your company’s efficiency and save money.
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Fleet management software not only allows you to keep tabs on your vehicles and other assets but also helps you with fuel management, delivery route optimization, vehicle and driver communication and long-term logistic planning.
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In today’s economy, information is power. By using telematics software, you’re opening up a new door to data and other information about your business and how you manage your fleet of vehicles or other assets. With that knowledge, you can improve operations.
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What does GPS fleet management software do?
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GPS fleet management software can locate vehicles, set up routes and give directions to assigned destinations. These programs also provide information on vehicle diagnostics, maintenance tracking and safe driving behaviors. For example, a lot of GPS fleet management hardware devices are outfitted with accelerometers and other sensors, so if your driver suddenly brakes or accelerates, it will be documented in the software logs. Some services even offer reporting on harsh turning and cornering. This technology also allows you to track idling time, which is vital for improving fuel efficiency.
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All of these software features combine to provide you with a platform to monitor your fleet, manage vehicle health, understand your drivers’ habits and track fuel efficiency. Most systems also come with dispatching tools and scheduling capabilities to improve workflow. These features can boost customer satisfaction by, for instance, providing delivery recipients with more accurate ETAs. Other popular functions include accident tracking, roadside assistance, anti-theft service, time clocks and attendance tracking.
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How much does GPS fleet management cost?
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Pricing for GPS fleet management services can vary greatly based on what you want managed and tracked and how many vehicles you have in your fleet. On average, prices range from $25 per month, per vehicle, to $35 per month, per vehicle.
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In addition to the monthly costs, there is often a one-time fee for the hardware that goes in each vehicle, though some providers allow you to rent the equipment for an added monthly fee. Many GPS fleet management vendors require you to sign a one- to three-year contract. However, some services come with free trials and money-back guarantees, giving you an opportunity to test the solution before committing to a long-term agreement.
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Choosing fleet management software
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To choose the GPS fleet management system that’s right for your business, first make sure it has the features your company needs. Most fleet management providers offer a variety of functions that come in a standard offering. At the very least, your package should include the following:
Some vendors provide additional features that are either included in their standard plan or cost extra.
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Other key capabilities to look for
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The ideal GPS fleet management solution will also offer the following:
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Alert systems: This means notifications are sent via text and email when something isn’t right with your vehicles or drivers. Choose a provider that lets you set alerts for specific occurrences, such as if a driver has gone off-route or is engaging in unsafe driving habits.
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High ease of use: There are some very complicated software applications out there, so choose one with a simple, intuitive dashboard. Many vendors provide in-person or virtual demos, so try to test the system before making a commitment.
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Mobile access: Not all GPS fleet management applications support mobile device usage. If you need access to the software anytime, anywhere, make sure it’s cloud-based or check if there’s an app for your preferred device.
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Extended customer support: Find a vendor that lets you contact a representative anytime you need help, whether via phone or live chat. Other types of customer service to look for include help-desk ticket systems, email support, documentation and how-to videos.
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While the fleet management system you choose should fit your budget, don’t pick one solely on price. Rather, select the solution that best helps your business track your fleet and reduce operational costs. If you choose the cheapest service, it may not perform as well as slightly more expensive offerings.
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Questions to answer before buying GPS fleet management services
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As you look for a GPS fleet management service, keep these details in mind.
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What type of vehicle and driver information do you want to track?
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How many vehicles do you need to track?
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How much do you want to spend on monthly fees and upfront costs?
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Are there any processes you could automate regarding payroll, driving logs, routing or call scheduling?
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Is your fleet operating in the greenest way possible? Will this system help you continue to do so or make improvements?
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Can you rely on your employees to log hours worked and service calls met consistently and accurately?
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Have you experienced or are you worried about theft of equipment or vehicles?
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Are you overspending on your mobile workforce?
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Do your fuel costs put a strain on the bottom line?
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Can this system address the problems you’re trying to solve?
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Will this system improve your client service?
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What features do you need now and what might you need in the future?
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What type of return on investment will you get with this system?
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What are the advantages of fleet management software?
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Here are some of the benefits of using GPS fleet management software:
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Vehicle management: By keeping tabs on your vehicles and assets, you can plan better routes and optimize driver performance.
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Fuel management: By tracking routes and vehicle locations, you can get more detailed information about fuel consumption and make adjustments accordingly. Telematics software typically includes a feature for fuel management and consumption tracking that allows you to save money and plan how your vehicles use fuel.
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Driver safety: GPS fleet management software lets you track and rate driver performance, thus increasing the safety of your overall fleet.
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Customized alerts: You can set up specific and customized alerts so you can prioritize vehicle locations, driver safety and fuel usage constantly. In addition, such software usually includes a wide range of other alerts you can set up to optimize your fleet’s management.
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Regulatory compliance: GPS fleet management companies give you the guidance and tools to comply with state and federal vehicle fleet regulations, like rules for electronic logging devices, the International Fuel Tax Agreement, hours of service regulations and driver vehicle inspection reports. By working with these vendors, you can ensure you’re staying compliant with relevant rules and regulations.
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What are the disadvantages of using GPS fleet management software?
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Despite all of the above benefits, there are a few downsides of GPS fleet management software:
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Potential impact on employee morale: Implementing this software may result in employee pushback. Drivers may not want to be monitored and could view the decision to use GPS fleet management systems as a sign their employer doesn’t trust them and a violation of employee privacy. If you decide to use a tracking solution, consider how you plan to inform your employees. The best thing you can do as a business owner is explain the rationale and logic behind the decision. Also, be transparent about what the software does, so they’re clear on exactly what’s being monitored and how — and how they can benefit, such as with rewards for safe driving.
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Additional cost. Depending on your business’s financial situation, it may be difficult to take on the additional expense of telematics software. It’s crucial to weigh the costs and benefits before making any decisions. Implementing a fleet management system may require a significant upfront investment, but you’ll likely save in the long run by cutting fuel costs and optimizing routes.
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The best GPS fleet management providers
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Of the many GPS fleet management providers on the market, below are some of the best ones to consider for your business.
Getting your fleet on the road is a key step in running your business. After that comes managing your fleet. GPS fleet management software makes tracking all the key information related to your drivers and vehicles relatively easy. You’ll find these details stored in a central online location so you can see the ins and outs of your fleet’s activity and make operations adjustments as needed. With software that’s as powerful as it is simple, you can reap all the benefits of a safe and efficient fleet.
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Shayna Waltower contributed to this article.
"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"2605","_score":2,"_source":{"canonical":"https://vaylees.com/11147-best-pay-schedule-small-business.html","displayModified":"2024-07-08T20:20:54Z","docType":"article","editorsPick":false,"href":"11147-best-pay-schedule-small-business.html","id":"2605","ID":2605,"isSponsored":false,"published":"2018-11-14T21:45:00Z","site":"bnd","stream":"Comply with regulations and attract top talent.","subtitle":"Comply with regulations and attract top talent.","title":"How to Choose the Best Pay Schedule for Your Business","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"HR Solutions","slug":"hr-solutions"}},"meta":{"robots":"index, follow","description":"Businesses have different needs when it comes to paying employees. Learn how to choose the best schedule for paying your team."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072415/paycheck_AndreyPopov_getty.jpg","caption":"AndreyPopov / Getty Images","alt":"Businessperson signing a paycheck"},"content":"
How frequently your business runs payroll may seem like a simple decision, but there are several important factors to consider, including employee preferences, Department of Labor regulations, payroll costs, and taxes and benefits. Additionally, your pay schedule choice can affect your organization’s ability to attract and keep the best employees.
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We’ll look at the most important factors to consider when choosing a pay schedule, standard pay schedule models, and how to determine what’s suitable for your company.
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Editor’s note: Looking for information on payroll systems? Use the questionnaire below, and our vendor partners will contact you with the information you need:
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Factors to consider when choosing a pay schedule
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The first step in choosing the proper pay schedule for your business is analyzing the type of employees you have. Consider how much your employees work each week, how much their pay varies from week to week, and whether they’re hourly or salaried employees. You’ll also look at their overall income in a typical pay period.
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Once you’ve considered what’s best for your employees, visit the Department of Labor’s website to learn your state’s payment requirements. Laws vary by state and pay period type. For example, some states don’t allow for monthly pay periods.
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After checking your state’s regulations, talk with your accounting department or payroll specialist to determine what schedule is best for your business. Taxes, employee benefits package costs and processing costs often impact which schedule is the most suitable.
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Generally, businesses with hourly employees prefer weekly pay periods. Biweekly and semimonthly pay periods can be ideal for small businesses, depending on the makeup of their workforce and the payroll taxes required for each employee. Monthly pay periods are ideal for freelance or contract-based work only, as many employees struggle to budget effectively on a monthly basis.
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Pros and cons of common pay schedules
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Standard pay schedules range from weekly to monthly, and each has its advantages and drawbacks. For example, while weekly pay may be better for businesses that employ hourly workers, monthly may be better for freelancers who work on a project basis.
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Here’s an overview of the most typical pay schedules, what they entail, and their pros and cons.
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Weekly pay schedules
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While ideal for hourly employees, weekly schedules are usually more expensive. This is because payroll companies usually charge client businesses each time they process payroll. Many hourly workers prefer a weekly pay schedule, but sometimes it’s not worthwhile for small businesses.
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“If your team is mostly comprised of hourly members, then a weekly pay schedule is probably the best,” said Andrew Schrage, CEO of Money Crashers. “It helps them out the most, and the cost to you is minimal if you choose the right service.”
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Biweekly pay schedules
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With a biweekly pay schedule, employees are usually paid twice a month (not always – it depends on the month) on the same day of the week. This is usually a Friday – for example, the first and third Friday of each month. This pay period is suitable for businesses with a mix of salaried and hourly employees.
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The biweekly plan gives workers a concrete understanding of when they’ll receive a check each month. However, talk with a payroll specialist or your accountant to ensure this is an ideal schedule for your business. This schedule could potentially affect outstanding taxes or benefits-related costs.
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Semimonthly pay schedules
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A semimonthly pay schedule is similar to biweekly, but instead of having two paydays on consistent days of the week each month (e.g., the first and third Friday), semimonthly pay periods are tied to specific dates. These paydays are usually on the 1st and the 15th, or the 15th and the 30th. If these dates fall on a weekend, you and your payroll specialist can decide if employees will receive checks on the Friday before or Monday after.
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As with the biweekly pay period, you should review tax, healthcare costs and regulations before deciding on this pay schedule.
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Monthly pay schedules
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A monthly pay period isn’t ideal for most small businesses. This is a good option for contract-based or freelance employees. A monthly schedule is also more heavily regulated than the others. Check with the Department of Labor to see if your state allows monthly pay schedules. [Finding the right accounting software can be a challenge. We’ve analyzed the major players and put together a list of the best accounting software for your business.]
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Dock Treece 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":"445","_score":2,"_source":{"canonical":"https://vaylees.com/16510-dot-log-books.html","displayModified":"2024-10-25T19:38:04Z","docType":"article","editorsPick":false,"href":"16510-dot-log-books.html","id":"445","ID":445,"isSponsored":false,"published":"2021-12-02T16:58:00Z","site":"bnd","stream":"Filling out a driver log book is an essential task for any commercial truck driver, and electronic logging devices make compliance easier.","subtitle":"Filling out a driver log book is an essential task for any commercial truck driver, and electronic logging devices make compliance easier.","title":"How to Fill Out a DOT Logbook","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Find A Solution","slug":"find-a-solution"},"sub":{"name":"SMB Solutions","slug":"technology-solutions"}},"meta":{"robots":"index, follow","description":"The DOT log book is a federal document used to track when a driver is on and off duty. Learn how to use electronic logging devices with driver logs."},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04072507/truck_driver_Smederevac.jpg","caption":"Smederevac / Getty Images","alt":"professional truck driver"},"content":"\n
Filling out a driver’s log book is an essential task for any commercial truck driver. Trucker’s logbooks aren’t just company policy: Filling them out is a federally mandated law. The Federal Motor Carrier Safety Administration (FMCSA) expects all long-haul commercial drivers to fill out this information after every shift.
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Editor’s note: Looking for the right GPS fleet management service for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
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While trucker’s logbooks still exist, though, they’re being supplanted by GPS fleet management software that includes electronic logging devices (ELDs), offering a near real-time view into fleet-wide activity. On top of logbooks, these systems include driver scorecards to ensure your team is adhering to all regulations.
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What is a DOT logbook?
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A DOT logbook is an official federal document used to track when a driver takes breaks. Also known as a trucker’s (or driver’s) logbook, these records are required to specify when they are driving, on duty but not driving, off duty and when they’re sleeping.
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Trucker’s logbooks are used to enforce federal regulations regarding driver behavior. For example, long-haul commercial truck drivers have sleep requirements within a 24-hour driving period. FMCSA logbooks ensure commercial truck drivers are adhering to the laws.
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These logbooks should be filled out daily and are often checked by a DOT agent. If logs are falsified, or a driver fails to fill them out, the driver and trucking company could be vulnerable to federal prosecution. As a result, drivers must have good logging habits to comply with fleet health and safety compliance requirements and best practices.
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How to fill out a DOT logbook
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Traditional logbooks are made up of a chart with four sections separated into 24 boxes. Each box represents one hour. As drivers continue throughout their day, they’re required to draw horizontal or vertical lines through each status to indicate how they’re spending their time. There are four possible statuses:
Horizontal lines indicate the time a driver spent during a certain status, while vertical lines indicate a change in status. For example, if your worker drove from 9 a.m. to 1 p.m., they’d draw a horizontal line through those four boxes. If they transitioned to an off-duty status, they’d draw a vertical line to that designation on the chart, and then a horizontal line for how long they spent at that status.
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For this example, let’s say your employee spent one hour at off-duty status. Once they’re ready to get back on the road at 2 p.m., they will draw a vertical line back to the driving section and start another horizontal one to track how long they’re at that status.
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As the driver changes status, it’s important to indicate the current location and what activity they’re completing. If your employee is on duty but not driving – loading, for example – they can include that comment in the remarks section.
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Here is other important information for the DOT logbook to include:
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Current date
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Driver name
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Driver employment number
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Tractor numbers
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Shipping numbers
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Total hours for the 24-hour period
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If your company still uses paper logs, it’s best to purchase paper logs with only the most basic DOT information on them. Some logs include too many sections to fill out, and when they’re left blank, it can get you in trouble with the DOT.
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A perfect example is the recap section, which isn’t an FMCSA requirement. However, if it’s left blank, DOT agents may give you a hard time. If your drivers use logs with many extra sections, you can use a dash to “fill it out” without inputting information. This indicates the section is unnecessary, which will help you in the event of a road inspection.
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How often should you fill out the DOT logbook?
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Drivers should fill out DOT logbooks daily. It’s essential to stay up to date on HOS. Keeping an accurate DOT logbook is not only the law but also an essential business practice.
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With ELDs, logbook upkeep is more important than ever. It’s essential for logbooks to match ELD records, so staying current with your DOT logbook is very important. DOT agents and representatives will often check logbooks to ensure they’re compliant. If they’re not, both your company and the driver are at risk for federal prosecution.
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Who fills out the DOT logbook?
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Drivers are responsible for filling out DOT logbooks, and your company is responsible for keeping the logbooks organized. Drivers sign their logbooks when they’re complete, and the FMCSA holds the driver responsible for the information.
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Sometimes, companies will push drivers to go outside FMCSA rules and regulations. Because the driver signs each log book, the driver holds the most liability. Drivers whose companies push them beyond the law’s limits are protected under the Surface Transportation Assistance Act (STAA), which helps them stay HOS compliant.
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Why DOT logbooks are important
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Drivers may brush off DOT logbooks as unnecessary; sometimes, road experience can drive employees to think they know more than the government. However, logbooks are in place to protect drivers. Driver fatigue is a very real threat for long-haul truckers, and studies suggest that tired drivers are less alert to crisis situations.
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Many drivers may feel pressure to arrive early at their destination to maximize the money they receive. This can create dangerous, pressure-fueled driving environments for truckers and other drivers who share the road.
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ELDs play an important role in filling out DOT logbooks. ELDs hook directly into a vehicle’s engine and record when the vehicle is on, idle and in motion.
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In the past, DOT logbooks were an analog affair: Drivers would record their hours on a designated sheet provided by the FMCSA. ELDs have digitized this process, so hours of service (HOS) recording is simpler and more accurate, allowing drivers to comply more easily with DOT HOS regulations.
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How ELDs track DOT logs
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While some companies may require drivers to fill out paper logs, they’re now technically obsolete. ELDs replace all the analog functions of a paper log and can help your company keep HOS and record of duty status (RODS) numbers up to date.
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Here are some requirements an ELD must meet:
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Connect to the truck’s engine to indicate when the vehicle is in motion.
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Select one of the following based on the vehicle’s movement: on duty, off duty or on duty not driving.
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Provide data in a standardized format to send to law enforcement via USB, Bluetooth or wireless web services.
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Meet product specifications outlined by federal DOT offices.
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Many telematics companies provide ELDs as part of their fleet-tracking offering. Telematics companies can provide real-time tracking features that include data analytics software. This way, you can better understand driver safety, reduce fuel costs, collect and analyze shipping data and know your drivers’ general locations.
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The evolving role of DOT logbooks in modern fleet management
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DOT logbooks remain a critical aspect of fleet management, making certain drivers comply with federal regulations designed to enhance road safety. While traditional paper logbooks have served their purpose for decades, the advent of ELDs has revolutionized the industry. ELDs streamline the logging process and provide real-time data, enhancing the accuracy and reliability of records. As fleet management continues to evolve, integrating ELDs with advanced GPS tracking systems is no longer just an option – it’s a necessity.
\n"}},{"_index":"wp-index-bnd-prod-content","_type":"content","_id":"3177","_score":2,"_source":{"canonical":"https://vaylees.com/10291-refurbished-tech-gadgets-faq.html","displayModified":"2023-11-08T17:53:57Z","docType":"article","editorsPick":false,"href":"10291-refurbished-tech-gadgets-faq.html","id":"3177","ID":3177,"isSponsored":false,"published":"2017-10-18T21:00:00Z","site":"bnd","stream":"Refurbished technology can be a cost-effective, sustainable business solution that sometimes outlasts new technology. But is it right for your business?","subtitle":"Refurbished technology can be a cost-effective, sustainable business solution that sometimes outlasts new technology. But is it right for your business?","title":"What You Need to Know About Refurbished Technology","author":{"displayName":"Matt D’Angelo","email":"mdangelo@business.com","thumbnail":"https://images.vaylees.com/app/uploads/2022/04/15063328/matt-dangelo.jpg","type":"Senior Writer"},"channels":{"primary":{"name":"Grow Your Business","slug":"grow-your-business"},"sub":{"name":"Technology","slug":"technology"}},"meta":{"robots":"index, follow","description":"Refurbished technology can be a cost-effective, sustainable business solution that sometimes outlasts new technology. But is it right for your business?"},"thumbnail":{"path":"https://images.vaylees.com/app/uploads/2022/04/04081608/1554238862.jpeg","caption":"MNBBStudio/Shutterstock","alt":""},"content":"
Many people associate refurbished equipment with older hardware, possibly of a lower quality. As newer, presumably better devices get released, it can be hard to distinguish what a company means by “refurbished.” It could be the lightly used trial device of a consumer, or it could mean a computer that was on its last leg before a business’s technology lease ended.
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Without proper knowledge of exactly where refurbished devices come from, how they are refurbished and what to keep in mind when buying, it can be easy to take a chance on a model and end up disappointed. But that doesn’t mean it’s automatically not a good choice. If you’re considering refurbished laptops, desktops or other forms of technology for your business, there are a few things to keep in mind.
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Origins of refurbished technology
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Most refurbished models are revamped tech that has been returned by consumers or has been acquired by the manufacturer at the end of a business technology lease. The process for repairing and refurbishing technology can vary.
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If it was returned to the manufacturer by the consumer, such companies as Apple and Dell have in-house refurbishment protocols to ensure that the renewed model will function well.
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In terms of business leases, most manufacturers have agreements with corporations ranging from two to four years. When the lease ends (and isn’t renewed with the same technology), the laptops and computers are given back to the company. Based on general business wear and tear, the manufacturer can refurbish the laptops and resell them.
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Regardless of where it comes from, it’s essential to purchase hardware directly through the manufacturer to ensure reliability.
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How manufacturers refurbish technology
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For computers, manufacturers usually begin revamping old technology after assessing any damage and determining what needs to be added and replaced. This process can include repairing the keyboard, replacing the screen, adjusting the hard drive and RAM, and cleaning the product.
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Manufacturers will also disassemble certain components of the laptop and run tests to ensure that things like battery function, the optical drive and the screen are all in working order. As a buyer, it is crucial that once you receive your business laptop, desktop, monitor or other piece of equipment, you inspect everything with a critical eye.
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The product should look like it’s in like-new condition, with no visible signs of damage or heavy wear and tear. Your device should also come with the most up-to-date software, including antivirus software, and should run smoothly. The appearance and functionality of the refurbished device is all part of the manufacturer’s pledge that it’s not reselling bad equipment.
The biggest advantage to buying refurbished technology is price. Bob Herman, co-founder and president of IT Tropolis, said that he helps his customers save by pairing them with refurbished technology.
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“I often give my customers the option of refurbished equipment versus new,” he said, “and approximately 75 percent of the time, customers will choose refurbished for the cost savings as long as they feel comfortable they’ll receive the same level of warranty support.”
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Dell offers its Latitude E6420 with a 2.5 GHz Core i5 processor for only $269. While this is an older model, the reduced price and guarantee from the Dell team could be ideal for businesses needing to purchase multiple computers. When it originally went up for sale six years ago, it would have cost you $1,788.
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Environment
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One more perk of purchasing refurbished technology is helping the environment and improving your business sustainability. By using a refurbished laptop or desktop, you’re keeping technology out of landfills or other recycling centers. Herman said that he and his customers enjoy the small impact they can have on the environment by using refurbished technology.
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“I love providing refurbished equipment, as I think it’s the environmentally conscious choice, in addition to the savings that I can bring to my customers,” Herman said.
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Drawbacks of using refurbished technology
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Reliability
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The major con that business owners face when buying technology is the question of reliability. It’s crucial to get a warranty when purchasing refurbished technology in case the manufacturer’s guarantee doesn’t hold up. Reliability problems are something that business owners could have to deal with if they buy preowned technology.
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Jennifer Poole, director of marketing for Nadrich & Cohen, LLP, said her company stopped purchasing refurbished computers because of reliability issues.
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“When we have purchased refurbished equipment, we have found that the life of the device is much less than that of its new equivalent,” Poole said. “The time spent repairing, troubleshooting and upgrading refurbished PCs erodes any initial savings. There have been multiple times when we have actually lost money via our purchase of refurbished devices.”
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While Poole faced some issues, she also said that she purchased the computers through a third-party seller on eBay and not directly from the manufacturer.
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Life cycle
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Many assume that refurbished laptops and desktops won’t last as long as new ones. This assumption, though not always true, is generally fair. Much reporting on the lifespans of refurbished laptops, for example, cites a life cycle of two to four years. New laptops, on the other hand, often last for seven years, if not a full decade.
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Best practices for taking advantage of refurbished technology
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Purchase from a manufacturer
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The best thing you can do when buying refurbished technology is going through the manufacturer of the product. The laptops or smartphones may be a bit more expensive, but you’re usually paying for a reliable warranty and a product that you can depend on. No one knows the desktops or laptops you’re interested in purchasing better than the company that produced them, so buying a refurbished model directly from the manufacturer means you’re getting a product that has been analyzed and repaired by experts.
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Approved technicians
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If you don’t want to purchase refurbished technology directly from a manufacturer, do your research on the outlet you are going to buy from. Microsoft Authorized Refurbishers (MARS), for example, is a group of IT professionals who have taken an extensive course and are certified in restoring and repairing PCs.
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If you’re purchasing other types of technology, like network equipment, there are several third-party companies that buy, restore and then resell technology. Cisco even provides some guidelines on researching and understanding which companies can be trusted.
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Buying technology from an online service like eBay or Amazon can be risky. If you go this route, it’s very important to research the seller to ensure that you’re not just receiving a used product.
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Warranty
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Regardless of where you buy refurbished technology from, it’s important that a warranty is included. Most of the major computer manufacturers provide a warranty either for 90 days or one year. Apple, for example, offers a one-year limited warranty and a 14-day return policy, while Dell offers a standard 100-day warranty and the option to extend the warranty to one year for an additional $50.
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Choose a good model
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Doing some prior research on the refurbished model you wish to buy can go a long way in terms of reliability. As with any purchase, it’s important to understand what desktops or laptops are the most reliable and best performing.
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For example, let’s say a certain model of computer is known to be saddled with problems, even if you were to buy it new. In that case, you should avoid buying that laptop refurbished. Although a computer repair expert may feel capable of making repairs that bolster the device’s quality, its initial construction will still be weak. In this case, refurbishing can at most make a poor build last just a bit longer.
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Refurbish technology yourself
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Buying used technology and refurbishing it yourself will likely save your company the most money. But if you don’t have someone on your team with extensive tech knowledge, it could pose a challenge. Look to someone on your IT team – or perhaps another IT professional in your network – for these repairs. You’ll know you can trust the refurbished item’s quality, and you’ll pay little to no money for the labor involved.
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Refurbished technology can sometimes be the right choice
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Refurbished technology is a good way to save money if you choose a reliable product from a proven manufacturer or authorized seller. You can further reduce risk by adding a warranty. This way, even if your desktop or laptop does have problems, you can take it in for repairs.
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That said, refurbished technology isn’t always the right choice. New technology is more likely to be high quality than refurbished equipment, and new products leave no questions about the extent of repairs. Additionally, some refurbished models might not be as reliable as you want. When choosing between refurbished and new, listen to what your gut is telling you. The option that makes you more comfortable might be the one.
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